Princeton-based Clearway Energy on Tuesday said it entered into a binding agreement to acquire the operational Tuolumne Wind Project from Turlock Irrigation District.
Tuolumne Wind Project is a 137 MW wind project located in Klickitat County, WA that achieved commercial operations in 2009. The project will sell power under a new PPA with Turlock Irrigation District, an investment-grade regulated entity, with an initial contract term of 15 years to 2040. In conjunction with the acquisition, the Company also has received from Turlock Irrigation District a contractual extension option to enable a potential future repowering of the project.
After factoring in estimated closing adjustments and new non-recourse project-level debt, the company expects its total long-term corporate capital commitment to acquire the project to be approximately $70-75 million, which the company expects to fund with existing sources of liquidity. B
The acquisition is expected to provide incremental annual levered asset CAFD on a five-year average basis of approximately $9 million beginning January 1, 2026. The company expects the transaction to close in the first quarter of 2025, after which its targeted contribution to fiscal year 2025 results will be communicated.
