Centrica enters U.S. solar power sector

British company enters "rapidly growing" market.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |  July 30, 2014 at 9:15 AM
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LONDON, July 30 (UPI) -- A North American subsidiary of British energy company Centrica said it paid $54 million to acquire a U.S. solar power company.

Subsidiary Direct Energy acquired Astrum Solar, which installs and maintains solar power equipment for residential customers.

The company said the acquisition gives it a foundation in one of the fastest growing power sectors in North America.

"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," Direct Energy President and Chief Executive Officer Badar Khan said in a statement Tuesday.

Astrum has around 4,000 customers, mostly in California and northeast states.

There was no statement from the U.S. company on the acquisition. In early July, the company partnered with Hudson Clean Energy, a private equity firm dedicated to renewable power investments, to receive as much as $100 million in financing to support the cost of residential solar installations.

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