Global Infrastructure Partners’ $1.375 Billion Acquisition of NRG Energy’s Renewable Energy Business


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. The Firm, led by James Cleary, Lori Gish, James Jenkins, Mark Levitt, Gregg Myers and Robert O’Brien, is based in New York.

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 (Picture), 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).

Involved fees earner: David Lieberman – Simpson Thacher & Bartlett; Brian Chisling – Simpson Thacher & Bartlett; Christopher May – Simpson Thacher & Bartlett; Jim Cross – Simpson Thacher & Bartlett; Ana Sanchez Restrepo – Simpson Thacher & Bartlett; Justin Thekkekara – Simpson Thacher & Bartlett; Brian Steinhardt – Simpson Thacher & Bartlett; Cristina Gonzalez – Simpson Thacher & Bartlett; Kenneth Wallach – Simpson Thacher & Bartlett; Hui Lin – Simpson Thacher & Bartlett; Jonathan Goldstein – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; Brian Mendick – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; David Rubinsky – Simpson Thacher & Bartlett; Erin Murphy – Simpson Thacher & Bartlett; Monisha Bhayana – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Timothy Gallagher – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Global Infrastructure Partners;

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Author: Ambrogio Visconti