Last checked at 29 Jul 2014 13:51
29 July 2014
CENTRICA ENTERS RAPIDLY GROWING US RESIDENTIAL SOLAR MARKET THROUGH ACQUISITION OF ASTRUM SOLAR
Centrica plc’s North American subsidiary, Direct Energy, has acquired the US residential solar business, Astrum Solar, for US$54 million (£32 million).
Astrum Solar designs, installs and maintains solar power generating equipment for use in the home. It currently has around 4,000 customers, predominantly in the US Northeast and California, and in 2014 is expected to generate around US$40 million of revenue. The company was founded in 2008 and is one of the fastest growing residential solar energy companies in the United States.
This acquisition provides Direct Energy with the opportunity to expand the range of products offered to its customers, selling solar alongside energy and services.
Direct Energy President and CEO Badar Khan said: “We are excited at the potential of the Astrum Solar business in a rapidly growing market and we are delighted to be adding solar power to the range of energy options we already offer our customers. This acquisition fully aligns with our vision of using new technology and innovation to help our customers gain greater control over their energy use.”
Enquiries:
Centrica Investor Relations: +44 (0)1753 494900
Centrica Media Relations: +44 (0)800 107 7014
Notes:
Astrum Solar is a privately-held, independent company, headquartered near Baltimore, Maryland with 240 employees located in 7 regional offices. The transaction has been made through Centrica plc’s wholly owned subsidiary RSG Holding Corp.Copyright Business Wire 2014