British Gas owner Centrica Plc said Monday that it has bought Solar Technologies Group Limited for £2.8 million ($5.15 million) in cash.
Solar Technologies Group is a British Gas contractor that has installed solar panels at a number of well-known sites such as London’s City Hall. The acquisition means that British Gas will be able to install solar panels itself. It is in line with Centrica’s strategy of investing in low-carbon technologies and follows an equity investment announced by the company in January this year with Ceres Power Holdings Plc to develop combined heat and power systems for residential properties based on solid oxide fuel cell technology.
Gearoid Lane, Managing Director of British Gas New Energy, said: “This acquisition is an important step in British Gas putting in place a range of renewable and low carbon energy technologies for our residential, business and public sector customers.” (Reuters)