Clearway Energy, Inc.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
CWEN$34.70+1.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
| 2025 Form 10-K | The Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 24, 2026 |
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| 2028 Senior Notes | $850 million aggregate principal amount of 4.75% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC |
| 2031 Senior Notes | $925 million aggregate principal amount of 3.75% unsecured senior notes due 2031, issued by Clearway Energy Operating LLC |
| 2032 Senior Notes | $350 million aggregate principal amount of 3.75% unsecured senior notes due 2032, issued by Clearway Energy Operating LLC |
| 2034 Senior Notes | $600 million aggregate principal amount of 5.75% unsecured senior notes due 2034, issued by Clearway Energy Operating LLC |
| Adjusted EBITDA | A non-GAAP measure, represents earnings before interest (including loss on debt extinguishment), tax, depreciation and amortization adjusted for mark-to-market gains or losses, asset write offs and impairments; and factors which the Company does not consider indicative of future operating performance |
| ASC | The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP |
| ATM Program | At-The-Market Equity Offering Program |
| BESS | Battery energy storage system |
| CAFD | A non-GAAP measure, Cash Available for Distribution is defined as of March 31, 2026 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments and adjusted for development expenses |
| Cardinal Portfolio | 610 MW portfolio of operational solar facilities located in eight states that the Company acquired on March 30, 2026, previously referred to as the Deriva Solar Portfolio. |
| Catalina | 109 MW solar facility located in Kern County, California that the Company leases and operates |
| CEG | Clearway Energy Group LLC (formerly Zephyr Renewables LLC) |
| CEG Master Services Agreement | Amended and Restated Master Services Agreement and Payroll Sharing Agreement, effective as of January 1, 2025, among the Company, Clearway Energy Finance Inc., Clearway Energy LLC, Clearway Energy Operating LLC and CEG |
| Class A Conversion | The conversion of each share of the Company’s Class A common stock into one share of the Company’s Class C common stock, which such conversion occurred on May 1, 2026. |
| Clearway Energy LLC | The holding company through which the facilities are owned by Clearway Energy Group LLC, the holder of Class B and Class D units, and the Company, the holder of the Class C units |
| Clearway Energy Group LLC | The holder of all shares of the Company’s Class B and Class D common stock and Clearway Energy LLC’s Class B and Class D units and, from time to time, possibly shares of the Company’s Class C common stock. Clearway Energy Group LLC is a leading developer of renewable energy, energy storage and power infrastructure in the U.S. |
| Clearway Energy Operating LLC | The holder of facilities that are owned by Clearway Energy LLC |
| Clearway Renew | Clearway Renew LLC, a subsidiary of CEG, and its wholly-owned subsidiaries |
| Company | Clearway Energy, Inc., together with its consolidated subsidiaries |
| CVSR | California Valley Solar Ranch |
| Distributed Solar | Solar power facilities, typically less than 20 MW in size (on an alternating current, or AC, basis), that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid |
| Drop Down Assets | Assets under common control acquired by the Company from CEG |
| DSPP | Direct Stock Purchase Plan |
| ERCOT | Electric Reliability Council of Texas, the ISO and the regional reliability coordinator of the various electricity systems within Texas |
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| Exchange Act | The Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| GAAP | Accounting principles generally accepted in the U.S. |
| GenConn | GenConn Energy LLC |
| GW | Gigawatt |
| HLBV | Hypothetical Liquidation at Book Value |
| Honeycomb Portfolio | Four BESS facilities under construction in Beaver County and Iron County, Utah representing 320 MW of capacity, which includes Enterprise, Escalante I, Granite Mountain East and Iron Springs that are co-located with the respective solar facilities |
| Honeycomb TargetCo | Honeycomb TargetCo LLC, the indirect owner of the Honeycomb Portfolio |
| IRS | Internal Revenue Service |
| ISO | Independent System Operator, also referred to as an RTO |
| ITC | Investment Tax Credit |
| MMBtu | Million British Thermal Units |
| MW | Megawatt |
| MWh | Saleable megawatt hours, net of internal/parasitic load megawatt-hours |
| Net Exposure | Counterparty credit exposure to Clearway Energy, Inc., net of collateral |
| NOLs | Net Operating Losses |
| NYSE | New York Stock Exchange |
| OCI/OCL | Other comprehensive income/loss |
| O&M | Operations and Maintenance |
| Palisade Plains Partnership | Palisade Plains Development Partnership LLC, the indirect owner of Goat Mountain |
| PG&E | Pacific Gas and Electric Company |
| Pine Forest TE Class A | Pine Forest TE Class A Owner LLC, a consolidated subsidiary of Clearway Energy Finance Inc. and an indirect subsidiary of the Company |
| PPA | Power Purchase Agreement |
| PTC | Production Tax Credit |
| RENOM | Clearway Renewable Operation & Maintenance LLC, a wholly-owned subsidiary of CEG |
| RTO | Regional Transmission Organization |
| SCE | Southern California Edison |
| SDG&E | San Diego Gas & Electric |
| SEC | U.S. Securities and Exchange Commission |
| Senior Notes | Collectively, the 2028 Senior Notes, the 2031 Senior Notes, the 2032 Senior Notes and the 2034 Senior Notes |
| SOFR | Secured Overnight Financing Rate |
| SPP | Solar Power Partners |
| SREC | Solar Renewable Energy Credit |
| U.S. | United States of America |
| Utility Scale Solar | Solar power facilities, typically 20 MW or greater in size (on an alternating current, or AC, basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level |
| VIE | Variable Interest Entity |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.