Psst…I think I just discovered a new company, paying a substantial dividend yield, that will make you feel good as an ecologically, socially and governance oriented investor.

While I sometimes think socially conscious investments involve more of a sales pitch than an investment philosophy, it does feel good to own shares of companies that prioritize environmental conservation, employee satisfaction and good corporate governance. (I give kudos to corporations that make substantial charitable contributions as well.)

Clearway Energy, formerly a part of energy conglomerate NRG, recently changed names after NRG essentially sold a majority stake in the company to Global Infrastructure Partners, which is privately held.

Clearway said its operating footprint, including assets owned by an affiliate, includes wind, solar and thermal energy assets. All told, the company says it has the energy infrastructure to power 2.7 million homes.

And it has been paying a dividend yield of more than 6% under its previous ownership arrangement with NRG. In a webcast to unveil the new Clearway Energy, company officials said they have a dividend payout target ratio of 80-85% going forward. They also anticipate growing the dividend payout by 5% to 8% annually starting in 2019.

Most of the company’s assets are wind and solar renewable energy projects, including an 8.9 gigawatt pipeline of renewable energy projects that provide ample room for growth in the future. 

Because GIP has a controlling interest in Clearway, shareholders may be concerned about how well their interests are aligned with the majority owner. So far, nothing I can see raises any red flags about the arrangement. More about Clearway’s governance and financial condition will be known when the company releases its first earnings report, scheduled for November 1. In the meantime, as I often do with new investments, I’ve added a small stake in Clearway’s common shares to my retirement IRA, with the intention of perhaps adding to my stake once I learn more from the company’s financials. 

According to the recent webcast by GIP and Clearway, GIP will hold 45.2% economic stake in Clearway Group and control 55% of the voting rights. Class C and A shareholders will own 54.8% of Clearway.

The company’s headquarters are in San Francisco.

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