As part of the divestiture, the company will sell 6GWs of conventional generation and businesses.

It will also offload its 100% stake in NRG Yield and its leading renewables platform.

NRG said: “NRG is well underway in a process to explore strategic alternatives for its interest in NRG Yield and the renewables platform.

“The strategic alternatives span a variety of ownership structures and partnership types, including the potential partial or full monetization of the renewables platform and NRG’s interest in NRG Yield with a goal to optimize how NRG participates in renewables and to deconsolidate the associated debt.”

Earlier, the company has entered into a restructuring support agreement to restructure and divest its stake in GenOn Energy, which has a power generation capacity of nearly 15GW.

NRG expects to announce signed agreements for asset sales and the strategic alternatives during the fourth quarter of 2017.

The divestment plans form part of an agreement with activist investors Elliott Management and Bluescape Energy Partners to slash costs and retire debt.

NRG’s transformation plan is a three-part, three-year plan that aims to achieve operational and cost excellence, portfolio optimization, and capital structure and allocation enhancement.

NRG said: “This plan is the product of a comprehensive, “blank slate” evaluation of all NRG businesses, assets, and functions, collectively conducted by the BRC, NRG management, and independent consultants and advisors to the Business Review Committee (BRC).”

Citi, Goldman Sachs and Morgan Stanley have been appointed by NRG to handle some of its asset sale processes.

Image: NRG Energy will sell 6GWs of conventional generation and businesses. Photo courtesy of alex_ugalek/