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Clearway Energy Group
Clearway Energy Group was formed in 2018 by combining NRG Yield's renewable assets with those from X-Elio North America, creating a developer-operator scale...
Clearway Energy Group
Clearway Energy Group was formed in 2018 by combining NRG Yield's renewable assets with those from X-Elio North America, creating a developer-operator scale under majority ownership by Global Infrastructure Partners. The firm is internally led by CEO Craig Cornelius, who had previously run NRG's renewable division. Its wealth is corporate, not family-based — the business serves institutional owners. Clearway develops and constructs utility-scale solar, onshore wind, and battery storage projects across the U.S. It also operates a fleet of 8+ GW of renewable assets with a pipeline exceeding 15 GW of new projects. Known offtakers include corporate power purchase agreements with firms like Google and Amazon. Geography is entirely North America, with assets concentrated in California, Texas, and the Midwest. The group raised over $1B in tax equity financing between 2021 and 2023 (per industry reports), supporting growth in its operating portfolio. Its parent, Clearway Energy, Inc., is publicly listed on the NYSE under ticker CWEN. The operating company is structured as a yieldco — it holds long-term contracted assets and distributes cash to shareholders. Clearway's structural differentiator is its dual-entity architecture: a private development platform (Clearway Energy Group) feeds contracted, operational assets into the public yieldco (Clearway Energy, Inc.), creating a capital recycling model uncommon among pure-play developers. This structure allows repeat institutional investment at scale without traditional fund cycles.
General information
Firm type
Asset Manager
Year founded
2018
AUM
Greater than $5B (Altss estimate)
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Additional offices
Chicago, IL · New York, NY · San Diego, CA
Principals
Craig Cornelius
CEO
Sarah Rubenstein
CFO
Noora Heikkilä
Chief Operating Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Clearway Energy Group?
CEO Craig Cornelius leads the company's development and strategy. CFO Sarah Rubenstein oversees financial structure and capital raising. Day-to-day investing decisions for project equity and tax equity are made by the executive team under the oversight of its board, which includes representatives from Global Infrastructure Partners (per public records).
How does Clearway Energy Group source proprietary deal flow?
Clearway sources project opportunities largely through its internal development team, which originates greenfield renewable energy projects across the U.S. The company also acquires early-stage development platforms and individual assets from third-party developers. Its pipeline of over 15 GW reflects a combination of organic pipeline and selective acquisitions (per industry reports).
Is Clearway Energy Group structured as a single family office?
No. Clearway Energy Group is a renewable energy development company, majority-owned by Global Infrastructure Partners, a large infrastructure private equity fund manager. Its parent, Clearway Energy, Inc., is a publicly traded yieldco. The firm operates as an independent business, not a family office.
Does Clearway Energy Group participate in fund commitments or only direct investments?
Clearway does not raise external investment funds. Instead, it finances projects through tax equity partnerships, corporate balance sheet, and project finance debt. It also sells contracted assets to its public yieldco affiliate, Clearway Energy, Inc., which raises public equity and debt to acquire those assets (per the firm's SEC filings).
What investment stages does Clearway typically target?
Clearway covers the full renewable energy lifecycle: greenfield development (site identification, permitting, interconnection), construction (E&P contracting, turbine/solar procurement), and operational asset ownership (typically via its yieldco). It holds projects from early development to long-term operation and eventual asset rotation.
Which sectors does Clearway explicitly avoid?
Clearway avoids fossil fuel generation, except for legacy gas assets held in its yieldco from before the 2018 merger. The firm officially focuses exclusively on solar, wind, and battery storage. It does not invest in hydro, geothermal, or nuclear power (per its annual sustainability reporting).
How is Clearway related to Global Infrastructure Partners?
GIP owned a majority stake in Clearway Energy Group from its 2018 formation until GIP was acquired by BlackRock in February 2024. As of 2025, Clearway is indirectly held by BlackRock's infrastructure platform, though the firm operates independently. GIP originally contributed assets from NRG Yield and X-Elio to form the company.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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