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Article: United States: NRG Energy Buys Offshore Wind Business In Northeast US.
- Article from:
- TendersInfo
- Article date:
- November 12, 2009
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Byline: kusumv03
NRG Energy Inc. (NRG) acquired offshore wind power developer Bluewater Wind on Monday, seeing strong potential in a generation technology that's still trying to find footing in the U.S.
The Princeton, N.J., power producer bought the business from Australia's Babcock & Brown Ltd. (BBNLF) and Arcadia Windpower for an undisclosed sum. Babcock & Brown is in the midst of liquidating assets. NRG Energy said it funded the purchase with cash on hand.
The U.S. to date doesn't have a major offshore wind farm in operation. Development has faced opposition over cost and location, with a lengthy battle over a wind farm off Cape Cod, Mass., ...