Clearway Energy (CWEN) Company Report

Clearway Energy (CWEN) has a strong outlook for 2026, with guidance well received, and is on track to fulfill its guidance for the year.
The company is confident in achieving its 2027 goals and aims for the top end or better of its $3.10 in CAFD per share range by 2030.
CWEN is positioned for sustainable 8%+ CAFD per share growth into the 2030s and beyond, supported by a routine tempo of 2 GW of project construction per year at 10.5% or better CAFD yields.
Recent commercialization efforts, including a 1.2 GW deal with Google for projects mostly in 2028, have secured a majority of planned builds through 2028 and are in late stages for 2029.

Jan 27, 2026, 8:00 PM

Transcript

Clearway Energy Outlines Strong 2026 Outlook and Long-Term Growth Strategy

CWEN

Guidance Update

New Projects/Investments

M&A

Clearway Energy (CWEN) is confident about its 2026 outlook and its path to fulfilling 2026 guidance and 2027 goals, with a clear trajectory towards its 2030 goals.
The company aims for 8%+ sustainable growth over time, supported by constructing at least 2 GW of projects annually that are deployed into CWEN at 10.5% CAFD yields or better.
New contracts, including a significant partnership with Google, are expected to support CAFD growth into the end of the decade, contributing to the goal of achieving the top end or better of $3.10 in CAFD per share by 2030.
CWEN's capital allocation strategy focuses on moving towards a lower leverage ratio and payout ratio over time, using recurring cash flow for growth, and sustaining a competitive dividend per share growth rate.
While third-party M&A is not factored into core growth plans, the current market environment presents opportunities for accretive acquisitions.

Jan 27, 2026, 8:00 PM

Transcript

Clearway Energy Discusses Growth Strategy, Capital Allocation, and Project Pipeline

CWEN

Guidance Update

New Projects/Investments

Debt Issuance

Clearway Energy aims for 7% to 8% CAFD per share growth through 2030, with projects largely secured through 2029 to meet or exceed the upper end of this target.
The company intends to maintain a capital allocation framework focused on a 4-4.5x leverage ratio and consistent equity issuance, with plans to move towards a lower leverage and payout ratio over time.
Clearway Energy targets 10.5% CAFD yields and $40,000 per megawatt or better in CAFD for new assets, noting that recent projects have delivered yields above this target.
The company anticipates a "new norm" of larger projects, expecting to build 2 gigawatts or more per year, which will lead to more frequent large-scale announcements.
Clearway Energy plans to continue integrating gas resources into its portfolio, alongside renewables and batteries, to ensure reliability and cost-effectiveness, aiming for a mix of approximately 70% renewable generation and 30% from battery and gas facilities.

Jan 27, 2026, 8:00 PM

Transcript

Clearway Energy Signs 1.17 GW Power-Purchase Agreements with Google

CWEN

New Projects/Investments

Debt Issuance

Clearway Energy Group signed three long-term power-purchase agreements (PPAs) with Google for 1.17 GW of carbon-free projects, representing over $2.4 billion in investment, with initial sites expected online in 2027 and 2028.
The company recently completed an upsized $600 million offering of 5.750% senior notes due 2034.
In its most recent quarter, Clearway reported net income of $60 million, adjusted EBITDA of $385 million, operating cash flow of $225 million, and CAFD of $166 million.
Analysts highlight potential upside from long-term contracted revenue but also note financial risks due to elevated leverage (debt-to-equity ratio of about 4.5) and an Altman Z-Score in the distress range.

Jan 15, 2026, 12:31 PM

Morningstar

Clearway Energy Operating LLC Issues Senior Notes

CWEN

Debt Issuance

Clearway Energy Operating LLC, a subsidiary of Clearway Energy, Inc., completed the sale of $600 million aggregate principal amount of 5.750% senior notes due 2034 on January 13, 2026.
These notes are senior unsecured obligations of Clearway Operating, with interest payable semi-annually on January 15 and July 15, starting July 15, 2026, until maturity on January 15, 2034.
The company has optional redemption rights: prior to January 15, 2029, it can redeem up to 40% at 105.750% (from equity offerings) or all/a portion at 100% plus a make-whole premium; on or after January 15, 2029, redemption prices vary from 102.875% to 100.000% depending on the year.

Jan 13, 2026, 9:05 PM

8-K

Clearway Energy Operating LLC Upsizes Senior Notes Offering to $600 Million

CWEN

Debt Issuance

New Projects/Investments

Clearway Energy Operating LLC, a subsidiary of Clearway Energy, Inc., announced and priced an upsized offering of $600 million in 5.750% senior notes due 2034 on January 8, 2026.
The offering, initially proposed at $500 million, is expected to close on January 13, 2026, with the notes maturing on January 15, 2034.
The net proceeds from the offering are intended to repay borrowings outstanding under its revolving credit facility, for general corporate purposes, and to finance or refinance certain indebtedness and acquire assets meeting renewable energy generation and storage eligibility criteria.

Jan 8, 2026, 10:15 PM

8-K

Clearway Energy Operating LLC Prices Upsized Senior Notes Offering

CWEN

Debt Issuance

New Projects/Investments

Clearway Energy Operating LLC, a subsidiary of Clearway Energy, Inc., priced an offering of $600 million in 5.750% senior notes due 2034.
The offering was upsized from the previously announced $500 million and is expected to close on January 13, 2026.
The net proceeds from the offering will be used to finance or refinance indebtedness, acquire assets meeting renewable energy generation and storage criteria, repay borrowings under its revolving credit facility, and for general corporate purposes.

Jan 8, 2026, 10:03 PM

Press Release

Clearway Energy Subsidiary Announces Proposed Offering of Senior Notes

CWEN

Debt Issuance

New Projects/Investments

Clearway Energy Operating LLC, a subsidiary of Clearway Energy, Inc., intends to offer $500 million in aggregate principal amount of senior notes due 2034.
The New Notes will be senior unsecured obligations of Clearway Operating and guaranteed by Clearway Energy LLC and its wholly owned subsidiaries.
Clearway Operating plans to use the net proceeds to repay borrowings under its revolving credit facility, for general corporate purposes, and to finance or refinance indebtedness and acquire renewable energy generation and storage assets.

Jan 8, 2026, 2:22 PM

Press Release

Clearway Energy, Inc. Subsidiary to Acquire Battery Energy Storage and Solar Facilities

CWEN

M&A

New Projects/Investments

On November 24, 2025, Clearway Energy, Inc.'s subsidiary, RS2-Spindle Purchaser LLC, entered into a Membership Interest Purchase Agreement to acquire certain limited liability company membership interests in RS2-Spindle TargetCo LLC.
This transaction will result in Clearway Energy, Inc. becoming the indirect owner of Spindle Battery LLC and Golden Fields Solar VI, LLC.
Spindle Battery is developing an approximately 199 megawatt battery energy storage system facility in Weld County, Colorado.
Golden Fields Solar VI is developing an approximately 92 megawatt battery energy storage system facility in Kern County, California.
The base purchase price for the acquisition is approximately $45.7 million for Spindle Battery and approximately $47.2 million for Golden Fields Solar VI, in cash and subject to customary working capital adjustments. The closing of the transaction is expected to occur during the second half of 2026.

Dec 2, 2025, 11:00 AM

8-K

Clearway Energy, Inc. Reports Strong Q3 2025 Performance and Raises Long-Term Targets

CWEN

Earnings

Guidance Update

New Projects/Investments

Clearway Energy, Inc. (CWEN) reported Q3 2025 Adjusted EBITDA of $385 million and CAFD of $166 million.
The company narrowed its 2025 CAFD guidance to $420-440 million and established 2026 CAFD guidance at $470-510 million.
CWEN increased its 2027 CAFD per share (CAFDPS) target to $2.70 or better and set a 2030 CAFDPS target of $2.90-3.10, representing a 7-8% CAGR over 2025-2030.
The company is strategically focused on meeting data center demand, having signed or awarded 1.8 GW of PPAs to Clearway Group for active development.
CWEN's funding model for long-term growth includes increasing retained cash flows with a payout ratio targeting less than 70% after 2030, maintaining corporate leverage at 4.0-4.5x, and making modest, accretive equity issuances.