NRG Energy has signed a definitive agreement to acquire six power plants in the US stage of Texas from Rockland Capital for $560m, adding 738MW of flexible gas-fired capacity.
The deal, priced at $760/kW, includes one combined-cycle unit and five peaker units, enhancing NRG’s market position.
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Funded through corporate debt, the earnings-accretive acquisition aligns with NRG’s capital plan.
NRG business and wholesale operations president and executive vice-president Robert J Gaudette stated: “This acquisition re-inforces our position as a leading generator in Texas. Expanding our natural gas generation portfolio with modern, flexible assets enhances our integrated platform as Texas experiences record electricity growth driven by electrification, onshoring, population growth and data centres – creating long-term value for our shareholders.”
The acquisition requires Hart-Scott-Rodino (HSR) approval and is expected to close in the second quarter of 2025.
NRG Energy is also investing $2.5m in Equilibrium Energy, an energy technology platform that utilises AI to improve energy portfolio optimisation capabilities.
The investment aims to provide NRG with market intelligence and explore solutions for grid volatility due to load growth, intermittent renewable generation and extreme weather events.
Gaudette added: “We are always looking to support innovative technologies that strengthen the energy landscape. Equilibrium’s AI-driven platform offers a differentiated approach to managing volatility and balancing risk, and we are excited to invest in their vision and collaborate with their team.”
The company also announced the creation of a $50m fund to invest in early and mid-stage companies up to 2032.
Initial investments will range between $0.5m and $2.5m, with reserves maintained for follow-on investments. Cerity Partners Ventures will assist NRG in managing the fund.
