NRG Energy Inc. (NYSE:NRG) and Edison Mission Energy (EME) have received approval from Federal Energy Regulatory Commission (FERC) for the sale of EME’s assets to NRG.
EME was sold under a settlement agreement reached Feb. 18 between EME, Edison International (NYSE: EIX) and certain EME creditors. EME’s portfolio of renewable and conventional generation assets brings NRG’s total generating capacity to 53,600 MW.
NRG agreed in October 2013 to buy EME for $2.64 billion, including 1,700 MW of wind; 1,600 MW of gas-fired capacity; 4,300 MW of coal-fired capacity and 400 MW of oil and waste coal-fired capacity. NRG also acquired Edison Mission Marketing and Trading.
EME filed for Chapter 11 bankruptcy in December 2012 and agreed to a reorganization plan with parent company Edison International and holders of its $3.7 billion debt.
The acquisition will create the second-largest U.S. power company. NRG will also become the third-largest U.S.-based renewable energy generator.
The FERC approval is the final regulatory authorizations required to close the transaction by April 1, 2014.
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