LOS ANGELES Oct 18 Power company NRG Energy Inc on Friday said it would pay $2.635 billion to acquire the assets of bankrupt unregulated power producer Edison Mission Energy, adding nearly 8,000 megawatts of electricity generation capacity to its business.
The purchase price includes 12.7 million shares of NRG common stock, valued at $350 million, with the rest to be paid in cash. NRG will also assume $1.545 billion of EME's non-resource debt.
EME's assets include 4,300 MW of coal-fired capacity, 1,600 MW of gas-fired capacity, 1,700 of wind capacity, 400 MW of oil and waste coal-fired capacity, and Edison Mission Marketing and Trading, a trading and asset management platform.
NRG expects to close the deal, which is subject to approval by the U.S Bankruptcy Court for the Northern District of Illinois, in the first quarter of 2014.
EME, a unit of Edison International, filed for Chapter 11 bankruptcy protection in December, citing a "perfect storm" of heavy debts, weak power prices and high fuel costs.