NRG Energy Inc., the largest U.S. independent power producer, is seeking to borrow about $350 million to build three solar farms in Hawaii it acquired from bankrupt clean-energy giant SunEdison Inc., according to people familiar with the deal.
CIT Group Inc. is leading the deal, according to the people, who asked not to be identified because they’re not authorized to discuss the matter. NRG and CIT representatives declined to comment Tuesday.
The company is seeking financing for the solar projects while it also pushes to sell renewable-energy assets. NRG is cutting costs, shedding assets and reducing debt after activist investors led by billionaire Paul Singer’s Elliott Management Corp. and C. John Wilder’s Bluescape Energy Partners took a stake. It expects to get as much as $4 billion from the asset sales.
Chief Executive Officer Mauricio Gutierrez said last month that he remains committed to clean energy, even though he’s seeking buyers for the company’s renewables development unit and its renewables portfolio, including all of its NRG Yield Inc. yieldco.
NRG bought the three solar projects from SunEdison last year. Local utility Hawaiian Electric Co. had earlier canceled agreements to buy power from them, saying SunEdison had missed important milestones for the solar portfolio. NRG later arranged contracts with the utility for the projects.
Source: Bloomberg
