Clearway Energy announced three separate 20-year power purchase agreements with Google, covering a combined 1.17 gigawatts of wind and solar capacity across Missouri, Texas and West Virginia. The deals represent over $2.4 billion in infrastructure investment and will supply carbon-free power to regional grids servicing Google data centers in the SPP, ERCOT and PJM markets.

These new agreements expand an existing collaboration, bringing Clearway’s total contracted capacity with Google to 1.24 gigawatts. Construction on more than 1 GW of the newly awarded projects is slated to begin in 2026, with the first facilities expected to come online in 2027 and 2028, reinforcing Google’s commitment to sourcing renewable energy for its operations.

To fund its growing project backlog, Clearway Energy’s subsidiary upsized its senior notes issuance from $500 million to $600 million, pricing 5.750% senior notes due 2034 at par. This debt raise strengthens the company’s balance sheet ahead of the substantial capital requirements for its 2026 construction starts and supports long-term cash flow generation.

In its latest quarterly report, Clearway reported net income of $60 million, adjusted EBITDA of $385 million, operating cash flow of $225 million and cash available for distribution (CAFD) of $166 million. These results underscore the company’s robust cash flow profile and its ability to finance renewable energy projects under long-term offtake agreements with major corporate counterparties like Google.