The power producer NRG Energy Inc. said Thursday that it has agreed to acquire Green Mountain Energy Co. for $350 million in cash.
NRG, based in Princeton, said it was attracted to Green Mountain's portfolio of renewable energy.
Green Mountain Energy, based in Austin, Texas, has residential and commercial customers primarily in Texas and the New York metro region. The privately held company offers customers a variety of renewable energy sources including wind, solar and biomass. Its customers support renewable energy and carbon offset projects across the United States.
NRG Energy's retail business, Reliant Energy, serves nearly 1.6 million residential, business, commercial and industrial customers in Texas.
NRG said it will run Green Mountain as a standalone company and said it is expected to contribute annual pretax earnings of $70 million.
The deal is subject to approval by government regulators. It should close in November, NRG said.