NRG Yield Inc., a yieldco subsidiary of NRG Energy, has completed its previously announced acquisition of the massive Alta Wind Energy Center (AWEC) from Terra-Gen Power.
Located in Tehachapi, Calif., the multiphase wind farm totals 947 MW of operating wind capacity. NRG bought the AWEC for $870 million, plus the assumption of $1.6 billion of non-recourse project financings. The deal also includes a portfolio of land leases associated with the facility.
The AWEC features 386 GE and Vestas turbines, with commercial operations achieved within the past four years. The facility has long-term power purchase agreements with utility Southern California Edison.
‘Completing this acquisition of North America's largest wind facility not only showcases our ability to compete for and close deals for premier assets, it also underscores our commitment to carbon-free generation that will help accelerate the movement to a clean energy future,’ says David Crane, NRG Yield's chairman and CEO.
NRG Yield recently closed an offering of 10.5 million shares of its Class A common stock, and subsidiary NRG Yield Operating completed an offering of $500 million of senior notes. Both offerings were meant to help fund the AWEC acquisition.