Deal Description: On September 24, 2021, Clearway Energy Operating LLC (“Clearway Operating”), a subsidiary of Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) (“Clearway Energy”), announced that it had priced its offering of $350 million in aggregate principal amount of its 3.750% Senior Notes due 2032 (the “New Notes”).
Clearway Operating intends to allocate an amount equal to the net proceeds from the offering of the New Notes to finance or refinance, in part or in full, new and existing projects and assets meeting certain renewable energy generation eligibility criteria. Specifically, Clearway Operating intends to use the proceeds from the offering, together with existing corporate liquidity, (i) to repurchase any and all of the $350 million outstanding aggregate principal amount of its 5.000% senior notes due 2026 (the “2026 Notes”) in a tender offer that Clearway Operating commenced on September 24, 2021 (the “Tender Offer”) and, if applicable, an optional redemption, and (ii) to pay fees and expenses incurred in connection with the repurchase of the 2026 Notes.
Baker Botts is representing Clearway Operating in the notes offering, the Tender Offer and the optional redemption.
Clearway Energy is one of the largest renewable energy owners in the US with over 4,700 net MW of installed wind and solar generation projects. Clearway Energy’s over 8,000 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas generation facilities as well as a portfolio of district energy systems. Through this environmentally-sound diversified and primarily contracted portfolio, Clearway Energy endeavors to provide its investors with stable and growing dividend income.
Baker Botts Lawyers/Office Involved:
Finance: Martin Toulouse (Partner, New York); Francis Mascarenhas (Law Clerk, New York)
For more information, please see Clearway Energy’s news release by clicking here.
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