NRG Energy sells ownership in NRG Yield and NRG's Renewables Platform to Global Infrastructure Partners
Clients NRG Energy, Inc.
Jones Day represented NRG Energy, Inc. in the sale of NRG’s ownership in NRG Yield and NRG’s Renewables Platform to Global Infrastructure Partners (GIP) for cash proceeds of $1.375 billion, subject to certain adjustments. The purchase and sale agreement includes the sale of NRG’s ownership in NRG Yield’s Class B and Class D shares, NRG’s renewable energy development and operations platforms, NRG’s renewable energy non-ROFO (Right of First Offer) backlog and pipeline, and the NRG ROFO updated pipeline, with the exception of certain discreet assets. This transaction is one of three sales transactions that also include the sale of NRG's south central power generating business to Cleco Corporate Holdings LLC and the dropdown to NRG Yield, Inc. of its Buckthorn Solar and Carlsbad projects. When completed, these deals will result in the receipt by NRG of approximately $2.8 billion in cash proceeds and the removal from the company of approximately $7 billion of debt.