Commercial real estate services and investment firm CBRE announced that it has acquired NRG Energy’s renewable advisory group, in a move described by the company as aimed at significantly enhancing its sustainability solutions capabilities for clients.
Formed in 2018, and led by Miro Sutton, NRG’s renewable advisory business brokers and advises on renewable energy transactions, working primarily with Fortune 500 companies to provide solutions to balance risk mitigation and economic performance. To date, the group has facilitated more than 5,000 MW of clean power, across renewable energy projects including community solar offtake agreements, Virtual Power Purchase Agreements, distributed generation engagements, and long-term REC transactions, in addition to advising on monetizing transferable tax credits generated by renewable projects.
Sutton said:
“We are excited about this opportunity to combine our team’s deep domain expertise and experience with CBRE’s growing sustainability capabilities. 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.”
According to CRBE, the acquisition comes as renewable energy grows rapidly in the commercial real estate sector, driven by a combination of carbon reductio goals, increasing regulatory requirements, and compelling economics associated with using renewable energy.
Robert Bernard, CBRE’s Chief Sustainability Officer, said:
“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. 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.”
