Dec 17, 2012 - US utility NRG Energy Inc (NYSE:NRG) on Friday said it had closed its merger with GenOn Energy Inc, thus becoming the US largest electricity producer with a combined generating capacity of 47 GW.
In 2011, the merged entity provided over 104 TWh of electricity from both conventional and renewable energy sources to almost 40 million households.
Following the deal, effective Friday, GenOn shareholders will get a fixed ratio of 0.1216 shares of NRG Energy for each GenOn common share held. GenOn shares will stop trading on the New York Stock Exchange on December 17, NRG Energy, whose renewable energy arm operates six solar power plants in the US, said. The utility will now conduct its financial and commercial activities from Princeton, while its operational headquarters will be in Houston.
On Thursday, the two companies said the merger had received the thumbs-up from the Federal Energy Regulatory Commission (FERC) and the New York Public Service Commission (NYPSC). It was granted shareholder clearance in November.
NRG Energy operates the 200-MW Agua Caliente photovoltaic (PV) facility in Arizona, to be completed in 2014; the 20-MW Roadrunner plant in New Mexico; the 45-MW Avenal and the 21-MW Blythe solar projects in California. The company is also developing a California Valley Solar Ranch solar installation, which will be wrapped up in 2013 with a total capacity of 250 MW. It also said yesterday it had kicked off commercial operations of its 25-MW Avra Valley PV plant near Tucson, Arizona.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.