NRG Energy Inc. has signed a definitive agreement to acquire Green Mountain Energy Co., a retail provider of clean energy products and services, for $350 million in cash.
Aligning Green Mountain's green retail franchise with NRG's growing portfolio of renewable power assets and development pipeline creates the foundation for a platform of clean energy solutions in Texas, New York and, ultimately, other core markets served by Green Mountain and NRG, according to NRG. Green Mountain will be run as a stand-alone business within NRG.
NRG anticipates funding the transaction with cash on hand upon the closing of the transaction, which is expected by mid-November.
SOURCE: NRG Energy