Centrica moves deeper into C&I solar with Vista Acquisition
(September 10, 2018) – As featured in Greentech Media: The massive energy services firm can now “streamline project development processes under one roof.”
Centrica, a massive British multinational energy and services firm with $36 billion in 2017 revenues, just acquired Vista Solar, a small solar EPC based in California that serves commercial, institutional and industrial customers. Vista has more than 160 commercial clients and has installed more than 40 megawatts of solar. The deal price was undisclosed.
Although a relatively modest deal, it's illustrative of a broader change in the utility business and the way energy is used in the enterprise.
"Centrica’s acquisition is very much in line with the recent trend of strategic investors taking on more increasingly early-stage development risk," said Wood Mackenzie Senior Solar Analyst Michelle Davis.
Vista Solar installed 3.5 percent of California’s commercial solar installations in the first half of 2018, making it the 22nd ranked installer in the state, according to Davis. Vista has installed a few megawatts a year for the last several years, according to GTM's U.S. PV Leaderboard. Last year, Vista installed 6 megawatts.
As featured in Greentech Media: "We are going to buy more businesses. We're already in discussions," said Stephen Prince, head of Centrica Business Solutions for North America, in an interview. This is driven by the "secular change" in energy — away from central power to distributed energy that can be controlled by the customer.
Read the full Greentech Media article here: https://www.greentechmedia.com/articles/read/centrica-moves-deeper-into-ci-solar-with-vista-acquisition#gs.TrmQ8po
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