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NRC Accepts the Construction Permit Application for TVA's Small Modular Reactor Project

LCG, July 10, 2025--The U.S. Nuclear Regulatory Commission (NRC) accepted a construction permit application for review from the Tennessee Valley Authority (TVA) to build one of the nation’s first small modular reactors (SMR). TVA submitted its application in late May to use GE Vernova Hitachi’s BWRX-300 design and to install the advanced nuclear plant at its Clinch River site near Oak Ridge, Tennessee. TVA's application is the first in the U.S. that uses GE Vernova Hitachi’s BWRX-300 design.

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Red Oak Power Facility in PJM to be Acquired by Strategic Value Partners

LCG, July 9, 2025--Strategic Value Partners, LLC (together with its affiliates, SVP) yesterday announced that its managed funds (the "SVP Funds") have agreed to acquire Red Oak Power, an 831-MW natural gas-fired combined-cycle power generation facility located in Sayreville, New Jersey.

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Industry News

NRG Said to Offer Ownership Stake to Lenders

LCG, Nov. 11, 2002--With serious liquidity difficulties weighing it down, NRG Energy Inc., the unregulated power developer, has offered to give ownership in the company to lenders and creditors, sources have told the Wall Street Journal.

The company, which was previously spun off from parent Xcel Energy Inc. and later bought back by the Midwestern utility, has $10 billion in debt outstanding. It has failed to make debt payments repeatedly since September. Part of its current negotiations are said to involve Chapter 11 bankruptcy proceedings.

Approximately half of NRG's debt is secured by power projects in its portfolio, which includes 68 plants either operating or under development. Most of the plants are in the East or South-Central parts of the U.S.

According to people who have had access to presentations by NRG, the company, which is not discussing negotiations at the present time, offered a 95% equity stake to lenders and bondholders at the holding-company level. Lenders to individual power projects that may not be fully developed could receive the remaining 5%. Negotiations for more than 100 banks that took part in syndicated loans are being led by the Credit Suisse Group's Credit Suisse First Boston unit and ABN Amro Holding.
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