• Repowering of Cedro Hill with PPA extension to 2045 and increasing project size to 160 MW
• Revolving credit facility size increased to $700 million
• Reaffirms 2023 financial guidance and pro forma CAFD outlook
• 2% increase in quarterly dividend $0.3818 per share in the second quarter 2023, or $1.5272 per share annualized
• The goal is to continue targeting annual dividend per share growth in the high range of 5% to 8% through 2026
  

PRINCETON, NJ, May 04, 2023 (GLOBE NEWSWIRE) — Clearway Energy, Inc. CWEN CWEN.A))) today reported first quarter 2023 financial results, including a net loss of $(40) million, Adjusted EBITDA of $218 million, cash from operations of $75 million and distribution Cash Available (CAFD) of (4 ) million.

“Clearway’s 2023 financial outlook remains on track, although first quarter results were impacted by weaker renewable resources. During the quarter, we continued to improve the Company’s financial flexibility by increasing our fully undrawn revolving credit facility to $700 million,” said Christopher Sotos, President and Chief Executive Officer of Clearway Energy. Inc. “Our long-term prospects improve with today’s announcement of the repowering of Cedro Hill, which provides a stable CAFD profile for the project with the 15-year PPA extension through 2045. In addition, the company continues to look forward to utilizing substantially all excess proceeds from the Thermal sale through the end of 2024 and expects to reach the upper end of its dividend growth target through 2026.”

Adjusted EBITDA and cash available for distribution used in this press release are non-GAAP measures and are discussed in more detail under “Non-GAAP Financial Information” below.

Overview of financial and operating results

segment results

Table 1: Net Profit/(Loss)