Solid First Quarter Results
Clearway Energy delivered strong first quarter results with adjusted EBITDA of $252 million and CAFD of $77 million, reflecting strong wind resources and contributions from 2024 growth investments.
Strong Pipeline Development
Clearway Group's late-stage pipeline has over 9 gigawatts of CWEN compatible projects, with intentions to complete safe harbor investments for approximately 13 gigawatts of projects that could achieve COD through 2029.
Advancement in Battery Storage Projects
The Spindle project, a 199 MW battery storage project, signed a long-term contract with an investment-grade utility, showcasing the company's commitment to expanding its storage capabilities.
Successful Third-Party M&A
Clearway closed the acquisition of Tuolumne Wind and signed a binding agreement to acquire an operational solar project in California, reflecting an approximately 10% to 13% CAFD yield over five and ten years respectively.
Mitigation of Interest Rate Risks
Clearway has hedged the majority of the principal amount of its $850 million corporate bonds with forward starting interest rate swaps to manage potential interest rate volatility.