Centrica moves into US home solar energy market

29th Jul 2014 14:42

Centrica's North American subsidiary, Direct Energy, has moved into the US home solar energy market by buying US business Astrum Solar for £32m. Astrum Solar designs, fits and maintains solar power generating equipment for home use. It has about 4,000 customers, mainly in the north-eastern US and California, and in 2014 is set to make about US$40m of revenue.The company was founded in 2008 and is one of the fastest growing residential solar energy companies in the US. Direct Energy said the deal would give it the chance to expand the range of products offered to its customers, selling solar alongside energy and services. Direct Energy President and Chief Executive Badar Khan said: "We are excited at the potential of the Astrum Solar business in a rapidly growing market."Shares in Centrica rose 0.4p to 315.6p at 14:14 in London.PW