GlobeNewswire

GLOBAL INFRASTRUCTURE PARTNERS ANNOUNCES AGREEMENT TO ACQUIRE NRG ENERGY, INC.'S RENEWABLE ENERGY BUSINESS, INCLUDING:

Dela

THE CONTROLLING STAKE IN NRG YIELD AND RENEWABLES OPERATIONS & MAINTENANCE AND DEVELOPMENT BUSINESSES

 

New York, Feb. 07, 2018 (GLOBE NEWSWIRE) -- Global Infrastructure Partners (GIP), a leading global, independent infrastructure investor, announced today that its third equity fund, Global Infrastructure Partners III, has agreed to acquire NRG Energy, Inc.'s (NYSE: NRG) integrated U.S. renewable energy platform, including its controlling stake and 46% economic interest in NRG Yield, Inc. (NYSE: NYLD; market capitalization: $3.2 billion) as well as NRG's renewable energy operations and maintenance ("O&M") and development businesses. GIP is acquiring the business for $1.375 billion in cash, subject to certain adjustments. In addition, GIP has agreed to provide backstop support for NYLD's agreed purchase of the Carlsbad Energy Center project.

 

NYLD has the largest project portfolio (by installed capacity) among U.S. power "yieldcos" and is the second largest by enterprise value and market capitalization. NYLD's operating power plant capacity totals 5.1 gigawatts ("GW", or thousands of megawatts "MW") and is diversified across wind, solar, and natural gas technologies. The company also owns thermal infrastructure assets with an aggregate steam and chilled water capacity of 1,319 net MWt and electric generation capacity of 123 net MW, servicing commercial businesses, universities, hospitals and government customers. A substantial portion of NYLD's project portfolio benefits from long-term contracts with a weighted average remaining contract life of 16 years.

 

In addition to NRG's interests in NYLD, GIP will acquire NRG's renewable O&M and development businesses. NRG's renewable O&M platform operates 2.4 GW of renewable power generation in 17 states. NRG's renewable development platform includes 630 MW of identified "dropdown" assets, which are subject to a right of first offer from NYLD, and it has a total project pipeline of over 6.4 GW of renewable generation opportunities across the U.S. (as last disclosed publicly by NRG).

 

GIP has a demonstrated track record of investment and value creation in the renewable energy sector, and this investment fits squarely into GIP's global renewables investment strategy. GIP has invested or committed approximately $9 billion of equity in the sector, including 8 GW of operating renewable assets and over 14 GW of renewable assets under construction or in development.

 

Adebayo Ogunlesi, Chairman and Managing Partner of GIP, said, "We are excited to announce the acquisition of NRG's world-class renewables business. We view each of the three acquired businesses - the NYLD stake, the O&M business, and the development business - as highly complementary and well positioned to capitalize on the increasing market demand for low cost, clean energy. We look forward to working with management to develop new renewable generation assets and to supporting the company with our deep operating and financial expertise in the sector. We are also excited about the opportunity to grow the value of NYLD, which allows public market investors to access attractive investments in renewable energy."

 

In addition to acquiring the business and assuming sponsorship of NYLD, GIP has made several significant commitments to facilitate the transaction, including arranging a $1.5 billion backstop credit facility to mitigate any change-of-control risk with NYLD's existing corporate debt and committing up to $400 million to backstop NYLD's acquisition of the 527 MW Carlsbad natural gas project in California from NRG. The commitment to the Carlsbad project, which remains subject to certain terms and conditions, ensures a timely acquisition in the event that NYLD is unable to raise efficient third-party capital to purchase the project.

 

Christopher Sotos, President and Chief Executive Officer of NYLD said, "Under NRG Energy's sponsorship, since its IPO in July 2013, NYLD has experienced tremendous success with an increase of 186% in cash available for distribution from $91 million to $260 million and an expansion of NYLD's quarterly dividend per share by 150% to $1.15 per share annualized at the end of 2017." Mr. Sotos continued, "With today's announcement, NYLD can look forward to its next phase of growth, including solidifying near-term objectives through the most recent drop down transactions and, most importantly, aligning with GIP, whose strategy and breadth of global investment capabilities are well suited to our business model and long-term objectives."

 

The Transaction is subject to customary closing conditions and is expected to close in the second half of 2018.

 

About NRG Yield

NRG Yield owns a diversified portfolio of contracted renewable and conventional generation and thermal infrastructure assets in the United States, including fossil fuel, solar and wind power generation facilities that have the capacity to support more than two million American homes and businesses. Its thermal infrastructure assets provide steam, hot and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals and governmental units in multiple locations. NRG Yield's Class C and Class A common stock are traded on the New York Stock Exchange under the symbols NYLD and NYLD.A, respectively.

 

About Global Infrastructure Partners

Global Infrastructure Partners is an independent infrastructure fund that invests in infrastructure assets and businesses in both OECD and select emerging market countries. GIP targets investments in single assets and portfolios of assets and companies in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York and London, with an affiliate in Sydney and portfolio company operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.

Jack Cowell
Global Infrastructure Partners
212 315 8133
Jack.Cowell@global-infra.com



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Global Infrastructure Partners via Globenewswire

Om

GlobeNewswire



Följ GlobeNewswire

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från GlobeNewswire

Oboya signs a cooperation agreement with Gaia regarding biomaterials13.12.2018 11:41Pressmeddelande

Oboya Horticulture Industries AB (publ) ("Oboya") has signed an important and long-term cooperation agreement on environmentally friendly biomaterials with Gaia Biomaterials AB ("Gaia") in Helsingborg, Sweden. The agreement means that Oboya uses Gaias biomaterials for the production and development of environmentally friendly cultivation products for the cultivation industry. Oboya has been actively involved in innovation, environmental and sustainability issues in recent years, and our goal is to encourage environmental and sustainability in the cultivation industry by offering environmentally friendly cultivation products to our customers. Oboya believes that the use of biomaterials will be important for success in the conversion to a fossil-free cultivation industry worldwide. The cooperation agreement means that Oboya uses Gaias biomaterials in its production and that through Gaias expertise we can develop new environmentally friendly cultivation products. Gaias biomaterials are bi

Oboya tecknar ett samarbetsavtal med Gaia avseende biomaterial13.12.2018 11:41Pressmeddelande

Oboya Horticulture Industries AB (publ) ("Oboya") har tecknat ett viktigt och långsiktigt samarbetsavtal avseende miljövänligt biomaterial med Gaia Biomaterials AB ("Gaia") i Helsingborg, Sverige. Avtalet innebär att Oboya använder Gaias biomaterial för tillverkning och utveckling av miljövänliga odlingsprodukter till odlingsindustrin. Oboya har under de senaste åren arbetat aktivt med innovation, miljö- och hållbarhetsfrågor och vårt mål är att främja miljö och hållbarhet inom odlingsindustrin genom att erbjuda miljövänliga odlingsprodukter till våra kunder. Oboya anser att användningen av biomaterial kommer att vara viktigt för framgång i omställningen till en fossilfri odlingsindustri världen över. Samarbetsavtalet innebär att Oboya använder Gaias biomaterial i sin produktion och att vi genom Gaias kompetens kan utveckla nya miljövänliga odlingsprodukter. Gaias biomaterial är biologiskt nedbrytbart, komposterbart samt ger upp till 80 % lägre koldioxidutsläpp vid förbränning jämfört

Stillfront: Simutronics reclaims publishing services10.12.2018 14:11Pressmeddelande

PRESS RELEASE December 10, 2018 Simutronics reclaims the publishing services for SIEGE: Titan Wars globally except China Simutronics Corp, a studio within Stillfront Group AB, has ended a co-publishing agreement regarding the mobile game SIEGE: Titan Wars with New York based publishing partner Tilting Point. According to a new agreement, Tilting Point will continue to provide publishing services and market the game in China but Simutronics will run the publishing services and marketing globally from the Group going forward. Simutronics is a leading developer of online roleplaying and mobile games such as DragonRealms, GemStone IV and Lara Croft Relic Run, the latter with more than 23 million downloads. Tilting Point is a new-generation games partner that provides top development studios with expert resources, services, and operational support to optimize high quality live games for success. "I am very pleased to continue the partnership with Tilting Point for the Chinese market as this

Stillfront: Simutronics återtar förläggartjänster10.12.2018 14:11Pressmeddelande

PRESSMEDDELANDE 2018-12-10 Simutronics återtar förläggartjänster för SIEGE: Titan Wars globalt med undantag för Kina Simutronics, en studio inom Stillfront Group, har avslutat ett medförläggaravtal avseende mobilspelet SIEGE: Titan Wars med den New York-baserade förläggarpartnern Tilting Point. Enligt ett nytt avtal kommer Tilting Point fortsatt att tillhandahålla förläggartjänster och marknadsföring av spelet i Kina men på global nivå kommer Simutronics att ansvara för förläggartjänster och marknadsföring av spelet från gruppen. Simutronics är en ledande utvecklare av rollspel och mobila spel som till exempel DragonRealms, GemStone IV och Lara Croft Relic Run, den sistnämnda med mer än 23 miljoner nedladdningar. Tilting Point är den nya generationens spelbolagspartner som förser ledande utvecklingsstudios med expertis, tjänster och operationell support för att optimera högkvalitativa livespel framgångsrikt. "Jag är mycket nöjd över det fortsatta partnerskapet med Tilting Point för den

Karolinska Development's portfolio company Aprea Therapeutics presents continued positive results from a Phase Ib/II study of APR 2462.12.2018 18:00Pressmeddelande

STOCKHOLM, December 2, 2018. Karolinska Development's portfolio company Aprea Therapeutics today presented positive clinical results for its drug candidate APR 246 at the 2018 American Society of Hematology (ASH) Annual Meeting in San Diego, US. An Overall Response Rate of 95% and a Complete Remission (CR) rate of 70% were achieved in an ongoing Phase I/II combination study of APR 246 and azacitidine (AZA) for the treatment of TP53 mutated Myelodysplastic Syndrome (MDS). No dose-limiting toxicities have been observed. Based on these encouraging data, Aprea intends to progress APR 246 into a Phase III study in the near future. The results presented at the ASH meeting is based on 20 patients with TP53 mutated MDS. The overall response rate was 95%, and 14 (70%) patients achieved a complete remission at data cutoff. These findings were accompanied by a deep molecular remission in the majority of patients as assessed by serial TP53 analysis. No dose-limiting toxicities have been experience

Karolinska Development's portfolio company Aprea Therapeutics presents continued positive results from a Phase Ib/II study of APR 2462.12.2018 18:00Pressmeddelande

STOCKHOLM, December 2, 2018. Karolinska Development's portfolio company Aprea Therapeutics today presented positive clinical results for its drug candidate APR 246 at the 2018 American Society of Hematology (ASH) Annual Meeting in San Diego, US. An Overall Response Rate of 95% and a Complete Remission (CR) rate of 70% were achieved in an ongoing Phase I/II combination study of APR 246 and azacitidine (AZA) for the treatment of TP53 mutated Myelodysplastic Syndrome (MDS). No dose-limiting toxicities have been observed. Based on these encouraging data, Aprea intends to progress APR 246 into a Phase III study in the near future. The results presented at the ASH meeting is based on 20 patients with TP53 mutated MDS. The overall response rate was 95%, and 14 (70%) patients achieved a complete remission at data cutoff. These findings were accompanied by a deep molecular remission in the majority of patients as assessed by serial TP53 analysis. No dose-limiting toxicities have been experience

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum