CNA: Centrica plc: Acquisition
UK Regulatory Announcement
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
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.”
Centrica Investor Relations: +44 (0)1753 494900
Centrica Media Relations: +44 (0)800 107 7014
*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.
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