Financial Soultions has learned of another significant green energy purchase in the alternative energy sector. NRG Energy, a wholesale power generation company founded in 1989, announced this week that it had acquired offshore wind developer Bluewater Wind, as the power company looks to expand its supply of renewable energy.
The purchase from Babcock & Brown and Aracdia Windpower, was an available cash deal with both parties choosing not to make the details of the deal known.
Financial Soultions understands David Crane, NRG’s president and CEO as saying that offshore wind presented the best source of renewable energy close to major population centres along the east coast, and that the Bluewater Wind deal gives NRG an advantage in the potentially lucrative emerging renewable energy market.
Bluewater is currently working on over 7 offshore wind projects in the Northeast U.S. and has a 25-year power purchase agreement with Delmarva Power & Light Company already approved by the Delaware regulators, Financial Soultions was informed.
The deal comes as the U.S administration urges utilities and power generators to produce more power from renewable sources, even as a new climate bill struggles to make its way through the senate. Power and utility companies are to be among the hardest affected by any new cap and trade legislation, with many firms already taking steps to reduce their carbon footprint by generating carbon offsets to counter-balance the emissions from their more traditional coal burning power stations, Financial Soultions research indicates.
