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Dividend Increased as Yieldco Pipeline Added: NRG Yield Inc.

published: 2015-11-05 16:38

NRG Yield, Inc. reported third quarter 2015 financial results including Adjusted EBITDA of $198 million and CAFD of $132 million. Net income attributable to Class A and Class C stockholders for the three months ended September 30, 2015 was $17 million or $0.18 per Class A and Class C common share.

“NRG Yield continues to execute by delivering strong 3rd quarter results and again increasing our dividend for our shareholders,” said David Crane, NRG Yield’s Chairman and Chief Executive Officer. “With the recent closing of the latest drop down, NRG Yield continues to demonstrate its ability to consummate transactions with its parent company, NRG Energy, which in part allows the company to maintain its dividend growth commitments while also continuing to have visibility into further growth through the NRG ROFO pipeline.”

Financial Highlights

  • $198 million of Adjusted EBITDA for third quarter 2015
  • $132 million of Cash Available for Distribution (CAFD) for third quarter 2015
  • $0.21 per share quarterly dividend to Class A and Class C common stock ($0.84 per share annualized) paid on September 15, 2015 to shareholders of record as of September 1, 2015

Increasing Dividend

  • 2.4% quarter over quarter increase in common stock dividend payable in fourth quarter of 2015 to $0.215 per share ($0.86 per share annualized), a 15% increase over fourth quarter 2014
  • Targeting $0.25 per share quarterly dividend ($1.00 per share annualized) by the fourth quarter 2016, a 16% increase over current rate and 67% increase since our first post-IPO dividend in the fourth quarter 2013

Closed the Drop Down Acquisition of Wind Portfolio of Assets from NRG

  • On November 3, 2015, the Company acquired a 75% interest in an 814 net MW portfolio of twelve wind facilities from NRG, representing 611 net MW, for $210 million in total cash consideration (subject to working capital adjustments)

Updating 2015 and Initiating 2016 Financial Guidance

  • Updating full year 2015 Financial Guidance which reflects full year impact of the drop down acquisition:
  1. Adjusted EBITDA of $705 million from $660 million
  2. CAFD of $165 million, from $160 million
  • Initiating 2016 Financial Guidance:
  1. Adjusted EBITDA of $805 million
  2. CAFD of $265 million

Read the full report: NRG Yield, Inc. Reports Third Quarter 2015 Financial Results, Completes Drop Down Acquisition from NRG, Updates 2015 and Initiates 2016 Financial Guidance, Increases Fourth Quarter Dividend by 2.4%

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