By Editors of Power Engineering
The recommendation, which could include wind and solar projects under development as well as finished facilities operated by NRG Yield, comes due to pressure from billionaire investor Paul Singer to cut costs. Singer and C. John Wilder, an investor known for turning companies around, purchased a stake in the company in January. Wilder now serves on the company’s board and is leading the review panel.
The committee will make a recommendation to NRG’s full board for consideration by August 15.
Company sources indicate potential buyers have expressed interest in the entire portfolio, though no formal offers have been made. The transaction could include at least 5 GW of capacity.
Last year, NRG’s renewables and NRG Yield generated $1.09 billion in revenue, or one third of the company’s adjusted earnings.
In November, NRG purchased 1.5 GW of renewables from SunEdison during the latter company’s bankruptcy.