NRG Closes 4.8 GW Asset Sale to ArcLight Capital Affiliate, Launches $1 Billion Share Buyback

NRG Energy plans to sell 4,850 MWs of assets from its East and West regions to Generation Bridge. Additionally, its board of directors authorized a $1 billion share buyback program.

Business Wire

NRG Energy Inc. has closed its sale of approximately 4,850 MWs of fossil generating assets from its East and West regions to Generation Bridge, an affiliate of ArcLight Capital Partners, the company said on Dec. 6.

At closing, NRG received $620 million of net proceeds, after purchase price adjustments pursuant to the terms of the purchase and sale agreement entered into on February 28, 2021. As previously disclosed, the transaction is leverage neutral with $500 million of the net proceeds allocated to deleveraging.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access