March 27, 2014
NRG Energy, Inc. (NYSE:NRG) has acquired one of the nation's leading residential solar companies, Roof Diagnostics Solar (RDS), to support and expand the company's efforts to empower its customers to control their own energy destiny through clean self-generation. RDS will complement NRG's extensive network of independent solar installers and dealers and significantly increase the ability of NRG to meet the growing demand for high quality residential solar services delivered by a market leader in delivering retail electricity services in the home.
'With the price of residential solar increasingly competitive with the retail price of power in multiple states, the time is now for NRG to ramp up its efforts to bring the benefit of self generation to NRG's millions of present and future retail electricity customers,' said David Crane, President and CEO of NRG Energy. 'Roof Diagnostics Solar, its management and all of its dedicated employees are a perfect fit with NRG as together we take a big step towards a national residential solar business platform. With residential solar sales expected to take off in the next few years, NRG wants and expects to meet the demand of Americans in every state who are seeking to benefit from the inexhaustible supply of clean energy provided by the sun while affording themselves greater independence from an increasingly less reliable electric grid.'
'Backed by the tremendous resources, capabilities and commitment of NRG, Roof Diagnostics can greatly increase the growth we have achieved since starting operations in 2011,' said Kelcy Pegler, Jr., Chief Executive Officer of Roof Diagnostics, who will continue to lead RDS for NRG. 'We look forward to working closely with the NRG team to advance the work they have done in solar and other innovations to enable greater customer choice in their power.'
RDS is one of the largest solar sales and installation companies in America and a market leader in every state they operate. The 475-employee company has experienced tremendous growth in just a few short years in the Northeast and is now expanding into California and other areas.
'Together, the RDS team and NRG's existing extensive network of independent residential solar installers and dealers will allow us to give customers and potential customers significant options in creative and compelling home power systems,' said Denise Wilson, President NRG New Businesses. 'NRG's expertise to help customers make an informed decision on residential solar just got better as did the confidence customers can have knowing that an experienced Fortune 500 company is behind their solar installation and ensuring it reaches its maximum potential.'
RDS' headquarters will remain in Wall Township, New Jersey. Over the next month, the company will begin operating under the brand NRG Residential Solar Solutions.
Terms of the transaction are not being disclosed.
NRG is leading a 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 500 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 - Reliant, Green Mountain Energy, Energy Plus and NRG Residential Solutions - serve more than 2 million residential and commercial customers throughout the country. More information is available at www.nrgenergy.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.
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 Roof Diagnostics Solar, residential solar 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 residential 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.
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