White & Case Advises NRG on $12 Billion Power Deal with LS Power

White & Case Advises NRG on $12 Billion Power Deal with LS Power.

White & Case LLP is advising NRG Energy, Inc. on a landmark $12 billion acquisition that will double NRG’s generation capacity and significantly expand its footprint in key U.S. energy markets.

The deal involves the purchase of 18 natural gas-fired power plants from LS Power, totaling around 13 gigawatts (GW) of capacity across nine states.

These facilities strengthen NRG’s presence in Texas and the Northeast, regions where the company already serves a large portion of its customer base.

In a move to further modernize its energy offerings, NRG is also acquiring CPower, a top-tier commercial and industrial virtual power plant (VPP) platform.

CPower operates in every deregulated energy market in the U.S., managing roughly 6 GW of flexible capacity for over 2,000 customers.

“This acquisition transforms NRG’s generation fleet and broadens our customized product offerings, enhancing our ability to bring the future of energy to millions of customers across the U.S.

The transaction is financially compelling as it strengthens our credit profile and turbocharges NRG’s growth rate, while also supporting continued robust capital returns.

We are in the early stages of a power demand supercycle, and we are excited to lead the way with reliable energy solutions that will drive considerable value for NRG and all of our stakeholders.” said Larry Coben, NRG Chair, President & CEO.

The deal is structured with a mix of cash and NRG common stock and is expected to enhance shareholder returns while supporting the company’s long-term strategy.

LS Power CEO Paul Segal praised the deal as a major milestone for the firm:

“We’ve spent years building and optimizing this portfolio. Under NRG’s leadership, these assets and CPower will continue to deliver essential, affordable, and resilient energy services to the grid.”

White & Case LLP is serving as lead legal counsel on the transaction, with partner Thomas Christopher spearheading the advisory team. He is supported by partners Keith Hallam (New York) and Morgan Hollins (Houston), along with associates Dilara Erik, Anil Tanyildiz, Luis Leos, and Jennifer Chu.

Financing aspects were handled by Eliza McDougall (Debt Finance) and Daniel Nam (Capital Markets), both in New York. David Johansen led on matters relating to the issuance of NRG stock as part of the consideration package.  

NRG Energy, Inc. is a leading North American energy and home services company headquartered in Houston, Texas. With a diverse portfolio that includes natural gas, coal, oil, nuclear, wind, and solar generation, NRG serves over 7 million retail customers across 24 U.S. states and eight Canadian provinces. The company is committed to delivering cost-effective, reliable energy solutions and has expanded into home automation and security services through acquisitions like Vivint Smart Home.

White & Case LLP is a global law firm known for providing high-quality legal services to clients across a broad range of industries. Founded in 1901, the firm has grown to become one of the largest international law firms, with offices in over 40 locations worldwide. White & Case specializes in complex legal matters, including banking and finance, mergers and acquisitions, capital markets, dispute resolution, and regulatory compliance. The firm represents multinational corporations, governments, and financial institutions, offering expertise in cross-border transactions, international litigation, and arbitration. White & Case is renowned for its deep industry knowledge, innovative solutions, and commitment to delivering results for its clients.

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