NRG Energy Makes Major $12 Billion Acquisition from LS Power
Deal News | May 12, 2025 | White & Case LLP
NRG Energy, Inc., a prominent North American energy and home services company, is advised by the global law firm White & Case LLP on its approximately US$12 billion acquisition of a portfolio of natural gas generation facilities and a commercial and industrial virtual power plant platform from LS Power. The acquisition consists of cash and NRG common stock and doubles NRG's generation capacity by adding 18 natural gas-fired facilities across nine states, expanding its presence in the Northeast and Texas. Furthermore, NRG acquires CPower, operative in the country's deregulated energy markets, with around 6 GW capacity, servicing over 2,000 commercial and industrial clients. The complex transaction involves extensive legal support spanning M&A, capital markets, real estate, and more, led by multiple specialist partners and associates from White & Case LLP's New York, Houston, and other offices.
Sectors
- Energy
- Legal Services
Geography
- United States – The acquisition involves energy assets and operations across nine states in the U.S., where NRG and LS Power operate.
Industry
- Energy – The core of the transaction involves energy generation assets, expanding NRG's capacity and footprint in the energy sector.
- Legal Services – White & Case LLP provides comprehensive legal advisory across various practice areas to facilitate the acquisition.
Financials
- $12 billion – The total value of the acquisition for the power portfolio from LS Power by NRG Energy, which includes both cash and common stock consideration.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| NRG Energy, Inc. | Buyer | Company | A leading North American energy and home services company acquiring assets from LS Power. |
| LS Power | Seller | Company | Provides the portfolio of natural gas generation facilities and the C&I VPP platform to NRG Energy. |
| White & Case LLP | Legal Advisor | Company | A global law firm advising NRG Energy on the acquisition. |
| CPower | Target Subsidiary | Company | A leading commercial and industrial virtual power plant platform acquired by NRG Energy. |