Clearway Energy acquires remainder of Utah solar portfolio

Solar panel

Clearway Energy Inc., which has offices in Princeton, is looking to bolster its portfolio of solar assets with a $335 million acquisition.

The company said in a news release Monday that it has agreed to acquire the remaining equity in the Utah Solar Portfolio, a collection of seven utility-scale solar farms located in Utah.

“The acquisition of the remaining 50% interest in the Utah Solar Portfolio will continue the company’s successful track record of executing on third-party transactions to meet our long-term growth objectives,” CEO Christopher Sotos said in a prepared statement.

The transaction is expected to close in the fourth quarter, the company said, and it plans to finance the acquisition with approximately $95 million to $125 million in capital and $210 million to $240 million in new debt.

“With this transaction, Clearway will invest in new growth at attractive economics, increase its long-term contracted cash flow from utility-scale solar and further diversify its portfolio on a regional basis,” Sotos said.