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Sep 30, 2020
Clearway Energy Q3 2020 Earnings Report
Clearway Energy reported third quarter financial results, marked by strategic acquisitions and reaffirmed financial guidance.
Key Takeaways
Clearway Energy, Inc. reported Net Income of $42 million, Adjusted EBITDA of $312 million, Cash from Operating Activities of $257 million, and Cash Available for Distribution (CAFD) of $171 million for the third quarter of 2020. The company reaffirmed its 2020 full year CAFD guidance of $310 million and initiated 2021 CAFD guidance of $325 million.
Signed agreements with Clearway Group (CEG) to acquire the Repowered 160 MW Langford Wind Project.
Acquired CEG’s residual interest in the Distributed Generation Partnerships, including an associated SREC contract.
Received offer from CEG to invest in, inclusive of CEG’s interest in Mesquite Star, a 1.6 GW renewable project partnership.
Raised $120 million of new corporate capital through the refinancing of non-recourse project debt and additional equity under the ATM program.
Clearway Energy
Clearway Energy
Forward Guidance
The Company is reaffirming its 2020 full year CAFD guidance of $310 million. The Company is initiating 2021 CAFD guidance of $325 million. Including the effects as described above, the Company is also updating its Pro Forma CAFD Outlook expectations to $345 million.