Clearway Energy Inc. is acquiring, for $335 million, the remaining 50% equity interest in a portfolio of Utah-based solar projects that it does not currently own.
The 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.
“The acquisition of the remaining 50 percent interest in the portfolio will continue the company’s successful track record of executing on third party transactions to meet our long-term growth objectives,” says Christopher Sotos, Clearway Energy’s president and CEO. “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.”
Subject to customary closing conditions, the company expects to close the transaction in the fourth quarter of 2021.