NRG to acquire Spring Canyon II & III wind projects

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
NRG to acquire Spring Canyon II & III wind projects

NRG Yield has entered into a definitive agreement with Invenergy to acquire a majority stake in the Spring Canyon Wind facilities located in Logan County, USA.

The acquisition totals 63 MW of operating wind capacity utilizing 35 GE turbines with commercial operations achieved within the past year. The facilities have approximately 25 year remaining contract life with Platte River Power Authority and Invenergy will maintain their responsibilities as the turbine O&M provider.

NRG Yield has also entered into a definitive agreement with Fuel Cell Energy to acquire the University of Bridgeport Fuel Cell project in an all-cash transaction.

The Fuel Cell project will add an additional 1.4 MW of thermal capacity with a 12 year contract and an option for an additional 7 year extension with the University of Bridgeport in Bridgeport, CT.

The combined purchase price for the acquisitions is US$41 million, subject to customary working capital adjustments.

Both transactions are expected to close in the coming months and contribute Adjusted EBITDA of US$3 million and CAFD of $3 million on an annualized basis.

On January 2, 2015, NRG Yield completed the acquisition of the assets set forth below from NRG for US$489 million. The cash consideration was funded with $279 million of cash on hand and US$210 million from the revolver facility, plus assumed project debt of US$737 million (as of December 31, 2014) including adjustments for working capital.

  • Walnut Creek – 485 MW natural gas facility located in City of Industry, CA
  • Tapestry – three wind facilities totaling 204 MW, including Buffalo Bear 19 MW in Oklahoma, Taloga 130 MW in Oklahoma, and Pinnacle 55 MW in West Virginia
  • Laredo Ridge – 80 MW wind facility located in Petersburg, NE

This transaction is expected to contribute incremental annual Adjusted EBITDA of US$120 million and CAFD of $35 million.

List of country news

Country news

  • March 06, 2015

    Morgan Stanley Infra Partners to sell Southern Star Central Corporation

    Morgan Stanley Infrastructure Partners has announced plans to sell Southern Star Central Corporation, a Kentucky-based natural gas transmission system operator. Read more
  • March 09, 2015

    Nautilus Solar Appoints Vice President of Asset Management

    Nautilus Solar Energy, LLC last week announced that Juan C. Alvarez has joined the company as a Vice President of Asset Management. Juan joins the company from Cypress Creek Renewables, where he served as Vice President, International Markets. Read more
  • March 10, 2015

    RES Americas Announces Commercial Operation Of 110 MW Texas Wind Project

    Renewable Energy Systems Americas Inc. (RES Americas) has announced commercial operation of the 110 MW Keechi Wind project in Jack County, Texas. Read more
  • March 13, 2015

    Ohio state University launches energy PPP

    The Ohio state University has launched a request for qualifications (RFQ) for a 50-year concession and lease contract for energy management services. Read more
  • March 13, 2015

    First Solar and SunPower announce public filing of registration statement for IPO of a YieldCo

    8point3 Energy Partners LP has filed a Registration Statement on Form S-1 with the Securities and Exchange Commission (SEC) for an initial public offering (IPO). Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.