Major Estimate Revision • 16h
Consensus EPS estimates fall from profit to US$0.48 loss, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from US$1.69b to US$1.72b. Now expected to report loss of -US$0.476 instead of US$0.058 per share profit. Renewable Energy industry in the US expected to see average net income growth of 2.5% next year. Consensus price target broadly unchanged at US$43.09. Share price fell 4.7% to US$36.35 over the past week. Annuncio • 20h
Clearway Energy, Inc. Announces Executive Changes, Effective June 1, 2026 Clearway Energy, Inc. announced that effective June 1, 2026, Kevin P. Malcarney will retire from his position as Executive Vice President, General Counsel and Corporate Secretary. Mr. Malcarney has served as General Counsel since May 2018, overseeing the Clearway Energy, Inc. legal and compliance teams and supporting governance and strategic initiatives. Clearway Energy, Inc. also announced effective June 1, 2026, that Michael A. Brown will succeed Mr. Malcarney as Senior Vice President, General Counsel and Corporate Secretary. Mr. Brown most recently has served as Vice President, Assistant General Counsel and Corporate Secretary at The New York Times Company since March 2023. Mr. Brown previously served as Deputy General Counsel and Assistant Corporate Secretary at Clearway Energy, Inc. from 2018 to 2021 and in senior legal roles supporting NRG Yield from 2014 to 2018. Mr. Malcarney will remain employed as a non-executive employee following the effective date through June 26, 2026, to ensure a smooth transition. Declared Dividend • May 11
First quarter dividend of US$0.47 announced Shareholders will receive a dividend of US$0.47. Ex-date: 1st June 2026 Payment date: 15th June 2026 Dividend yield will be 4.8%, which is higher than the industry average of 4.1%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 23x earnings). However, it is covered by cash flows (69% cash payout ratio). The dividend has increased by an average of 8.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2,557% to bring the payout ratio under control. EPS is expected to grow by 198% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Notizie in diretta • May 09
Clearway Energy Posts Q1 Loss as New Deals and $3 Billion Growth Plan Take Shape Clearway Energy reported a Q1 2026 net loss of $163 million, or $1.35 per share, while revenue came in at $354 million and was ahead of analyst expectations.
The company closed a $324 million acquisition of the 610 MW Cardinal solar portfolio and signed a 15-year power purchase agreement with an investment-grade hyperscaler at its Mesquite Sky wind facility.
Management reaffirmed 2026 financial guidance and lifted the 2026–2029 capital deployment plan to $3 billion, supported in part by $282 million in transferable tax credit proceeds and progress on digital infrastructure projects.
For you as an investor, the mix of a quarterly loss with a revenue beat points to a period where Clearway is absorbing higher depreciation and interest costs while continuing to build out its asset base. The Cardinal solar acquisition and the long-term PPA at Mesquite Sky add contracted capacity and provide more visibility on future cash flows, which can matter a lot for a company focused on renewables and storage.
The higher capital deployment target through 2029 and emphasis on projects like Honeycomb Phase I and Fleet Enhancement indicate that Clearway is committing more capital to its pipeline than previously planned. Management’s comments around digital infrastructure and potential returns from 2028 onward highlight an effort to broaden revenue sources over time. As you evaluate the stock, the key issues to watch are execution on this larger investment plan, the impact of higher interest and depreciation on future earnings, and how effectively the company converts tax credit proceeds and contracted projects into steady operating cash flow. Annuncio • Apr 16
Clearway Energy, Inc. to Report Q1, 2026 Results on May 07, 2026 Clearway Energy, Inc. announced that they will report Q1, 2026 results on May 07, 2026 Annuncio • Mar 10
Clearway Energy, Inc., Annual General Meeting, Apr 29, 2026 Clearway Energy, Inc., Annual General Meeting, Apr 29, 2026. Annuncio • Feb 18
Clearway Energy, Inc. Declares Quarterly Cash Dividend on Class A and Class C Common Stock, Payable on March 16, 2026 Clearway Energy, Inc. announced that on February 17, 2026, its Board of Directors declared a quarterly dividend on each of the company’s Class A and Class C common stock of $0.4602 per share payable on March 16, 2026, to shareholders of record as of March 2, 2026. This quarterly dividend represents $1.8408 per share on an annualized basis, an increase of 1.6% over the fourth quarter 2025 dividend of $0.4528 per share, or $1.8112 per share annualized. Annuncio • Jan 20
Clearway Energy, Inc. to Report Q4, 2025 Results on Feb 23, 2026 Clearway Energy, Inc. announced that they will report Q4, 2025 results on Feb 23, 2026 Annuncio • Nov 06
Clearway Energy, Inc. (NYSE:CWEN.A) entered into a binding agreement to acquire 613 MW Operational Solar Portfolio in Eight States from Deriva Energy, LLC and Manulife Investment Management Private Markets (US) LLC for approximately $310 million. Clearway Energy, Inc. (NYSE:CWEN.A) entered into a binding agreement to acquire 613 MW Operational Solar Portfolio in Eight States from Deriva Energy, LLC and Manulife Investment Management Private Markets (US) LLC for approximately $310 million on October 3, 2025. The acquisition will be funded by primarily utilizing existing sources of liquidity. After factoring in estimated closing adjustments and proceeds from facility-level financings, including the third party cash equity investor in a subset of the portfolio, Clearway Energy expects its net capital commitment to acquire the portfolio to be between $210 million and $230 million. For 12 facilities in the portfolio located in the Western U.S. and comprising of 227 MW, Clearway Energy will co-invest in a 50/50 joint venture with a third-party cash equity investor.
The consummation of the transaction is subject to customary closing conditions and certain third-party approvals and is expected in the second half of 2026.
TD Securities acted as exclusive financial advisor to Deriva Energy and Manulife Investment Management. Annuncio • Nov 05
Clearway Energy, Inc. Declares Quarterly Dividend on Class A and Class C Common Stock, Payable on December 15, 2025 On November 3, 2025, Clearway Energy, Inc.’s Board of Directors declared a quarterly dividend on Class A and Class C common stock of $0.4528 per share payable on December 15, 2025, to stockholders of record as of December 1, 2025. Annuncio • Oct 14
Clearway Energy, Inc. to Report Q3, 2025 Results on Nov 04, 2025 Clearway Energy, Inc. announced that they will report Q3, 2025 results on Nov 04, 2025 Annuncio • Jul 11
Clearway Energy, Inc. to Report Q2, 2025 Results on Aug 05, 2025 Clearway Energy, Inc. announced that they will report Q2, 2025 results on Aug 05, 2025 Annuncio • Jul 08
Clearway Energy, Inc. Announces Board Changes Clearway Energy, Inc. received a notice of resignation from Emmanuel Barrois, informing the Company of his intention to resign from the board of directors effective as of the close of business on July 1, 2025. Mr. Barrois’ resignation from the Board was not the result of any disagreement with the Company. On July 7, 2025, the Board elected Paige Goodwin to replace Mr. Barrois and to serve as a member of the Board and a member of the Energy Risk Management Committee of the Board, effective as of such date. Ms. Goodwin currently serves as VP – U.S. Renewables Portfolio for TotalEnergies. She has been employed by TotalEnergies since 2014, and has held a variety of business and legal leadership roles, including as Senior Manager – U.S. Petrochemicals JVs and New Ventures; Assistant General Counsel – U.S. Litigation; and Assistant General Counsel – U.S. Refining & Chemicals. Prior to joining TotalEnergies, Ms. Goodwin was a litigation attorney at Baker Botts L.L.P. in Houston. Ms. Goodwin received her Juris Doctor from the University of Pennsylvania Law School, and her Bachelor of Arts from Duke University. Annuncio • Mar 14
Clearway Energy, Inc., Annual General Meeting, Apr 22, 2025 Clearway Energy, Inc., Annual General Meeting, Apr 22, 2025. Annuncio • Feb 18
Clearway Energy, Inc. Increases Quarterly Dividend, Payable on March 17, 2025 Clearway Energy, Inc. announced that on February 17, 2025, its Board of Directors declared a quarterly dividend on each of the Company’s Class A and Class C common stock of $0.4312 per share payable on March 17, 2025, to shareholders of record as of March 3, 2025. This quarterly dividend represents $1.7248 per share on an annualized basis, an increase of 1.7% over the fourth quarter 2024 dividend of $0.4240 per share, or $1.6960 per share annualized. Annuncio • Jan 24
Clearway Energy, Inc. to Report Q4, 2024 Results on Feb 24, 2025 Clearway Energy, Inc. announced that they will report Q4, 2024 results on Feb 24, 2025 Annuncio • Nov 26
Clearway Energy, Inc. (NYSE:CWEN.A) agreed to acquire Tuolumne Wind Project from Turlock Irrigation District. Clearway Energy, Inc. (NYSE:CWEN.A) agreed to acquire Tuolumne Wind Project from Turlock Irrigation District on November 25, 2024. Annuncio • Nov 02
Clearway Energy, Inc. Declares Quarterly Dividend on Class A and Class C Common Stock, Payable on December 16, 2024 Clearway Energy, Inc. declared a quarterly dividend on Class A and Class C common stock of $0.4240 per share payable on December 16, 2024, to stockholders of record as of December 2, 2024. Annuncio • Oct 18
Clearway Energy, Inc. Announces Resignation of Vincent Stoquart from the Board of Directors, Effective October 23, 2024 On October 10, 2024, Vincent Stoquart informed Clearway Energy, Inc. of his intention to resign from the board of directors of the Company effective as of the close of business on October 23, 2024. Mr. Stoquart’s resignation from the Board was not the result of any disagreement with the Company. Annuncio • Oct 10
Clearway Energy, Inc. to Report Q3, 2024 Results on Oct 30, 2024 Clearway Energy, Inc. announced that they will report Q3, 2024 results on Oct 30, 2024 Annuncio • Aug 01
Clearway Energy, Inc. Announces Quarterly Dividend, Payable September 16, 2024 Clearway Energy, Inc. declared a quarterly dividend on Class A and Class C common stock of $0.4171 per share payable on September 16, 2024, to stockholders of record as of September 3, 2024. Annuncio • Jul 11
Clearway Energy, Inc. to Report Q2, 2024 Results on Aug 01, 2024 Clearway Energy, Inc. announced that they will report Q2, 2024 results on Aug 01, 2024 Annuncio • Apr 11
Clearway Energy, Inc. to Report Q1, 2024 Results on May 09, 2024 Clearway Energy, Inc. announced that they will report Q1, 2024 results on May 09, 2024 Annuncio • Mar 16
Clearway Energy, Inc., Annual General Meeting, Apr 25, 2024 Clearway Energy, Inc., Annual General Meeting, Apr 25, 2024, at 09:00 US Eastern Standard Time. Agenda: To elect eleven directors; to approve, on a non-binding advisory basis, Clearway Energy, Inc.’s executive compensation; to ratify the appointment of Ernst & Young LLP as Clearway Energy, Inc.’s independent registered public accounting firm for the 2024 fiscal year; and to consider other matters. Annuncio • Feb 15
Clearway Energy, Inc. Declares Quarterly Dividend on Class A and Class C Common Stock, Payable on March 15, 2024 Clearway Energy, Inc. announced that on February 14, 2024, its Board of Directors declared a quarterly dividend on each of the Company’s Class A and Class C common stock of $0.4033 per share payable on March 15, 2024, to shareholders of record as of March 1, 2024. This quarterly dividend represents $1.6132 per share on an annualized basis, an increase of 1.7% over the fourth quarter 2023 dividend of $0.3964 per share, or $1.5856 per share annualized. Annuncio • Jan 25
Clearway Energy, Inc. to Report Q4, 2023 Results on Feb 22, 2024 Clearway Energy, Inc. announced that they will report Q4, 2023 results on Feb 22, 2024 Annuncio • Nov 03
Clearway Energy, Inc. Declares Quarterly Dividend on Class A and Class C Common Stock, Payable on December 15, 2023 On August 7, 2023, Clearway Energy, Inc.’s Board of Directors declared a quarterly dividend on Class A and Class C common stock of $0.3964 per share payable on December 15, 2023, to stockholders of record as of December 1, 2023. Annuncio • Oct 17
Clearway Energy, Inc. to Report Q3, 2023 Results on Nov 02, 2023 Clearway Energy, Inc. announced that they will report Q3, 2023 results on Nov 02, 2023 Annuncio • Jul 14
Clearway Energy, Inc. to Report Q2, 2023 Results on Aug 08, 2023 Clearway Energy, Inc. announced that they will report Q2, 2023 results on Aug 08, 2023 Annuncio • May 05
Clearway Energy Declares Quarterly Dividend Payable on June 15, 2023 On May 3, 2023, Clearway Energy, Inc.’s Board of Directors declared a quarterly dividend on Class A and Class C common stock of $0.3818 per share payable on June 15, 2023, to stockholders of record as of June 1, 2023. Annuncio • Feb 17
Clearway Energy, Inc. Declares Quarterly Dividend on Class A and Class C Common Stock Payable on March 15, 2023 Clearway Energy, Inc. announced that its Board of Directors declared a quarterly dividend on each of the Company’s Class A and Class C common stock of $0.3745 per share payable on March 15, 2023, to shareholders of record as of March 1, 2023. This quarterly dividend represents $1.498 per share on an annualized basis, an increase of 2.0% over the fourth quarter 2022 dividend of $0.3672 per share, or $1.469 per share annualized. Seeking Alpha • Feb 15
Is Defensive Dividend Growth Machine Clearway Energy A Buy? Summary
We owned CWEN.A previously at High Yield Investor and sold it for a 126% annualized gain.
Since then, the stock has traded pretty flat while the underlying earnings power and dividend stream have grown and it continues to have a very promising growth runway.
We give the stock a fresh look and discuss at what price we would consider re-adding it to our portfolio.
As we discussed recently, at High Yield Investor we love to buy infrastructure stocks (IFRA). The sector has a very impressive growth runway driven by several factors, including strong economic growth in developing markets, aging infrastructure in developed economies, and the de-carbonization of the global economy. Renewable energy infrastructure businesses like Clearway Energy (CWEN)(CWEN.A) benefit from all three of these trends.
We owned CWEN.A previously at High Yield Investor and sold it for a 126% annualized gain. Since then, the stock has traded pretty flat while the underlying earnings power and dividend stream have grown. Furthermore, with its focus on and expertise in renewable energy infrastructure, it continues to have a very promising growth runway for many years to come. In this article, we give the stock a fresh look and discuss at what price we would consider re-adding it to our portfolio.
CWEN Stock's Substantial Growth Potential
As the United States' 5th largest renewable energy company, Clearway Energy Group (CWEN's sponsor) has a substantial growth runway that only got more impressive with French energy powerhouse TotalEnergies (TTE) acquiring a 50% stake in the company last year in an effort to accelerate its own renewables exposure. This should help provide greater access to and potentially a lower cost of capital for the firm alongside the owner of the other half of the company (Global Infrastructure Partners). The bottom line is that CWEN should not lack for deal flow given the bullish macro trends in the industry and its backing from such larger industry players.
This is evidenced by the fact that its 9 GW growth pipeline exceeds its already large 7.7 GW operational portfolio. Given that it is pouring capital into attractive investments that offer ~9.5% CAFD yields and very long power purchase agreements, it is able to grow its CAFD per share at a high single digits CAGR while also enjoying substantial cash flow stability and visibility well into the future. As a result, management is confident that it will be able to deliver dividend per share growth near the upper end of its 5-8% targeted CAGR through 2026 at least.
Wall Street analysts also appear to be buying CWEN's growth guidance, with the consensus forecasting a 7.6% CAFD per share CAGR and a 7.9% dividend per share CAGR through 2026.
CWEN Stock's Value Proposition
While its growth guidance remains very attractive and quite achievable, its BB credit rating from S&P is a bit of a cause for concern. However, we are not terribly concerned by the junk credit rating given that - while it is heavily leveraged and its assets are mostly not perpetual in nature - its balance sheet is conservatively structured at the corporate level. The vast majority of its debt is non-recourse to the corporate balance sheet and it has no corporate level debt maturing until 2028. Perhaps best of all in the current environment is that practically all (~99%) of its total debt has fixed interest rates. As a result, we have little concern that the company's growth investment and dividend per share growth trajectory will be undermined by its balance sheet.
The current forward dividend yield is also attractive at 4.8% based on expected growth this year. When combined with the expected 7-8% annualized dividend per share and CAFD per share CAGRs, the total return profile is clearly in the 12-13% annualized range. That said, however, the valuation multiple appears to be a bit elevated relative to historical norms with the EV/EBITDA at 10.61x currently compared to the five-year average of 9.44x. While it is true that the growth profile has improved over that time span given the passage of the so-called Inflation Reduction Act and its recent backing by TTE, interest rates have also risen substantially over that period of time. Annuncio • Feb 02
Clearway Energy, Inc. to Report Q4, 2022 Results on Feb 23, 2023 Clearway Energy, Inc. announced that they will report Q4, 2022 results on Feb 23, 2023 Seeking Alpha • Jan 20
Clearway Energy: Why I'm Really Bullish Summary
Clearway is on a mission to grow its dividend by 8% through to 2026.
The yieldco is set to benefit immensely from the investment opportunities posed by the wave of decarbonization sweeping across the US.
With cash and equivalents at nearly $800 million, the balance sheet is primed to support growth.
I'm really bullish on Clearway Energy (CWEN) (CWEN.A) with the yieldco now forming one of the largest positions in my climate economy-focused portfolio. Decarbonization is a real and growing trend and I believe a lack of exposure would not be appropriate. At the core of the long thesis is that the runaway growth of renewables is absolutely critical to driving down US carbon emissions to secure a more sustainable future.
The bullishness is not unwarranted. Clearway last declared a quarterly per share dividend payout of $0.3672, a 1.9% increase from the prior payout and is targeting annual dividend growth in the upper range of 5% to 8% through 2026. Further, with French supermajor TotalEnergies (TTE) acquiring a 50% interest in Clearway's sponsor, we're going to see a greater wave of investments to expand an operational renewable portfolio that held 1.6 GW in utility-scale solar and 3.7 GW of onshore wind as of the end of the last reported fiscal 2022 third quarter.
Data by YCharts
This highlights the case for a long position. Clearway is set to grow operating assets to build cash available for distribution and increase its cash payouts to its investors. Hence, with the outlook for renewables for the next decade set to be characterized by hypergrowth we should see Clearway's financials trade up to reflect this new green future.
Gearing Up For A Ramp Of Operating Assets
Clearway's operating assets had a total capacity of 8,123 MW with renewables at 5,651 MW and conventional power at 2,472 MW. As of the end of its third quarter, its sponsor's development pipeline stood at 26.8 GW. This included 6.8 GW expected to start commercial operations in the next three years. With the yieldco still flush with cash and equivalents of $793 million as of the end of its third quarter, we should see the continued deployment of this on additional drop-down assets.
This cash position was of course bolstered by the sale of its Thermal business to KKR in early 2022. This was broadly non-core and focused on thermal infrastructure assets that provided steam, hot water, and chilled water to a number of public and private entities across the US. The yieldco received offers from its sponsor during the third quarter to invest around $410 million in wind, solar, and solar plus storage projects with a capacity of around 1.4 GW. The expected CAFD yield on this is 9.5%. Critically, this will support Clearway's target to grow dividends by around 8% over the next few years.
Clearway Energy
However, the yieldco recorded adjusted EBITDA of $322 million, down 4.45% from the year-ago comp. CAFD of $154 million was also down from $161 million in the year-ago quarter. The disruption of CAFD was largely driven by downtime at its 550 MW El Segundo natural gas-fired thermal power plant and a $17 million contribution in the prior quarter from the now-disposed Thermal business.
Clearway Energy
Whilst the El Segundo outage has been fixed, the yieldco was forced to revise down its 2022 CAFD guidance to $350 million from $365 million. The nine-month year-over-year comp for 2022 was still strong with a CAFD of $328 million versus $301 million.
Growth And The Decarbonization Of Energy
This disruption of operating assets is inherent to the industry and forms a key risk of an investment in Clearway. The scope of this risk is radically expanded on the back of black swan extreme weather events damaging power generation facilities within the yieldco's operating portfolio. Seeking Alpha • Sep 02
Clearway Energy: A Recent Partnership Keeps The Bulls In Charge Summary
The Utilities sector, while expensive, broke out to a fresh two-year high versus the S&P 500 this week.
Clearway Energy recently teamed with TotalEnergies, giving it a better ability to grow its renewable energy business.
The stock looks cheap on valuation, features a hefty yield, and marches higher as the broad market stumbles.
Finding value and momentum in this market is a challenge. One sector that keeps working but is expensive is Utilities. The Utilities Select Sector SPDR ETF (XLU) rallied to fresh two-year highs against the S&P 500 this week. One small-cap utility, a 3% holding in the Global X SuperDividend U.S. ETF (DIV), features a solid chart, good valuation in an expensive sector, and a compelling backstory.
Utilities Breakout Vs SPX
StockCharts.com
According to Bank of America Global Research, Clearway Energy (CWEN), a yield co, owns a 5GW portfolio of long-term contracted renewable and conventional generation in the US. Global Infrastructure Partners (GIP) owns a 41% stake in CWEN. The firm engages in the ownership of contracted renewable and conventional generation facilities and thermal infrastructure assets. It operates through the following segments: Conventional Generation, Thermal, Renewable, and Corporate.
Earlier this year, GIP and TotalEnergies (TTE) formed a partnership whereby Total would acquire half of GIP's interest in Clearway. GIP would then receive $1.6 billion in cash and a 50% interest in a Total subsidiary that has a 51% stake in SunPower (SPWR). Clearway would then receive a right of first offer ((ROFO)) on Total's U.S. onshore renewable assets plus access to its power marketing group and other corporate relationships. Overall, I see this partnership as favorable for Clearway as it grows its renewable energy portfolio.
The New Jersey-based Independent Power and Renewable Electricity Producer industry company within the Utilities sector trades at just 8.0 times trailing 12-month earnings and pays a dividend yield about twice that of the S&P 500 at 3.5%, according to The Wall Street Journal.
On valuation, BofA is bullish on CWEN with a target of $43 based on its ownership group and renewable assets. Earnings are seen as growing sharply this year and next before reverting in 2024. Bloomberg's consensus EPS outlook is steadier. Dividends are seen as climbing through 2024, too. The recent corporate deal makes the earnings estimates and valuation tricky, but notice how the firm's EV/EBITDA multiple is in the single digits and CWEN's free cash flow is strong.
CWEN: Valuation, Earnings, Dividend Forecasts
BofA Global Research