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PRINCETON, N.J. - NRG Energy said Monday that it bought offshore wind developer Bluewater Wind, as the power company looks to bolster its supply of renewable energy.
NRG, based in Princeton, N.J., said it bought Bluewater from Babcock & Brown and Aracdia Windpower with cash on hand. Terms were not disclosed.
NRG said offshore wind is the best potential renewable resource for power that is close to the population centers along the Eastern Seaboard.
The deal comes as state and federal governments push utilities and power generators to generate more power from renewable sources.
Bluewater is currently working on more than seven projects in the Northeast, including projects in Delaware and New Jersey in advanced stages of development. Under the deal, Bluewater's development team will become NRG employees working out of Bluewater's office in Hoboken, N.J.
NRG shares rose 35 cents to $24.11 in trading Monday morning. The shares have traded between $15.19 and $29.26 over the past year.
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