Clearway Energy to Acquire a 413mw Wind Portfolio.
MANews-(C)2009-2022
US-based Clearway Energy, Inc (NYSE: CWEN) has entered into a binding agreement to acquire a portfolio of operating wind projects from Capistrano Wind Partners, LLC for, subject to closing adjustments, cash consideration of USD 255m, plus the assumption of approximately USD 160m of non-recourse debt, the company said.
The Capistrano Portfolio consists of five utility-scale wind projects representing 413mw of capacity located in Texas, Nebraska, and Wyoming that achieved commercial operations between 2008 to 2012.
The assets within the portfolio sell power under power purchase agreements with investment-grade counterparties that have a weighted average remaining contract duration of approximately 10 years.
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 Energy Group.
The Capistrano Portfolio will also provide additional growth potential as the company will have the option to invest in future wind repowering opportunities that will be evaluated in partnership with Clearway Group.
Concurrent with the acquisition of the Capistrano Portfolio, the company has also entered into a Development Agreement with Clearway Group, whereby Clearway Group will pay USD...
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