NRG enters offshore wind business with new acquisition

Princeton, N.J., November 9, 2009 — NRG Energy, acquired Bluewater Wind, an offshore wind development businesses, from Babcock and Brown and Arcadia Windpower.

This acquisition combines Bluewater’s project pipeline of offshore wind parks in the northeast — one of NRG’s core regions — with NRG’s own successful development, engineering, procurement and construction teams. The transaction was funded with cash on hand, for an undisclosed sum.

Bluewater brings a development team working on more than seven offshore projects in the Northeast, including projects in Delaware and New Jersey in advanced stages of development.

Bluewater has a 25-year, 200 MW power purchase agreement with Delmarva Power and 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, which collects wind data, 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, NJ. 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.

NRG Energy’s power plants provide more than 24,000 MW of generation capacity. The company’s retail business, Reliant Energy, serves more than 1.6 million residential, business, commercial and industrial customers in Texas.

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