Clearway Energy LLC has entered into a definitive agreement to acquire three battery energy storage projects in Utah. The transaction involves Honeycomb 2 Purchaser LLC, a subsidiary of Clearway Energy, purchasing membership interests from Honeycomb 2 CE Seller LLC, an affiliate of Clearway Energy Group LLC.
Under the terms of the Membership Interest Purchase Agreement, the Purchaser will acquire the Target Company, which indirectly owns all interests in three specific Project Companies: Escalante BESS II LLC, Escalante BESS III LLC, and Granite Mountain BESS West LLC. These facilities are located in Beaver County and Iron County, Utah.
The projects represent an aggregate capacity of approximately 210 megawatts. The transaction is structured with a base purchase price of approximately $119 million in cash. This price is subject to adjustments based on a financial model designed to achieve certain minimum economic thresholds.
Upon closing, Honeycomb 2 Purchaser LLC 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 closing of the transaction is subject to the satisfaction of customary closing conditions and is expected to occur during the fourth quarter of 2027.
