Solar energy developer Green Earth Developers (GED) has been acquired by CBD Energy Limited (NASDAQ:CBDE), an Australian energy company that does business in the United States as Westinghouse Solar.

The breakdown of the financial details of the cash and stock deal were not disclosed. But CBD said it used half the cash it contemplated in its initial securities filings. Last month CBD raised $6 million in a stock offering; the company said at the time that its use of net proceeds would include funding potential acquisitions.

CBD said the GED deal would help the firm accelerate its U.S. expansion of commercial solar installations. Charlotte-based GED says it has installed more than 11.5 megawatts in the last year and is negotiating on more projects that would top that figure. GED has installed projects throughout the country in states such as Massachusetts, New Mexico, Colorado and California.
CBD say that GED’s founders and management have collectively built more than 3,500 megawatts of renewable energy projects and related infrastructure and have long-standing relationships with utilities, developers and engineering procurement and construction contractors throughout the United States.

GED’s project pipeline exceeds 50 megawatts, with an estimated construction value between $80 million and $100 million.

“Both the CBD and the GED executive teams believe that by working together we can finalize contracts for a significant portion of these and other opportunities, and further grow our share of the U.S. commercial market in the coming year,” CBD Energy Executive Chairman and Managing Director, Gerry McGowan said in a statement.

CBD Energy was established in 1989 and describes itself as a diversified renewable energy company. The firm installs residential solar, commercial and industrial solar, small utility scale solar and wind projects, Australia, the United States and the United Kingdom.