Global Infrastructure Partners (GIP) completed the acquisition of the renewables platform of NRG Energy and took control of its NRG Yield yieldco, which will change its name to Clearway Energy.

GIP and NRG first announced the $1.375bn acquisition agreement in February, one of the early blockbuster deals in what has become a frantic year of M&A activity in the US renewables sector.

The newly-renamed Clearway Energy took control of an operating portfolio of more than 5GW of wind, solar and gas, while NRG Renewables has a 6.4GW project pipeline.

GIP said it will provide the yieldco “with a leading sponsor with substantial financial resources to accelerate development of the next generation of drop down projects”.

That pledge immediately became a reality as Clearway announced an agreement to acquire a 4.7GW utility-scale development pipeline from US solar group SunPower “with the financial support of GIP”.

Clearway said the acquisition of most of the projects closed on 31 August, “while the acquisition of the remaining projects is expected to be completed in the next two months. This pipeline of projects spans 16 states and will strengthen Clearway's robust pipeline of utility-scale solar development projects”.

Clearway Energy’s newly-installed chairman – GIP founding partner Jonathan Bram – said: “We are excited to close the acquisition of NRG’s integrated renewables platform, which includes the controlling interest in Clearway Energy, Inc. as well as a highly capable renewable development and operating platform.

“With strong alignment and excellent management across the platform, we believe Clearway is well-positioned for long-term growth and success.”

Note: Update adds SunPower acquisition agreement

Transition

Clearway off with a bang under GIP with 4.7GW SunPower deal