Clearway Energy Stock Price, News & Analysis

Global Infrastructure Partners (GIP) and TotalEnergies have announced a strategic partnership aimed at boosting their presence in the U.S. renewable energy sector. TotalEnergies will acquire 50% of GIP's interest in Clearway Energy Group for $1.60 billion in cash along with a stake in the TotalEnergies subsidiary owning 51% of SunPower Corporation (NASDAQ:SPWR). Clearway, which has a 22 GW development pipeline, stands to benefit from TotalEnergies' U.S. power marketing capabilities, enhancing its growth potential. This partnership marks TotalEnergies' largest investment in U.S. renewables.

Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) has announced a $150 million At-The-Market (ATM) equity offering program, entering an Equity Distribution Agreement with leading investment banks including Credit Suisse, Goldman Sachs, Morgan Stanley, and UBS. The equity offering allows the company to sell shares of its Class C common stock at market prices, with proceeds aimed at general corporate purposes, including refinancing debt and funding capital expenditures. The program is registered under an effective Form S-3 shelf registration statement filed with the SEC.

Clearway Energy, Inc. (CWEN) reported Q2 2020 financial results with a net income of $76 million and an Adjusted EBITDA of $316 million. A 49% quarterly dividend increase to $0.3125 per share was declared, reaffirming a long-term target annual dividend growth of 5-8%. The emergence of PG&E from bankruptcy enabled the release of $168 million in trapped cash. Strong growth was noted with the acquisition of a 419 MW wind project and a $278 million capital raise through green bonds. The company reaffirmed its full-year Cash Available for Distribution (CAFD) guidance of $310 million.

Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) will announce its Second Quarter 2020 financial results on August 6, 2020. This will be followed by a conference call and webcast at 8:00 a.m. Eastern time. Investors can access the live webcast on the company’s website, where it will also be archived for later viewing. Clearway Energy specializes in energy infrastructure across North America, boasting over 7,000 megawatts of renewable and natural gas power generation, aiming to deliver stable dividend income to its investors.

Clearway Energy Operating, a subsidiary of Clearway Energy, has announced an upsized offering of $250 million in additional 4.750% Senior Notes due 2028. The notes will be issued at 102.0% of par and are expected to close on May 21, 2020. The proceeds will be used for refinancing existing debt, including $45 million of convertible notes due in June 2020, and general corporate purposes. The offering is targeted at qualified institutional buyers and is part of Clearway's strategy to finance renewable energy projects.