Global Infrastructure Partners has completed the acquisition of NRG’s renewables businesses, including yieldco NRG Yield which will now be known as Clearway Energy.
Clearway Energy has wind, solar and natural gas assets with a total capacity of about 5.1GW.
Christopher Sotos will remain president and chief executive of Clearway Energy, with Mary-Lee Stillwell appointed chief accounting officer. She replaces former NRG Yield CAO David Callen who has resigned.
GIP has appointed five directors to Clearway’s board, which also includes three other independent directors and the CEO.
Sotos said: “Clearway Energy’s outlook could not be brighter as the new sponsorship with GIP provides the company proven operational, development, and investment expertise to lead us through the next stage of our growth objectives.”
GIP founding partner and Clearway board member Jonathan Bram said: “We are excited to close the acquisition of NRG’s integrated renewables platform, which includes the controlling interest in Clearway Energy, as well as a highly capable renewable development and operating platform.
“With strong alignment and excellent management across the platform, we believe Clearway is well-positioned for long-term growth and success.”
Image: Pixabay
GIP completes NRG green grab
By EBS