Clearway Energy, Inc. Reports First Quarter 2025 Financial Results
Clearway Energy reported Q1 2025 financial results with mixed performance. The company posted a Net Loss of $104 million, while achieving Adjusted EBITDA of $252 million, Cash from Operating Activities of $95 million, and CAFD of $77 million.
Key highlights include:
- Quarterly dividend increase of 1.7% to $0.4384 per share
- Strong operational performance with improved availability across segments
- Acquisition of 100 MW California solar project for $120-125 million
- Closed Tuolumne Wind acquisition (137 MW) for $61 million
- Mt. Storm repowering agreement with Microsoft PPA
The company maintained its 2025 CAFD guidance of $400-440 million. Renewable generation increased 13% YoY, with total liquidity at $1,325 million as of March 31, 2025. Management remains confident in reaching the top end of their $2.40-$2.60 CAFD per share target for 2027.
Clearway Energy ha comunicato i risultati finanziari del primo trimestre 2025 con performance contrastanti. La società ha registrato una perdita netta di 104 milioni di dollari, ottenendo però un EBITDA rettificato di 252 milioni di dollari, un flusso di cassa operativo di 95 milioni di dollari e un CAFD di 77 milioni di dollari.
I punti salienti includono:
- Aumento trimestrale del dividendo dell'1,7%, portandolo a 0,4384 dollari per azione
- Solida performance operativa con migliorata disponibilità nei vari segmenti
- Acquisizione di un progetto solare da 100 MW in California per 120-125 milioni di dollari
- Chiusura dell'acquisizione del parco eolico Tuolumne (137 MW) per 61 milioni di dollari
- Accordo di rifacimento dell'impianto Mt. Storm con PPA di Microsoft
La società ha confermato la guidance 2025 per il CAFD tra 400 e 440 milioni di dollari. La generazione da fonti rinnovabili è aumentata del 13% su base annua, con una liquidità totale pari a 1.325 milioni di dollari al 31 marzo 2025. Il management rimane fiducioso di raggiungere il limite superiore dell’obiettivo di CAFD per azione tra 2,40 e 2,60 dollari entro il 2027.
Clearway Energy informó resultados financieros del primer trimestre de 2025 con un desempeño mixto. La compañía reportó una pérdida neta de 104 millones de dólares, mientras que logró un EBITDA ajustado de 252 millones, flujo de efectivo operativo de 95 millones y CAFD de 77 millones.
Los puntos clave incluyen:
- Aumento trimestral del dividendo del 1,7% a 0,4384 dólares por acción
- Fuerte desempeño operativo con mejor disponibilidad en los segmentos
- Adquisición de un proyecto solar en California de 100 MW por 120-125 millones de dólares
- Cierre de la adquisición del parque eólico Tuolumne (137 MW) por 61 millones de dólares
- Acuerdo de repotenciación de Mt. Storm con PPA de Microsoft
La compañía mantuvo su guía de CAFD para 2025 entre 400 y 440 millones de dólares. La generación renovable aumentó un 13% interanual, con una liquidez total de 1,325 millones al 31 de marzo de 2025. La dirección sigue confiada en alcanzar el extremo superior de su objetivo de CAFD por acción de 2,40 a 2,60 dólares para 2027.
Clearway Energy는 2025년 1분기 재무 실적을 발표했으며, 성과는 엇갈렸습니다. 회사는 1억 4백만 달러의 순손실을 기록했으나, 조정 EBITDA는 2억 5천 2백만 달러, 영업활동 현금흐름은 9천 5백만 달러, CAFD는 7천 7백만 달러를 달성했습니다.
주요 내용은 다음과 같습니다:
- 분기 배당금 1.7% 인상하여 주당 0.4384달러 지급
- 부문별 가용성 개선으로 강력한 운영 성과 달성
- 캘리포니아 100MW 태양광 프로젝트를 1억 2천만~1억 2천 5백만 달러에 인수
- 137MW 규모의 투올룸네 풍력 발전소 인수 완료, 6천 1백만 달러
- 마이크로소프트 PPA와 함께 Mt. Storm 재가동 계약 체결
회사는 2025년 CAFD 가이던스를 4억~4억 4천만 달러로 유지했습니다. 재생 에너지 발전량은 전년 대비 13% 증가했으며, 2025년 3월 31일 기준 총 유동성은 13억 2천 5백만 달러입니다. 경영진은 2027년 주당 CAFD 목표인 2.40~2.60달러의 상단 달성에 자신감을 보이고 있습니다.
Clearway Energy a publié ses résultats financiers du premier trimestre 2025 avec des performances mitigées. La société a enregistré une perte nette de 104 millions de dollars, tout en réalisant un EBITDA ajusté de 252 millions, un flux de trésorerie d'exploitation de 95 millions et un CAFD de 77 millions.
Les points clés sont :
- Augmentation trimestrielle du dividende de 1,7 % à 0,4384 $ par action
- Excellente performance opérationnelle avec une meilleure disponibilité dans les différents segments
- Acquisition d'un projet solaire de 100 MW en Californie pour 120-125 millions de dollars
- Finalisation de l'acquisition du parc éolien Tuolumne (137 MW) pour 61 millions de dollars
- Accord de remise à niveau de Mt. Storm avec un PPA Microsoft
La société maintient ses prévisions de CAFD pour 2025 entre 400 et 440 millions de dollars. La production d’énergie renouvelable a augmenté de 13 % en glissement annuel, avec une liquidité totale de 1 325 millions de dollars au 31 mars 2025. La direction reste confiante quant à l’atteinte du haut de leur objectif de CAFD par action entre 2,40 et 2,60 dollars pour 2027.
Clearway Energy meldete gemischte Finanzergebnisse für das erste Quartal 2025. Das Unternehmen verzeichnete einen Nettoverlust von 104 Millionen US-Dollar, erzielte jedoch ein bereinigtes EBITDA von 252 Millionen US-Dollar, einen operativen Cashflow von 95 Millionen US-Dollar und einen CAFD von 77 Millionen US-Dollar.
Wichtige Highlights sind:
- Quartalsdividende um 1,7 % auf 0,4384 US-Dollar je Aktie erhöht
- Starke operative Leistung mit verbesserter Verfügbarkeit in den Segmenten
- Akquisition eines 100-MW-Solarprojekts in Kalifornien für 120-125 Millionen US-Dollar
- Abschluss der Übernahme des Tuolumne-Windparks (137 MW) für 61 Millionen US-Dollar
- Mt. Storm Repowering-Vereinbarung mit Microsoft PPA
Das Unternehmen bestätigte seine CAFD-Prognose für 2025 von 400 bis 440 Millionen US-Dollar. Die erneuerbare Stromerzeugung stieg im Jahresvergleich um 13 %, und die Gesamtliquidität betrug zum 31. März 2025 1.325 Millionen US-Dollar. Das Management ist zuversichtlich, das obere Ende des CAFD-Ziels von 2,40 bis 2,60 US-Dollar pro Aktie für 2027 zu erreichen.
- Q1 2025 Adjusted EBITDA increased to $252M from $211M YoY
- CAFD improved to $77M from $52M YoY
- Quarterly dividend increased by 1.7% to $0.4384 per share
- Strong operational metrics with higher availability (89.3% vs 86.3%) and renewable generation up 13%
- Acquired 137MW Tuolumne Wind project with 15-year PPA through 2040
- Signed agreement to acquire 100MW California solar project with PPA through 2038
- Secured new PPA for Mt. Storm repowering project with Microsoft for 20 years
- Maintained strong liquidity position of $1.325B
- Net Loss widened to $104M from $46M YoY
- Higher interest expense due to interest rate swaps
- Total liquidity decreased by $5M from December 2024
- Corporate segment losses increased to $36M from $18M YoY
- Flexible Generation segment earnings declined to $2M from $16M YoY
Insights
Strong operational metrics despite higher net loss, with multiple growth projects progressing and dividend increase signaling management confidence.
Clearway Energy's Q1 2025 results present a mixed but ultimately positive financial picture. While Net Loss increased to $104 million from $46 million year-over-year (primarily due to interest rate swap expenses), the company's operational metrics showed impressive improvement. Adjusted EBITDA grew 19.4% to $252 million, Cash from Operating Activities rose 17.3% to $95 million, and most notably, Cash Available for Distribution (CAFD) jumped 48% to $77 million compared to Q1 2024.
The 1.7% dividend increase to $0.4384 quarterly ($1.75 annualized) reflects management's confidence in cash flow stability. This continues CWEN's pattern of modest but steady dividend growth that aligns with their yieldco business model.
CWEN's growth strategy is advancing through multiple channels simultaneously. The company closed the Tuolumne Wind acquisition which is expected to contribute approximately $9 million in annual CAFD beginning 2026. They've signed an agreement to acquire a 100 MW California solar project with contracted revenue through 2038. The Mt. Storm Wind repowering project is progressing with power purchase agreements in place and expected to contribute $26-28 million in incremental annual CAFD beginning 2028.
Operationally, performance metrics improved across all segments, with higher availability in the Flexible Generation segment and 13% higher generation in the Renewables & Storage segment. The company maintains strong liquidity of $1.325 billion as of March 31, 2025, providing financial flexibility to execute its growth initiatives.
Management's reaffirmation of 2025 CAFD guidance of $400-440 million indicates confidence that Q1 results are on track with annual expectations. Their statement about delivering "at the top end" of their $2.40-$2.60 CAFD per share target for 2027 provides a concrete growth trajectory for investors to monitor.
Multi-pronged growth strategy with repowering projects and acquisitions strengthens CWEN's long-term contracted revenue profile.
Clearway Energy's Q1 results demonstrate the effectiveness of their diversified growth approach across three strategic pathways: fleet enhancements/repowerings, sponsor dropdowns, and third-party acquisitions. Their opportunistic approach to repowering aging wind assets is particularly noteworthy, with progress on three repowering candidates (Mt. Storm, Goat Mountain, and San Juan Mesa).
The Mt. Storm repowering arrangement with Microsoft represents a strategic win, securing a 20-year PPA with a high-credit counterparty. This follows the industry trend of tech companies directly procuring renewable energy. The repowering economics look attractive, with an expected $26-28 million annual CAFD contribution from approximately $225 million in investment, suggesting a double-digit CAFD yield.
The acquisition of the operational 100 MW California solar project with 13 years remaining on its PPA adds immediately accretive cash flow with minimal integration risk. Similarly, the Tuolumne Wind project acquisition includes a 15-year PPA through 2040 plus optionality for future repowering, demonstrating CWEN's focus on assets with long-term contracted revenues.
Operational performance shows meaningful improvement with availability and capacity factors up year-over-year across all segments. The 13% increase in renewable generation indicates both successful integration of growth investments and potentially favorable resource conditions. This operational strength supports the company's ability to deliver on its financial targets.
While the press release doesn't detail ESG metrics, the company's continued investment in renewable infrastructure aligns with broader decarbonization trends. The contracted nature of CWEN's assets (primarily with investment-grade counterparties) provides revenue visibility through economic cycles, a valuable attribute in the current economic environment.
- Strong quarterly operational performance with availability and capacity factors up YoY in all segments
- Repowering program accelerating with PPA signed at Mt. Storm and awarded PPA at Goat Mountain
- Sponsor-enabled growth continuing forward with 2025 projects initially funded and 2026 projects on track
- Progressed growth by M&A also with Tuolumne closed and signed acquisition of California solar project
- Reaffirming 2025 financial guidance
- Increasing quarterly dividend by
1.7% to$0.43 84 per share in Q2 2025, or$1.75 per share annualized
PRINCETON, N.J., April 30, 2025 (GLOBE NEWSWIRE) -- Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) today reported first quarter 2025 financial results, including Net Loss of
“Clearway reported another solid set of results in the first quarter of 2025 and remains on track to fulfill its financial guidance for the year. We continue to advance towards our long-term financial objectives through progress across each of our core growth pathways, including fleet enhancements and repowerings, sponsor-offered dropdowns, and asset-centered M&A. Further reinforced by the announced acquisition of the operational solar project, these redundant growth pathways put us on a solid path to deliver at the top end of the
Adjusted EBITDA and Cash Available for Distribution used in this press release are non-GAAP measures and are explained in greater detail under “Non-GAAP Financial Information” below.
Overview of Financial and Operating Results
Segment Results
Table 1: Net Income/(Loss)
| ($ millions) | Three Months Ended | |||||||
| Segment | 3/31/25 | 3/31/24 | ||||||
| Flexible Generation | 2 | 16 | ||||||
| Renewables & Storage | (70 | ) | (44 | ) | ||||
| Corporate | (36 | ) | (18 | ) | ||||
| Net Income/(Loss) | $ | (104 | ) | $ | (46 | ) | ||
Table 2: Adjusted EBITDA
| ($ millions) | Three Months Ended | |||||||
| Segment | 3/31/25 | 3/31/24 | ||||||
| Flexible Generation | 44 | 51 | ||||||
| Renewables & Storage | 219 | 169 | ||||||
| Corporate | (11 | ) | (9 | ) | ||||
| Adjusted EBITDA | $ | 252 | $ | 211 | ||||
Table 3: Cash from Operating Activities and Cash Available for Distribution (CAFD)
| Three Months Ended | ||||||
| ($ millions) | 3/31/25 | 3/31/24 | ||||
| Cash from Operating Activities | $ | 95 | $ | 81 | ||
| Cash Available for Distribution (CAFD) | $ | 77 | $ | 52 | ||
For the first quarter of 2025, the Company reported Net Loss of
Operational Performance
Table 4: Selected Operating Results1
| (MWh in thousands) | Three Months Ended | |||||
| 3/31/25 | 3/31/24 | |||||
| Flexible Generation Equivalent Availability Factor | 89.3 | % | 86.3 | % | ||
| Solar MWh generated/sold | 1,738 | 1,443 | ||||
| Wind MWh generated/sold | 2,743 | 2,519 | ||||
| Renewables & Storage generated/sold2 | 4,481 | 3,962 | ||||
In the first quarter of 2025, availability at the Flexible Generation segment was higher than the first quarter of 2024 primarily due to the timing and duration of spring outages. Generation in the Renewables & Storage segment during the first quarter of 2025 was
Liquidity and Capital Resources
Table 5: Liquidity
| ($ millions) | 3/31/2025 | 12/31/2024 | ||||
| Cash and Cash Equivalents: | ||||||
| Clearway Energy, Inc. and Clearway Energy LLC, excluding subsidiaries | $ | 90 | $ | 138 | ||
| Subsidiaries | 207 | 194 | ||||
| Restricted Cash: | ||||||
| Operating accounts | 166 | 184 | ||||
| Reserves, including debt service, distributions, performance obligations and other reserves | 248 | 217 | ||||
| Total Cash | $ | 711 | $ | 733 | ||
| Revolving credit facility availability | 614 | 597 | ||||
| Total Liquidity | $ | 1,325 | $ | 1,330 | ||
Total liquidity as of March 31, 2025, was
As of March 31, 2025, the Company's liquidity included
Potential future sources of liquidity include excess operating cash flow, availability under the revolving credit facility, asset dispositions, and, subject to market conditions, new corporate debt and equity financings.
Growth Investments and Strategic Updates
3rd Party Acquisition of Operational Solar Project
On April 25, 2025, the Company entered into a binding agreement to acquire an approximately 100 MW operating solar project located in California from a third-party. The Company expects its corporate capital commitment to acquire the facility to be between
Tuolumne Wind
On April 29, 2025, the Company closed the acquisition of Tuolumne Wind, a 137 MW wind project located in Klickitat County, Washington from Turlock Irrigation District. The project has a PPA with Turlock Irrigation District, an investment-grade regulated entity, with an initial contract term of 15 years to 2040. In conjunction with the acquisition, the Company received from Turlock Irrigation District a contractual extension option to enable a potential future repowering of the project. After factoring in closing adjustments and new non-recourse project-level debt, the Company's corporate capital commitment to acquire the project was
Mt. Storm Repowering Update
On February 12, 2025, the Company entered into agreements with Clearway Group to repower the Mt. Storm Wind project located in Grant County, West Virginia. Upon achieving repowering commercial operations in 2026 and 2027, the project is expected to sell power to Microsoft for 20 years under an awarded power purchase agreement. The Company will have the option to invest approximately
Goat Mountain Potential Repowering
During the second quarter of 2025, Goat Mountain, a wind project located in Sterling, Texas, was an awarded a PPA and is finalizing the terms of the contract. The awarded PPA would underpin a repowering targeted in 2027. The potential investment is subject to negotiation both with Clearway Group, and the review and approval by the Company’s Independent Directors.
San Juan Mesa Potential Repowering
During the second quarter of 2025, San Juan Mesa, a wind project located in Elida, New Mexico, executed a PPA extension through 2026 with its existing offtaker. The extension would serve as a bridge to a repowering targeted in 2027. The potential investment is subject to negotiation both with Clearway Group, and the review and approval by the Company’s Independent Directors.
Quarterly Dividend
On April 29, 2025, Clearway Energy, Inc.’s Board of Directors declared a quarterly dividend on Class A and Class C common stock of
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 flexible generation assets;
- 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 2025 full year CAFD guidance range of
Earnings Conference Call
On April 30, 2025, Clearway Energy, Inc. will host a conference call at 5:00 p.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 U.S. and is leading the transition to a world powered by clean energy. Our portfolio comprises approximately 11.8 GW of gross capacity in 26 states, including approximately 9 GW of wind, solar and battery energy storage systems and approximately 2.8 GW of flexible dispatchable power generation providing critical grid reliability services. Through our diversified and primarily contracted clean energy portfolio, Clearway Energy endeavors to provide its 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 its 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, the Company’s dividend expectations and its operations, its facilities and its financial results, statements regarding the anticipated consummation of the transactions described above, the anticipated 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, 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 Clearway Energy, Inc. believes that the expectations are reasonable, 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 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), the Company's ability to acquire assets 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.
Clearway Energy, Inc. 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, April 30, 2025, and are based on assumptions believed to be reasonable as of this date. Clearway Energy, Inc. expressly disclaims any current intention to update such guidance. The foregoing review of factors that could cause Clearway Energy, Inc.’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 Clearway Energy, Inc.’s future results included in Clearway Energy, Inc.’s filings with the Securities and Exchange Commission at www.sec.gov. In addition, Clearway Energy, Inc. 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: Akil Marsh investor.relations@clearwayenergy.com 609-608-1500 | Media: Zadie Oleksiw media@clearwayenergy.com 202-836-5754 |
| CLEARWAY ENERGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||
| Three months ended March 31, | ||||||||
| (In millions, except per share amounts) | 2025 | 2024 | ||||||
| Operating Revenues | ||||||||
| Total operating revenues | $ | 298 | $ | 263 | ||||
| Operating Costs and Expenses | ||||||||
| Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 122 | 126 | ||||||
| Depreciation, amortization and accretion | 163 | 154 | ||||||
| General and administrative | 10 | 11 | ||||||
| Transaction and integration costs | 3 | 1 | ||||||
| Total operating costs and expenses | 298 | 292 | ||||||
| Operating Loss | — | (29 | ) | |||||
| Other Income (Expense) | ||||||||
| Equity in earnings of unconsolidated affiliates | 5 | 12 | ||||||
| Other income, net | 7 | 16 | ||||||
| Loss on debt extinguishment | — | (1 | ) | |||||
| Interest expense | (116 | ) | (57 | ) | ||||
| Total other expense, net | (104 | ) | (30 | ) | ||||
| Loss Before Income Taxes | (104 | ) | (59 | ) | ||||
| Income tax expense (benefit) | — | (13 | ) | |||||
| Net Loss | (104 | ) | (46 | ) | ||||
| Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (108 | ) | (44 | ) | ||||
| Net Income (Loss) Attributable to Clearway Energy, Inc. | $ | 4 | $ | (2 | ) | |||
| Earnings (Loss) 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 | ||||||
| Weighted average number of Class C common shares outstanding - basic and diluted | 83 | 82 | ||||||
| Earnings (Loss) Per Weighted Average Class A and Class C Common Share - Basic and Diluted | $ | 0.03 | $ | (0.02 | ) | |||
| Dividends Per Class A Common Share | $ | 0.4312 | $ | 0.4033 | ||||
| Dividends Per Class C Common Share | $ | 0.4312 | $ | 0.4033 | ||||
| CLEARWAY ENERGY, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) | ||||||||
| Three months ended March 31, | ||||||||
| (In millions) | 2025 | 2024 | ||||||
| Net Loss | $ | (104 | ) | (46 | ) | |||
| Other Comprehensive Loss | ||||||||
| Unrealized loss on derivatives and changes in accumulated OCI, net of income tax benefit of | (5 | ) | (1 | ) | ||||
| Other comprehensive loss | (5 | ) | (1 | ) | ||||
| Comprehensive Loss | (109 | ) | (47 | ) | ||||
| Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | (111 | ) | (43 | ) | ||||
| Comprehensive Income (Loss) Attributable to Clearway Energy, Inc. | $ | 2 | $ | (4 | ) | |||
| CLEARWAY ENERGY, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||
| (In millions, except shares) | March 31, 2025 | December 31, 2024 | |||
| ASSETS | |||||
| Current Assets | |||||
| Cash and cash equivalents | $ | 297 | $ | 332 | |
| Restricted cash | 414 | 401 | |||
| Accounts receivable — trade | 183 | 164 | |||
| Inventory | 67 | 64 | |||
| Derivative instruments | 24 | 39 | |||
| Prepayments and other current assets | 54 | 67 | |||
| Total current assets | 1,039 | 1,067 | |||
| Property, plant and equipment, net | 10,329 | 9,944 | |||
| Other Assets | |||||
| Equity investments in affiliates | 300 | 309 | |||
| Intangible assets for power purchase agreements, net | 2,083 | 2,125 | |||
| Other intangible assets, net | 67 | 68 | |||
| Derivative instruments | 113 | 136 | |||
| Right-of-use assets, net | 573 | 547 | |||
| Other non-current assets | 143 | 133 | |||
| Total other assets | 3,279 | 3,318 | |||
| Total Assets | $ | 14,647 | $ | 14,329 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current Liabilities | |||||
| Current portion of long-term debt | $ | 392 | $ | 430 | |
| Accounts payable — trade | 98 | 82 | |||
| Accounts payable — affiliates | 28 | 31 | |||
| Derivative instruments | 73 | 56 | |||
| Accrued interest expense | 37 | 53 | |||
| Accrued expenses and other current liabilities | 56 | 66 | |||
| Total current liabilities | 684 | 718 | |||
| Other Liabilities | |||||
| Long-term debt | 7,231 | 6,750 | |||
| Deferred income taxes | 68 | 89 | |||
| Derivative instruments | 314 | 315 | |||
| Long-term lease liabilities | 594 | 569 | |||
| Other non-current liabilities | 336 | 324 | |||
| Total other liabilities | 8,543 | 8,047 | |||
| Total Liabilities | 9,227 | 8,765 | |||
| Commitments and Contingencies | |||||
| Stockholders’ Equity | |||||
| Preferred stock, | — | — | |||
| Class A, Class B, Class C and Class D common stock, | 1 | 1 | |||
| Additional paid-in capital | 1,735 | 1,805 | |||
| Retained earnings | 207 | 254 | |||
| Accumulated other comprehensive income | — | 3 | |||
| Noncontrolling interest | 3,477 | 3,501 | |||
| Total Stockholders’ Equity | 5,420 | 5,564 | |||
| Total Liabilities and Stockholders’ Equity | $ | 14,647 | $ | 14,329 | |
| CLEARWAY ENERGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||
| Three months ended March 31, | |||||||
| (In millions) | 2025 | 2024 | |||||
| Cash Flows from Operating Activities | |||||||
| Net Loss | $ | (104 | ) | $ | (46 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Equity in earnings of unconsolidated affiliates | (5 | ) | (12 | ) | |||
| Distributions from unconsolidated affiliates | 8 | 9 | |||||
| Depreciation, amortization and accretion | 163 | 154 | |||||
| Amortization of financing costs and debt discounts | 3 | 4 | |||||
| Amortization of intangibles | 43 | 46 | |||||
| Loss on debt extinguishment | — | 1 | |||||
| Reduction in carrying amount of right-of-use assets | 4 | 4 | |||||
| Changes in deferred income taxes | (2 | ) | (10 | ) | |||
| Changes in derivative instruments and amortization of accumulated OCI | 45 | 2 | |||||
| Changes in other working capital | (60 | ) | (71 | ) | |||
| Net Cash Provided by Operating Activities | 95 | 81 | |||||
| Cash Flows from Investing Activities | |||||||
| Acquisition of Drop Down Assets, net of cash acquired | (4 | ) | (111 | ) | |||
| Capital expenditures | (56 | ) | (98 | ) | |||
| Return of investment from unconsolidated affiliates | 6 | 4 | |||||
| Other | 8 | 2 | |||||
| Net Cash Used in Investing Activities | (46 | ) | (203 | ) | |||
| Cash Flows from Financing Activities | |||||||
| Contributions from noncontrolling interests, net of distributions | 44 | 207 | |||||
| Payments of dividends and distributions | (87 | ) | (81 | ) | |||
| Proceeds from the issuance of long-term debt | 35 | 74 | |||||
| Payments for long-term debt | (63 | ) | (166 | ) | |||
| Net Cash (Used in) Provided by Financing Activities | (71 | ) | 34 | ||||
| Net Decrease in Cash, Cash Equivalents and Restricted Cash | (22 | ) | (88 | ) | |||
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 733 | 1,051 | |||||
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 711 | $ | 963 | |||
| CLEARWAY ENERGY, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) | |||||||||||||||||||||||||
| (In millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||
| Balances at December 31, 2024 | $ | — | $ | 1 | $ | 1,805 | $ | 254 | $ | 3 | $ | 3,501 | $ | 5,564 | |||||||||||
| Net income (loss) | — | — | — | 4 | — | (108 | ) | (104 | ) | ||||||||||||||||
| Unrealized loss on derivatives and changes in accumulated OCI, net of tax | — | — | — | — | (2 | ) | (3 | ) | (5 | ) | |||||||||||||||
| Distributions to CEG, net of contributions, cash | — | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||
| Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 51 | 51 | ||||||||||||||||||
| Distributions to noncontrolling interests, non-cash | — | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
| Transfers of assets under common control | — | — | (89 | ) | — | (1 | ) | 79 | (11 | ) | |||||||||||||||
| Non-cash adjustments for change in tax basis | — | — | 18 | — | — | — | 18 | ||||||||||||||||||
| Stock-based compensation | — | — | 1 | — | — | — | 1 | ||||||||||||||||||
| Common stock dividends and distributions to CEG unit holders | — | — | — | (51 | ) | — | (36 | ) | (87 | ) | |||||||||||||||
| Other | — | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||
| Balances at March 31, 2025 | $ | — | $ | 1 | $ | 1,735 | $ | 207 | $ | — | $ | 3,477 | $ | 5,420 | |||||||||||
| (In millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated 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 | ||||||||||
Appendix Table A-1: Three Months Ended March 31, 2025, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
| ($ in millions) | Flexible Generation | Renewables & Storage | Corporate | Total | ||||||||||||
| Net Income (Loss) | $ | 2 | $ | (70 | ) | $ | (36 | ) | $ | (104 | ) | |||||
| Plus: | ||||||||||||||||
| Interest Expense, net | 8 | 79 | 22 | 109 | ||||||||||||
| Depreciation, Amortization, and ARO | 28 | 135 | — | 163 | ||||||||||||
| Contract Amortization | 5 | 39 | — | 44 | ||||||||||||
| Mark to Market (MtM) Losses/(Gains) on economic hedges | (2 | ) | 13 | — | 11 | |||||||||||
| Transaction and integration costs | — | — | 3 | 3 | ||||||||||||
| Other non-recurring | — | 15 | — | 15 | ||||||||||||
| Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 3 | 8 | — | 11 | ||||||||||||
| Adjusted EBITDA | $ | 44 | $ | 219 | $ | (11 | ) | $ | 252 | |||||||
Appendix Table A-2: Three Months Ended March 31, 2024, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
| ($ in millions) | Flexible Generation | Renewables & Storage | Corporate | Total | ||||||||||||
| Net Income (Loss) | $ | 16 | $ | (44 | ) | $ | (18 | ) | $ | (46 | ) | |||||
| Plus: | ||||||||||||||||
| Income Tax Benefit | — | — | (13 | ) | (13 | ) | ||||||||||
| Interest Expense, net | 6 | 14 | 20 | 40 | ||||||||||||
| Depreciation, Amortization, and ARO | 32 | 122 | — | 154 | ||||||||||||
| Contract Amortization | 5 | 41 | — | 46 | ||||||||||||
| Loss on Debt Extinguishment | — | 1 | — | 1 | ||||||||||||
| Mark to Market (MtM) Losses/(Gains) on economic hedges | (11 | ) | 35 | — | 24 | |||||||||||
| Transaction and integration costs | — | — | 1 | 1 | ||||||||||||
| Other non-recurring | — | (1 | ) | — | (1 | ) | ||||||||||
| Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 3 | 1 | — | 4 | ||||||||||||
| Non-Cash Equity Compensation | — | — | 1 | 1 | ||||||||||||
| Adjusted EBITDA | $ | 51 | $ | 169 | $ | (9 | ) | $ | 211 | |||||||
Appendix Table A-3: 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 Ended | |||||||
| ($ in millions) | 3/31/25 | 3/31/24 | |||||
| Adjusted EBITDA | $ | 252 | $ | 211 | |||
| Cash interest paid | (99 | ) | (90 | ) | |||
| Changes in prepaid and accrued liabilities for tolling agreements | (10 | ) | (10 | ) | |||
| Adjustments to reflect sale-type leases and payments for lease expenses | 2 | 3 | |||||
| Pro-rata Adjusted EBITDA from unconsolidated affiliates | (15 | ) | (17 | ) | |||
| Distributions from unconsolidated affiliates | 8 | 9 | |||||
| Changes in working capital and other | (43 | ) | (25 | ) | |||
| Cash from Operating Activities | 95 | 81 | |||||
| Changes in working capital and other | 43 | 25 | |||||
| Return of investment from unconsolidated affiliates | 6 | 4 | |||||
| Net distributions (to)/from non-controlling interest3 | (13 | ) | (5 | ) | |||
| Cash receipts from notes receivable | 1 | — | |||||
| Maintenance capital expenditures | (1 | ) | (2 | ) | |||
| Principal amortization of indebtedness4 | (58 | ) | (51 | ) | |||
| Cash Available for Distribution before Adjustments | $ | 73 | $ | 52 | |||
| 2025 Net impact of drop downs from timing of construction debt service | 4 | — | |||||
| Cash Available for Distribution | $ | 77 | $ | 52 | |||
Appendix Table A-4: Three Months Ended March 31, 2025, Sources and Uses of Liquidity
The following table summarizes the sources and uses of liquidity in 2025:
| Three Months Ended | ||||
| ($ in millions) | 3/31/25 | |||
| Sources: | ||||
| Net cash provided by operating activities | 95 | |||
| Contributions from noncontrolling interests, net of distributions | 44 | |||
| Proceeds from the issuance of long-term debt | 35 | |||
| Return of investment from unconsolidated affiliates | 6 | |||
| Other net cash inflows | 8 | |||
| Uses: | ||||
| Payments of dividends and distributions | (87 | ) | ||
| Payments for long-term debt | (63 | ) | ||
| Capital expenditures | (56 | ) | ||
| Acquisition of Drop Down Assets, net of cash acquired | (4 | ) | ||
| Change in total cash, cash equivalents, and restricted cash | $ | (22 | ) | |
Appendix Table A-5: Adjusted EBITDA and Cash Available for Distribution Guidance
| ($ in millions) | 2025 Full Year Guidance Range | |
| Net Income | (40) - 0 | |
| Income Tax Expense | (4 | ) |
| Interest Expense, net | 335 | |
| Depreciation, Amortization, and ARO Expense | 840 | |
| Adjustment to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates | 61 | |
| Non-Cash Equity Compensation | 3 | |
| Adjusted EBITDA | 1,195 - 1,235 | |
| Cash interest paid | (314 | ) |
| Changes in prepaid and accrued liabilities for tolling agreements | (4 | ) |
| Adjustments to reflect sale-type leases and payments for lease expenses | 6 | |
| Pro-rata Adjusted EBITDA from unconsolidated affiliates | (83 | ) |
| Cash distributions from unconsolidated affiliates5 | 46 | |
| Income Tax Payments | (2 | ) |
| Cash from Operating Activities | 844 - 884 | |
| Net distributions to non-controlling interest6 | (119 | ) |
| Cash receipts from notes receivable | 3 | |
| Maintenance capital expenditures | (24 | ) |
| Principal amortization of indebtedness7 | (304 | ) |
| Cash Available for Distribution | 400 - 440 | |
Appendix Table A-6: Adjusted EBITDA and Cash Available for Distribution Growth Projects
| ($ in millions) | Tuolumne wind 5 Year Ave. 2026-2030 | Mt Storm Repowering 5 Year Ave. 2028-2032 | |||
| Net Income8 | 7 | 19-21 | |||
| Interest Expense, net | 8 | 17 | |||
| Depreciation, Amortization, and ARO Expense | 17 | 5 | |||
| Adjusted EBITDA | 32 | 41-43 | |||
| Cash interest paid | (8 | ) | (17 | ) | |
| Cash from Operating Activities | 24 | 24-26 | |||
| Net distributions (to)/from non-controlling interest | — | (7 | ) | ||
| Maintenance capital expenditures | (1 | ) | 15 | ||
| Principal amortization of indebtedness | (14 | ) | (6 | ) | |
| Estimated Cash Available for Distribution | 9 | 26-28 | |||
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.
Cash Available for Distribution
A non-GAAP measure, Cash Available for Distribution is defined as of March 31, 2025 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.
__________________________________________
1 Excludes equity method investments
2 Generation sold excludes MWh that are reimbursable for economic curtailment
3 2025 excludes
4 2025 excludes
5 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
6 Includes tax equity proceeds and distributions to tax equity partners
7 2025 excludes maturities assumed to be refinanced
8 3rd Party Solar M&A excludes purchase accounting adjustments
FAQ
What is Clearway Energy (CWEN) Q1 2025 dividend increase and yield?
How did Clearway Energy (CWEN) perform financially in Q1 2025?
What new acquisitions did Clearway Energy (CWEN) announce in Q1 2025?
What is Clearway Energy's (CWEN) Mt. Storm Wind repowering project investment?
What is Clearway Energy's (CWEN) total liquidity position as of Q1 2025?
