Princeton, N.J.-based NRG Energy Inc. has acquired Bluewater Wind, an offshore wind development businesses, from Babcock & Brown and Arcadia Windpower. The transaction was funded with cash on hand, for an undisclosed sum.
‘As public policy trends toward ever-increasing renewable portfolio standards at the state and federal levels, each region of the country will seek to comply with projects that tap the best renewable resource from within that region,’ says David Crane, president and CEO of NRG Energy. ‘There is no doubt that offshore wind is the highest-potential renewable resource proximate to the population centers along the eastern seaboard of the United States.’
Bluewater is currently working on more than seven offshore projects in the Northeast, including in Delaware and New Jersey, that are in advanced stages of development. Bluewater has a 25-year, 200 MW power purchase agreement (PPA) with Delmarva Power & Light Co. that has been approved by the Delaware Public Service Commission and other state agencies.
In New Jersey, the company is one of three preferred developers awarded a $4 million rebate from the state to build a meteorological tower for offshore projects. Bluewater also has proposed several offshore wind projects in other Northeast locations.
Bluewater's existing development team will become NRG employees, working out of Bluewater's office in Hoboken, N.J. The company's president and founder, Peter Mandelstam, will remain president of Bluewater Wind and also serve as head of NRG's offshore wind development efforts.
SOURCE: NRG Energy Inc.