NRG Energy’s renewables earnings up as company splits into segments

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

Leading US solar developer NRG Energy is to reorganise its renewable energy business after posting mixed second quarter results.

The company’s earnings from renewable energy increased by US$69 million compared to the same period last year, though it reported a net loss for the first six months of this year of US$153 million, or US$0.48 per diluted common share. However this was an improvement on last year’s figures, when net losses for the first six months of 2013 totalled US$208 million, US$0.66 per share.

The company posted profits in its wholesale operations, which includes figures for both its renewable energy projects and NRG Yield, the ‘yield co’ launched in 2013. In the first half of 2013, renewables had earned US$28 million. For the same period of this year the figure stood at US$97 million, which NRG ascribed to the addition of a wind portfolio as well as the start of operations for Ivanpah, a vast 392MW solar thermal project and California Valley Solar Ranch, a 250MW PV plant. 

NRG Yield earned US$201 million in the first six months of the year, including US$109 million in the second quarter of the year. One of the first yield cos launched globally to include solar assets, the investment vehicle handles a mix of conventional and renewable energy sources and has been followed by similar offerings from companies including SunEdison and NextEra Energy.

Paying out dividends roughly comparable to high interest savings accounts of around 4.5% to 10%, yield cos have become increasingly popular with institutional investors. NRG announced in the latest results that its ‘drop down’ of assets into NRG Yield from the parent company, completed at the end of June, was made for a cash consideration of US$357 million. The drop down included the sale of a 550MW natural gas plant and two 20MW solar PV plants from the parent company to NRG Yield.

Last week on the eve of the financial results being published, NRG announced that it would be splitting the company into six segments; three core businesses, two special purpose vehicles and the yield co.

The three core businesses will be NRG Home, which will include the group’s retail, residential solar and home products and services, NRG Renew, which includes NRG’s utility scale solar and wind microgrid projects and finally NRG Business, which will deal with wholesale and commercial operations as well as energy services to businesses including on-site generation.

Additionally, the two special purpose vehicles will be Petra Nova, a carbon-capture retrofit project on a coal plant owned by NRG, and NRG eVgo, which is working on a network of charging stations for electric vehicles (EVs).

19 August 2021
The utility-scale PV market is poised for exponential growth and yet the industry still has many fundamental opportunities to improve on standards and best practice. Tracker shade loss has been one of those topics that deserve more attention, but has been typically handled by derate factors rather than trying to accurately forecast the loss over the life of the system. Join Nextracker’s subject matter experts, Aron Dobos and Neelesh Umachandran, and Rounak Kharait, director of solar energy assessments at DNV, for a webinar about why shade modeling matters and recommendations on what the solar industry should do about it.
25 August 2021
Energy Next is a new industry exhibition focusing on the latest renewable energy and energy efficiency technology, which will be held for the first time in 2021 in Sydney, Australia alongside the Clean Energy Council’s Australian Clean Energy Summit, the peak gathering of leaders driving Australia's energy transformation. Organised by the same people behind Australia’s largest clean energy event, All-Energy Australia, Energy Next will give visitors two days of access to key suppliers in the industry, free-to-attend professional development and industry workshops, and networking opportunities to better understand clean energy issues and solutions and learn about the latest developments in this transformational, dynamic sector.
25 August 2021
The Intersolar Summit Brasil Nordeste takes place in Fortaleza, Brazil. It addresses leading local and international experts on solar power and renewable energy in the region. The Summit’s mission is to provide in-depth education, enable high-quality networking opportunities, expand the use of PV technologies at regional and national level and strengthen the local PV industry. The Intersolar Summit Brasil Nordeste is organized by Intersolar South America - Latin America’s largest exhibition and conference for the solar industry: Solar Promotion International GmbH, Pforzheim, Freiburg Management and Marketing International GmbH (FMMI) and Aranda Eventos & Congressos Ltda, São Paulo as co-organizer.
25 August 2021
Join us to hear directly from the CTOs and heads-of-research from the top-20 cell/wafer producers to the PV industry today. The event will focus on predicting the key metrics underpinning the next big shift to n-type with answers to the key questions: When will the transition to n-type happen? Which companies will be first to 10 GW capacity and production? Who will be the key equipment suppliers for the new production lines? Which n-type process flow/architecture will emerge as the front-runner? What will polysilicon purity and wafer thickness levels look like for optimized n-type manufacturing? What will the upstream poly/wafer supply-chain look like in 5 years from now?
26 August 2021
In this webinar, JA Solar will present its product portfolio based on the latest technologies to improve your PV projects, ensuring maximum reliability and performance. During the webinar we will receive insight from JA Solar about its solar technology roadmap and how the manufacturer is providing customers with innovative solutions to suit their needs, while we will also analyse how to determine the best product solution for each solar project.
6 September 2021
The 38th European Photovoltaic Solar Energy Conference and Exhibition will be held online from 6 - 10 September 2021, allowing PV experts from all around the globe to participate with just one click! The EU PVSEC is the world's leading forum for PV Research and Development and the biggest Conference on PV Solar Energy worldwide. That is why PV experts from all around the globe are keen on gathering together each year to be part of this specialist’s event, to present and discuss the latest developments in Photovoltaics, to network and to conduct business.

Read Next

July 29, 2021
Tracker and racking provider Arctech has delivered SkySmart II tracking system to a 575MW agriculture-sharing solar project located in Nangong City, Hebei Province, China.
July 29, 2021
Unigreen Energy, owned by Hevel majority shareholder Ream Management LLC, has broken ground on a wafer and cell manufacturing plant that will produce 1.3GW of silicon n-type monocrystalline ingots and wafers as well as 1GW of heterojunction technology (HJT) solar cells.
July 29, 2021
Meyer Burger has revealed plans to launch a solar roof tile product, expanding its rooftop solar product range.
July 29, 2021
US residential solar installer SunPower has partnered with EV charging provider Wallbox to add EV charging technologies to its portfolio.
July 29, 2021
US residential solar installer Sunnova said it was investing in its end-to-end solar services to cater for customers demanding more from their rooftop installations.
July 29, 2021
The US Senate has passed a new bipartisan infrastructure bill after weeks of protracted discussions, establishing US$550 billion in new infrastructure funding as part of an investment described as “once-in-a-generation”.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK