M&A Moves
Houston-based NRG Energy exits renewables group to Texas real estate company
NRG Energy, headquartered in Houston, has sold its renewable advisory group to Dallas-based commercial real estate services powerhouse CBRE. Financial terms weren’t disclosed.
The advisory group, led by Miro Sutton, brokers renewable energy deals, such as community- and utility-scale transactions, and advises clients on handling tax credits for renewable energy projects. The team works primarily with Fortune 500 companies.
Sutton joined CBRE as head of renewables and energy after overseeing the NRG advisory group. The group has arranged deals involving more than 5,000 megawatts of clean power.
“CBRE targeted this specific advisory team because of their unique approach to renewable procurement and expansive coverage of renewable offerings. They have enabled hundreds of projects and thousands of [megawatts] through their innovative contract structures that reduce risk and enhance economics for their customers,” Robert Bernard, CBRE’s chief sustainability officer, told Utility Dive.
In a news release, Bernard says market demand for renewable energy continues to grow rapidly as companies seek to meet their net-zero goals and other energy-related commitments.
“However, integrating renewable energy into a company’s real estate can be a complex process,” Bernard adds. “This acquisition enables CBRE to offer a wide range of energy-related sustainability services to all our clients, both occupiers and investors, and help them simplify the complexity associated with planning, sourcing and managing renewable energy.”