Clearway Energy, Inc. (NYSE:CWEN) Q1 2022 Earnings Conference Call May 5, 2022 8:00 AM ET
Company Participants
Christopher Sotos - President, CEO & Director
Chad Plotkin - EVP & CFO
Craig Cornelius - CEO & President
Conference Call Participants
Julien Dumoulin-Smith - Bank of America Merrill Lynch
William Grippin - UBS
Colton Bean - Tudor, Pickering, Holt & Co.
Michael Lapides - Goldman Sachs Group
Noah Kaye - Oppenheimer
Operator
Good day and thank you for standing by. Welcome to the Clearway Energy, Inc. First Quarter 2022 Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to your host today, Chris Sotos, President and CEO of Clearway Energy, Inc. Please, go ahead.
Christopher Sotos
Good morning. Let me first thank you for taking the time to join today's call. Joining me this morning is a Akil Marsh, Director of Investor Relations; Chad Plotkin, our Chief Financial Officer; and Craig Cornelius, President and CEO of Clearway Energy Group. 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 and today's presentation as well as the risk factors in SEC filings. In addition, we 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 4. First quarter results, which on a seasonal basis is the smallest contributor for the full year within our sensitivity range with CAFD of $2 million for the quarter, which is historically our latest quarter for CAFD generation due to the timing of debt payments and low renewable generation. So, we also increased the dividend by 2% to $0.3536 per share, or $1.414 on an annualized basis, thereby keeping us on track to deliver the upper end of our range in dividend growth objectives for the year.
Importantly, our sale of the Thermal business closed May 1st with $1.35 billion of expected net proceeds, which after accounting for $600 million of previously committed growth investments, leaves Clearway with $750 million in capital available to be allocated. As a result of the Thermal sale, we are revising our CAFD guidance for 2022 to $365 million.