Clearway Energy(US:CWEN)2021-08-02 16:00Financial Performance - Clearway Energy, Inc. reported an Adjusted EBITDA of $150 million for the quarter, representing a 10% increase year-over-year[10]. - Total operating revenues for the quarter were $200 million, up 15% compared to the same period last year[10]. - Operating income for the three months ended June 30, 2021, was $133 million, compared to $130 million for the same period in 2020, showing a slight increase of 2.3%[14]. - Net income attributable to Clearway Energy, Inc. for the three months ended June 30, 2021, was $35 million, down from $47 million in the same period of 2020, reflecting a decrease of 25.5%[14]. - Earnings per share for the three months ended June 30, 2021, was $0.30, compared to $0.41 for the same period in 2020, a decline of 26.8%[14]. - The company reported a comprehensive income attributable to Clearway Energy, Inc. of $35 million for Q2 2021, down from $49 million in Q2 2020[18]. - The net income for the six months ended June 30, 2021, was $31 million, compared to a net loss of $107 million for the same period in 2020[30]. - The company had a net income attributable to Clearway Energy, Inc. of $10 million for the three months ended June 30, 2021[136]. - The company reported a net income of $76 million for the second quarter of 2020, compared to a net loss of $107 million in the same period of the previous year[30]. Cash Flow and Liquidity - Clearway Energy's Cash Available for Distribution (CAFD) was reported at $90 million, indicating a strong cash flow position[10]. - Cash and cash equivalents at the end of the period were $138 million, down from $268 million at the beginning of the year, a decrease of 48.6%[21]. - Net cash provided by operating activities for the six months ended June 30, 2021, was $241 million, compared to $184 million for the same period in 2020, an increase of 30.9%[24]. - The company reported a net cash used in investing activities of $420 million for the six months ended June 30, 2021, compared to a net cash provided of $40 million in the same period of 2020[24]. - Net cash provided by financing activities for the six months ended June 30, 2021, was $184 million, compared to a net cash used of $225 million in the same period of 2020[24]. - Total cash, cash equivalents, and restricted cash amounted to $470 million as of June 30, 2021, slightly up from $465 million at the end of 2020[43]. - Cash used in investing activities totaled $420 million, a significant increase from a net cash provided of $40 million in the prior year[24]. - Payments of dividends and distributions increased to $132 million from $84 million year-over-year[24]. Debt and Financial Stability - Clearway Energy's debt levels remain manageable, with a total outstanding debt of $2.5 billion, ensuring financial stability[10]. - Long-term debt rose to $7.434 billion as of June 30, 2021, up from $6.585 billion at the end of 2020, indicating a 12.9% increase[21]. - The company had a total project-level debt of $5,834 million as of June 30, 2021[126]. - The company was in compliance with all required financial covenants as of June 30, 2021[126]. - The Company had interest rate derivative instruments on non-recourse debt extending through 2044 as of June 30, 2021[114]. - The Company consolidated non-recourse debt of $716 million related to Agua Caliente Solar, LLC, which matures in 2037[132]. Investments and Acquisitions - The company is actively pursuing acquisitions to expand its portfolio, with a focus on renewable energy assets[6]. - The Agua Caliente acquisition contributed $273 million to the total stockholders' equity during the first half of 2021[26]. - The company acquired CEG's equity interest in CWSP Rattlesnake Holding LLC for $132 million, which includes a 160 MW wind facility with a 20-year PPA[69]. - The acquisition of Agua Caliente Borrower 1 LLC for $202 million increased the company's equity interest in the Agua Caliente solar project to 51%[69]. - The company acquired NedPower Mount Storm LLC for approximately $96 million, which includes a 264 MW wind project with a 10-year energy hedge[78]. Operational Highlights - Clearway Energy anticipates a 5% growth in power generation capacity by the end of 2024, driven by new projects coming online[6]. - The company owns over 4,700 net MW of installed wind and solar generation projects, making it one of the largest renewable energy owners in the U.S.[34]. - The company has approximately 2,500 net MW of environmentally-sound, highly efficient generation facilities in its asset portfolio[34]. - Total operating revenue for the six months ended June 30, 2021, was $617 million, with a significant portion derived from long-term Power Purchase Agreements (PPAs)[61]. - Operating revenues for Conventional Generation were $109 million, Renewables generated $222 million, and Thermal contributed $49 million for the three months ended June 30, 2021, totaling $3 million[141]. Shareholder Returns - The company maintained a quarterly dividend of $0.30 per share, reflecting a commitment to returning value to shareholders[6]. - The company declared quarterly dividends of $0.3345 per share for Class A and Class C common stock, payable on September 15, 2021[47]. - Dividends per Class A and Class C common share for Q2 2021 were $0.329, up from $0.210 in Q2 2020, representing a 56.4% increase[14]. - The company expects comparable cash dividends to continue based on current circumstances and market conditions[46]. Risks and Legal Matters - The company has identified potential risks related to supply chain disruptions and regulatory changes that could impact operations[6]. - The Company believes it has valid defenses against ongoing legal proceedings and intends to defend them vigorously[155]. - The U.S. District Court granted a motion for summary judgment in favor of the Company regarding the Nebraska Public Power District litigation, permanently enjoining NPPD from terminating the PPAs[158]. - Buckthorn Westex, a subsidiary of the Company, is vigorously defending against allegations of fraud and breach of contract in the Buckthorn Solar litigation[159]. - The Company is subject to various risks including the ability to maintain and grow its quarterly dividend and potential impacts from COVID-19[6].