NRG Sells Billion-Dollar Stake In Texas Nuclear Power Project

Earlier this week, NRG Energy announced the sale of its 44% ownership interest in the two-unit South Texas Nuclear Project outside of Houston to Constellation Resources. The purchase price for about 1100 mws of nuclear capacity was $1.75 billion, although both parties noted that the final transaction price was closer to $1.4 billion after tax considerations. The seller, NRG, stated in its press release that the proceeds would be used mainly for corporate purposes and common stock repurchase. NRG has been the target of an activist investor, Elliott…