GenOn Energy Inc.'s proposed sale of an 800-MW combined-cycle, gas-fired facility in Pennsylvania is now awaiting approval from the Federal Energy Regulatory Commission.
Under the proposed deal, GenOn, through its NRG Wholesale Generation LP and RRI Energy Services LLC subsidiaries will sell the Hunterstown project in Straban Township, Pa., to private-equity firm Platinum Equity Advisors LLC.
Platinum will pay $498 million for the facility, with the expected closing price rising to $520 million after adjusting for working capital.
The proposed sale was first announced in February and the parties filed an application with FERC on March 15. The commission is being asked to approve the deal by May 15.
GenOn is a wholly owned subsidiary of NRG Energy Inc. (FERC docket EC18-70)
