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What were the key takeaways from Clearway Energy A’s earnings call?

- **2030 Growth Target**: $2.90-$3.10 CAFD per share (7-8% CAGR), driven by 4.5 GW high-yield projects
- **2025 Guidance Update**: Narrowed to $420-440M CAFD, 2026 guidance of $470-510M
- **Strategic M&A**: 3 transactions in 2025 at >12% CAFD yields, $50M equity issuance
- **Fleet Optimization**: 1 GW+ wind repowerings by 2029, new PPAs with improved terms
- **Capital Allocation**: 70%+ payout ratio, 30%+ retained cash for growth

**【CEO Summary Section】**
- Narrowed 2025 CAFD guidance to $420-440 million (top half of original range), with 2027 target of $2.70+ per share.
- Announced 2030 CAFD per share goal of $2.90-$3.10 (7-8% CAGR), driven by:
  - 1.8 GW of data center complexes with flexible generation
  - 4.5 GW late-stage 2028-2029 projects targeting >10% CAFD yields
  - 6.5 GW+ pipeline for 2028-2029
- Fleet optimization: 1 GW+ wind repowerings by 2029, new PPAs with higher terms
- Capital allocation: 70%+ payout ratio long-term, 30%+ retained cash for growth

**【CFO Financial Commentary】**
- Q3 2025: $385 million adjusted EBITDA, $166 million CAFD
- 2026 guidance: $470-510 million CAFD
- Funding strategy:
  - Retained cash (70%+ payout ratio)
  - Debt (4-4.5x EBITDA target)
  - Moderate equity issuance (consistent with peers)
- Free cash flow (CAFD) now used interchangeably with industry terminology

**【Q&A Key Highlights】**
- **Data Center Complexes**: 1-5 GW multi-technology complexes (wind/solar/storage) targeting 2028+ COD
- **Repowering**: 2027 investments to contribute $180M+ CAFD by 2028
- **M&A**: 3 transactions in 2025 at >12% CAFD yields, Deriva Solar acquisition in Q4
- **Flexible Generation**: 95%+ carbon-free fleet, but 25%+ CAFD from gas assets
- **Pipeline**: 30 GW total (up from 29 GW), 11 GW late-stage 2026-2029 projects

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