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NRG Yield posts higher Q2 EBITDA, eyes more growth moves

NRG Yield Inc. on Aug. 3 reported second-quarter 2017 adjusted EBITDA of $270 million, a $13 million year-over-year increase from $257 million in the corresponding quarter of 2016.

The yieldco reported $74 million for cash available for distribution in the most recent quarter, compared to $65 million in the comparable period 2016. Second-quarter operating revenue was $284 million in 2017, compared to $283 million a year ago, and operating income was $122 million, a decrease from $128 million in the second quarter of 2016.

The NRG Energy Inc. subsidiary booked second-quarter 2017 net income attributable to the company of $28 million, or 29 cents per share, compared to net income attributable to the company of $32 million, or 33 cents per share, for the prior-year period.

The NRG Yield will pay a quarterly dividend of 28 cents per class A and class C share on Sept. 15 to stockholders of record as of Sept. 1. The dividend represents a 3.7% increase over the prior quarter.

As of March 31, total liquidity was $722 million, a decrease of $200 million from Dec. 31, 2016, reflecting a decrease in total cash of $192 million, which factored in the use of $131 million for the drop-down acquisition completed March 27 and dividend payments made during the first quarter.

Separately, NRG Yield closed the drop down transaction with NRG Energy to acquire the remaining 25% stake in a portfolio of 12 wind projects.

NRG Yield President and CEO Christopher Sotos said the company is in the process of "additional partnership opportunities with NRG that support NRG Yield's growth strategy. These include closing on the parties' most recent drop down deal, an offer to form a new distributed solar partnership with NRG enabling up to $50 million of investment, and an additional offer for a 38 MW portfolio of distributed and small utility-scale solar assets."