Terms of the deal were not disclosed. NRG says it paid with cash on hand.

Bluewater has a portfolio of projects on the US East Coast and Great Lakes most in early stages of development. Among its most advanced is an effort off the coast of Delaware. In the summer of 2008, Bluewater signed the first – and still the only – US power purchase agreement for an offshore wind project. The 25-year deal for up to 200 megawatts was reached with Delmarva Power & Light.

The US has yet to see its first offshore wind turbine.

NRG, which has some 24 gigawatts of power plants, says it will gain a ‘first-mover advantage’ with Bluewater in the renewable technology best-suited to one of its primary markets.

NRG chief executive David Crane states: “As public policy trends toward ever-increasing renewable portfolio standards at the state and federal levels, each region of the country will seek to comply with projects that tap the best renewable resource from within that region. There is no doubt that offshore wind is the highest potential renewable resource proximate to the population centres along the eastern seaboard of the United States.”

Both companies are based in New Jersey, where Bluewater is one of three developers selected by the state to pursue off-shore wind development.

Bluewater’s development team will join NRG. The company’s founder, Peter Mandelstam, will head NRG’s offshore wind development efforts.

From his perspective, the deal brings access to capital and expertise needed to bring offshore wind projects to fruition.