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Clearway Energy (CWEN) investor relations material
Clearway Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Updated 2025 CAFD guidance to $405M–$440M, raising the lower end due to recent project acquisitions and targeting the higher end of the range.
2027 CAFD per share target increased to $2.50–$2.70, reflecting maturing investments, repowering, and new opportunities.
Second quarter CAFD was $152M, with adjusted EBITDA of $343M and net income of $12M, impacted by lower renewable resource but offset by growth investments.
Dividend increased by 1.6% to $0.4456/share in Q3 2025, annualized at $1.7824/share.
Portfolio expanded to 12 GW gross capacity, including 9.2 GW of wind, solar, and BESS.
Financial highlights
Q2 2025 operating revenues were $392M, up 7% year-over-year, with net income attributable to shareholders at $33M.
Adjusted EBITDA for Q2 2025 was $343M; CAFD was $152M; YTD CAFD was $229M.
Wind and solar segments experienced below-median performance due to lower resource availability.
Flexible Generation segment performed in line with expectations, with Q2 2025 adjusted EBITDA of $52M.
Cash and cash equivalents plus restricted cash totaled $786M as of June 30, 2025.
Outlook and guidance
2025 CAFD guidance updated to $405M–$440M, reflecting closed acquisitions and committed growth investments.
2027 CAFD per share target raised to $2.50–$2.70, supported by repowering and storage initiatives.
Long-term CAFD per share growth targeted at 5%–8%+, with payout ratio at the low end of 70%–80%.
Expectation to generate $270M+ of retained CAFD from 2025–2027 and $600M+ in excess debt capacity for growth.
Modest equity issuances planned (0–2% of float annually), using ATM or DRIP/DSPP at accretive levels.
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