Clearway Energy : First Quarter 2025 Earnings Presentation

Published: 2025-04-30 16:27:04 ET CWEN.A

Published on 04/30/2025 at 16:27, updated on 04/30/2025 at 16:23

Clearway Energy, Inc.

First Quarter 2025 Results Presentation

April 30, 2025

Business Update Craig Cornelius, Chief Executive Officer

Financial Summary Sarah Rubenstein, Chief Financial Officer

Closing Remarks Craig Cornelius, Chief Executive Officer

CWEN Remains on Track to Achieve its Long-Term Growth Objectives and is Strategically Creating Shareholder Value from a Position of Strength

Solid 1st Quarter Results; Reaffirming 2025 Guidance

Solid first quarter CAFD results of $77 MM; strong operational performance across segments

Announcing dividend increase of 1.7% to $0.4384/share in 2Q25; $1.7536/share annualized

Reaffirming 2025 CAFD guidance range of $400-440 MM

Fleet Enhancements Through

Repowering Continue to Progress

Mt. Storm Repower on track with Microsoft PPA signed and 2025 construction start in sight

Goat Mountain Repower now also targeted for 2027; PPA in final negotiations

San Juan Mesa repowering advancing as well; PPA extended as bridge to repower

Advancing Sponsor-Enabled

Drop-Down Growth Opportunities

Committed drop-downs remain on track and now finishing commissioning; initial fundings

completed for Rosamond South I, Dan's Mountain, and LV+Daggett 1

Sponsor advancing ~9.9 GW of late-stage projects positioned to support our growth plan

Long-term growth prospects reinforced with existing/pending safe harbor investments; on pace for ~13 GW to be qualified through 2029 CODs - maximizes site optionality

Carrying 2026 battery projects forward with PPA/equipment tariff risk sharing - including 199MW BESS PPA for Spindle project signed with Xcel (PSCO) in late April

Capitalizing on 3rd Party M&A

Closed 3rd party acquisition of Tuolumne Wind

Signed 3rd party M&A agreement for solar project; ~$120-125 MM of est. corp. capital

Strong Position to Achieve Objectives In 2027 and Beyond

Reaffirming CAFD per share target of $2.40-2.60 in 2027 with no external equity needed to achieve midpoint; now strong visibility to achieve the top end of target

Mitigated interest rate risk for 2028 bond refinancing with opportunistic hedging of base rate when constructive rate windows allowed - further reinforcing confidence in 2027 CAFDPS

Reaffirming long-term objectives of CAFD per share growth of 5-8%+ beyond 2027 and targeting payout ratio at low end of 70-80%, increasingly self-funding growth over time

Medium-Term Fleet Enhancing Repowerings Advancing…

….With Further Repowerings/Contract Extension

Opportunities Later in Decade

Microsoft PPA Signed

Permitting complete and equipment ordered

Major agreements accommodate policy variability

Construction to begin in 2025 with completion in 2026-2027

Awarded PPA; finalizing negotiations

Federal permits completed

Potential to increase capacity to 301 MW

Target repowering in 2027

PPA Extended through 2026, as a bridge to repower

Target repowering in 2027

2026-2030 Planned Wind Fleet Optimizations (MW)

887

925

887

887

316

323

484

19

Fleet Optimization Initiatives Strengthen Our Ability to Achieve Our Long-Term CAFD Per Share Growth Goals From Assets in Our Operating Fleet That Exhibit Growing Scarcity Value

Disclaimer

Clearway Energy Inc. published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 20:23 UTC.