NRG Energy Inc. (NYSE: NRG) is buying the Gregory cogeneration plant in Corpus Christi, Texas, for $244 million, as the latest energy deal.
The plant has steam capacity of more than a million pounds per hour, which is equal to 160 megawatts of electricity. The gas-powered plant provides steam, processed water and electrical generation to the Corpus Christi Sherwin Alumina plant. Cogeneration plants usually produce steam for heating purposes, as well as electricity.
NRG is an energy company that supplies fossil fuel, nuclear, solar and wind energy through Reliant, Green Mountain Energy and Energy Plus, which serve more than two million customers. The deal requires regulatory approval from the Public Utility Commission of Texas.
Several deals in the oil and gas sector have been announced recently, but alternative energy deals have been trickling in. On April 8, EDF En Canada Inc. and Enbridge Inc. (TSX: ENB) (NYSE: ENB) announced they would buy a wind project in Alberta, Canada. And in January, Hanergy Holding Group Ltd. closed a $30 million deal for solar panel maker MiaSolé.