Princeton-based energy company NRG Energy Inc. announced today it has closed on the acquisition of the Gregory cogeneration plant in Corpus Christi, Texas. NRG is paying approximately $244 million in cash for the plant, exclusive of adjustments relating to working capital.
The plant provides steam, processed water and a small percentage of its electrical generation to the Corpus Christi Sherwin Alumina plant.
The current operator, DPS Gregory, will continue to operate the plant until a transition to NRG operations is completed, according to the announcement. The plant was acquired from a consortium of affiliates of Atlantic Power Corp., John Hancock Life Insurance Co. and Rockland Capital LLC. The Gregory cogeneration unit came online in 2000.
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