Climate Changed
NRG Divesting $2.8 Billion in Assets Following Singer's Push
- Global Infrastructure to take controlling stake in yieldco
- Activists pressed power generator to streamline, trim costs
A pile of coal sits outside the NRG Energy Inc. Will County Generating Station in Romeoville, Illinois.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
NRG Energy Inc., the U.S. power generator prodded by billionaire investor Paul Singer to unload assets, agreed to $2.8 billion in divestitures, including one of the largest-ever renewable energy deals.
The linchpin: Global Infrastructure Partners agreed to pay $1.38 billion in cash for NRG’s renewable energy platform and a controlling stake in its publicly traded wind and solar company, NRG Yield Inc., according to a statement Wednesday. Under the agreement, set to close in second half of 2018, GIP’s third equity fund would take a 46 percent stake in NRG Yield.