Clearway Energy Inc., a Princeton-based clean energy provider, announced on Monday that through its subsidiaries, it has acquired a portfolio of renewable energy projects through a drop-down offer from Clearway Group for $241 million.
“The investments we are announcing today not only provide Clearway additional CAFD growth but also regional diversification for the company,” Christopher Sotos, CEO and president, Clearway Energy, said. “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.”
Clearway expects all projects to close by the end of 2020. They include two wind projects — the Rattlesnake Wind Project in Adams County, Washington and the Pinnacle Wind Project in Mineral County, West Virginia.
“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,” Craig Cornelius, CEO at Clearway Group, said. “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.”
Clearyway also announced it signed an agreement to acquire CEG’s remaining interest in Repowering Partnership II LLC. Repowering includes the 161 megawatt Wildorado and the 122 MW Elbow Creek wind project.