Business and Finance Business and Finance
Mon, November 21, 2011

NRG Energy Acquires Solar Developer Solar Power Partners, an Industry Leader in the Fast Emerging Area of Distributed Solar Gen


Published on 2011-11-21 08:11:01 - Market Wire
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PRINCETON, N.J.--([ ])--NRG Energy, Inc. (NYSE: NRG) has acquired San Francisco-based Solar Power Partners, a leading developer of commercial and industrial (C&I) distributed solar projects.

"With Californiaas 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"

In addition to 30 megawatts (MW) of distributed solar projects in operation or under construction, NRG also will secure development rights to Solar Power Partnersa extensive pipeline of development projects in California, Hawaii, Arizona, Connecticut, New Mexico, Massachusetts, New Jersey, Ontario and Puerto Rico. SPP sites include grocery stores, hospitals, universities, office buildings, municipal buildings, schools and airports.

aWith Californiaas 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,a said Tom Doyle, President, NRG Solar. aSolar Power Partners has been highly successful forging partnerships to develop distributed solar projects, and I believe the company will make NRG the leading provider for the increasing number of businesses seeking solar solutions to manage their energy costs.a

Solar Power Partners will become an integral part of NRG Solar, an NRG subsidiary. The company has completed almost 50 commercial solar facilities and brings 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.

aWe are excited to be joining forces with NRG Solar and believe that our combined platform will allow us to accelerate our growth and to bring more clean solar power to the market,a said Bob Powell, Solar Power Partners President and CEO, who will continue with the company as a senior executive in NRG Solar.

About NRG and NRG Solar

NRG is at the forefront of changing how people think about and use energy. A Fortune 500 company, NRG is a pioneer in developing cleaner and smarter energy choices for our customers: whether as one of the largest solar power developers in the country, or by building the first privately funded electric vehicle charging infrastructure or by giving customers the latest smart energy solutions to better manage their energy use. Our diverse power generating facilities can support over 20 million homes and our retail electricity providersa"Reliant, Green Mountain Energy Company and Energy Plusa"serve more than two million customers.

NRG Solar LLC, a subsidiary of NRG, has more than 2,000 MW of photovoltaic and solar thermal projects under development or in construction across the southwestern United States. More information is available at [ www.nrgenergy.com ] and [ www.nrgsolarenergy.com ].

About Solar Power Partners

One of Americaas premier independent solar power producers, Solar Power Partners, Inc. (SPP) helps businesses, municipalities, schools and universities, and institutional customers embrace solar energy. SPP develops, owns, and operates distributed solar energy facilities (SEFs) and sells solar-generated electricity through solar Power Purchase Agreements (PPA), long-term energy financing solutions that help customers go green without the hassles or costs of solar facility ownership and maintenance. Visit [ www.solarpowerpartners.com ] for more information.

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 NRGas expectations regarding the NRGas distributed solar strategy and forward-looking statements typically can be identified by the use of words such as awill,a aexpect,a abelieve,a 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, weather conditions, 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, unanticipated outages at our generation facilities, the inability to access other financing arrangements, the inability to implement value enhancing improvements to plant operations and companywide processes, our ability to create and maintain successful partnering relationships.

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 NRGas 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 NRGas future results included in NRGas filings with the Securities and Exchange Commission at [ www.sec.gov ].

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