NRG to sell six gas plants (4.9 GW) to LS Power for $4B cash, funding $3B of buybacks

NRG ENERGY, INC.

Definitive agreement sells six natural gas generation assets to LS Power for $4B cash, an implied 2027 valuation of 8.0x EV/Adj. EBITDA, subject to working capital adjustments.
Assets total 4.9 GW: Ravenswood (NYISO), Ocean State Power and Wallingford (ISO-NE), and Jack County, Johnson County and R.W. Miller (ERCOT).
Closing targeted for Q2 2027, subject to HSR, FERC and New York State Public Service Commission approvals; Barclays advised NRG, White & Case was counsel.
Proceeds support $3B of share repurchases across 2026-2027, including an incremental $1B expected before end of Q4 2026, plus $2B more debt reduction.
Post-close NRG will own 20 GW: 10 GW in ERCOT and 10 GW in PJM, with 1.1 GW more ERCOT capacity by 2028 from two Texas Energy Fund projects, per CEO Robert Gaudette.

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