Tuesday 29 July 2014

Centrica buys US solar firm for $54m

Centrica’s North American arm, Direct Energy, has bought a residential solar business for $54 million (£32m).

Astrum Solar designs, installs and maintains solar power generating equipment for use in homes and has so far installed around 4,000 residential PV systems in the Northeast region of the US and California.

The company is expected to generate around $40 million (£23.6m) of revenue this year, according to Centrica.

Badar Khan, Direct Energy President and CEO said: “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.”

Centrica recently agreed to sell its home services arm in Canada for C$550 million (£300m).