Latham & Watkins Advises on NRG Energy’s US$2.35 Billion Upsized Secondary Common Stock Offering

NRG Energy, Inc. (NYSE: NRG) has announced the pricing of an underwritten public offering of 14,300,000 shares of its common stock (the Secondary Offering) held by certain affiliates of LS Power (the Selling Stockholders) at a price of US$164.00 per share, for total gross proceeds to the Selling Stockholders of approximately US$2,345,200,000, before deducting underwriting discounts and commissions. These shares were part of the consideration the Selling Stockholders received from NRG in connection with the recently closed acquisition of the LS Power portfolio entities on January 30, 2026. NRG will not receive any proceeds from the sale of the shares by the Selling Stockholders. The Secondary Offering closed on March 4, 2026. The Selling Stockholders have also granted the underwriters a 30-day option to purchase up to an additional 2,145,000 shares of common stock.

Latham & Watkins LLP represented the underwriters in the transaction with a corporate team led by New York partner Keith Halverstam and Washington, D.C./New York partner Chuck Cassidy, with associates Robyn Sablove, Alex Gulino, and Jackie Stern, and with assistance from Joseph Robinson. Advice was also provided on tax matters by New York partner Bora Bozkurt; on energy regulatory matters by Washington, D.C. partner Tyler Brown and Washington, D.C. counsel Jamie Blackburn; and on environmental matters by Orange County partner Chris Norton and New York counsel David Langer.