Clearway Energy, Inc. Reports First Quarter 2025 Financial Results

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• Strong quarterly operational performance with availability and capacity factors up YoY in all segments
• Repowering program accelerating with PPA signed at Mt. Storm and awarded PPA at Goat Mountain
• Sponsor-enabled growth continuing forward with 2025 projects initially funded and 2026 projects on track
• Progressed growth by M&A also with Tuolumne closed and signed acquisition of California solar project
• Reaffirming 2025 financial guidance
• Increasing quarterly dividend by 1.7% to $0.4384 per share in Q2 2025, or $1.75 per share annualized

PRINCETON, N.J., April 30, 2025 (GLOBE NEWSWIRE) -- Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) today reported first quarter 2025 financial results, including Net Loss of $104 million, Adjusted EBITDA of $252 million, Cash from Operating Activities of $95 million, and Cash Available for Distribution (CAFD) of $77 million.

"Clearway reported another solid set of results in the first quarter of 2025 and remains on track to fulfill its financial guidance for the year. We continue to advance towards our long-term financial objectives through progress across each of our core growth pathways, including fleet enhancements and repowerings, sponsor-offered dropdowns, and asset-centered M&A. Further reinforced by the announced acquisition of the operational solar project, these redundant growth pathways put us on a solid path to deliver at the top end of the $2.40 to $2.60 in CAFD per share target we set for 2027, and for our long-term financial targets beyond 2027,” said Craig Cornelius, Clearway Energy, Inc.'s President and Chief Executive Officer.

Adjusted EBITDA and Cash Available for Distribution used in this press release are non-GAAP measures and are explained in greater detail under "Non-GAAP Financial Information” below.

Overview of Financial and Operating Results

Segment Results

Table 1: Net Income/(Loss)

Table 2: Adjusted EBITDA

Table 3: Cash from Operating Activities and Cash Available for Distribution (CAFD)

For the first quarter of 2025, the Company reported Net Loss of $104 million, Adjusted EBITDA of $252 million, Cash from Operating Activities of $95 million, and CAFD of $77 million. Net Loss increased versus 2024 primarily due to higher interest expense related to interest rate swaps. Adjusted EBITDA and CAFD results in the first quarter of 2025 were higher than 2024 primarily due to the contribution from growth investments.

Operational Performance

Table 4: Selected Operating Results¹

In the first quarter of 2025, availability at the Flexible Generation segment was higher than the first quarter of 2024 primarily due to the timing and duration of spring outages. Generation in the Renewables & Storage segment during the first quarter of 2025 was 13% higher than the first quarter of 2024 primarily due to the contribution of growth investments.

Liquidity and Capital Resources

Table 5: Liquidity

Total liquidity as of March 31, 2025, was $1,325 million, which was $5 million lower than as of December 31, 2024.

As of March 31, 2025, the Company's liquidity included $414 million of restricted cash. Restricted cash consists primarily of funds to satisfy the requirements of certain debt arrangements and funds held within the Company's projects that are restricted in their use. As of March 31, 2025, these restricted funds were comprised of $166 million designated to fund operating expenses, approximately $133 million designated for current debt service payments, and $83 million of reserves for debt service, performance obligations and other items including capital expenditures. The remaining $32 million is held in distribution reserve accounts.

Potential future sources of liquidity include excess operating cash flow, availability under the revolving credit facility, asset dispositions, and, subject to market conditions, new corporate debt and equity financings.

Growth Investments and Strategic Updates

3rd Party Acquisition of Operational Solar Project

On April 25, 2025, the Company entered into a binding agreement to acquire an approximately 100 MW operating solar project located in California from a third-party. The Company expects its corporate capital commitment to acquire the facility to be between $120 million and $125 million. The project reached commercial operations in 2013 and has a revenue contract with an investment-grade utility through 2038. The consummation of the transaction is subject to customary closing conditions and certain third-party approvals and is expected in the second half of 2025.

Tuolumne Wind

On April 29, 2025, the Company closed the acquisition of Tuolumne Wind, a 137 MW wind project located in Klickitat County, Washington from Turlock Irrigation District. The project has a PPA with Turlock Irrigation District, an investment-grade regulated entity, with an initial contract term of 15 years to 2040. In conjunction with the acquisition, the Company received from Turlock Irrigation District a contractual extension option to enable a potential future repowering of the project. After factoring in closing adjustments and new non-recourse project-level debt, the Company's corporate capital commitment to acquire the project was $61 million. The Company expects the project to contribute asset CAFD on a five-year average annual basis of approximately $9 million beginning January 1, 2026.

Mt. Storm Repowering Update

On February 12, 2025, the Company entered into agreements with Clearway Group to repower the Mt. Storm Wind project located in Grant County, West Virginia. Upon achieving repowering commercial operations in 2026 and 2027, the project is expected to sell power to Microsoft for 20 years under an awarded power purchase agreement. The Company will have the option to invest approximately $220-230 million in long-term corporate capital, subject to closing adjustments, and Clearway Group achieving certain repowering development milestones. The repowering is estimated to contribute incremental asset CAFD on a five-year average annual basis of approximately $26-28 million beginning January 1, 2028.

Goat Mountain Potential Repowering

During the second quarter of 2025, Goat Mountain, a wind project located in Sterling, Texas, was an awarded a PPA and is finalizing the terms of the contract. The awarded PPA would underpin a repowering targeted in 2027. The potential investment is subject to negotiation both with Clearway Group, and the review and approval by the Company's Independent Directors.

San Juan Mesa Potential Repowering

During the second quarter of 2025, San Juan Mesa, a wind project located in Elida, New Mexico, executed a PPA extension through 2026 with its existing offtaker. The extension would serve as a bridge to a repowering targeted in 2027. The potential investment is subject to negotiation both with Clearway Group, and the review and approval by the Company's Independent Directors.

Quarterly Dividend

On April 29, 2025, Clearway Energy, Inc.'s Board of Directors declared a quarterly dividend on Class A and Class C common stock of $0.4384 per share payable on June 16, 2025, to stockholders of record as of June 2, 2025.

Seasonality

Clearway Energy, Inc.'s quarterly operating results are impacted by seasonal factors, as well as weather variability which can impact renewable energy resource throughout the year. Most of the Company's revenues are generated from the months of May through September, as contracted pricing and renewable resources are at their highest levels in the Company's portfolio. Factors driving the fluctuation in Net Income, Adjusted EBITDA, Cash from Operating Activities, and CAFD include the following:

• Higher summer capacity and energy prices from flexible generation assets;
• Higher solar insolation during the summer months;
• Higher wind resources during the spring and summer months;
• Renewable energy resource throughout the year
• Debt service payments which are made either quarterly or semi-annually;
• Timing of maintenance capital expenditures and the impact of both unforced and forced outages; and
• Timing of distributions from unconsolidated affiliates

The Company takes into consideration the timing of these factors to ensure sufficient funds are available for distributions and operating activities on a quarterly basis.

Financial Guidance

The Company is reaffirming its 2025 full year CAFD guidance range of $400 million to $440 million. The midpoint of the 2025 financial guidance range is based on median renewable energy production estimates for the full year, while the range reflects a potential distribution of outcomes on resource and performance in the fiscal year. The guidance range also factors in completing committed growth investments on currently forecasted schedules.

Earnings Conference Call

On April 30, 2025, Clearway Energy, Inc. will host a conference call at 5:00 p.m. Eastern to discuss these results. Investors, the news media and others may access the live webcast of the conference call and accompanying presentation materials by logging on to Clearway Energy, Inc.'s website at http://www.clearwayenergy.com and clicking on "Presentations & Webcasts” under "Investor Relations.”

About Clearway Energy, Inc.

Clearway Energy, Inc. is one of the largest owners of clean energy generation assets in the U.S. and is leading the transition to a world powered by clean energy. Our portfolio comprises approximately 11.8 GW of gross capacity in 26 states, including approximately 9 GW of wind, solar and battery energy storage systems and approximately 2.8 GW of flexible dispatchable power generation providing critical grid reliability services. Through our diversified and primarily contracted clean energy portfolio, Clearway Energy endeavors to provide its investors with stable and growing dividend income. Clearway Energy, Inc.'s Class C and Class A common stock are traded on the New York Stock Exchange under the symbols CWEN and CWEN.A, respectively. Clearway Energy, Inc. is sponsored by its controlling investor, Clearway Energy Group LLC. For more information, visit investor.clearwayenergy.com.

Safe Harbor Disclosure

This news release 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 identified by the use of words such as "expect,” "estimate,” "target," "anticipate,” "forecast,” "plan,” "outlook,” "believe” and similar terms. Such forward-looking statements include, but are not limited to, statements regarding, the Company's dividend expectations and its operations, its facilities and its financial results, statements regarding the anticipated consummation of the transactions described above, the anticipated benefits, opportunities, and results with respect to the transactions, including the Company's future relationship and arrangements with Global Infrastructure Partners, TotalEnergies, and Clearway Energy Group, as well as the Company's Net Income, Adjusted EBITDA, Cash from Operating Activities, Cash Available for Distribution, the Company's future revenues, income, indebtedness, capital structure, strategy, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.

Although Clearway Energy, Inc. believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, the Company's ability to maintain and grow its quarterly dividend, impacts related to COVID-19 (including any variant of the virus) or any other pandemic, risks relating to the Company's relationships with its sponsors, the failure to identify, execute or successfully implement acquisitions or dispositions (including receipt of third party consents and regulatory approvals), the Company's ability to acquire assets from its sponsors, the Company's ability to borrow additional funds and access capital markets due to its indebtedness, corporate structure, market conditions or otherwise, hazards customary in the power industry, weather conditions, including wind and solar performance, the Company's ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations, the willingness and ability of counterparties to the Company's offtake agreements to fulfill their obligations under such agreements, the Company's ability to enter into new contracts as existing contracts expire, changes in government regulations, operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of the Company and its subsidiaries, and cyber terrorism and inadequate cybersecurity. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations.

Clearway Energy, Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Cash Available for Distribution are estimates as of today's date, April 30, 2025, and are based on assumptions believed to be reasonable as of this date. Clearway Energy, Inc. expressly disclaims any current intention to update such guidance. The foregoing review of factors that could cause Clearway Energy, Inc.'s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect Clearway Energy, Inc.'s future results included in Clearway Energy, Inc.'s filings with the Securities and Exchange Commission at www.sec.gov. In addition, Clearway Energy, Inc. makes available free of charge at www.clearwayenergy.com, copies of materials it files with, or furnishes to, the Securities and Exchange Commission.

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