Good energy, Solaris Energy acquires Omega Foundation Services

Solaris Energy Infrastructure, Inc. (SEI) announced the acquisition of Omega Foundation Services, a specialized engineering, procurement and construction (EPC) firm with experience in heavy civil construction across data centers, LNG, industrial and government sectors.

The deal was funded through approximately $101 million in net cash consideration, $28 million in debt and lease assumption, and the issuance of approximately 3.6 million Class A Solaris shares. The company said the transaction is expected to be immediately accretive to earnings and free cash flow per share.

According to the press release, the acquisition adds EPC capabilities to Solaris’ existing power infrastructure offerings, which include site services, plant installation and commissioning, and electrical substation development.

Bill Zartler, Chairman and Co-Chief Executive Officer, and Amanda Brock, Co-Chief Executive Officer, said in a joint statement: “Omega adds another key piece of the power value chain, expanding our execution capabilities and opening new revenue opportunities across a range of third-party projects.”