Clearway Energy, Inc. (NYSE:CWEN) shares are trading higher Thursday after the company disclosed three long-term power purchase agreements with Alphabet Inc.'s (NASDAQ:GOOGL)(NASDAQ:GOOG) Google in 2025 covering 1.17 gigawatts of carbon-free energy projects.
The three projects represent more than $2.4 billion in energy infrastructure investment.
Details
The agreements are for carbon-free energy projects in Missouri, Texas, and West Virginia.
As per the deal, Clearway will supply carbon-free power to regional grids supporting Google's data centers in SPP, ERCOT, and PJM for up to 20 years.
The company stated that construction on over 1 gigawatt of capacity will begin this year, with initial projects expected to come online in 2027 and 2028.
These agreements expand Clearway's existing partnership with Google, increasing its total contracted capacity to 1.24 gigawatts.
Raising Capital Via Upsized Debt Offering
This month, Clearway Energy's subsidiary priced a $600 million offering of 5.750% senior notes due 2034 at par, which is an upsized offering from the previously announced $500 million.
Third-Quarter Results
In November, the company reported third-quarter net income of $60 million, adjusted EBITDA of $385 million, operating cash flow of $225 million, and CAFD of $166 million.
CWEN Price Action: Clearway Energy shares were up 4.63% at $34.67 at the time of publication on Thursday, according to Benzinga Pro data.
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