Renewable

September 17 (Renewables Now) - Clearway Energy Inc (NYSE:NYLD), previously NRG Yield Inc, today said a subsidiary of the company plans to launch a USD-550-million (EUR 470m) offering of senior notes due 2025.    

Proceeds of the offering will be used to fund repayment of Clearway Energy's 3.50% convertible senior notes due 2019 and to partially fund Clearway Energy's acquisition of Carlsbad Energy Holdings LLC from NRG Energy Inc (NYSE:NRG).

Carlsbad Energy Holdings owns the 527-MW Carlsbad natural gas fired project in Carlsbad, California. Any remaining money will be used for other growth acquisitions, general corporate purposes and the payment of transaction fees and expenses, the company, which has a portfolio of renewable and conventional generation and thermal infrastructure assets in the US.

As the recent acquisition by fund manager Global Infrastructure Partners of NRG Energy's interest in the yieldco constituted a fundamental change under the indentures governing the 2019 convertible notes and Clearway Energy's 3.25% convertible senior notes due 2020, on September 10, Clearway Energy initiated an offer to purchase any and all of these convertible notes.

(USD 1 = EUR 0.855)