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Clearway Energy Announces Equity Commitment in Repowering Partnership

Power News - Published on Mon, 24 Jun 2019

Image Source: prnewswire.com
Clearway Energy Inc announced that, through an indirect subsidiary of the Company, it has entered into binding equity commitment agreements in the previously announced partnership with Clearway Group to enable the repowering of two of its existing wind assets, Wildorado and Elbow Creek. These agreements commit the Company to invest an estimated $111 million in net corporate capital1, subject to closing adjustments. The transaction is expected to contribute incremental asset CAFD on an average annual basis of approximately $12 million beginning in 20202, which reflects the improved operational profile of the projects and the impact from the new non-recourse capital structure employed at the partnership.

Mr Christopher Sotos, Clearway Energy Inc’s President and Chief Executive Officer said that “We are pleased to achieve this important milestone in collaboration with our partner Clearway Group and look forward to working together in the future to prudently and accretively repower other projects in the Company’s portfolio. Our commitment to invest in the repowering of these two important wind assets highlights a new area of organic growth for the Company. We are pleased to achieve this important milestone in collaboration with our partner Clearway Group and look forward to working together in the future to prudently and accretively repower other projects in the Company’s portfolio.”

Mr Craig Cornelius, Chief Executive Officer at Clearway Group said that “Repowering our wind energy assets will extend the life of these projects with modern technology that is more efficient and cost-effective than ever. We’re proud to collaborate on this important investment and continue to play a leading role in our nation’s growing clean energy economy.”

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Posted By : Ratan Singh on Mon, 24 Jun 2019
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