RRI Letterhead]
Exhibit 2.3
[RRI Letterhead]
April 28, 2009
NRG Retail LLC
000 Xxxxxxxx Xxxxxx
Xxxxxxxxx, Xxx Xxxxxx 00000
Facsimile: 000-000-0000
Attention: Xxxxxxx X. Xxxxxxxx
000 Xxxxxxxx Xxxxxx
Xxxxxxxxx, Xxx Xxxxxx 00000
Facsimile: 000-000-0000
Attention: Xxxxxxx X. Xxxxxxxx
Re: Sections 3.2(i), 7.12, 7.13(b) and 7.20 of the MIPA
Dear Xx. Xxxxxxxx:
Reference is made to that certain LLC Membership Interest Purchase Agreement, dated as of
February 28, 2009 (the “MIPA”), by and between Reliant Energy, Inc. (the “Seller”)
and NRG Retail LLC (the “Purchaser”). Each of the Seller and the Purchaser is referred to
herein individually as a “Party” and collectively as the “Parties.” This letter
agreement (this “Letter Agreement”) sets forth the agreement between the Parties regarding
certain modifications of the obligation of the Seller under Sections 3.2(i), 7.12, and 7.20 of the
MIPA with respect to the amended and Restated Power Purchase Agreement dated May 3, 2003, but
effective January 1, 2003, by and between Reliant Energy Electric Solutions, LLC (“XXXX”), and FPL
Energy Upton Wind II, L.P. (”FPL”), as amended (the “Upton Wind Contract”) the ICE cleared swap
contracts relating to the Upton Wind Contract (the “ICE Block Trades”) and Section 7.13(b) with
respect to the date upon which the Adjusted Closing Working Capital shall be delivered by the
Purchaser to the Seller. Capitalized terms used but not defined herein shall have the meaning
given such terms in the MIPA.
The Parties hereby agree as follows:
Notwithstanding the provisions set forth in Sections 3.2(i), 7.12, and 7.20 of the MIPA, the
party to whom Seller shall assign, or cause the assignment of, the Upton Wind Contract (or execute
mutually agreeable back-to-back, agency and back-to-back, or other arrangements effective until the
parties obtain FPL’s consent with) and the ICE Block Trades shall be NRG Power Marketing LLC
(“PML”). In addition, effective upon Closing, XXXX shall assign all of its rights and obligations
to PML under the Confirmation Letter Agreement between XXXX and Reliant Energy Power Supply, LLC
dated December 1, 2006.
Notwithstanding the provisions set forth in Section 7.13(b), within 12 days following the
Closing Date, the Purchaser shall provide the Seller with the Adjusted Closing Working Capital
determined in accordance with the NWC Estimate and the Settlement Procedures using information from
the month-end accounting closing.
Except as amended by the foregoing, the MIPA remains in full effect.
Attention: Xxxxxxx X. Xxxxxxxx
April 28, 2009
Page 2
April 28, 2009
Page 2
This Letter Agreement may executed and delivered (including via facsimile) in one or more
counterparts, each of which shall be deemed to be an original, but all of which shall constitute
one and the same agreement.
If the foregoing correctly states our understanding and agreement, kindly acknowledge and
return this Letter Agreement to the attention of the undersigned.
[Signature Pages Follow]
Attention: Xxxxxxx X. Xxxxxxxx
April 28, 2009
Page 3
April 28, 2009
Page 3
Sincerely, RELIANT ENERGY, INC. |
||||
By: | /s/ Xxxxxxx X. Xxxxx | |||
Name: | Xxxxxxx X. Xxxxx | |||
Title: | Senior Vice President and General Counsel |
Accepted and agreed as of the date first written above:
NRG RETAIL LLC | ||||||
By: | /s/ Xxxxxxxxxxx X. Xxxxx | |||||
Name: | Xxxxxxxxxxx X. Xxxxx | |||||
Title: | President |
Enclosure
cc: Xxxxxxxx X. Xxxxx (Xxxxxxxx & Xxxxx LLP)