NRG Yield has acquired the 947 MW Alta Wind farm in Tehachapi, California from Terra-Gen Power.
NRG Yield, which was created to hold generation assets by NRG Energy, paid $870 million for the project and assumed $1.6 billion of non-recourse project financings. The deal also included a portfolio of land leases associated with the Alta Wind facility.
Alta Wind is made up of seven separate phases and utilises GE and Vestas wind turbines.
The acquisition brings the combined wind portfolio owned by NRG Yield and its parent, NRG Energy, to 2839 MW, making it the fifth largest operating portfolio in the North American wind industry.
"Completing this acquisition of North America's largest wind facility not only showcases our ability to compete for and close deals for premier assets, it also underscores our commitment to carbon-free generation that will help accelerate the movement to a clean energy future," says David Crane, NRG Yield's chairman and chief executive officer.
Power Purchase Agreements are in place with Southern California Edison for Alta Wind Phase I-V until 2035 and for Phase X and IX from 2016 to 2038.
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