NRG Energy will spin off its solar business and sell its wind farm capacity and some power plants in a major “reset” in order to fix its struggling finances and stock value.
The Houston- and New Jersey-based power giant will start an unnamed “GreenCo” business Jan. 1 with its solar and electric vehicle charging businesses that NRG CEO David Crane admitted “act as a drag on NRG stock.” NRG has emphasized its solar growth the last couple of years, but Crane acknowledged Friday that investors have pushed for changes and NRG is six months behind on its solar installation goals.
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