US-based NRG Energy has agreed to sell parts of its wind business to its operating vehicle NRG Yield for a $210m cash consideration, in order to revive its financial position.
The firms have entered into an agreement where NRG Yield will acquire a 75% equity interest in the wind project portfolio, comprising assets NRG purchased from Edison Mission Energy (EME) in April 2014.
The EME offering covers multiple wind energy assets totalling a 814MW capacity.
It includes the 54MW Elkhorn Ridge facility in Bloomfield, Nebraska; the 90MW San Juan Mesa in Elida, New Mexico; the 161MW Wildorado in Vega, Texas; the 21MW Crosswinds in Ayrshire, Iowa; the 29MW Forward facility and the 38MW Lookout facility in Berlin, Pennsylvania.
Also included are the 15MW Hardin in Jefferson, Iowa; the 20MW Odin facility in Minnesota; the 95MW Sleeping Bear in Woodward, Oklahoma; the 19MW Spanish Fork facility in Spanish Fork, Utah; the 150MW Goat Wind facility located in Sterling City, Texas; and the 122MW Elbow Creek farm in Howard County, Texas.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSee Also:
The deal, which is subject to working capital adjustments, has provision for around $145m of debt and $97m of tax equity.
The firms expect to close the transaction by the end of the year, following third-party approvals and fulfilment of other closing conditions.
The transaction indicates the firm’s attempt to recover its struggling finances and stock value, which has depreciated to around $19.17 as of 17 September, from a high of about $38 per share in June 2014, reports FuelFix.com.
Image: View of several wind turbines. Photo: courtesy of Tanatat / FreeDigitalPhotos.net.
