PRINCETON, N.J.--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE:NRG) has closed on the previously announced sale of its interest in NRG Yield and its Renewables platform to Global Infrastructure Partners. The Transaction resulted in $1.348 billion in cash proceeds to NRG1 and removes $6.7 billion of debt from NRG’s balance sheet2.

“The asset sales are a critical part of our transformation and we are pleased to achieve this significant milestone, which aims to focus our company while strengthening our balance sheet and delivering value to shareholders,” said Mauricio Gutierrez, President and Chief Executive Officer, NRG. “With the closing of this transaction, we will be proceeding with the remainder of our 2018 capital allocation plan, including our share buyback and deleveraging programs.”

About NRG

At NRG, we’re redefining power by putting customers at the center of everything we do. We create value by generating electricity and serving nearly 3 million residential and commercial customers through our portfolio of retail electricity brands. A Fortune 500 company, NRG delivers customer-focused solutions for managing electricity, while enhancing energy choice and working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.