Simpson Thacher is representing Global Infrastructure Partners (“GIP”) in connection with its announced acquisition of NRG Energy, Inc.’s (NYSE: NRG) integrated U.S. renewable energy platform, including its controlling stake and 46% economic interest in NRG Yield, Inc. (NYSE: NYLD). GIP will also acquire NRG’s renewable energy operations, and maintenance and development businesses as a part of the transaction. GIP is acquiring the business for $1.375 billion in cash, subject to certain adjustments, and has agreed to provide backstop support for NYLD’s agreed purchase of the Carlsbad Energy Center Project.
Global Infrastructure Partners is an independent infrastructure fund that invests in infrastructure assets and businesses in both OECD and select emerging market countries.
NRG Yield owns a diversified portfolio of contracted renewable and conventional generation and thermal infrastructure assets in the United States, including fossil fuel, solar and wind power generation facilities that have the capacity to support more than two million American homes and businesses.
The Simpson Thacher team includes David Lieberman, Brian Chisling, Chris May, Jim Cross, Ana Sanchez and Justin Thekkekara (M&A); Brian Steinhardt and Cristina Gonzalez (Banking and Credit); Ken Wallach and Hui Lin (Capital Markets); Jon Goldstein, Sophie Staples and Brian Mendick (Tax); Lori Lesser (Intellectual Property); David Rubinsky, Erin Murphy and Monisha Bhayana (ECEB); Michael Isby (Environmental); and Tim Gallagher (Real Estate).