Princeton-based NRG Yield Inc. announced Monday that it has completed its previously announced acquisition of three Right of First Offer (ROFO) assets from NRG Energy Inc. for $349 million.
The $349 million will be paid in cash, plus assumed project debt of $657 million. The acquisition, which totals 590 megewatts includes the following assets:
• El Segundo Energy center, a 550 megawatt fast-start, natural gas-fired facility in L.A. County, Calif.
• TA High Desert, a 20 megawatt photovoltaic solar facility in L.A. County, Calif.
• RE Kansas South, a 20 megawatt photovoltaic solar facility in Kings County, Calif.
“The completion of the first-ever drop-down from NRG Energy demonstrates NRG Yield’s ability to successfully transact with its strategic sponsor and lays the foundation for robust long-term growth,” David Crane, NRG Yield’s chairman and CEO, said in a statement. “When coupled with both the pipeline of NRG Yield-eligible projects owned by our parent company, NRG Energy, and the recently announced Alta Wind acquisition, this platform-proving transaction gives us the confidence to raise our long-term dividend growth target for NRG Yield.”
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