GIP makes NRG green play
$1.375bn deal in the US includes renewables, yieldco and O&M businesses
Global Infrastructure Partners (GIP) is to acquire NRG Energy's renewable energy businesses in the US for $1.375bn.
The deal, through GIP's Global Infrastructure Partners 3 fund, also includes a controlling stake in yieldco NRG Yield and NRG's renewables operations and maintenance unit.
NRG Yield has wind, solar and natural gas assets with a total capacity of 5.1GW.
The O&M unit operates 2.4GW of renewable power generation in 17 states, while NRG's renewable development platform has a total renewables project pipeline of over 6.4GW in the US.
The dea is subject to customary conditions and is expected to close in the second half of 2018, GIP said.
GIP chairman and managing partner Adebayo Ogunlesi said: “We are excited to announce the acquisition of NRG's world-class renewables business.
“We view each of the three acquired businesses as highly complementary and well positioned to capitalise on the increasing market demand for low cost, clean energy.”