Global Infrastructure Partners completes acquisition of NRG Yield

NRG Yield has announced that Global Infrastructure Partners has completed its acquisition of NRG Energy’s entire ownership interest in the company, as well as NRG’s renewable development and operations platform.

In connection with the closing of the transaction, the company has announced that it will change its name from NRG Yield to Clearway Energy. Beginning on 17 September 2018, the company will begin trading under the new name and new ticker symbols on The New York Stock Exchange.

Including assets owned by its affiliate, Clearway's operating footprint of renewable energy projects includes 2.8 GW of wind, 1.1 GW of utility solar, and over 300 MW of distributed and community solar.  Clearway Energy Group owns an 8.9 GW pipeline of renewable energy projects in development, and provides operations & maintenance and asset management services to 4.1 GW of renewable operating assets.

GIP provides the company with a leading sponsor with substantial financial resources to accelerate development of the next generation of drop down projects and a unique ability to enhance the company’s long-term growth opportunities and access to capital. Furthermore, GIP’s demonstrated commitment to the expansion of renewables aligns its economic interests of Clearway’s public shareholders.

Barclays and J.P. Morgan Securities LLC acted as financial advisors to the Independent Directors and Management of Clearway Energy. Sullivan & Cromwell LLP acted as the company's legal counsel. Bank of America Merrill Lynch and Credit Suisse acted as financial advisors to GIP. Simpson Thacher & Bartlett LLP and Akin Gump Strauss Hauer & Feld acted as legal counsel to GIP.