NRG and GenOn have received full backing to merge their activities under the umbrella NRG Energy, having first unveiled their intentions back in July. Originally, the transaction was expected to be closed in Q1 2013.
Under the terms, GenOn stockholders will receive a fixed ratio of 0.1216 shares of NRG common stock for each share of GenOn common stock; cash will be paid in lieu of fractional shares. Meanwhile, GenOn will no longer be listed on the New York Stock Exchange.
The new company now has its financial and commercial headquarters in Princeton, and operational headquarters in Houston. Overall, it owns an energy portfolio totaling nearly 47,000 MW in the East, Gulf Coast and West.
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.
"Today [December 14], we usher in a new era of scale and scope in the American power industry, creating additional value for our shareholders and enhancing our ability to serve our growing retail energy customer base with safe, affordable and reliable power," stated David Crane, NRGs president and CEO.