The following is a summary of the Clearway Energy, Inc. (CWEN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Clearway Energy reported a strong Q1 2024 with $52 million of Cash Available for Distribution (CAFD), primarily due to renewable resource performance at Alta.

• The company reaffirmed its 2024 guidance of $395 million.

• The quarterly dividend increased by 1.7%, bringing it to $0.4102 per share, or $1.6408 on an annual basis, aligned with the targeted dividend growth of 7% for 2024.

• Clearway also committed approximately $65 million to new capital deployments, expected to yield a 10% CAFD over five years.

• The Pro-forma CAFD outlook has been raised to $420 million from $415 million.

Business Progress:

• Clearway successfully brought Cedar Creek and Texas Solar Nova 2 to commercial operations, and executed agreements on Dan's Mountain and Rosemont South 1.

• Predicts fully allocating the thermal proceeds and committing more dropdowns in 2024, aiming to achieve $2.15 of CAFD per share by 2026 with no external capital.

• Company completed a joint development agreement optimizing Utah solar assets with a potential investment of up to $85 million in 2026 at a 10% CAFD yield.

• Clearway's sponsor pipeline has around eight gigawatts of late-stage projects expected to come online over the next five years.

• Clearway is focusing on the relationship between the CAFD contribution and the amount of retained CAFD allocated to additional investment commitments.

• Company is exploring growth through opportunities provided by ongoing development including possible new projects serving major data centers.

• Company is expanding opportunities for greenfield construction of batteries as well as batteries at sites already housing renewable operations.

More details: Clearway Energy-C IR

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