9 November 2009-- NRG Energy acquired Bluewater Wind, an offshore wind development businesses, from Babcock & Brown and Arcadia Windpower. The amount of the transaction is undisclosed but was paid for with cash on hand.
Bluewater is currently working on seven offshore projects in the Northeast, including projects in Delaware and New Jersey. The company has a 25-year, 200 MW power purchase agreement with Delmarva Power & Light Co. in Delaware that has been approved by the state Public Service Commission.
Bluewater's development team will continue to work out of the company's office in New Jersey but will become NRG employees. The president and founder, Peter Mandelstam, will remain president of Bluewater Wind and will also serve as head of NRG's offshore wind developments.
Want more news? Subscribe to the FREE E-newsletter!
Related article
Babcock-Brown buys wind power firm