NRG Yield (NYSE: NYLD) said Aug. 12 that it has completed its acquisition of the Alta Wind facility in Tehachapi, Calif., from Terra-Gen Power LLC for $870m, plus the assumption of $1.6bn of non-recourse project financings and subject to customary working capital adjustments.
The acquisition, which totals 947 MW of operating wind capacity, also includes a portfolio of land leases associated with the Alta Wind facility. This deal was done outside of the “drop down” process where sponsor NRG Energy (NYSE: NRG) is turning over many of its contracted power plants to NRG Yield.
“Completing this acquisition of North America’s largest wind facility not only showcases our ability to compete for and close deals for premier assets, it also underscores our commitment to carbon-free generation that will help accelerate the movement to a clean energy future,” said David Crane, NRG Yield Chairman and Chief Executive Officer. “We welcome Alta Wind to our portfolio of contracted assets that contribute to visible dividend growth for our investors while supporting our sustainability goals by providing clean electricity from wind generation for tens of thousands of American homes.”
This closing came right after the Federal Energy Regulatory Commission on Aug. 11 approved this deal.
NRG Yield owns a diversified portfolio of contracted renewable, conventional generation and thermal infrastructure assets in the U.S., including fossil fuel, solar and wind power generation facilities that provide the capacity to support more than one million American homes and businesses.