Clearway Energy to Acquire 613 MWac Solar Portfolio From Deriva, Form JV With Fengate

Overview

• The portfolio spans eight states with capacity concentrated in the CAISO and PJM markets.
• Twelve Western assets totaling 227 MWac will be held in a 50/50 cash-equity joint venture with Fengate Asset Management.
• Clearway projects a long-term corporate capital commitment of approximately $210–$230 million after asset-level financings and closing adjustments.
• The company expects the transaction to close by the second quarter of 2026, funded within its existing capital allocation framework without new equity beyond plans already in place.
• Management forecasts roughly $27 million of incremental five-year average annual asset CAFD beginning January 1, 2027, with additional upside from contract extensions and potential battery hybridization supported by a 10-year weighted-average contract life.