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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at
www.cbre.com.
Forward-Looking Statements
Certain of the statements in this release regarding CBRE’s acquisition of the renewable advisory group from NRG Energy that do not concern purely historical data are forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, but not limited to, the further development of the market for renewable energy and the ability to successfully integrate the NRG renewable advisory group into CBRE’s existing service offerings, as well as other risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements and other risks and uncertainties to our business in general, please refer to our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2023, and our Form 10-Q for the period ended June 30, 2024. Such filings are available publicly and may be obtained from our website at www.cbre.com or upon request from the CBRE Investor Relations Department at
[email protected].
Source
