Princeton-based Clearway Energy Inc. said Tuesday that, through indirect subsidiaries of the company, it entered into binding agreements related to a drop-down offer from Clearway Group (CEG) to acquire and invest in a portfolio of renewable energy projects.
Per the agreement, Clearway Energy — on closure of the acquisition — will invest $241 million, subject to closing adjustments. The wind projects are expected to begin commercial operations by the end of 2020. Clearway Energy expects to fund the transactions with the existing corporate liquidity.
One of the wind assets, Rattlesnake Wind Project has a 20-year power purchase agreement with Avista Corporation AVA and another asset, Pinnacle Wind Project has power purchase agreements that run through 2031.