Clearway Energy Group agreed to acquire roughly 4.7 GW of utility-scale solar projects in development from SunPower Corp.
The deal was announced after Clearway Energy started operations as an independent enterprise on Aug. 31. The company was formed after NRG Energy Inc. sold its interest in NRG Yield Inc. and a renewable energy business to Global Infrastructure Partners.
With the financial support of Global Infrastructure Partners, Clearway has completed the acquisition of the majority of the solar projects, with the remaining acquisitions expected to close in the next two months. The projects are in different development stages spread across 16 states.
Clearway Energy will be headquartered in San Francisco with offices in Carlsbad, Calif.; Scottsdale, Ariz.; Houston; and New York City. Clearway Energy will continue to be affiliated with NRG Yield, which changed its name to Clearway Energy Inc.
SunPower is selling its remaining solar power plant development pipeline as it narrows its focus to solar panel manufacturing and the distributed generation market.