NRG Yield Inc (NYSE:NYLD.A) has changed its name to Clearway Energy Inc after fund manager Global Infrastructure Partners (GIP) has completed its acquisition of NRG Energy Inc's (NYSE:NRG) interest in the yieldco.
Under the deal unveiled in February, GIP acquired the controlling interest in NRG Yield along with NRG Energy's renewable development and operating platform.
NRG Yield said it gets a leading sponsor with substantial financial resources to accelerate development of drop down projects. "Clearway Energy’s outlook could not be brighter as the new sponsorship with GIP provides the Company proven operational, development, and investment expertise to lead us through the next stage of our growth objectives," commented Christopher Sotos, Clearway Energy's president and chief executive.
NRG Energy said the sale provided it with cash proceeds of USD 1.348 billion (EUR 1.158bn), reflecting price adjustments, and removed USD 6.7 billion of debt from its balance sheet.
NRG Yield's name change is effective today and the company will start trading under the new name and ticker symbols CWEN and CWEN.A for its class C and class A common stock, respectively, on the New York Stock Exchange on September 17.
As a result of the closing of the deal, NRG Yield's board was increased to nine directors, including five directors designated by GIP, three independent directors and the chief executive.
(USD 1 = EUR 0.859)
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