NRG Acquires Roof Diagnostics Solar (RDS)
March 27 2014 - 8:00AM
Business Wire
Significantly expands NRG Energy’s residential
solar business
Complements existing network of installers
NRG Energy, Inc. (NYSE:NRG) has acquired one of the nation’s
leading residential solar companies, Roof Diagnostics Solar (RDS),
to support and expand the company’s efforts to empower its
customers to control their own energy destiny through clean
self-generation. RDS will complement NRG’s extensive network of
independent solar installers and dealers and significantly increase
the ability of NRG to meet the growing demand for high quality
residential solar services delivered by a market leader in
delivering retail electricity services in the home.
“With the price of residential solar increasingly competitive
with the retail price of power in multiple states, the time is now
for NRG to ramp up its efforts to bring the benefit of self
generation to NRG’s millions of present and future retail
electricity customers,” said David Crane, President and CEO of NRG
Energy. “Roof Diagnostics Solar, its management and all of its
dedicated employees are a perfect fit with NRG as together we take
a big step towards a national residential solar business platform.
With residential solar sales expected to take off in the next few
years, NRG wants and expects to meet the demand of Americans in
every state who are seeking to benefit from the inexhaustible
supply of clean energy provided by the sun while affording
themselves greater independence from an increasingly less reliable
electric grid.”
“Backed by the tremendous resources, capabilities and commitment
of NRG, Roof Diagnostics can greatly increase the growth we have
achieved since starting operations in 2011,” said Kelcy Pegler,
Jr., Chief Executive Officer of Roof Diagnostics, who will continue
to lead RDS for NRG. “We look forward to working closely with the
NRG team to advance the work they have done in solar and other
innovations to enable greater customer choice in their power.”
RDS is one of the largest solar sales and installation companies
in America and a market leader in every state they operate. The
475-employee company has experienced tremendous growth in just a
few short years in the Northeast and is now expanding into
California and other areas.
“Together, the RDS team and NRG’s existing extensive network of
independent residential solar installers and dealers will allow us
to give customers and potential customers significant options in
creative and compelling home power systems,” said Denise Wilson,
President NRG New Businesses. “NRG’s expertise to help customers
make an informed decision on residential solar just got better as
did the confidence customers can have knowing that an experienced
Fortune 500 company is behind their solar installation and ensuring
it reaches its maximum potential.”
RDS’ headquarters will remain in Wall Township, New Jersey. Over
the next month, the company will begin operating under the brand
NRG Residential Solar Solutions.
Terms of the transaction are not being disclosed.
About NRG
NRG is leading a customer-driven change in the U.S. energy
industry by delivering cleaner and smarter energy choices, while
building on the strength of the nation’s largest and most diverse
competitive power portfolio. A Fortune 500 company, we create value
through reliable and efficient conventional generation while
driving innovation in solar and renewable power, electric vehicle
ecosystems, carbon capture technology and customer-centric energy
solutions. Our retail electricity providers – Reliant, Green
Mountain Energy, Energy Plus and NRG Residential Solutions – serve
more than 2 million residential and commercial customers throughout
the country. More information is available at www.nrgenergy.com.
Connect with NRG Energy on Facebook and follow us on Twitter
@nrgenergy.
NRG Safe Harbor Disclosure
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such forward-looking
statements are subject to certain risks, uncertainties and
assumptions and include NRG’s expectations regarding Roof
Diagnostics Solar, residential solar and forward-looking statements
typically can be identified by the use of words such as “will,”
“expect,” “believe,” and similar terms. Although NRG believes that
its expectations are reasonable, it can give no assurance that
these expectations will prove to have been correct, and actual
results may vary materially. Factors that could cause actual
results to differ materially from those contemplated above include,
among others, general economic conditions, hazards customary in the
power industry, competition in wholesale power markets, the
volatility of energy and fuel prices, failure of customers to
perform under contracts, changes in the wholesale power markets,
changes in government regulation of markets and of environmental
emissions, and our ability to achieve the expected benefits and
timing of our residential solar projects. NRG undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
The foregoing review of factors that could cause NRG’s actual
results to differ materially from those contemplated in the
forward-looking statements included in this news release should be
considered in connection with information regarding risks and
uncertainties that may affect NRG’s future results included in
NRG’s filings with the Securities and Exchange Commission at
www.sec.gov.
NRG Energy, Inc.Media:Karen Cleeve, 609-524-4608orDavid Knox,
832-357-5730orInvestors:Chad Plotkin, 609-524-4526orDaniel Keyes,
609-524-4527
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