30 Sep '16, 6pm

Crius Moves Deeper Into Residential Solar With Acquisition of Bankrupt Verengo

Last week, Crius Energy , a large independent energy retailer, acquired the newly-bankrupt California solar installer Verengo . That's the latest move by Crius in its steady march into the solar industry. Verengo was founded in 2008 by Randy Bishop and Ken Button and at one point had more than 1,000 employees. Armed with equity funding from Angeleno Group and ClearSky Power & Technology Fund, Verengo grew to be one of the larger residential installers with a market share in the 3 percent to 4 percent range. In 2014, Verengo retained Bank of America Merrill Lynch to help with its potential sale, according to a document obtained by GTM at the time, which noted that the installer had a total revenue of $116 million and deployed 25 megawatts of photovoltaics in 2013. Verengo sold off its entire Northeast business to NRG in 2015 and sales have been declining in California in th...

Full article: http://www.greentechmedia.com/articles/read/Crius-Moves-D...

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