Nov 22, 2011 - US utility NRG Energy Inc (NYSE:NRG) yesterday announced the acquisition of Solar Power Partners, a San Francisco-based developer of commercial and industrial distributed solar projects.
No financial details were unveiled.
The deal will see NRG acquire over 30 MW of solar installations in operation or under construction, as well as development rights to Solar Power Partners' project pipeline spanning California, Hawaii, Arizona, Connecticut, New Mexico, Massachusetts, New Jersey, Ontario and Puerto Rico.
Solar Power Partners will become part of NRG subsidiary NRG Solar, while its president and chief executive, Bob Powell, will assume a senior executive position at NRG Solar.
"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 NRG Solar president Tom Doyle.