The company Tropical Battery Company Limited, which is dedicated to energy storage, signed an agreement to acquire 50% of the capital stock of Kaya Energy Group, a Dominican company that provides renewable energy solutions.
The acquisition, which is made for a combination of cash and shares, is part of Tropical Battery’s strategy to diversify its product and service offerings and extend its geographic presence in the Caribbean basin.
The deal expands the market for solar power and energy storage equipment distributed under Tropical Battery’s Tropical Renewable Energy division fourfold. It will also enable a vertical integration of the Tropical Energy business with Kaya’s expertise in the design, engineering, installation and maintenance of solar systems.
The co-founder and executive director of Kaya, Karina Chez, said that the transaction marks a new chapter in the growth and development of the Dominican company due to the integration of its operation with Tropical Battery, which will allow greater energy accessibility to homes and industries around the world. country and the Caribbean.
“This agreement validates all the hard work we have put in to build KAYA Energy Group. We are proud of what we have achieved and look forward to building an even larger and more regional platform in the coming years as part of the Tropical Battery group of companies,” added Chez.
According to Tropical Battery CEO Alexander Melville, his company is entering the largest renewable energy market in the Spanish-speaking Caribbean with the partnership of KAYA Energy Group.
“The Dominican Republic has a population of more than 11 million and a GDP of almost USD 100 billion, more than six times the size of Jamaica’s economy, which drives the adoption of renewable energy,” he said.
The director of Tropical Battery also highlighted that KAYA Energy Group has built an impeccable reputation over the past decade for spearheading the drive for an enabling regulatory regime in the country.
“The founders of KAYA Energy Group share our core values, our regional vision, and our mission to ease the transition to a more sustainable, low-carbon economy in the Caribbean by providing world-class renewable energy solutions,” he said.
KAYA Energy Group management will remain at the helm of the acquired company for the foreseeable future as it is integrated with Tropical Renewable Energy. The deal is expected to increase Tropical Battery’s earnings in fiscal 2023. “We have many synergies that will drive our combined growth in the coming years,” Melville concluded.