Clearway Energy, Inc. (NYSE:CWEN) Q1 2023 Results Conference Call May 4, 2023 8:00 AM ET
Company Participants
Chris Sotos - President and Chief Executive Officer
Craig Cornelius - President and Chief Executive Officer, Clearway Energy Group
Conference Call Participants
Noah Kaye - Oppenheimer & Co.
Angie Storozynski - Seaport Research Partners
Mark Jarvi - CIBC
Julien Dumoulin-Smith - Bank of America
William Grippin - UBS
Operator
Good day, and thank you for standing by. Welcome to the Clearway Energy, Inc. First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions]. Please be advised that today's conference is being recorded.
I would now like to hand the conference over, to your host today, Chris Sotos, President, and CEO. Please go ahead.
Chris Sotos
Good morning. Let me first thank you for taking the time to join Clearway Energy Inc.'s first quarter call. Joining me this morning is Akil Marsh, Director of Investor Relations; and Sarah Rubenstein, CFO; and Craig Cornelius, President and CEO of Clearway Energy Group, our sponsor. Craig will be available for the Q&A portion of our presentation. Before we begin, I like to quickly note that today's discussion will contain forward-looking statements, which are based on assumptions that we believe to be reasonable as of this date.
Actual results may differ materially. Please review the safe harbor in today's presentation, as well as the risk factors in our SEC filings. In addition, we will refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to today's presentation.
Turning to Page 3. The company had a soft quarter driven primarily by weak renewable resource due to the heavy rainfall in California and the West Coast. CAFD was negative $4 million for the first quarter. Clearway is announcing an increase in its dividend of 2%, 2.3818 per share in the second quarter 2023 or 1.5272 on annualized basis, keeping us on target to achieve the upper range of our dividend growth objectives for 2023. We are also reaffirming our 2023 CAFD guidance of $410 million.
Clearway continues its focus on growth at all levels of the enterprise. Our sponsor’s pipeline has grown to 29.3 GW, including 6.9 GW of late-state projects expected to reach COD in the next four years. We're excited to announce our commitment to the Cedro Hill repowering project. We'll go over the project in more detail in a couple slides, but this repowering will deploy approximately $63 million in capital while extending the PPA duration to 2045, significantly de-risking the value of the asset.