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Enphase Acquisition Under Investigation by California Attorney General
Public records request reveals solar firm’s latest acquisition may come with additional regulatory or legal costs.
June 23, 2022
In its quest to build a digital platform for solar power systems installers, Enphase (ENPH), a maker of solar home energy solutions, recently made an acquisition aimed at helping installers generate leads. The acquisition of SolarLeadFactory complements Enphase’s existing tools that help installers design, permit, install, monitor, and maintain solar and battery systems.
Having identified what it says are two million potential customers looking to install solar panels, SolarLeadFactory’s hundreds of customers— the installers who buy leads instead of generating their own— provide Enphase an additional channel through which to sell.
The acquisition price may be higher though due to regulatory or legal compliance.
DuDil recently requested public records from multiple states related to SolarLeadFactory’s business performance, including correspondence between law enforcement agencies and SolarLeadFactory executives or their representatives.
In response, the California’s Attorney General denied our request for the release of certain records but seemingly confirmed SolarLeadFactory is under scrutiny:
“To the extent that your request seeks consumer complaints and investigative files, we must deny your request. Investigative records are confidential law enforcement records of the Attorney General. Government code section 6254, subdivision (f) expressly exempts from disclosure investigatory and security files of the Attorney General including complaints about unlawful practices…”
Last year we warned Enphase had demanded secrecy in an accounting fraud suit and was using an inflated discount rate to hide its true operating lease liabilities off-balance sheet from investors.
Related: SEDG, GNRC, TSLA, FSLR, FCEL
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