CWEN-A

• 2025 was a strong execution year with full year cash available for distribution at the top end of guidance and 1.3 gigawatts of new projects added. - Reaffirmed 2026 CAFD guidance and reiterated 2027 CAFD per share target. - Made progress towards 2030 CAFD per share target with fleet enhancement program on track. - Hyperscaler demand was a major driver of sponsor - enabled growth with ~2 gigawatts of new PPAs signed in 2025. - Progressed on fleet optimization with repowerings on schedule and revenue enhancements in ERCOT portfolio. - Sponsor - enabled growth continued with CWEN committed projects under construction and identified future investment opportunities. - Commercialization of development pipeline translated into visible growth pathway with projects in different vintages having various statuses. - Clearway Group's late - stage pipeline was larger than needed for 2028 and 2029 completion to achieve 2030 goals.

Reaffirmed 2026 CAFD guidance range of $470 million to $510 million. Reiterated 2027 CAFD per share target of $2.70 or better. Made progress towards 2030 CAFD per share target of $2.90 to $3.10 per share. Encouraged by potential corporate capital investment around core development and data center demand, increasingly optimistic on CAFD per share growth from 2030 target baseline in 2031 and beyond.

2025 was a strong execution year for Clearway. They delivered full year cash available for distribution at the top end of the original guidance range, with the enterprise adding 1.3 gigawatts of value - enhancing projects. They reaffirmed 2026 CAFD guidance and reiterated 2027 CAFD per share target of $2.70 or better. Progress was made towards 2030 CAFD per share target. In the Renewables and Storage segment, wind resource was below median expectations in the quarter, while solar was impacted by debt service timing. Full year results were above the midpoint of the original guidance range with full year CAFD generation of $430 million.

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...

Q: Lots of good disclosure. I'm just curious on the M&A outlook...

A: Yes. Thanks for the acknowledgment on the organic growth front, Mark. We're really proud of the work that the organization is doing to chart that course. And I think with respect to M&A, the environment of today looks quite similar to what the environment looked like last year...