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NRG Energy asks FERC approval on renewable portfolio divesture

Merchant power generator NRG Energy Inc. asked the Federal Energy Regulatory Commission to authorize the sale of its renewable portfolio and NRG Yield Inc. to a Global Infrastructure Partners affiliate.

The Feb. 23 application comprises two transactions for approval. First, the Global Infrastructure Partners affiliate will purchase Zephyr Renewables LLC, which includes NRG Yield and NRG Renew among its holdings. NRG Renew owns development and operations platforms, consisting of a pipeline of more than 6,000 MW of backlog and development power projects. Approximately $1.38 billion is expected to exchange hands in the transaction.

Under the second transaction, NRG Yield will purchase the 527-MW Carlsbad Energy Center from another NRG Energy subsidiary. The sale is part of NRG Energy's strategic restructuring that the company signaled in 2017.

The commission has been asked to approve the transaction by May 24. (FERC docket EC18-61)