Clearway Energy, Inc. (NYSE:CWEN) Q3 2022 Earnings Conference Call November 2, 2022 8:00 AM ET
Company Participants
Christopher Sotos - President and CEO
Craig Cornelius - President and CEO, Clearway Energy Group
Conference Call Participants
Julien Dumoulin-Smith - Bank of America
Noah Kaye - Oppenheimer
Mark Jarvi - CIBC
Justin Clare - ROTH Capital Partners
Keith Stanley - Wolfe Research
Michael Lapides - Goldman Sachs
Angie Storozynski - Seaport
Antoine Aurimond - Bank of America
Operator
Good day, and thank you for standing by. Welcome to the Clearway Energy Third Quarter 2022 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Chris Sotos, President and CEO of Clearway Energy, Inc. Please go ahead.
Christopher Sotos
Good morning. We first thank you for taking the time to join Clearway Energy Inc.'s third quarter call. Joining me this morning is Akil Marsh, Director of Investor Relations; 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'd 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 generated CAFD of $154 million in the third quarter and $328 million through the first nine months of the year. Clearway increased its dividend by 2% to $0.3672 per share or $1.469 on an annualized basis, keeping us on target to achieve the upper end of our dividend growth objectives for the year.
Unfortunately, due to the previously announced operational issues at El Segundo and other items, we'll be revising our 2022 CAFD guidance down from $365 million to $350 million. Clearway continues to advance its growth and strategic initiatives by now having El Segundo's capacity fully contracted through 2026, along with Marsh Landing and Walnut Creek.
We have closed the Capistrano Wind acquisition, as well as funded the drop-down of Waiawa Solar with the rest of the previously announced drop-down projects on track for commercial operations in the fourth quarter of '22 or early 2023. We are also updating our pro forma CAFD outlook to $390 million from $400 million, which I'll review in a couple of slides.