NRG Improves Solar Assets Portfolio - Analyst Blog
November 22 2011 - 12:31PM
Zacks
Power generation company NRG Energy Inc. (NRG)
expanded its solar power capacity by acquiring San Francisco-based
Solar Power Partners. Solar Power Partners is a leading developer
of commercial and industrial (C&I) distributed solar projects.
NRG Energy said the acquired Solar Power assets will form a part of
its subsidiary NRG Solar.
Solar Power’s project sites include grocery stores, hospitals,
universities, office buildings, municipal buildings, schools and
airports. Through the Solar Power acquisition, NRG Energy will gain
control of 30 megawatts (MW) of distributed solar projects in
operation or under construction.
Additionally, NRG Energy will also acquire 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.
Solar Power Partners has to its credit nearly 50 commercial
solar facilities and houses 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.
The acquisition should help NRG Energy become a leading provider
of solar energy for the increasing number of businesses seeking
solar solutions to manage their energy costs. Further, California
has a goal to install 12,000 megawatts of distributed generation by
2020. All this, put together, is expected to place NRG Energy at
the head of the pack as the solar industry moves toward smaller
solar projects that connect directly to the grid.
NRG Energy currently retains a Zacks #3 Rank, which translates
into a short-term Hold rating. However, we currently maintain our
Underperform recommendation on the stock. The company competes with
AES Corporation (AES) and Calpine
Corp. (CPN).
Based in Princeton, New Jersey, NRG Energy Inc. operates as a
wholesale power generation company. The company is also involved in
the trading of fuel and transportation services, energy trading,
and related products in the United States and internationally.
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