The projects include the Rattlesnake Wind project, the Wildorado project, the Elbow Creek wind project, and the Pinnacle wind project
Clearway Energy agrees to acquire a portfolio of wind projects. (Credit: 272447/Pixabay.)
Clearway Energy, through its indirect subsidiaries, has signed agreements to acquire and invest in a portfolio of renewable energy projects for $241m.
The agreements are related to the previously announced drop-down offer from Clearway Group (CE).
The renewable energy projects included in the drop-down include the Rattlesnake Wind project, the Wildorado project, the Elbow Creek wind project, and the Pinnacle wind project.
The transactions are expected to have a five-year average annual asset CAFD of approximately $23m prior to corporate financing costs.
Clearway Energy president and chief executive officer Christopher Sotos said: “The investments we are announcing today not only provide Clearway additional CAFD growth but also regional diversification for the Company.
“We look forward to providing additional updates in the future as we continue to work with our Sponsor, Clearway Group, on additional drop-down opportunities to support the Company’s long-term growth objectives.”
Details of projects to acquired by Clearway Energy
Clearway has agreed to acquire 100% of the equity interests in Rattlesnake Flat, which owns the Rattlesnake Wind, a 144MW wind facility located in Adams County.
The Rattlesnake Wind project holds a 20-year power purchase agreement with Avista.
In addition, the company has also signed an agreement to acquire CEG’s remaining interest in Repowering Partnership II, which includes the 161MW Wildorado and 122MW Elbow Creek wind projects.
Through its indirect subsidiary, Clearway will partner with CEG to repower the Pinnacle Wind Project, a 55MW wind facility located in Mineral County.
Clearway Group chief executive officer Craig Cornelius said: “The wind projects we’re developing, building, and repowering all over the country continue to provide value to local economies, to customers, and to investors.
“We are pleased to complete these transactions with Clearway Energy, Inc. and extend the stable and long-term value of renewable energy to its shareholders.”