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Released August 18, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--U.S. clean-energy project developer and operator Clearway Energy (NYSE:CWEN) (Princeton, New Jersey) said Wednesday it has secured $821.5 million worth of financing to advance its portfolio. Industrial Info is tracking more than $6 billion worth of active projects involving Clearway's services, including $1.4 billion that fall within Industrial Info's assessment of having a high or medium probability (70% or more) of moving forward as planned.
The funding includes a $300 million revolving line of credit, a $171.5 million loan and a $350 million letter of credit facility, the latter of which is a contract where the lender guarantees payment after receiving certain documents.
"This financing positions Clearway well to advance our development pipeline of more than 30 gigawatts and to expand upon our strong track record of delivering solar, wind and battery storage projects," said Max Gardner, treasurer and vice president of corporate finance, in a press release.
Earlier this month, Clearway said it completed financing for the 160-megawatt (MW) Cedar Creek Wind Project in Bingham County, Idaho, which it acquired in May for $107 million in cash, according to the company's second-quarter earnings press release. Site preparation is underway, and commercial operations are expected to begin in 2024. The project features a 25-year power purchase agreement (PPA) to supply PacifiCorp (Portland, Oregon), a unit of Berkshire Hathaway Incorporated (NYSE:BRK.A) (Omaha, Nebraska).
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here to read a detailed project report.
Also under construction are two major solar power-plus-storage projects. The Victory Pass and Arica solar and battery-energy storage system (BESS) projects in Riverside, California are expected to generate 200 and 265 MW, respectively, from single-axis photovoltaic (PV) tracking panels. The projects, which are set to wrap up in the fourth quarter, include energy-storage systems that utilize lithium-ion battery storage containers. Subscribers can read reports on the Victory Pass solar and BESS projects, and the Arica solar and BESS projects.
Meanwhile, underway in West Texas is Clearway's Texas Solar Nova Plant, for which M.A. Mortenson Company (Minneapolis, Minnesota) is providing engineering, procurement and construction (EPC) services. The two-phase project, which is expected to wrap up in April 2024, will utilize solar modules from First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona) on a single-axis tracking system to provide a combined 450 MW of solar generation. Subscribers can read reports on the first and second phases.
Clearway saw capital expenditures of $109 million in first-half 2023, up from $81 million in the same period in 2022, according to its most recent earnings report.
The company reported net income of $84 million in second-quarter 2023, down significantly from $1.1 billion year over year; $44 million for the first half of the year was down from about $1 billion in first-half 2022. In a related press release, Chief Executive Officer Christopher Soros said, "historically low wind production" and "weaker renewable resource" affected the second-quarter financial results.
Subscribers to Industrial Info's GMI project and plant databases can click here for a full list of detailed reports for projects mentioned in this article and here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from Clearway.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
The funding includes a $300 million revolving line of credit, a $171.5 million loan and a $350 million letter of credit facility, the latter of which is a contract where the lender guarantees payment after receiving certain documents.
"This financing positions Clearway well to advance our development pipeline of more than 30 gigawatts and to expand upon our strong track record of delivering solar, wind and battery storage projects," said Max Gardner, treasurer and vice president of corporate finance, in a press release.
Earlier this month, Clearway said it completed financing for the 160-megawatt (MW) Cedar Creek Wind Project in Bingham County, Idaho, which it acquired in May for $107 million in cash, according to the company's second-quarter earnings press release. Site preparation is underway, and commercial operations are expected to begin in 2024. The project features a 25-year power purchase agreement (PPA) to supply PacifiCorp (Portland, Oregon), a unit of Berkshire Hathaway Incorporated (NYSE:BRK.A) (Omaha, Nebraska).
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here to read a detailed project report.
Also under construction are two major solar power-plus-storage projects. The Victory Pass and Arica solar and battery-energy storage system (BESS) projects in Riverside, California are expected to generate 200 and 265 MW, respectively, from single-axis photovoltaic (PV) tracking panels. The projects, which are set to wrap up in the fourth quarter, include energy-storage systems that utilize lithium-ion battery storage containers. Subscribers can read reports on the Victory Pass solar and BESS projects, and the Arica solar and BESS projects.
Meanwhile, underway in West Texas is Clearway's Texas Solar Nova Plant, for which M.A. Mortenson Company (Minneapolis, Minnesota) is providing engineering, procurement and construction (EPC) services. The two-phase project, which is expected to wrap up in April 2024, will utilize solar modules from First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona) on a single-axis tracking system to provide a combined 450 MW of solar generation. Subscribers can read reports on the first and second phases.
Clearway saw capital expenditures of $109 million in first-half 2023, up from $81 million in the same period in 2022, according to its most recent earnings report.
The company reported net income of $84 million in second-quarter 2023, down significantly from $1.1 billion year over year; $44 million for the first half of the year was down from about $1 billion in first-half 2022. In a related press release, Chief Executive Officer Christopher Soros said, "historically low wind production" and "weaker renewable resource" affected the second-quarter financial results.
Subscribers to Industrial Info's GMI project and plant databases can click here for a full list of detailed reports for projects mentioned in this article and here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from Clearway.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
