Elawan bags Google PPA for 37-MW solar project in Texas
Sep 19, 2024 13:49 CESTUS retail electricity and power generation company Vistra Corp (NYSE:VST) has agreed to acquire the remaining 15% stake in its subsidiary that houses its zero-carbon nuclear, energy storage and solar generation assets as well as its retail business, for an undiscounted purchase price of USD 3.248 billion (EUR 2.920bn).
The minority shareholding in Vistra Vision LLC will be purchased from Nuveen Asset Management LLC and Avenue Capital Management II LP, a press statement says.
The transaction consideration will be paid in five instalments, with the last one scheduled for December 31, 2026, subject to adjustments. The net present value of the purchase price as of December 31, 2024, discounted at a 6% interest rate, stands at USD 3.085 billion.
The deal, which is not subject to any regulatory approvals, is expected to be wrapped up on December 31, 2024.
Vistra Vision’s portfolio of assets consists of the Beaver Valley, Comanche Peak, Davis-Besse and Perry nuclear generation facilities with a total capacity of about 6.4 GW. The company also includes the Vistra Zero renewables and energy storage business and Vistra's retail operations.
The entity has six standalone solar sites with a combined capacity of 768 MW and about 1,164 MW across six standalone energy storage sites. It also has seven solar-plus-storage assets, its website says.
The company’s total debt outstanding and cash on hand stood at about USD 3.55 billion and USD 375 million, respectively, as of June 30, 2024.
(USD 1 = EUR 0.899)
Elawan bags Google PPA for 37-MW solar project in Texas
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