Clearway Energy acquires Utah battery storage projects for $119 million

Clearway Energy, Inc. (CWEN) said Wednesday that its subsidiary, Honeycomb 2 Purchaser LLC, entered into a Membership Interest Purchase Agreement on Oct. 1, 2026, to acquire membership interests in Honeycomb 2 TargetCo LLC for a base purchase price of approximately $119 million in cash.

According to the regulatory filing, the target company will indirectly own three project companies developing battery energy storage facilities and associated infrastructure in Beaver County and Iron County, Utah. The projects include the Escalante II Project and the Escalante III Project, each with an approximately 80 megawatt alternating current and 320 megawatt-hour alternating current capacity located in Beaver County, and the Granite Mountain West Project, with an approximately 50 megawatt alternating current and 200 megawatt-hour alternating current capacity located in Iron County.

Effective at the closing of the transaction, the purchaser will own 100% of the class A units of the target company, while Clearway Renew LLC will own 100% of the class C units. The purchase price is subject to adjustments based on a financial model designed to achieve certain minimum economic thresholds, with the adjusted purchase price capped at a specified percentage of the base price.

The closing of the transaction is subject to the satisfaction or waiver of customary closing conditions and certain third-party actions. The company said the closing is expected to occur during the fourth quarter of 2027.