Clearway Energy, Inc. signs binding agreement to acquire remaining 50% stake in 530 MW Utah Solar Portfolio

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Clearway Energy, Inc. has entered into an agreement to acquire the remaining 50% equity interest in the Utah Solar Portfolio that it does not currently own for US$335 million.

The Utah Solar Portfolio consists of seven utility-scale solar farms located in Utah representing 530 MW of capacity that achieved commercial operations in 2016. The assets within the portfolio sell power subject to 20-year PPAs with PacifiCorp that have approximately 15 years remaining under the agreements.

Subject to customary closing conditions, Clearway Energy expects to close the transaction in the fourth quarter of 2021. The company expects to finance the acquisition in part with new non-recourse project level debt of between US$210 to US$240 million resulting in an expected net corporate capital commitment of approximately US$95 to US$125 million. Based on current expected terms and conditions of the new non-recourse project financing, the acquisition is expected to provide incremental annual levered asset CAFD on a five-year average basis of approximately US$9 to US$11 million prior to corporate financing beginning January 1, 2022.

The company’s existing 50% interest in the Utah Solar Portfolio is accounted for as an equity method investment. Following the close of the acquisition of the remaining 50% interest in the portfolio, the company will consolidate the Utah Solar Portfolio in its financial statements.

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