Clearway Energy, Inc. Reports Second Quarter 2025 Financial Results
Repowering program advancing with Goat Mountain commercialized for 2027 and Mt. Storm on track
Sponsor-enabled growth advancing with 2025/2026 COD program now over 1.6 GW including new offer from Clearway Group to invest in 291 MW Western states storage portfolio
Third party acquisitions also continuing with closing of previously announced Catalina Solar project
Updating 2025 financial guidance range to reflect FY2025 contribution from closed 3rd party acquisitions
Increasing the quarterly dividend by 1.6% to $0.4456 per share in the third quarter of 2025, or $1.7824 per share annualized
PRINCETON, N.J., Aug. 05, 2025 (GLOBE NEWSWIRE) -- Clearway Energy, Inc. (NYSE:CWEN, CWEN.A)) today reported second quarter 2025 financial results, including Net Income of $12 million, Adjusted EBITDA of $343 million, Cash from Operating Activities of $191 million, and Cash Available for Distribution (CAFD) of $152 million.
"During the first half of this year, we made strong progress towards our near-term and long-term growth goals, demonstrating how our multiple growth pathways reinforce each other as we accelerate accretive growth into the future. We have increased the bottom-end of our 2025 guidance range to account for contributions expected this year from all recently closed acquisitions, while sound planning and execution has kept all sponsor-enabled committed growth investments on schedule. Looking further out, we further crystallized visibility into our 2027 growth objectives, including through today's announced drop-down offer to invest in a contracted storage portfolio. Collectively, our growth pathways have put us in a position to increase our 2027 CAFD per share target range to $2.50 to $2.70, with building blocks including our wind repowering campaign and highly resilient sponsor development pipeline providing the foundation for growth beyond 2027," said Craig Cornelius, Clearway Energy, Inc.'s President and Chief Executive Officer.
Adjusted EBITDA and Cash Available for Distribution used in this press release are non-GAAP measures and are explained in greater detail under "Non-GAAP Financial Information" below.
Overview of Financial and Operating Results
Segment Results
Table 1: Net Income/(Loss)
($ millions)
Three Months Ended
Six Months Ended
Segment
6/30/25
6/30/24
6/30/25
6/30/24
Flexible Generation
(11
)
9
(9
)
25
Renewables & Storage
63
38
(7
)
(6
)
Corporate
(40
)
(43
)
(76
)
(61
)
Net Income/(Loss)
$
12
$
4
$
(92
)
$
(42
)
Table 2: Adjusted EBITDA
($ millions)
Three Months Ended
Six Months Ended
Segment
6/30/25
6/30/24
6/30/25
6/30/24
Flexible Generation
52
57
96
108
Renewables & Storage
300
306
519
475
Corporate
(9
)
(10
)
(20
)
(19
)
Adjusted EBITDA
$
343
$
353
$
595
$
564
Table 3: Cash from Operating Activities and Cash Available for Distribution (CAFD)
Three Months Ended
Six Months Ended
($ millions)
6/30/25
6/30/24
6/30/25
6/30/24
Cash from Operating Activities
$
191
$
196
$
286
$
277
Cash Available for Distribution (CAFD)
$
152
$
187
$
229
$
239
For the second quarter of 2025, the Company reported Net Income of $12 million, Adjusted EBITDA of $343 million, Cash from Operating Activities of $191 million, and CAFD of $152 million. Net Income increased versus 2024 primarily due to lower tax expenses. Adjusted EBITDA results in the second quarter were lower than 2024 due to lower renewable production primarily at certain wind facilities and lower energy margin for the Flexible Generation facilities due to lower pricing and milder weather, partially offset by the contribution of growth investments. CAFD results in the second quarter of 2025 were lower than 2024 primarily due to lower EBITDA and higher project-level debt service, which was driven in part by timing.
Operational Performance
Table 4: Selected Operating Results1
(MWh in thousands)
Three Months Ended
Six Months Ended
6/30/25
6/30/24
6/30/25
6/30/24
Flexible Generation Equivalent Availability Factor
95.0
%
97.1
%
92.2
%
91.7
%
Solar MWh generated/sold
2,650
2,613
4,388
4,056
Wind MWh generated/sold
2,941
2,947
5,684
5,466
Renewables & Storage generated/sold2
5,591
5,560
10,072
9,522
In the second quarter of 2025, availability at the Flexible Generation segment was lower than the second quarter of 2024 primarily due to outages at certain facilities. Generation in the Renewables & Storage segment during the second quarter of 2025 was 1% higher than the second quarter of 2024 primarily due to the contribution of growth investments partially offset by lower wind resource at certain facilities.
Liquidity and Capital Resources
Table 5: Liquidity
($ millions)
6/30/2025
12/31/2024
Cash and Cash Equivalents:
Clearway Energy, Inc. and Clearway Energy LLC, excluding subsidiaries
$
46
$
138
Subsidiaries
214
194
Restricted Cash:
Operating accounts
112
184
Reserves, including debt service, distributions, performance obligations and other reserves
414
217
Total Cash, Cash Equivalents and Restricted Cash
786
733
Revolving credit facility availability
512
597
Total Liquidity
$
1,298
$
1,330
Total liquidity as of June 30, 2025, was $1,298 million, which was $32 million lower than as of December 31, 2024, primarily due to the execution of growth investments.
As of June 30, 2025, the Company's liquidity included $526 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 June 30, 2025, these restricted funds were comprised of $112 million designated to fund operating expenses, approximately $176 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 $155 million is held in distribution reserve accounts.
As of June 30, 2025, the Company had $112 million in outstanding borrowings under its revolving credit facility, and on July 11, 2025, the Company borrowed an additional $123 million under the facility, primarily to support the acquisition of Catalina on July 16, 2025.
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 Announcements
Goat Mountain Potential Repowering Update
During the third quarter of 2025, Goat Mountain, a wind project located in Sterling, Texas, signed a 15-year PPA with a new hyperscaler customer to underpin a repowering targeted in 2027. Additionally, the project has finalized a capacity reservation agreement for a turbine order with a major OEM and entered into a development service agreement with Clearway Group to manage the repowering. The Company will potentially invest approximately $200 million in long-term corporate capital, subject to closing adjustments, and the investment decision to repower the project is subject to negotiation both with Clearway Group, and the review and approval by the Company's Independent Directors.
Rosamond South II and Spindle Storage Portfolio
On July 18, 2025, Clearway Group offered the Company the opportunity to enter into partnership arrangements to own cash equity interests in a portfolio of 291 MW of storage projects located in California and Colorado that are expected to reach commercial operations in 2026. The potential corporate capital commitment for the investment is expected to be approximately $65 million. The investment is subject to negotiation both with Clearway Group, and the review and approval by the Company's Independent Directors.
3rd Party Acquisition of Operational Solar Project (Catalina)
On July 16, 2025, the Company, acquired Catalina Solar Lessee Holdco LLC, which leases and operates Catalina, a 109 MW solar facility located in Kern County, California, from a third-party for approximately $127 million. Catalina reached commercial operations in 2013 and has a PPA with an investment-grade utility through 2038. The Company estimates that its net corporate capital investment in Catalina will be $122 million.
Quarterly Dividend
On August 4, 2025, Clearway Energy, Inc.'s Board of Directors declared a quarterly dividend on Class A and Class C common stock of $0.4456 per share payable on September 16, 2025, to stockholders of record as of September 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 updating its 2025 full year CAFD guidance to a range of $405 million to $440 million based on the execution of third-party acquisitions. 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 range of potential distributions 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 August 5, 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 US and is leading the transition to a world powered by clean energy. Our portfolio comprises approximately 12 GW of gross capacity in 27 states, including 9.2 GW of wind, solar, and energy storage and over 2.8 GW of dispatchable power generation providing critical grid reliability services. Through our diversified and primarily contracted clean energy portfolio, Clearway Energy endeavors to provide our 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 our 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, Clearway Energy, Inc.'s (the "Company's") dividend expectations and its operations, its facilities and its financial results, statements regarding the likelihood, terms, timing and/or consummation of the transactions described above, the potential 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 (collectively and together with their affiliates, "Related Persons"), 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 the Company believes that the expectations are reasonable at this time, 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), risks related to the Company's ability to acquire assets, including risks that offered or committed transactions from Related Persons may not be approved, on the terms proposed or otherwise, by the Corporate Governance, Conflicts, and Nominating Committee of the Company's Board of Directors (the "GCN"), or if approved, timely consummated; 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.
In addition, this release contains reference to certain offered and committed transactions with Related Persons, which transactions are subject to the review, negotiation and approval of the GCN. Transactions referred to as "offered" (or any variation thereof) have been presented to the Company by the Related Persons, but the terms remain subject to review and negotiation by the GCN. Transactions may have been recently offered or undergone more extensive negotiations. Unless otherwise noted, no assumptions should be made with respect to the stage of negotiation of an offered transaction, nor should any assumptions be made that any offered transaction will be approved, committed or ultimately consummated on the terms described herein. Transactions referred to as "committed" or "signed" (or any variation thereof) represent transactions which have been approved by the GCN and for which definitive agreements have been delivered; however, such transactions have not yet been consummated and remain subject to various risks and uncertainties (including financing, third party consents and arrangements and regulatory approvals). The Company provides information regarding offered and committed transactions believing that such information is useful to an understanding of the Company's business and operations; however, given the uncertainty of such transactions, undue reliance should not be placed on any expectations regarding such transactions and the Company can give no assurance that such expectations will prove to be correct, as actual results may vary materially.
The Company 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, August 5, 2025, and are based on assumptions believed to be reasonable as of this date. The Company expressly disclaims any current intention to update such guidance. The foregoing review of factors that could cause The Company'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 The Company's future results included in The Company's filings with the Securities and Exchange Commission at www.sec.gov. In addition, The Company makes available free of charge at www.clearwayenergy.com, copies of materials it files with, or furnishes to, the Securities and Exchange Commission.
Contacts:
Investors:Akil
Media:Zadie
CLEARWAY ENERGY, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
Three months ended June 30,
Six months ended June 30,
(In millions, except per share amounts)
2025
2024
2025
2024
Operating Revenues
Total operating revenues
$
392
$
366
$
690
$
629
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below
131
117
253
243
Depreciation, amortization and accretion
163
153
326
307
General and administrative
11
9
21
20
Transaction and integration costs
2
3
5
4
Total operating costs and expenses
307
282
605
574
Operating Income
85
84
85
55
Other Income (Expense)
Equity in earnings of unconsolidated affiliates
7
8
12
20
Other income, net
8
12
15
28
Loss on debt extinguishment
—
(2
)
—
(3
)
Interest expense
(83
)
(88
)
(199
)
(145
)
Total other expense, net
(68
)
(70
)
(172
)
(100
)
Income (Loss) Before Income Taxes
17
14
(87
)
(45
)
Income tax expense (benefit)
5
10
5
(3
)
Net Income (Loss)
12
4
(92
)
(42
)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
(21
)
(47
)
(129
)
(91
)
Net Income Attributable to Clearway Energy, Inc.
$
33
$
51
$
37
$
49
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of Class A common shares outstanding - basic and diluted
35
35
35
35
Weighted average number of Class C common shares outstanding - basic and diluted
83
82
83
82
Earnings Per Weighted Average Class A and Class C Common Share - Basic and Diluted
$
0.28
$
0.43
$
0.31
$
0.41
Dividends Per Class A Common Share
$
0.4384
$
0.4102
$
0.8696
$
0.8135
Dividends Per Class C Common Share
$
0.4384
$
0.4102
$
0.8696
$
0.8135
CLEARWAY ENERGY, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Unaudited)
Three months ended June 30,
Six months ended June 30,
(In millions)
2025
2024
2025
2024
Net Income (Loss)
$
12
$
4
$
(92
)
(42
)
Other Comprehensive (Loss) Income
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of income tax benefit of $(4), $—, $(5) and $—
(13
)
1
(18
)
—
Other comprehensive (loss) income
(13
)
1
(18
)
—
Comprehensive (Loss) Income
(1
)
5
(110
)
(42
)
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests
(30
)
(46
)
(141
)
(89
)
Comprehensive Income Attributable to Clearway Energy, Inc.
$
29
$
51
$
31
$
47
CLEARWAY ENERGY, INC.CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except shares)
June 30, 2025
December 31, 2024
ASSETS
(Unaudited)
Current Assets
Cash and cash equivalents
$
260
$
332
Restricted cash
526
401
Accounts receivable, trade
232
164
Accounts receivable, affiliates
1
—
Inventory
70
64
Derivative instruments
25
39
Prepayments and other current assets
73
67
Total current assets
1,187
1,067
Property, plant and equipment, net
11,385
9,944
Other Assets
Equity investments in affiliates
297
309
Intangible assets for power purchase agreements, net
2,215
2,125
Other intangible assets, net
65
68
Derivative instruments
109
136
Right-of-use assets, net
606
547
Other non-current assets
169
133
Total other assets
3,461
3,318
Total Assets
$
16,033
$
14,329
LIABILITIES AND STOCKHOLDERS' EQUITY
