Clearway Energy Group will buy 4.7 GW of utility scale project pipeline from SunPower that’s spread across 16 states in the United States. Pictured is SunPower’s California Valley Solar Ranch. (Photo Credit: SunPower Corporation)
- Clearway Energy Group, created after NRG Energy sold its renewables business to Global Infrastructure Partners, has started operations in the US
- It has acquired around 4.7 GW of utility scale solar power project pipeline from SunPower
- Acquisition for majority of the projects has been completed, the remaining capacity will be acquired by Clearway within next two months
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With its official launch in the US on August 31, 2018, Clearway Energy Group announced acquiring some 4.7 GW of development pipeline of utility scale solar power projects from SunPower, which has changed its business strategy away from utility scale business development (see SunPower To Focus On Distributed Solar).
The majority of the SunPower projects out of 4.7 GW completed acquisition proceedings and the remaining are expected to close within two months. All these projects are spread across 16 US states. Financial terms of the deal were not disclosed.
The San Francisco headquartered company will focus on renewable energy generation and distribution. It was formed with the completion of the sale of NRG Energy, Inc.’s renewables platform and NRG’s controlling interest in NRG Yield, Inc., to independent infrastructure investor, Global Infrastructure Partners (GIP).
Clearway’s operating assets include 2.8 GW of wind, 1.1 GW of utility solar, and more than 300 MW of distributed and community solar. It owns 8.9 GW pipeline of renewable energy projects in development and provides operations and maintenance and asset management services to 4.1 GW of renewable operating assets.