NRG Energy, Inc. (NYSE: NRG) has acquired San Francisco-based Solar Power Partners, a developer of commercial and industrial (C&I) distributed solar projects.
In addition to 30 megawatts (MW) of distributed solar projects in operation or under construction, NRG also will secure development rights to Solar Power Partners’ extensive pipeline of development projects in California, Hawaii, Arizona, Connecticut, New Mexico, Massachusetts, New Jersey, Ontario and Puerto Rico. SPP sites include grocery stores, hospitals, universities, office buildings, municipal buildings, schools and airports.
“With California’s goal to install 12,000 megawatts of distributed generation by 2020, and the increase in smart energy choices American businesses are demanding, this acquisition will place NRG at the head of the pack as the solar industry moves toward smaller solar projects that connect directly to the grid,” said Tom Doyle, President, NRG Solar. “Solar Power Partners has been highly successful forging partnerships to develop distributed solar projects, and I believe the company will make NRG the leading provider for the increasing number of businesses seeking solar solutions to manage their energy costs.”
Solar Power Partners will become an integral part of NRG Solar, an NRG subsidiary. The company has completed almost 50 commercial solar facilities and brings a team with deep experience developing, financing and operating projects. Solar Power Partners also specializes in creating long-term partnerships with customers to tailor each solar system to meet specific needs.
“We are excited to be joining forces with NRG Solar and believe that our combined platform will allow us to accelerate our growth and to bring more clean solar power to the market,” said Bob Powell, Solar Power Partners President and CEO, who will continue with the company as a senior executive in NRG Solar.