GIP completes acquisition of NRG's renewables business

By Olivia Minnock
Global Infrastructure Partners (GIP) has purchased the renewables business of American energy company NRG.

Global Infrastructure Partners (GIP) has purchased the renewables business of American energy company NRG.

In a deal which was first announced in February but was finalised this week, NRG closed on the sale of its interest in NRG Yield and its Renewables Platform. GIP bought the renewable portions of the company in a transaction which reportedly resulted in $1.35bn in cash proceeds for NRG, as well as removing $6.7bn debt from the seller’s balance sheet.

See also:

19 global cities commit to ‘net-zero carbon’ building pledge

E.ON to increase stake in innogy to 86.2%

Read the latest issue of Energy Digital magazine

The sale is in line with GIP’s commitment to the expansion of its renewables business. As part of the deal, GIP is now the controlling stockholder of NRG Yield, which will change its name to Clearway Energy Inc.

Mauricio Gutierez, President and CEO of NRG, stated: “The asset sales are a critical part of our transformation an we are pleased to achieve this significant milestone, which aims to focus our company while strengthening our balance sheet and delivering value to shareholders.”

Cristopher Sotos, President and CEO of the newly-named Clearway Energy, stated: “Clearway Energy’s outlook could not be brighter as the new sponsorship with GIP provides the company proven operational, development, and investment expertise to lead us through the next stage of our growth expertise.”

 

 

Share

Featured Articles

Who is Greg Joiner, the new Head of Shell Energy?

Joiner will be formally be appointed as Shell Energy’s EVP on 1 April following a reshuffle of the division's top team

Watershed Workshop at Sustainability LIVE: Net Zero

Hosted on Day 1 of Sustainability LIVE: Net Zero, Watershed’s session was overflowing with ideas that apply to supply chain decarbonisation

Capgemini Invent Workshop at Sustainability LIVE: Net Zero

Explore how Capgemini Invent's workshop on Day 1 of Sustainability LIVE: Net Zero delved into climate adaptation & social sustainability for futureproofing

Energy Highlights from Sustainability LIVE: Net Zero

Sustainability

Sustainability LIVE: Leading ESG and Net Zero

Sustainability

International Women’s Day: Women in Energy with Julia Souder

Renewable Energy