29th Jul 2014 13:12
LONDON (Alliance News) - Centrica PLC said Tuesday that its North America subsidiary, Direct Energy, has acquired US solar business Astrum Solar Inc for USD54 million.
Astrum Solar makes solar power generating equipment for the home. It is expects to generate around USD40 million of revenue in 2014.
Centrica said the acquisition will give it the opportunity to expend its range of products, selling solar alongside its energy and services.
"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," said Chief Executive of Direct Energy Badar Khan in a statement.
Shares in Centrica were trading up 0.2% at 315.83 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Centrica