Clearway Energy has agreed to acquire the remaining 50 percent equity interest in the Utah Solar Portfolio, bringing its total ownership to 100 percent.
Clearway paid $335 million for the remaining stake in the portfolio, which consists of seven utility-scale solar farms located in Utah representing 530 megawatts of capacity. The company will finance the acquisition in part with new nonrecourse project-level debt of between $210 million to $240 million, resulting in an expected net corporate capital commitment of $95 million to $125 million.
The assets within the portfolio have 20-year power-purchase agreements — with 15 years remaining — in place with PacifiCorp.
“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,” said Christopher Sotos, president and CEO of Clearway Energy.
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