Nov. 9 (Bloomberg) -- NRG Energy Inc., the second-largest power producer in Texas, bought Bluewater Wind LLC, a developer of wind parks in the U.S. Northeast, from Babcock & Brown Ltd. and Bluewater founder Peter Mandelstam.

Bluewater is working on more than seven projects, including an offshore wind farm in Delaware that has a 25-year, 200- megawatt power-purchase agreement with Delmarva Power & Light Co., Princeton, New Jersey-based NRG said today in a statement. Terms weren’t disclosed.

Bluewater will probably generate its first revenue when the Delaware farm comes online in 2013 or 2014, NRG Executive Vice President Drew Murphy said in a conference call with reporters today. Bluewater also works on parks in New Jersey, New York, Maryland and New England, Mandelstam said by telephone.

NRG, which earlier announced plans to add solar and nuclear capacity, may buy other renewable-energy assets, Murphy said. The company, which provides more that 24,000 megawatts of power, seeks to reduce dependence on coal-fired plants with high carbon dioxide emissions, blamed for global warming.

NRG gained 60 cents, or 2.5 percent, to $24.36 at 2:03 p.m. in New York Stock Exchange composite trading.

The company will seek federal loan guarantees for the offshore wind projects and may add debt or bring in partners such as vendors or contractors to provide capital for the projects, according to Murphy.

Energy Future Holdings Corp., based in Dallas, is the largest provider of electricity in Texas.

To contact the reporter on this story: Katarzyna Klimasinska in Houston at kklimasinska@bloomberg.net.

Last Updated: November 9, 2009 14:31 EST