Itochu Corporation, jointly with Itochu International Inc, has agreed to acquire the business of SolarNet LLC, a solar energy solutions provider that includes DC Power Systems, the largest privately-held wholesale distributor of solar energy systems in the US, and Stellar Energy Solutions.

Itochu has been actively implementing a global solar energy strategy since 2006 and has made a number of strategic investments, including the acquisition of California-based wholesale distributor and systems integrator Solar Depot in 2007.

With the acquisition of SolarNet, the combined market share of Solar Depot and DC Power will give Itochu collectively the largest solar distribution network in the US. SolarNet will be operated as a majority-owned subsidiary of Itochu, beginning immediately. While the current management and employees will be retained, Itochu personnel will be added to strengthen the capability of SolarNet.

Itochu also supplies manufacturing equipment to solar module manufacturers globally and is involved in the systems integration, financing and development of solar energy projects in various countries.

Observing the rapid growth in the solar industry, Itochu recently centralized all its solar energy related business into a new business department in order to provide a stronger and more streamlined approach to executing its solar energy business.

"Itochu is pleased to add the substantial business experience and capabilities of DC Power and Stellar Energy Solutions to our rapidly growing solar energy business activities in the US market and around the world," said Harutoshi Okita, Senior Vice President, Itochu International Inc.

"This acquisition expands our presence in the US distribution market and extends our capabilities with regard to the development of large-scale solar systems."

Itochu expects this development to result in an improved product offering and level of service for solar dealers and customers across the country, making world-class solar solutions available at the most competitive prices. The acquisition also positions Itochu as a leading integrator of commercial-scale solar power systems, with a project pipeline of over 80MW across the US.

"SolarNet's partnership with Itochu will give our companies the resources to execute our aggressive business plan and continue to provide outstanding customer service in a rapidly growing business. We are excited to have a partner with such a long-term vision and global reach," said Joseph Marino, President of SolarNet. Mr. Marino will continue with SolarNet after the acquisition as a member of the Board and as Founder.

Itochu will actively expand SolarNet's business throughout the US market by building on its existing solar energy business activity and utilizing its global business network to add value to SolarNet.

Through these efforts, Itochu expects its growing solar operations to accelerate the adoption of solar power in the US. Minority owners of SolarNet and Board Members include Chris Tyson and Mark Sampson, who will focus on providing financing services to the company and solar industry.