NRG Energy, Inc. has closed on the previously announced sale of its interest in NRG Yield and its Renewables platform (the “Transaction”) to Global Infrastructure Partners (“GIP”).

The Transaction resulted in $1.348 billion in cash proceeds to NRG and removes $6.7 billion of debt from NRG’s balance sheet.

“The asset sales are a critical part of our transformation and we are pleased to achieve this significant milestone, which aims to focus our company while strengthening our balance sheet and delivering value to shareholders,” said Mauricio Gutierrez, President and Chief Executive Officer, NRG. “With the closing of this transaction, we will be proceeding with the remainder of our 2018 capital allocation plan, including our share buyback and deleveraging programs.”

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M&A   NRG Energy  

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