NRG Energy will acquire Green Mountain Energy for $350m, under a definitive agreement.
Aligning Green Mountain’s green retail franchise with NRG’s portfolio of renewable power assets and development pipeline will create a platform of clean energy solutions in Texas, New York and other core markets served by both firms.
Green Mountain president and chief executive officer Paul Thomas said that its acquisition by NRG strengthens Green Mountain’s ability to provide the clean energy products, while allowing it to reach new markets.
Green Mountain will be run as a standalone business within NRG.
NRG expects to close the transaction by mid-November 2010.