CBRE Acquires NRG Energy’s Renewable Advisory Group

On Oct 14, 2024

CBRE Group, Inc. has acquired NRG Energy’s renewable advisory group to significantly enhance its sustainability solutions capabilities for clients.

The renewable advisory group, led by Miro Sutton, specializes in brokering and advising on renewable energy transactions, having facilitated over 5,000 MWs of clean power. The unit focuses on structuring community solar, utility-scale deals (e.g. Virtual Power Purchase Agreements) and other opportunities. The team primarily works with Fortune 500 companies, developing innovative solutions that help customers balance risk mitigation and economic performance. It also advises on monetizing transferable tax credits generated by renewable projects.

“Market demand for renewable energy continues to grow rapidly as it plays a central role in helping companies meet their net zero and other energy-related commitments,” said Robert Bernard, CBRE’s chief sustainability officer. “However, integrating renewable energy into a company’s real estate can be a complex process. 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.”

Renewable energy’s growth is being propelled not only by carbon-reduction goals and increasing regulatory requirements, but also by compelling economics associated with using renewable energy. Solar power generation alone is expected to grow by more than 30% annually over the next two years, according to the U.S. Energy Information Administration.

“We are excited about this opportunity to combine our team’s deep domain expertise and experience with CBRE’s growing sustainability capabilities,” said Sutton. “CBRE’s depth and breadth of customers, combined with our ability to significantly streamline the process of creating and executing on renewable energy roadmaps, will help customers meet their power needs while sharply reducing their carbon emissions.”

CBRE and NRG will continue to work closely to help both companies’ customers achieve their renewable energy ambitions and help to accelerate the transition to a clean energy economy.

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