Under the terms of the agreement signed with GE Energy Financial Services, NRG Yield will also assume $287.4m debt.
The company will obtain access to 137.5MW in the project.
Subsidiaries of NextEra Energy and Sumitomo Financial own 50% and 25% share respectively in the First Solar-operated power plant, which features over 8 million CdTe thin film modules.
Of the total power generated from the project, 250MW will be sold to Southern California Edison and remaining 300MW to Pacific Gas & Electric under long-term power purchase agreements.
NRG Yield chairman and CEO David Crane said: "Desert Sunlight furthers our objective of sustainable and visible dividend growth for our investors while bolstering our generation of carbon-free electricity for thousands of homes through utility scale solar investments."
NRG Yield expects the transaction to increase its annual run-rate earnings before interest, taxes, depreciation, and amortization (EBITDA) by approximately $45m and cash available for distribution by approximately $22m by 2016.
Subject to customary closing conditions, the transaction is expected to be completed by 30 June.
