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Blackstone-backed ClearGen invests in 1.4GW wind farms

Complex Alto the Wind of the Wild I of the Brazilian company Renova Energia. Image shot 01/2015. Exact date unknown.

ClearGen, a clean energy investor backed by private equity powerhouse Blackstone, has invested in a portfolio of partnership interests in 25 wind farms totaling 1.4GW of existing generation capacity throughout the US.

The portfolio company of Blackstone Credit’s Sustainable Resources Platform acquired the interests from MUFG, with the Sustainable Investing Group within Goldman Sachs’ Asset Management providing tax equity to the buyer. Financial terms were unavailable at time of press.

“ClearGen is excited to provide a unique solution to MUFG by utilizing Blackstone Credit’s efficient cost of capital and the partnership with Goldman,” said Rob Howard, ClearGen’s chief executive. “The transaction adds significant scale to our portfolio of diversified, contracted renewable energy holdings.”

Advisers on the deal include CCA Capital, representing MUFG, while CohnReznick Capital acted on behalf of ClearGen and Goldman Sachs.

Bank of America, Crédit Agricole and Societe Generale provided financing to ClearGen. Legal representation included Mayer Brown for ClearGen, O’Melveny & Meyers for Goldman Sachs and Milbank for MUFG and the lenders.

In May, ClearGen worked out a capital solutions partnership with Boulder, Colorado-based Wunder Capital, which could rise up to $650 million through a diverse range of financing options.

The commitment is split between loan purchase commitments, ClearGen’s acquisition of an existing solar loan portfolio, and preferred equity financing. The financing was supported by a new corporate equity round led by Keyframe Capital.