NRG Energy puts renewables operations in NRG Renew

Aug 7, 2014 - US utility NRG Energy Inc (NYSE:NRG) today said it plans to combine its wind, large-scale solar and renewables driven microgrid operations into a new entity named NRG Renew.

The company says this division will be the largest solar and third-largest renewables company in the US. NRG Energy’s residential solar business will go to another new unit -- NRG Home.

According to its financial performance report for the first half of 2014, published today, NRG Energy’s renewables operations doubled their adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to USD 104 million (EUR 77.8m) from USD 52 million in the first half of 2013. Yet, net loss widened to USD 67 million from USD 38 million.

In the second quarter of 2014 alone, adjusted EBITDA for the renewables business stood at USD 97 million, up from USD 28 million a year before. This was due to the USD-2.64-billion takeover of Edison Mission Energy (EME), including the latter’s 1,700-MW wind farm portfolio. Also, the year-on-year growth was supported by the fact that the 392-MW Ivanpah concentrating solar power (CSP) plant in California and the 250-MW California Valley Solar Ranch complex reached commercial operations in the closing quarter of 2013.

(USD 1 = EUR 0.748)

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