LS Power generation portfolio — 13 GW natural gas across 18 facilities in 9 states, plus CPower 6 GW VPP platform
NRG doubles generation capacity. $6.4B cash + $2.8B NRG stock + $3.2B assumed debt. 7.5x 2026 EV/EBITDA (50% of replacement cost). LS Power retains ~11% of pro forma NRG. 18% accretive to EPS year one. Includes CPower VPP with 2,000+ C&I customers. FERC & NYSPSC approved Nov 2025.
$12.00B
Deal Value
13,000MW
Capacity
Other
Technology
Multi-state
Location
Deal Details
- Deal Type
- Corporate
- Seller / Sponsor
- LS Power
- Buyer / Financier
- NRG Energy
- Deal Value
- $12B
- Stage
- Operating
- ISO/RTO
- Multiple
- Source
- NRG Energy
Service Providers
Advisory & Legal
- Buyer Financial Advisor
- Citi, Goldman Sachs, Scotiabank
- Seller Financial Advisor
- Evercore, J.P. Morgan, Morgan Stanley, Solomon Partners
Related Deals
6 natural gas generation facilities — 738 MW total capacity
Rockland Capital → NRG Energy
$560M
Algonquin Power renewable energy business — 3,000+ MW operating (44 assets) + 8 GW development pipeline
Algonquin Power → LS Power
$2.5B
Constellation PJM natural gas generation portfolio — 4.4 GW across Delaware and Pennsylvania (Bethlehem, York 1 & 2, Hay Road, Edge Moor)
Constellation Energy → LS Power
$5B
ITC transfer from solar and battery storage projects (operational starting 2024)
ENGIE North America → Schneider Electric
~$1B in renewable energy tax credits from NextEra's US wind and solar portfolio
NextEra Energy → Undisclosed
$1B
Enel Green Power NA geothermal and solar portfolio — Cove Fort (UT), Stillwater & Salt Wells (NV), solar assets (CT)
Enel Green Power North America → Ormat Technologies
$271M
Get deals like this in your inbox
Free weekly clean energy deal intelligence. Every Monday.