Clearway Energy, Inc. Announces Sale of its Thermal Business to KKR
The Company's Thermal Business, commercially known as Clearway Community Energy, consists of thermal infrastructure assets that provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals, and governmental customers across
“First, I want to thank my colleagues at Clearway Community Energy for their steadfast commitment to safely providing sustainable energy across their customer base while contributing to the success of the Company since our IPO in 2013,” said
KKR will be making the investment through its core infrastructure strategy. KKR first established its global infrastructure team and strategy in 2008 and has since been one of the most active infrastructure investors around the world, with a team of more than 50 dedicated investment professionals. The firm currently oversees approximately
“Clearway Community Energy is a leading platform delivering critical utility services across the
The transaction is subject to various customary closing conditions, approvals, and consents and is expected to close in the first half of 2022.
Third Quarter 2021 Investor Call and Webcast
As previously announced, the Company plans to report Third Quarter 2021 financial results on
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About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as “expect,” “estimate,” "target," “anticipate,” “forecast,” “plan,” “outlook,” “believe” and similar terms. Such forward-looking statements include, but are not limited to, statements regarding the closing of the transaction, the proceeds from the transaction, the benefits of the transaction, the Company’s future strategy, financing needs, plans, growth, expectations, objectives, financial performance and business results, other future events, and management’s views of economic and market conditions.
Although
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1 Estimated cash proceeds to the Company are after the assumption of project level debt, estimated taxes and obligations owed, transaction expenses, and capital expenditures required to be funded pursuant to terms and conditions of the transaction.
Clearway Energy, Inc. Contacts: Investors: Media: Akil Marsh [email protected] [email protected] 609-608-1500 KKR Contacts: Media: Cara Major [email protected] 212-750-8300
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