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]