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Retail Supplier To Acquire Assets From SunEdison

August 8, 2016

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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

Crius Energy Trust today announced the proposed acquisition by Crius Solar, LLC, a subsidiary of Crius Energy, LLC, of certain assets from SunEdison Inc., including SunEdison's proprietary residential solar lead-generation platform, customer lead databases, marketing materials and human capital.

The asset purchase agreement provides for a one-time payment to SunEdison of $1.5 million. The closing of the transaction is subject to customary conditions precedent, including approvals required by the SunEdison bankruptcy process.

"The proposed acquisition is expected to significantly expand the Company's capabilities in the solar energy segment," Crius said, adding new lead generation, sales, installation and financing capabilities

"The proposed acquisition is expected to significantly accelerate our ability to capture market share in the fast growing U.S. solar industry," said Michael Fallquist, Chief Executive Officer of Crius Energy Trust. "We expect the acquisition to increase solar sales as the technology platform acquired enables us to partner with third-parties for lead generation and sales plus new operational capabilities will result in a higher margin contribution from each solar system sold. We expect this investment to deliver significant long-term value to our unitholders through increased earnings from our solar business and continued diversification of Crius."

Crius said that the expanded solar capabilities of Crius will be complemented by its existing strategic alliance with global solar energy provider Sungevity, Inc. Crius will continue to offer residential solar energy products in all its current markets provided by Sungevity.

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