PG&E CEO lays off solar group
Within his first few weeks, new PG&E Chairman, CEO and President Anthony Earley laid off the corporate strategy and development group responsible for investing $400 million into solar funds of SunRun and SolarCity.
“I just didn’t think it was appropriate for us to be looking at opportunities outside our utility, so that group there was a couple people there who are no longer with the company,” Earley said.
The move is part of Earley’s quest to repair the Northern California utility’s badly damaged reputation. And part of his strategy is to focus on the utility’s core businesses — electricity and natural gas.
SunRun said it will be fine and that it has other financial partners — especially large banks and financial institutions -- who will continue to invest in new funds.
SunRun’s CEO Ed Fenster, through a spokesperson, said the reorganization at PG&E (NYSE: PCG) won’t affect the $100 million already invested by the utility into SunRun funds.
And, he added, that banks would be the lowest cost providers of capital going forward. SunRun has raised hundreds of millions from US Bancorp, and others.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.