Clearway Energy, Inc. has entered into a definitive agreement to acquire a portfolio of three battery energy storage projects in Utah. The transaction involves the purchase of membership interests in Honeycomb 2 TargetCo LLC by Honeycomb 2 Purchaser LLC, a subsidiary of Clearway Energy.
Under the terms of the Membership Interest Purchase Agreement, dated October 1, 2026, the Purchaser will acquire the Target Company from Honeycomb 2 CE Seller LLC. The target company is an affiliate of Clearway Energy Group LLC. The acquisition is valued at 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.
The Target Company will become the indirect owner of three specific Project Companies: Escalante BESS II LLC, Escalante BESS III LLC, and Granite Mountain BESS West LLC. These entities own and are developing battery energy storage facilities and associated infrastructure located in Beaver County and Iron County, Utah. The aggregate capacity of these projects is approximately 210 megawatts.
Upon the closing of the transaction, the Purchaser will own 100% of the class A units of the Target Company. Clearway Renew LLC, a wholly owned subsidiary of Clearway Energy Group LLC and the parent company of the Seller, will own 100% of the class C units of the Target Company.
The closing of the transaction is subject to the satisfaction or waiver of customary closing conditions and certain third-party actions. The company expects the closing to occur during the fourth quarter of 2027.
