Hannon Armstrong Invests in 1.6 GW Renewable Energy Portfolio Developed and also Managed by Clearway Energy Group

Dec 23, 2020 03:21 PM ET
  • Hannon Armstrong Sustainable Infrastructure Capital, Inc. (" Hannon Armstrong") (NYSE: HASI), a prominent financier in environment services, today introduced a favored equity investment in an approximately 1.6 gigawatt (GW) onshore wind and also utility-scale solar portfolio established and also handled by Clearway Energy Group, one of the largest developers and also operators of tidy power in the United States with a pipe of 9 GW of renewable energy through 2022.

The large, diversified, and extremely contracted renewables portfolio consists of 874 megawatts (MW) of onshore wind, 192 MW of utility-scale solar, and also 557 MW of utility-scale solar with 395 MW of co-located storage (seven projects in total amount) located in four states: California, Hawaii, Texas, and also West Virginia. The partnership integrates Hannon Armstrong's proficiency in offering long-term financial investment for climate services with the first-rate development and possession owner-operator experience of Clearway Energy Group.

" We are pleased to increase our connection with Clearway Energy Group through a recommended equity financial investment in this portfolio of renewable possessions," claimed Hannon Armstrong Chairman and CEO Jeffrey W. Eckel. "Clearway's goal to accelerate the globe's transformation to a clean energy future is aligned with our objective as a climate-positive financier. These properties will certainly be a contribution to our portfolio, supplying boosted range and also variety to our business and sustaining ongoing development in persisting Net Investment Income," included Eckel.

" We are enjoyed companion with Hannon Armstrong on such an impactful portfolio transaction," stated Craig Cornelius, Chief Executive Officer at Clearway Energy Group, LLC. "This geographically varied portfolio of wind, solar, and also energy storage projects stands for the financial possibility of renewable energy in every corner of this country. Taken together, greater than 2,500 American jobs will be created to develop and also run these tidy power properties, which will certainly go on to provide clean low-cost power to hundreds of thousands of homes and also services throughout the United States. This agreement with our investment partners will certainly be pivotal in Clearway's proceeded ability to provide tidy power at the range our nation demands while aiding to provide on financiers' expanding passion in climate modification remedies."

In accordance with the terms of the investment, which reached economic close on December 21, 2020, Hannon Armstrong will certainly hold a favored equity interest in a number of holding business having the cash money equity interests in individual portfolio operating projects and also will take part in the capital from such projects. Hannon Armstrong has funded approximately $200 numerous its investment to day and anticipates moneying the remaining part in 2021 and 2022. Once totally funded, Hannon Armstrong's total financial investment in the portfolio will certainly be roughly $663 million.

The staying ownership of cash equity interests in the holding business will certainly be held by Clearway Energy, Inc. (NYSE: CWEN, CWEN.A), an openly traded affiliate of Clearway Energy Group concentrated on ownership of modern-day, lasting, as well as lasting contracted possessions throughout North America. Clearway Energy Group will continue to handle the assets as well as supply operations and also upkeep services.


  • The portfolio consists of 3 wind, one solar, and also three solar-plus-storage projects standing for about 1.6 GW of renewable resource generation as well as 395 MW of storage capability, consisting of:
    • Daggett Solar: a 482 MW utility-scale solar project with 320 MW of co-located storage space located in San Bernardino County, California.
    • Mesquite Star: a 419 MW wind project located in Fisher and also Nolan County, Texas.
    • Mesquite Sky: a 345 MW wind project found in Callahan County, Texas.
    • Rosamond Central: a 192 MW utility-scale solar project located in Kern County, California.
    • Black Rock: a 110 MW wind project in Mineral and Grant County, West Virginia.
    • Waiawa and also Mililani: a 36 MW utility-scale solar project as well as a 39 MW utility-scale solar project with a mixed 75 MW of co-located storage located in Oahu, Hawaii.
  • With a weighted ordinary contract life of greater than 14 years, the portfolio's cash flows are contracted with a varied group of predominately investment-grade company, utility, college, and also municipal offtakers.
  • With a CarbonCount ® score of 1.06 metric tons of co2 equivalent (CO2e) decreased yearly per $1,000 invested, Hannon Armstrong's financial investment will certainly prevent an approximated 703,000 metric lots of CO2e every year, equal to the CO2e emissions from the yearly electrical energy intake of around 119,000 U.S. residences.

Solar Installers, Manufacturers