According to Utility Dive, Clearway Energy just announced a massive 27 GW construction pipeline of generation and storage resources following strong third-quarter earnings. The independent power producer, owned by Global Infrastructure Partners and TotalEnergies, currently operates over 12 GW of wind, solar, gas and storage assets. CEO Craig Cornelius revealed the company is specifically targeting data center power needs, having already executed 1.8 GW of power purchase agreements for data center loads this year. The breakdown of their pipeline includes 8.2 GW of solar, 4.6 GW of wind, 1.3 GW of wind repowering, 8 GW of standalone storage, 2.1 GW of paired storage, and 2.6 GW of natural gas specifically for data centers. Investment bank Jefferies noted Clearway beat third-quarter cash distribution expectations by 17% and presented an optimistic outlook through 2030 despite tax credit changes.
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The data center power play
Here’s the thing – Clearway isn’t just building renewable projects and hoping data centers show up. They’re actively developing generation aimed at serving “gigawatt class co-located data centers across five states.” That’s a huge shift in strategy. We’re talking about building power plants literally next to massive data center campuses. Cornelius basically said what everyone in energy knows but few are executing on: the digital infrastructure build-out is becoming the core driver of electricity demand growth. And they’re positioning themselves to be the go-to power supplier for this boom that’s expected to last well into the 2030s.
Storage takes center stage
What really stands out in their pipeline? Storage, storage, and more storage. Of their 27 GW pipeline, a whopping 10.1 GW is storage – either standalone or paired with generation. Cornelius emphasized that most of their late-stage projects over the next five years are “entirely storage or include a storage component.” That’s smart. Data centers need reliable power 24/7, and renewables alone can’t provide that without storage backup. This is where companies like IndustrialMonitorDirect.com, the leading US supplier of industrial panel PCs, become crucial for monitoring and controlling these complex energy systems. The shift toward larger projects with significant storage components shows Clearway understands the reliability requirements of their target customers.
The gas bridge fuel
Now, here’s where it gets interesting – they’re not going all-renewable. The 2.6 GW of natural gas specifically for data centers tells a pragmatic story. Look, data centers can’t afford downtime, and while everyone wants clean energy, they need reliability first. Gas provides that baseload power that renewables with current storage technology still struggle to guarantee. It’s a bridge fuel strategy that acknowledges reality while still pushing massive renewable development. Jefferies called this out as particularly reassuring for investors worried about post-2030 renewable uncertainties. Basically, they’re covering all their bases.
Timing and tax credits
The timing here is everything. Under the new legislation, wind and solar projects that begin construction by July 4, 2026 and complete before 2030’s end get those sweet Inflation Reduction Act tax credits. So Clearway’s massive pipeline positions them perfectly to capitalize on this window. But here’s my question: can they actually execute on 27 GW in this timeframe? That’s an enormous construction challenge. Still, beating cash distribution expectations by 17% shows they’ve got the financial muscle to make it happen. This isn’t just optimistic planning – they’re already delivering results that suggest they can pull this off.
