Clearway Energy Inc. on Dec. 6 completed its purchase of the 527-MW Carlsbad Energy Center from Global Infrastructure Partners III for $184 million, including the assumption of $803 million in nonrecourse project-level financing.
"As we await the final resolution of the [PG&E Corp.] bankruptcy, with Carlsbad now in the portfolio, the company is able to advance its business plan and remains well-positioned to deliver upon its long-term growth objectives," Clearway Energy President and CEO Christopher Sotos said in a Dec. 9 company news release.
Clearway's exposure to PG&E Corp.'s bankruptcy proceedings stems from the power purchase agreements between the companies.
Carlsbad is a natural gas-fired project in Carlsbad, Calif., that has a 20-year power purchase and tolling contract with Sempra Energy unit San Diego Gas & Electric Co.
Clearway expects the facility to have a five-year average annual asset cash available for distribution of about $27 million starting in 2020.