Clearway Energy Acquires 137 MW Tuolumne Wind Project
Deal News | Nov 25, 2024 | Globenewswire
Clearway Energy Inc. has announced a binding agreement to acquire the Tuolumne Wind Project, a 137 MW operational wind facility located in Klickitat County, Washington. This acquisition extends Clearway’s holdings in the Western United States and continues its push for clean energy dominance. The project, originally launched in 2009 and serving under a new Power Purchase Agreement (PPA) with Turlock Irrigation District, represents a strategic investment in sustainable power. With a projected cost of $70-75 million, the acquisition will be financed through Clearway's existing liquidity, supported by new, non-recourse debt financing. The move is expected to augment Clearway's annual cash available for distribution by $9 million, beginning in January 2026. Clearway, a major player in renewable energy, pursues long-term financial goals while seeking operational and financial growth through acquisitions and efficient capital management.
Sectors
- Renewable Energy
- Financial Services
Geography
- United States – Clearway Energy is acquiring a wind project located in Washington, USA, and the company is a significant player in the US renewable energy sector.
Industry
- Renewable Energy – The article discusses the acquisition of a wind power project, which falls under the renewable energy industry.
- Financial Services – The transaction involves financial commitments and considerations such as debt financing and capital management.
Financials
- $70-75 million – Estimated total long-term corporate capital commitment to acquire the Tuolumne Wind Project.
- $9 million – Incremental annual levered asset Cash Available for Distribution expected from the acquisition, on a five-year average basis.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Clearway Energy, Inc. | Bidding Company | Company | One of the largest owners of clean energy generation assets in the US. |
| Turlock Irrigation District | Selling Company | Company | An investment-grade regulated entity providing a new PPA for the Tuolumne Wind Project. |
| Tuolumne Wind Project | Target Company | Company | A 137 MW operational wind project in Klickitat County, WA to be acquired by Clearway Energy. |
| Craig Cornelius | President and CEO | Person | President and CEO of Clearway Energy, who commented on the company's acquisition and strategic direction. |