Clearway Energy, Inc. (NYSE:CWEN) Q2 2022 Earnings Conference Call August 2, 2022 8:00 AM ET
Company Participants
Christopher Sotos - President & Chief Executive Officer
Craig Cornelius - Chief Executive Officer
Conference Call Participants
Anya Shelekhin - Bank of America
Keith Stanley - Wolfe Research
Colton Bean - TPH
Michael Lapides - Goldman Sachs
Mark Jarvi - CIBC
Justin Clare - ROTH
Noah Kaye - Oppenheimer
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Clearway Energy, Inc. Q2 2022 Earnings Call. [Operator Instructions]
I would now like to turn the call over to your host, Chris Sotos, President and CEO, you may begin.
Christopher Sotos
Good morning. First, thank you for taking the time to join today's call. Joining me this morning is Akil Marsh, Director of Investor Relations; and Craig Cornelius, President and CEO of Clearway Energy Group. The group will be available for the Q&A portion of our presentation.
Before we begin, I'd like to quickly note that today's discussions contain forward-looking statements which are based on assumptions we believe to be visible 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- financial measures. For information regarding our non-GAAP financial measures and reconciliations to the most solely directly comparable GAAP measures, please refer to today's presentation. I would be remiss in not recognizing this is the first call where our CFO, Chad Plotkin is not participating. I want to thank Chad for all his contributions over the quarters and for ensuring an orderly transition of the responsibilities prior to his departure. We recently launched a search for his replacement and will take a deliberate and careful approach to ensure our executive leadership team has appropriate skills and experience to continue to lead Clearway forward.
Turning to Page 3. The first half of 2022 perform sensitivity ranges with Clearway diversified portfolio, producing $176 million CAFD in the second quarter of 2022 to $174 million in the first half, where we increase its dividend by 2%, $2.3604 cents per share, or $1.442 cents on annual basis. Keeping us on target to achieve the upper range of our dividend growth objectives for the year. Clearway continues to solidify its pro forma CAFD outlook by a strong execution. We have now contracted the remaining 20% of capacity at the Marsh Landing project, that have previously been open [indiscernible] This project is now fully contracted on a weighted average basis to approximately at the end of 2026. We are also currently in the procurement processes regarding the open position at El Segundo, I would expect to provide an update on this in the third quarter earnings call.