Propelling Renewable Energy Forward

It’s all in the name—Clearway is truly clearing the way for renewable energy. As a leading developer, owner and operator of clean energy projects across the United States, the company is committed to providing affordable and reliable renewable energy options for the customers and communities it serves.

Clearway was formed in 2018 through a transaction between two leading energy companies—NRG Energy and Global Infrastructure Partners—with a mission to accelerate the transition to a clean energy future. Today, it has more than 9,000 megawatts of clean energy assets in operation and 30,000 megawatts in the pipeline—with a main focus on wind and solar projects, as well as battery storage facilities.

CoBank provides differentiating value by understanding our financial needs.

“We’re excited not only by our growth, but by overcoming challenges that accompany the renewable energy business—whether it’s new markets or accommodating new policies,” said Steve Ryder, CFO of Clearway. “We take a prominent role in policy advocacy and external affairs, working on projects and solutions to accelerate the transition from coal plants and fossil fuels to more sustainable energy options.”

Clearway is approaching completion of Victory Pass and Arica—two large co-located solar-plus-storage projects in California. In addition to supporting up to 1,000 construction jobs, the two projects will generate a combined 463 megawatts of clean energy capacity and 186 megawatts of battery storage, enough to power roughly 132,000 homes annually.

“These projects are built over a large desert area, and most notably, across the Bureau of Land Management public lands. The construction is boosting the local economies, significantly lowering energy bills for families in these rural areas going forward. With the support of the Bureau of Land Management, we expect these projects will improve the livelihood of communities across the country,” Ryder said.

CoBank served as a joint lead arranger for the $1 billion debt financing of the Victory Pass and Arica projects. Subsequently, CoBank also served as a significant lender in Clearway’s Cedar Creek Wind financing in Idaho, as well as the battery storage retrofit of its Rosamond Central project in California. In total, CoBank has committed more than $285 million to these projects over the last two years.

“CoBank provides differentiating value by understanding our financial needs. They are not only reliable, but always on board to help facilitate our acquisitions, while embracing the complexities of our industry,” Ryder said. “Clearway has a proven track record of executing projects and pushing them across the finish line—CoBank is an important piece of that puzzle by propelling our projects forward. It’s a collaborative and enduring relationship that we are proud of.”

This story was originally published in the CoBank 2023 Annual Report.