Clearway Completes Cedro Hill Wind Farm Repowering
Deal News | Feb 24, 2025 | Orrick
Clearway Energy has successfully completed the repowering of its Cedro Hill wind farm in Webb County, Texas, expanding its capacity to 160 megawatts. The project, which represents a $269 million investment, will generate enough electricity to power approximately 40,000 homes annually and extend local property taxes and landowner payments by $27 million over its lifespan. Law firm Orrick advised Clearway on the debt and tax equity financings supporting this endeavor. Financing was provided by a consortium of banks including DNB Markets and Canadian Imperial Bank of Commerce. This initiative is part of Clearway's ongoing efforts to upgrade and improve its clean energy assets, including the replacement of turbine components and ensuring environmentally friendly disposal of old materials. Clearway Energy's expansive portfolio covers 11.7 gigawatts of generating capacity, which contributes significantly to grid reliability across 26 states in the U.S.
Sectors
- Renewable Energy
- Financial Services
Geography
- United States – The article is centered around Clearway Energy's operations, a major clean energy asset owner in the United States.
- Texas – The repowering project took place in Webb County, Texas, highlighting the geographical significance of the wind farm's upgrade.
Industry
- Renewable Energy – The article focuses on the repowering of a wind farm, part of the Renewable Energy sector aiming to increase clean energy production.
- Financial Services – The financing aspect of the wind farm repowering involves a consortium of banks providing debt and tax equity financing.
Financials
- $269 million – Investment amount used for the repowering of the Cedro Hill wind farm.
- $27 million – Projected extension of landowner payments and property taxes in Webb County over the project's lifespan.
- 160 MW – New capacity of the Cedro Hill wind farm following the repowering.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Clearway Energy | Target | Company | One of the largest clean energy asset owners in the U.S., overseeing the Cedro Hill wind farm project. |
| Orrick | Legal Advisor | Company | Legal advisor for Clearway Energy on the debt and tax equity financings for the Cedro Hill wind farm repowering. |
| DNB Markets | Debt Financing Provider | Company | Part of the banking consortium providing debt financing for the repowering project. |
| Canadian Imperial Bank of Commerce (New York Branch) | Debt Financing Provider | Company | Part of the banking consortium providing debt financing for the repowering project. |
| National Australia Bank Limited | Debt Financing Provider | Company | Part of the banking consortium providing debt financing for the repowering project. |
| Deutsche Zentral-Genossenschaftsbank (New York Branch) | Debt Financing Provider | Company | Part of the banking consortium providing debt financing for the repowering project. |
| John Martinez | Senior Vice President of Operations | People | An executive at Clearway Energy who commented on the completion of the repowering project. |