Clearway Energy, Inc. (CWEN) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 24, 2025 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and welcome to Clearway Energy, Inc. Fourth Quarter Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Akil Marsh. You may begin.

Akil Marsh

Thank you for taking the time to join Clearway Energy, Inc.'s fourth quarter call. With me today are Craig Cornelius, the company's President and CEO; and Sarah Rubenstein, the company's CFO.

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. In particular, please note that we will refer to both offered and committed transactions in today's oral presentation and also may discuss such transactions during the question-and-answer portion of today's conference. Please refer to the safe harbor in today's presentation for a description of the categories of potential transactions and related risks, contingencies and uncertainties.

With that, I'll hand it over to Craig.

Craig Cornelius

Thanks, Akil. Turning to Slide 4, we are very proud of the year that Clearway just turned in over 2024. Our financial and operational results exceeded our key objectives, we completed the core growth objectives that we'd established and we simplified and strengthened our platform in ways that enabled these successes and set us up for a bright future. In addition to achieving these outcomes in the year just passed, we made further progress towards meeting the long-term financial goals we set for 2027 and beyond. I remain confident that this platform has the long-lived asset base, growth trajectory and capital allocation flexibility we need to deliver sustainable earnings growth through the balance of this decade.

For 2024, we met our dividend per share growth commitment while delivering full year CAFD ahead of our guidance. We also committed to approximately $450 million of growth investments this year at Accretive Economics while bringing online over 1 gigawatt of renewable power generation and energy storage capacity.