Clearway Energy, Inc. · NYSE:CWEN
Clearway Energy — Q4 2024 Earnings Presentation
28 slides from Clearway Energy's earnings presentation, Feb 24, 2025
Slide 1: Fourth Quarter 2024 Results Presentation
Clearway Energy, Inc. Fourth Quarter 2024 Results Presentation February 24, 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 Long-Term Growth Update and Craig Cornelius, Chief Executive Officer Closing Remarks 3
Slide 4: Business Update
Business Update ▪ Full year CAFD results of $425 MM ahead of guidance of $395 MM ▪ Dividend increased 1.7% to $0.4312/share in 1Q25; $1.7248/share annualized Reporting Excellent 2024 Results - ▪ Committed to ~$450 MM of accretive growth investments Ahead of Guidance with All Goals Met ▪ Completed 1,
Slide 5: Advancing Growth Through Drop-Downs and 3rd Party M&A
Advancing Growth Through Drop-Downs and 3rd Party M&A to Further Crystallize Growth Roadmap to 2027 ($ millions) Pending Acquisition of Tuolumne Wind, Commitment to Invest in Honeycomb Phase 1 and Identified Storage Drop-Downs Illustrates Clearway Enterprise’s Multi-Faceted Growth Levers Est. Target
Slide 6: Continued Progress in Fleet Optimization With Cedro Hill COD and Mt. Storm Repowering
Continued Progress in Fleet Optimization With Cedro Hill COD and Announced Mt. Storm Repowering ($ millions) Cedro Hill Completed, Continuing Clearway’s Track Record …With Mt. Storm Next In Our Repower Program, of Accretive and Value Enhancing Repowerings… Proving Value of Repowered Wind to Datacent
Slide 7: Further Extension and Enhancement of Value in Existing Fleet Optimization Initiatives
Further Extension and Enhancement of Value in Existing Fleet Optimization Initiatives New Contracts at El Segundo Cap Off Strong Year of RA Contract Extension at Wildorado a Strong First Step in Capacity Marketing in CA with 2026 Now Fully Contracted Campaign to Market Open Positions at Increasing V
Slide 8: Increasing Visibility into Achieving 2027 CAFD Per Share Target Range
Increasing Visibility into Achieving the Midpoint or Better of the 2027 CAFD Per Share Target Range 2027 CAFD Per Share Target Represents ~7.5-12% Annual Growth Rate in CAFD Per Share from Midpoint of 2025 Guidance Key Drivers2 ▪ Wildorado extension firms up base portfolio expectations ▪ Prior commi
Slide 9: Financial Summary
@]] Clearway Energy Financial Summary
Slide 10: Exceeded 2024 Guidance While Remaining on Track to Meet 2025 Guidance Range
Exceeded 2024 Guidance While Remaining on Track to Meet 2025 Guidance Range ($ millions) Financial Results Reaffirming 2025 CAFD Guidance 4th Quarter Full Year Full Year Adjusted EBITDA $228 $1,146 CAFD $40 $425 CAFD $400-440 ▪ 4Q24 Financial Highlights ▪ 2025 CAFD Guidance Range Factors In − Renewa
Slide 11: Closing Remarks and Q&A
Long-Term Growth Update and Closing Remarks Closing Remarks and Q&A
Slide 12: Clearway Group's Late-Stage Projects Support CWEN's Growth into 2027 and Beyond
Clearway Group's Late-Stage Projects Are Well-Positioned To Support CWEN’s Growth into 2027 and Beyond Sponsor Advancing 8.9 GW of Late-Stage Projects Clearway's Sponsor late-stage pipeline is well-positioned to With Potential for Completion By End of Decade support Clearway’s long-term growth goals
Slide 13: Clearway's Offerings for Datacenter/Industrial Needs Are Also Expanding
Clearway's Offerings for Datacenter/Industrial Needs Are Also Expanding With Potential to Reinforce CWEN’s Growth Potential Clearway Group Speed-to-Power Pipeline Is Well Positioned in Clearway's Digital Infrastructure offerings are progressing... Regions with Digital/Industrial Load Growth Over Nex
Slide 14: Clearway Met its 2024 Objectives and is Executing its Roadmap
Clearway Met its 2024 Objectives and is Executing its Roadmap for Long-Term Value-Accretive Growth Reviewing Strong Performance on 2024 Goals ✓ Substantially exceeded 2024 CAFD guidance of $395 MM and met previously committed DPS growth of 7% in 2024 ✓ Allocated remainder of thermal segment sale pro
Slide 15: Appendix
@]] Clearway Energy Appendix
Slide 16: 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 30 GW Pipeline Owned or Controlled by Clearway Group • Achieved operations at Repower Cedro Hill, closing out 2024 with 1.3+ By Project Type (MW)
Slide 17: 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 Gross Capacity Estimated Asset Technology (MW)1 State COD/Funding Status2 Highlights • Under construction Dan’s Mountain Utility Wind 55
Slide 18: Appendix: Renewable Portfolio Performance in 2024
Appendix: Renewable Portfolio Performance in 2024 Production Index Availability 2024 2024 4th Quarter Q1 Q2 Q3 Q4 YTD YTD Wind Portfolio Net MW Oct Nov Dec California 947 123% 101% 97% 106% 119% 116% 113% 106% 95% Other West 377 78% 105% 89% 78% 82% 78% 79% 87% 92% Texas 1,074 100% 90% 92% 101% 94%
Slide 19: 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 20: 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 21: Appendix: Operating Assets as of December 31, 2024
Appendix: Operating Assets1 as of December 31, 2024 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 5
Slide 22: 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) ✓ 96% of the Company’s total generation was attributa
Slide 23: Reg. G Schedules
@]] Clearway Energy Reg. G Schedules
Slide 24: Reg. G: Actuals
Reg. G: Actuals Three Months Ended Twelve Months Ended ($ millions) 12/31/2024 12/31/2023 12/31/2024 12/31/2023 Net (Loss) Income $(48) $(73) $(63) $(14) Income Tax Expense / (Benefit) — (69) 30 (2) Interest Expense, net 12 115 260 285 Depreciation, Amortization, and ARO 156 137 627 526 Contract Amo
Slide 25: Reg. G: 2024 CAFD Guidance
Reg. G: 2024 CAFD Guidance ($ millions) 2024 Full Year CAFD Guidance Net Income $90 Income tax expense 20 Interest expense, net 330 Depreciation, amortization, contract amortization, and ARO expense 680 Adjustments to reflect Clearway Energy’s pro-rata share of Adjusted EBITDA from 50 unconsolidated
Slide 26: Reg. G: 2025 CAFD Guidance Range
Reg. G: 2025 CAFD Guidance Range ($ millions) 2025 Full Year CAFD Guidance Range Net Income ($40) – 0 Income tax expense (4) Interest expense, net 335 Depreciation, amortization, contract amortization, and ARO expense 840 Adjustments to reflect Clearway Energy’s pro-rata share of Adjusted EBITDA fro
Slide 27: Reg. G: Growth Investments
Reg. G: Growth Investments ($ millions) Mt Storm Repowering 5 Year Ave. 2028-2032 Net Income 19-21 Interest Expense, net 17 Depreciation, Amortization, and ARO Expense 5 Adjusted EBITDA 41-43 Cash interest paid (17) Cash from Operating Activities 24-26 Net distributions from non-controlling interest
Slide 28: 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