10 November '09
11:25 AM EST
No Comments
Funding
Wind

Update: NRG Energy’s Bluewater Acquisition

NRG Energy and Bluewater Wind held a joint conference call yesterday in which Bluewater founder and President Peter Mandelstam and NRG’s Northeast Regional President Drew Murphy did not stray far from their talking points (they did not disclose the acquisition price of the all cash deal). However, the two did shed some light on NRG’s motivation in acquiring Bluewater’s development pipeline and on the different funding options NRG was considering to develop the Bluewater projects.

Credit Suisse, as we live-tweeted, advised Bluewater. According to Mandelstam the bank approached 87 potential bidders in Europe, Asia and the Middle East before fellow New Jersey company NRG placed the winning bid. Read More »

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9 November '09
12:01 PM EST
No Comments
Funding
Wind

NRG Acquires Offshore Wind Assets

NRG Energy, one of the country’s largest coal users, has acquired offshore wind developer Bluewater Wind, a venture jointly owned by Babcock & Brown and Arcadia Windpower, a developer headed by Bluewater founder Peter Mandelstam.

On the acquisition, NRG CEO David Crane said:

Acquiring an experienced offshore developer like Bluewater, with good projects already in the development pipeline, gives NRG first mover advantage in this potentially lucrative market.

Bluewater’s development team will join NRG’s newly formed offshore wind unit, to be headed by Peter Mandelstam. Read More »

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