NRG Yield Lifts 2015 Adj. EBITDA Outlook, Hikes Dividend - Quick Facts

(RTTNews) - While reporting its financial results for the third quarter today, NRG Yield, Inc. (NYLD, NYLD.A) increased its adjusted EBITDA outlook for fiscal 2015 and also initiated its fiscal 2016 financial guidance.

Further, the company announced a 2.4 percent quarter-over-quarter increase in common stock dividend payable in fourth quarter of 2015, to $0.215 per share, or $0.86 per share annualized. This represents a 15 percent increase over fourth quarter 2014.

In addition, NRG Yield said it is targeting a $0.25 per share quarterly dividend, or $1.00 per share annualized, by the fourth quarter of fiscal 2016. This represents a 16 percent increase over current rate and 67 percent increase since its first post-IPO dividend in the fourth quarter 2013.

On November 3, 2015, NRG Yield acquired a 75 percent interest in an 814 net megawatt portfolio of twelve wind facilities from NRG Energy Inc. (NRG), representing 611 net MW, for $210 million in total cash consideration.

For fiscal 2015, NRG Yield raised its outlook for adjusted EBITDA to $705 million from $660 million previously, to reflect the full-year impact of the drop down acquisition of the wind portfolio of assets.

For fiscal 2016, NRG Yield initiated outlook for adjusted EBITDA of $805 million.