Monitor progress on tax equity financing and regulatory approvals as key milestones toward the expected Q3 2028 closing. The project's PPA with Google Energy LLC provides contracted revenue visibility, but the long timeline to close limits near-term stock impact.
Price Chart
Executive Summary
Clearway Energy, Inc. (CWEN) entered into a Membership Interest Purchase Agreement to acquire a 650 MWac solar photovoltaic facility in Missouri from an affiliate of Clearway Energy Group LLC for a base purchase price of approximately $230 million in cash. The transaction is expected to close in the third quarter of 2028, subject to customary conditions including tax equity financing and regulatory approvals.
Key Financial Metrics
Key Facts
- Base purchase price of $230,099,506.00 in cash, subject to adjustment based on a financial model targeting minimum NPV and minimum average 5-year CAFD yield.
- The project is a 650 MWac solar photovoltaic generating facility in Bates County, Missouri.
- Closing expected during the third quarter of 2028, subject to conditions including tax equity financing, regulatory approvals, and no material adverse effect.
- Purchaser will own 100% of Class A units of the Target Company; Clearway Renew LLC will own 100% of Class C units.
- The project has a Power Purchase Agreement with Google Energy LLC dated December 22, 2025.
- An EPC contract with Blattner Energy, LLC was signed on August 27, 2026.
- The purchase price is paid in two installments: an MC Payment at closing and an SC Payment no later than the Project SC Funding Date.
- The agreement includes a cap on the Adjusted Purchase Price at [***] of the Base Price, with exceptions for capacity attribute sales or project sizing increases.
Financial Impact
Base purchase price of $230,099,506 in cash, subject to adjustment based on a financial model targeting minimum NPV and minimum average 5-year CAFD yield.
Risk Factors
- Closing is subject to tax equity financing, regulatory approvals, and no material adverse effect — any delays or failures could postpone or cancel the transaction.
- The purchase price is subject to adjustment based on a financial model; the final price could differ materially from the base price.
- The project is still under development/construction — construction delays, cost overruns, or permitting issues could affect economics.
- The transaction is between related parties (both affiliates of Clearway Energy Group), which may raise governance concerns.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-111423 |
| Document: tm2626209d1_8k.htm | 0001104659-26-111423 |
| Document: 0001104659-26-111423-index-headers.html | 0001104659-26-111423 |
| Document: 0001104659-26-111423-index.html | 0001104659-26-111423 |
| Document: 0001104659-26-111423.txt | 0001104659-26-111423 |
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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