NRG to acquire 13 GW natural gas portfolio and VPP platform from LS Power for ~$12B

NRG ENERGY, INC.

Acquires 18 natural gas facilities (13 GW) and CPower C&I VPP platform (6 GW) for ~$12B enterprise value (7.5x 2026 EV/EBITDA).
Consideration: $6.4B cash, $2.8B stock (24.25M shares at $114.98 VWAP), $3.2B net debt assumed; LS Power gets ~11% pro forma stake with 6-month lock-up.
Expected close Q1 2026 subject to HSR, FERC, and NYSPSC approvals; NRG targets <3.0x net debt/EBITDA leverage within 24-36 months.
NRG raises 5-year Adjusted EPS CAGR target to at least 14% from at least 10%; expects ~$9.1B in capital returns over that period.
Reiterates 2025 capital plan: $1.3B in share repurchases and ~$345M in common dividends.

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