Strong First Quarter Results
Clearway delivered solid first quarter results across all segments, reaffirming their 2025 guidance range. The company achieved an adjusted EBITDA of $252 million and CAFD of $77 million, with strong wind resources in California and contributions from 2024 growth investments.
Accretive Growth Pathways
Clearway executed initiatives for future long-term growth, including fleet enhancements, sponsor-enabled dropdown investments, and asset-centered third-party M&A. They closed the Tuolumne Wind acquisition and signed a binding agreement to acquire an operational solar project in California.
Successful Repowering Projects
Progress continues on repowerings for Mt. Storm, Goat Mountain, and San Juan Mesa, which are expected to extend and enhance the value of Clearway's existing wind fleet. These projects contribute to a solid CAFD per share growth outlook beyond 2027.
Positive Battery Storage Developments
Naming of the Spindle project, a 199 MW battery storage project, with a long-term contract signed with an investment-grade utility. Clearway Group's late-stage pipeline includes over 13 GW of projects that could achieve COD through 2029.
Interest Rate Risk Mitigation
Clearway mitigated interest rate risk for refinancing corporate bonds maturing in 2028 by opportunistic hedging of base rates, solidifying their financial strategy.