NRG Forks Over $350M For Green Mountain Energy
NRG Energy continues to prop-up its diverse green portfolio. Over the past couple of years the New Jersey company has invested , it bought an offshore wind developer and as of yesterday, it’s the owner of a retailer of clean energy products and service provider.
Yesterday, NRG bought Green Mountain Energy Company in a $350 million all cash transaction. The Green Mountain transaction provides NRG a marketing network to distribute and sell its growing green portfolio.
NRG CEO Paul Thomas said:
Our acquisition by NRG strengthens Green Mountain’s ability to provide the clean energy products that our customers value, while allowing us to reach new markets and offer greater consumer choice—all while preserving our founding ideals. Our customers will continue to be Green Mountain customers.
Green Mountain plans to run Green Mountain Power as a standalone business. The acquisition is expected to bring NRG an expected $70 million in pre-tax annual revenues.
The transaction is expected by mid-November.