Clearway Energy acquires 35% stake in 290 MW solar project in USA
Clearway Energy, Inc. announced that it has entered into an agreement to acquire a 35% interest in the Agua Caliente solar project. Agua Caliente is a 290 MW utility-scale solar project located in Dateland, Arizona in which Clearway currently owns a 16% equity interest.
The project has a 25-year PPA with PG&E, with approximately 19 years remaining under the agreement. The Company will acquire the additional 35% interest in Agua Caliente for US$202 million, and this acquisition is expected to provide incremental annual asset CAFD on a five-year average basis of US$20 million prior to corporate financing.
Subject to customary closing conditions, the Company expects to close the transaction in the first quarter of 2021. The Company expects to fund the acquisition with existing liquidity and, subject to market conditions, new corporate financings. Following the close of the transaction, Clearway will own a 51% equity interest in Agua Caliente. As a result, the Company will consolidate the project in its financial statements, which includes the project’s US$735 million of non-recourse project debt. The project’s non-recourse debt is fully amortizing and matures in 2037.
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