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NRG Picks up 5,961 MW, Option on 3,000 More
NRG Energy Inc. plans to spend $658 million to acquire four combined cycle power projects with a total capacity of 5,961 MW from LS Power LLC, an independent power producer headquartered in East Brunswick, NJ. The agreement also gives the Minneapolis-based NRG the opportunity to acquire ownership in the next 3,000 MW of generation offered by LS Power and its partners.
"This acquisition is expected to contribute to NRG's long-term earnings growth and expand our United States generation portfolio," said NRG CEO David H. Peterson. "NRG will use its expertise in construction, finance and operations to integrate these projects into our company and create additional value for our shareholders. The opportunity to acquire future projects developed by LS Power also will allow NRG to pursue new capacity in markets that complement our existing assets."
The initial purchase, which includes four facilities in Illinois, Mississippi, Florida and Texas, would increase NRG's portfolio to more than 20,000 MW and help it advance toward its goal of 50,000 MW generation in place by 2005.
NRG said the portfolio acquisition, expected to close in the first quarter of 2001.
Carolyn Davis, Houston
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