NRG Yield has entered into a definitive agreement to acquire 285 MW worth of wind facilities from its parent company, NRG Energy Inc.
Under the deal, the yieldco unit will buy the 204 MW Tapestry scheme, which includes the 19 MW Buffalo Bear project in Oklahoma, 130 MW Taloga project in Oklahoma, and 55 MW Pinnacle project in West Virginia. It will also purchase the 81 MW Laredo Ridge wind facility, located in Petersburg, Neb.
Furthermore, the agreement includes the 500 MW Walnut Creek natural gas facility in California.
The company will acquire the projects in an all-cash transaction for $480 million, subject to customary working capital adjustments, including the assumption of approximately $746 million of project debt. The sale is subject to certain third-party approvals and is expected to close this quarter.
This acquisition agreement builds NRG Yield's growing wind portfolio, which recently added the Alta Wind facility. In August, the yeildco bought Alta Wind, which totals 947 MW of operating wind capacity, from Terra-Gen Power for $923 million.