NRG Yield To Acquire 25% Interest In Desert Sunlight Solar Farm In Riverside

(RTTNews) - NRG Yield, Inc. (NYLD) announced the company, through its subsidiary NRG Yield Operating LLC, has entered into an agreement with GE Unit (GE) GE Energy Financial Services to acquire its 25 percent interest in the Desert Sunlight Solar Farm in Riverside, CA for $285 million, subject to customary working capital adjustments, plus the assumption of $287.4 million of non-recourse project level debt.

The acquisition provides NRG Yield with a total ownership of 137.5 megawatts of operating solar capacity. With the acquisition, the company now owns nearly 600 megawatts of solar generation.

NRG Yield expects the transaction to increase both the annual run-rate EBITDA by approximately $45 million and cash available for distribution by approximately $22 million by 2016.