Nasdaq GlobeNewswire

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

Del

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 Nasdaq GlobeNewswire

Nasdaq GlobeNewswire
Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

+1 212 401 8700http://www.nasdaqomx.com

NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.

Følg saker fra Nasdaq GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Nasdaq GlobeNewswire

Atico Produces 5.36 Million Pounds of Cu and 3,010 Ounces of Au in Third Quarter 201816.10.2018 22:30Pressemelding

VANCOUVER, British Columbia, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) announces its operating results for the three months ended September 30, 2018 from its El Roble mine. Production for the quarter totaled 5.36 million pounds of copper and 3,010 ounces of gold in concentrates, an increase of 5% for copper and 6% for gold, respectively, over the same period in 2017. “We are pleased to report another strong quarter of production as the El Roble mine continues to operate at a steady state level while the Company remains on track to deliver on our 2018 operational objectives,” said Fernando E. Ganoza, CEO. “For remainder of the year, we will continue optimizing the operation and executing the aggressive exploration drilling program at the El Roble property looking for additional mineralization both regionally and at mine vicinity.” Third Quarter Operational Highlights Production of 5.36 million pounds of copper contain

SoftServe’s Research Team Takes Prize at Samsung AI Challenge16.10.2018 21:16Pressemelding

Artificial intelligence leveraged to deblur and dehaze photos and videos with exceptional quality AUSTIN, Texas, Oct. 16, 2018 (GLOBE NEWSWIRE) -- SoftServe, a leading digital authority and consulting company, announced its researchers won second place at the Samsung AI Challenge 2018 with innovative neural image restoration enhancement for mobile and embedded devices. “Artificial intelligence is at the center of future-proofing technologies for many businesses today,” said Serge Haziyev, senior vice president for Advanced Technology at SoftServe. “The opportunities for AI are endless and we are proud of our team and their commitment to creating an innovative AI algorithm that pushed the boundaries of existing deblurring and dehazing technologies as part of Samsung’s AI Hackathon.” The winning team, made up of SoftServe research engineers, Volodymyr Budzan and Orest Kupyn, participated in the worldwide event developing a solution that uses state-of-the-art deep learning and computer vi

IRYStec Selected as CIX Top 20 Innovator for 2018!16.10.2018 17:52Pressemelding

MONTREAL, Oct. 16, 2018 (GLOBE NEWSWIRE) -- IRYStec Software Inc., today announced it was selected as one of the CIX Top 20 most innovative companies of 2018 in Canada. Chosen from hundreds of profiles by industry experts and investors, the winner will represent Canada at the Start-up World Cup Grand Finale In 2019! The CIX Top 20 program is Canada’s largest national showcase of the 20 hottest and most innovative tech companies. Hundreds of applications are submitted each year from across Canada and the CIX Selection Committee evaluates and selects 20 based on 5 criteria: Business Model, Quality of Product and Service Offering, Innovation, Market Opportunity and Depth of Management. CTO and Co-founder, Tara Akhavan, will be presenting at CIX 2018 on Oct 23 at 1 PM. Both Tara and Simon Morris, CEO, will be attending both days demonstrating why all displays in the near future will be perceptual displays driven by IRYStec’s Perceptual Display Platform technology. A crowd of over 800 inves

Strategic Tax Leaders are Preparing Now for Tax Reform 2.016.10.2018 15:15Pressemelding

ATLANTA, Oct. 16, 2018 (GLOBE NEWSWIRE) -- This year organizations adjusted their tax approach due to the passing of the Tax Cuts and Jobs Act. Strategic tax teams are continuing to prepare for another round of amendments with the potential for Tax Reform 2.0. “Change is inevitable, so organizations can’t get complacent with their tax strategy,” said Nick Alexander, Senior Product Manager at PowerPlan. “Tax teams should maximize their use of technology to help them stay ahead of future modifications of tax code to minimize disruption to their financials, processes and compliance.” PowerPlan has published a new article, Get Ready: Reform Isn’t Over, which further covers the potential impacts of Tax Reform 2.0 and shares how tax teams can prepare. To access the article, please visit: http://bit.ly/2NE8ZDO. About PowerPlan PowerPlan software provides financial insight into how complex rules and regulations impact your organization – empowering you to make credible decisions that improve o

€1.6bn investment project kickstarts Lithium Werks’ battery gigafactories vision16.10.2018 14:38Pressemelding

THE HAGUE, Netherlands, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Dutch energy storage and battery company Lithium Werks B.V. (www.lithiumwerks.com) and Chinese Zhejiang Jiashan Economic and Technological Development Zone Industry Corporation have signed a framework agreement with the intention to construct a 60 hectares battery gigafactory in the Yangtze river Delta. Total investments required are estimated at €1.6 billion. The Lithium Werks factory and related facilities will produce battery cells for lithium-ion batteries, enabling the energy transition from fossil fuels to clean energy in order to reduce CO2 emissions. Lithium Werks expects to have installed production capacity of 500 GWh per annum by 2030 as it continues to contribute to the shift to a carbon neutral world. “With our Chinese partners’ help, and as we continue to grow both organically and through acquisitions, we will deliver the energy storage solutions that our customers increasingly ask for as the world transitions to c

Global Beverage and Food Launches With Stevia Are Up Sharply In 201816.10.2018 14:00Pressemelding

New Products Launched Globally with Stevia Post a +27% Increase in the First Half of 2018 vs the Same Period in 2017 CHICAGO, Oct. 16, 2018 (GLOBE NEWSWIRE) -- PureCircle (LSE: PURE), the world's leading producer and innovator of great-tasting stevia sweeteners, reports launches of new food and beverage products containing stevia leaf sweeteners increased significantly in the first six months of 2018 vs the comparable period in 2017. The data used in this release was provided by Mintel Global New Products Database (GNPD)*. Specifically, new product launches with stevia rose +27% globally. About one-third of foods and beverages launched using high-intensity sweeteners** contained stevia this year, nearly double the rate when compared to the first six months in 2012. Looking at results separately for global beverages and foods, launches of beverage products containing stevia grew 33% in the first half of 2018. Launches of food products with stevia grew 23%. As evidenced by this growth da

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom