Clearway Energy, Inc. · NYSE:CWEN
Clearway Energy — Q1 2026 Earnings Presentation
32 slides from Clearway Energy's earnings presentation, May 7, 2026
Slide 1: Clearway Energy, Inc. First Quarter 2026 Results Presentation
Clearway Energy, Inc. First Quarter 2026 Results Presentation May 7, 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: Agenda
Craig Cornelius Business Update Chief Executive Officer Agenda Financial Summary Sarah Rubenstein & Update Chief Financial Officer First Quarter 2026 Results Presentation Craig Cornelius Closing Remarks Chief Executive Officer 3
Slide 4: Business Update
@]J Clearway Energy Business Update
Slide 5: Business Update
Business Update 2026 Goals Remain on Track Reaffirming 2027 CAFDPS Target Accelerating Growth Investments Reiterating 2026 CAFD (Free Cash Flow) guidance 2027 CAFDPS target of $2.70+ supported by ~$3 bn of corporate capital deployment (2026-2029) with Honeycomb 1 and Cardinal M&A funded execution of
Slide 6: Fleet Enhancements: Progressed and solidifying path to 2030 targets
Fleet Enhancements: Progressed and solidifying path to 2030 targets with lengthened revenue contracts that reduce risk and increase EBITDA/CAFD Fleet Enhancements in Progress (MWs) 2026-2027 New as-generated hyperscaler PPA & two awarded PPAs enhance our ERCOT fleet • New PPAs extend contracted teno
Slide 7: 3rd Party M&A: Cardinal deal closed on schedule
3rd Party M&A: Cardinal deal closed on schedule; Evaluating further M&A targets with focus on value accretion/addition to CAFDPS goals Cardinal M&A Deal Closed (Formerly Deriva) Clearway’s Disciplined M&A Approach Closed on time; expect +12% CAFD Yield Key Investment Criteria • Seamless closing exec
Slide 8: Sponsor-Enabled Growth: Committed/identified projects through 2028 up to $1.3BN
Sponsor-Enabled Growth: Total committed/identified projects for CWEN investment opportunity through 2028 now up to $1.3BN across >3.2 GW ~$1.3 BN of Potential Corporate Capital Investment from Sponsor-Enabled Growth Thru 2028 2026-2027 CODs 100% Commercialized 2026 Identified Opportunities • Constru
Slide 9: Sponsor-Enabled Growth: 2029 COD priority projects
Sponsor-Enabled Growth: Solidifying path to exceed 2030 financial target with 2029 COD priority projects providing resiliency 2029 COD Projects by Location, Technology & Size Bubble is illustrative Solar Storage Solar + Storage Wind Natural Gas 2029 Vintage Solidifies 2030 Outlook of capacity • 2029
Slide 10: Maturing pipeline puts total $3+ BN investment opportunity in view
Maturing pipeline across all pathways puts total $3+ BN investment opportunity in view for CWEN over 2026-2029, increased by 20% since November Updated investment plan in 2026-2029 (excludes further co-located digital infrastructure 2026: and M&A upside) 100% Committed or Funded ~$950+ MM ~$800 MM 2
Slide 11: Growth pathways increase visibility into exceeding 2030 targets
Clearway’s abundant growth pathways increase visibility into exceeding our 2030 targets, targeting top end of 5-8%+ CAFDPS growth from 2025 7-8%+ CAFD per share CAGR 2025-2030 at top end of range Identified Growth ~$1.7 BN for 2027/2028/2029 CODs committed/identified investments1 $2.90-3.10+ of CAFD
Slide 12: Digital infrastructure upside opportunity is accelerating
Digital infrastructure upside opportunity for CWEN is accelerating, building on Clearway's incumbent pipeline, partners, and customer relationships Project Development Accelerating • Generating capacity in development now to 13 GW+ across first 5 sites, based on grid-tied generation solutions with B
Slide 13: Line of sight to 5-8%+ growth in 2031+
Line of sight to 5-8%+ growth in 2031+ now in view, enabled by ~4GW of sponsor's prioritized projects with 2030 COD potential plus data center upside 2031 growth anchored by sizable and advantaged 2030 COD vintage prioritized pipeline ~$0.9-1.0 BN of expected CWEN corporate Solar Storage Paired Stor
Slide 14: Financial Summary
14 @]J Clearway Energy Financial Summary
Slide 15: Reaffirming our 2026 financial objectives
Reaffirming our 2026 financial objectives with ongoing commitment to excellence and continuous improvement in operations 1Q26 Financial Results Solar + Battery Fleet ($ in millions) Solid performance in-line with budgeted expectations and industry-leading levels Adjusted EBITDA Reaffirming 2026 Guid
Slide 16: Share class consolidation proposal approved
Share class consolidation proposal approved, meeting investors' call for simplification and creating value for all shareholders Simplification increases CWEN’s public float and trading volume ADTV Reducing complexity: one public (Shares) ~280K ~900K +1,180K security $6 $5 Broader potential sharehold
Slide 17: Closing Remarks
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Slide 18: We continued to create value for Clearway's investors
We continued to create value for Clearway's investors as we started 2026, with more to come in the days ahead On track to achieve 2026 guidance 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
Slide 19: Appendix
19 @]J Clearway Energy Appendix
Slide 20: Appendix | Clearway Group Development Pipeline
Appendix | Clearway Group Development Pipeline Clearway Group Development Highlights 29 GW1 Pro Forma Pipeline Owned or Controlled by Clearway Group • Achieved operations at Honeycomb I (320 MW), contributing to a total of 600 MW expected to reach commercial operation this year. Construction on ~900
Slide 21: 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 State/ Estimated Asset Technology Gross Capacity (MW)1 ISO COD/Final Funding Status2 Highlights Honeycomb Phase I Utility Storage 320 UT Operational
Slide 22: Appendix | Clearway Group Digital Infrastructure Pipeline
Appendix | Clearway Group Digital Infrastructure Pipeline Digital Infrastructure Development Highlights • Total generating capacity under development for co-located/BTM data Representative Co-Located Data Center center energy supply at five sites now over 13 GW with two additional data center energy
Slide 23: Appendix | Performance Index by Region
Appendix| Performance Index by Region 1Q 2026 YoY Comparison Compensable Compensable 1Q26 Highlights : Plant Resource Performance Plant Resource Performance Generation Generation • Lower performance index Availability Index (1,4) Index (3,4) Availability Index Index Region/Tech Net MW (GWh) (2) (GWh
Slide 24: Appendix | 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 25: Appendix | Corporate Funding Strategy
Appendix | Corporate Funding Strategy Expect to deploy ~$3 BN+ of corporate capital from 2026-2029 to reach top end or better of 2030 target. Retained Cashflow Corporate Debt External Equity • 2026-2029: $500MM + • 2026-2029: $1.5 BN+ • 2026-2029: ~$0.5-1.0 BN ($600 MM raised to date) ($50 MM raised
Slide 26: Appendix | Non-Recourse Project Debt Amortization
Appendix | Non-Recourse Project Debt Amortization Forecasted principal payments1 on non-recourse project debt as of December 31, 2025. Fiscal Year 2026 2027 2028 2029 2030 Thereafter Total Flexible Generation: Carlsbad Energy Holdings & Holdco, due 2037 and 2038 35 38 35 41 43 451 643 Total Flexible
Slide 27: Appendix | Operating Assets as of March 31, 2026
Appendix | Operating Assets1 as of March 31, 2026 Solar Utility Scale Wind Gross PV Net PV Net Wind Capacity Percentage Capacity Gross Wind Capacity Percentage Capacity Projects (MW) Ownership (MW) Offtake Counterparty PPA Expiration Projects (MW) Ownership (MW) Offtake Counterparty PPA Expiration A
Slide 28: Appendix | Clearway Fleet Environmental Data and Projections
Appendix | Clearway Fleet Environmental Data and Projections 2026 Est. Adj EBITDA and CAFD by Asset Class1 2026 Est. Adj. EBITDA by Asset Class Clearway Fleet Environmental Data and Projections: (84% From Renewables & Storage) 16% 2025 Statistics1 ✓ 98% of the Company’s total generation was attribut
Slide 29: Appendix Reg. G Schedules
Appendix Reg. G Schedules Oi clearway Energy
Slide 30: Reg. G | Actuals
Reg. G | Actuals Three Months Ended ($ millions) 3/31/2026 3/31/2025 Net Income (Loss) (68) (104) Income Tax Benefit (2) — Interest Expense, net 92 109 Depreciation, Amortization and ARO 182 163 Contract Amortization 50 44 Loss on Debt Extinguishment 2 — Mark to Market (MtM) (Gains)/Losses on econom
Slide 31: Reg. G | 2026 CAFD Guidance Range
Reg. G | 2026 CAFD Guidance Range 2026 Full Year ($ millions) Guidance Range Net Loss ($44) – (4) Income Tax Expense 5 Interest Expense, net 395 Depreciation, Amortization, Contract Amortization, and ARO Expense 1,022 Adjustments to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates
Slide 32: 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