Clearway Energy . Class C Stock Earnings Reports

Clearway reaffirmed its 2026 guidance and 2027 CAFD per-share target and increased its medium-term investment plan: management now expects to deploy ~20% more corporate capital from 2026–2029 (total corporate capital deployment now ~$3.0B over 2026–2029). The company is targeting the top end (or better) of its 2030 CAFD per-share range ($2.90–$3.10) and plans to set a 2031 target later this year aimed at the high end of its 5–8%+ long-term growth range. Key growth drivers include fleet optimization (Texas wind revenue enhancements and an 11–12% CAFD-yield repowering program ~ $600M), the Cardinal acquisition (>12% CAFD yield and performing as expected), a sizable 2029 development pipeline (4+ GW including ~2 GW late-stage solar + storage), and emerging opportunities to serve co-located digital infrastructure/data-center campuses (one complex alone could represent a $1B+ capital deployment opportunity weighted to 2030+). Financing and capital-allocation highlights: share-class simplification was approved to improve liquidity and optionality for accretive equity issuance; management says financing markets (project debt, tax equity, etc.) have been very robust for Clearway; target leverage and payout framework remain prudent (targeted leverage ~4.0–4.5x, reducing payout ratio into the 70s over time). Overall, management emphasizes disciplined, incremental deployment of capital (using retained CAFD, corporate debt, and accretive equity as needed) with the intent to deliver durable CAFD per-share growth and optional upside from third-party M&A and data-center related investments.