U.S-based clean energy company Clearway Energy Group (CEG) recorded a net income of $83 million from its renewable segment in the second quarter (Q2), a year-over-year (YoY) rise of 207% from $27 million.

The company said that the generation activities in the renewables segment during Q2 2022 were 31% higher than the same quarter in 2021, primarily due to the contribution of growth investments.

Clearway’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) from renewables amounted to $285 million in Q2, a YoY surge of 11% from $257 million last year. The company stated that the increase in EBITDA was due to offsetting the contribution from growth investments by selling its thermal business and the timing of spring outages in the conventional segment.

The company’s overall net income totaled $1,149 million for Q2, a massive YoY spike of 3,491% from $32 million. The increase in net income was primarily due to the one-time $1.29 billion revenue gain from sales in the thermal business.

Clearway’s overall EBITDA was $366 million in Q2, up from $365 million last year.

In June 2022, Clearway acquired a portfolio of 413 MW operating wind projects for cash consideration of $255 million from Capistrano Wind Partners.

Capistrano’s 413 MW portfolio comprises five utility-scale wind projects in Texas, Nebraska, and Wyoming that achieved commercial operations between 2008 and 2012. The assets within the portfolio sell power under power purchase agreements with investment-grade counterparties with a weighted average remaining contract duration of approximately ten years.

Earlier this year, Clearway Group, the parent company of Clearway Energy, announced that Global Infrastructure Partners (GIP) had entered into an agreement for TotalEnergies to acquire half of GIP’s interest in Clearway Group.

Under the agreement, GIP will receive $1.6 billion in cash consideration and an approximately 50% interest in the TotalEnergies subsidiary that holds its 51% ownership in SunPower Corporation, a U.S-based provider of photovoltaic solar generation systems and battery energy storage products.

Last month, Finnish company Wartsila signed pacts with Clearway Energy Group to supply 500 MW/2 GWh of energy storage systems. The contracts would cover five sites in Hawaii and California, including one of the world’s largest solar-plus-storage project portfolios.