NRG Yield To Acquire Alta Wind Facility, Largest Wind Farm In North America

(RTTNews) - NRG Yield, Inc. (NYLD) announced an agreement with Terra-Gen Power LLC to acquire the Alta Wind facility located in Tehachapi, Calif., for $870 million, plus the assumption of $1.6 billion of non-recourse project financings and subject to customary working capital adjustments. NRG Yield intends to fund the purchase price through a combination of newly issued debt, common equity and cash on hand.

The acquisition, which totals 947 megawatts of operating wind capacity, also includes a portfolio of land leases associated with the Alta Wind facility.

The company expects the transaction to increase both the annual run-rate EBITDA by approximately $220 million and Cash Available for Distribution by approximately $70 million (before debt service associated with acquisition financing) by 2016.

David Crane, NRG Yield's CEO, said: "The acquisition of the largest wind facility on the North American continent highlights not only our commitment to carbon-free generation, but also the strength of our acquisition capabilities to compete for contracted assets of world-class quality in the competitive marketplace."