Source: Green Mountain Energy
NRG Energy, Inc. (NYSE: NRG) has completed the acquisition of Green Mountain Energy Company, the nation’s leading competitive retail provider of clean energy products and services, for $350 million in cash.
“Green Mountain, as the preeminent national retailer of green energy products and services, is a great complement to NRG’s fast-growing solar and wind portfolio,” said David Crane, NRG President and Chief Executive Officer. “This combination enables us to match green wholesale and green retail in order to meet the American public’s growing demand for a fully sustainable alternative energy supplier.”
By combining with NRG, Green Mountain will be able to expand the scope of its green products and services and accelerate the pace of its expansion into attractive markets and market segments. Green Mountain will be run as a standalone business within NRG and will maintain its commitment to customers to make a difference for the environment.
“This acquisition is a win-win for Green Mountain, our customers, employees and shareholders,” said Paul Thomas, CEO of Green Mountain Energy Company. “It enables us to continue pursuing our mission to change the way power is made even more rapidly.”
Green Mountain ranked highest in J.D. Power and Associates 2009 Texas Business Retail Electric Provider Satisfaction Study. Austin-based Green Mountain has residential and commercial customers primarily in Texas and the New York metro region. Green Mountain also delivers green products and services to select utilities, including Portland General Electric—ranked as the number one green utility program by the Department of Energy’s National Renewable Energy Laboratory—as well as providers in New York and New Jersey.