M&AClosedPress / newsMay 12, 2025

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.

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$12.00B

Deal Value

13,000MW

Capacity

Other

Technology

Multi-state

Location

Project: LS Power generation portfolioAsset profile →

Deal Details

Deal Type: Corporate M&A
Seller / Sponsor: LS Power
Buyer / Financier: NRG Energy
Deal Value: $12B
Stage: Operating
ISO/RTO: Multiple
Source: NRG Energy

Capital Structure

$12.0B

Total transaction value

Debt$9.60B77%

Equity$2.80B23%

Tranches

Cash Consideration (funded by new secured & unsecured debt) · Citi / Goldman Sachs Bank USA (committed financing): $6.40B
Stock Consideration (24.25M NRG shares) · NRG Energy: $2.80B
Net Debt Assumed at closing · LS Power portfolio (assumed): $3.20B

Service Providers

Advisory & Legal

Buyer Financial Advisor: Citi, Goldman Sachs, Scotiabank
Seller Financial Advisor: Evercore, J.P. Morgan, Morgan Stanley, Solomon Partners

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