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Retail Supplier to _Sell_ Solar Division
Just Energy has decided to begin the process to sell its commercial solar business, Hudson Energy Solar.
The decision was made because C&I solar is seen as a non-core business by Just Energy, and to reduce debt. The C&I solar business was primarily started to realize certain tax benefits which have been achieved, executives said.
Hudson Energy Solar operated in New Jersey, Pennsylvania and Massachusetts, and posted sales of $3.9 million (Canadian) for the year ended March 31, 2014.
Just Energy will also be evaluating other non-core assets for sale, including its water heater business in Ontario.
While Just Energy is selling the C&I solar business, it sees residential solar as a strategic area for focus.
Just Energy Executive Chair Rebecca MacDonald said during an earnings call that Just Energy's expertise is on serving the "last mile" to the residential customer, and wants to put its focus on developing a residential solar play instead of C&I.
MacDonald said that the likely scenario for residential solar will be some type of joint venture agreement between Just Energy and companies that have a capacity to install and finance the panels.
Just Energy is not interested in only acting as an agent for a solar provider, particularly as it wants to realize the load-shaping benefits to its customer supply business from having an installed solar base.
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May 16, 2014
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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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