September 25 (Renewables Now) - Clearway Energy Inc (NYSE:NYLD), previously NRG Yield Inc, on Monday sad it has launched an underwritten public offering of Class C common stock to help fund its acquisition of the 527-MW Carlsbad natural gas fired project in Carlsbad, California.
The funds raised from the offering of roughly 3.9 million shares will be used by Clearway Energy to acquire newly issued Class C units of Clearway Energy LLC. The latter will use the proceeds to partially fund Clearway Energy's purchase of Carlsbad Energy Holdings LLC from NRG Energy Inc (NYSE:NRG). UBS Investment Bank will be the sole book runner for the offering.
Clearway Energy owns a portfolio of renewable and conventional generation and thermal infrastructure assets in the US. Fund manager Global Infrastructure Partners recently completed its acquisition of NRG Energy's interest in NRG Yield, which then changed its name to Clearway Energy.
Earlier this month, a Clearway Energy subsidiary priced an offering of USD 600 million (EUR 510m) of senior notes due 2025. The size of offering was increased from the USD 550 million announced previously, with part of the proceeds to go to help fund the Carlsbad acquisition.
(USD 1 = EUR 0.850)