NRG Energy announced the conclusion of the GreenCo process on its first-quarter earnings call this week, with the majority interest sale of NRG EVgo to investment firm Vision Ridge Partners and a restructuring of NRG Home Solar that will result in layoffs involving 500 employees.
With the restructuring, the residential solar business will move back under NRGs retail arm by the end of the year. NRG Home Solar will also shift its business model to focus on customer acquisition, installation and direct third-party sales. NRG has entered into agreements with Sunrun and Spruce Finance to purchase and support solar contracts originated by NRG, an approach management said will simplify financial reporting b…
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