Clearway Energy, Inc. · NYSE:CWEN
Clearway Energy — Investor Presentation (September 2026)
41 slides from Clearway Energy's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation Clearway Energy, Inc. (NYSE: CWEN) September 2026
Slide 2: Safe Harbor
Safe Harbor This presentation 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
Slide 3: Clearway Energy | Value Proposition
Clearway Energy | Value Proposition Leading Publicly-Traded Owner of Clean Energy Generation Infrastructure Focused on modern, income-producing renewable energy and firm power assets in US High-Quality, Sustainable & Environmentally-Sound Portfolio ~13.9 GW of gross capacity including wind, solar, s
Slide 4: Clearway Energy | Corporate Structure
Clearway Energy | Corporate Structure ~32 GW Development Pipeline Public Investors “Clearway Group” Class B & D Shares Class C Shares 40.97% Economic1 59.03% Economic1 54.88% Voting 45.12% Voting ~13.9 GW Operating Portfolio NYSE: CWEN • All related party transactions between sponsor or Clearway Gro
Slide 5: Clearway Energy | Structured to Maximize Value
Clearway Energy | Structured to Maximize Value Integrated Platform Drives Value for Clearway Energy Investors • Drop-downs provide strategic value to Clearway Energy’s sponsor as Clearway’s cost of capital is well below target return Public Investors for developers • Clearway Energy dividends and sa
Slide 6: Multiple Pathways to Achieve its Long-Term Growth Objectives
Clearway Energy | Multiple Pathways to Achieve its Long-Term Growth Objectives Fleet Optimization and Sponsor-Enabled Third-Party Project Enhancement Drop-Downs Acquisitions • Full / Partial Repowerings • Sizable, Diversified, and • Strategic M&A Well-Positioned Pipeline Complementary and • BESS Ret
Slide 7: 2030 Target: $3+ BN investment opportunity in view over 2026-2029
2030 Target | Maturing pipeline across all pathways puts total $3+ BN investment opportunity in view for CWEN over 2026-2029 Investment plan in 2026-2029 (excludes further co-located digital infrastructure 2026: and M&A upside)1 100% Committed or Funded ~$950+ MM ~$800 MM 2027: 100% Committed or Off
Slide 8: Post-2030 Outlook: Line of sight to robust growth in 2031+
Post-2030 Outlook | Line of sight to robust growth in 2031+, with ~1.5 GW of projects already commercialized for 2030 plus digital infrastructure upside 2031 growth anchored by sizable and advantaged 2030 COD vintage pipeline of prioritized projects $900 MM+ of potential CWEN corporate Solar Storage
Slide 9: Clearway Group Pipeline: Strategically Positioned with Competitive Resources
Clearway Group Pipeline | Strategically Positioned with Fundamentally Competitive Resources Pipeline Strategically Positioned for Long-Term Development1 Firmed LCOE Competitive on Unsubsidized Basis New Project LCOE2, $/MWh by technology Tax Credit Cliff SOLAR 150 CCGT LCOE ITC Solar LCOE 100 Unsubs
Slide 10: Interest Rate Management: Risk mitigation strategy limits rate exposure
Interest Rate Management | Risk mitigation strategy limits rate exposure Existing Bond Maturities: Non-Recourse Project Debt: Annual CAFD per share (CAFDPS) impact from existing corporate Interest rate risk hedged on ~100% of expected project financings for maturity refinancings from a 50 basis poin
Slide 11: Interest Rate Management: Higher rates are less impactful for CWEN
Interest Rate Management | Higher rates are less impactful for CWEN New Corporate Debt in 2028+ Non-Recourse Project Debt Interest rate sensitivity inclusive of corporate debt issuances to fund growth1 Illustrative impact to PPA/toll price from increase in project debt cost ~1.5¢/share ~$2 MWh or~$0
Slide 12: Second Quarter 2026 Results Presentation
Clearway Energy, Inc. Second Quarter 2026 Results Presentation August 5, 2026
Slide 13: Safe Harbor
Safe Harbor This presentation 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
Slide 14: Agenda
Craig Cornelius Business Update Chief Executive Officer Agenda Financial Summary Sarah Rubenstein & Update Chief Financial Officer Second Quarter 2026 Results Presentation Craig Cornelius Closing Remarks Chief Executive Officer 14
Slide 15: Business Update
15 @]J Clearway Energy Business Update
Slide 16: Business Update
Business Update Adjusting 2026 Guidance Reaffirming 2027 CAFDPS Target Visible Long-Term Growth Outlook 2026 CAFD (Free Cash Flow) guidance now 2027 CAFDPS target of $2.70+ enabled by committed with Maturing Pipeline $430-470 MM given 1H26 results investments and executed fleet enhancements 80%+ of
Slide 17: Fleet Enhancements: Repowerings on schedule and new revenue contracts
Fleet Enhancements: Solidifying path to 2030 target with repowerings on schedule and new revenue contracts enhancing our wind fleet in Texas Fleet Enhancements in Progress (MWs) 2026-2027 Completed ERCOT wind PPA enhancements • 600+ MW of PPAs extend contracted life to 2041, increase EBITDA and CAFD
Slide 18: Sponsor-Enabled Growth: ~$1.3BN investment opportunity through 2028
Sponsor-Enabled Growth: Total projects for CWEN investment opportunity through 2028 ~$1.3BN across >3.5 GW ~$1.3 BN of Potential Corporate Capital Investment from Sponsor-Enabled Growth Through 2028 2026 2026-2027 Projects 100% commercialized 2028 Future Identified Opportunities Late-Stage Growth •
Slide 19: Sponsor-Enabled Growth: 2029 priority project investment opportunities
Sponsor-Enabled Growth: Solidifying path to exceed 2030 financial target with 2029 priority project investment opportunities providing resilience 2029 Project Investment Opportunities by Location, Technology & Size Bubble is illustrative Solar Storage Solar + Storage Wind 2029 vintage solidifies 203
Slide 20: Investment Program for 2030 Target
Investment Program for 2030 Target: Maturing pipeline across all pathways puts total $3+ BN investment opportunity in view for CWEN over 2026-2029 Investment plan in 2026-2029 (excludes further co-located digital infrastructure 2026: and M&A upside)1 100% Committed or Funded ~$950+ MM ~$800 MM 2027:
Slide 21: 2030 Target Outlook: Increasing visibility into meeting or exceeding targets
2030 Target Outlook: Abundant and rapidly maturing growth pathways are increasing our visibility into meeting or exceeding our targets 7-8%+ CAFD per share CAGR 2025-2030 at top end of range Identified growth ~$2.2 BN for 2027/2028/2029 CODs committed/identified investments1 $2.90-3.10+ of CAFD per
Slide 22: Post-2030 Outlook: Line of sight to robust growth in 2031+
Post-2030 Outlook: Line of sight to robust growth in 2031+, with ~1.5 GW of projects already commercialized for 2030 plus digital infrastructure upside 2031 growth anchored by sizable and advantaged 2030 COD vintage pipeline of prioritized projects $900 MM+ of potential CWEN corporate Solar Storage
Slide 23: Financial Summary
23 @]J Clearway Energy Financial Summary
Slide 24: Quarterly Results: Revised FY2026 guidance
Quarterly Results: Strong controllable project performance with lower than typical renewable resource leads to revised FY2026 guidance Financial Results ($MM) 2Q26: Solar + Battery Fleet Lower resource and realized 2Q26 YTD revenues; plant availability remained at high levels Revised 2026 Guidance A
Slide 25: YTD Results and Updated Guidance: Resetting 2026 guidance
YTD Results and Updated Guidance: Resetting 2026 guidance reflecting 1H26 resource below typical meteorology due to strong El Niño conditions YTD results reflect the low end of the range of Adjusting 2026 Guidance Given YTD Results quarterly CAFD expectations (figures in $MM) • Revising current year
Slide 26: Capital Allocation Framework
Capital Allocation Framework: Continue to plan for deliberate and prudent deployment of corporate capital to achieve top end or better of 2030 target Retained Cashflow Corporate Debt External Equity • 2026-2029: $500 MM+ • 2026-2029: $1.5 BN+ • 2026-2029: ~$0.5-1.0 BN ($600 MM raised to date) ($50 M
Slide 27: Closing Remarks
Ei Clearway Energy Closing Remarks wt qi! illu tis
Slide 28: We continued to make progress on creating long-term value
We continued to make progress on creating long-term value for Clearway Adjusting 2026 guidance range given 1H26 performance On-track for 2027 target CAFD per share of $2.70+ via on-time closing and construction of committed projects Continued to solidify pathways to achieving the top end or better o
Slide 29: Appendix
29 @]J Clearway Energy Appendix
Slide 30: Appendix | Clearway Group Development Pipeline
Appendix | Clearway Group Development Pipeline Clearway Group Development Highlights 32 GW Pro Forma Pipeline Owned or Controlled by Clearway Group • On track to achieve operations at Rosamond South II and Spindle BESS, contributing to a total of 600 MW expected By Project Type (MW) By Project Stage
Slide 31: Committed and Potential Sponsor-Enabled Drop-Down Opportunities
Appendix | Committed and Potential Sponsor-Enabled Drop-Down Opportunities Committed Renewable Investments and Potential Future Drop-Down Opportunities State/ Estimated PIS/ Asset Technology Gross Capacity (MW)1 ISO CWEN Funding Status2 Highlights • Project financed and under construction with place
Slide 32: Clearway Group Digital Infrastructure Pipeline
Appendix | Clearway Group Digital Infrastructure Pipeline Clearway Group Digital Infrastructure Development Highlights Co-Located Data Center Complex Pipeline • Total generating capacity under development for co-located data center Owned or Controlled by Clearway Group supply now totals 17 GW, incre
Slide 33: Performance Index by Region
Appendix| Performance Index by Region 1Q 2026 2Q 2026 2026 YTD Compensable Compensable Compensable Plant (3) Performance Plant Performance Plant Performance Generation Generation Generation Availability Index (4, 6) Availability Index Availability Index Region/Tech Net MW (GWh) (5) (GWh) (GWh) West
Slide 34: 2026 Portfolio CAFD Sensitivity and Seasonality
Appendix | 2026 Portfolio CAFD Sensitivity and Seasonality Variability of Expected Financial Performance: Estimates as of October 28, 2025 ▪ Estimates exclude projects reaching COD in 2026 Production Variability: Annual CAFD Sensitivity Based on 2026 Guidance Midpoint ▪ Production variability based
Slide 35: Non-Recourse Project Debt Amortization
Appendix | Non-Recourse Project Debt Amortization Forecasted principal payments1 on non-recourse project debt as of December 31, 2025. Fiscal Year 2026 2027 2028 2029 2030 Thereafter Total Flexible Generation: Carlsbad Energy Holdings & Holdco, due 2037 and 2038 35 38 35 41 43 451 643 Total Flexible
Slide 36: Operating Assets as of June 30, 2026
Appendix | Operating Assets1 as of June 30, 2026 Solar Utility Scale Wind Gross PV Net PV Net Wind Capacity Percentage Capacity Gross Wind Capacity Percentage Capacity Projects (MW) Ownership (MW) Offtake Counterparty PPA Expiration Projects (MW) Ownership (MW) Offtake Counterparty PPA Expiration Ag
Slide 37: Clearway Fleet Environmental Data and Projections
Appendix | Clearway Fleet Environmental Data and Projections 2026 Est. Adj EBITDA and CAFD by Asset Class1 2026 Est. Adj. EBITDA by Asset Class Clearway Fleet Environmental Data and Projections: (84% From Renewables & Storage) 16% 2025 Statistics1 ✓ 98% of the Company’s total generation was attribut
Slide 38: Appendix Reg. G Schedules
Appendix Reg. G Schedules Oi clearway Energy
Slide 39: Reg. G | Actuals
Reg. G | Actuals Three Months Ended Six Months Ended ($ millions) 6/30/2026 6/30/2025 6/30/2026 6/30/2025 Net Income (Loss) 30 12 (38) (92) Income Tax (Benefit) Expense (3) 5 (5) 5 Interest Expense, net 99 75 191 184 Depreciation, Amortization and ARO 196 163 378 326 Contract Amortization 52 45 102
Slide 40: Reg. G | 2026 CAFD Guidance Range
Reg. G | 2026 CAFD Guidance Range 2026 Full Year Prior 2026 Full Year CAFD Guidance ($ millions) Guidance Range Range Net Loss (44) – (4) (35) – 5 Income Tax Expense 5 (2) Interest Expense, net 395 388 Depreciation, Amortization, Contract Amortization, and ARO Expense 1,022 980 Adjustments to reflec
Slide 41: Reg. G | Non-GAAP Financial Information
Reg. G | Non-GAAP Financial Information Non-GAAP Financial Information EBITDA and Adjusted EBITDA: EBITDA and Adjusted EBITDA 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
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