Clearway buys 4.7 GW of solar development projects from SunPower

Newly launched Clearway Energy Group said on Friday it has agreed to acquire a development pipeline of about 4.7 GW of utility-scale solar projects from US solar company SunPower Corp (NASDAQ:SPWR).

Clearway Energy Group was created following the completion on Friday of Global Infrastructure Partners' (GIP) acquisition of NRG Energy Inc's (NYSE:NRG) renewables platform and NRG's controlling interest in NRG Yield Inc (NYSE: NYLD.A).

It said the agreement with SunPower is with the financial support of GIP. The deal includes projects in 16 states. The acquisition of most of the projects closed on Friday, with the purchase of the remaining ones to be completed in the next two months.

Clearway is made up of the staff and skills of NRG's renewable energy development and operational platform. The new company will remain affiliated with NRG Yield Inc, which has changed its name to Clearway Energy Inc.

Clearway and its affiliate currently own operating renewable energy capacity including 2.8 GW of wind, 1.1 GW of utility solar and over 300 MW of distributed and community solar. Clearway Energy Group has a development pipeline of 8.9 GW of renewable energy projects.

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