- Published: 30 June 2022 30 June 2022
Clearway Energy has announced that it has entered into a binding agreement to acquire a portfolio of operating wind projects from Capistrano Wind Partners. The Capistrano Portfolio consists of five utility-scale wind projects representing 413 MW of capacity located in Texas, Nebraska, and Wyoming that achieved commercial operations between 2008 to 2012.
Clearway Energy will acquire the Capistrano Portfolio for, subject to closing adjustments, cash consideration of $255 million, plus the assumption of approximately $160 million of non-recourse debt.
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.