Clearway Energy Reports Strong Full Year 2024 Results, Setting the Stage for Future Growth

Clearway Energy, Inc. (NYSE: CWEN, CWEN.A), a leading owner of clean energy generation assets in the US, reported its full year 2024 financial results on February 24, 2025. The company's strong performance, driven by strategic investments and operational improvements, positions it well for future growth. Here's a closer look at Clearway Energy's 2024 results and its prospects for 2025 and beyond.

Key Financial Highlights for 2024:

* Net Loss: $63 million, compared to $14 million in 2023
* Adjusted EBITDA: $1,146 million, up from $857 million in 2023
* Cash from Operating Activities: $770 million, up from $702 million in 2023
* Cash Available for Distribution (CAFD): $425 million, up from $342 million in 2023

Clearway Energy's full year 2024 results exceeded guidance, with excellent performance across all technologies in its diverse operating fleet. The company's Adjusted EBITDA and Cash Available for Distribution (CAFD) increased significantly compared to 2023, driven by lower renewable production in the prior year, the contribution of growth investments, and the expiration of certain tolling agreements in the Flexible Generation fleet.

Growth Investments and Strategic Initiatives:

Clearway Energy made significant investments in new long-term corporate capital projects in 2024, including:

* A 320 MW storage hybridization portfolio
* A 335 MW wind repowering project
* The acquisition of a 137 MW wind project

These investments, along with the launch of a next wave of project repowerings and the enhancement of the fleet's cashflows through accretive new contracts, contributed to the company's strong financial performance.

Renewable Energy Generation and Availability:

Clearway Energy's Renewables segment generated 18,609 MWh in 2024, a 26% increase compared to 2023. The company's equivalent availability factor (EAF) for the Conventional segment was 90.3% for the nine months ended September 30, 2024, compared to 87.5% in the same period in 2023. This improvement in availability, coupled with the company's commitment to its long-term financial objectives, suggests that Clearway Energy is well-positioned for future growth.

Future Growth Prospects:

Clearway Energy has initiated a 2025 financial guidance range, providing for robust growth. The company is targeting CAFD per share of $2.40-2.60 in 2027, which represents approximately 7.5% to 12% annual growth from the midpoint of its 2025 financial guidance. This target, along with the company's solid foundation for future growth, indicates that Clearway Energy is on track to meet or exceed its long-term financial objectives.




Clearway Energy's strong full year 2024 results demonstrate the company's ability to execute on its growth strategy and deliver value to shareholders. With a solid foundation for future growth and a commitment to its long-term financial objectives, Clearway Energy is well-positioned to continue its success in the clean energy sector.