-- Solid third quarter results enabling the company to narrow it 2025
financial guidance range
-- Sponsor-enabled growth and repowerings for 2026/2027 COD on track with
over 2 GW of projects now on identified opportunities list
-- Signed binding 3rd party M&A agreement for operational solar portfolio
-- Opportunistically raised $50MM of equity through equity issuance program
PRINCETON, N.J., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) today reported third quarter 2025 financial results, including Net Income of $60 million, Adjusted EBITDA of $385 million, Cash from Operating Activities of $225 million, and Cash Available for Distribution $(CAFD)$ of $166 million.
"For the third quarter, our team operated our fleet with excellence, allowing us to reiterate and narrow our 2025 guidance range. Additionally, continued execution across our redundant growth pathways, including the Deriva solar portfolio acquisition, now allows us to set our sights on delivering at the top end or better of our 2027 financial target range. Following our annual strategic planning process, we are pleased to announce the establishment of our 2030 financial target range to further demonstrate the longevity of our robust earnings power for years to come. We are also pleased to announce that our investment opportunity set for 2026 and 2027 has expanded to now include over 2 GW of identified investment opportunities, with the combination of our repowering program and sponsor-enabled drop-downs providing transparent building blocks toward achieving our 2030 target," said Craig Cornelius, Clearway Energy, Inc.'s President and Chief Executive Officer.
Adjusted EBITDA and Cash Available for Distribution used in this press release are non-GAAP measures and are explained in greater detail under "Non-GAAP Financial Information" below.
Overview of Financial and Operating Results
Segment Results
Table 1: Net Income/(Loss)
($ millions) Three Months Ended Nine Months Ended Segment 9/30/25 9/30/24 9/30/25 9/30/24 -------------- ----------- --------- ---------- --------- Flexible Generation 39 25 30 50 Renewables & Storage 31 66 24 60 Corporate (10) (64) (86) (125) --------------- ---- ---- ---- --- ---- ----- Net Income/(Loss) $ 60 $ 27 $ (32) $ (15) =============== ==== ==== ==== === ==== =====
Table 2: Adjusted EBITDA
($ millions) Three Months Ended Nine Months Ended Segment 9/30/25 9/30/24 9/30/25 9/30/24 ------------- ----------- --------- ------------- ----------- Flexible Generation 60 66 156 174 Renewables & Storage 334 295 853 770 Corporate (9) (7) (29) (26) -------------- ---- ---- ---- --- ---- ---- Adjusted EBITDA $ 385 $ 354 $ 980 $ 918 -------------- ---- ---- ---- --- ---- ----
Table 3: Cash from Operating Activities and Cash Available for Distribution (CAFD)
Three Months Ended Nine Months Ended
($ millions) 9/30/25 9/30/24 9/30/25 9/30/24
-------------- --------------- --------- -------------- ---------
Cash from
Operating
Activities $ 225 $ 301 $ 511 $ 578
--------------- ---- --------- ----- ---- -------- -----
Cash Available
for
Distribution
(CAFD) $ 166 $ 146 $ 395 $ 385
--------------- ---- --------- ----- ---- -------- -----
For the third quarter of 2025, the Company reported Net Income of $60 million, Adjusted EBITDA of $385 million, Cash from Operating Activities of $225 million, and CAFD of $166 million. Net Income increased versus 2024 primarily due to lower tax expenses. Adjusted EBITDA results in the third quarter were higher than 2024 due to the contribution of growth investments and higher wind resource at certain facilities. CAFD results in the third quarter of 2025 were higher than 2024 primarily due to higher EBITDA.
Operational Performance
Table 4: Selected Operating Results(1)
(MWh in thousands) Three Months Ended Nine Months Ended
9/30/25 9/30/24 9/30/25 9/30/24
------------------- ----------- ---------- ----------- ----------
Flexible Generation
Equivalent
Availability
Factor 92.5% 87.5% 92.3% 90.3%
Solar MWh
generated/sold 2,930 2,943 7,318 6,999
Wind MWh
generated/sold 2,221 2,012 7,905 7,478
------ --- ------ ------- ------
Renewables & Storage
generated/sold(2) 5,151 4,955 15,223 14,477
-------------------- ------ --- ------ ------- ------
In the third quarter of 2025, availability at the Flexible Generation segment was higher than the third quarter of 2024 primarily due to outages at certain facilities in 2024. Generation in the Renewables & Storage segment during the third quarter of 2025 was 4% higher than the third quarter of 2024 primarily due to the contribution of growth investments.
Liquidity and Capital Resources
Table 5: Liquidity
($ millions) 9/30/2025 12/31/2024
---------------------------------------------- ----------- ------------
Cash and Cash Equivalents:
Clearway Energy, Inc. and Clearway Energy
LLC, excluding subsidiaries $ 28 $ 138
Subsidiaries 223 194
Restricted Cash:
Operating accounts 185 184
Reserves, including debt service,
distributions, performance obligations
and other reserves 205 217
--- ------ --------
Total Cash, Cash Equivalents and Restricted
Cash 641 733
--- ------ --------
Revolving credit facility availability 193 597
--- ------ --------
Total Liquidity $ 834 $ 1,330
=== ====== ========
Total liquidity as of September 30, 2025, was $834 million, which was $496 million lower than as of December 31, 2024, primarily due to the execution of growth investments.
As of September 30, 2025, the Company's liquidity included $390 million of restricted cash. Restricted cash consists primarily of funds to satisfy the requirements of certain debt arrangements and funds held within the Company's projects that are restricted in their use. As of September 30, 2025, these restricted funds were comprised of $185 million designated to fund operating expenses, approximately $79 million designated for current debt service payments, and $84 million of reserves for debt service, performance obligations and other items including capital expenditures. The remaining $42 million is held in distribution reserve accounts.
As of September 30, 2025, the Company had $405 million in outstanding borrowings under its revolving credit facility, primarily as a result of growth investments. As of October 31, 2025, the Company had $215 million in outstanding borrowings under the revolving credit facility. The facility will continue to be used for general corporate purposes including financing of future investments or acquisitions and posting letters of credit.
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 Announcements
San Juan Mesa Wind Repowering
During the fourth quarter of 2025, San Juan Mesa, a wind project located in Roosevelt County, New Mexico, with a repowering targeted in 2027, finalized a development service agreement with Clearway Group to manage the repowering. The Company will potentially invest approximately $50 million in long-term corporate capital, subject to closing adjustments, and the investment decision to repower the project is subject to negotiation both with Clearway Group, and the review and approval by the Company's Independent Directors.
Royal Slope Solar Plus Storage Project
During the fourth quarter of 2025, Clearway Group signed a 20-year PPA with an investment grade utility for the 520 MW Royal Slope solar plus storage project located in Grant County, Washington. The project is targeting a 2027 COD. The potential investment for Clearway Energy, Inc. is subject to receiving an offer from Clearway Group and negotiation both with Clearway Group, and the review and approval by the Company's Independent Directors.
Deriva Solar Portfolio
On October 3, 2025, the Company entered into a binding agreement to acquire a 613 MW operational solar portfolio located in eight states, from a third party. For 12 facilities in the portfolio located in the Western U.S. and comprising of 227 MW, the Company will co-invest in a 50/50 joint venture with a third-party cash equity investor. The weighted average remaining contract duration of the overall portfolio is approximately 10 years. After factoring in estimated closing adjustments and proceeds from facility-level financings, including the third party cash equity investor in a subset of the portfolio, the Company expects its net capital commitment to acquire the portfolio to be between $210 million and $230 million. The consummation of the transaction is subject to customary closing conditions and certain third-party approvals and is expected in the first half of 2026.
Financing Updates
Class C Share Equity Issuances
Since August 4, 2025, the Company raised gross proceeds of approximately $50 million through the sale of Class C common stock under the Company's equity issuance programs at a weighted average price of $31.62 per share.
Quarterly Dividend
On November 3, 2025, Clearway Energy, Inc.'s Board of Directors declared a quarterly dividend on Class A and Class C common stock of $0.4528 per share payable on December 15, 2025, to stockholders of record as of December 1, 2025.
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 narrowing its 2025 full year CAFD guidance to a range of $420 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 for the remainder of the year. The guidance range also factors in completing committed growth investments on currently forecasted schedules.
The Company is establishing a 2026 full year CAFD guidance range of $470 million to $510 million. The midpoint of the 2026 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 November 4, 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 US and is leading the transition to a world powered by clean energy. Our portfolio comprises approximately 12.7 GW of gross capacity in 27 states, including 9.9 GW of wind, solar, and energy storage and over 2.8 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 in this news release, 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 in this news release include, among others, the Company's ability to maintain and grow its quarterly dividend; potential risks relating to the Company's relationships with CEG and its owners; the Company's ability to successfully identify, evaluate and consummate investment opportunities, as well as acquisitions from, and dispositions to, third parties; 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; the Company's ability to borrow additional funds and access capital markets due to its indebtedness, corporate structure, market conditions or otherwise; changes in law, including judicial decisions; hazards customary to the power production industry and power generation operations, such as fuel and electricity price volatility, unusual weather conditions (including wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that the Company may not have adequate insurance to cover losses as a result of such hazards; 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 contracts to sell power and procure fuel on acceptable terms and prices; government regulations; operating and financial restrictions placed on the Company that are contained in the facility-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 news 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.
Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly 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, November 4, 2025, 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 not be construed as exhaustive and 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
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
--------------------
(In millions, except
per share amounts) 2025 2024 2025 2024
------ ------ ------
Operating Revenues
Total operating
revenues $ 429 $ 486 $ 1,119 $ 1,115
------ ------ ------ ------
Operating Costs and
Expenses
Cost of
operations,
exclusive of
depreciation,
amortization
and accretion
shown
separately
below 128 135 381 378
Depreciation,
amortization and
accretion 176 164 502 471
General and
administrative 10 9 31 29
Transaction and
integration
costs 3 -- 8 4
Total operating
costs and
expenses 317 308 922 882
Operating Income 112 178 197 233
------ ------ ------ ------
Other Income
(Expense)
Equity in
earnings of
unconsolidated
affiliates 15 13 27 33
Other income, net 7 8 22 36
Loss on debt
extinguishment (7) -- (7) (3)
Interest expense (98) (139) (297) (284)
------ ------ ------ ------
Total other
expense, net (83) (118) (255) (218)
------ ------ ------ ------
Income (Loss) Before
Income Taxes 29 60 (58) 15
Income tax
(benefit)
expense (31) 33 (26) 30
------ ------ ------ ------
Net Income (Loss) 60 27 (32) (15)
------ ------ ------ ------
Less: Net loss
attributable
to
noncontrolling
interests and
redeemable
noncontrolling
interests (176) (9) (305) (100)
------ ------ ------ ------
Net Income
Attributable to
Clearway Energy,
Inc. $ 236 $ 36 $ 273 $ 85
====== ====== ====== ======
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 83 83 83
Earnings Per
Weighted Average
Class A and Class C
Common Share -
Basic and Diluted $ 2.00 $ 0.31 $ 2.32 $ 0.72
Dividends Per Class
A Common Share $0.4456 $0.4171 $1.3152 $1.2306
====== ====== ====== ======
Dividends Per Class
C Common Share $0.4456 $0.4171 $1.3152 $1.2306
====== ====== ====== ======
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
----------------------- --------------------------
(In millions) 2025 2024 2025 2024
----------------- ---- ----
Net Income (Loss) $ 60 $ 27 $ (32) (15)
Other
Comprehensive
Loss
Unrealized loss
on derivatives
and changes in
accumulated
OCI/OCL, net
of income tax
benefit of
$--, $(2),
$(5) and $(2) (5) (13) (23) (13)
---- ---- ---- ----
Other
comprehensive
loss (5) (13) (23) (13)
---- ---- ---- ----
Comprehensive
Income (Loss) 55 14 (55) (28)
Less:
Comprehensive
loss
attributable
to
noncontrolling
interests and
redeemable
noncontrolling
interests (178) (18) (319) (107)
---- ---- ---- ----
Comprehensive
Income
Attributable to
Clearway Energy,
Inc. $ 233 $ 32 $ 264 $ 79
==== ==== ==== ====
CLEARWAY ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except shares) September 30, 2025 December 31, 2024
---------------------- -------------------
ASSETS (Unaudited)
---------------------- -------------------
Current Assets
Cash and cash equivalents $ 251 $ 332
Restricted cash 390 401
Accounts receivable -- trade 238 164
Inventory 71 64
Derivative instruments 22 39
Prepayments and other
current assets 87 67
--- ------------- --- --------------
Total current assets 1,059 1,067
--- ------------- --- --------------
Property, plant and equipment,
net 11,296 9,944
--- ------------- --- --------------
Other Assets
Equity investments in
affiliates 301 309
Intangible assets for power
purchase agreements, net 2,343 2,125
Other intangible assets, net 65 68
Derivative instruments 113 136
Deferred income taxes 26 --
Right-of-use assets, net 711 547
Other non-current assets 152 133
--- ------------- --- --------------
Total other assets 3,711 3,318
--- ------------- --- --------------
Total Assets $ 16,066 $ 14,329
=== ============= === ==============
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current Liabilities
Current portion of long-term
debt $ 342 $ 430
Accounts payable -- trade 152 82
Accounts payable --
affiliates 30 31
Derivative instruments 55 56
Accrued interest expense 36 53
Accrued expenses and other
current liabilities 72 66
--- ------------- --- --------------
Total current liabilities 687 718
--- ------------- --- --------------
Other Liabilities
Long-term debt 8,084 6,750
Deferred income taxes 21 89
Derivative instruments 319 315
Long-term lease liabilities 792 569
Other non-current
liabilities 374 324
--- ------------- --- --------------
Total other liabilities 9,590 8,047
--- ------------- --- --------------
Total Liabilities 10,277 8,765
--- ------------- --- --------------
Redeemable noncontrolling
interest in subsidiaries 74 --
--- ------------- --- --------------
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); 202,195,425
shares issued and
outstanding (Class A
34,613,853, Class B
42,738,750, Class C
83,266,680, Class D
41,576,142) at September
30, 2025 and 202,147,579
shares issued and
outstanding (Class A
34,613,853, Class B
42,738,750, Class C
82,833,226, Class D
41,961,750) at December 31,
2024 1 1
Additional paid-in capital 1,689 1,805
Retained earnings 372 254
Accumulated other
comprehensive (loss)
income (13) 3
Noncontrolling interest 3,666 3,501
--- ------------- --- --------------
Total Stockholders' Equity 5,715 5,564
--- ------------- --- --------------
Total Liabilities and
Stockholders' Equity $ 16,066 $ 14,329
=== ============= === ==============
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30,
-----------------------------------------
(In millions) 2025 2024
------------
Cash Flows from Operating
Activities
Net Loss $ (32) $ (15)
Adjustments to reconcile net
loss to net cash provided by
operating activities:
Equity in earnings of
unconsolidated affiliates (27) (33)
Distributions from
unconsolidated affiliates 19 21
Depreciation, amortization
and accretion 502 471
Amortization of financing
costs and debt discounts 11 10
Amortization of intangibles 137 137
Loss on debt extinguishment 7 3
Reduction in carrying
amount of right-of-use
assets 12 11
Changes in deferred income
taxes (26) 23
Changes in derivative
instruments and
amortization of
accumulated OCI/OCL 4 34
Changes in other working
capital (96) (84)
------------ ------------
Net Cash Provided by Operating
Activities 511 578
------------ ------------
Cash Flows from Investing
Activities
Acquisitions, net of cash
acquired (324) --
Acquisition of Drop Down
Assets, net of cash
acquired (219) (671)
Capital expenditures (213) (237)
Return of investment from
unconsolidated affiliates 14 38
Decrease in note receivable
-- affiliate -- 184
Other 3 12
------------ ------------
Net Cash Used in Investing
Activities (739) (674)
------------ ------------
Cash Flows from Financing
Activities
Contributions from
noncontrolling interests,
net of distributions 734 1,385
Payments of dividends and
distributions (266) (249)
Pro-rata distributions to
CEG (7) --
Buyout of noncontrolling
interest (3) --
Proceeds from the revolving
credit facility 480 --
Payments for the revolving
credit facility (75) --
Proceeds from the issuance
of long-term debt 472 255
Payments of debt issuance
costs (7) (7)
Payments for long-term debt (1,191) (1,664)
Other (1) (1)
------------ ------------
Net Cash Provided by (Used in)
Financing Activities 136 (281)
Net Decrease in Cash, Cash
Equivalents and Restricted Cash (92) (377)
Cash, Cash Equivalents and
Restricted Cash at Beginning of
Period 733 1,051
------------ ------------
Cash, Cash Equivalents and
Restricted Cash at End of
Period $ 641 $ 674
============ ============
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Nine Months Ended September 30, 2025
(Unaudited)
Additional Accumulated Other Total
Preferred Common Paid-In Retained Comprehensive Noncontrolling Stockholders'
(In millions) Stock Stock Capital Earnings Income (Loss) Interest 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
Net income (loss) -- -- -- 33 -- (8) 25
Unrealized loss on
derivatives and
changes in
accumulated OCI,
net of tax -- -- -- -- (4) (9) (13)
Contributions from
CEG, net of
distributions,
cash -- -- -- -- -- 46 46
Contributions from
noncontrolling
interests, net of
distributions,
cash -- -- -- -- -- 238 238
Pro-rata
distributions to
CEG, cash -- -- -- -- -- (7) (7)
Transfers of assets
under common
control -- -- (93) -- (6) (8) (107)
Non-cash
adjustments for
change in tax
basis -- -- 27 -- -- -- 27
Stock-based
compensation -- -- 1 -- -- -- 1
Common stock
dividends and
distributions to
CEG unit holders -- -- -- (51) -- (38) (89)
Other -- -- -- (1) -- 2 1
----------- ------ ------ --- ---- ------- --- ------- ---- --- --------
Balances at June 30,
2025 -- 1 1,670 188 (10) 3,693 5,542
Net income -- -- -- 236 -- 9 245
Unrealized loss on
derivatives and
changes in
accumulated OCL,
net of tax -- -- -- -- (3) (2) (5)
Contributions from
CEG, net of
distributions,
cash -- -- -- -- -- 5 5
Contributions from
noncontrolling
interests, net of
distributions,
cash -- -- -- -- -- 144 144
Transfer of assets
under common
control -- -- -- -- -- (143) (143)
Buyout of
noncontrolling
interest -- -- -- -- -- (3) (3)
Non-cash
adjustments for
change in tax
basis -- -- 18 -- -- -- 18
Stock-based
compensation -- -- 1 -- -- -- 1
Common stock
dividends and
distributions to
CEG unit holders -- -- -- (53) -- (37) (90)
Other -- -- -- 1 -- -- 1
----------- ------ ------ --- --- ---- ------- --- ------- ---- --- --------
Balances at
September 30,
2025 $ -- $ 1 $ 1,689 $ 372 $ (13) $ 3,666 $ 5,715
=========== ====== ====== === === ==== ====== === ======= ==== === ========
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Nine Months Ended September 30, 2024
(Unaudited)
Additional Accumulated Other Total
Preferred Common Paid-In Retained Comprehensive Noncontrolling Stockholders'
(In millions) Stock Stock Capital Earnings Income Interest 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
interest, 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 adjustment
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
=========== ====== ====== === === === ======== === ======= ==== === ========
Appendix Table A-1: Three Months Ended September 30, 2025, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
Flexible Renewables
($ in millions) Generation & Storage Corporate Total
------------------ -------------- ----------- ------------- -------
Net Income (Loss) $ 39 $ 31 $ (10) $ 60
------------------- ---- ---- ---------- --- ---- ---
Plus:
Income Tax
Benefit -- -- (31) (31)
Interest
Expense, net 8 55 28 91
Depreciation,
Amortization,
and ARO 28 148 -- 176
Contract
Amortization 5 45 -- 50
Loss on Debt
Extinguishment -- 7 -- 7
Mark to Market
(MtM)
(Gain)/Loss on
economic
hedges (25) 30 -- 5
Transaction and
integration
costs -- -- 3 3
Other
non-recurring 2 8 -- 10
Adjustments to
reflect CWEN's
pro-rata share
of Adjusted
EBITDA from
Unconsolidated
Affiliates 3 10 -- 13
Non-Cash Equity
Compensation -- -- 1 1
------------------- ---- ---- ---------- --- ---- ---
Adjusted EBITDA $ 60 $ 334 $ (9) $385
=================== ==== ==== ========== === ==== ===
Appendix Table A-2: Three Months Ended September 30, 2024, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
Flexible Renewables &
($ in millions) Generation Storage Corporate Total
------------------ -------------- -------------- ------------- -------
Net Income (Loss) $ 25 $ 66 $ (64) $ 27
------------------- --- ----- --- --- ---- --- ---- ---
Plus:
Income Tax
Expense -- -- 33 33
Interest
Expense, net 8 100 23 131
Depreciation,
Amortization,
and ARO 29 135 -- 164
Contract
Amortization 5 41 -- 46
Mark to Market
(MtM)
(Gain)/Loss on
economic
hedges (4) (68) -- (72)
Other
non-recurring -- 9 -- 9
Adjustments to
reflect CWEN's
pro-rata share
of Adjusted
EBITDA from
Unconsolidated
Affiliates 3 12 -- 15
Non-Cash Equity
Compensation -- -- 1 1
------------------- --- ----- --- --- ---- --- ---- ---
Adjusted EBITDA $ 66 $ 295 $ (7) $354
=================== === ===== === === ==== === ==== ===
Appendix Table A-3: Nine Months Ended September 30, 2025, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
Flexible Renewables
($ in millions) Generation & Storage Corporate Total
------------------ -------------- ----------- ------------- -------
Net Income (Loss) $ 30 $ 24 $ (86) $(32)
------------------- ---- ---- ---------- --- ---- ---
Plus:
Income Tax
Benefit -- -- (26) (26)
Interest
Expense, net 24 178 73 275
Depreciation,
Amortization,
and ARO 84 418 -- 502
Contract
Amortization 14 125 -- 139
Loss on Debt
Extinguishment -- 7 -- 7
Mark to Market
(MtM)
(Gain)/Loss on
economic
hedges (7) 36 -- 29
Transaction and
Integration
costs -- -- 8 8
Other
Non-recurring 2 36 -- 38
Adjustments to
reflect CWEN's
pro-rata share
of Adjusted
EBITDA from
Unconsolidated
Affiliates 9 29 -- 38
Non-Cash Equity
Compensation -- -- 2 2
------------------- ---- ---- ---------- --- ---- ---
Adjusted EBITDA $ 156 $ 853 $ (29) $980
=================== ==== ==== ========== === ==== ===
Appendix Table A-4: Nine Months Ended September 30, 2024, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
Flexible Renewables
($ in millions) Generation & Storage Corporate Total
------------------ -------------- ----------- ------------- -------
Net Income (Loss) $ 50 $ 60 $ (125) $(15)
------------------- ---- ---- ---------- ----- ---
Plus:
Income Tax
Expense -- -- 30 30
Interest
Expense, net 21 163 64 248
Depreciation,
Amortization,
and ARO 88 383 -- 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-recurring 1 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) $918
=================== ==== ==== ========== ===== ===
Appendix Table A-5: Cash Available for Distribution Reconciliation
The following table summarizes the calculation of Cash Available for Distribution and provides a reconciliation to Cash from Operating Activities:
Three Months Ended Nine Months Ended
($ in millions) 9/30/25 9/30/24 9/30/25 9/30/24
------------------- ---------- --------- ---------- -----------
Adjusted EBITDA $ 385 $ 354 $ 980 $ 918
------------------- --- ---- ---- --- ---- ----
Cash interest
paid(3) (102) (96) (273) (252)
Changes in
prepaid and
accrued
liabilities for
tolling
agreements 20 19 4 3
Adjustments to
reflect
sale-type
leases and
payments for
lease expenses 2 (10) 5 (5)
Pro-rata
Adjusted EBITDA
from
unconsolidated
affiliates (27) (25) (65) (64)
Distributions
from
unconsolidated
affiliates 6 6 19 21
Changes in
working capital
and other (59) 53 (159) (43)
------------------- --- ---- ---- --- ---- ----
Cash from Operating
Activities 225 301 511 578
------------------- --- ---- ---- --- ---- ----
Changes in
working capital
and other 59 (53) 159 43
Return of
investment from
unconsolidated
affiliates(4) 4 3 14 10
Net
contributions
(to)/from
non-controlling
interest(5) (28) (14) (62) (43)
Cash receipts
from notes
receivable 4 -- 7 --
Maintenance
capital
expenditures (2) (4) (11) (8)
Principal
amortization of
indebtedness(6) (96) (87) (235) (205)
------------------- --- ---- ---- --- ---- ----
Cash Available for
Distribution
before
Adjustments 166 146 383 375
------------------- --- ---- ---- --- ---- ----
Net impact of
drop downs from
timing of
construction
debt service -- -- 12 10
------------------- --- ---- ---- --- ---- ----
Cash Available for
Distribution $ 166 $ 146 $ 395 $ 385
------------------- --- ---- ---- --- ---- ----
Appendix Table A-6: Nine Months Ended September 30, 2025, Sources and Uses of Liquidity
The following table summarizes the sources and uses of liquidity in 2025:
Nine Months Ended
($ in millions) 9/30/25
---------------------------------------------------- ---------------------
Sources:
Contributions from noncontrolling interests, net
of distributions $ 734
Net cash provided by operating activities 511
Proceeds from the revolving credit facility 480
Proceeds from issuance of long-term debt 472
Return of investments from unconsolidated
affiliates 14
Uses:
Payments for long-term debt $ (1,191)
Acquisitions, net of cash acquired (324)
Payments of dividends and distributions (266)
Acquisition of Drop Down Assets, net of cash
acquired (219)
Capital expenditures (213)
Payments for the revolving credit facility (75)
Other net cash outflows (15)
Change in total cash, cash equivalents and restricted
cash $ (92)
----------------------------------------------------- --- ------------
Appendix Table A-7: Adjusted EBITDA and Cash Available for Distribution Guidance
2025 Full Year 2026 Full Year
($ in millions) Guidance Range Guidance Range
---------------------------------------- ----------------- -----------------
Net Loss (110) - (90) (44) - (4)
---------------------------------------- ----------------- -----------------
Income Tax (Benefit) Expense (33) 5
Interest Expense, net 362 395
Depreciation, Amortization,
Contract Amortization and ARO
Expense 960 1,022
Adjustment to reflect CWEN share
of Adjusted EBITDA in
unconsolidated affiliates 53 59
Non-Cash Equity Compensation 3 4
---------------------------------------- ------------ --- -------------
Adjusted EBITDA 1,235 - 1,255 1,441 - 1,481
---------------------------------------- ----------------- -----------------
Cash interest paid (348) (383)
Changes in prepaid and accrued
liabilities for tolling
agreements (4) (3)
Adjustments to reflect sale-type
leases and payments for lease
expenses 6 6
Pro-rata Adjusted EBITDA from
unconsolidated affiliates (81) (82)
Cash distributions from
unconsolidated affiliates(7) 48 43
Income Tax Payments (2) --
---------------------------------------- ------------ -------------
Cash from Operating Activities 854 - 874 1,022 - 1,062
Net distributions to
non-controlling interest(8) (103) (149)
Cash receipts from notes
receivable 10 13
Maintenance capital expenditures (21) (32)
Principal amortization of
indebtedness(9) (320) (384)
Cash Available for Distribution 420 - 440 470 - 510
---------------------------------------- ----------------- -----------------
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.
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