Nobody's Talking About This Energy Company, but It's Quietly Signing the Power Deals Feeding the AI Build-Out

When investors want to play the AI power boom, the first names that come to mind are hot stocks in emerging energy technologies, such as advanced fuel cell maker Bloom Energy (NYSE:BE) and small modular reactor developer Oklo (NYSE:OKLO). Bloom has major AI partnerships with Oracle and Brookfield , while Oklo has deals with Meta Platforms and Switch.

One company almost no one is talking about is the high-yielding clean-power producer Clearway Energy (NYSE:CWEN). That's a mistake. Its parent (Clearway Energy Group) quietly signed a nearly 1.2-gigawatt (GW) deal to build renewable power for Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL), and it's getting paid much more for the power produced at some of its legacy assets because the new power buyer is a hyperscaler with voracious energy needs.

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That's only the beginning. AI power is one of the catalysts that make Clearway among the top renewable energy stocks to buy .

Clearway Energy is starting to cash in on the AI power boom

This past January, Clearway Energy Group signed three long-term power purchase agreements (PPAs) with Alphabet's Google for nearly 1.2 GW of projects to support its data centers. They represent over $2.4 billion of investment in energy infrastructure, with the first projects expected to come online in 2027 and 2028. It's a significant expansion of its existing power partnership with Google, which currently consists of a 71.5-megawatt (MW) project in West Virginia.

While Clearway Energy isn't investing directly in these assets initially, it will in the future. It has already agreed to buy Goat Mountain (a wind repowering project in Texas backed by a Google PPA) from its parent when it begins commercial operations next year. Additionally, it has identified Swan Solar and Catamount Wind (two other Google-linked projects) for potential acquisition in 2028.

However, the Google deal isn't even the biggest story here. Clearway recently signed over 600 MW of PPAs to extend the contract life of existing wind farms its repowering to 2041. Customers include two contracts with a hyperscaler and one with another commercial and industrial customer, with fixed pricing more than two times the prior contracted or merchant pricing. These deals suggest that its legacy assets are becoming much more valuable in the AI age. It has a massive recontracting opportunity as legacy PPAs expire.