• Signed around 2 GW of new PPAs in 2025 with hyperscalers and utilities serving data centers
• Clearway’s 900+ MW fleet enhancement program is progressing on schedule, supported by long‑term PPAs with Microsoft and Google
• PPA pricing remains elevated and durable

Clearway Energy CEO Craig Cornelius and CFO Sarah Rubenstein detailed project progress, new PPAs, and current environment of PPA pricing during the company’s latest earnings call.

The February 23 call showed that Clearway completed more than 1.3 GWs of additions to its fleet last year and also completed funding of its 500 MW Pine Forest complex in December 2025.

Clearway also announced three M&A deals over 2025 with an average CAFD yield of +12%.

Cornelius said that Clearway signed PPAs with Google in 2025 that totaled nearly 1.2 GW, including newly identified projects such as the 650 MW SwanSolar project in Bates County, Missouri and the 147 MW Catamount wind project in West Virginia, as well as the 150 MW Goat Mountain wind repowering in Texas.

Data Centers

Cornelius pointed to Clearway’s fleet enhancement program, which is on track with 900+ MW of repowerings, revenue enhancements and progress across its existing Texas fleet with two awarded offtake contracts, including one with an unnamed hyperscaler.

He added that Clearway’s position “as supplier of choice” to deliver “mission-critical supply” to data centers is seeing 2 GWs of new PPAs signed in 2025 with hyperscalers and utilities supplying data centers, with more under discussion.

“Clearway Group is also in active development of multi-technology energy complexes to serve co-located data centers with initial contractual agreements supporting the deployment of the complexes expected this year,” he said.

Meanwhile, 2028 CODs driven by hyperscaler demand include Swan Solar, which has investment offered to SWEN and an executed 20-year PPA with Google, as well as tax credit qualification secured and advancing preparations for 2026 construction start.

This also includes Catamount Wind with an executed 20-year PPA with Google, as well as tax credit qualification secured and advancing preparations for 2027 construction start.

Fleet enhancements

For identified repowerings progressing on schedule, Cornelius said the company’s repowering program has successfully commercialized, driven by long-term PPAs with Microscoft and Google.

Spring Canyon and Tuolumne are moving forward to fill out the 2027 program with a final investment decision having been made, revenue contracts in place and key equipment lined up.

Slides used during the presentation showed that Clearway expects to deploy over USD 600m of corporate capital in 2026-2027 at 11-12% CAFD yields across the program.

For advancing as-generated PPAs in the ERCOT fleet, three operating wind assets with increasing market value are “in position for long-term revenue enhancements with two awarded PPAs,” including one with an unnamed hyperscaler and one shortlisted on a third PPA.

Clearway also reported that its 2026-2027 commercialization is on schedule. This included the 291 MW Rosamond South II in California and the 199 MW Spindle Storage project in Colorado are now committed to “at attractive economics” with construction underway.

In Utah, the 320 MW Honeycomb Phase I construction is on track, while the 210 MW Honeycomb Phase II PPA has been awarded for 2027 COD with an offer expected by year end and over 500 MW of BESS for Phase I and II now commercialized.

Washington state’s 520 MW Royal Slope is underpinned by long-term contract to serve significant data center demand growth.

Financing and PPA prices

Rubenstein said that Clearway saw a successful debt raised in January with closed upsized offering of USD 600m 2034 senior unsecured notes at a rate of 5.75% relative to longer term CAFD targets.

Also, non-disruptive equity issuances raised USD 50m of equity in early 2026 at accretive levels.

Cumulatively, Clearway raised USD 100m since October 2025.

During the Q&A, Cornelius commented on the current PPA pricing environment, stating that he believes that they are seeing a “supportive pricing environment across all geographies for assets that provide additionality in power markets, whether they’re deregulated or regulated.”

“Really, anything we can interconnect and construct over the next three years exhibits very significant differentiated value,” he said, adding that the rough rule of thumb is that pricing of PPAs signed this year compared to pricing of PPAs in comparable markets signed three years ago is about double.

“We’re not seeing pricing necessarily escalate higher, observably today where it was three or four months ago, but it is very much solid and sustained,” he said. “We think that’s healthy.”

He added that “there isn’t much motivation either from us the seller or from customers to be talking about contract extensions on projects that see their PPAs expire later than 2030 but where we have open length, that conserve demand in the near term, it creates an opportunity to sell that length well into the 2030s at a price that is solid and allows us to sustain earnings.”

He observed that there’s a growing focus on how much can be built, how soon it can be built, and extending out for resources that could reach COD at least through 2029.

*This story was originally published exclusively for NPM subscribers.