Under the terms of the deal, RDS will be rebranded as NRG Residential Solar Solutions but will remain headquartered in Wall Township, in the U.S. state of New Jersey. Kelcy Pegler, Jr., CEO of RDS, will continue to lead for NRG.
David Crane, president and CEO of NRG Energy, said, "With the price of residential solar increasingly competitive with the retail price of power in multiple states, the time is now for NRG to ramp up its efforts to bring the benefit of self generation to NRG's millions of present and future retail electricity customers."
Crane added, "With residential solar sales expected to take off in the next few years, NRG wants and expects to meet the demand of Americans in every state who are seeking to benefit from the inexhaustible supply of clean energy provided by the sun while affording themselves greater independence from an increasingly less reliable electric grid."
It was revealed in January that NRG was raising $700 million to part-fund its acquisition of Edison Mission Energy. It was reported that the company was intending to offer the sum as an aggregate principle amount of senior notes due in 2022, guaranteed by a number of its subsidiaries.