NRG Energy (NRG) Acquires Bluewater Wind from Babcock & Brown and Arcadia Windpower
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NRG Energy, Inc. (NYSE: NRG) has acquired Bluewater Wind (Bluewater), one of nation's leading offshore wind development businesses, from Babcock & Brown and Arcadia Windpower. This acquisition combines Bluewater's strong project pipeline of offshore wind parks in the northeast--one of NRG's core regions--with NRG's own successful development, engineering, procurement and construction teams. The transaction was funded with cash on hand, for an undisclosed sum.
Bluewater brings an experienced development team currently working on more than seven offshore projects in the Northeast, including projects in Delaware and New Jersey in advanced stages of development
Bluewater's existing development team will become NRG employees, working out of Bluewater's office in Hoboken, NJ. The company's President and founder, Peter Mandelstam, will remain President of Bluewater Wind and also serve as head of NRG's offshore wind development efforts.
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