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.
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| 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. |
- 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?
Research analysts who have asked questions during Clearway Energy earnings calls.
Dimple Gosai
Bank of America
2 questions for CWEN
Hannah Velásquez
Jefferies
2 questions for CWEN
Justin Clare
Roth MKM
2 questions for CWEN
Mark Jarvi
CIBC Capital Markets
2 questions for CWEN
Mike McNulty
Deutsche Bank
2 questions for CWEN
Noah Kaye
Oppenheimer & Co. Inc.
2 questions for CWEN
Steve Fleishman
Wolfe Research, LLC
1 question for CWEN
| 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. |
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. |
Recent press releases and 8-K filings for CWEN.
- Nextracker and T1 Energy Inc. have signed a strategic framework agreement for T1 Energy's new 5-GW G1_Dallas solar manufacturing facility to utilize Nextracker’s patented steel module frame technology.
- This partnership aims to accelerate the industry's transition to made-in-the-USA frames using locally manufactured specialty steel, thereby increasing domestic content and reducing reliance on imported aluminum.
- Nextracker plans to expand its U.S. steel frame manufacturing capacity in the Midwest and Texas, creating high-quality jobs and complementing its existing manufacturing footprint.
- T1 Energy is focused on building an integrated U.S. supply chain for solar and batteries, having completed a transformative transaction in December 2024 to position itself as a leading U.S. solar manufacturing company.
- Clearway Energy, Inc. (CWEN) is involved in the sale of 100% of the equity interests (Units) in Caprock 2, Symphony Sun Holdco 1, and Symphony Breeze Holdco 1 to Clearway Purchaser, Fengate Purchaser 1, and Fengate Purchaser 2.
- These entities and their subsidiaries are engaged in the development, management, ownership, and operation of utility-scale solar energy generation projects.
- The Closing Purchase Price for these Units is based on a Base Purchase Price, which is subject to various adjustments. However, the documents contain conflicting definitions for the "Base Purchase Price," with one stating $225,770,125 and another stating $159,031,613. The documents do not definitively clarify which Base Purchase Price applies to the specific transaction described.
- The closing of the transaction will occur at the offices of White & Case LLP.
- Clearway Energy, Inc. has entered into a binding agreement to acquire a 613 MWac operational solar portfolio from Deriva Energy, LLC.
- The company expects a total long-term corporate capital investment of approximately $210-230 million for the portfolio.
- The acquisition is projected to be immediately accretive, generating an incremental five-year average annual asset CAFD of approximately $27 million starting January 1, 2027, with a 5-year annual CAFD yield over 12%.
- This acquisition is expected to position the company to deliver at the top end or better of its 2027 CAFD per share target range of $2.50 - $2.70.
- The transaction is anticipated to close by the second quarter of 2026 and will be funded without requiring incremental equity issuances beyond those already planned.
- Clearway Energy reported Q2 2025 adjusted EBITDA of $343 million and CAFD of $152 million.
- The company updated its 2025 CAFD guidance range to $405 million to $440 million, raising the bottom end and continuing to target the higher end. Additionally, the 2027 CAFD per share target range was increased to $2.5 to $2.7, with a long-term objective of 5% to 8% CAFD per share growth beyond 2027.
- Key growth initiatives include the repowering of Mount Storm (2026/2027) and Goat Mountain (2027 commercial operation date, $200 million corporate capital investment at over 10% CAFD yield). The company also received an offer for a 291 megawatt battery storage portfolio for 2026.
- Funding for planned growth investments will utilize $270 million or more of retained CAFD from 2025 to 2027, $600 million or greater in excess debt capacity, and opportunistic equity issuance.
- Financial Performance: Reported a Q1 2025 net loss of $104 million, with Adjusted EBITDA of $252 million and CAFD of $77 million, reflecting higher interest expenses but strong growth investments.
- Operational Improvements: Achieved higher flexible generation availability (up to 89.3%) and increased renewable generation, signaling improved efficiency versus Q1 2024.
- Strategic Investments: Advanced growth through key acquisitions, including the Tuolumne Wind project for $61 million and a binding agreement to acquire a 100 MW operational solar project with a capital commitment of $120–$125 million.
- Dividend Increase: Announced a quarterly dividend increase by 1.7% to $0.4384 per share effective Q2 2025.