HOUSTON--(BUSINESS WIRE)--Dynegy Inc. (NYSE: DYN) today completed its acquisition of ENGIE’s United States portfolio for a total purchase price of $3.3 billion.

The portfolio consists of 9,017 megawatts (MW) of generation capacity, more than 90% of which is gas-fueled. The plants are located in the Texas ERCOT, PJM and ISO-New England markets, the best and most competitive power markets in the country. The addition of the ENGIE asset portfolio enhances the Company’s strategy of driving efficiencies to become the low-cost industry leader. Dynegy now owns more than 31,000 MW of low-cost generating capacity—enough to power 25 million homes.

“Since 2013, we have transformed Dynegy’s fuel and geographic asset mix and increased our fleet longevity through a series of acquisitions, tripling our capacity in just a few short years,” said Robert C. Flexon, Dynegy President and CEO. “The ENGIE acquisition adds strategic assets in key markets and leverages our low-cost scalable operating platform, furthering our position as the low-cost operator among our peers.” The ENGIE transaction adds efficient assets that enhance Dynegy’s existing portfolio in PJM and ISO New England, and diversifies the Company’s geographic markets by establishing a new presence in the Texas ERCOT market. The predominantly gas-fueled ENGIE portfolio increases Dynegy’s overall natural gas-fueled capacity to nearly 2/3 of our total generation.

TRANSACTION SYNERGIES

Dynegy will leverage its scale and proven approach to integration and synergy achievement to maximize the value of transaction. The Company’s integration will be swift with the majority of our initial $90 million synergy target to be achieved within the first 30 days of closing. An updated and increased synergy target will be announced in the near future. The synergies are primarily derived from operations and maintenance, procurement and the elimination of redundant corporate platform costs.

ABOUT DYNEGY

At Dynegy, we generate more than just power for our customers. We are committed to being a leader in the electricity sector. Throughout the Northeast, Mid-Atlantic, Midwest and Texas, Dynegy operates power generating facilities capable of producing enough energy to power about 25 million American homes. We’re proud of what we do, but it’s about much more than just output. We’re always striving to generate power safely and responsibly for our wholesale and retail electricity customers who depend on that energy to grow and thrive.