Monitor progress toward tax equity financing (First Phase MC Funding) and regulatory approvals, which are conditions precedent to closing. The Q4 2027 expected closing timeline provides a multi-quarter window for construction milestones and offtake contract execution with PacifiCorp.
Price Chart
Executive Summary
Clearway Energy, Inc. (CWEN) subsidiary Honeycomb 2 Purchaser LLC entered into a Membership Interest Purchase Agreement to acquire a 100% Class A interest in Honeycomb 2 TargetCo LLC from an affiliate of Clearway Energy Group LLC for a base purchase price of approximately $119 million in cash. The acquisition will give CWEN indirect ownership of three battery energy storage projects totaling ~210 MW in Utah, with closing expected in Q4 2027 subject to customary conditions and tax equity financing.
Key Financial Metrics
Key Facts
- Base purchase price of $118,653,818.49 in cash, subject to adjustment via a financial model targeting minimum NPV and minimum average 10-year CAFD yield
- Acquires three battery energy storage projects: Escalante II (80 MW/320 MWh), Escalante III (80 MW/320 MWh), and Granite Mountain West (50 MW/200 MWh) in Utah
- Closing expected in Q4 2027, with an outside date of July 30, 2028
- Transaction is structured as a drop-down from CEG (Clearway Energy Group) to CWEN, a related-party transaction
- Purchaser will own 100% of Class A units; Seller's parent (Clearway Renew LLC) retains 100% of Class C units
- Closing conditioned on tax equity financing (First Phase MC Funding) and other customary conditions
Financial Impact
~$119 million cash acquisition of three development-stage battery storage projects totaling ~210 MW
Risk Factors
- Closing delayed or fails if tax equity financing conditions are not met by July 2028 outside date
- Construction delays or cost overruns on the three battery storage projects could impact projected returns
- Related-party transaction structure may raise governance concerns among minority shareholders
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-114388 |
| Document: tm2627155d1_8k.htm | 0001104659-26-114388 |
| Document: 0001104659-26-114388-index-headers.html | 0001104659-26-114388 |
| Document: 0001104659-26-114388-index.html | 0001104659-26-114388 |
| Document: 0001104659-26-114388.txt | 0001104659-26-114388 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $30.24 | awaiting T+20 | — | $31.41 (+3.87%) |
Oct 8, 2026 18d ago | 3 | $30.19 | awaiting T+20 | — | $31.41 (+4.04%) |
Oct 7, 2026 19d ago | 8-K | $29.95 | awaiting T+20 | — | $31.41 (+4.87%) |
Sep 28, 2026 28d ago | 8-K | $29.29 | awaiting T+20 | — | $31.41 (+7.24%) |
Aug 9, 2026 11w ago | Institutional Cluster | $33.05 $33.11 | ▲ +0.18% | ▲ +1.10% | $31.41 (−4.96%) |
Aug 6, 2026 11w ago | 8-K | $32.65 $31.82 | ▼ −2.54% | ▼ −2.15% | $31.41 (−3.80%) |
May 15, 2026 23w ago | 8-K | $35.94 $38.61 | ▲ +7.44% | ▲ +5.32% | $31.41 (−12.60%) |
May 15, 2026 23w ago | Press Release | $35.94 $38.61 | ▲ +7.44% | ▲ +5.32% | $31.41 (−12.60%) |
May 7, 2026 24w ago | Press Release | $38.16 $39.74 | ▲ +4.14% | ▲ +4.12% | $31.41 (−17.69%) |
Apr 29, 2026 25w ago | Press Release | $39.90 $40.69 | ▲ +1.98% | ▼ −3.24% | $31.41 (−21.28%) |
US Market Status
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