Louisiana approves sale of NRG’s South Central Business

NRG announces that the Louisiana Public Service Commission has approved the previously announced transaction between NRG and Cleco Corporate Holdings LLC. It is the last regulatory approval needed to finalize the transaction.

The agreement to sell NRG’s South Central Business to Cleco was first announced on February 7, 2018. On that date, NRG and Cleco entered into a Purchase and Sale Agreement for Cleco to purchase NRG’s South Central business for a total purchase price and cash proceeds of US$1.0 billion, subject to certain adjustments. The companies expect to close the transaction in February 2019.

NRG South Central has eight generating assets totaling 3,555 MW, transmission operations, and contracts to provide wholesale power to nine Louisiana cooperatives, five municipalities across Arkansas, Louisiana and Texas, and has one investor-owned utility. The company owns the Big Cajun I and Big Cajun II generating facilities in New Roads, Louisiana. NRG South Central sells the energy and capacity of the Cajun facilities to the former power cooperative members of Cajun Electric Power Cooperative, Inc.