NRG Unit Plans $400 Million IPO to Own, Operate Power Assets
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NRG Energy Inc. said a newly created unit, formed to operate renewable and conventional power assets and pay regular dividends to shareholders, plans to raise as much as $400 million in an initial share sale.
The unit, NRG Yield Inc., would acquire and own a mix of solar, wind and gas-fired generating assets and "pay a consistent and growing cash dividend," it said today in a filing. The company intends to list its shares on the New York Stock Exchange under the symbol NYLD. The number of shares to be offered and price weren’t disclosed.