NRG Energy Inc. has officially completed its acquisition of substantially all the assets of Edison Mission Energy (EME) for $2.635 million.
Under the deal, which received its final regulatory approval in March, NRG will acquire EME's 8 GW conventional and renewable generation portfolio throughout the U.S., including about 1.7 GW of wind power assets. The addition of EME's generation portfolio brings NRG's total fleet to more than 53 GW of generating capacity.
In December 2012, EME and several of its subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code.
NRG notes that it has also closed the acquisition of the competitive retail electricity business of Dominion Resources Inc. for $165 million. NRG says the deal will add more than 500,000 customer accounts to its retail footprint by the end of this year.
The closing of the EME and Dominion deals comes on the heels of NRG's recent acquisition of installation and solar sales company Roof Diagnostics Solar.
"Closing this trio of acquisitions in the past week materially enhances our capabilities and our economies of scale in all of our key business areas," says David Crane, president and CEO of NRG. "By advancing across the full range of our overall company strategy, we are giving consumers greater access to clean energy and individual control over their energy future."
