On July 24, NRG and GenOn signed a definitive agreement to combine their activities in a stock?for?stock tax?free transaction. The merger has now been given the go ahead by the majority of both companies stockholders.
"Todays overwhelming shareholder vote in favor of the NRG/GenOn combination reflects the reality that this transaction is a clear win-win for everyone who owns a stake in either company," said David Crane, president and CEO of NRG.
"We look forward to the prompt receipt of the remaining approvals so that the stakeholders of the combined company can begin realizing the substantial cost savings and efficiency benefits associated with the merger," said Edward R. Muller, chairman and CEO of GenOn.
The merger was sanctioned by the Public Utility Commission of Texas (PUCT) in October, and the Nuclear Regulatory Commission has determined that its approval of transaction is not required. Before the transaction can be completed, however, regulatory approvals by the Federal Energy Regulatory Commission and the New York Public Service Commission.
If received, and the merger goes ahead, the new company, NRG Energy, will reportedly be the biggest energy generator in the U.S. with a portfolio of around 47 GW.
NRG's subsidiary NRG Solar LLC is said to have a photovoltaic project portfolio worth two GW. It includes such large-scale projects as the 290 MW Agua Caliente plant in Arizona, and the 66 MW Alpine plant, the 45 MW Avenal plant and the 250 MW California Valley Solar Ranch, all in California.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.