Investment Rating - The report maintains a positive outlook on Clearway Energy, reaffirming its guidance for 2025 [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 [2][3]. - The company reiterated its 2025 fiscal year guidance for cash available for distribution (CAFD) at $400 million to $440 million, with a long-term target of 5%-8%+ growth in CAFD per share post-2027 [1][2]. - Capacity expansion is on track, with a guidance of 1.1 GW for fiscal year 2025 and 2.3 GW for fiscal years 2026-2027, with all domestic equipment in place and funding secured for key projects [1][3]. Financial Performance Summary - For Q1 2025, Clearway Energy reported revenues of $298 million, which is in line with expectations, and a net income of $4 million, compared to a consensus loss of $30 million [2][4]. - The company achieved a gross profit margin of 59% for Q1 2025, reflecting a significant year-over-year increase [4]. - The adjusted EBITDA margin was reported at 85%, indicating strong operational efficiency [4].