Deal Note: Crowell & Moring Client NRG Energy and NRG Yield Establish New Residential Solar Partnership
Washington, D.C. – April 13, 2015: NRG Energy, Inc. announced that it has formed a partnership with NRG Yield, Inc., that will invest in and hold operating portfolios of residential solar assets developed by NRG Home Solar, a subsidiary of NRG Energy. The partnership will hold interests in an unlevered and tax equity financed residential solar portfolio. As part of the agreement, NRG Energy will periodically monetize its residential leases through NRG Yield's upfront equity investment and still retain a residual economic interest in the portfolio, while providing NRG Yield with additional cash available for distribution. NRG Yield has committed to invest up to $150 million of cash equity into the partnership over time. Crowell & Moring represented NRG Yield in this matter.
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