Clearway Energy, Inc. · NYSE:CWEN
Clearway Energy — Q1 2025 Earnings Presentation
25 slides from Clearway Energy's earnings presentation, Apr 30, 2025
Slide 1: First Quarter 2025 Results Presentation
Clearway Energy, Inc. First Quarter 2025 Results Presentation April 30, 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
Agenda Business Update Craig Cornelius, Chief Executive Officer Financial Summary Sarah Rubenstein, Chief Financial Officer Closing Remarks Craig Cornelius, Chief Executive Officer 3
Slide 4: Business Update
Business Update ▪ Solid first quarter CAFD results of $77 MM; strong operational performance across segments Solid 1st Quarter Results; Reaffirming ▪ Announcing dividend increase of 1.7% to $0.4384/share in 2Q25; $1.7536/share annualized 2025 Guidance ▪ Reaffirming 2025 CAFD guidance range of $400-4
Slide 5: Continued Progress in Extension and Enhancement of Value in Existing Fleet via Wind Project Repowerings
Continued Progress in Extension and Enhancement of Value in Existing Fleet via Wind Project Repowerings ….With Further Repowerings/Contract Extension Medium-Term Fleet Enhancing Repowerings Advancing… Opportunities Later in Decade Mt. Storm Repowering (Committed) 2026-2030 Planned Wind Fleet Optimiz
Slide 6: Continued Progress in Sponsor-Enabled Growth via Sound Supply Chain Execution and Resilient Project Pipeline
Continued Progress in Sponsor-Enabled Growth via Sound Supply Chain Execution and Resilient Project Pipeline Sponsor-Led Committed and Identified Drop-Downs ….Solidifying Capital Deployment Opportunities to Moving Forward… Meet/Exceed 2027 Targets Committed 2025 Drop-Downs on Track for Completion Id
Slide 7: Solidifying Pathways to Achieve 2027 Target via 3rd Party M&A
Solidifying Pathways to Achieve 2027 Target via 3rd Party M&A with Next Synergistic Acquisition of Operating Asset ($ millions) Announcing Accretive M&A With Agreement to Acquire Utility-Scale Solar Project Corporate Capital ~$120-125 MM Est. Five Year Average Annual Asset CAFD Yield ~10-11% Est. Te
Slide 8: Progress on Growth Pathways Increases Visibility to Reaching Top End of 2027 CAFD Per Share Target Range
Progress on Growth Pathways Increases Visibility to Reaching Top End of 2027 CAFD Per Share Target Range Key Drivers2 ▪ Additional sponsor-enabled growth opportunities ▪ Prior committed growth remains on track at previously disclosed economics beyond existing growth commitments or through 3rd party
Slide 9: Financial Summary
@]] Clearway Energy Financial Summary
Slide 10: Financial Update
Financial Update ($ millions) Financial Results Reaffirming 2025 CAFD Guidance 1st Quarter Full Year Adjusted EBITDA $252 CAFD $77 CAFD $400-440 ▪ 1Q25 Financial Highlights ▪ 2025 CAFD Guidance Range Factors In Renewables & Storage: Driven by strong wind resource − Midpoint assumes P50 renewable p
Slide 11: Funding Flexibility and Risk Management Further Reinforces Confidence in Growth Outlook
Funding Flexibility and Risk Management Further Reinforces Confidence in Growth Outlook Prudent Growth Funding Plan and Illustrative Sources and Uses Interest Rate Risk Management Beyond Thermal Sale Proceeds Source of Corporate Capital Funding 2025-2027 Continue to Maintain Balance Sheet Flexibilit
Slide 12: Closing Remarks and Q&A
Closing Remarks Closing Remarks and Q&A
Slide 13: On Track to Meet 2025 Objectives and Roadmap for Long-Term Value Creation
On Track to Meet 2025 Objectives and Roadmap for Long-Term Value Creation Executing on 2025 Goals and Pathways to 2027 Targets… ✓ Strong 1Q25 results and growth commitments firming our path to meet or exceed 2025 CAFD guidance ✓ 2025 drop-downs have been partially funded and are on track for constru
Slide 14: Appendix
@]] Clearway Energy Appendix
Slide 15: Appendix: Clearway's Sponsor Pipeline Continues to Advance
Appendix: Clearway's Sponsor Pipeline Continues to Advance With Project Staging & Diversification Optimized for CWEN Clearway Group Development Highlights 29.5 GW Pipeline Owned or Controlled by Clearway Group • Advancing ~2.5 GW of potential and existing drop-down opportunities, of By Project Type
Slide 16: Appendix: Committed Renewable Investments and Potential Future Drop-Down Opportunities
Appendix: Committed Renewable Investments and Potential Future Drop-Down Opportunities Committed Renewable Investments and Potential Future Drop-Down Opportunities Estimated Gross Capacity COD/Final Asset Technology (MW)1 State Funding Status2 Highlights Committed/ • Construction largely complete –
Slide 17: Appendix: Renewable Portfolio Performance in 2025
Appendix: Renewable Portfolio Performance in 2025 Production Index Availability 2025 2025 1st Quarter Q1 YTD YTD Wind Portfolio Net MW Jan Feb Mar California 947 137% 130% 110% 121% 121% 95% Other West 377 61% 84% 103% 83% 83% 95% Texas 1,129 97% 99% 97% 97% 98% 93% Midwest 447 89% 89% 117% 99% 99%
Slide 18: 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 variabil
Slide 19: 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 Flexibl
Slide 20: Appendix: Operating Assets as of March 31, 2025
Appendix: Operating Assets1 as of March 31, 2025 Solar Wind Gross Net Gross Net Capacity Percentage Capacity Contract Capacity Percentage Capacity Contract Projects (MW) Ownership (MW) Offtake Counterparty Expiration Projects (MW) Ownership (MW) Offtake Counterparty Expiration Agua Caliente 290 51%
Slide 21: Appendix: Clearway Fleet Environmental Data and Projections
Appendix: Clearway Fleet Environmental Data and Projections: ($ millions) 2025 Est. Adj EBITDA and CAFD by Asset Class1 Clearway Fleet Environmental Data and Projections: 2024 Statistics1 2025 Est. Adj. EBITDA by Asset Class (83% From Renewables & Storage) ✓ 96% of the Company’s total generation was
Slide 22: Reg. G Schedules
@]] Clearway Energy Reg. G Schedules
Slide 23: Reg. G: Actuals
Reg. G: Actuals Three Months Ended ($ millions) 3/31/2025 3/31/2024 Net (Loss) Income $(104) $(46) Income Tax Expense / (Benefit) — (13) Interest Expense, net 109 40 Depreciation, Amortization, and ARO 163 154 Contract Amortization 44 46 Loss on Debt Extinguishment — 1 Mark to Market (MtM) (Gains)/L
Slide 24: Reg. G: 2025 CAFD Guidance Range
Reg. G: 2025 CAFD Guidance Range ($ millions) 2025 Full Year CAFD Guidance Range Net Income ($40) – 0 Income tax expense (4) Interest expense, net 335 Depreciation, amortization, contract amortization, and ARO expense 840 Adjustments to reflect Clearway Energy’s pro-rata share of Adjusted EBITDA fro
Slide 25: Reg. G Non-GAAP Financial Information
Reg. G 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 presentation of Adjusted EBITDA