NRG Yield +4.6% after raising FY 2014 EBITDA guidance

NRG Yield (NYLD +4.6%) says it completed its previously announced acquisition of three right of first offer assets from NRG Energy (NRG -2.4%), and raises its FY 2014 guidance for EBITDA to $410M from $292M and cash available for distribution to $140M as a result.

NYLD is now targeting an annualized dividend of $1.50/share by Q4, up from $1.20; with a pipeline of nearly 2.1 GW of assets identified by NRG as being eligible for drop-down and the pending acquisition of the 947 MW Alta Wind portfolio, NYLD also raises its five-year target dividend per share compound annual growth rate to 15%-18% from 10%-15%.

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