The other day, I stumbled across TransAlta Renewables (TRSWF) and noticed how similar its valuation multiples were to Clearway Energy (CWEN) (CWEN.A). This inspired me to compare these companies head-to-head to see what they have to offer.
California Valley Solar Ranch solar plant. Source: U.S. DOE.
Companies' background
Both TransAlta Renewables and Clearway Energy went public in 2013. Both were - and probably still are - intended to be financing vehicles for their sponsors. The idea was for the sponsors to sell renewable energy-related investments to these YieldCos that