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Investment firm GIP today acquired NRG Energy's U.
S.
renewable energy platform business and its stake
in NRG Yield, Inc.
(NYLD) for $1.
375 billion in cash.
The acquisition of GIP III, GIP's third-largest equity fund, will include NRG's renewable energy operations and development operations, a controlling stake in NRG Energy and a 46% economic interest
in NYLD.
NRG Energy's renewable energy platform spans 17 states and can generate up to 2.
4 GW of renewable energy
.
In addition, the platform has more than 6.
4 GW of renewable energy generation potential
across the United States.
NYLD has 5.
1 GW of operational capacity
in wind, solar and natural gas technologies.
GIP also committed to arrange a $1.
5 billion support credit facility to mitigate any control risks to NYLD's existing corporate debt and committed up to $400 million to support NYLD's acquisition of California's 527MW Carlsbad natural gas project
from NRG.
GIP's Chairman of the Board and Managing Partner said, "We view the three acquired companies – NYLD Equity, O&M and Development – as highly complementary and well-positioned to address growing low market demand
.
We look forward to working with management to develop new renewable energy generation asset projects and provide various technical support
to the company through our deep operational and financial expertise in the field.
" ”
Separately, GIP acquired a 100% stake in renewable energy developer Equis Energy, the largest renewable energy project in
the company's history.
(This article first published cable network: /, please indicate the source for reprinting)
Investment firm GIP today acquired NRG Energy's U.
S.
renewable energy platform business and its stake
in NRG Yield, Inc.
(NYLD) for $1.
375 billion in cash.
The acquisition of GIP III, GIP's third-largest equity fund, will include NRG's renewable energy operations and development operations, a controlling stake in NRG Energy and a 46% economic interest
in NYLD.
NRG Energy's renewable energy platform spans 17 states and can generate up to 2.
4 GW of renewable energy
.
In addition, the platform has more than 6.
4 GW of renewable energy generation potential
across the United States.
NYLD has 5.
1 GW of operational capacity
in wind, solar and natural gas technologies.
GIP also committed to arrange a $1.
5 billion support credit facility to mitigate any control risks to NYLD's existing corporate debt and committed up to $400 million to support NYLD's acquisition of California's 527MW Carlsbad natural gas project
from NRG.
GIP's Chairman of the Board and Managing Partner said, "We view the three acquired companies – NYLD Equity, O&M and Development – as highly complementary and well-positioned to address growing low market demand
.
We look forward to working with management to develop new renewable energy generation asset projects and provide various technical support
to the company through our deep operational and financial expertise in the field.
" ”
Separately, GIP acquired a 100% stake in renewable energy developer Equis Energy, the largest renewable energy project in
the company's history.
(This article first published cable network: /, please indicate the source for reprinting)
/
