The Federal Energy Regulatory Commission (FERC) has approved the sale of substantially all of Edison Mission Energy's (EME) assets to NRG Energy Inc. Earlier this month, the U.S. Bankruptcy Court signed off on the transaction, and the companies say this represents the final regulatory authorization required to complete the deal.
Under the approximately $2.64 billion agreement, NRG will acquire EME's 8 GW conventional and renewable generation portfolio throughout the U.S., which consists of about 1.7 GW of wind power assets. NRG currently has approximately 450 MW of wind power in its portfolio.
In December 2012, EME and several of its subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. According to Edison International, EME's parent company, this deal and a reorganization plan will allow EME to emerge from bankruptcy free of liabilities and remain a subsidiary.
NRG and EME expect to close the transaction on April 1.