Clearway Energy Inc., a Princeton, New Jersey-based renewable energy company, is acquiring the remainder of the ownership in seven utility-scale solar farms in Utah. The company has had 50 percent interest in the installations and is now acquiring the remaining half from previous partners. The announced purchase price totals $335 million.
The Utah Solar Portfolio consists of solar generating farms throughout Utah with a total capacity of 530 megawatts. The farms have been in commercial operation since 2016. The assets within the portfolio sell power subject to 20-year power purchase agreements with PacifiCorp that have approximately 15 years remaining on the contracts.
“The acquisition of the remaining 50 percent interest in the Utah Solar Portfolio will continue the company’s successful track record of executing on third-party transactions to meet our long-term growth objectives,” said Christopher Sotos, Clearway Energy president and CEO. “With this transaction, Clearway will invest in new growth at attractive economics, increase its long-term contracted cash flow from utility-scale solar and further diversify its portfolio on a regional basis.”
Clearway expects the purchase transactions to close during the fourth quarter of this year.
Clearway Energy is one of the largest renewable energy owners in the U.S., with over 4,700 net megawatts of installed wind and solar generation projects. The company also operates about 2,500 megawatts of highly efficient natural gas generation facilities as well as a portfolio of district energy distribution systems.