Financial Data and Key Metrics Changes - Clearway Energy delivered Adjusted EBITDA of $237 million for Q4 2025 and Cash Available for Distribution (CAFD) of $35 million, with full-year CAFD generation of $430 million, exceeding the midpoint of the original guidance range of $400 million-$440 million [17][18] - The company reiterated its 2026 CAFD guidance range of $470 million-$510 million, reflecting incremental contributions from closed and committed drop-downs and third-party acquisitions [18][19] Business Line Data and Key Metrics Changes - The renewables and storage segment experienced below median expectations in wind resources, while solar performance was impacted by the timing of debt service related to growth investments [17] - Flexible generation exhibited solid operational execution in line with budgeted expectations [17] Market Data and Key Metrics Changes - Hyperscaler demand significantly drove growth, with approximately 2 gigawatts of new Power Purchase Agreements (PPAs) signed in 2025, enhancing revenue contracting opportunities [5][8] - The pricing environment for PPAs has been favorable, with current pricing approximately double that of three years ago, indicating robust demand across various geographies [39][40] Company Strategy and Development Direction - Clearway Energy aims to achieve a CAFD per share target of $2.90-$3.10 by 2030, representing a 7%-8% compound annual growth rate (CAGR) from 2025 [5][12] - The company is focusing on proven technologies in strategic geographic markets, with a significant pipeline of storage projects expected to be cost-competitive [12][13] - Clearway plans to maintain a long-term payout ratio below 70% after 2030, with retained cash flows becoming a greater source of funding for investments [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet its 2030 targets, citing strong organic growth and a favorable M&A environment [26][29] - The management team highlighted the importance of maintaining operational excellence and high levels of plant availability, which contributed to exceeding financial guidance [18][19] Other Important Information - Clearway Energy raised $600 million in senior unsecured notes due in 2034, demonstrating strong credit quality and supporting long-term growth targets [21] - The company executed $50 million of opportunistic equity issuances, which were the least dilutive in its history, providing flexibility for future capital needs [22] Q&A Session Summary Question: M&A Outlook - The management noted that the current M&A environment is similar to the previous year, allowing for disciplined evaluation of opportunities that are accretive to existing growth [26][28] Question: PPA Pricing Environment - Management indicated that the pricing environment is robust across all geographies, with significant demand for new projects, and that they are not seeing observable price escalation [39][40] Question: Revenue Enhancement Opportunities - The company is executing new long-term unit-contingent PPAs, which will enhance the quality of earnings and provide a favorable risk profile for existing projects [78] Question: Interconnection Capacity and Hybridization - Clearway is exploring opportunities to co-locate battery storage at existing sites, particularly in solar projects, to enhance capacity and meet growing demand [82][84] Question: Deriva Acquisition Timeline - Management expects to close the Deriva acquisition well before the end of the first half of the year, with financing already in place [87]

Enlight Renewable Energy (NasdaqGS:ENLT) Q4 2025 Earnings call February 17, 2026 08:00 AM ET Company ParticipantsAdi Leviatan - CEOItay Benayan - Chief Corporate Development OfficerJared McKee - CEOLimor Zohar-Megan - Director of Investor RelationsMark Strouse - Executive DirectorMike McNulty - Equity Research AssociateNir Yehuda - CFOConference Call ParticipantsJustin Lars Clare - Managing Director and Senior Research AnalystMaheep Mandloi - Director and Lead Analyst of Clean Energy and RenewablesOperatorG ...

Enlight Renewable Energy (NasdaqGS:ENLT) Q4 2025 Earnings call February 17, 2026 08:00 AM ET Company ParticipantsAdi Leviatan - CEOItay Benayan - Chief Corporate Development OfficerJared McKee - CEOLimor Zohar-Megan - Director of Investor RelationsMark Strouse - Executive DirectorMike McNulty - Equity Research AssociateNir Yehuda - CFOConference Call ParticipantsJustin Lars Clare - Managing Director and Senior Research AnalystMaheep Mandloi - Director and Lead Analyst of Clean Energy and RenewablesOperatorG ...

Financial Data and Key Metrics Changes - Revenue and income increased by 46% year-over-year for both Q4 and the full year, reaching $152 million and $582 million respectively [7][28] - Adjusted EBITDA grew by 51% to $99 million in Q4 and by 51% to $438 million for the full year, exceeding guidance by 4% and 7% respectively [7][28] - The company secured $4.3 billion in funding during 2025, including $2.9 billion in project finance and $300 million in equity [32] Business Line Data and Key Metrics Changes - The total portfolio expanded by 26% during 2025, reaching 38 factored gigawatts [8] - The mature portfolio grew by 33% to 11.4 factored gigawatts, while the operating portfolio increased by 30% [9] - The U.S. operational capacity doubled to 1.6 factored gigawatts, with significant contributions from new projects [20] Market Data and Key Metrics Changes - In Europe, the mature storage portfolio expanded by 3.5 GWh, reaching 17.5 GWh globally, reflecting over 50% growth from the previous quarter [13] - The company is positioned to benefit from a significant shortage of battery energy storage systems in Europe, creating growth opportunities [12] Company Strategy and Development Direction - The company aims to triple its size every three years by advancing high-quality projects through a de-risk development funnel [15] - A record year of construction is expected in 2026, with 3-4 factored gigawatts anticipated to begin construction [16] - The strategy includes leveraging expertise in energy storage and expanding in Europe, particularly with the acquisition of Project Jupiter in Germany [12][15] Management's Comments on Operating Environment and Future Outlook - Management highlighted a uniquely favorable environment for the energy sector, driven by structural tailwinds and rising power demand [6] - The company expects to achieve 12-13 factored gigawatts of operating capacity by 2028, generating annual run rate revenue of $2.1 billion to $2.3 billion [17] - The anticipated demand from AI and data centers is expected to significantly increase U.S. electricity consumption [15] Other Important Information - The company signed a significant agreement with Mihne in Israel to supply electricity worth approximately $500 million over 15 years [14] - The unlevered return on investment for under construction and pre-construction projects is expected to range from 12% to 13% [18] Q&A Session Summary Question: Drivers of increased 2028 revenue outlook - The acquisition of Project Jupiter contributed $150 million to the 2028 revenue outlook, with additional projects moving into the mature portfolio [36][37] Question: Potential for platform acquisitions - The company is open to acquiring projects and platforms to expand capabilities and geographic reach, ensuring it aligns with growth trajectory [48][50] Question: Impact of new rules on Safe Harbor - Recent guidelines on FIOC are in line with expectations and do not significantly impact current estimations for the mature portfolio [53][54] Question: Capital plan for equity needs - The company has sufficient funding sources to support growth through 2028, with project-level financing as part of ordinary business operations [56][59] Question: Expansion timing and revenue drivers for 2026 - New projects connected in Q4 2025 will contribute to the first full year of revenues in 2026, alongside projects in Israel and Europe [65][66]

Core Insights - Zelestra has secured a €130 million ($154 million) syndicated equity-bond facility with Santander, supported by Instituto de Credito Oficial (ICO) and CESCE, aimed at developing approximately 500MW of renewable energy projects in Germany, Italy, and the US [1][2] - The projects will encompass wind, solar, and battery energy storage capacities, with construction expected to commence in 2026 and 2027 [1] - The financial arrangement is part of Zelestra's strategy to diversify its financial operations and reflects confidence in its global strategy [2] Financial Arrangement - The €130 million facility is intended to bolster Zelestra's growth and capability to deliver significant clean energy projects for customers and communities [3] - CESCE's involvement focuses on managing credit and investment insurance, mitigating risks associated with international operations of Spanish companies [3] Company Operations - Zelestra operates as a vertically integrated enterprise, specializing in the development, commercialization, construction, and management of large-scale renewable energy projects [4] - The company is backed by EQT, a global investment fund managing assets totaling €270 billion [4] - Zelestra has recently expanded its clean energy partnership with Meta through a new power purchase agreement for the Skull Creek Solar Plant in Texas, US [4]

TotalEnergies has signed two long-term power purchase agreements (PPAs) with Google to supply a combined 1 gigawatt (GW) of solar capacity to the tech giant’s data centers in Texas. The agreements span 15 years and will deliver an estimated 28 terawatt-hours (TWh) of renewable electricity over their lifetime, reinforcing the growing link between hyperscale data centers and large-scale clean power development. The electricity will be generated from two TotalEnergies-owned solar projects currently under d ...

Financial Data and Key Metrics Changes - The company delivered $2.01 of FFO per unit, up 10% year-over-year, aligning with long-term growth targets [3][13] - In Q4, FFO was $346 million, up 14% year-over-year, or $0.51 per unit [13] - For the full year, FFO totaled $1,334 million, reflecting a 10% increase year-on-year [14] Business Line Data and Key Metrics Changes - The hydroelectric segment reported FFO of $607 million, a 19% increase from the prior year, driven by solid generation in Canada and Colombia [15] - The wind and solar segments generated a combined FFO of $648 million, supported by acquisitions and investments, though offset by previous gains from asset sales [15] - Distributed energy storage and sustainable solutions achieved record results of $614 million, up almost 90% from the prior year, driven by growth from development and acquisitions [16] Market Data and Key Metrics Changes - The company signed contracts for over 9 GW of generation capacity, with over 8 GW of new capacity brought online globally, marking a record for the business [4] - The energy demand environment is shifting from energy transition to energy addition, with significant growth driven by electrification and industrial activity [5][6] Company Strategy and Development Direction - The company is focusing on scaling development of low-cost, fast-to-market solar and onshore wind to meet rising power demand, targeting a run rate of roughly 10 GW of new capacity per year by 2027 [7] - Investments in hydro and nuclear are emphasized, with a strategic focus on large-scale baseload generation and flexibility [8][9] - The company aims to capitalize on the growing demand for battery storage, expecting to quadruple its capacity to over 10 GW in the next three years [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, with rising energy demand creating a need for substantial new generation capacity [5][6] - The company is well-positioned to deliver comprehensive energy solutions across markets, anticipating outsized earnings growth and significant value creation for unitholders [12] - Management expressed confidence in maintaining a strong balance sheet and liquidity, with $4.6 billion available at year-end [16][17] Other Important Information - The company announced a 5% increase in annual distribution to $1.468 per unit, marking 15 consecutive years of annual distribution growth of at least 5% [24] - A record $8.9 billion was deployed or committed in growth, with significant asset recycling generating $4.5 billion in proceeds [4][20] Q&A Session Summary Question: Update on Microsoft Framework Agreement and capacity cadence - Management noted that demand from corporates, including Microsoft, is at an all-time high, with expected growth in capacity from 2026 onwards [26][27] Question: Commentary on liquidity position and ratios - Management expressed comfort with maintaining liquidity around the $4 billion mark, emphasizing the importance of capital recycling to support growth [28][30] Question: Headwinds in U.S. project development - Management indicated no slowdown in solar development, while acknowledging some permitting delays for onshore wind projects [36][38] Question: Realized hydro prices and future expectations - Management expects an increase in hydro power prices due to high demand and new long-term contracts being layered in [39][41] Question: Capital recycling and repeat customers - Management confirmed that capital recycling activities have become a consistent source of funding, with frameworks established for future asset sales [42][44] Question: Battery storage development and M&A opportunities - Management highlighted a strong organic development pipeline for batteries, with a focus on long-term contracts rather than merchant arbitrage [62][66] Question: Offshore wind opportunities - Management is evaluating offshore wind opportunities, particularly in Europe, while ensuring appropriate risk-return profiles [67][68]

Core Viewpoint - The article discusses the competitive allocation of existing ground-mounted centralized photovoltaic power plants in Guangdong Province, emphasizing the need for projects to meet specific criteria and the importance of energy storage configuration for project approval [2][3][4]. Group 1: Project Conditions - Projects must have completed registration and all necessary procedures by June 30, 2023, to participate in the competitive allocation [7][15]. - Required documentation includes environmental impact assessments, land use permissions, and construction permits [15][22]. Group 2: Competitive Allocation Scoring Rules - The scoring system for project allocation has a total of 100 points, divided into two categories: paid capital ratio (60 points) and comprehensive benefit evaluation (40 points) [3][16]. - For the paid capital ratio, each 1% increase in the amount paid before June 30, 2023, earns 0.6 points, with a maximum of 60 points [3][16]. - The comprehensive benefit evaluation includes two components: reducing the proportion of electricity in the medium- and long-term market (up to 40 points) and encouraging energy storage configuration (up to 10 points) [3][16][17]. Group 3: Project Submission and Review Process - Local energy authorities will organize project applications and preliminary reviews, ensuring compliance with the established criteria [8][19]. - The provincial development and reform commission will verify and score the projects, selecting a maximum of 150,000 kW for the initial allocation [19][20]. Group 4: Energy Storage Configuration - Projects are encouraged to voluntarily configure energy storage, with the storage capacity required to cover the project's operational lifecycle [4][33]. - Projects that fail to meet energy storage commitments will not be allowed to connect to the grid or sell their electricity [4][20].

Core Insights - Nextpower Arabia, a joint venture between Abunayyan and Nextpower, aims to accelerate the deployment of utility-scale solar power plants in the MENA region, aligning with Saudi Arabia's Vision 2030 initiative [1][2] Group 1: Joint Venture and Objectives - The joint venture was officially incorporated to support regional renewable energy goals and enhance local industrial capacity [1] - The collaboration leverages Abunayyan's expertise in water and energy infrastructure and Nextpower's solar tracking technology [2] Group 2: Economic and Social Impact - The initiative is focused on making energy and water supply sustainable and affordable, which is crucial for Saudi Arabia's economic and social development [3] - The partnership aims to localize advanced manufacturing and technologies, contributing to long-term value creation [4] Group 3: Manufacturing Facility - A new manufacturing facility in Jeddah will produce advanced solar tracker systems, with an expected annual production capacity of up to 12GW [5] - The facility, covering 42,000m², is projected to create up to 2,000 jobs and support local engineering talent [5] Group 4: Strategic Vision - The manufacturing facility represents a strategic vision to localize the solar supply chain and enhance collaboration for cost-effective clean energy [6] - Sourcing core materials locally, such as Saudi-produced steel, supports economic diversification and aligns with Saudi Vision 2030 [7] Group 5: Nextpower's Track Record - Nextpower has installed over 150GW of solar trackers globally, with significant projects in the MENA region, including the Mohammed Bin Rashid Al Maktoum Solar Park [7]

Core Insights - Granite Source Power (GSP) and Great Bay Renewables have formed a strategic partnership to address the increasing demand for reliable energy and enhance grid reliability in the U.S. [1][4] - The partnership aims to accelerate the development of battery storage and energy generation projects, leveraging Great Bay's expertise in energy finance and interconnection security [2][4]. Company Overview - Granite Source Power, established in 2022, has successfully closed approximately 2,000 MW of project sales and has a strong pipeline of battery storage and energy generation projects across various U.S. markets including ERCOT, PJM, NYISO, ISONE, and SPP [2]. - Great Bay Renewables specializes in providing creative capital solutions for renewable energy projects, having invested over $730 million in the sector and creating royalty agreements on over 35 projects totaling around 8.2 GW [6]. Market Context - The energy market is becoming increasingly complex due to rising demand from data centers and other loads, prompting GSP to implement innovative strategies to accelerate project timelines and deliver essential infrastructure cost-effectively [3]. - The partnership is positioned to expand GSP's services and create more opportunities for utilities and large-load clients, addressing the critical need for battery storage and electricity generation in response to America's growing power demand [3][4].