The Louisiana Public Service Commission announced today it has approved a $1 billion deal for Pineville-based CLECO Corporation to acquire NRG South Central Generating’s Louisiana assets.
The deal, involving 3,555 megawatts of generation was announced in February 2018, but has been pending regulatory approval from the public service commission.
The newly acquired assets and employees will operate as CLECO Cajun, and base its operations in New Roads. CLECO Cajun will continue to supply nine Louisiana cooperatives, five municipalities across Arkansas, Louisiana, and Texas, and one investor-owned utility currently served by NRG.
Approval was granted by the commission after CLECO agreed to 59 regulatory commitments that will protect CLECO Power, the regulated investor-owned utility, and its ratepayers from any risk incurred by the acquisition. Electric rates for CLECO Power customers will not be impacted by this acquisition.
“I believe that this deal will prove to be a great win for Louisiana,” says Craig Greene, Public Service Commissioner for District 2 in the announcement. “CLECO has committed $1 billion to purchase Louisiana assets and preserve all of the Louisiana jobs tied to these generators for at least one year. In addition, CLECO Cajun will be bringing a number of new jobs to the New Roads area to help manage their MISO operations.”