M&A Deal Summary

NRG Acquires Gregory Cogeneration Plant - Corpus Christi

On August 7, 2013, NRG acquired utilities company Gregory Cogeneration Plant - Corpus Christi from Rockland Capital, Atlantic Power and John Hancock Life Insurance for 244M USD

Acquisition Highlights
  • This is NRG’s 4th transaction in the Utilities sector.
  • This is NRG’s 8th largest (disclosed) transaction.
  • This is NRG’s 8th transaction in the United States.
  • This is NRG’s 5th transaction in Texas.

M&A Deal Summary

Date 2013-08-07
Target Gregory Cogeneration Plant - Corpus Christi
Sector Utilities
Buyer(s) NRG
Sellers(s) Rockland Capital
Atlantic Power
John Hancock Life Insurance
Deal Type Add-on Acquisition
Deal Value 244M USD

Target

Gregory Cogeneration Plant - Corpus Christi

Corpus Christi, Texas, United States
Gregory cogeneration plant provides steam, processed water and a small percentage of its electrical generation to the Corpus Christi Sherwin Alumina plant.

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Buyer(S) 1

Buyer

NRG

Houston, Texas, United States

Category Company
Founded 1989
Sector Utilities
Employees18,131
Revenue 28.8B USD (2023)
DESCRIPTION
Entrance to an NRG office in downtown Houston, Texas.
Entrance to an NRG office in downtown Houston, Texas.

NRG is a wholesale power generation company. NRG engages in the ownership, development, construction, and operation of power generation facilities; the transacting in and trading of fuel and transportation services; and the trading of energy, capacity and related products in the US and select international markets. NRG was formed in 1989 and is based in Houston, Texas.


DEAL STATS #
Overall 8 of 16
Sector (Utilities) 4 of 7
Type (Add-on Acquisition) 5 of 11
State (Texas) 5 of 7
Country (United States) 8 of 15
Year (2013) 1 of 2
Size (of disclosed) 8 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-14 GenOn

Houston, Texas, United States

GenOn is a provider of generators wholesale electricity in the United States. With power generation facilities located in key regions of the country and a generation portfolio of approximately 24,600 megawatts, GenOn is helping meet the nation’s electricity needs. GenOn was founded in 1982 and is based in Houston, Texas.

Buy $1.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-22 Energy Curtailment Specialists

Buffalo, New York, United States

Energy Curtailment Specialists, Inc. (ECS) is the private demand response provider in North America, offering turnkey, administrative and a la carte demand response services. ECS understands what it takes for a business to become involved and the preparation necessary to make energy reductions.Founded in Buffalo, New York, in 2001, ECS had the goal of helping to ensure reliable electricity supply in New York State.

Buy -

Seller(S) 3

SELLER

Rockland Capital

The Woodlands, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 1.2B USD
Size Large
Type Sector Focused
DESCRIPTION

Rockland Capital is an investment firm focused on the acquisition and development of companies operating in the US and UK power and energy infrastructure markets. Specific areas of interest include contracted independent power projects; renewable power, energy and biofuels projects; merchant generation; transmission projects; district heating and cooling; and industrial projects with power and/or steam applications or requirements. Rockland has a special interest in distressed assets requiring active management. Rockland Capital was formed in 2003 and is based in The Woodlands, Texas.


DEAL STATS #
Overall 7 of 11
Sector (Utilities) 2 of 4
Type (Add-on Acquisition) 1 of 1
State (Texas) 1 of 1
Country (United States) 6 of 10
Year (2013) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-02 Eagle Point

Westville, New Jersey, United States

Eagle Point is a 225 megawatt combined cycle natural gas facility, located across the Delaware River from Philadelphia. The plant sells energy and capacity into the PJM market. Eagle Point is based in Westville, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-31 Grand Tower Energy Center

Grand Tower, Illinois, United States

Grand Tower Energy Center is a 478-megawatt combined-cycle facility. Grand Tower Energy Center is based in Grand Tower, Illinois.

Buy -
SELLER

Atlantic Power

Dedham, Massachusetts, United States

Category Company
Founded 2004
Sector Utilities
Employees266
Revenue 282M USD (2019)
DESCRIPTION

Atlantic Power Corp. is a power generation and infrastructure company with a well-diversified portfolio of assets in the United States and Canada. Atlantic Power was formed in 2004 and is based in Dedham, Massachusetts.


DEAL STATS #
Overall 2 of 4
Sector (Utilities) 1 of 2
Type (Add-on Acquisition) 1 of 1
State (Texas) 1 of 1
Country (United States) 2 of 4
Year (2013) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-31 Ridgeline Energy

Seattle, Washington, United States

Rdgeline Energy, a specialist in the development of wind energy projects.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-26 Atlantic Power Corp - Wind Portfolio

United States

Atlantic Power Corp - Wind Portfolio is a provider of renewable energy services.

Sell $347M
SELLER

John Hancock Life Insurance

Boston, Massachusetts, United States

Category Company
Founded 1862
Sector Insurance
DESCRIPTION

John Hancock Life Insurance Company provides insurance and investment products and services to retail and institutional customers.


DEAL STATS #
Overall 1 of 2
Sector (Utilities) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 2
Year (2013) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-17 Primary Energy Recycling

Oak Brook, Illinois, United States

Primary Energy Recycling is a developer, owner and operator of power and thermal cogeneration systems onsite at industrial facilities. Primary Energy Recycling was founded in 2003 and is based in Oak Brook, Illinois.

Buy -