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Clearway Energy Gains on $1.9-Billion Sale of Thermal Unit to KKR -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Clearway Energy stock (NYSE:) rose 2.6% on Monday as the company sold the thermal business housed under a subsidiary to KKR (NYSE:) for $1.9 billion.

Clearway Energy Operating is the subsidiary that will receive net cash proceeds totaling approximately $1.3B under this deal.

Clearway Community Energy’s thermal business is a collection of assets used to provide hot water, steam and/or chilled waters, as well electricity, for commercial customers, universities and hospitals across the U.S.

This deal should close within the first six months of 2022.

Clearway Energy President and Chief Executive Officer Christopher Sotos said the deal will eliminate any need to issue new equity to fund the company’s committed investments, while also providing capital to fuel future growth.

KKR will fund the investment via its core infrastructure strategy.

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