NRG Yield – the “yieldco” launched onto the New York Stock Exchange last summer by NRG Energy – intends to raise $300m in the bond markets to buy more power plants, including renewables.
The bonds –
which will be convertible into cash, shares or both – will be used to acquire
generation assets from both NRG Energy and other parties, NRG Yield says.
Jersey-based NRG Yield, which raised more than $400m in its IPO, intends to buy
a number of projects from NRG Energy this year – including several utility-scale
PV projects and a fast-start natural-gas plant in California.
will also acquire the remaining stakes in the 250MW SunPower-developed
California Valley Solar Ranch mega-PV plant that it does not already own.
of NRG Yield has been widely hailed as a success, and is seen as giving rise to
similar investment vehicles for both utility-scale and distributed renewables
in the future.
currently owns more than 400MW of renewables capacity in the US, roughly
three-quarters of it solar, in addition to the 101MW South Trent wind farm in