Shaw Industries Group, Inc. announced it has completed the purchase of a controlling interest in Watershed Solar LLC. (Watershed Solar). Watershed Solar provides patented renewable energy solutions. The technology, branded PowerCap, supplies low profile, high output solar arrays on top of landfills, coal ash closures, and rooftops - turning liabilities or underused spaces into renewable energy assets.
Shaw announced in October 2021 that it had purchased a significant controlling interest in Watershed Geosythentics, LLC and entered into a letter of intent to acquire controlling interest in Watershed Solar. With this transaction now complete, Watershed Solar and Watershed Geo will operate as Watershed Geo - providing innovative, sustainable solutions to its customer base of large utilities, government agencies and global industries.
“Watershed Solar and Watershed Geo are uniquely qualified to provide solar opportunities for repurposing land with no other use. They have the technology and the environmental and civil expertise to bring these two solutions together for our customers,” said Tim Baucom, president and CEO at Shaw.
“Our partnership is a great example of companies working together based on shared beliefs around a customer-centric growth mindset and a commitment to innovation and sustainability. I’m excited about this enormous opportunity we have for the future,” Mr. Baucom added.
Mike Ayers, CEO at Watershed Geo and Watershed Solar, noted, “We’re experiencing continued growth in demand for solar, which has been further incentivized by the passage of the Inflation Reduction Act in 2022. Our partnership with Shaw allows us to accelerate efforts to meet these new and emerging needs of our customers in utility, waste management, erosion control and mining industries.”
Watershed Geo services the environmental and civil sectors, with more than 3,300 acres of projects completed across 41 states and three continents.
Shaw originally invested in Watershed Geo in 2011 to infuse capital and diversify the company’s use of its artificial turf manufacturing assets. Shaw is the exclusive provider of turf to Watershed Geo.