NRG Energy Inc. in two separate applications asked the Federal Energy Regulatory Commission to approve the sale of fossil-fueled generating assets in Louisiana and its yieldco and renewable energy development business.
On Feb. 23, NRG asked FERC to approve the sale of its NRG Yield Inc. and renewable energy development businesses, with a pipeline of 6,000 MW of projects, to private equity investor Global Infrastructure Partners, requesting a decision by May 24. Also included in this transaction is the sale of two power plant developments from NRG to NRG Yield, to be absorbed by Global Infrastructure Partners. (FERC Docket No. EC18-61)
On Feb. 27, NRG Energy asked FERC to approve the sale of its 3,555-MW NRG South Central Generating LLC portfolio to Cleco Corporate Holdings LLC.
Cleco Energy LLC, a subsidiary of Cleco Corporate Holdings, will purchase the 225-MW Bayou Cove, 430-MW Big Cajun 1, 1,461-MW Big Cajun 2, 1,263-MW Cottonwood Energy and the 176-MW Sterlington gas plants.
Included in the deal is the acquisition of all jurisdictional facilities, including contracts to provide power to nine Louisiana cooperatives, five municipalities across Arkansas, Louisiana and Texas, and one investor-owned utility, according to a separate press release Cleco issued earlier.
Additionally, Cleco will lease the Cottonwood Energy plant to a newly formed subsidiary of NRG Energy through May 2025. The whole transaction is expected to cost Cleco about $1 billion. Part of a planned $4 billion generation asset sale process NRG Energy announced in 2017, the sale is expected to complete in the second half.
The commission has been asked to approve the transaction by June 27. (FERC Docket No. EC18-63)
