Clearway Energy reinstated with a Buy at BofA

BofA reinstated coverage of Clearway Energy (CWEN) with a Buy rating and $33 price target The owner and operator of utility-scale solar, storage, wind, and natural gas assets is supported by a 30GW pipeline from its sponsor, Clearway Energy Group, which holds a 41.8% economic stake in the company. This alignment provides a steady flow of drop-down acquisitions from the sponsor that are largely de-risked, providing “a unique element of defensiveness vs the broader sector,” the analyst tells investors.