EX-99.1 2 exhibit991-clearwayenergyi.htm EX-99.1 Document

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Clearway能源公司報告2024年第三季度財務業績

•簽署協議，承諾投資500兆瓦的太陽能加儲能項目
•收到Clearway Group投資於一項320兆瓦存儲混合項目的邀約
•重申2024年財務指引並啓動2025年財務指引
•將季度股息提高1.7%，至0.4240美元 每股在20年第四季度24, 或每股年化1.6960美元

新澤西州普林斯頓 — 2024年10月30日— 能源公司（紐交所：CWEN，CWEN.A)今日公佈了2024年第三季度財務業績，包括淨利潤爲2700萬美元，調整後的EBITDA爲35400萬美元，經營活動現金流爲30100萬美元，可供分配的現金淨流量爲14600萬美元。

「Clearway保持良好的定位，以滿足或超過其2024年財務目標，已制定了提供強勁增長的2025年財務指引區間，並承諾通過2026年前述財務目標。根據Clearway Energy, Inc.的總裁兼首席執行官Craig Cornelius表示，對Pine Forest的承諾和對Honeycomb Phase 1的投資提供了進一步支持持續長期增長的舞臺。根據我們的增長前景和更新的等級化資源充裕定價假設，我們旨在2027年實現每股CAFD爲2.40-2.60美元，這相當於從我們2025年財務指引中間點的年增長率約爲7.5%至12%。雖然實現2027年目標和今天闡明的長期框架還有很多工作要做，但Clearway團隊已經爲我們未來打下了堅實基礎，爲實現我們未來幾年設定的目標鋪平了道路。」

調整後的EBITDA和可分配現金是本新聞稿中的非GAAP度量，詳細解釋見下文的「非GAAP財務信息」。“

財務和運營業績概述

細分市場結果

表1：淨利潤/（虧損）
（百萬美元）三個月已結束九個月已結束
分段9/30/249/30/239/30/249/30/23
常規25 38 50 99 
可再生能源66 62 60 112 
企業
(64)(85)(125)(152)
淨收益/（虧損）$27 $15 $(15)$59 

表2：調整後的EBITDA
（百萬美元）三個月已結束九個月已結束
分段9/30/249/30/239/30/249/30/23
常規66 84 174 236 
可再生能源295 246 770 645 
企業
(7)(7)(26)(24)
調整後 EBITDA$354 $323 $918 $857 

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表 3：來自經營活動的現金和可供分配的現金（CAFD）
三個月已結束九個月已結束
（百萬美元）9/30/249/30/239/30/249/30/23
來自經營活動的現金$301 $287 $578 $496 
可供分配的現金 (CAFD)$146 $156 $385 $289 


截至2024年第三季度，公司報告的淨利潤爲2700萬美元，調整後的EBITDA爲35400萬美元，經營活動現金流量爲30100萬美元，CAFD爲14600萬美元。與2023年相比，淨利潤主要由於經濟對沖的按市值計量影響和較低的稅收支出造成的非現金影響而增加，部分抵消了由於利率互換帶來的較高利息支出。第三季度調整後的EBITDA結果較2023年有所提高，主要是由於增長投資的貢獻，部分抵消了2023年第三季度艾爾塞貢多寰球合同到期的影響。2024年第三季度的CAFD結果較2023年有所下降，主要是由於艾爾塞貢多的合同到期部分抵消了增長投資的貢獻。

業務表現。

表4：選定的營運結果1
(以千兆瓦時爲單位)三個月之內結束九個月結束
9/30/249/30/239/30/249/30/23
傳統等效可用係數87.5 %97.9 %90.3 %87.5 %
太陽能發電量/銷量(MWh)2,9431,8226,9994,232
風能發電量/銷量(MWh)2,0122,0857,4787,262
可再生能源產生/出售24,9553,90714,47711,494

2024年第三季度，傳統部門的可用性低於2023年第三季度，主要是由於某些設施的停工。2024年第三季度可再生能源部門的發電量比2023年第三季度高27%，主要是由於增長投資的貢獻部分抵消了某些設施的風資源減少。


流動性和資本資源

表5:流動性
（百萬美元）9/30/202412/31/2023
現金和現金等價物：
Clearway Energy, Inc. 和 Clearway Energy$90 $410 
子公司202 125 
限制性現金：
運營帳戶 183 176 
儲備金，包括還本付息、分配、履約義務和其他儲備金 199 340 
現金總額$674 $1,051 
循環信貸額度的可用性592 454 
總流動性$1,266 $1,505 

截至2024年9月30日，總流動資金爲126600萬美元，比2023年12月31日的23900萬美元低，主要是由於執行了包括Cedar Creek、Victory Pass、Arica和Rosie BESS資產支付在內的增長投資。

1 排除權益法投資
2 售電量不包括可獲經濟性削減費用的兆瓦時
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截至 2024 年 9 月 30 日，該公司的流動性包括 3.82 億美元 受限制的現金。限制性現金主要包括用於滿足某些債務安排要求的資金和公司項目中持有的使用受限的資金。如 截至2024年9月30日，這些限制性基金包括指定爲運營費用提供資金的1.83億美元，指定用於當前還本付息的約7,100萬美元以及用於償債、履約義務和其他項目（包括資本支出）的8,900萬美元儲備金。 其餘的3 900萬美元存放在分配儲備金帳戶中。

潛在未來的流動性來源包括超額的營運現金流、循環信貸額度, 資產處置，根據市場情況，新的公司債務和股票融資。


成長性投資和戰略公告


松林

2024年6月4日，Realty Income公司（以下簡稱「公司」）發佈了一份新聞稿，公佈了截至2024年12月31日更新的收益和投資成交量預測。新聞稿的副本作爲Exhibit 99.1附在此，作爲本報告的一部分。此報告的Exhibit 99.1作爲第7.01項目，根據8-K表格的規定提供，不視爲1934年證券交易法第18條的「報告文件」，無論此後公司做出的任何註冊文件，也不管任何這類文件的一般包含語言，都不作爲參考依據。2024年10月28日, 公司通過間接子公司，簽訂協議收購現金和稅收權益 一個500兆瓦太陽能加儲能項目 目前正在得克薩斯州霍普金斯縣施工中 預計2025年達到商業運營，總投資爲15500萬美元，根據交易調整。 完成商業運營後，該項目的太陽能發電量由信譽良好的交易對手的購電協議支持，加權平均合同期約爲20年。交易的完成受慣例的成交條件和某些第三方批准的約束，預計在2025年下半年完成。公司預計這些項目將從2021年1月開始，以每年約1600萬美元的5年平均基礎貢獻資產CAFD。 1, 2026.

蜂窩結構第一階段優惠

2024年10月18日，Clearway Group向公司提供了進入合作安排的機會，共同擁有320兆瓦儲能混合項目組合的現金股權利益，預計將在2026年實現商業運營。該投資的潛在企業資本承諾預計約爲8500萬美元。該投資需與Clearway Group協商，並經公司獨立董事審查和批准。


Financing Update

Capistrano Wind Refinancing

On October 23, 2024, the Company, through its indirect subsidiary, Capistrano Portfolio Holdco LLC, entered into a financing agreement which included the issuance of a $121 million term loan as well as $42 million in letters of credit in support of debt service and facility obligations, supported by the Company’s interests in the Broken Bow, Crofton Bluffs, Mountain Wind 1 and Mountain Wind 2 wind facilities. The term loan matures on September 28, 2033. The Company utilized the proceeds from the term loan to pay off the existing debt in the amount of $63 million related to Broken Bow and Crofton Bluffs and to pay related financing costs.

Quarterly Dividend

On October 29, 2024, Clearway Energy, Inc.’s Board of Directors declared a quarterly dividend on Class A and Class C common stock of $0.4240 per share payable on December 16, 2024, to stockholders of record as of December 2, 2024.
Seasonality

Clearway Energy, Inc.’s quarterly operating results are impacted by seasonal factors, as well as weather variability which can impact renewable energy resource throughout the year. Most of the Company's revenues are generated from the months of May through September, as contracted pricing and renewable resources are at their highest levels in the Company’s portfolio. Factors driving the fluctuation in Net Income, Adjusted EBITDA, Cash from Operating Activities, and CAFD include the following:

•Higher summer capacity and energy prices from conventional assets;
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•Higher solar insolation during the summer months;
•Higher wind resources during the spring and summer months;
•Renewable energy resource throughout the year
•Debt service payments which are made either quarterly or semi-annually;
•Timing of maintenance capital expenditures and the impact of both unforced and forced outages; and
•Timing of distributions from unconsolidated affiliates

The Company takes into consideration the timing of these factors to ensure sufficient funds are available for distributions and operating activities on a quarterly basis.

Financial Guidance

The Company is reaffirming its 2024 full year CAFD guidance of $395 million. The Company's 2024 financial guidance factors in the contribution of committed growth investments based on current expected closing timelines and estimates for merchant energy gross margin at the conventional fleet. 2024 CAFD guidance does not factor in the timing of when CAFD is realized from new growth investments pursuant to 5-year averages beyond 2024. Financial guidance is based on median renewable energy production estimates for the full year.

The Company is initiating a 2025 full year CAFD guidance at a $420 million midpoint and a range of $400 million to $440 million. The midpoint of the 2025 financial guidance range is based on median renewable energy production estimates for the full year, while the range reflects a range of potential distributions of outcomes on resource and performance in the fiscal year. The guidance range also factors in completing committed growth investments on currently forecasted schedules.

Earnings Conference Call

On October 30, 2024, Clearway Energy, Inc. will host a conference call at 8:00 a.m. Eastern to discuss these results. Investors, the news media and others may access the live webcast of the conference call and accompanying presentation materials by logging on to Clearway Energy, Inc.’s website at http://www.clearwayenergy.com and clicking on “Presentations & Webcasts” under “Investor Relations.”

About Clearway Energy, Inc.

Clearway Energy, Inc. is one of the largest owners of clean energy generation assets in the US and is leading the transition to a world powered by clean energy. Our portfolio comprises approximately 11.7 GW of gross capacity in 26 states, including 9 GW of wind, solar, and energy storage and over 2.7 GW of dispatchable power generation providing critical grid reliability services. Through our diversified and primarily contracted clean energy portfolio, Clearway Energy endeavors to provide our investors with stable and growing dividend income. Clearway Energy, Inc.’s Class C and Class A common stock are traded on the New York Stock Exchange under the symbols CWEN and CWEN.A, respectively. Clearway Energy, Inc. is sponsored by our controlling investor, Clearway Energy Group LLC. For more information, visit investor.clearwayenergy.com.

Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as “expect,” “estimate,” "target," “anticipate,” “forecast,” “plan,” “outlook,” “believe” and similar terms. Such forward-looking statements include, but are not limited to, statements regarding, Clearway Energy, Inc.’s (the “Company’s”) dividend expectations and its operations, its facilities and its financial results, statements regarding the likelihood, terms, timing and/or consummation of the transactions described above, the potential benefits, opportunities, and results with respect to the transactions, including the Company’s future relationship and arrangements with Global Infrastructure Partners, TotalEnergies, and Clearway Energy Group(collectively and together with their affiliates, “Related Persons”), as well as the Company's Net Income, Adjusted EBITDA, Cash from Operating Activities, Cash Available for Distribution, the Company’s future revenues, income, indebtedness, capital structure, strategy, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.

Although the Company believes that the expectations are reasonable at this time, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, the Company's ability to maintain and grow its quarterly dividend, impacts related to COVID-19 (including any variant of the virus) or any other pandemic, risks relating to the
4


Company's relationships with its sponsors, the failure to identify, execute or successfully implement acquisitions or dispositions (including receipt of third party consents and regulatory approvals), risks related to the Company's ability to acquire assets, including risks that offered or committed transactions from Related Persons may not be approved, on the terms proposed or otherwise, by the Corporate Governance, Conflicts, and Nominating Committee of the Company’s Board of Directors (the “GCN”), or if approved, timely consummated; from its sponsors, the Company’s ability to borrow additional funds and access capital markets due to its indebtedness, corporate structure, market conditions or otherwise, hazards customary in the power industry, weather conditions, including wind and solar performance, the Company’s ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations, the willingness and ability of counterparties to the Company’s offtake agreements to fulfill their obligations under such agreements, the Company's ability to enter into new contracts as existing contracts expire, changes in government regulations, operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of the Company and its subsidiaries, and cyber terrorism and inadequate cybersecurity. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations.

In addition, this release contains reference to certain offered and committed transactions with Related Persons, which transactions are subject to the review, negotiation and approval of the GCN. Transactions referred to as “offered” (or any variation thereof) have been presented to the Company by the Related Persons, but the terms remain subject to review and negotiation by the GCN. Transactions may have been recently offered or undergone more extensive negotiations. Unless otherwise noted, no assumptions should be made with respect to the stage of negotiation of an offered transaction, nor should any assumptions be made that any offered transaction will be approved, committed or ultimately consummated on the terms described herein. Transactions referred to as “committed” or “signed” (or any variation thereof) represent transactions which have been approved by the GCN and for which definitive agreements have been delivered; however, such transactions have not yet been consummated and remain subject to various risks and uncertainties (including financing, third party consents and arrangements and regulatory approvals). The Company provides information regarding offered and committed transactions believing that such information is useful to an understanding of the Company’s business and operations; however, given the uncertainty of such transactions, undue reliance should not be placed on any expectations regarding such transactions and the Company can give no assurance that such expectations will prove to be correct, as actual results may vary materially.

The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Cash Available for Distribution are estimates as of today’s date, October 30, 2024, and are based on assumptions believed to be reasonable as of this date. The Company expressly disclaims any current intention to update such guidance. The foregoing review of factors that could cause The Company's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect The Company's future results included in The Company's filings with the Securities and Exchange Commission at www.sec.gov. In addition, The Company makes available free of charge at www.clearwayenergy.com, copies of materials it files with, or furnishes to, the Securities and Exchange Commission.

# # #
Contacts:

Investors:                Media:
    Akil Marsh                Zadie Oleksiw
    investor.relations@clearwayenergy.com    media@clearwayenergy.com
    609-608-1500                202-836-5754
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CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended September 30,Nine months ended September 30,
(In millions, except per share amounts)2024202320242023
Operating Revenues
Total operating revenues$486 $371 $1,115 $1,065 
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below135 134 378 360 
Depreciation, amortization and accretion164 133 471 389 
General and administrative9 9 29 28 
Transaction and integration costs— 1 4 3 
Total operating costs and expenses308 277 882 780 
Operating Income178 94 233 285 
Other Income (Expense)
Equity in earnings of unconsolidated affiliates13 11 33 11 
Other income, net8 15 36 32 
Loss on debt extinguishment— — (3)— 
Interest expense(139)(48)(284)(202)
Total other expense, net(118)(22)(218)(159)
 Income Before Income Taxes60 72 15 126 
Income tax expense 33 57 30 67 
Net Income (Loss) 27 15 (15)59 
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests(9)11 (100)17 
Net Income Attributable to Clearway Energy, Inc.
$36 $4 $85 $42 
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of Class A common shares outstanding - basic and diluted
35 35 35 35 
Weighted average number of Class C common shares outstanding - basic and diluted
83 82 83 82 
Earnings Per Weighted Average Class A and Class C Common Share - Basic and Diluted
$0.31 $0.03 $0.72 $0.36 
Dividends Per Class A Common Share $0.4171 $0.3891 $1.2306 $1.1454 
Dividends Per Class C Common Share $0.4171 $0.3891 $1.2306 $1.1454 
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CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended September 30,Nine months ended September 30,
(In millions)2024202320242023
Net Income (Loss)$27 $15 $(15)$59 
Other Comprehensive (Loss) Income
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of income tax (benefit) expense of $(2), $1, $(2), and $1
(13)8 (13)8 
Other comprehensive (loss) income(13)8 (13)8 
Comprehensive Income (Loss) 14 23 (28)67 
Less: Comprehensive (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests(18)17 (107)23 
Comprehensive Income Attributable to Clearway Energy, Inc.$32 $6 $79 $44 
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CLEARWAY ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except shares)September 30, 2024December 31, 2023
ASSETS(Unaudited)
Current Assets
Cash and cash equivalents$292 $535 
Restricted cash 382 516 
Accounts receivable — trade199 171 
Inventory63 55 
Derivative instruments34 41 
Note receivable — affiliate— 174 
Prepayments and other current assets81 68 
Total current assets1,051 1,560 
Property, plant and equipment, net 9,895 9,526 
Other Assets
Equity investments in affiliates322 360 
Intangible assets for power purchase agreements, net2,170 2,303 
Other intangible assets, net 70 71 
Derivative instruments70 82 
Right-of-use assets, net548 597 
Other non-current assets123 202 
Total other assets3,303 3,615 
Total Assets$14,249 $14,701 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt$412 $558 
Accounts payable — trade78 130 
Accounts payable — affiliates14 31 
Derivative instruments51 51 
Accrued interest expense35 57 
Accrued expenses and other current liabilities71 79 
Total current liabilities661 906 
Other Liabilities
Long-term debt6,732 7,479 
Deferred income taxes58 127 
Derivative instruments279 281 
Long-term lease liabilities570 627 
Other non-current liabilities316 286 
Total other liabilities7,955 8,800 
Total Liabilities8,616 9,706 
Redeemable noncontrolling interest in subsidiaries9 1 
Commitments and Contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued — — 
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 202,143,697 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,829,344, Class D 41,961,750) at September 30, 2024 and 202,080,794 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,391,441, Class D 42,336,750) at December 31, 20231 1 
Additional paid-in capital1,831 1,732 
Retained earnings301 361 
Accumulated other comprehensive income1 7 
Noncontrolling interest3,490 2,893 
Total Stockholders’ Equity5,624 4,994 
Total Liabilities and Stockholders’ Equity$14,249 $14,701 
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CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30,
(In millions)20242023
Cash Flows from Operating Activities
Net (Loss) Income $(15)$59 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates (33)(11)
Distributions from unconsolidated affiliates21 17 
Depreciation, amortization and accretion471 389 
Amortization of financing costs and debt discounts10 9 
Amortization of intangibles137 139 
Loss on debt extinguishment 3 — 
Reduction in carrying amount of right-of-use assets11 11 
Changes in deferred income taxes23 49 
Changes in derivative instruments and amortization of accumulated OCI34 (64)
Cash provided by (used in) changes in other working capital:
Changes in prepaid and accrued liabilities for tolling agreements 3 (23)
Changes in other working capital(87)(79)
Net Cash Provided by Operating Activities578 496 
Cash Flows from Investing Activities
Acquisition of Drop Down Assets, net of cash acquired(671)100 
Capital expenditures(237)(143)
Return of investment from unconsolidated affiliates38 14 
Decrease (increase) in note receivable — affiliate 184 (215)
Investments in unconsolidated affiliates— (28)
Other12 1 
Net Cash Used in Investing Activities(674)(271)
Cash Flows from Financing Activities
Contributions from noncontrolling interests, net of distributions1,385 294 
Payments of dividends and distributions(249)(231)
Tax-related distributions— (21)
Proceeds from the issuance of long-term debt 255 293 
Payments of debt issuance costs(7)(14)
Payments for long-term debt(1,664)(384)
Other(1)(2)
Net Cash Used in Financing Activities(281)(65)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(377)160 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period1,051 996 
Cash, Cash Equivalents and Restricted Cash at End of Period$674 $1,156 

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CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Nine Months Ended September 30, 2024
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive Income		Noncontrolling
Interest		Total
Stockholders’
Equity
Balances at December 31, 2023$— $1 $1,732 $361 $7 $2,893 $4,994 
Net loss— — — (2)— (45)(47)
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax— — — — (2)1 (1)
Distributions to CEG, net of contributions, cash— — — — — (1)(1)
Contributions from noncontrolling interests, net of distributions, cash— — — — — 215 215 
Transfers of assets under common control— — 2 — — (42)(40)
Non-cash adjustments for change in tax basis— — 6 — — — 6 
Stock-based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— — — (47)— (34)(81)
Other— — — (1)— — (1)
Balances at March 31, 2024— 1 1,741 311 5 2,987 5,045 
Net income (loss)— — — 51 — (51)— 
Unrealized gain on derivatives and changes in accumulated OCI, net of tax— — — — — 1 1 
Contributions from CEG, net of distributions, cash— — — — — 222 222 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 988 988 
Distributions to noncontrolling interests, net of contributions, non-cash— — — — — (1)(1)
Transfers of assets under common control— — 5 — — (549)(544)
Non-cash adjustments for change in tax basis— — 85 — — — 85 
Stock-based compensation— — (1)— — — (1)
Common stock dividends and distributions to CEG unit holders— — — (48)— (35)(83)
Other— — — — — (1)(1)
Balances at June 30, 2024— 1 1,830 314 5 3,561 5,711 
Net income (loss)— — — 36 — (13)23 
Unrealized loss on derivatives and changes in accumulated OCI, net of tax— — — — (4)(9)(13)
Contributions from CEG, cash— — — — — 6 6 
Distributions to noncontrolling interests, net of contributions, cash— — — — — (19)(19)
Stock-based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— — — (49)— (36)(85)
Balances at September 30, 2024$— $1 $1,831 $301 $1 $3,490 $5,624 
10



CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Nine Months Ended September 30, 2023
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital		 Retained EarningsAccumulated
Other
Comprehensive Income		Noncontrolling
Interest		Total
Stockholders’
Equity
Balances at December 31, 2022$— $1 $1,761 $463 $9 $1,792 $4,026 
Net loss— — — — — (43)(43)
Unrealized loss on derivatives and changes in accumulated OCI, net of tax— — — — (1)(2)(3)
Contributions from CEG, net of distributions, cash— — — — — 30 30 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 215 215 
Transfers of assets under common control— — (52)— — 46 (6)
Non-cash adjustments for change in tax basis— — 9 — — — 9 
Stock based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— — — (44)— (32)(76)
Balances at March 31, 2023— 1 1,719 419 8 2,006 4,153 
Net income— — — 38 — 40 78 
Unrealized gain on derivatives and changes in accumulated OCI, net of tax— — — — 1 2 3 
Distributions to CEG, net of contributions, cash— — — — — (4)(4)
Distributions to noncontrolling interests, net of contributions, cash— — — — — (5)(5)
Tax-related distribution— — — — — (19)(19)
Stock based compensation— — (1)— — — (1)
Common stock dividends and distributions to CEG unit holders— — — (45)— (32)(77)
Other— — — — — (1)(1)
Balances at June 30, 2023— 1 1,718 412 9 1,987 4,127 
Net income— — — 4 — 6 10 
Unrealized gain on derivatives and changes in accumulated OCI, net of tax— — — — 2 6 8 
Distributions to CEG, cash— — — — — (1)(1)
Contributions from noncontrolling interests, net of distributions, cash— — — — — 12 12 
Distributions to noncontrolling interests, non-cash— — — — — (7)(7)
Tax-related distribution— — — — — (2)(2)
Transfer of assets under common control— — — — — 171 171 
Non-cash adjustments for change in tax basis— — 8 — — — 8 
Stock based compensation— — 2 (1)— — 1 
Common stock dividends and distributions to CEG unit holders— — — (45)— (33)(78)
Other— — — — — 1 1 
Balances at September 30, 2023$— $1 $1,728 $370 $11 $2,140 $4,250 
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Appendix Table A-1: Three Months Ended September 30, 2024, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
($ in millions)ConventionalRenewablesCorporateTotal
Net Income (Loss)$25 $66 $(64)$27 
Plus:
Income Tax Expense— — 33 33 
Interest Expense, net8 100 23 131 
Depreciation, Amortization, and ARO29 135 — 164 
Contract Amortization
5 41 — 46 
Mark to Market (MtM) Gains on economic hedges(4)(68)— (72)
Other non-recurring— 9 — 9 
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates3 12 — 15 
Non-Cash Equity Compensation
— — 1 1 
Adjusted EBITDA$66 $295 $(7)$354 

Appendix Table A-2: Three Months Ended September 30, 2023, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
($ in millions)ConventionalRenewablesCorporateTotal
Net Income (Loss)$38 $62 $(85)$15 
Plus:
Income Tax Expense— — 57 57 
Interest Expense, net7 8 19 34 
Depreciation, Amortization, and ARO33 100 — 133 
Contract Amortization
5 42 — 47 
Mark to Market (MtM) Losses/(Gains) on economic hedges(3)21 — 18 
Transaction and integration costs— — 1 1 
Other non-recurring1 — — 1 
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates
3 13 — 16 
Non-Cash Equity Compensation
— — 1 1 
Adjusted EBITDA$84 $246 $(7)$323 









12


Appendix Table A-3: Nine Months Ended September 30, 2024, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
($ in millions)ConventionalRenewablesCorporateTotal
Net Income (Loss)$50 $60 $(125)$(15)
Plus:
Income Tax Expense— — 30 30 
Interest Expense, net21 163 64 248 
Depreciation, Amortization, and ARO88 383 — 471 
Contract Amortization
14 124 — 138 
Loss on Debt Extinguishment
— 3 — 3 
Mark to Market (MtM) (Gain)/Loss on economic hedges(9)4 — (5)
Transaction and Integration costs
— — 4 4 
Other Non-recurring1 8 — 9 
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates
9 25 — 34 
Non-Cash Equity Compensation
— — 1 1 
Adjusted EBITDA$174 $770 $(26)$918 
    


Appendix Table A-4: Nine Months Ended September 30, 2023, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
($ in millions)ConventionalRenewablesCorporateTotal
Net Income (Loss)$99 $112 $(152)$59 
Plus:
Income Tax Expense— — 67 67 
Interest Expense, net24 91 55 170 
Depreciation, Amortization, and ARO98 291 — 389 
Contract Amortization
16 125 — 141 
Mark to Market (MtM) (Gain)/Loss on economic hedges(3)(24)— (27)
Transaction and Integration costs
— — 3 3 
Other Non-recurring(7)5 — (2)
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates
9 45 — 54 
Non-Cash Equity Compensation
— — 3 3 
Adjusted EBITDA$236 $645 $(24)$857 

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Appendix Table A-5: Cash Available for Distribution Reconciliation
The following table summarizes the calculation of Cash Available for Distribution and provides a reconciliation to Cash from Operating Activities:
Three Months EndedNine Months Ended
($ in millions)9/30/249/30/239/30/249/30/23
Adjusted EBITDA$354 $323 $918 $857 
Cash interest paid3(96)(89)(252)(237)
Changes in prepaid and accrued liabilities for tolling agreements19 33 3 (23)
Adjustments to reflect sale-type leases and payments for lease expenses(10)2 (5)5 
Pro-rata Adjusted EBITDA from unconsolidated affiliates(25)(28)(64)(64)
Distributions from unconsolidated affiliates6 6 21 17 
Changes in working capital and other53 40 (43)(59)
Cash from Operating Activities301 287 578 496 
Changes in working capital and other(53)(40)43 59 
Return of investment from unconsolidated affiliates43 4 10 14 
Net contributions (to)/from non-controlling interest5(14)(8)(43)(28)
Maintenance capital expenditures(4)(9)(8)(22)
Principal amortization of indebtedness6(87)(78)(205)(230)
Cash Available for Distribution before Adjustments$146 $156 $375 $289 
2024 Net impact of drop downs from timing of construction debt service — — 10 — 
Cash Available for Distribution7$146 $156 $385 $289 





3 2024 includes $9 million related to swap breakage receipts in connection with the NIMH refinancing
4 2024 excludes $28 million related to Rosamond Central BESS return of capital at substantial completion funding
5 2024 excludes $1,296 million of contributions related to the funding of Texas Solar Nova 2, Rosamond Central Battery Storage, Victory Pass, Arica, and Cedar Creek; 2023 excludes $229 million of contributions related to the funding of Rosamond Central Battery Storage, Waiawa, and Daggett
6 2024 excludes $2,545 million for the repayment of bridge loans in connection with Texas Solar Nova 2, Victory Pass, Arica, and Cedar Creek and $137 million for the repayment of balloon at NIMH Solar; 2023 excludes $130 million for the repayment of construction loans in connection with Waiawa and Daggett, and $24 million for the repayment of balloon at Walnut Creek Holdings;
7 Excludes income tax payments related to Thermal sale
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Appendix Table A-6: Nine Months Ended September 30, 2024, Sources and Uses of Liquidity
The following table summarizes the sources and uses of liquidity in 2024:

Nine Months Ended
($ in millions)9/30/24
Sources:
Contributions from noncontrolling interests, net of distributions1,385 
Net cash provided by operating activities578 
Proceeds from issuance of long-term debt255 
Decrease in note receivable — affiliate184 
Return of investments from unconsolidated affiliates38 
Other net cash inflows4 
Uses:
Payments for long-term debt (1,664)
Acquisition of Drop Down Assets, net of cash acquired(671)
Payments of dividends and distributions (249)
Capital expenditures(237)
Change in total cash, cash equivalents, and restricted cash$(377)
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Appendix Table A-7: Adjusted EBITDA and Cash Available for Distribution Guidance
($ in millions)2024 Full Year Guidance2025 Full Year Guidance Range
Net Income90 (40) - 0
Income Tax Expense
20 (4)
Interest Expense, net
330 335 
Depreciation, Amortization, and ARO Expense
680 840 
 Adjustment to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates50 61 
Non-Cash Equity Compensation5 3 
Adjusted EBITDA1,175 1,195 - 1,235
Cash interest paid
(310)(314)
Changes in prepaid and accrued liabilities for tolling agreements
(5)(4)
 Adjustments to reflect sale-type leases and payments for lease expenses10 6 
Pro-rata Adjusted EBITDA from unconsolidated affiliates
(85)(83)
Cash distributions from unconsolidated affiliates845 46 
 Income Tax Payments— (2)
Cash from Operating Activities830 844 - 884
Net distributions to non-controlling interest9(100)(119)
Cash receipts from notes receivable
— 3 
Maintenance capital expenditures
(40)(24)
Principal amortization of indebtedness10
(295)(304)
Cash Available for Distribution395 400 - 440

Appendix Table A-8: Adjusted EBITDA and Cash Available for Distribution Growth Projects
($ in millions)Pine Forest
5 Year Ave. 2026-2030
Net Income13 
Interest Expense, net6 
Depreciation, Amortization, and ARO Expense22 
Adjusted EBITDA41 
 Cash interest paid(6)
Cash from Operating Activities35 
Net distributions (to)/from non-controlling interest(18)
Principal amortization of indebtedness(1)
Estimated Cash Available for Distribution16 

8 Distribution from unconsolidated affiliates can be classified as Return of Investment on Unconsolidated Affiliates when actuals are reported. This is below cash from operating activities
9 Includes tax equity proceeds and distributions to tax equity partners
10 2024 and 2025 excludes maturities assumed to be refinanced
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Non-GAAP Financial Information

EBITDA and Adjusted EBITDA

EBITDA, Adjusted EBITDA, and Cash Available for Distribution (CAFD) are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The presentation of non-GAAP financial measures should not be construed as an inference that Clearway Energy’s future results will be unaffected by unusual or non-recurring items.

EBITDA represents net income before interest (including loss on debt extinguishment), taxes, depreciation and amortization. EBITDA is presented because Clearway Energy considers it an important supplemental measure of its performance and believes debt and equity holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:
•EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;
•EBITDA does not reflect changes in, or cash requirements for, working capital needs;
•EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments;
•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
•Other companies in this industry may calculate EBITDA differently than Clearway Energy does, limiting its usefulness as a comparative measure.

Because of these limitations, EBITDA should not be considered as a measure of discretionary cash available to use to invest in the growth of Clearway Energy’s business. Clearway Energy compensates for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA only supplementally. See the statements of cash flow included in the financial statements that are a part of this news release.

Adjusted EBITDA is presented as a further supplemental measure of operating performance. Adjusted EBITDA represents EBITDA adjusted for mark-to-market gains or losses, non-cash equity compensation expense, asset write offs and impairments; and factors which we do not consider indicative of future operating performance such as transition and integration related costs. The reader is encouraged to evaluate each adjustment and the reasons Clearway Energy considers it appropriate for supplemental analysis. As an analytical tool, Adjusted EBITDA is subject to all of the limitations applicable to EBITDA. In addition, in evaluating Adjusted EBITDA, the reader should be aware that in the future Clearway Energy may incur expenses similar to the adjustments in this news release.

Management believes Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. This measure is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.

Additionally, Management believes that investors commonly adjust EBITDA information to eliminate the effect of restructuring and other expenses, which vary widely from company to company and impair comparability. As we define it, Adjusted EBITDA represents EBITDA adjusted for the effects of impairment losses, gains or losses on sales, non-cash equity compensation expense, dispositions or retirements of assets, any mark-to-market gains or losses from accounting for derivatives, adjustments to exclude gains or losses on the repurchase, modification or extinguishment of debt, and any extraordinary, unusual or non-recurring items plus adjustments to reflect the Adjusted EBITDA from our unconsolidated investments. We adjust for these items in our Adjusted EBITDA as our management believes that these items would distort their ability to efficiently view and assess our core operating trends.

In summary, our management uses Adjusted EBITDA as a measure of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends, as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations, and in communications with our Board of Directors, shareholders, creditors, analysts and investors concerning our financial performance.

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Cash Available for Distribution

A non-GAAP measure, Cash Available for Distribution is defined as of September 30, 2024 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments, and adjusted for development expenses. Management believes CAFD is a relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors.

We believe CAFD is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD is used by our management team for determining future acquisitions and managing our growth. The GAAP measure most directly comparable to CAFD is cash provided by operating activities.

However, CAFD has limitations as an analytical tool because it does not include changes in operating assets and liabilities and excludes the effect of certain other cash flow items, all of which could have a material effect on our financial condition and results from operations. CAFD is a non-GAAP measure and should not be considered an alternative to cash provided by operating activities or any other performance or liquidity measure determined in accordance with GAAP, nor is it indicative of funds available to fund our cash needs. In addition, our calculations of CAFD are not necessarily comparable to CAFD as calculated by other companies. Investors should not rely on these measures as a substitute for any GAAP measure, including cash provided by operating activities.


18