Clearway Energy to buy Tuolumne Wind Project from Turlock Irrigation District

Clearway Energy (CWEN) announced that it has entered into a binding agreement to acquire the operational Tuolumne Wind Project from Turlock Irrigation District. Tuolumne Wind Project is a 137 MW wind project located in Klickitat County, WA that achieved commercial operations in 2009. The project will sell power under a new PPA with Turlock Irrigation District, an investment-grade regulated entity, with an initial contract term of 15 years to 2040. In conjunction with the acquisition, the company also has received from Turlock Irrigation District a contractual extension option to enable a potential future repowering of the project. After factoring in estimated closing adjustments and new non-recourse project-level debt, the company expects its total long-term corporate capital commitment to acquire the project to be approximately $70M-75M, which the company expects to fund with existing sources of liquidity. Based on current expected terms and conditions of the new non-recourse financing, the acquisition is expected to provide incremental annual levered asset CAFD on a five-year average basis of approximately $9M beginning January 1, 2026. The company expects the transaction to close in the first quarter of 2025, after which its targeted contribution to fiscal year 2025 results will be communicated.