NRG Energy, Inc. (NYSE:NRG) and Digicel today jointly announced at the Clinton Global Initiative conference in New York a partnership to acquire, construct and operate renewable energy projects under development in the Caribbean region. NRG and Digicel stand ready to bring financial and environmental benefits to the governments, utilities and peoples of the Caribbean in a venture that could see the two companies making a sizeable investment in the region.
“NRG’s work in Haiti has demonstrated the transformative impact that renewable energy can have on communities that otherwise lack access to affordable, reliable electricity,” said David Crane, Chief Executive Officer of NRG. “We stand ready with Digicel to support the widespread adoption of renewables across the Caribbean, thereby helping to drive down electricity costs for the region and reducing the deleterious impacts of fossil fuel generation on the Caribbean ecosystem.”
“In the Caribbean today, distributed and utility-scale renewable energy projects can deliver a much lower cost of energy than fossil fuels, without subsidies,” said Colm Delves, Group CEO of Digicel. “Our intent is to identify projects from across the region – and to support these in completing development, financing, and construction. This will translate into substantive and lasting energy savings for the governments and people of the Caribbean.”
Crane added, “NRG’s vision is for solar-led renewable medium- to large-scale off-grid systems across the region. We understand a mix of technologies, from batteries to wind energy systems, will be necessary to offer the greatest financial and environmental benefits to Caribbean stakeholders, and we are open to supporting all systems with demonstrated performance history.”
NRG and Digicel endeavor to partner on projects throughout the Caribbean, with the aim of acquiring, constructing, and owning these projects for their lifetime. Through an RFP process, NRG and Digicel are soliciting developers, governments, installers and others to provide information on renewable energy projects under development for possible investment. The RFP will be formally launched on September 30, 2013, and end on November 15, 2013.
The process is being managed by CohnReznick Think Energy, LLC (CRTE). CRTE is a consulting firm focused on facilitating the growth of renewable energy by supporting transactions, and providing due diligence and other advisory services. NRG and Digicel have strict investment parameters and each project will be thoroughly reviewed by CRTE to ensure it meets all investment criteria. To obtain a copy of the RFP, which includes all investment criteria, please contact Helen Tocco at email@example.com.
NRG is leading a customer-driven change in the U.S. energy industry by delivering cleaner and smarter energy choices, while building on the strength of the nation’s largest and most diverse competitive power portfolio. A Fortune 500 company, we create value through reliable and efficient conventional generation while driving innovation in solar and renewable power, electric vehicle ecosystems, carbon capture technology and customer-centric energy solutions. Our retail electricity providers – Reliant, Green Mountain Energy and NRG Residential Solutions – serve more than 2 million residential and commercial customers throughout the country. More information is available at www.nrgenergy.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.
Digicel Group Limited is a leading global communications provider with operations in 31 markets in the Caribbean, Central America and Asia Pacific. After 12 years of operation, total investment to date stands at over US$4.5 billion worldwide. The company is renowned for delivering best value, best service and best network.
Digicel is incorporated in Bermuda and its markets comprise: Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, Fiji, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Jamaica, Martinique, Nauru, Panama, Papua New Guinea, Samoa, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Tonga, Trinidad & Tobago, Turks & Caicos and Vanuatu. Digicel also has coverage in St. Martin and St. Barts in the Caribbean.
CRTE is a consulting firm focusing on renewable energy generation. We assist project developers, financiers, governmental organizations, and consumers and generators of renewable power. Since CRTE was founded in 2000, we have been supporting clients interested in acquiring on-site renewable energy systems, developing renewable energy projects, purchasing and selling electricity and renewable energy credits (RECs), expanding and improving their renewable energy businesses and technologies, and investing in renewable energy projects and businesses. Working alongside CohnReznick and Reznick Capital Markets, RTE offers one of the most comprehensive project advisory platforms in the industry. RTE has assembled a team experienced in economic, financial and policy analysis; project management; engineering; technology and resource evaluation; and project feasibility studies.
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