[Form 4] Clearway Energy, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Kevin P. Malcarney, Executive Vice President, General Counsel and Corporate Secretary of Clearway Energy, Inc. (CWEN), reported an acquisition of 864 Class C common shares on 09/02/2025 that represent dividend equivalent rights tied to his outstanding Restricted Stock Units (RSUs) and Relative Performance Stock Units (RPSUs). After the reported transaction he beneficially owns 85,655 shares, which include 4,565 dividend equivalent rights that may only be settled in Class C common stock. The Form 4 was signed on 09/04/2025. The filing notes these rights vest and settle proportionately with the underlying RSUs and RPSUs.

Positive

• Timely disclosure of the insider transaction with signature dated 09/04/2025
• Clear explanation that the acquired shares are dividend-equivalent rights tied to RSUs and RPSUs
• Post-transaction ownership disclosed showing total beneficial interest of 85,655 shares

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider acquisition from dividend-equivalent rights on equity awards; not a material corporate event.

This Form 4 discloses a small, non-cash acquisition of 864 Class C shares attributable to dividend-equivalent rights tied to existing RSUs/RPSUs. The transaction increases the reporting officer's stake to 85,655 shares, including 4,565 rights that can only settle in Class C common stock. Such transactions reflect compensation mechanics rather than open-market purchases or sales and typically carry limited informational value about near-term corporate performance.

Corporate Governance Expert

TL;DR: Insider holding adjusted via award settlement provisions; governance disclosure appears complete and timely.

The disclosure identifies the reporting person, role, and the nature of the securities (dividend equivalents tied to RSUs/RPSUs) and provides post-transaction ownership. Filing was executed within standard timing following the 09/02/2025 transaction. The explanation clarifies settlement constraints, which is useful for assessing actual voting or saleable shares. No governance concerns or policy deviations are evident from the Form 4 text provided.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Malcarney Kevin P.

(Last) (First) (Middle)

CLEARWAY ENERGY, INC.

300 CARNEGIE CENTER, SUITE 300

(Street)

PRINCETON NJ 08540

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Clearway Energy, Inc. [ CWEN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, GEN COUNSEL AND CORP SECR

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class C Common Stock, par value $.01 per share	09/02/2025		A		864	A	(1)	85,655(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents dividend equivalent rights accrued on the Reporting Person's Restricted Stock Units ("RSUs") and Relative Performance Stock Units ("RPSUs"), which become exercisable proportionately with the RSUs and RPSUs to which they relate and may only be settled in Class C Common Stock of Clearway Energy, Inc. as determined by the RSU or RPSU to which they relate.

2. Includes 4,565 dividend equivalent rights that may only be settled in Class C Common Stock.

	/s/ Kevin P. Malcarney	09/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Kevin P. Malcarney report on the Form 4 for CWEN?

He reported an acquisition of 864 Class C common shares on 09/02/2025 representing dividend-equivalent rights tied to RSUs/RPSUs.

How many CWEN shares does the reporting person own after this transaction?

The Form 4 reports 85,655 shares beneficially owned following the transaction, including 4,565 dividend-equivalent rights.

What is the nature of the securities acquired in this Form 4 (CWEN)?

The securities are dividend equivalent rights that vest and may only be settled in Class C common stock in line with the related RSUs and RPSUs.

When was the Form 4 for this transaction signed?

The Form 4 was signed by the reporting person on 09/04/2025.

Does this Form 4 indicate an open-market purchase or sale?

No. The filing indicates an award-related acquisition (dividend equivalents on RSUs/RPSUs), not an open-market trade.