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

Inaugural trans-Atlantic flight highlights SAF importance

Virgin Atlantic’s first 100% SAF-powered flight from London to New York leads the way towards greener aviation fuels for long-haul journeys

IBM collaboration to boost fuel cell performance using GenAI

FuelCell Energy’s performance is set to be enhanced by Foundation Models, a form of GenAI developed by IBM, in support of transition to renewable energy

Schneider Electric exec shuffle boosts energy digitalisation

Number one sustainable company, as voted by Sustainability Magazine, Schneider Electric appointed leaders to manage the digitalisation of energy solutions

ManpowerGroup initiative aligns talent with renewable energy

Renewable Energy

Rolls-Royce develops SMRs for a low-carbon energy future

Sustainability

Chevron’s hydrogen investment and green energy endeavours

Renewable Energy