GlobeNewswire
Summary
Clearway Energy, Inc. through its subsidiary Clearway Energy Operating LLC, today announced it has entered into a binding agreement to sell its Thermal Business to KKR for total consideration of $1.9 billion, subject to closing adjustments. Based on current estimates, the Company expects total net cash proceeds of approximately $1.3 billion as a result of the transaction.
The Company's Thermal Business, commercially known as Clearway Community Energy, consists of thermal infrastructure assets that provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals, and governmental customers across the United States.
“First, I want to thank my colleagues at Clearway Community Energy for their steadfast commitment to safely providing sustainable energy across their customer base while contributing to the success of the Company since our IPO in 2013,” said Christopher Sotos, Clearway Energy, Inc.’s President and Chief Executive Officer. “This divestiture will provide Clearway with an unprecedented degree of financial flexibility and will eliminate any need to issue new equity to fund our committed investments, while also providing capital to fund future growth objectives and further enhance shareholder value. Considering our sponsor’s robust development pipeline, the Company is now in one of the best positions in its history to deliver long term CAFD per share growth and economic value.”
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