NRG Energy has agreed to acquire a portfolio of natural gas–generation facilities and a commercial and industrial virtual power plant (C&I VPP) platform from LS Power Equity Advisors in a cash and common stock transaction valued at approximately $12 billion.
The enterprise value of the transaction consists of $6.4 billion of cash consideration, $2.8 billion in stock consideration to LS Power and $3.2 billion of net debt assumed at closing.
This acquisition doubles NRG’s generation capacity to 25 gigawatts with the addition of 18 natural gas–fired facilities totaling approximately 13 gigawatts. These facilities, located across nine states, expand NRG’s generation footprint in the Northeast and Texas, where most of its load is located.
In addition, NRG is acquiring CPower, a C&I VPP platform that operates in all the country’s deregulated energy markets and has approximately 6 gigawatts of capacity, representing more than 2,000 commercial and indu
