Investors News Release
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NRG Renew and SunShare Form Strategic Alliance to Deliver One of the Nation’s Largest Community Solar Portfolios
Renewable Energy Becomes More Accessible for Businesses, Homeowners and Municipal Organizations in Denver and Surrounding Areas
SAN FRANCISCO and DENVER; Jan. 28, 2015
– NRG Renew, a wholly owned subsidiary of NRG Energy, Inc. (NYSE: NRG), and SunShare, one of the country’s first and fastest-growing community solar companies, are partnering to finance and build 8.2 megawatts (MWac) of community solar projects along the Front Range of Colorado (including Colorado Springs and Denver), which is enough to power more than 1,600 homes for 20 years. This project will more than double NRG’s existing community solar portfolio.
Once completed and online in mid-2015, this will be one of the largest operating community solar portfolios in the nation, comprised of five ground-mount sites, four in Denver’s bustling metropolitan area and one in nearby Colorado Springs.
"Community solar projects broaden access to locally generated solar energy and allow businesses and family residences with financial or space restrictions to choose renewable energy," said Craig Cornelius, Senior Vice President of Business Development at NRG Renew. "Community solar is a key part of the distributed, clean energy future NRG is committed to fostering."
A primary component of NRG Renew’s distributed generation strategy includes developing and delivering clean, reliable energy in an efficient manner that generates power closer to where it is consumed. In addition to a number of community wind assets, NRG also owns and operates the Community 1 solar facility in Brawley, Calif., and a community solar array in Rutland, Vt.
"Our partnership with NRG brings the promise of a bright future for community solar, an exciting market that truly has the potential to bring the choice of solar to every American," said David Amster-Olszewski, President and Founder of SunShare. "Together, SunShare's innovation in community solar and NRG's superb reputation for large-scale solar finance and industry leadership will drive solar adoption to new heights. This partnership strengthens our commitment to current and future customers."
SunShare’s first two .5 MWac community solar gardens in Colorado Springs are the first fully subscribed solar projects of their kind in the country. In total, SunShare has more than 100 MWac of solar gardens built or under development and has offices in Denver and Minneapolis.
The renewable electricity generated through this alliance will be available to residential, municipal and commercial subscribers spanning five counties, including schools, libraries and other municipal buildings. Subscribers will enter into a 20-year power purchase agreement with SunShare and will earn credits toward their energy bill.
About NRG Renew
NRG Renew, a subsidiary of NRG Energy, Inc., owns or has partial investment in more than 150 renewable energy projects totaling approximately 4,500 gross
MWac of solar and wind capacity in operation throughout North America. More information is available at www.nrg.com/renew
About NRG Energy
About NRG Energy
NRG Energy, Inc. (NYSE: NRG) is leading 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 250 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 serve almost 3 million residential and commercial customers throughout the country. More information is available at www.nrg.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy and @NRGMedia.
SunShare is one of the nation’s first community solar companies with a mission to make solar energy simple, affordable, and accessible to everyone. The company builds, maintains, and operates community solar gardens, allowing businesses and residents anywhere in a utility’s service territory to use solar energy, regardless of roof space or home ownership.
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 the Company’s NRG SunShare solar projects 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 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.