Jul 30, 2014 - US power plants operator NRG Yield Inc (NYSE:NYLD) said yesterday it had raised USD 652 million (EUR 486m) from its now-completed common stock sale, including over-allotments.
As previously mentioned by the company, it will use the proceeds to buy newly issued class A units of subsidiary NRG Yield LLC. The unit will in turn combine the amount raised from the share sale with available cash and the proceeds from a recent debt securities issue to finance the pending USD-870-million acquisition of the operational 947-MW Alta Wind Energy Centre in California.
NRG Yield sold a total of 12.075 million shares at a price of USD 54.00 apiece. The amount includes nearly 1.58 million shares sold under an option granted to underwriters.
Alta Wind, which is touted as the largest wind facility in North America, is owned by US green energy firm Terra-Gen Power LLC, an affiliate of private equity firms Global Infrastructure Partners and ArcLight Capital Partners LLC. The acquisition of the wind farm complex will expand the combined wind portfolio owned by NRG Yield and its parent NRG Energy Inc (NYSE:NRG) to 2,839 MW.