Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos
Green Power
Return to: CTBR Home | Green Power | Wind

NRG Yield to acquire majority stake in 814MW US wind projects for $210m

CTBR Staff Writer Published 21 September 2015

NRG Yield has agreed to acquire 75% stake in a portfolio of wind projects with a total operating capacity of around 814MW from NRG Energy for $210m.

wind projects

NRG Energy acquired the wind projects from Edison Mission Energy in April 2014.

The wind projects being acquired include 54MW Elkhorn Ridge wind facility in Bloomfield, Nebraska; 90MW San Juan Mesa wind facility in Elida, New Mexico; 95MW Sleeping Bear wind facility in Woodward, Oklahoma.

The portfolio also includes 161MW Wildorado wind facility, 150MW Goat Wind facility and 122MW Elbow Creek wind facility in Texas, besides other projects.

These projects are expected to generate close to $41m of adjusted EBITDA and $21m of cash available for distribution on a run-rate basis and provide incremental geographical and counterparty diversification, the company said.

Subject to third party consents and other closing conditions, the deal is expected to be completed in the fourth quarter.

NRG Yield chairman and CEO David Crane said: "NRG Yield continues to remain tactically vital to NRG's long-term contracted growth strategy.

"With this fourth drop-down transaction from NRG Energy, we continue to deliver on NRG Yield's growth strategy and to prove the symbiotic relationship between the two entities."

Last year, NRG Yield agreed to acquire the 947MW Alta Wind facility located in Tehachapi, California, US, from Terra-Gen Power.

The acquisition also includes a portfolio of land leases associated with the Alta Wind facility, which is claimed to be the largest wind farm in North America.

Image: NRG Yield to acquire 75% stake in a portfolio of wind projects from NRG Energy. Photo: courtesy of Victor Habbick / FreeDigitalPhotos.net.