Clearway Energy Inc (CWEN)

Business Description

Clearway Energy, Inc. (CWEN) is a publicly-traded energy infrastructure investor specializing in clean energy investments and ownership of sustainable, long-term contracted assets across North America. The company operates one of the largest renewable energy portfolios in the U.S., including wind, solar, and battery energy storage systems, alongside efficient natural gas-fired generation facilities. CWEN generates revenue primarily through long-term contractual arrangements for the output or capacity of its assets, ensuring stable and predictable cash flows.

Renewables - Owns and operates wind, solar, and battery energy storage systems, contributing significantly to the company's clean energy portfolio and supporting its sustainability goals.
Conventional Generation - Operates environmentally-sound, highly efficient natural gas-fired power generation facilities, providing reliable energy capacity.
Corporate - Manages corporate costs and eliminations, consolidating financial results and overseeing the company's business operations.

Key Metrics

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Leadership

Name	Position	External Roles	Short Bio
Craig Cornelius Executive	Chief Executive Officer (CEO)	CEO of Clearway Energy Group LLC	Renewable energy leader with extensive experience in project development and management. Former CEO of Clearway Energy Group and renewables leader at NRG Energy.	View Report →
Kevin P. Malcarney Executive	Executive Vice President, General Counsel, and Corporate Secretary	None	Legal professional with expertise in corporate governance, mergers, and acquisitions. Formerly served as Deputy General Counsel at NRG Energy.
Sarah Rubenstein Executive	Executive Vice President and CFO	None	Financial expert with a background in corporate accounting and financial reporting. Formerly held roles as Assistant Controller and Chief Accounting Officer at CWEN.
Brian R. Ford Board	Lead Independent Director	Board member at FS Investment Corporation Portfolios, Drexel University, and BAYADA Home Health	Accounting and governance expert. Retired partner at Ernst & Young LLP and former board member of AmeriGas Propane, Inc.
Bruce MacLennan Board	Director	Partner at Global Infrastructure Partners (GIP); Board member at Eolian, L.P.	Energy and infrastructure investment expert. Former Director in the Investment Banking Division of Credit Suisse.
Daniel B. More Board	Director	Board member at SJW Group	Investment banker with decades of experience in utility mergers and acquisitions. Former Managing Director at Morgan Stanley.
E. Stanley O’Neal Board	Director	Director at Arconic Corp., Element Solutions Inc., and Hut 8 Corp.	Former Chairman and CEO of Merrill Lynch. Brings extensive executive and financial expertise to CWEN's board.
Emmanuel Barrois Board	Director	Vice President, Joint Ventures, TotalEnergies Renewables USA	Energy industry professional with 15 years of experience. Leads TotalEnergies' renewables portfolio management team.
Jennifer Lowry Board	Director	Board member at Electriq Power Holdings, Inc. and MYR Group, Inc.	Financial and energy industry expert. Former Vice President of Risk, Treasury, and Corporate Finance at McCormick & Company, Inc.
Jonathan Bram Board	Chairman of the Board	Founding Partner at Global Infrastructure Partners (GIP); Board member at SunPower Corporation, Chile Renovables, and Zephyr Acquisition Holdings	Investment banking and renewable energy expert. Founding Partner at GIP and former Managing Director at Credit Suisse.

Questions to Ask Management

Given the renewable production shortfall in the first quarter, can you clarify whether achieving your full-year CAFD guidance depends on above P50 generation in the remaining quarters, and what contingencies are in place if this doesn't occur?
Could you provide more detailed sensitivity analysis around P70 and P90 production levels, as some of your competitors do, to help investors better understand the potential variability in your renewable energy output?
With increasing curtailment risks in California affecting renewable assets, how are your current contracts and operational strategies protecting against potential revenue losses, and do you anticipate any material impact on your future cash flows?
Considering the natural deleveraging of your balance sheet over time, how do you plan to utilize this capacity—are you considering re-leveraging to fund growth, or possibly returning capital to shareholders through share buybacks?
Given the uncertainties around tax policy and its impact on tax equity markets, how are you adjusting your investment and partnership strategies, and what alternative financing options are you exploring to mitigate potential risks?

Customer Concentration

Customer	Relationship	Segment	Details
Southern California Edison (SCE)	Long-term offtake for electricity & environmental attributes	Flexible Generation, Renewables	24% of total consolidated revenue in 2024 , 7% from Flexible Generation and 17% from Renewables , contracts expire 2035-2038.
Pacific Gas and Electric (PG&E)	Long-term offtake for electricity & environmental attributes	Flexible Generation, Renewables	17% of total consolidated revenue in 2024 , 3% from Flexible Generation and 14% from Renewables.

Recent Mergers & Acquisitions

Notable M&A activity and strategic investments in the past 3 years.

Company	Year	Details
Rosamond Central BESS	2024	Acquired the 147 MW battery energy storage system co‐located with a solar facility for a total purchase price of $349 million (with a $70M initial payment and $279M additional payment); proceeds were used to repay existing debt and adjust CEG’s noncontrolling interest, with funding from the Company and third‐party investors.
Victory Pass and Arica	2024	Acquired Class A membership interests in VP-Arica TargetCo LLC, which owns a 200 MW solar plus 50 MW storage project (Victory Pass) and a 263 MW solar plus 136 MW storage project (Arica); the deal involved an additional $165 million payment at substantial completion and multiple financing contributions from cash equity, tax equity, CEG, and escrow funds.
Cedar Creek	2024	Acquired a 160 MW wind facility in Bingham County, Idaho for $117 million in cash, funded using existing liquidity along with a tax equity contribution and assumed debt financing that was later converted to a term loan; the project is backed by a 25-year PPA with an investment-grade utility.
Texas Solar Nova 2	2024	Acquired a 200 MW solar facility in Kent County, Texas for $112 million (with the Company contributing $17M and a cash equity investor $95M), with assumed financing including an $80M term loan and a $115M tax equity bridge loan, complemented by a tax equity contribution of $130M and an 18‐year PPA.
Daggett 2 Drop Down	2023	Acquired a 182 MW solar project with matching storage in San Bernardino, California for $13 million in cash; the project, which comes with a 15-year PPA and expected Q4 2023 commercial operations, was funded from existing liquidity and included assumed construction and tax equity bridge loans.
Daggett 3 Drop Down	2023	Acquired a 300 MW solar project with matching storage in San Bernardino, California by purchasing Class A membership interests for $21 million and integrating a Class B cash equity investor’s $129 million contribution; the deal assumed project-level financing including a $181M construction loan, a $229M tax equity bridge loan, and a sponsor equity bridge loan, with consolidation on a prospective basis.
Texas Solar Nova 1	2023	Entered into an investment for a 252 MW solar project under construction in Kent County, Texas with an expected investment of approximately $40 million, supported by long-term PPAs (approx. 18-year duration) and anticipated to deliver about $4 million in annual CAFD starting from January 2025.
Waiawa Solar Project	2022	Acquired a 36 MW solar project with 144 MWh storage capacity in Honolulu, Hawaii for $20 million in cash (with an additional $12 million contributed by a third-party investor), backed by a 20-year PPA and financed using existing liquidity.
Capistrano Wind Portfolio	2022	Acquired a portfolio of five utility-scale wind projects with a combined capacity of 413 MW across Texas, Nebraska, and Wyoming for a net consideration of $239 million (after adjustments) while assuming $162 million in project-level debt; the assets, under PPAs with investment-grade counterparties and a remaining contract duration of around 10 years, also involved a $10M development agreement with Clearway Renew LLC.
Mililani I Solar Project	2022	Acquired a 39 MW solar project with 156 MWh storage capacity in Oahu, Hawaii for $22 million in cash (with an additional $14 million from a third-party investor), financed through a mix of construction, tax equity, and sponsor equity loans and backed by a 20-year PPA commencing in July 2022.