"One of the largest renewable energy owners in the (United States)" has announced it will spend $353 million to take complete ownership of seven utility-scale solar farms located in Utah.
According to a company news release, Clearway Energy (NYSE: CWEN, CWEN.A) plans to spend over $350 million to acquire the 50% of the Utah Solar Portfolio it does not currently own.
Clearway's Utah Solar Portfolio is comprised of seven separate solar farms that, in combination, represent 530 MegaWatts (MW) of energy-producing capacity for the Princeton, New Jersey-based company.
The seven "solar farms" in question are
- Enterprise Solar (near Logan, Utah);
- Escalante Solar I (near Price, Utah);
- Escalante Solar II (near Delta, Utah);
- Escalante Solar III (near Milford, Utah);
- Granite Mountain W (near Iron Springs, Utah);
- Granite Mountain E (near Iron Springs); and
- Iron Springs (near Iron Springs).
According to the company, each of these solar farms has the ability to produce 20-100MW of energy.
In addition, Clearway also owns a utility-scale wind farm in Spanish Fork, Utah that can generate 1-20MW of energy.
Clearway's ownership stake in the Utah Solar Portfolio dates back to at least March 2017.
As noted on the company's website, Clearway owns or manages/maintains over 10.1 GigaWatts (GW) of renewable energy facilities worldwide, specifically
- 1.3GW of solar,
- 3.5GW of wind,
- 320MW of community solar and distributed solar, plus
- 5GW of O&M (owned/maintained) and/or Asset Management Services.
As is customary with larger transactions, the acquisition is slated to judicial and regulatory review, but is expected to close by the end of 2021.