Clearway Signs Portfolio of Power Purchase Agreements with Google Totaling Nearly 1.2 GW Across Three States

Rhea-AI Summary

Clearway Energy Group (NYSE:CWEN) announced three long‑term power purchase agreements with Google totaling 1.17 GW of carbon‑free projects in Missouri, Texas, and West Virginia. The PPAs span up to 20 years and serve SPP, ERCOT, and PJM grids. Together with an existing 71.5 MW PPA in West Virginia, the partnership reaches 1.24 GW. The projects represent more than $2.4 billion in invested infrastructure, with construction starting in 2026 and first sites expected online in 2027 and 2028. Clearway said the builds will create hundreds of construction jobs and generate local tax revenue to support schools and hospitals.

Positive

• 1.17 GW of new PPAs with Google
• $2.4 billion+ invested in energy infrastructure
• 20‑year maximum PPA terms providing long‑term revenue visibility
• Partnership expands to 1.24 GW including existing 71.5 MW
• Construction begins in 2026 with first sites online in 2027–2028

Negative

• None.

News Market Reaction

+6.76%

5 alerts

+6.76% News Effect

+5.4% Peak in 9 min

+$428M Valuation Impact

$6.75B Market Cap

4K Volume

On the day this news was published, CWEN gained 6.76%, reflecting a notable positive market reaction. Argus tracked a peak move of +5.4% during that session. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $428M to the company's valuation, bringing the market cap to $6.75B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

New Google PPAs capacity: 1.17 GW Headline portfolio size: Nearly 1.2 GW PPA term: Up to 20 years +5 more

8 metrics

New Google PPAs capacity 1.17 GW Carbon-free energy projects across MO, TX, WV

Headline portfolio size Nearly 1.2 GW Totaling nearly 1.2 GW across three states

PPA term Up to 20 years Long-term PPAs supporting Google data centers

Project investment $2.4 billion Investment in reliable energy infrastructure

Projects under construction Over 1 GW Construction beginning in 2026

COD timing 2027 and 2028 First sites expected to come online

Existing Google PPA 71.5 MW Operating PPA in West Virginia

Total Google–Clearway partnership 1.24 GW Combined capacity after new agreements

Market Reality Check

Price: $36.20 Vol: Volume 813,927 is 0.79x t...

normal vol

$36.20 Last Close

Volume Volume 813,927 is 0.79x the 20-day average, indicating subdued pre-news activity. normal

Technical Price at $33.14 trades above the $31.23 200-day MA and about 10.17% below the 52-week high.

Peers on Argus

CWEN was roughly flat (+0.06%) while key renewable peers like BEPC, ORA, ENLT, a...

CWEN was roughly flat (+0.06%) while key renewable peers like BEPC, ORA, ENLT, and RNW showed declines, suggesting this Google PPA news was more stock-specific than sector-driven.

Historical Context

5 past events · Latest: Jan 08 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 08	Debt offering priced	Neutral	-1.1%	Upsized $600M 5.750% senior notes due 2034 priced at par.
Jan 08	Debt offering launch	Neutral	+1.3%	Proposed $500M senior notes due 2034 to refinance debt.
Nov 04	Q3 2025 earnings	Positive	-0.0%	Solid Q3 results and CAFD guidance ranges with new investments.
Oct 14	Earnings date notice	Neutral	-0.9%	Announcement of timing and access details for Q3 results call.
Oct 06	Solar portfolio deal	Positive	+6.7%	Agreement to buy 833MWdc operating solar assets from Deriva.

Pattern Detected

Recent strategic growth news (asset acquisitions, PPAs) tended to see positive or muted reactions, while at least one strong earnings update saw a flat-to-slightly negative move.

Recent Company History

Over the last six months, CWEN combined balance sheet activity with growth initiatives. In October 2025, it agreed to acquire an 833MWdc operating solar portfolio, which coincided with a 6.66% gain. Q3 2025-11-04 earnings showed $60M net income and raised CAFD guidance ranges, yet the stock barely moved. In early January 2026, CWEN announced and then upsized a senior notes offering to $600M, with mixed, modest price reactions. Today’s large Google PPA expands on this growth-through-contracting trajectory.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-08-06

CWEN has an effective S-3ASR shelf filed on 2025-08-06, expiring 2028-08-06, which has been used at least once per the recorded 424B5 on 2025-08-06. This provides flexibility to issue securities in the future, subject to market conditions and company decisions.

Market Pulse Summary

The stock moved +6.8% in the session following this news. A strong positive reaction aligns with CWE...

Analysis

The stock moved +6.8% in the session following this news. A strong positive reaction aligns with CWEN’s pattern of benefiting from clear growth catalysts, as seen after the Deriva solar acquisition’s 6.66% move. Securing 1.17 GW of new Google PPAs and a total 1.24 GW partnership adds long-duration contracted volume that complements recent debt financing. Investors would still have monitored balance sheet leverage and the existing effective shelf, given their relevance for funding future build‑outs.

Key Terms

power purchase agreements, ppas, spp, ercot, +1 more

5 terms

power purchase agreements financial

"execution of three new long-term power purchase agreements (PPAs) with Google"

A power purchase agreement is a long-term contract in which a buyer agrees to purchase electricity from a specific generator at a set price and schedule, much like a multi-year subscription for energy. For investors, these contracts matter because they lock in predictable revenue and price terms, reducing exposure to volatile wholesale power markets and making project cash flows and financing risks easier to evaluate.

ppas financial

"execution of three new long-term power purchase agreements (PPAs) with Google"

PPAs are contracts in which a buyer agrees to purchase electricity from a generator at a set price and for a set period, like a long-term subscription for power. They matter to investors because they lock in revenue and costs, reducing uncertainty and making it easier to value, finance, and compare energy projects or companies.

spp technical

"Google’s data centers in SPP, ERCOT, and PJM for up to 20 years"

spp is an abbreviation used in biology and medical writing to mean “multiple species” within a single genus (it follows a genus name to indicate more than one species). For investors, spp signals whether a treatment, diagnostic, or risk applies broadly across several related organisms or only to a single species; think of it like saying a paint works on several kinds of surfaces rather than just one, which affects potential market size, regulatory testing, and commercial risk.

ercot technical

"Google’s data centers in SPP, ERCOT, and PJM for up to 20 years"

The Electric Reliability Council of Texas (ERCOT) is the organization that operates and balances the bulk electric grid for most of Texas, acting like an air-traffic controller that matches electricity supply and demand across the state and runs the wholesale power market. Investors care because ERCOT’s decisions, grid reliability, and market prices directly affect the revenues, costs, and risk exposure of utilities, energy producers, large consumers, and companies whose operations depend on stable, affordable power.

pjm technical

"Google’s data centers in SPP, ERCOT, and PJM for up to 20 years"

PJM is the large regional operator that coordinates the flow of electricity and runs the wholesale power markets across parts of the eastern and midwestern United States. Think of it as an air-traffic controller for electricity: it balances supply and demand in real time, schedules power plants and transmission, and sets market-clearing prices — all of which affect utility revenues, fuel costs, project economics and investor returns in energy and infrastructure sectors.

AI-generated analysis. Not financial advice.

SAN FRANCISCO, Jan. 15, 2026 (GLOBE NEWSWIRE) -- Clearway Energy Group (Clearway) announced the 2025 execution of three new long-term power purchase agreements (PPAs) with Google totaling 1.17 GW of carbon-free energy projects located in Missouri, Texas, and West Virginia.

Under the new agreements, Clearway will deliver carbon-free energy to local grids to support Google’s data centers in SPP, ERCOT, and PJM for up to 20 years while driving economic growth across the local communities. Together, the three projects represent over $2.4 billion invested in reliable energy infrastructure.

Construction will begin this year on the projects totaling over 1 GW, with the first sites expected to come online in 2027 and 2028. The new agreements build on Google and Clearway’s existing 71.5 MW PPA in operation in West Virginia, bringing the total partnership to 1.24 GW.

“Clearway is proud to collaborate with Google on a diverse portfolio of projects that will deliver near-term energy and capacity to help power Google’s data centers across regions experiencing historic load growth,” said Valerie Wooley, Senior Vice President of Origination at Clearway. “These projects represent the next step in Clearway’s accelerated digital infrastructure development program, which is delivering speed to power across the country at the massive scale needed to enable data center growth.”

"Strengthening the grid by deploying more reliable and clean energy is crucial for supporting the digital infrastructure that businesses and individuals depend on,” said Amanda Peterson Corio, Global Head of Data Center Energy, Google. “Our collaboration with Clearway will help power our data centers and the broader economic growth of communities within SPP, ERCOT, and PJM footprints."

The projects will deliver benefits to all three communities, including significant tax revenue supporting local schools, hospitals, and other public services, hundreds of local construction jobs, and ongoing community benefit initiatives such as Clearway’s Adopt-a-School program.

About Clearway Energy Group

Clearway Energy Group’s vision is a world powered by clean energy. Along with our public affiliate Clearway Energy, Inc., our portfolio comprises over 13 GW of gross generating capacity in 27 states, including over 2.8 GW of flexible dispatchable power generation, 10.3 GW of battery energy storage, solar, and wind assets providing critical grid reliability services. As we develop a nationwide pipeline of new energy projects for the future, Clearway’s operating fleet generates enough reliable electricity to power more than 2 million homes today. Clearway Energy Group is headquartered in San Francisco with offices in Denver, Houston, Phoenix, Princeton, and San Diego. For more information, visit https://www.clearwayenergygroup.com.

Media:
Julia Poska, 630-254-1853
media@clearwayenergy.com

FAQ

What did Clearway (CWEN) announce on January 15, 2026?

Clearway announced three PPAs with Google totaling 1.17 GW across Missouri, Texas, and West Virginia with terms up to 20 years.

How much investment do the Clearway Google projects represent for CWEN?

The three projects represent over $2.4 billion invested in energy infrastructure.

When will Clearway (CWEN) start construction and when are the first sites expected online?

Construction will begin in 2026, and the first sites are expected to come online in 2027 and 2028.

Which grid regions will Clearway supply under the Google PPAs (CWEN)?

The PPAs will deliver energy into SPP, ERCOT, and PJM to support Google data centers.

How does the new Google agreement change Clearway's total partnership capacity?

Including an existing 71.5 MW PPA, the partnership with Google now totals 1.24 GW.

What community benefits did Clearway cite for the Google projects (CWEN)?

Clearway cited hundreds of local construction jobs, significant tax revenue for schools and hospitals, and ongoing community initiatives.