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- **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

Clearway Energy, Inc. (CWEN.A) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CWEN

CWEN fundamentals

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