NRG Energy, a Fortune 500 energy company, announced earlier this month that it has entered into a definitive agreement to acquire Green Mountain Energy Company, a retail provider of clean energy products and services in the U.S., for $350 million in cash. This transaction is expected to close by mid-November.
Green Mountain was founded in 1997 and offers consumers and businesses the choice of clean electricity products from renewable sources such as wind and water, as well as a variety of carbon offset products. Upon the close of this transaction Green Mountain will be run as a standalone business within NRG.
“A permanent and fast-growing portion of the American population is seeking to live sustainably across all key phases of their lifestyle, including the energy they use in their homes, at work and in their personal transportation. Green Mountain understands that customer base and serves it better than any other retail energy provider,” said David Crane, NRG President and Chief Executive Officer. “Increasingly NRG, with our expanding portfolio of wind, solar and biomass initiatives, working with and through Green Mountain, is poised to become the clean energy provider of choice for Americans who want to make a difference for the environment.”
“Our acquisition by NRG strengthens Green Mountain’s ability to provide the clean energy products that our customers value, while allowing us to reach new markets and offer greater consumer choice—all while preserving our founding ideals,” said Paul Thomas, Green Mountain President and Chief Executive Officer. “Our customers will continue to be Green Mountain customers.”