Centrica enters rapidly growing US residential solar market through acquisition of Astrum Solar
Centrica plc’s North American subsidiary, Direct Energy, has acquired the US residential solar business, Astrum Solar, for US$54 million.
Astrum Solar designs, installs and maintains solar power generating equipment for use in the home. It currently has around 4,000 customers, predominantly in the US Northeast and California, and in 2014 is expected to generate around US$40 million of revenue. The company was founded in 2008 and is one of the fastest growing residential solar energy companies in the United States.
This acquisition provides Direct Energy with the opportunity to expand the range of products offered to its customers, selling solar alongside energy and services.
Badar Khan, Direct Energy President and CEO, stated:
We are excited at the potential of the Astrum Solar business in a rapidly growing market and we are delighted to be adding solar power to the range of energy options we already offer our customers. This acquisition fully aligns with our vision of using new technology and innovation to help our customers gain greater control over their energy use.
Vadim Polikov, co-founder and President of Astrum Solar, commented:
Direct Energy has a very successful track record of using its expertise in energy, acquisition and home services to propel companies forward. I want to thank all our hardworking Astrum employees for their numerous contributions to our success and I look forward to all of us working with Direct Energy for our future growth.
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