NRG Energy, Inc. has acquired Bluewater Wind (Bluewater), from Babcock & Brown and Arcadia Windpower.

The transaction was funded with cash on hand, for an undisclosed sum. Bluewater’s existing development team will become NRG employees, working out of Bluewater’s office in Hoboken, NJ. The company’s President and founder, Peter Mandelstam, will remain President of Bluewater Wind and also serve as head of NRG’s offshore wind development efforts.