THE CONTROLLING STAKE IN NRG YIELD AND RENEWABLES OPERATIONS & MAINTENANCE AND DEVELOPMENT BUSINESSES
New York, Feb 8 (Bernama-GLOBE NEWSWIRE) -- Global Infrastructure Partners (GIP), a leading global, independent infrastructure investor, announced today that its third equity fund, Global Infrastructure Partners III, has agreed to acquire NRG Energy, Inc.'s (NYSE: NRG) integrated U.S. renewable energy platform, including its controlling stake and 46% economic interest in NRG Yield, Inc. (NYSE: NYLD; market capitalization: $3.2 billion) as well as NRG's renewable energy operations and maintenance ("O&M") and development businesses. GIP is acquiring the business for $1.375 billion in cash, subject to certain adjustments. In addition, GIP has agreed to provide backstop support for NYLD's agreed purchase of the Carlsbad Energy Center project.
NYLD has the largest project portfolio (by installed capacity) among U.S. power "yieldcos" and is the second largest by enterprise value and market capitalization. NYLD's operating power plant capacity totals 5.1 gigawatts ("GW", or thousands of megawatts "MW") and is diversified across wind, solar, and natural gas technologies. The company also owns thermal infrastructure assets with an aggregate steam and chilled water capacity of 1,319 net MWt and electric generation capacity of 123 net MW, servicing commercial businesses, universities, hospitals and government customers. A substantial portion of NYLD's project portfolio benefits from long-term contracts with a weighted average remaining contract life of 16 years.
New York, Feb 8 (Bernama-GLOBE NEWSWIRE) -- Global Infrastructure Partners (GIP), a leading global, independent infrastructure investor, announced today that its third equity fund, Global Infrastructure Partners III, has agreed to acquire NRG Energy, Inc.'s (NYSE: NRG) integrated U.S. renewable energy platform, including its controlling stake and 46% economic interest in NRG Yield, Inc. (NYSE: NYLD; market capitalization: $3.2 billion) as well as NRG's renewable energy operations and maintenance ("O&M") and development businesses. GIP is acquiring the business for $1.375 billion in cash, subject to certain adjustments. In addition, GIP has agreed to provide backstop support for NYLD's agreed purchase of the Carlsbad Energy Center project.
NYLD has the largest project portfolio (by installed capacity) among U.S. power "yieldcos" and is the second largest by enterprise value and market capitalization. NYLD's operating power plant capacity totals 5.1 gigawatts ("GW", or thousands of megawatts "MW") and is diversified across wind, solar, and natural gas technologies. The company also owns thermal infrastructure assets with an aggregate steam and chilled water capacity of 1,319 net MWt and electric generation capacity of 123 net MW, servicing commercial businesses, universities, hospitals and government customers. A substantial portion of NYLD's project portfolio benefits from long-term contracts with a weighted average remaining contract life of 16 years.
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