NRG Energy Inc. subsidiary NRG Retail LLC has closed its acquisition of Xoom Energy Global Holdings LLC from BlueGreen Holding LLC.
Xoom Energy Global Holdings is the owner of XOOM Energy LLC, a North Carolina-based utility retailer authorized by the commission to make wholesale sales of electric energy, capacity and certain ancillary services at market-based rates.
The $210 million transaction was funded with $75 million of excess cash and $135 million of debt. The deal is part of a larger trend within the competitive power sector where large companies are moving to better align their generation portfolios with retail load to provide more stable earnings and cash flows.
The Federal Energy Regulatory Commission approved the deal on May 29. (FERC docket EC18-82)
