CNA: Centrica plc: Acquisition

  CNA: Centrica plc: Acquisition

UK Regulatory Announcement

LONDON

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.

Contact:

Centrica plc
 
Press spacebar to pause and continue. Press esc to stop.