NRG Yield (NYSE: NYLD) said in its May 8 quarterly earnings statement that on May 7 it completed the acquisition of a majority stake in Spring Canyon II and III from Invenergy in an all-cash transaction.
The acquisition totals 63 MW of operating wind capacity utilizing 35 General Electric turbines with commercial operations achieved within the past year, located in Logan County, Colorado. The facilities have approximately 25 years remaining contract life with the Platte River Power Authority, and Invenergy will maintain its responsibilities as turbine O&M provider.
On April 30, NRG Yield completed the acquisition of the University of Bridgeport Fuel Cell project from FuelCell Energy in an all-cash transaction. The project will add an additional 1.4 MW of thermal capacity with a 12-year contract and an option for an additional seven-year extension with the University of Bridgeport in Bridgeport, Connecticut.
The combined purchase price for these two acquisitions is $41 million, subject to customary working capital adjustments.
The Federal Energy Regulatory Commission on May 5 had approved the acquisition by NRG Yield of certain power plants interests of Invenergy Wind LLC. On March 18, Spring Canyon Energy II LLC, Spring Canyon Energy III LLC, Spring Canyon Interconnection LLC and NRG Yield Operating LLC requested authorization for a transaction in which NRG Yield Operating will acquire from Invenergy Wind Global LLC 90.1% of the ownership interests in Spring Canyon Expansion Class B Holdings LLC.
- Spring Canyon II owns and operates a 34-MW wind project located in Logan County, Colorado. Spring Canyon II has entered into a long-term power sale agreement under which it sells all of the power produced by the Spring Canyon II Project to the Platte River Power Authority (PRPA) under its market-based rate authorization. The Spring Canyon II Project is interconnected with the transmission system owned by Public Service Co. of Colorado (PSCo).
- Spring Canyon III owns and operates wind facilities of approximately of 28 MW that are located in Logan County, Colorado. Spring Canyon III has entered into a lon- term power sale agreement pursuant to which it sells all of the power produced by the Spring Canyon III Project to PRPA under its market-based rate authorization. The Spring Canyon III Project is interconnected with the transmission system owned by PSCo.