Clearway grabs bulk of 290MW Arizona PV
- US firm obtains a 35% take in Agua Caliente solar ranch raising its interest to 51%.
Clearway Energy is to obtain a 35% rate of interest in the 290MW Agua Caliente solar ranch in the US state of Arizona, raising its stake in the project to 51%.
The transaction is priced at $202m with the vendor unnamed.
Subject to customary closing problems, the business anticipates to close the transaction in the initial quarter of 2021.
It anticipates to fund the acquisition with existing liquidity and, based on market problems, brand-new corporate financings.
Agua Caliente has a 25-year power purchase arrangement with PG&E, with around 19 years continuing to be under the agreement.
Clearway will certainly consolidate the project in its economic declarations as a result of taking the majority rate of interest.
This will certainly include the project's $735m of non-recourse project debt, which is completely amortising and also matures in 2037.
Clearway Energy president Christopher Sotos claimed: "The extra interest in Agua Caliente is a fantastic addition to the Company's portfolio,.
" With this financial investment, Clearway includes added modern technology as well as capital diversification with a boost in solar ownership, improved profile general weighted typical contract period, as well as growth at appealing economics.".
