A subsidiary of Clearway Energy has agreed to acquire three BESS projects in Utah, which have a combined capacity of about 210 MW, from an affiliate of Clearway Energy Group. The base price has been set at about $119 million in cash, and the transaction is expected to close in the fourth quarter of 2027.
Snapshot
Capacity: ~210 MW
Base price: $119 million
Projects: Three
Buyer: Clearway Energy
Seller's group: Clearway Energy Group
State: Utah
Payment: Cash
Expected closing: Q4 2027
Clearway Energy, a New Jersey-based company that is listed on the New York Stock Exchange, has agreed to acquire three BESS projects in Utah with a combined capacity of about 210 MW. The company has said that it will pay a base price of about $119 million in cash. The agreement was signed on 1 October 2026, and its terms were disclosed in a Form 8-K that the company filed with the Securities and Exchange Commission on 7 October.
The transaction has been structured as a sale between two related entities. The buyer is Honeycomb 2 Purchaser, a subsidiary of Clearway Energy, while the seller is Honeycomb 2 CE Seller, an affiliate of Clearway Energy Group. Under the agreement, the buyer will acquire membership interests in Honeycomb 2 TargetCo, which is expected to become the indirect owner of Escalante BESS II, Escalante BESS III and Granite Mountain BESS West. These three project companies own the battery facilities and their associated infrastructure in Beaver County and Iron County, and they are still developing them.
The price, however, is not final. It may be adjusted under a financial model that has been designed to achieve certain minimum economic thresholds, and the ownership of the target company will be divided once the deal is completed. At that point, the buyer will take every class A unit, whereas the class C units will go to Clearway Renew, a wholly owned unit of Clearway Energy Group that is itself the seller's parent.
As is usual in such transactions, the agreement contains customary representations, warranties and covenants from each party. The two sides have also agreed, subject to certain limitations, to indemnify each other for breaches of those terms, as well as for certain liabilities and third-party claims. The agreement's full text has been attached to the filing as Exhibit 10.1.
The projects will not change hands immediately, however. Before the deal can close, a number of customary conditions must be met and certain third parties must act. The filing has put the expected closing in the fourth quarter of 2027.
Clearway Energy has its offices at 902 Carnegie Center in Princeton, New Jersey. Its Class C common stock is traded in New York under the ticker CWEN.