NRG Energy Inc. has bought a company that is working on several offshore wind power projects along the Atlantic coast.
NRG, based in Princeton, N.J., said Monday that is has acquired Bluewater Wind from Babcock & Brown and Arcadia Windpower. Terms of the cash deal were not disclosed.
Hoboken, N.J.- based Bluewater Wind is working on seven offshore wind projects in the Northeast and has a 25-year power purchase agreement with Delmarva Power & Light Company already approved by the Delaware regulators.
NRG president and CEO David Crane says acquiring Bluewater gives NRG an advantage in the potentially lucrative renewable energy market.
Gov. Jack Markell said the NRG deal helps position Delaware as the first state in the nation to develop an offshore wind farm.