Texas-based energy company Vistra Corp. said this week it had come to a definitive agreement to purchase Energy Harbor Corp, which will merge their nuclear and retail businesses by forming a subsidiary called Vistra Vision.
Vistra Zero renewables and storage projects will also be included in the mix that will accelerate the growth of Vistra’s zero-carbon operations, adding 4,000 megawatts of nuclear capacity and 1 million customers to Vistra’s portfolio.
In total, Vistra Vision will be a 7,800 MW zero-carbon generation business with 5 million retail customers across the United States. And additional 1,100 MW of renewable projects are in the pipeline, as well, the company said.
Vistra will own 85 percent of Vistra Vision as well as 100 percent of the entities holding its remaining conventional generation assets.
“With the enactment of the zero-emission nuclear production tax credit (I.R.C. Sec. 45U), nuclear power generation now has down-side protection against lower power prices, resulting in tremendous upside opportunity compared to other generation with similar attributes,” said Jim Burke, Vistra’s president and chief executive officer.
Burke will lead the newly formed entity, while Energy Harbor’s senior leadership is expected to remain with that company through the closing of the transaction.
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