Clearway Energy, Inc. Reports Full Year 2025 Financial Results

Core Insights - Clearway Energy, Inc. reported a net loss of $231 million for the full year 2025, with an adjusted EBITDA of $1,217 million and cash available for distribution (CAFD) of $430 million, indicating a strong operational performance despite the loss [1][4][7]. Financial Performance - The company achieved its 2025 financial results at the top end of its original guidance range, reflecting strong operational execution and growth across its platform [2][6]. - For the fourth quarter of 2025, Clearway reported a net loss of $199 million, adjusted EBITDA of $237 million, cash from operating activities of $177 million, and CAFD of $35 million [7][8]. - Total operating revenues for 2025 were $1,429 million, an increase from $1,371 million in 2024 [35]. Segment Results - The Flexible Generation segment reported a net income of $40 million for the full year 2025, down from $64 million in 2024, while the Renewables & Storage segment experienced a net loss of $60 million compared to a net income of $31 million in 2024 [4][5]. - Adjusted EBITDA for the Flexible Generation segment was $210 million for 2025, down from $232 million in 2024, while the Renewables & Storage segment saw an increase to $1,039 million from $948 million [5]. Growth and Investments - Clearway is advancing its fleet enhancement program and has signed contracts for two gigawatts of projects to power data centers, contributing to its long-term cash flow enhancement strategy [2][6]. - The company has a late-stage pipeline of 11.2 GW in opportunities, with significant contracts signed to provide additional power solutions [6][14]. Liquidity and Capital Resources - As of December 31, 2025, total liquidity was $1,061 million, a decrease from $1,330 million in the previous year, primarily due to growth investments [9][10]. - The company raised $600 million in senior unsecured notes due 2034 to repay outstanding borrowings and for general corporate purposes [12][21]. Financial Guidance - Clearway reaffirmed its 2026 full-year CAFD guidance range of $470 million to $510 million, based on median renewable energy production estimates [25].