Clearway Energy Acquires Capistrano Wind Portfolio With 413 MW Capacity

Clearway Energy Inc CWEN has agreed to acquire a portfolio of operating wind projects from Capistrano Wind Partners, LLC for $255 million in cash, plus the assumption of ~$160 million of non-recourse debt.
The Capistrano Portfolio consists of five utility-scale wind projects representing 413 MW capacity in Texas, Nebraska, and Wyoming.
The operations, maintenance, and asset management of these projects have been and will continue to be provided by subsidiaries of the company's sponsor, Clearway Group.
The company has also entered into a Development Agreement, whereby Clearway Group will pay $10 million to the company to fund the acquisition partially.
The company expects its total long-term corporate capital commitment to acquire the Capistrano Portfolio to be ~$110 million - $130 million, which will be funded with its cash on hand.
Clearway Energy held cash and equivalents of $466 million as of March 31, 2022.
The company expects the transaction to close in the second half of 2022.
Price Action: CWEN shares are trading lower by 0.59% at $35.47 on the last check Tuesday.