NRG Energy, Inc. – a New Jersey energy giant operating nine power plants in Connecticut – deepened its solar portfolio with the purchase of a San Francisco distributed solar company.
NRG, among the nation’s largest energy companies, believes installations of onsite solar panels on houses, businesses and properties will drastically increase in the immediate future, according to an interview CEO David Crane had with the Hartford Business Journal in September.
Solar panels installed onsite on houses and prices – called behind the meter – is known as distributed generation.
The price of electricity from distributed solar installations has dropped below the price of retail electricity in a number of states – including Connecticut – and NRG is looking to take advantage of the market.
The company’s acquisition on Wednesday of San Francisco-based Solar Power Partners gives NRG the developmental right to projects in Connecticut, along with other states such as Massachusetts, New Jersey, Hawaii, California, Arizona, New Mexico, Ontario and Puerto Rico.
Financial terms were not disclosed.
