Clearway Energy to Acquire 613 MW Solar Portfolio for over $210 Million
Deal with Deriva Energy expected to be immediately accretive, boosting renewable energy assets and targeting a cash available for distribution (CAFD) yield over 12%.
Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) is significantly expanding its renewable energy footprint, announcing it has entered into a from Deriva Energy, LLC.
The transaction represents a major strategic move for the company, which anticipates a long-term corporate capital investment of approximately $210 million to $230 million. According to company statements, the acquisition is structured to be immediately accretive and will be funded within Clearway's existing capital allocation plans, avoiding the need for incremental equity issuances.
Financially, the deal is poised to deliver significant returns. Clearway projects the portfolio will generate a , providing an average annual asset CAFD of around $27 million beginning January 1, 2027. This financial upside comes as the company seeks to bolster investor confidence following second-quarter 2025 financial results that fell short of analyst expectations.
The portfolio consists of operational solar assets spread across eight states, with a weighted average contract life of 10 years, aligning with Clearway’s existing asset profile. A significant portion of the assets are concentrated in the desirable CAISO and PJM markets. As part of the deal, Clearway will form a 50/50 joint venture with existing partner Fengate Asset Management to operate 227 MWac of the assets located in the Western U.S.
"This acquisition leverages our core strength in solar plant operations to generate significantly accretive returns," said Craig Cornelius, President and CEO of Clearway Energy, in a statement. The move reinforces the company’s strategy of acquiring long-duration contracted assets to support its dividend growth objectives. While analyst ratings have not yet been updated to reflect this specific transaction, from market analysts, who will be closely watching the integration of these new assets. The deal is expected to close by the second quarter of 2026.