NRG Yield closes acquisition of 40 MW of California PV parks

Jul 1, 2014 - US utility NRG Yield Inc (NYSE:NYLD) said on Monday it had finalised the acquisition of 40 MW of solar parks in California from its parent NRG Energy Inc (NYSE:NRG).

The 20-MW TA High Desert solar park in LA County and the 20-MW RE Kasas South complex in Kings County were purchased together with a 550-MW natural gas-fired power plant in California. NRG Yield took possession of the three Right of First Offer (ROFO) assets for USD 349 million (EUR 255m) in cash plus assumed project debt of USD 657 million.

As a result of the 590-MW acquisition from NRG Energy, the company lifted its full-year forecast for pro-forma adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to USD 410 million from USD 292 million. In addition, it reiterated its adjusted EBITDA outlook of USD 75 million for the second quarter.

NRG Yield also noted it was aiming for an annual dividend of USD 1.50 per share by the fourth quarter of 2014. The company owns and runs solar, wind, thermal and conventional power plants in the US. It raised USD 495 million in its initial public offering (IPO) in New York last summer.

(USD 1.0 = EUR 0.731)

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