Financial Performance - IDFC First Bank reported a 48% year-on-year increase in net profit to Rs 503 crore for Q3 FY26, up from Rs 339 crore in the same period last year. Net interest income grew 12% year-on-year to Rs 5,492.4 crore, compared to Rs 4,902 crore a year ago [1][10] - Sun Pharmaceuticals achieved a consolidated net profit of Rs 3,369 crore in Q3 FY26, reflecting a 16% increase from Rs 2,903 crore in the same quarter last year. Revenue from operations rose 13.5% to Rs 15,520 crore [2][11] - Bajaj Auto reported a 19% year-on-year growth in consolidated net profit at Rs 2,503 crore, with revenue from operations also increasing by 19% to Rs 15,220 crore, driven by record quarterly volumes and a richer product mix [4][11] - Meesho's consolidated net losses surged 13 times to Rs 491 crore compared to a loss of Rs 37 crore in the previous year, although revenue increased by 32% year-on-year to Rs 3,518 crore [5][11] - Ambuja Cement experienced a 91% decline in consolidated net profit to Rs 204 crore, down from Rs 2,158 crore reported in the same quarter last year [6][11] Corporate Developments - Adani Green issued a clarification regarding a civil case filed by the US Securities and Exchange Commission against its directors, stating that the company is not a party to the proceedings and no charges have been brought against it [7][11] - The Centre has set a post-Budget deadline for bids to offload stake in IDBI Bank, marking the final phase of the divestment exercise that began in October 2022, with bids due by the first week of February [8][11] - Delhivery's independent director and chairman Deepak Kapoor has resigned effective April 1 as part of the company's planned board reconstitution [9][11]

Core Insights - Clearway Energy has announced a significant portfolio of contracts with Google, totaling 1.2 gigawatts, indicating a growing trend in hyperscaler renewable procurement, which is seen as an early but meaningful signal of increasing demand in the sector [1][5] Development Progress - Clearway has commercialized nearly all planned projects to support growth through 2027 and into 2028, backed by power purchase agreements (PPAs), mature interconnections, site control, and secured equipment [2] - The company is optimistic about its outlook for 2026 and is confident in meeting its 2026 guidance, with a clearer path to its 2027 and 2030 financial targets [3] Financial Objectives - Clearway aims to achieve approximately $3.10 cash available for distribution (CAFD) per share by 2030, planning to construct at least 2 gigawatts annually to sustain growth [5][7] - The Google-linked projects align with Clearway's framework of large projects and long-term contracts, enhancing confidence in reaching the upper end of its 2030 target [7] Strategic Approach - The company emphasizes an "all-of-the-above" strategy, incorporating renewables, batteries, and contracted gas, with a focus on predictable cash flows and disciplined capital allocation [4][12] - Clearway's projects are designed to ensure predictable, long-term contracted cash flows with low variability, utilizing a mix of renewable and gas resources [12][13] Market Trends - There is an expected increase in "front-of-the-meter" contracting for data center customers, with a shift towards ambitious projects that integrate solar, wind, batteries, and gas [6] - The company anticipates that contracting announcements will become larger and more routine as it scales towards building 2 gigawatts or more annually [16] Battery and Gas Integration - Clearway is particularly positive about battery storage, citing its reliability and predictability as a cash flow source, with structured long-term contracts [14] - Gas resources are intended to complement renewables and batteries, providing capacity confidence for utilities and data centers [13] Acquisition and Financing Strategy - Clearway has demonstrated CAFD yields above its 10.5% target in recent transactions and aims to maintain a disciplined capital allocation framework [10][11] - The company does not factor third-party acquisitions into its growth plans but sees potential for accretive acquisitions in the current market environment [16]

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Core Viewpoint - NextEra Energy is positioned for growth with a strong earnings outlook and strategic partnerships, making it an attractive investment opportunity in the energy sector [2][4][5]. Financial Performance - NextEra reported a fourth-quarter and full-year 2025 earnings growth of 8.2% in earnings-per-share (EPS) and expects a compound annual growth rate in adjusted EPS to remain above 8% through 2032 [2]. - The company anticipates a dividend growth of approximately 10% per year through 2026, followed by 6% growth through 2028 [2]. Business Model - NextEra operates as a hybrid energy company, combining a regulated utility business with a rapidly growing renewable energy segment, providing a natural hedge against volatility [4][6]. - The utility arm, Florida Power & Light, generates stable cash flow and reliable returns, while the renewable segment is expanding its storage capacity to meet rising electricity demand, particularly from AI data centers [4]. Market Position - NextEra's stock has increased by 19% year to date and is trading at a forward price-to-earnings (P/E) ratio of about 21, which aligns with its utility peers but offers greater upside potential [6]. - Partnerships with major tech companies like Alphabet's Google Cloud and Meta Platforms indicate NextEra's critical role in supplying power to the growing AI and tech sectors [5].

Table of Contents As filed with the Securities and Exchange Commission on January 30, 2026. Registration No. 333-292778 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (I.R.S. Employer Identification Number) 16680 West Bernardo Drive San Diego, CA 92127 (858) 251-4888 SOLV Energy, Inc. (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices) ...

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][15] - In Q4, FFO was $346 million, up 14% year-over-year, or $0.51 per unit [15] - The company ended 2025 with $4.6 billion in available liquidity, maintaining a BBB+ investment-grade credit rating [17][18] Business Line Data and Key Metrics Changes - The hydroelectric segment generated FFO of $607 million, up 19% from the prior year, benefiting from solid generation in Canada and Colombia [16] - The wind and solar segments combined generated $648 million of FFO, supported by acquisitions and investments, though offset by prior year gains [16] - Distributed energy storage and sustainable solutions segments achieved record results of $614 million, up almost 90% from the prior year, driven by development growth and the acquisition of Neoen [17] Market Data and Key Metrics Changes - The energy demand is rising significantly, driven by electrification and industrial activity, with a shift from energy transition to energy addition [6][7] - The company is positioned to capitalize on the growing demand for power, particularly in solar and onshore wind, aiming for a run rate of delivering roughly 10 GW of new capacity per year by 2027 [8][12] Company Strategy and Development Direction - The company is focusing on scaling development of low-cost, fast-to-market solar and onshore wind to meet accelerating power demand [8] - Investments in hydro and nuclear are emphasized for their baseload and scale capabilities, with significant contracts signed with major corporates [9][10] - The company aims to expand its battery storage capacity to over 10 GW in the next three years, leveraging partnerships and technological advancements [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, indicating that energy demand growth is at a pace not seen in decades [5][6] - The company sees a constructive environment for M&A and growth deployment, with expectations of significant opportunities in the coming years [53] - The scarcity value of hydroelectric power is at an all-time high, with long-term contracts expected to drive higher contracted power prices [42] 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% [25] - A fully discretionary $400 million at-the-market equity issuance program was announced to repurchase BEP LP units [24] Q&A Session Summary Question: Update on Microsoft Framework Agreement and capacity cadence - Management noted that demand from corporates, especially hyperscalers, is at an all-time high, with expected growth in capacity from 2026 onwards [27][29] Question: Commentary on balance sheet and liquidity - Management expressed comfort with maintaining liquidity around the $4 billion mark, emphasizing the importance of capital recycling to support growth [30][32] Question: Headwinds in U.S. project development - Management indicated no slowdown in solar projects, while acknowledging some permitting slowdowns for onshore wind, but overall projects are progressing [39][40] Question: Realized hydro prices and future expectations - Management expects an increase in realized hydro prices due to high demand and new long-term contracts being layered in [42][43] Question: Capital recycling and repeat customers - Management confirmed that capital recycling activities have become a consistent source of funding, with frameworks established for future sales [44][45] Question: Battery storage development and M&A opportunities - Management highlighted a strong organic development pipeline for batteries, with ongoing evaluations of M&A opportunities in the sector [65][66] Question: Offshore wind opportunities - Management is open to evaluating offshore wind opportunities, particularly in Europe, while ensuring appropriate risk-return profiles [68][70]

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][15] - In Q4, FFO was $346 million, up 14% year-over-year, or $0.51 per unit [15] - For the full year, FFO totaled $1,334 million, reflecting a 10% increase year-on-year [15] 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 [16] - The wind and solar segments generated a combined $648 million of FFO, supported by acquisitions and investments, though offset by prior year gains from asset sales [16] - Distributed energy storage and sustainable solutions achieved record results of $614 million, up almost 90% from the previous year, fueled by development growth and the acquisition of Neoen [17] Market Data and Key Metrics Changes - The company ended 2025 with $4.6 billion in available liquidity, maintaining a strong balance sheet and a BBB+ investment-grade credit rating [17][18] - The energy demand environment is shifting, with rising demand driven by electrification and industrial activity, leading to a focus on large-scale renewable energy additions [6][7] Company Strategy and Development Direction - The company is scaling development of low-cost, fast-to-market solar and onshore wind to meet accelerating power demand, targeting a run rate of approximately 10 GW of new capacity per year by 2027 [8] - Investments in hydro and nuclear are prioritized for their reliability and scale, with significant contracts signed with major corporates [9][10] - The company is positioned to capitalize on the growing demand for energy solutions, leveraging strong partnerships and access to capital [14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, noting that energy demand is rising at unprecedented rates [5][6] - The company expects to see higher contracted power prices across its hydro portfolio as new contracts are layered in [42][43] - The outlook for battery storage is optimistic, with expectations to quadruple capacity over the next three years [12] 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% [25] - A fully discretionary $400 million at-the-market equity issuance program was announced to repurchase BEP L.P. units [24] Q&A Session Summary Question: Update on Microsoft Framework Agreement and project cadence - Management noted that demand from corporates, especially hyperscalers, is at an all-time high, with expectations for growth to accelerate from 2026 through the decade [27][29] Question: Commentary on balance sheet and liquidity - Management expressed comfort with maintaining liquidity around the $4 billion mark, emphasizing a focus on capital recycling to support growth [30][32] Question: Headwinds in U.S. project development - Management indicated no slowdown in solar projects, while acknowledging some permitting delays for onshore wind, but overall progress is being made [39][40] Question: Realized power prices for U.S. hydro segment - Management expects an increase in realized hydro prices due to high demand and new long-term contracts being layered in [41][42] Question: Capital recycling and repeat customers - Management confirmed that capital recycling activities have become a consistent source of funding and earnings, with expectations for continued growth [44][45] Question: Battery storage development and M&A opportunities - Management highlighted a strong organic development pipeline for batteries, with ongoing M&A opportunities being evaluated [65][66] Question: Offshore wind opportunities - Management is open to evaluating offshore wind opportunities, particularly in Europe, but will assess risk-return profiles carefully [68][70]

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][14] - In Q4, FFO was $346 million, up 14% year-over-year, or $0.51 per unit [14] - The company ended 2025 with $4.6 billion in available liquidity, maintaining a BBB+ investment-grade credit rating [16][17] Business Line Data and Key Metrics Changes - The hydroelectric segment generated FFO of $607 million, up 19% from the prior year, benefiting from solid generation in Canada and Colombia [15] - The wind and solar segments combined generated $648 million of FFO, supported by acquisitions and investments, though offset by prior year gains [15] - Distributed energy storage and sustainable solutions segments achieved record results of $614 million, up almost 90% from the prior year [16] Market Data and Key Metrics Changes - The energy demand is rising significantly, driven by electrification and industrial activity, with a shift from energy transition to energy addition [5][6] - The company is positioned to capitalize on the growing demand for reliable baseload power through hydro and nuclear assets [7][8] Company Strategy and Development Direction - The company is focusing on scaling development of low-cost, fast-to-market solar and onshore wind to meet accelerating power demand [7] - Investments in battery technology are expected to quadruple storage capacity to over 10 gigawatts in the next three years [11] - The company aims to maintain a disciplined approach to capital allocation while pursuing growth opportunities in hydro, nuclear, and battery storage [23] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, with a need for substantial new generation capacity [5] - The company sees a constructive environment for M&A and growth deployment, anticipating a period of attractive opportunities [49] - The scarcity value of hydroelectric power is at an all-time high, with strong demand for long-term contracts [38] Other Important Information - The company executed over $37 billion in financings in 2025, a record for the franchise [17] - The capital recycling program generated record proceeds of $4.5 billion, or $1.3 billion net to BEP [20] - An increase of over 5% in annual distribution to $1.468 per unit was announced, marking 15 consecutive years of growth [23] 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 [25][26] Question: Commentary on liquidity position and ratios - Management expressed comfort with maintaining liquidity around the $4 billion mark, complementing growth with capital recycling [27][28][29] Question: Headwinds in U.S. permitting for onshore wind and solar - Management indicated no slowdown in solar deployment, while acknowledging some permitting delays for onshore wind [34][35][36] Question: Realized hydro prices and future expectations - Management expects an increase in hydro prices due to high demand and new long-term contracts coming online [37][39] Question: Capital recycling and repeat customers - Management confirmed that capital recycling activities have become a consistent source of funding and earnings, with frameworks established for future sales [40][41][43] 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 [61][63] Question: Offshore wind opportunities - Management is evaluating offshore wind opportunities, particularly in Europe, while ensuring appropriate risk-return profiles [65][66] Question: Impact of PJM backstop auction on development - Management views the PJM auction as a reflection of energy demand, potentially facilitating new capacity additions, which is positive for the business [70][72]

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][14] - In Q4 2025, FFO was $346 million, a 14% increase year-over-year, or $0.51 per unit [14] - For the full year, FFO totaled $1,334 million, reflecting a 10% year-over-year growth [14] Business Line Data and Key Metrics Changes - The hydroelectric segment reported FFO of $607 million, up 19% 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 prior year gains [15] - Distributed energy storage and sustainable solutions achieved record results of $614 million, up almost 90% from the previous year, driven by development growth and strong performance at Westinghouse [16] Market Data and Key Metrics Changes - The energy demand environment is experiencing unprecedented growth, driven by electrification and industrial activity, with a shift from energy transition to energy addition [5][6] - The company is positioned to capitalize on the demand for renewable energy, particularly in solar and onshore wind, with a target of delivering roughly 10 gigawatts of new capacity per year by 2027 [7][11] 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 [7] - Investments in hydro and nuclear are emphasized for their reliability and scale, with significant contracts signed with major corporates [8][9] - The company aims to enhance its capital recycling program, generating significant liquidity and supporting growth initiatives [20][21] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, with energy demand rising at an unprecedented pace [5] - The company is optimistic about the future, expecting to enter a period of outsized earnings growth backed by strong partnerships and access to capital [12] - Management noted that the scarcity value of hydroelectric power is at an all-time high, with long-term contracts expected to drive higher power prices [39][40] Other Important Information - The company ended 2025 with $4.6 billion in available liquidity and reaffirmed its BBB+ investment-grade credit rating [16][17] - A 5% increase in annual distribution to $1.468 per unit was announced, marking 15 consecutive years of annual distribution growth [24] Q&A Session Summary Question: Update on Microsoft Framework Agreement projects - Management noted that demand from corporates, including Microsoft, is at an all-time high, with expectations for growth to accelerate through 2030 [26][27] Question: Commentary on balance sheet and liquidity - Management expressed comfort with maintaining liquidity around the $4 billion mark, emphasizing the importance of capital recycling to support growth [28][29][30] Question: Headwinds in U.S. project development - Management indicated no slowdown in solar projects, while acknowledging some permitting delays for onshore wind, but overall progress is being made [35][36] Question: Realized hydro prices and future expectations - Management expects an increase in realized hydro prices due to high demand and new long-term contracts coming online [38][40] Question: Capital recycling and repeat customers - Management confirmed that repeat customers streamline the asset recycling process, with expectations for continued growth in this area [41][42] Question: Battery storage development and revenue model - Management highlighted a strong organic development pipeline for batteries, with a shift towards long-term contracted revenue models [61][64] Question: Offshore wind opportunities - Management is evaluating offshore wind opportunities, particularly in Europe, but will only pursue if the risk-return profile is favorable [66][67] Question: Impact of PJM backstop auction on development - Management views the PJM auction as a positive reflection of energy demand, which aligns with the company's development pipeline [70][72]