Clearway Renew, the development platform of Clearway Energy Group, is preparing to sell a development-stage wind project in Texas to a third party that is also taking a tax equity stake.
Avangrid Renewables signed a deal to buy the 226.05 MW Patriot Wind farm, located in Nueces County, on July 24, when the seller was still known as NRG Renew and owned by NRG Energy, before being sold prior to the sale of the platform to Global Infrastructure Partners in August (PFR, 8/31).
Avangrid is also taking a tax equity stake in the project alongside Wells Fargo, according to paperwork filed with the Texas Public Utility Commission on Nov. 13.
“For tax purposes, the parties have structured the issuance of the Class A Interests, sale of Patriot Holdings to Avangrid, and the acquisition of the Project Company by the Applicant to occur as three distinct, but related transactions,” reads the filing.
The parties to the deal have asked the PUC to approve the transactions by the end of March next year.
The financial terms of the deal could not immediately be learned.
It was amid the sale process for its renewable energy assets last year that NRG bought the Patriot Wind project from Apex Clean Energy following a competitive auction (PFR, 8/10).
Elsewhere in Texas, Clearway is planning to buy out JP Morgan Capital Corp.’s tax equity stakes in a pair of wind projects it is looking to repower (PFR, 9/11).
Spokespeople for Avangrid and Clearway did not immediately respond to inquiries about the transaction. Spokespeople for Wells Fargo in Chicago and Clearway’s private equity backer Global Infrastructure Partners in New York declined to comment.