NRG Energy has finalised the purchase of a portfolio from LS Power comprising 18 natural gas-fired generation facilities with a combined capacity of around 13GW, as well as CPower’s commercial and industrial virtual power plant (VPP) platform.
In May 2025, NRG entered a definitive agreement to acquire LS Power Equity Advisors’ natural gas generation facilities and the C&I VPP platform portfolio.
The transaction includes a cash and common stock deal valued at nearly $12bn.
The enterprise value of the transaction comprises $6.4bn in cash consideration, $2.8bn in stock consideration to LS Power, $3.2bn of net debt assumed at closing and around $400m of the net present value of tax benefits generated by the transaction.
This transaction doubles NRG’s total generation fleet to approximately 25GW and increases its presence in core US electricity markets.
The newly acquired assets include quick-start facilities in the north-east and Texas, along with VPP capabilities that enhance NRG’s capacity to manage demand response for commercial and industrial clients.
The company completed the deal after securing all necessary regulatory approvals.
The US Department of Justice granted anti-trust clearance on 23 January. Earlier authorisations were received from the Federal Energy Regulatory Commission and the New York State Public Service Commission.
NRG stated that this expanded platform will support energy supply and flexible demand solutions for residential, commercial and large-load customers amid ongoing growth in energy consumption.
NRG chair and CEO Larry Coben said: “Today, we are doubling down on power generation to respond to the incredible power demand supercycle.
“This transaction builds on our leading platform and enables NRG to offer an ever-broader range of affordable, resilient solutions for customers of all sizes, from data centres to households. We are putting scale and reliability to work to deliver for the eight million customers we serve every day.”
With the integration of these new assets, NRG aims to enhance affordability and grid reliability through its diversified supply strategy and expanded operational footprint.
