Clearway Energy, Inc. Reports Full Year 2024 Financial Results

Core Insights - Clearway Energy, Inc. reported a net loss of $63 million for the full year 2024, with an Adjusted EBITDA of $1,146 million and Cash Available for Distribution (CAFD) of $425 million, indicating a strong operational performance despite the net loss [1][9]. Financial Performance - The company exceeded its financial guidance for 2024, achieving significant performance across its diverse operating fleet [2]. - For the fourth quarter of 2024, Clearway reported a net loss of $48 million, with Adjusted EBITDA of $228 million and CAFD of $40 million [8]. - The full year 2024 results showed an increase in Adjusted EBITDA compared to 2023, primarily due to lower renewable production in the prior year and contributions from growth investments [9]. - Cash from Operating Activities for 2024 was $770 million, up from $702 million in 2023 [6][9]. Segment Results - The Flexible Generation segment reported a net income of $64 million for the full year 2024, down from $109 million in 2023, while the Renewables segment showed a net income of $31 million, compared to a loss of $12 million in 2023 [4]. - Adjusted EBITDA for the Flexible Generation segment was $232 million for 2024, down from $301 million in 2023, while the Renewables segment increased to $948 million from $787 million [5]. Growth Investments - The company committed approximately $450 million to new long-term corporate capital investments in 2024, including agreements for a 320 MW storage hybridization portfolio and a 335 MW wind repowering project [7]. - Clearway signed a binding agreement to acquire a 137 MW wind project, which is expected to contribute approximately $9 million in asset CAFD annually starting in 2026 [17]. Liquidity and Capital Resources - As of December 31, 2024, total liquidity was $1,330 million, a decrease of $175 million from the previous year, primarily due to growth investments [11]. - The company had $401 million in restricted cash, mainly for debt service and project-related expenses [12]. Dividend and Financial Guidance - Clearway increased its quarterly dividend by 1.7% to $0.4312 per share, with an annualized dividend of $1.7248 per share [7][19]. - The company reaffirmed its 2025 full-year CAFD guidance range of $400 million to $440 million, based on median renewable energy production estimates [22].