...Clearlight Energy Holdings, L.P.'s (Clearlight) ratings reflect its recently acquired 4.5 gigawatts (GW) renewable portfolio, with 70% revenue contracted and 7% hedged through 2027. The portfolio has an eight-year average contract life and creditworthy offtakers. Fitch Ratings expects EBITDA leverage to remain high with Clearlight's recent formation. It then improves to 5.0x and 5.5x over 2028 and 2029, from 8.0x in 2026, supporting the assigned ratings. Regional diversification partially mitigates the risk of wind concentration, which accounts for 83% of capacity. However, exposure to underperformance and price risks constrains the ratings. Private ownership by LS Power supports the ratings, but adherence to stated leverage targets remains central to the ratings....
