Clearway Energy, Inc. (NYSE : CWEN.A) completed the acquisition Portfolio of Operating Wind Projects from Capistrano Wind Partners, LLC.
August 21, 2022
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Clearway Energy, Inc. (NYSE : CWEN.A) entered into a binding agreement to acquire Portfolio of Operating Wind Projects from Capistrano Wind Partners, LLC for approximately $420 million on June 23, 2022. The consideration consists of cash consideration of $255 million, plus the assumption of approximately $162 million of non-recourse debt. The Capistrano Portfolio will also provide additional growth potential as the Company will have the option to invest in future wind repowering opportunities that will be evaluated in partnership with Clearway Group. Concurrent with the acquisition of the Capistrano Portfolio, Clearway has also entered into a Development Agreement with Clearway Group, whereby Clearway Group will pay $10 million to Clearway to partially fund the acquisition of the Capistrano Portfolio for an exclusive right to develop, construct, and repower the projects in the Capistrano Portfolio. After factoring in estimated closing adjustments, proceeds from the Rights Fee, and new non-recourse debt, Clearway expects its total long-term corporate capital commitment to acquire the Capistrano Portfolio to be approximately $110-130 million, which the Company expects to fund with cash on hand. Based on current expected terms and conditions of the new non-recourse financing, the acquisition is expected to provide incremental annual levered asset CAFD on a five-year average basis of approximately $12-14 million beginning January 1, 2023. Clearway expects the transaction to close in the second half of 2022.
Clearway Energy, Inc. (NYSE : CWEN.A) completed the acquisition Portfolio of Operating Wind Projects from Capistrano Wind Partners, LLC on August 22, 2022.
Clearway Energy, Inc. is a renewable energy company. The Company invests in energy infrastructures and focuses on investments in clean energy and owns modern, sustainable and long-term contracted assets across North America. The Companyâs businesses are segregated based on conventional power generation and renewable businesses, which consist of solar, wind and energy storage. It owns approximately 6,000 net megawatts (MW) of installed wind, solar and energy storage projects. The Company's approximately 8,500 net MW of assets also includes approximately 2,500 net MW of natural gas-fired generation facilities. Its conventional projects include Carlsbad, El Segundo, GenConn Devon, GenConn Middletown, Marsh Landing and Walnut Creek. The Companyâs utility scale solar projects include Agua Caliente, Alpine, Avenal, Avra Valley, Blythe, Borrego, Buckthorn Solar, CVSR, Daggett 2, Daggett 3, Desert Sunlight 250, Kansas South and others. Its wind projects include Black Rock and Buffalo Bear.
CLEARWAY ENERGY, INC. 
