克丽维能源：强劲利润率表现，重申CAFD指引，产能建设如期推进

Investment Rating - The report maintains a positive outlook on Clearway Energy, indicating strong performance and reaffirming its guidance for cash available for distribution (CAFD) [1][2]. Core Insights - Clearway Energy reported adjusted net income exceeding consensus expectations, with adjusted EBITDA of $252 million, surpassing the consensus estimate of $237 million. The company reaffirmed its CAFD guidance for fiscal year 2025 at $400 million to $440 million, with a long-term target of 5%-8%+ growth in CAFD per share post-2027 [1][2][3]. - The company is on track with its capacity expansion plans, maintaining guidance for 1.1 GW of commercial operation date (COD) capacity for fiscal year 2025 and 2.3 GW for fiscal years 2026-2027. All domestic equipment is in place, and funding for key projects has been secured [1][3]. Summary by Sections Financial Performance - Clearway Energy recorded revenue of $298 million for Q1 2025, aligning closely with consensus expectations. The company achieved a net income of $4 million, contrasting with a consensus loss of $30 million. The adjusted EBITDA margin was reported at 85% [2][4]. CAFD Guidance - The company reaffirmed its CAFD guidance for fiscal year 2025 at $400 million to $440 million, with a target of $2.40 to $2.60 per share by 2027, indicating no need for external equity financing to achieve this midpoint [2][3]. Capacity Expansion - Clearway Energy confirmed its capacity expansion plans, with 1.1 GW of COD capacity for fiscal year 2025 and ongoing progress on projects such as Rosamond South Phase I and Dan's Mountain. The company has also completed the acquisition of the Tuolumne project and signed a power purchase agreement for a 100 MW solar project in California [3].