Clearway Energy enters $100 million equity distribution agreement

Clearway Energy LLC and its parent company, Clearway Energy, Inc. (NYSE:CWEN), announced Thursday that they have entered into an equity distribution agreement with Wells Fargo Securities, Morgan Stanley & Co. LLC, BofA Securities, Citigroup Global Markets, and J.P. Morgan Securities. The agreement allows Clearway Energy, Inc. to offer and sell up to $100 million of its Class C common stock through these agents.

According to the press release statement, sales of the stock may occur from time to time through ordinary brokers’ transactions on the New York Stock Exchange, to or through a market maker, or directly on or through an electronic communications network at market prices or as otherwise permitted by law.

Clearway Energy, Inc. stated that net proceeds from any sales under the program are intended for general corporate purposes. These may include the repayment or refinancing of debt, funding of working capital, capital expenditures, acquisitions, and investments. Any funds not immediately required may be invested in marketable securities and short-term investments.

The shares will be issued under a prospectus supplement dated Thursday to Clearway Energy, Inc.’s shelf registration statement on Form S-3, which became effective upon filing with the Securities and Exchange Commission on the same day.

This information is based on a press release statement included in a recent SEC filing.