Clearway Energy Acquires Capistrano Wind Portfolio With 413 MW Capacity

  • Clearway Energy Inc CWEN has agreed to acquire a portfolio of operating wind projects from Capistrano Wind Partners, LLC for $255 million in cash, plus the assumption of ~$160 million of non-recourse debt.
  • The Capistrano Portfolio consists of five utility-scale wind projects representing 413 MW capacity in Texas, Nebraska, and Wyoming.
  • The operations, maintenance, and asset management of these projects have been and will continue to be provided by subsidiaries of the company's sponsor, Clearway Group.
  • The company has also entered into a Development Agreement, whereby Clearway Group will pay $10 million to the company to fund the acquisition partially.
  • The company expects its total long-term corporate capital commitment to acquire the Capistrano Portfolio to be ~$110 million - $130 million, which will be funded with its cash on hand.
  • Clearway Energy held cash and equivalents of $466 million as of March 31, 2022.
  • The company expects the transaction to close in the second half of 2022.
  • Price Action: CWEN shares are trading lower by 0.59% at $35.47 on the last check Tuesday.

Posted In: BriefsM&ANews

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.