NRG Energy, Inc. announced its subsidiaries Texas Genco LP LLC and Texas Genco GP LLC have completed the sale of NRG South Texas LP, which owns a 44% interest in the South Texas Project Electric Generating Station (STP), to Constellation for $1.75 billion.
STP is a 2,645 MW nuclear facility located about 90 miles southwest of Houston in Bay City, Texas. The 44% interest represented approximately 1,100 MWs of output. The sale received final regulatory approval from the Nuclear Regulatory Commission on October 30, 2023.
“Completion of the sale is an important step in creating shareholder value through optimizing our diversified power supply portfolio,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “This transaction will release significant capital to fund our current share repurchase and debt reduction programs. I look forward to updating stakeholders during our November 2 earnings call.”
Barclays Capital Inc. and Morgan Stanley & Co. LLC are serving as NRG’s financial advisors, and McGuireWoods LLP is serving as legal counsel.
