The renewables unit of America' s biggest independent electricity supplier hopes to raise as much as $411.1 million in its IPO.

According to a filing by NRG Yield Inc., the newly created renewable energy unit of NRG Energy Inc., the company is offering 19.6 million shares for between $19 to $21, with the price of the offering expected to be set by July 17.

NRG Yield, who first flagged the possibility of an IPO at the start of June, said in the filing that it plans to acquire a portfolio of solar, wind and natural-gas fired power assets, and that it will “pay a consistent and growing cash dividend” to investors. Parent company NRG Energy is expected to retain a majority voting interest in the unit.

The assets of the spun-off renewables unit will have a combined generating capacity of around 1,450 net MW per annum. While this is only a small fraction of NRG Energy’s 44,700MW generating capacity, the renewable energy unit has thus far derived benefit from the US government’s various policies to foster the development of renewable energy, including accelerated tax depreciation and tax credits, and the provision of low-cost guaranteed loans.

NRG Yield was originally established to serve as the chief vehicle for NRG Energy’s acquisition and operation of natural gas, solar power and wind power plants, as well as thermal infrastructure assets.

NRG Energy is the USA’s largest competitive-rate power company, after rising to the top position in December with its take over of chief competitor GenOn Energy Inc. for approximately $1.7 billion.

NRG Yield will be listed on the New York Stock Exchange under the symbol NYLD. The sale will be led by Bank of America Corp., Goldman Sachs Group Inc. and Citigroup Inc., who will have the option of purchasing another 2.9 million shares if there is demand for them.