Core Viewpoint - The article highlights three dividend stocks—Brookfield Infrastructure, Enterprise Products Partners, and Clearway Energy—that are considered reliable for generating steady income through dividends in the future [1][2]. Brookfield Infrastructure - Brookfield Infrastructure offers a dividend yield of approximately 4.4% for its corporate shares and 5.4% for its partnership shares, with a history of increasing distributions for 18 consecutive years [4][5]. - The company has a diversified portfolio of infrastructure assets, including utilities, railroads, and midstream assets, aiming for a 10% annual growth in funds from operations and a 5% to 9% increase in distributions [5][6]. - Brookfield actively manages its portfolio by acquiring undervalued assets, enhancing their value, and selling them at a profit, which has proven to be a successful strategy [6]. Enterprise Products Partners - Enterprise Products Partners boasts a solid 7% dividend yield and has increased its dividend for 27 consecutive years, demonstrating strong stability and growth [7][8]. - The company benefits from relatively stable cash flows due to long-term contracts in the pipeline sector, allowing it to prioritize reinvestment and shareholder returns [8][9]. - In the second quarter, Enterprise Products reported a 7% year-over-year growth in distributable cash flow (DCF) and a 3.8% increase in dividends, with DCF covering dividends by 1.6 times [9][10]. - Major projects worth $6 billion are expected to enhance cash flows, including expansions in the Permian Basin and acquisitions of natural gas-gathering systems [10][11]. Clearway Energy - Clearway Energy operates a diverse portfolio of clean energy assets, yielding nearly 6% and providing stable cash flow through long-term contracts [12][15]. - The company plans to invest in wind repowering projects and renewable energy developments, aiming for a cash available for dividends (CAFD) of at least $2.50 per share by 2027, up from $2.08 this year [14][15]. - Clearway anticipates annual dividend growth of 5% to 8% in the coming years, supported by its strategic partnerships and financial capacity for new investments [16][17].

Core Insights - Clearway Energy reported revenue of $392 million for the quarter ended June 2025, reflecting a 7.1% increase year-over-year, but fell short of the Zacks Consensus Estimate by 8.12% [1] - The company's EPS was $0.28, down from $0.43 in the same quarter last year, resulting in an EPS surprise of -58.21% compared to the consensus estimate of $0.67 [1] Revenue Performance - Operating Revenues from Renewables were $342 million, exceeding the average estimate of $372.51 million, marking a year-over-year increase of 15.2% [4] - Operating Revenues from Flexible Generation were $50 million, significantly below the estimated $85.52 million, representing a year-over-year decline of 27.5% [4] EBITDA Metrics - Adjusted EBITDA for Renewables was reported at $300 million, lower than the average estimate of $339.1 million [4] - Adjusted EBITDA for Flexible Generation was $52 million, also below the average estimate of $57.42 million [4] Stock Performance - Over the past month, Clearway Energy's shares returned +0.1%, underperforming the Zacks S&P 500 composite's +0.5% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3]

Core Insights - Clearway Energy Inc. (CWEN) reported second-quarter 2025 earnings of 28 cents per share, missing the Zacks Consensus Estimate of 67 cents by 58.2% and declining from 43 cents per share in the same quarter last year [1][8] - Total revenues reached $392 million, falling short of the Zacks Consensus Estimate of $427 million by 8.2%, but representing a 7.1% increase from $366 million in the prior year [2][8] Financial Performance - Adjusted EBITDA for the quarter was $343 million, down from $353 million in the year-ago period [3] - Total operating costs and expenses increased to $307 million, an 8.9% rise from $282 million a year earlier, driven by higher operational costs and depreciation [3] - Interest expenses decreased to $83 million from $88 million in the previous year [3] Strategic Developments - On July 18, 2025, Clearway Group proposed partnership opportunities for cash equity interests in a portfolio of 291 megawatt (MW) storage projects in California and Colorado, expected to commence operations in 2026 [4] - The company acquired Catalina Solar Lessee Holdco LLC for approximately $127 million, which operates a 109 MW solar facility in Kern County, CA [4] Financial Position - As of June 30, 2025, cash and cash equivalents were $260 million, down from $332 million as of December 31, 2024 [5] - Total liquidity decreased to $1.298 billion from $1.330 billion at the end of 2024 [5] - Long-term debt rose to $8.25 billion from $6.75 billion as of December 31, 2024 [5] Cash Flow and Guidance - Net cash provided by operating activities in the first half of 2025 was $286 million, compared to $277 million in the same period last year [6] - The company updated its 2025 adjusted EBITDA guidance to a range of $1.2-$1.235 billion, up from the previous range of $1.195-$1.235 billion [7] - Cash from operating activities guidance was raised to $860-$900 million from $844-$884 million [7] - The new guidance for cash available for distribution (CAFD) is between $405 million and $440 million, slightly up from the previous range of $400-$440 million [9]

Core Viewpoint - Clearway Energy, Inc. has announced a $100 million At-The-Market equity offering program to raise capital for general corporate purposes, including debt repayment, working capital, and investments [1][3]. Group 1: Equity Offering Details - The company will offer shares of its Class C common stock through an Equity Distribution Agreement with major financial institutions including Morgan Stanley, BofA Securities, Citigroup, J.P. Morgan, and Wells Fargo Securities [1]. - The shares will be sold at market prices on the New York Stock Exchange, with an aggregate sales price of up to $100 million [1][4]. - The offering is made under a prospectus supplement dated August 6, 2025, linked to the company's shelf registration statement effective since August 8, 2023 [2]. Group 2: Use of Proceeds - The net proceeds from the equity offering will be utilized for general corporate purposes, which may include repayment or refinancing of debt, funding working capital, capital expenditures, and potential acquisitions [3]. - The company may also invest any immediate surplus funds in marketable securities and short-term investments [3]. Group 3: Company Overview - Clearway Energy, Inc. is a significant owner of clean energy generation assets in the U.S., with a portfolio of approximately 12 GW of gross capacity across 27 states [5]. - The portfolio includes around 9.2 GW of wind, solar, and battery energy storage systems, and approximately 2.8 GW of dispatchable combustion-based power generation assets [5]. - The company aims to provide stable and growing dividend income to its investors through its diversified and primarily contracted portfolio [5].

Core Insights - Clearway Energy reported mixed results for Q2 2025, with revenue of $392 million, falling short of analyst expectations by $30.72 million, but net income rose significantly from the previous year [1][5][11] Financial Performance - Revenue (GAAP) for Q2 2025 was $392 million, a 7.1% increase from $366 million in Q2 2024, but below the estimated $422.72 million [2][5] - EPS (GAAP) decreased by 34.9% year-over-year to $0.28, compared to $0.43 in Q2 2024 [2] - Net income (GAAP) surged to $12 million, up 200% from $4 million in Q2 2024 [2] - Adjusted EBITDA fell by 2.8% to $343 million, down from $353 million in the previous year [2] - Cash Available for Distribution (CAFD) decreased by 18.7% to $152 million, compared to $187 million in Q2 2024 [2][7] Business Operations - Clearway Energy operates a portfolio of approximately 12 GW of generation capacity, with 96% of total generation in 2024 coming from renewable energy and storage assets [3] - The company focuses on expanding its asset base through acquisitions and new project developments, leveraging partnerships for access to new projects and technology [3][4] Segment Performance - The Flexible Generation segment reported a net loss of $11 million due to lower energy prices and reduced plant availability, with adjusted EBITDA dropping to $52 million [5][6] - The Renewables & Storage segment saw net income rise to $63 million, with output increasing by 1% to 5,591,000 megawatt hours [6] Strategic Initiatives - The company closed the acquisition of the Catalina Solar facility for approximately $127 million, enhancing long-term cash flow [8] - Clearway Energy has over 1.6 GW in sponsor-backed projects planned for 2025 and 2026, including a new 291 MW battery storage project [8] Dividend and Liquidity - The quarterly dividend was increased by 1.6% to $0.4456 per share [9][13] - Liquidity at the end of the quarter was $1.30 billion, with available revolving credit of $512 million [9] Future Guidance - Management raised the bottom end of its fiscal 2025 CAFD guidance to $405–$440 million, reflecting confidence from recent acquisitions [11] - The long-term CAFD per share target for 2027 was adjusted to $2.50–$2.70, up from $2.40–$2.60 [11] Operational Focus - The company aims to improve operational execution in its Flexible Generation segment, which faced challenges during the quarter [12] - Growth in battery energy storage projects is a key trend, with adaptations in contract terms to address supply chain pressures [12]

Financial Data and Key Metrics Changes - For the full year 2025, the company updated its CAFD guidance range to $400 million to $440 million, raising the bottom end to reflect contributions from recently closed project acquisitions [5][18] - Adjusted EBITDA for 2025 was reported at $343 million, with CAFD at $152 million, reflecting strategic growth initiatives and contributions from 2024 investments [17][18] Business Line Data and Key Metrics Changes - The company is advancing its fleet optimization and enhancement growth pathway, with significant projects like the repowering of Mount Storm and Goat Mountain on track for completion in 2026 and 2027 [6][9] - The recently closed Catalina solar project is performing well, contributing to the overall financial execution [7] Market Data and Key Metrics Changes - The company has a substantial pipeline of renewable projects with safe harbor qualifications through at least 2029, indicating a strong position in competitive markets [14] - The late-stage pipeline includes over $1.5 billion of potential corporate capital investments beyond already committed projects, supporting long-term growth objectives [14] Company Strategy and Development Direction - Clearway Energy has built multiple pathways for growth, including fleet optimization, sponsor-enabled dropdowns, and third-party acquisitions, all aligned with its capital allocation framework [8][12] - The company is focused on delivering clean, firm power attributes valued by customers, particularly in California and the Western States, positioning itself for a future without tax incentives [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth targets through 2027 and beyond, citing proactive planning and execution in sponsor-enabled growth [11][16] - The company is well-positioned to navigate regulatory changes and maintain its growth trajectory, with a focus on battery storage and renewable energy projects [40][43] Other Important Information - The company plans to issue equity opportunistically to fund accretive growth, with a focus on maintaining a disciplined payout ratio [20][56] - Clearway Energy has hedged the full notional amounts of its upcoming bond maturities to mitigate interest rate volatility [21][45] Q&A Session Summary Question: Wind repowering opportunity and its timeline - Management clarified that the volume of repowering opportunities is larger than previously indicated, with projects advancing on schedule [26][28] Question: Contribution of Tuolumne project to guidance - The Tuolumne project is embedded in the high end of the original guidance range and is expected to contribute positively [29] Question: Safe harboring and repowering qualifications - All identified projects have commenced construction and qualified for tax credits, ensuring alignment with growth goals [32] Question: RA market position and pricing trends - The company reported that its 2026 position is almost entirely contracted, with 75% of the 2027 position contracted, indicating strong management of market conditions [34][36] Question: Implications of recent policy changes - Management expressed confidence in their safe harbor strategy and compliance with new regulations, ensuring no disruptions to project development [40][43] Question: PPA terms with hyperscaler customers - The company highlighted that PPA terms with hyperscalers are balanced, accounting for risks and ensuring fair returns for both parties [73][74]

Financial Data and Key Metrics Changes - For the full year 2025, the company updated its CAFD guidance range to $400 million to $440 million, raising the bottom end to reflect contributions from recently closed project acquisitions [5][19] - Adjusted EBITDA for 2025 was reported at $343 million, with CAFD at $152 million, reflecting strategic growth initiatives and contributions from 2024 investments [18][19] - The company anticipates generating $270 million or more of retained CAFD from 2025 to 2027 to fund committed growth investments [20][21] Business Line Data and Key Metrics Changes - The fleet optimization and enhancement pathway is advancing, with projects like Mount Storm and Goat Mountain on track for repowering and expansion [6][10] - The company closed the Catalina solar project and is preparing for the potential repowering of the Tuolumne wind project by 2027, both contributing to long-term CAFD yields [7][19] - The battery storage pipeline now represents over 40% of all project capacity in development, indicating a significant focus on this growth area [6][14] Market Data and Key Metrics Changes - The company has a substantial pipeline of renewable projects with safe harbor qualifications through at least 2029, indicating strong market positioning [14] - The RA market for 2026 is almost entirely contracted, while the 2027 position is approximately three-quarters contracted, reflecting effective management of market conditions [35][36] Company Strategy and Development Direction - The company has built multiple pathways for growth, including fleet optimization, sponsor-enabled dropdowns, and third-party acquisitions, all aligned with its capital allocation framework [8][9] - The geographic growth strategy focuses on competitive markets like California and the Western States, aiming to deliver clean, firm power attributes valued by customers [16] - The company aims for a long-term objective of 5% to 8% CAFD per share growth, with a payout ratio at the low end of the 70% to 80% target range [7][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth outlook through 2027 and beyond, citing proactive planning and execution in sponsor-enabled growth [12][13] - The company is well-positioned to navigate regulatory changes and maintain project development momentum, with a focus on compliance with new tax credit guidelines [40][43] - Management highlighted the importance of balancing project risks and returns in PPA negotiations, ensuring favorable terms with customers [74][75] Other Important Information - The company has hedged the full notional amount of $850 million for upcoming bond maturities to mitigate interest rate volatility [23][46] - Clearway Group is advancing a large backlog of attractive battery storage projects, which are expected to play a significant role in future growth [14][65] Q&A Session Summary Question: Wind repowering opportunity and its implications - Management clarified that the volume of repowering opportunities is larger than previously indicated, with projects advancing on schedule and showing strong demand from customers [28][29] Question: Contribution of Tuolumne to CAFD guidance - The contribution from Tuolumne was embedded in the high end of the original guidance range, and it is expected to contribute to the top end of the $440 million range [30] Question: Safe harboring and repowering qualifications - All identified projects have commenced construction and qualified for tax credits, with additional repowering projects potentially qualifying through existing safe harbor investments [33][34] Question: RA market contracting and pricing trends - The company reported that the 2026 position is almost fully contracted, and the 2027 position is three-quarters contracted, with expectations for fair pricing [35][36] Question: Implications of recent policy changes - Management expressed confidence in their safe harbor strategy and compliance with new regulations, indicating no anticipated disruptions to project development [40][43] Question: PPA terms with hyperscaler customers - The company noted that PPA terms with hyperscalers are balanced and fair, accounting for various risks while ensuring satisfactory returns for both parties [74][75]

[PART I — FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section provides the unaudited consolidated financial statements and management's discussion and analysis for the first half of 2025 [Financial Statements and Notes](index=6&type=section&id=ITEM%201%20%E2%80%94%20FINANCIAL%20STATEMENTS%20AND%20NOTES) This section presents Clearway Energy, Inc.'s unaudited consolidated financial statements and detailed notes for Q2 2025 [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) The company reported **$690 million** in revenues, a **$92 million** net loss, and **$16.03 billion** in assets for H1 2025 Consolidated Statements of Operations Highlights (Six Months Ended June 30) | Metric (USD millions) | 2025 | 2024 | | :--- | :--- | :--- | | **Total operating revenues** | $690 | $629 | | **Operating Income** | $85 | $55 | | **Net Loss** | $(92) | $(42) | | **Net Income Attributable to Clearway Energy, Inc.** | $37 | $49 | | **Earnings Per Share (Class A & C)** | $0.31 | $0.41 | Consolidated Balance Sheet Highlights | Metric (USD millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | $16,033 | $14,329 | | Property, plant and equipment, net | $11,385 | $9,944 | | **Total Liabilities** | $10,453 | $8,765 | | Long-term debt | $8,251 | $6,750 | | **Total Stockholders' Equity** | $5,542 | $5,564 | Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30) | Metric (USD millions) | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $286 | $277 | | **Net Cash Used in Investing Activities** | $(398) | $(647) | | **Net Cash Provided by (Used in) Financing Activities** | $165 | $(111) | [Note 1 — Nature of Business](index=13&type=section&id=Note%201%20%E2%80%94%20Nature%20of%20Business) Clearway Energy, Inc. is a leading clean energy investor with a **12 GW** portfolio, holding a **58.30%** interest in Clearway Energy LLC - The company's portfolio consists of approximately **12 GW** of gross capacity, including **9.2 GW** of wind, solar, and BESS, and **2.8 GW** of flexible generation assets[36](index=36&type=chunk) - As of June 30, 2025, the Company held a **58.30%** economic interest in Clearway Energy LLC, with its sponsor CEG owning the remaining **41.70%**[38](index=38&type=chunk) [Note 3 — Acquisitions](index=18&type=section&id=Note%203%20%E2%80%94%20Acquisitions) The company actively acquired new assets in H1 2025, including the Tuolumne wind facility and several solar and BESS projects - On July 16, 2025, acquired the **109 MW** Catalina Solar facility from a third-party for approximately **$127 million**[56](index=56&type=chunk) - On April 29, 2025, acquired the **137 MW** Tuolumne wind facility for approximately **$210 million**, with a net capital investment of **$59 million** after new financing[60](index=60&type=chunk) - Completed several drop-down acquisitions of assets under construction from sponsor CEG, including Pine Forest, Luna Valley, Daggett 1, and Rosamond South I, with substantial completion expected in the second half of 2025[57](index=57&type=chunk)[62](index=62&type=chunk)[65](index=65&type=chunk) [Note 7 — Long-term Debt](index=31&type=section&id=Note%207%20%E2%80%94%20Long-term%20Debt) Total debt increased to **$8.78 billion** by June 30, 2025, driven by new acquisition-related facility-level debt and term loans Total Debt Summary | Metric (USD millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Senior Notes | $2,125 | $2,125 | | Revolving Credit Facility | $112 | $0 | | Non-recourse facility-level debt | $6,543 | $5,110 | | **Total debt** | **$8,780** | **$7,235** | - Assumed significant facility-level financing agreements in connection with the acquisitions of Pine Forest, Luna Valley, Daggett 1, and Rosamond South I[96](index=96&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[102](index=102&type=chunk) - Entered into a new **$163 million** term loan to partially fund the Tuolumne wind facility acquisition[100](index=100&type=chunk) [Note 9 — Segment Reporting](index=34&type=section&id=Note%209%20%E2%80%94%20Segment%20Reporting) The Renewables & Storage segment generated **$572 million** in revenue and holds **$14.1 billion** in assets for H1 2025 Segment Performance (Six Months Ended June 30, 2025) | Segment (USD millions) | Operating Revenues | Net (Loss) Income | | :--- | :--- | :--- | | Flexible Generation | $118 | $(9) | | Renewables & Storage | $572 | $(7) | | Corporate | $0 | $(76) | | **Total** | **$690** | **$(92)** | Total Assets by Segment (as of June 30, 2025) | Segment (USD millions) | Total Assets | | :--- | :--- | | Flexible Generation | $1,879 | | Renewables & Storage | $14,083 | | Corporate | $71 | | **Total** | **$16,033** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=ITEM%202%20%E2%80%94%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses H1 2025 financial performance, highlighting revenue growth from new assets, increased costs, and a strong liquidity position [Executive Summary](index=39&type=section&id=Executive%20Summary) Clearway's executive summary highlights key 2025 acquisitions, including Tuolumne and Catalina, and the sale of Mt. Storm for repowering - Acquired the Tuolumne wind facility (April 2025) and Catalina solar facility (July 2025) from third parties[125](index=125&type=chunk)[127](index=127&type=chunk) - Executed several drop-down transactions with sponsor CEG for solar and BESS assets under construction, including Pine Forest, Luna Valley, Daggett 1, and Rosamond South I, with total capital investment commitments across these projects[126](index=126&type=chunk) - Entered an agreement to sell the Mt. Storm wind facility to CEG for **$121 million** to facilitate a repowering project, with an exclusive option for the Company to re-acquire the asset post-repowering[128](index=128&type=chunk) [Consolidated Results of Operations](index=45&type=section&id=Consolidated%20Results%20of%20Operations) Operating revenues increased by **$61 million** to **$690 million** in H1 2025, driven by new assets, while net loss widened to **$92 million** Change in Operating Revenues (Six Months Ended June 30, 2025 vs 2024) | Driver | Change (USD millions) | | :--- | :--- | | New Renewables & Storage Assets | $32 | | New Wind Acquisitions | $15 | | Favorable Mark-to-market on Hedges | $40 | | Lower Flexible Generation Revenue | $(20) | | Lower Wind Resource | $(11) | | **Total Change** | **$61** | - Operations and maintenance expense increased by **$25 million** for the six-month period, driven by new assets from acquisitions and increased maintenance activities at various wind facilities[146](index=146&type=chunk) - Interest expense increased by **$54 million** for the six-month period, primarily due to changes in the fair value of interest rate swaps[147](index=147&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position of approximately **$1.3 billion** as of June 30, 2025, with stable credit ratings Total Liquidity Position | Component (USD millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total cash, cash equivalents and restricted cash | $786 | $733 | | Revolving credit facility availability | $512 | $597 | | **Total liquidity** | **$1,298** | **$1,330** | - Capital expenditures for the six months ended June 30, 2025, were approximately **$132 million**, with **$123 million** dedicated to growth projects, primarily funded through construction-related financing[160](index=160&type=chunk) Corporate Credit Ratings (as of June 30, 2025) | Agency | Rating | | :--- | :--- | | S&P | BB | | Moody's | Ba2 | [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=ITEM%203%20%E2%80%94%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages market risks, including commodity price and interest rate fluctuations, with sensitivity analyses showing potential impacts on derivatives and interest expense - A hypothetical **$0.50 per MWh** change in power prices would result in an approximate **$4 million** change to the net value of the company's long-term power commodity derivative contracts[195](index=195&type=chunk) - A **100 basis point (1%)** change in interest rates would lead to an approximately **$5 million** change in market interest expense on a rolling twelve-month basis[199](index=199&type=chunk) [Controls and Procedures](index=58&type=section&id=ITEM%204%20%E2%80%94%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal controls - The company's principal executive and financial officers concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[203](index=203&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[204](index=204&type=chunk) [PART II — OTHER INFORMATION](index=58&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section provides additional information, including legal proceedings, risk factors, equity sales, and exhibits [Legal Proceedings](index=58&type=section&id=ITEM%201%20%E2%80%94%20LEGAL%20PROCEEDINGS) The company reported no legal proceedings during the period - The company reports no legal proceedings[207](index=207&type=chunk) [Risk Factors](index=58&type=section&id=ITEM%201A%20%E2%80%94%20RISK%20FACTORS) No material changes occurred in the company's risk factors since the 2024 Form 10-K filing - No material changes have occurred in the Company's risk factors since the filing of its 2024 Form 10-K[208](index=208&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=ITEM%202%20%E2%80%94%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reported no unregistered sales of equity securities or use of proceeds during the period - The company reports no unregistered sales of equity securities[209](index=209&type=chunk) [Other Information](index=58&type=section&id=ITEM%205%20%E2%80%94%20OTHER%20INFORMATION) No director or officer adopted, modified, or terminated Rule 10b5-1 trading arrangements during the quarter - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter[212](index=212&type=chunk) [Exhibits](index=59&type=section&id=ITEM%206%20%E2%80%94%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including officer certifications and Inline XBRL data - Exhibits filed include certifications from the CEO and CFO, Section 1350 certification, and various Inline XBRL documents[213](index=213&type=chunk)

Financial Performance & Guidance - Second quarter 2025 CAFD reached $152 million, impacted by lower renewable resource[13] - The company is updating its 2025 CAFD guidance range to $405-440 million, raising the bottom end due to closed 3rd party M&A[13,40] - The company is targeting CAFD per share to $2.50-2.70 in 2027, increased from $2.40-2.60 previously[13] - The company expects to generate over $270 million of retained CAFD cumulatively between 2025-2027 and to have over $600 million of debt capacity to fund growth[44] Growth Initiatives - The company announced a dividend increase of 1.6% to $0.4456/share in 3Q25, or $1.7824/share annualized[13] - Mt Storm repowering is set to begin in 2H25, completed in two phases in 2026 and 2027, with estimated corporate capital of ~$220-230 million and a target 5-year average incremental annual asset CAFD yield of ~11-13%[13,19] - The company signed a 15-year PPA for Goat Mountain repowering with a hyperscaler customer, targeting a 2027 COD, with estimated corporate capital of ~$200 million and a target 5-year average incremental annual asset CAFD yield of +10%[13,19] - The company received an offer to invest in a 291 MW battery storage portfolio, requiring ~$65 million of estimated corporate capital[13] - The company closed a 3rd party M&A agreement for the operational Catalina Solar project, requiring ~$122 million of estimated corporate capital[13] Pipeline & Future Growth - The late-stage pipeline through 2029 vintages has over $1.5 billion of potential corporate capital investments beyond already offered/committed projects/advanced repowerings[32] - Clearway Group has 9.4 GW of late-stage projects through the end of the decade[13,60]

Financial Performance - Clearway Energy, Inc. reported a net income of $12 million for Q2 2025, an increase from $4 million in Q2 2024, primarily due to lower tax expenses [8][30] - Adjusted EBITDA for Q2 2025 was $343 million, down from $353 million in Q2 2024, attributed to lower renewable production and energy margins [8][5] - Cash from operating activities was $191 million for Q2 2025, slightly lower than $196 million in Q2 2024 [6][8] Growth and Strategic Initiatives - The company has increased its 2025 guidance range to reflect contributions from recently closed acquisitions and aims to enhance its 2027 CAFD per share target range to $2.50 to $2.70 [2][20] - Clearway Energy is advancing its repowering program with Goat Mountain and has a new investment offer for a 291 MW storage portfolio [7][14] - The company completed the acquisition of Catalina Solar for approximately $127 million, which is expected to contribute positively to future earnings [16] Dividend and Shareholder Returns - The Board of Directors declared a quarterly dividend of $0.4456 per share, reflecting a 1.6% increase, payable on September 16, 2025 [17] - The annualized dividend per share is projected to be $1.7824 [17] Liquidity and Capital Resources - As of June 30, 2025, total liquidity was $1,298 million, a decrease of $32 million from December 31, 2024, primarily due to growth investments [10][11] - The company had $526 million in restricted cash, mainly for debt service and operational expenses [11][10] Operational Performance - The Flexible Generation segment's availability factor was 95.0% in Q2 2025, down from 97.1% in Q2 2024, due to outages [9] - Solar generation increased to 2,650 MWh in Q2 2025 from 2,613 MWh in Q2 2024, while wind generation remained stable [9]