Clearway Energy, Inc. Q4 FY2024 earnings call

• Completed core growth objectives in 2024 and made progress towards long-term financial goals. • Signed binding agreement to acquire Tuolumne, expected to close in first quarter and generate ~12% five-year average annual CAFD yield. • Committed to Phase 1 of Honeycomb Battery Hybridization program. • Added 492 megawatts of Western US storage projects to future identified drop-down opportunities list. • Extended track record of high return life extending re-powerings in wind fleet, including Cedro Hill project and Mt Storm repowering. • Drove future organic cash flow growth via contracting of open positions on operating fleet, with new RA contracts at El Segundo and PPA extension at Wildorado. • Clearway Group's late-stage pipeline is diverse and represents over $750 million of potential corporate capital investments through 2029 vintages, including over $250 million of incremental investment opportunities in 2026 and 2027 vintages.

Full-year adjusted EBITDA was $1.146 billion and CAFD was $425 million. Fourth quarter adjusted EBITDA was $228 million and CAFD was $40 million. Flexible Generation segment reflected solid availability and beneficial impact of energy management activities. 2024 full-year CAFD exceeded guidance. 2025 CAFD guidance range is $400 million to $440 million.

• Reaffirmed 2025 guidance range of $400 million to $440 million. • Aim to achieve the higher end of the 2025 range through timely completion of growth investments, closing of Tuolumne acquisition and focus on availability and management of energy margin for Flexible Generation fleet. • Anticipate using retained CAFD as primary source of capital for growth, targeting retained CAFD in excess of $220 million accumulated over 2025 through 2027. • Anticipate having excess corporate debt capacity based on target leverage midpoint. • Long-term vision includes maintaining long-term payout ratio trending towards bottom-end of 70% to 80% target and modest predictable periodic issuance of equity to fund growth investments when accretive.

• Policy risks such as changes in tariff for applicable duty rates which could impact equipment costs and project progress. • Uncertainties related to US trade law and its implications on supply chain and project costs, which could affect project timelines and PPA renegotiations.

Q: About excess debt capacity, how it got to $400 million versus previous.

A: Reflects outlook for long-run CAFD contribution from fleet incorporating latest updates, intention to maintain outlook incorporating investment commitments, CAFD from operating fleet changes and new commitments.

Q: About supply chain risk due to tariffs and PPAs.

A: Clearway Group has put in place arrangements to allow projects to proceed on schedule while absorbing implications of tariff changes, incremental costs attributable to tariffs can be absorbed in revenue contracts.

Q: About M&A opportunities, assets/technologies looked at.

A: Select for complementary to existing portfolio, opportunities to extract cost or operating synergy, ability to apply unique value addition, projects span same family of resource technologies.

Q: About data center capabilities, 5 gigawatts of projects in development.

A: Front of the meter projects in service territories with renewable or battery projects, co-location project concepts with multiple generation sources.

Q: About permits for wind, solar, storage and repowering.

A: Clearway Group able to continue making progress, repowering projects have great value proposition.

Q: About 2027 targets, Mt Storm and CAFD yields.

A: Bulk of Mt Storm's CAFD contribution in 2028 and beyond, CAFD yields on announcements improved through plan optimization, goal to deliver highest achievable long-term internal rate of return and CAFD yield.

Q: About cost of capital and M&A appeal.

A: Proud of work, hope prudence and growth proposition rewarded, stand-out as buyer for contracted renewable operating assets, consider financial sponsors' backing for opportunities.