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Sep 30, 2022
Clearway Energy Q3 2022 Earnings Report
Reported third quarter 2022 financial results, demonstrating mixed performance due to conventional segment outages offset by renewables growth investments.
Key Takeaways
Clearway Energy, Inc. reported Net Income of $62 million, Adjusted EBITDA of $322 million, Cash from Operating Activities of $328 million, and Cash Available for Distribution (CAFD) of $154 million for the third quarter of 2022. While net income and operating cash flow increased, adjusted EBITDA and CAFD decreased due to forced outages at the Conventional segment and the Thermal Business disposition, offset partially by growth investments.
Received offers from sponsor to invest approximately $410 million in 1.4 GW of wind, solar, and solar plus storage projects
TotalEnergies acquired a 50% interest in Clearway’s sponsor from Global Infrastructure Partners
Entered into new Resource Adequacy contract for El Segundo
Closed acquisition of 413 MW wind portfolio
Clearway Energy
Clearway Energy
Forward Guidance
The Company is updating its 2022 full year CAFD guidance of $365 million to $350 million due to the forced outages experienced at the Conventional segment. The Company is initiating 2023 full year CAFD guidance of $410 million. The Company is updating its pro forma CAFD outlook expectations from approximately $400 million to approximately $390 million.