NRG Renew and SunShare Form Strategic Alliance to Deliver One of the Nation’s Largest Community Solar Portfolios
January 28 2015 - 7:30AM
Business Wire
Renewable Energy Becomes More Accessible for
Businesses, Homeowners and Municipal Organizations in Denver and
Surrounding Areas
NRG Renew, a wholly owned subsidiary of NRG Energy, Inc.
(NYSE:NRG), and SunShare, one of the country’s first and
fastest-growing community solar companies, are partnering to
finance and build 8.2 megawatts (MWac) of community solar projects
along the Front Range of Colorado (including Colorado Springs and
Denver), which is enough to power more than 1,600 homes for 20
years. This project will more than double NRG’s existing community
solar portfolio.
Once completed and online in mid-2015, this will be one of the
largest operating community solar portfolios in the nation,
comprised of five ground-mount sites, four in Denver’s bustling
metropolitan area and one in nearby Colorado Springs.
“Community solar projects broaden access to locally generated
solar energy and allow businesses and family residences with
financial or space restrictions to choose renewable energy,” said
Craig Cornelius, Senior Vice President of Business Development at
NRG Renew. “Community solar is a key part of the distributed, clean
energy future NRG is committed to fostering.”
A primary component of NRG Renew’s distributed generation
strategy includes developing and delivering clean, reliable energy
in an efficient manner that generates power closer to where it is
consumed. In addition to a number of community wind assets, NRG
also owns and operates the Community 1 solar facility in Brawley,
Calif., and a community solar array in Rutland, Vt.
“Our partnership with NRG brings the promise of a bright future
for community solar, an exciting market that truly has the
potential to bring the choice of solar to every
American,” said David Amster-Olszewski, President and Founder
of SunShare. “Together, SunShare's innovation in community
solar and NRG's superb reputation for large-scale solar finance and
industry leadership will drive solar adoption to new heights.
This partnership strengthens our commitment to current and future
customers.”
SunShare’s first two .5 MWac community solar gardens in Colorado
Springs are the first fully subscribed solar projects of their kind
in the country. In total, SunShare has more than 100 MWac of solar
gardens built or under development and has offices in Denver and
Minneapolis.
The renewable electricity generated through this alliance will
be available to residential, municipal and commercial subscribers
spanning five counties, including schools, libraries and other
municipal buildings. Subscribers will enter into a 20-year Power
Purchase Agreement with SunShare and will earn credits toward their
energy bill.
About NRG Renew
NRG Renew, a subsidiary of NRG Energy, Inc., owns or has partial
investment in more than 150 renewable energy projects totaling
approximately 4,500 gross MWac of solar and wind capacity in
operation throughout North America. More information is available
at www.nrg.com/renew
About NRG Energy
NRG Energy, Inc. (NYSE:NRG) is leading 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 250 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 serve almost 3
million residential and commercial customers throughout the
country. More information is available at www.nrg.com. Connect
with NRG Energy on Facebook and follow us on
Twitter @nrgenergy and @NRGMedia.
About SunShare
SunShare is one of the nation’s first community solar companies
with a mission to make solar energy simple, affordable, and
accessible to everyone. The company builds, maintains, and operates
community solar gardens, allowing businesses and residents anywhere
in a utility’s service territory to use solar energy, regardless of
roof space or home ownership.
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 the Company’s
NRG SunShare solar projects 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 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.
NRGJeff Holland,
760-710-3828jeff.holland@nrgenergy.comorSunShareKaren Gados,
719-330-7482karen@mysunshare.com
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