Copenhagen, 1 April 2025 — AIP Management (“AIP”), a leading investor in diversified decarbonisation infrastructure, has entered into an agreement to acquire a 49.99% equity stake in Pine Forest, a co-located 300 MWac solar photovoltaic (PV) and 200 MW / 400 MWh battery energy storage system (“BESS”) project, from Clearway Energy Group (“Clearway”). The total investment is approximately USD 200 million.
Pine Forest is strategically located in the ERCOT North market region. It offers access to a low-congestion, high-voltage transmission network and proximity to densely populated load centres in Dallas and Fort Worth. The project is currently under construction and commencement of operations is scheduled for late Q4 2025.
Clearway is one of the largest utility-scale renewable energy and storage developers in the US and will continue to provide long-term operations and maintenance oversight and asset management services, reinforcing a strong partnership with AIP. Clearway Energy, Inc. (NYSE: CWEN, CWEN A.) will retain a 50.01% equity stake in the project. This follows AIP’s successful collaboration with Clearway on Victory Pass & Arica, a co-located solar PV and BESS project in California signed in 2022.
The Pine Forest solar PV capacity will be fully contracted through long-term virtual power purchase agreements with investment-grade corporate offtakers. The BESS will participate in ERCOT’s wholesale energy and ancillary services markets, optimising revenue opportunities while improving grid stability.
“Pine Forest represents a compelling investment, combining long-term contracted solar revenue with merchant battery storage exposure,” said Domenico Tripodi, Partner and Co-head of Investments of AIP. “A repeat partnership with Clearway, in a project with strong counterparties, and diversified revenue streams align with our strategy to invest in infrastructure that supports the decarbonisation of energy systems while offering good, risk-adjusted returns.”
“We are excited to continue our partnership with AIP through the Pine Forest project. AIP’s strategic approach and expertise in diversified decarbonisation infrastructure makes it an ideal partner as we advance the construction and long-term operations of this significant project,” said Brooks Friedeman, VP Capital Markets of Clearway.
The fundamentals-driven approach, backed by rigorous analysis and deep expertise in the US energy market, allows AIP to identify opportunities with strong risk-adjusted returns. This co-located solar and storage project exemplifies its strategy of investing in resilient, high-quality assets with diversified revenue streams that can perform across market cycles.
The investment is structured to ensure resilience through construction, and is fully unlevered, avoiding financing risks and securing an attractive cash yield. The completion of the transaction is expected to close in late Q2 2025.
About AIP Management
AIP specialises in decarbonisation and energy infrastructure investments that facilitate the energy transition in Europe and North America. Our team comprises 90 professionals with extensive expertise in investments and energy working from Copenhagen, London, Madrid, and New York. To date, AIP has invested over €7 billion in decarbonisation infrastructure assets. This includes renewable energy assets with a capacity of approximately 7 GW. Once fully operational, AIP’s investments, will contribute to avoiding 10 million tonnes of greenhouse gasses and support about 6 million households with renewable electricity. AIP is part of Storebrand, a Nordic financial group, which owns 60% of AIP.
Visit us at aipmanagement.dk
For further information, please contact:
Amanda Tonsgaard, Head of Investor Relations
+44 758373 2020
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 approximately 11.8 GW of gross generating capacity in 26 states, including 9.1 GW of wind, solar, and battery energy storage assets, and over 2.8 GW of conventional dispatchable power generation 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 clearwayenergygroup.com