Clearway Energy, Inc. Signs Binding Agreement to Acquire Solar Portfolio
Clearway Energy (NYSE: CWEN) entered a binding agreement to acquire a 613 MWac operational solar portfolio from Deriva Energy, spanning eight states and concentrated in CAISO and PJM, the PR states. The company will co-invest equity on 227 MWac (12 Western US assets) via a 50/50 joint venture with Fengate. After estimated closing adjustments and asset-level financings, Clearway expects $210–230 million of long-term corporate capital investment. The PR states the deal is expected to close by Q2 2026, to be immediately accretive with a 5‑year annual CAFD yield >12% and incremental five‑year average annual asset CAFD of ~$27 million starting Jan 1, 2027. The company says funding will follow its previously disclosed capital allocation framework.
Clearway Energy (NYSE: CWEN) ha stipulato un accordo vincolante per acquisire un portafoglio solare operativo di 613 MWac da Deriva Energy, che si estende in otto stati e si concentra in CAISO e PJM, come riportato nel comunicato. La società co-investirà equity su 227 MWac (12 asset nel West) tramite una joint venture 50/50 con Fengate. Dopo aggiustamenti di chiusura stimati e refinanziamenti a livello di asset, Clearway prevede un investimento di capitale aziendale a lungo termine tra 210 e 230 milioni di dollari. Il comunicato indica che l’accordo dovrebbe chiudersi entro il secondo trimestre del 2026, risultando immediatamente accrescitivo con un rendimento CAFD annuo a 5 anni >12% e un CAFd annuo medio per asset nei cinque anni precedenti di circa 27 milioni di dollari a partire dal 1 gennaio 2027. L’azienda afferma che il finanziamento seguirà il proprio framework di allocazione del capitale già divulgato.
Clearway Energy (NYSE: CWEN) anunció un acuerdo vinculante para adquirir una cartera solar operativa de 613 MWac de Deriva Energy, que abarca ocho estados y se concentra en CAISO y PJM, según el comunicado. La empresa co-invertirá capital en 227 MWac (12 activos en el Oeste de EE. UU.) a través de una empresa conjunta 50/50 con Fengate. Después de los ajustes de cierre estimados y las financiaciones a nivel de activo, Clearway espera una inversión de capital corporativo a largo plazo de entre 210 y 230 millones de dólares. El comunicado indica que el cierre se espera para el segundo trimestre de 2026, con un efecto inmediato de acreción y un rendimiento CAFD anual a 5 años superior al 12% y un CAFD anual medio a nivel de activo de los últimos cinco años de aproximadamente 27 millones de dólares a partir del 1 de enero de 2027. La compañía afirma que la financiación seguirá su marco de asignación de capital ya divulgado.
Clearway Energy (NYSE: CWEN)는 Deriva Energy로부터 613 MWac의 운영 태양광 포트폴리오를 인수하기로 하는 바인딩 계약을 체결했고, 이는 8개 주에 걸쳐 있으며 CAISO 및 PJM에 집중되어 있다고 보도자료에 명시되어 있습니다. 이 회사는 Fengate와의 50/50 합작투자를 통해 227 MWac (서부 12개 자산)에 대해 공동으로 자본투자합니다. 예상 종결 조정 및 자산별 금융조정을 거친 후 Clearway는 장기 기업자본 투자 총액으로 2억1000만~2억3000만 달러를 기대합니다. 보도자료에 따르면 거래는 2026년 2분기에 마감될 것으로 예상되며 즉시 상승효과가 발생하고 5년간 연간 CAFD 수익률 > 12%이며 최근 5년 간 자산별 평균 CAFD가 약 2700만 달러가 2027년 1월 1일부터 시작합니다. 자금 조달은 이미 공개된 자본 배분 프레임워크를 따를 것이라고 회사는 말합니다.
Clearway Energy (NYSE: CWEN) a conclu un accord binding pour acquérir un portefeuille solaire opérationnel de 613 MWac appartenant à Deriva Energy, couvrant huit États et concentré dans CAISO et PJM, selon le communiqué. L’entreprise investira en co-financement sur 227 MWac (12 actifs dans l’Ouest des États-Unis) via une coentreprise 50/50 avec Fengate. Après les ajustements de clôture estimés et les financements au niveau des actifs, Clearway prévoit un investissement en capital d’entreprise à long terme compris entre 210 et 230 millions de dollars. Le communiqué indique que la transaction devrait être clôturée d’ici le deuxième trimestre 2026, avec un effet d’accrétion immédiat et un rendement CAFD annuel sur 5 ans > 12%, et un CAFD annuel moyen par actif sur les cinq dernières années d’environ 27 millions de dollars à partir du 1er janvier 2027. La société affirme que le financement suivra le cadre de répartition du capital déjà divulgué.
Clearway Energy (NYSE: CWEN) hat eine bindende Vereinbarung zur Übernahme eines betriebenen Solarpotenzials von 613 MWac von Deriva Energy unterzeichnet, das sich über acht Bundesstaaten erstreckt und in CAISO und PJM konzentriert ist, wie in der Pressemitteilung angegeben. Das Unternehmen wird 227 MWac (12 Anlagen im Westen der USA) via ein 50/50-Joint-Venture mit Fengate gemeinsam finanzieren. Nach geschätzten Abschlussanpassungen und asset-spezifischen Finanzierungen rechnet Clearway mit langfristigen Unternehmenskapitalinvestitionen in Höhe von 210 bis 230 Millionen US-Dollar. In der Pressemitteilung wird erwartet, dass die Transaktion bis zum zweiten Quartal 2026 abgeschlossen wird, mit einer sofortigen Erwerbsakzeleration und einer 5-Jahres-CAFD-Rendite > 12% sowie einem durchschnittlichen jährlichen CAFD pro Asset der letzten fünf Jahre von ca. 27 Millionen US-Dollar ab dem 1. Januar 2027. Das Unternehmen sagt, die Finanzierung werde dem zuvor offengelegten Kapitalallokationsrahmen folgen.
Clearway Energy (NYSE: CWEN) دخلت في اتفاق ملزم لشراء محفظة سولار تشغيلية بقدرة 613 MWac من Deriva Energy، تمتد عبر ثماني ولايات ومتركزة في CAISO و PJM، كما ورد في البيان الصحفي. ستشارك الشركة في استثمار رأس مال مع Fengate في 227 MWac (12 أصل في الغرب الأمريكي) عبر مشروع مشترك 50/50. بعد التعديلات على الإغلاق المتوقع وتسهيلات التمويل على مستوى الأصول، تتوقع Clearway استثمار رأس مال شركي طويل الأجل يتراوح بين 210 و 230 مليون دولار. ويذكر البيان أن الصفقة من المتوقع أن تُغلق بحلول الربع الثاني من 2026، مع أثر اكتساب فوري وعائد CAFD سنوي لمدة خمس سنوات يتجاوز 12%، ومتوسط CAFD سنوي لكل أصل خلال آخر خمس سنوات يقارب 27 مليون دولار اعتباراً من 1 يناير 2027. وتقول الشركة إن التمويل سيتبع إطار تخصيص رأس المال الذي تم الكشف عنه سابقاً.
Clearway Energy (NYSE: CWEN) 已签署具有约束力的协议，拟从 Deriva Energy 收购一个613 MWac 的运营太阳能组合，覆盖八个州，集中在 CAISO 与 PJM，据新闻稿所述。公司将通过与 Fengate 的50/50 合资在 227 MWac（西部美国12个资产）上共同投资。经过预计的交割调整和资产层面的融资后，Clearway 预计长期企业资本投资为 2.1亿美元至 2.3亿美元。新闻稿称交易预计在 2026 年第二季度完成，立即带来增益，五年期年化 CAFD 收益率高于 12%，并且自 2027 年 1 月 1 日起，五年期内每个资产的平均年度 CAFD 约为 2700 万美元。公司表示资金将遵循其先前披露的资本配置框架。
- 613 MWac solar portfolio acquisition announced
- 227 MWac co-investment via 50/50 JV with Fengate
- $210–230M expected long-term corporate capital investment
- >12% expected 5-year annual CAFD yield
- $27M incremental five-year average annual asset CAFD starting 1/1/2027
- Targeted close by Q2 2026
- Acquisition funding depends on asset-level financings and closing adjustments
- Significant $210–230M corporate capital deployment could pressure near-term liquidity
- Portfolio weighted average contract life of 10 years limits long-term contracted visibility
Insights
Clearway to buy a 613 MWac solar portfolio; company says the deal is immediately accretive and adds ~$27 million annual CAFD starting 2027.
The article states Clearway Energy agreed to acquire a 613 MWac operational solar portfolio from Deriva Energy, LLC, concentrated in CAISO and PJM, with a weighted average contract life of 10 years. It discloses a planned total corporate capital investment of
Why it matters: the company explicitly calls the acquisition "immediately accretive" and forecasts a >
Monitorable item: the company expects the transaction to close by Q2 2026, which is the next concrete milestone disclosed in the release.
PRINCETON, N.J., Oct. 06, 2025 (GLOBE NEWSWIRE) -- Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) (“Company”) today announced that it has entered into a binding agreement to acquire a 613 MWac operational solar portfolio from Deriva Energy, LLC.
The portfolio spans eight states with capacity and value concentrated in the CAISO and PJM markets, affording Clearway the opportunity to leverage its complementary operating strength in those markets. For 12 assets in the portfolio located in the Western US and comprising of 227 MWac, Clearway will co-invest cash equity interests in a 50/50 joint venture with Fengate Asset Management, whom the Company has an existing relationship with as an investment partner at an operational wind facility. The overall portfolio’s weighted average contract life of 10 years is in line with Clearway’s existing fleet and provides opportunities for Clearway to extend and enhance value through contract extensions and battery hybridization in markets where it has a demonstrated track record of success in asset value enhancement.
After factoring in estimated closing adjustments and proceeds from asset-level financings, including the third-party cash equity investor in a subset of the portfolio, the Company expects its total long-term corporate capital investment in the portfolio to be approximately
The transaction is expected to close by the second quarter of 2026. The Company expects to fund the acquisition within its previously disclosed capital allocation framework. The Company has the flexibility to not require incremental equity issuances beyond those already planned in order to fund the acquisition, based on its capital available for allocation net of currently committed growth capital investments.
“We are pleased to announce our execution of a next value-enhanced third-party acquisition, further demonstrating our ability to drive growth in CAFD per share through multiple redundant growth pathways,” said Craig Cornelius, Clearway Energy, Inc.’s President and Chief Executive Officer. “This acquisition leverages our core strength in solar plant operations to generate significantly accretive returns, applying economies of scale from both our distributed and utility scale solar fleets. Further deepening our presence in the CAISO and PJM markets, the acquisition also gives us the opportunity to create upside value in the next decade by applying our proven playbook for battery hybridization and contract extensions in those same markets. This acquisition also puts us in the position to cast our sights towards delivering at the top end or better of our 2027 CAFD per share target range of
About Clearway Energy, Inc.
Clearway Energy, Inc. is one of the largest owners of clean energy generation assets in the US and is leading the transition to a world powered by clean energy. Our portfolio comprises approximately 12 GW of gross capacity in 27 states, including 9.2 GW of wind, solar, and energy storage and over 2.8 GW of dispatchable power generation providing critical grid reliability services. Through our diversified and primarily contracted clean energy portfolio, Clearway Energy endeavors to provide our investors with stable and growing dividend income. Clearway Energy, Inc.’s Class C and Class A common stock are traded on the New York Stock Exchange under the symbols CWEN and CWEN.A, respectively. Clearway Energy, Inc. is sponsored by our controlling investor, Clearway Energy Group LLC. For more information, visit investor.clearwayenergy.com.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as “expect,” “estimate,” "target," “anticipate,” “forecast,” “plan,” “outlook,” “believe” and similar terms. Such forward-looking statements include, but are not limited to, statements regarding, Clearway Energy, Inc.’s (the “Company’s”) dividend expectations and its operations, its facilities and its financial results, statements regarding the likelihood, terms, timing and/or consummation of the transactions described above, the potential benefits, opportunities, and results with respect to the transactions, including the Company’s future relationship and arrangements with Global Infrastructure Partners, TotalEnergies, and Clearway Energy Group (collectively and together with their affiliates, “Related Persons”), as well as the Company's Net Income, Adjusted EBITDA, Cash from Operating Activities, Cash Available for Distribution, the Company’s future revenues, income, indebtedness, capital structure, strategy, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.
Although the Company believes that the expectations are reasonable at this time, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, the Company's ability to maintain and grow its quarterly dividend, impacts related to COVID-19 (including any variant of the virus) or any other pandemic, risks relating to the Company's relationships with its sponsors, the failure to identify, execute or successfully implement acquisitions or dispositions (including receipt of third party consents and regulatory approvals), risks related to hazards customary in the power industry, weather conditions, including wind and solar performance, the Company’s ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations, the willingness and ability of counterparties to the Company’s offtake agreements to fulfill their obligations under such agreements, the Company's ability to enter into new contracts as existing contracts expire, changes in government regulations, operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of the Company and its subsidiaries, and cyber terrorism and inadequate cybersecurity. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations.
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Cash Available for Distribution are estimates as of today’s date and are based on assumptions believed to be reasonable as of this date. The Company expressly disclaims any current intention to update such guidance. The foregoing review of factors that could cause the Company's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect the Company's future results included in the Company's filings with the Securities and Exchange Commission at www.sec.gov. In addition, the Company makes available free of charge at www.clearwayenergy.com, copies of materials it files with, or furnishes to, the Securities and Exchange Commission.
Contacts:
| Investors: | Media: |
| Akil Marsh | Zadie Oleksiw |
| investor.relations@clearwayenergy.com | media@clearwayenergy.com |
| 609-608-1500 | 202-836-5754 |
Appendix Table A-1: Adjusted EBITDA and Cash Available for Distribution Reconciliation
The following table summarizes the calculation of Estimated Cash Available for Distribution and provides a reconciliation to Net Income/(Loss):
| ($ in millions) | 5-Year Average 2027 - 2031 | |||
| Net Income | $ | 6 | ||
| Interest Expense, net | 15 | |||
| Depreciation, Amortization, and ARO Expense | 55 | |||
| Adjusted EBITDA | 76 | |||
| Cash interest paid | (15 | ) | ||
| Cash from Operating Activities | 61 | |||
| Maintenance Capex | (2 | ) | ||
| Principal amortization of indebtedness | (32 | ) | ||
| Estimated Cash Available for Distribution | $ | 27 | ||
Non-GAAP Financial Information
EBITDA and Adjusted EBITDA
EBITDA, Adjusted EBITDA, and Cash Available for Distribution (CAFD) are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The presentation of non-GAAP financial measures should not be construed as an inference that Clearway Energy’s future results will be unaffected by unusual or non-recurring items.
EBITDA represents net income before interest (including loss on debt extinguishment), taxes, depreciation and amortization. EBITDA is presented because Clearway Energy considers it an important supplemental measure of its performance and believes debt and equity holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:
- EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;
- EBITDA does not reflect changes in, or cash requirements for, working capital needs;
- EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
- Other companies in this industry may calculate EBITDA differently than Clearway Energy does, limiting its usefulness as a comparative measure.
Because of these limitations, EBITDA should not be considered as a measure of discretionary cash available to use to invest in the growth of Clearway Energy’s business. Clearway Energy compensates for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA only supplementally. See the statements of cash flow included in the financial statements that are a part of this news release.
Adjusted EBITDA is presented as a further supplemental measure of operating performance. Adjusted EBITDA represents EBITDA adjusted for mark-to-market gains or losses, non-cash equity compensation expense, asset write offs and impairments; and factors which we do not consider indicative of future operating performance such as transition and integration related costs. The reader is encouraged to evaluate each adjustment and the reasons Clearway Energy considers it appropriate for supplemental analysis. As an analytical tool, Adjusted EBITDA is subject to all of the limitations applicable to EBITDA. In addition, in evaluating Adjusted EBITDA, the reader should be aware that in the future Clearway Energy may incur expenses similar to the adjustments in this news release.
Management believes Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. This measure is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.
Additionally, Management believes that investors commonly adjust EBITDA information to eliminate the effect of restructuring and other expenses, which vary widely from company to company and impair comparability. As we define it, Adjusted EBITDA represents EBITDA adjusted for the effects of impairment losses, gains or losses on sales, non-cash equity compensation expense, dispositions or retirements of assets, any mark-to-market gains or losses from accounting for derivatives, adjustments to exclude gains or losses on the repurchase, modification or extinguishment of debt, and any extraordinary, unusual or non-recurring items plus adjustments to reflect the Adjusted EBITDA from our unconsolidated investments. We adjust for these items in our Adjusted EBITDA as our management believes that these items would distort their ability to efficiently view and assess our core operating trends.
In summary, our management uses Adjusted EBITDA as a measure of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends, as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations, and in communications with our Board of Directors, shareholders, creditors, analysts and investors concerning our financial performance.
Cash Available for Distribution
A non-GAAP measure, Cash Available for Distribution is defined as of September 30, 2024 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments, and adjusted for development expenses. Management believes CAFD is a relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors.
We believe CAFD is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD is used by our management team for determining future acquisitions and managing our growth. The GAAP measure most directly comparable to CAFD is cash provided by operating activities.
However, CAFD has limitations as an analytical tool because it does not include changes in operating assets and liabilities and excludes the effect of certain other cash flow items, all of which could have a material effect on our financial condition and results from operations. CAFD is a non-GAAP measure and should not be considered an alternative to cash provided by operating activities or any other performance or liquidity measure determined in accordance with GAAP, nor is it indicative of funds available to fund our cash needs. In addition, our calculations of CAFD are not necessarily comparable to CAFD as calculated by other companies. Investors should not rely on these measures as a substitute for any GAAP measure, including cash provided by operating activities.
FAQ
What exactly is Clearway (CWEN) buying in the October 6, 2025 announcement?
How much will Clearway (CWEN) invest to acquire the 613 MWac portfolio?
What accretion and cash return does Clearway (CWEN) expect from the acquisition?
Will Clearway (CWEN) form any joint ventures for the purchased assets?
When will the Clearway (CWEN) acquisition of the Deriva portfolio close?
How will Clearway (CWEN) fund the acquisition announced on October 6, 2025?
