Financial Performance - For Q3 2025, Clearway Energy reported a Net Income of $60 million, Adjusted EBITDA of $385 million, Cash from Operating Activities of $225 million, and Cash Available for Distribution (CAFD) of $166 million[1][8]. - Total operating revenues for Q3 2025 were $429 million, compared to $486 million in Q3 2024, reflecting a decrease of 11.7%[31]. - Operating income for Q3 2025 was $112 million, down from $178 million in Q3 2024, a decline of 37.0%[31]. - Net income attributable to Clearway Energy, Inc. for Q3 2025 was $236 million, significantly up from $36 million in Q3 2024, representing a growth of 553.0%[31]. - Earnings per share attributable to Clearway Energy, Inc. for Q3 2025 was $2.00, compared to $0.31 in Q3 2024, an increase of 545.2%[31]. - The company reported a comprehensive income attributable to Clearway Energy, Inc. of $233 million for Q3 2025, compared to $32 million in Q3 2024, a growth of 628.1%[33]. - The company reported a net loss of $32 million for the nine months ended September 30, 2025, compared to a net loss of $15 million for the same period in 2024[45][46]. - Cash from operating activities for the nine months ended September 30, 2025, was $511 million, compared to $578 million for the same period in 2024, reflecting a decrease of 11.6%[48]. Guidance and Projections - The company narrowed its 2025 financial guidance range for CAFD to $420 million to $440 million, with a midpoint based on median renewable energy production estimates[21]. - Clearway Energy established a 2026 CAFD guidance range of $470 million to $510 million, reflecting potential distributions based on resource and performance outcomes[22]. - The guidance for Adjusted EBITDA for the full year 2025 is projected to be between $1,235 million and $1,255 million, while for 2026, it is expected to range from $1,441 million to $1,481 million[50]. - The company anticipates a net loss of between $110 million and $90 million for the full year 2025, improving to a projected loss of between $44 million and $4 million for 2026[50]. - Cash Available for Distribution guidance for 2025 is estimated to be between $420 million and $440 million, increasing to between $470 million and $510 million for 2026[50]. - Maintenance capital expenditures for the full year 2025 are expected to be $21 million, increasing to $32 million in 2026[50]. Investments and Acquisitions - The company identified over 2 GW of investment opportunities for 2026 and 2027, including growth investments and repowering projects[2][6]. - Clearway Energy signed a binding agreement to acquire a 613 MW operational solar portfolio, with a net capital commitment expected between $210 million and $230 million[17]. - The company plans to repower the San Juan Mesa wind project with a potential investment of approximately $50 million, targeting completion in 2027[15]. Liquidity and Capital Structure - Cash and Cash Equivalents totaled $28 million for Clearway Energy, Inc. and $223 million for subsidiaries as of September 30, 2025, with total liquidity at $834 million[10]. - Long-term debt rose to $8,084 million as of September 30, 2025, compared to $6,750 million at December 31, 2024, an increase of 19.7%[35]. - Cash and cash equivalents decreased to $251 million as of September 30, 2025, down from $332 million at December 31, 2024, a decline of 24.4%[35]. - The company recorded depreciation, amortization, and accretion of $502 million in 2025, up from $471 million in 2024, reflecting an increase of about 6.6%[37]. - Proceeds from the issuance of long-term debt increased to $472 million in 2025, compared to $255 million in 2024, an increase of about 85.5%[37]. - Payments for long-term debt in the nine months ended September 30, 2025, totaled $1,191 million, indicating significant capital outflows[49]. Operational Performance - The Flexible Generation segment achieved a 92.5% availability factor in Q3 2025, up from 87.5% in Q3 2024[9]. - Solar generation for Q3 2025 was 2,930 MWh, slightly lower than 2,943 MWh in Q3 2024, while wind generation increased to 2,221 MWh from 2,012 MWh[9]. - The company experienced a loss on debt extinguishment of $7 million for the three months ended September 30, 2025[45]. - The total depreciation, amortization, and asset retirement obligation (ARO) for the three months ended September 30, 2024, was $164 million[43]. Stockholder Equity - Total stockholders' equity as of September 30, 2025, was $5,700 million, compared to $5,500 million as of September 30, 2024, indicating an increase of approximately 3.6%[39]. - As of September 30, 2024, total stockholders' equity was $5,624 million, a decrease from $5,711 million as of June 30, 2024[41]. - Contributions from noncontrolling interests, net of distributions, amounted to $734 million in 2025, down from $1,385 million in 2024, a decrease of approximately 47%[37].
Clearway Energy(CWEN_A) - 2025 Q3 - Quarterly Results