After previously preaching a future of greener energy, NRG Energy is selling its renewable energy business for nearly $1.4 billion to New York investment fund Global Infrastructure Partners.
As part of an overall slimming down, NRG also will sell its four Louisiana gas and coal power plants, as well as the Cottonwood gas plant in Deweyville, Texas, to Louisiana-based Cleco for $1 billion.
Former NRG CEO David Crane was pushed out more than two years ago for emphasizing wind and solar energy expansions that weren’t proving as profitable as shareholders desired. Under current CEO Mauricio Gutierrez, NRG has focused more on its legacy strengths in gas and coal power generation, as well as retail electricity sales largely through its Reliant brand.
The renewables sale is for NRG’s 46 percent controlling stake in its NRG Yield spinoff, as well as for NRG’s other renewable energy operations, maintenance and development businesses.
NRG also said it will sell for $407 million its Carlsbad Energy Center gas plant in California and its Buckthorn solar farm in West Texas’ Pecos County to NRG Yield.
Overall, that’s about $2.8 billion in NRG sales announced Wednesday.
This first appeared on the Houston Chronicle – an Energy Voice content partner. For more click here.