Clearway Energy, Inc. · NYSE:CWEN
Clearway Energy — Q2 2025 Earnings Presentation
27 slides from Clearway Energy's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter 2025 Results Presentation
Clearway Energy, Inc. Second Quarter 2025 Results Presentation August 5, 2025
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: Agenda
Business Update Craig Cornelius, Chief Executive Officer Agenda Financial Summary Sarah Rubenstein, Chief Financial Officer Closing Remarks Craig Cornelius, Chief Executive Officer 3
Slide 4: Business Update
Business Update ▪ Second quarter CAFD results of $152 MM; impacted by lower renewable resource Updating 2025 Guidance Range ▪ Announcing dividend increase of 1.6% to $0.4456/share in 3Q25; $1.7824/share annualized ▪ Updating 2025 CAFD guidance range to $405-440 MM; raising bottom end of range for cl
Slide 5: CWEN Has Multiple Pathways to Achieve its Long-Term Growth Objectives
CWEN Has Multiple Pathways to Achieve its Long-Term Growth Objectives Fleet Optimization and Sponsor-Enabled Third-Party Project Enhancement Drop-Downs Acquisitions • Repowering or Partial • Sizable, Diversified, and • Strategic M&A Repowering Well Positioned Pipeline Complementary and Value-Enhanci
Slide 6: Continued Progress in Extension and Enhancement of Value in Existing Fleet via Wind Project Repowerings
Continued Progress in Extension and Enhancement of Value in Existing Fleet via Wind Project Repowerings Mt. Storm Repowering Remains on Track With Further Repowerings Advancing Target Est. Corp. Est. Target 5-Year Avg. Repowering Project1 Location Generation MW Repower COD Status Capital ($MM) Incre
Slide 7: Continued Progress in Sponsor-Enabled Growth With Previously Committed Projects on Track
Continued Progress in Sponsor-Enabled Growth With Previously Committed Projects on Track and New Dropdown Offers from Resilient Pipeline Sponsor-Led Growth Continues to Move Forward Given Thoughtful, Proactive Planning Est. Target Target Est. Corp. 5-Year Avg. Annual Asset CAFD Project Location Gene
Slide 8: Further Progress on Growth Pathways Allows for Increase of 2027 CAFD Per Share Target Range
Further Progress on Growth Pathways Allows for Increase of 2027 CAFD Per Share Target Range Key Drivers2 Key Assumptions for 2027 Target Range Remain On Track… ▪ Prior committed growth (drop-downs and 3rd party M&A) remains on track ▪ Levelized RA value expectations and Wildorado extension ▪ Timing
Slide 9: Clearway Group Advancing Abundant Pipeline of Investment Opportunities
Clearway Group Advancing Abundant Pipeline of Investment Opportunities with Redundancy, Resiliency, and Diversification to Meet CWEN Growth Needs Redundancies in Sponsor-Led Pipeline Support CWEN’s Growth MWs 6,000 Dashed box approximates the MWs needed every two years to meet CWEN’s growth objectiv
Slide 10: Clearway Group's Pipeline is Also Strategically Positioned to Sustain CWEN's Long-Term Growth
Clearway Group's Pipeline is Also Strategically Positioned to Sustain CWEN’s Long-Term Growth with Fundamentally Competitive Resources Strategic Pipeline Positioning in Regions for Long-Term Development1… …where Technology Remains Cost-Competitive Regional Unsubsidized LCOE2, $/MWh CCGT Natural Gas
Slide 11: Financial Summary
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Slide 12: Financial Update
Financial Update Financial Results Guidance Update ($ millions) 2nd Quarter YTD Full Year Adjusted EBITDA $343 $595 CAFD $152 $229 CAFD $405-440 ▪ 2Q25 Financial Highlights ▪ Updated 2025 CAFD Guidance Range Factors In ▪ Renewables & Storage: results include previously disclosed − Assumes P50 renewa
Slide 13: Financial Update
Financial Update Illustrative Sources and Uses Prudent Growth Funding Plan Beyond Thermal Sale Proceeds Continue to Maintain Balance Sheet Flexibility for Growth Source of Corporate Capital Funding $MM ▪ Assuming CAFD generation aligned with our 2027 CAFD per share target range, we expect to generat
Slide 14: Closing Remarks and Q&A
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Slide 15: On Track to Meet The Core Objectives We Set for Near-Term and to Execute Our Roadmap
On Track to Meet The Core Objectives We Set for Near-Term and to Execute Our Roadmap for Long-Term Value Creation Solid Execution to Meet 2025 Objectives With Robust Opportunity Set To Meet ✓ All 2025 sponsor-enabled drop-downs have been funded Long-Term Goals for 2028+ and/or are on track for const
Slide 16: Appendix
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Slide 17: Appendix | Clearway Group Development Pipeline
Appendix | Clearway Group Development Pipeline Clearway Group Development Highlights 29.1 GW Pipeline Owned or Controlled by Clearway Group • Dans Mountain (55 MW, PJM Wind) achieved COD, with additional 1.4 GW under construction. 1.6 GW By Project Type (MW) By Project Stage (MW) expected to commenc
Slide 18: Appendix | 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 Estimated Asset Technology Gross Capacity (MW)1 State COD/Final Funding Status2 Highlights • Full COD expected in 3Q25 Committed/ Rosamond South I U
Slide 19: Appendix | Renewable Portfolio Performance in 2025
Appendix | Renewable Portfolio Performance in 2025 Production Index Availability 2025 2025 1st Quarter 2nd Quarter Q1 Q2 YTD YTD Wind Portfolio Net MW Jan Feb Mar Apr May Jun California 947 137% 130% 110% 121% 86% 89% 86% 87% 98% 92% Other West 377 61% 84% 103% 83% 82% 85% 78% 82% 82% 94% Texas 1,12
Slide 20: Appendix | 2025 Portfolio CAFD Sensitivity and Seasonality
Appendix | 2025 Portfolio CAFD Sensitivity and Seasonality Variability of Expected Financial Performance: Estimates as of February 24, 2025 ▪ Estimates exclude projects reaching COD in 2025 Renewable Production Variability: Annual CAFD Sensitivity Based on 2025 Guidance Midpoint ▪ Production variabi
Slide 21: Appendix | Non-Recourse Project Debt Amortization
Appendix | Non-Recourse Project Debt Amortization Forecasted principal payments1,2 on non-recourse project debt as of December 31, 2024. Fiscal Year 2025 2026 2027 2028 2029 Thereafter Total Flexible Generation: Carlsbad Energy Holdings & Holdco, due 2037 and 2038 28 35 37 34 42 494 670 Total Flexib
Slide 22: Appendix | Operating Assets as of June 30, 2025
Appendix | Operating Assets1 as of June 30, 2025 Solar Wind Gross PV Net PV Gross Wind Net Wind Capacity Percentage Capacity Capacity Percentage Capacity Projects (MW) Ownership (MW) Offtake Counterparty PPA Expiration Projects (MW) Ownership (MW) Offtake Counterparty PPA Expiration Agua Caliente 29
Slide 23: Appendix | Clearway Fleet Environmental Data and Projections
Appendix | Clearway Fleet Environmental Data and Projections 2025 Est. Adj EBITDA and CAFD by Asset Class1 2025 Est. Adj EBITDA and CAFD by Asset Class1 2025 Est. Adj. EBITDA by Asset Class Clearway Fleet Environmental Data and Projections: (83% From Renewables & Storage) 17% 2024 Statistics1 ✓ 96%
Slide 24: Appendix: Reg. G Schedules
Appendix Reg. G Schedules Oi clearway Energy
Slide 25: Reg. G | Actuals
Reg. G | Actuals Three Months Ended Six Months Ended ($ millions) 6/30/2025 6/30/2024 6/30/2025 6/30/2024 Net (Loss) Income 12 4 (92) (42) Income Tax Expense / (Benefit) 5 10 5 (3) Interest Expense, net 75 77 184 117 Depreciation, Amortization, and ARO 163 153 326 307 Contract Amortization 45 46 89
Slide 26: Reg. G | 2025 CAFD Guidance Range
Reg. G | 2025 CAFD Guidance Range Updated 2025 Full Year CAFD ($ millions) Guidance Range Net Income ($32) – 8 Income tax expense (4) Interest expense, net 339 Depreciation, amortization, contract amortization, and ARO expense 848 Adjustments to reflect Clearway Energy’s pro-rata share of Adjusted E
Slide 27: 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