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Jun 30
Clearway Energy Q2 2025 Earnings Report
Clearway Energy reported its second quarter 2025 financial results, including Net Income of $12 million, Adjusted EBITDA of $343 million, Cash from Operating Activities of $191 million, and Cash Available for Distribution (CAFD) of $152 million.
Key Takeaways
Clearway Energy demonstrated strong progress in the first half of 2025, advancing both near-term and long-term growth goals through multiple pathways. The company increased the bottom-end of its 2025 guidance range due to contributions from recently closed acquisitions and maintained committed growth investments on schedule. Strategic moves included a new drop-down offer for a contracted storage portfolio and the acquisition of the Catalina Solar project, reinforcing future growth and leading to an increase in the 2027 CAFD per share target range.
Net Income for Q2 2025 was $12 million, an increase from $4 million in Q2 2024, primarily due to lower tax expenses.
Adjusted EBITDA for Q2 2025 was $343 million, a decrease from $353 million in Q2 2024, mainly due to lower renewable production and energy margin in Flexible Generation, partially offset by growth investments.
Cash Available for Distribution (CAFD) for Q2 2025 was $152 million, down from $187 million in Q2 2024, attributed to lower EBITDA and higher project-level debt service.
The company updated its 2025 full-year CAFD guidance to a range of $405 million to $440 million, reflecting the impact of third-party acquisitions.
Clearway Energy
Clearway Energy
Forward Guidance
Clearway Energy updated its 2025 full-year CAFD guidance to a range of $405 million to $440 million, reflecting the execution of third-party acquisitions and committed growth investments.
Positive Outlook
- Increased the bottom-end of 2025 CAFD guidance range to $405 million to $440 million.
- Repowering program advancing with Goat Mountain commercialized for 2027 with a 15-year PPA.
- Sponsor-enabled growth advancing with 2025/2026 COD program now over 1.6 GW.
- New offer from Clearway Group to invest in 291 MW Western states storage portfolio.
- Third-party acquisitions continuing with the closing of the Catalina Solar project.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text.
- Guidance range reflects potential distributions of outcomes on resource and performance, implying variability.
- Future results may be affected by unusual or non-recurring items, as non-GAAP measures are not indicative of future performance.
- The company's ability to maintain and grow its quarterly dividend is subject to available capital, market conditions, and compliance.
- Forward-looking statements are subject to certain risks, uncertainties, and assumptions, including those related to market conditions and regulatory approvals.