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Jun 30, 2020
Clearway Energy Q2 2020 Earnings Report
Clearway Energy's financial performance was marked by a net income of $76 million, driven by higher EBITDA and lower non-cash changes, and the successful emergence of PG&E from bankruptcy, which released trapped cash and allowed for a dividend increase.
Key Takeaways
Clearway Energy reported a strong second quarter with a net income of $76 million. The company benefited from the emergence of PG&E from bankruptcy, which unlocked trapped cash and enabled a dividend increase. Adjusted EBITDA was $316 million, and CAFD reached $86 million.
Pacific Gas & Electric (PG&E) emerged from bankruptcy, freeing up trapped cash.
The company declared a 49% quarterly dividend increase to $0.3125 per share in Q3 2020.
Clearway reaffirmed its long-term target annual dividend growth of 5-8%, with anticipated growth at the high end of this range by the end of 2021.
Clearway sold its interest in the residential solar portfolio and acquired the remaining interest in Repowering 1.0.
Revenue by Segment
Forward Guidance
The Company is reaffirming its 2020 full year CAFD guidance of $310 million. Financial guidance for 2020 continues to be based on median renewable energy production estimates for the full year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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