Clearway Energy Group, working with boutique investment bank EOS Capital Advisors, has sold the rights to a portfolio of commercial and industrial solar projects to a third-party.
The buyer of the 21.2 MW assortment of ground-mounted and rooftop projects is Greenbacker Renewable Energy, the U.S. Securities and Exchange Commission-registered but unlisted renewable energy investment company.
The six projects are located in Maryland (13 MW), California (5.5 MW) and New Jersey (2.7 MW) and are due to be brought online between June 2019 and March 2020. Clearway will deliver them to Greenbacker as they are completed.
The counterparties to the projects' power purchase agreements, which have durations between 20 and 25 years, include Waste Management of Alameda County, LafargeHolcim and other investment grade offtakers.
The deal is the latest in a string of acquisitions for Greenbacker, which recently bought the 60.65 MW Turquoise Nevada project from Sumitomo Corp. of Americas (PFR, 1/16).
With the addition of the distributed solar portfolio from Clearway, Greenbacker will own approximately 378 MW of generating capacity, split between 62 MW of wind and 316 MW of solar.
Clearway Energy Group is the former renewables development platform of NRG Energy, which Global Infrastructure Partners acquired along with the sponsor stake in NRG's yield company, NRG Yield, last year (PFR, 8/31/18).