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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2024
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 001-36002
Clearway Energy, Inc.
(Exact name of registrant as specified in its charter)
Delaware46-1777204
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
300 Carnegie Center, Suite 300 PrincetonNew Jersey08540
(Address of principal executive offices)(Zip Code)
(609608-1525
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01CWEN.ANew York Stock Exchange
Class C Common Stock, par value $0.01CWENNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes       No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes       No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No
As of July 29, 2024, there were 34,613,853 shares of Class A common stock outstanding, par value $0.01 per share, 42,738,750 shares of Class B common stock outstanding, par value $0.01 per share, 82,829,344 shares of Class C common stock outstanding, par value $0.01 per share, and 41,961,750 shares of Class D common stock outstanding, par value $0.01 per share.





TABLE OF CONTENTS
Index
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
GLOSSARY OF TERMS
PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS AND NOTES
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 4 — CONTROLS AND PROCEDURES
PART II — OTHER INFORMATION
ITEM 1 — LEGAL PROCEEDINGS
ITEM 1A — RISK FACTORS
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 3 — DEFAULTS UPON SENIOR SECURITIES
ITEM 4 — MINE SAFETY DISCLOSURES
ITEM 5 — OTHER INFORMATION
ITEM 6 — EXHIBITS
SIGNATURES

2



CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q of Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words “believes,” “projects,” “anticipates,” “plans,” “expects,” “intends,” “estimates” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include the factors described under Item 1A — Risk Factors in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as the following:
The Company’s ability to maintain and grow its quarterly dividend;
Potential risks related to the Company's relationships with CEG and its owners;
The Company’s ability to successfully identify, evaluate and consummate acquisitions from, and dispositions to, third parties;
The Company’s ability to acquire assets from CEG;
The Company’s ability to borrow additional funds and access capital markets, as well as the Company’s substantial indebtedness and the possibility that the Company may incur additional indebtedness going forward;
Changes in law, including judicial decisions;
Hazards customary to the power production industry and power generation operations such as fuel and electricity price volatility, unusual weather conditions (including wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that the Company may not have adequate insurance to cover losses as a result of such hazards;
The Company’s ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations;
The willingness and ability of counterparties to the Company’s offtake agreements to fulfill their obligations under such agreements;
The Company’s ability to enter into contracts to sell power and procure fuel on acceptable terms and prices;
Government regulation, including compliance with regulatory requirements and changes in market rules, rates, tariffs and environmental laws;
Operating and financial restrictions placed on the Company that are contained in the facility-level debt facilities and other agreements of certain subsidiaries and facility-level subsidiaries generally, in the Clearway Energy Operating LLC amended and restated revolving credit facility and in the indentures governing the Senior Notes; and
Cyber terrorism and inadequate cybersecurity, or the occurrence of a catastrophic loss and the possibility that the Company may not have adequate insurance to cover losses resulting from such hazards or the inability of the Company’s insurers to provide coverage.
Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause the Company’s actual results to differ materially from those contemplated in any forward-looking statements included in this Quarterly Report on Form 10-Q should not be construed as exhaustive.
3



GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
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
Adjusted EBITDAA 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
ASCThe FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP
ATM ProgramAt-The-Market Equity Offering Program
BESS
Battery energy storage system
BlackRock BlackRock, Inc.
CAFD
A non-GAAP measure, Cash Available for Distribution is defined as of June 30, 2024 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
CEGClearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services AgreementAmended and Restated Master Services Agreement, dated as of April 30, 2024, among the Company, Clearway Energy LLC, Clearway Energy Operating LLC and CEG
Clearway Energy LLCThe holding company through which the facilities are owned by Clearway Energy Group LLC, the holder of Class B and Class D units, and Clearway Energy, Inc., the holder of the Class A and Class C units
Clearway Energy Group LLCThe 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 A and/or Class C common stock
Clearway Energy Operating LLCThe holder of facilities that are owned by Clearway Energy LLC
Clearway RenewClearway Renew LLC, a subsidiary of CEG, and its wholly-owned subsidiaries
CompanyClearway Energy, Inc., together with its consolidated subsidiaries
CVSR California Valley Solar Ranch
CVSR Holdco CVSR Holdco LLC, the indirect owner of CVSR
Distributed SolarSolar 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 AssetsAssets under common control acquired by the Company from CEG
ERCOTElectric Reliability Council of Texas, the ISO and the regional reliability coordinator of the various electricity systems within Texas
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPAccounting principles generally accepted in the U.S.
GenConnGenConn Energy LLC
GIMGlobal Infrastructure Management, LLC, the manager of GIP
GIP
Global Infrastructure Partners
HLBVHypothetical Liquidation at Book Value
4



IRAInflation Reduction Act of 2022
IRSInternal Revenue Service
ISOIndependent System Operator, also referred to as an RTO
ITCInvestment Tax Credit
Mesquite StarMesquite Star Special LLC
MMBtuMillion British Thermal Units
Mt. StormNedPower Mount Storm LLC
MWMegawatt
MWhSaleable megawatt hours, net of internal/parasitic load megawatt-hours
Natural Gas HoldcoNatural Gas CA Holdco LLC
Net ExposureCounterparty credit exposure to Clearway Energy, Inc. net of collateral
NOLsNet Operating Losses
OCIOther comprehensive income
O&MOperations and Maintenance
PG&EPacific Gas and Electric Company
PJMPJM Interconnection, LLC
PPAPower Purchase Agreement
PTCProduction Tax Credit
RAResource adequacy
RENOMClearway Renewable Operation & Maintenance LLC, a wholly-owned subsidiary of CEG
Rosie Central BESSRosie BESS Devco LLC
RTORegional Transmission Organization
SCESouthern California Edison
SEC U.S. Securities and Exchange Commission
Senior NotesCollectively, the 2028 Senior Notes, the 2031 Senior Notes and the 2032 Senior Notes
SOFRSecured Overnight Financing Rate
SPPSolar Power Partners
SREC Solar Renewable Energy Credit
TotalEnergiesTotalEnergies SE
U.S.United States of America
Utah Solar PortfolioSeven utility-scale solar farms located in Utah, representing 530 MW of capacity
Utility Scale SolarSolar 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
VIEVariable Interest Entity
    

5



PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended June 30,Six months ended June 30,
(In millions, except per share amounts)2024202320242023
Operating Revenues
Total operating revenues$366 $406 $629 $694 
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below117 118 243 226 
Depreciation, amortization and accretion153 128 307 256 
General and administrative9 9 20 19 
Transaction and integration costs3 2 4 2 
Total operating costs and expenses282 257 574 503 
Operating Income84 149 55 191 
Other Income (Expense)
Equity in earnings of unconsolidated affiliates8 3 20  
Other income, net12 9 28 17 
Loss on debt extinguishment(2) (3) 
Interest expense(88)(55)(145)(154)
Total other expense, net(70)(43)(100)(137)
 Income (Loss) Before Income Taxes14 106 (45)54 
Income tax expense (benefit)10 22 (3)10 
Net Income (Loss)4 84 (42)44 
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests(47)46 (91)6 
Net Income Attributable to Clearway Energy, Inc.
$51 $38 $49 $38 
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of Class A common shares outstanding - basic and diluted
35 35 35 35 
Weighted average number of Class C common shares outstanding - basic and diluted
82 82 82 82 
Earnings Per Weighted Average Class A and Class C Common Share - Basic and Diluted
$0.43 $0.33 $0.41 $0.32 
Dividends Per Class A Common Share $0.4102 $0.3818 $0.8135 $0.7563 
Dividends Per Class C Common Share $0.4102 $0.3818 $0.8135 $0.7563 
See accompanying notes to consolidated financial statements.
6


CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended June 30,Six months ended June 30,
(In millions)2024202320242023
Net Income (Loss)$4 $84 $(42)$44 
Other Comprehensive Income
Unrealized gain on derivatives and changes in accumulated OCI, net of income tax benefit, of $, $1, $, and $
1 3   
Other comprehensive income1 3   
Comprehensive Income (Loss)5 87 (42)44 
Less: Comprehensive (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests(46)48 (89)6 
Comprehensive Income Attributable to Clearway Energy, Inc.$51 $39 $47 $38 
See accompanying notes to consolidated financial statements.
7



CLEARWAY ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except shares)June 30, 2024December 31, 2023
ASSETS(Unaudited)
Current Assets  
Cash and cash equivalents$226 $535 
Restricted cash 344 516 
Accounts receivable — trade255 171 
Accounts receivable — affiliates1  
Inventory60 55 
Derivative instruments51 41 
Note receivable — affiliate
 174 
Prepayments and other current assets84 68 
Total current assets1,021 1,560 
Property, plant and equipment, net 9,952 9,526 
Other Assets
Equity investments in affiliates321 360 
Intangible assets for power purchase agreements, net2,214 2,303 
Other intangible assets, net 71 71 
Derivative instruments117 82 
Right-of-use assets, net597 597 
Other non-current assets224 202 
Total other assets3,544 3,615 
Total Assets$14,517 $14,701 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt$412 $558 
Accounts payable — trade86 130 
Accounts payable — affiliates12 31 
Derivative instruments59 51 
Accrued interest expense55 57 
Accrued expenses and other current liabilities77 79 
Total current liabilities701 906 
Other Liabilities
Long-term debt6,797 7,479 
Deferred income taxes35 127 
Derivative instruments336 281 
Long-term lease liabilities626 627 
Other non-current liabilities305 286 
Total other liabilities8,099 8,800 
Total Liabilities8,800 9,706 
Redeemable noncontrolling interest in subsidiaries6 1 
Commitments and Contingencies
Stockholders’ Equity 
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued
  
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 202,143,697 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,829,344, Class D 41,961,750) at June 30, 2024 and 202,080,794 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,391,441, Class D 42,336,750) at December 31, 2023
1 1 
Additional paid-in capital1,830 1,732 
Retained earnings314 361 
Accumulated other comprehensive income5 7 
Noncontrolling interest3,561 2,893 
Total Stockholders’ Equity5,711 4,994 
Total Liabilities and Stockholders’ Equity$14,517 $14,701 
See accompanying notes to consolidated financial statements.
8



CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended June 30,
(In millions)20242023
Cash Flows from Operating Activities
Net (Loss) Income $(42)$44 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates (20) 
Distributions from unconsolidated affiliates15 11 
Depreciation, amortization and accretion307 256 
Amortization of financing costs and debt discounts7 6 
Amortization of intangibles91 94 
Loss on debt extinguishment 3  
Reduction in carrying amount of right-of-use assets8 8 
Changes in deferred income taxes(1)9 
Changes in derivative instruments and amortization of accumulated OCI49 (51)
Cash used in changes in other working capital:
Changes in prepaid and accrued liabilities for tolling agreements (16)(56)
Changes in other working capital(124)(112)
Net Cash Provided by Operating Activities277 209 
Cash Flows from Investing Activities
Acquisition of Drop Down Assets, net of cash acquired(671)(7)
Capital expenditures(202)(109)
Return of investment from unconsolidated affiliates35 10 
Decrease in note receivable — affiliate184  
Investments in unconsolidated affiliates (10)
Other7  
Net Cash Used in Investing Activities(647)(116)
Cash Flows from Financing Activities
Contributions from noncontrolling interests, net of distributions1,399 275 
Payments of dividends and distributions(164)(153)
Tax-related distributions (19)
Proceeds from the issuance of long-term debt 236 42 
Payments of debt issuance costs(4)(8)
Payments for long-term debt(1,577)(306)
Other(1)(2)
Net Cash Used in Financing Activities(111)(171)
Net Decrease in Cash, Cash Equivalents and Restricted Cash(481)(78)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period1,051 996 
Cash, Cash Equivalents and Restricted Cash at End of Period$570 $918 
See accompanying notes to consolidated financial statements.
9



CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Six Months Ended June 30, 2024
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital
Retained EarningsAccumulated
Other
Comprehensive Income
Noncontrolling
Interest
Total
Stockholders’
Equity
Balances at December 31, 2023$ $1 $1,732 $361 $7 $2,893 $4,994 
Net loss— — — (2)— (45)(47)
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax— — — — (2)1 (1)
Distributions to CEG, net of contributions, cash— — — — — (1)(1)
Contributions from noncontrolling interests, net of distributions, cash— — — — — 215 215 
Transfers of assets under common control— — 2 — — (42)(40)
Non-cash adjustments for change in tax basis— — 6 — — — 6 
Stock-based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— — — (47)— (34)(81)
Other— — — (1)— — (1)
Balances at March 31, 2024 1 1,741 311 5 2,987 5,045 
Net income (loss)— — — 51 — (51) 
Unrealized gain on derivatives and changes in accumulated OCI, net of tax— — — — — 1 1 
Contributions from CEG, net of distributions, cash— — — — — 222 222 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 988 988 
Distributions to noncontrolling interests, net of contributions, non-cash— — — — — (1)(1)
Transfers of assets under common control— — 5 — — (549)(544)
Non-cash adjustments for change in tax basis— — 85 — — — 85 
Stock-based compensation— — (1)— — — (1)
Common stock dividends and distributions to CEG unit holders— — — (48)— (35)(83)
Other— — — — — (1)(1)
Balances at June 30, 2024$ $1 $1,830 $314 $5 $3,561 $5,711 
See accompanying notes to consolidated financial statements.
10



CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Six Months Ended June 30, 2023
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital
 Retained EarningsAccumulated
Other
Comprehensive Income
Noncontrolling
Interest
Total
Stockholders’
Equity
Balances at December 31, 2022$ $1 $1,761 $463 $9 $1,792 $4,026 
Net loss— — —  — (43)(43)
Unrealized loss on derivatives and changes in accumulated OCI, net of tax— — — — (1)(2)(3)
Contributions from CEG, net of distributions, cash— — — — — 30 30 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 215 215 
Transfers of assets under common control— — (52)— — 46 (6)
Non-cash adjustments for change in tax basis— — 9 — — — 9 
Stock based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— — — (44)— (32)(76)
Balances at March 31, 2023 1 1,719 419 8 2,006 4,153 
Net income— — — 38 — 40 78 
Unrealized gain on derivatives and changes in accumulated OCI, net of tax— — — — 1 2 3 
Distributions to CEG, net of contributions, cash— — — — — (4)(4)
Distributions to noncontrolling interests, net of contributions, cash— — — — — (5)(5)
Tax-related distribution— — — — — (19)(19)
Stock based compensation— — (1)— — — (1)
Common stock dividends and distributions to CEG unit holders— — — (45)— (32)(77)
Other— — — — — (1)(1)
Balances at June 30, 2023$ $1 $1,718 $412 $9 $1,987 $4,127 
See accompanying notes to consolidated financial statements.
11



CLEARWAY ENERGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 — Nature of Business
Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company is sponsored by GIP and TotalEnergies through the portfolio company, Clearway Energy Group LLC, or CEG, which is equally owned by GIP and TotalEnergies. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. TotalEnergies is a global multi-energy company. CEG is a leading developer of renewable energy infrastructure in the U.S.
The Company is one of the largest renewable energy owners in the U.S. with approximately 6,500 net MW of installed wind, solar and battery energy storage system, or BESS, facilities. The Company’s approximately 9,000 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas-fired generation facilities. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. The majority of the Company’s revenues are derived from long-term contractual arrangements for the output or capacity from these assets.
The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG’s interest shown as noncontrolling interest in the consolidated financial statements. The holders of the Company’s outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from Clearway Energy LLC through its ownership of Clearway Energy LLC Class B and Class D units. From time to time, CEG may also hold shares of the Company’s Class A and/or Class C common stock.
As of June 30, 2024, the Company owned 58.10% of the economic interests of Clearway Energy LLC, with CEG owning 41.90% of the economic interests of Clearway Energy LLC.
12



The following table represents a summarized structure of the Company as of June 30, 2024:
https://cdn.kscope.io/f9ccd493e611bcd574c7ec42f11f6e7e-Clearway org picture as of 6.30.24.jpg
Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company’s 2023 Form 10-K. Interim results are not necessarily indicative of results for a full year.
In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company’s consolidated financial position as of June 30, 2024, and results of operations, comprehensive income and cash flows for the three and six months ended June 30, 2024 and 2023.
Note 2 — Summary of Significant Accounting Policies
Use of Estimates
The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amounts of net earnings during the reporting periods. Actual results could be different from these estimates.
13



Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at subsidiary facilities was $191 million and $125 million as of June 30, 2024 and December 31, 2023, respectively.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
 June 30, 2024December 31, 2023
 (In millions)
Cash and cash equivalents$226 $535 
Restricted cash344 516 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$570 $1,051 
Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company’s facilities that are restricted in their use. As of June 30, 2024, these restricted funds were comprised of $169 million designated to fund operating expenses, $42 million designated for current debt service payments and $89 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $44 million is held in distributions reserve accounts.
Supplemental Cash Flow Information
The following table provides a disaggregation of the amounts classified as Acquisition of Drop Down Assets, net of cash acquired, shown in the consolidated statements of cash flows:
Six months ended June 30,
20242023
(In millions)
Cash paid to acquire Drop Down Assets $(673)$(21)
Cash acquired from the acquisition of Drop Down Assets2 14 
Acquisition of Drop Down Assets, net of cash acquired$(671)$(7)
Accumulated Depreciation and Accumulated Amortization
The following table presents the accumulated depreciation included in property, plant and equipment, net, and accumulated amortization included in intangible assets, net:
June 30, 2024December 31, 2023
(In millions)
Property, Plant and Equipment Accumulated Depreciation $3,781 $3,485 
Intangible Assets Accumulated Amortization1,101 1,009 
Dividends to Class A and Class C Common Stockholders
The following table lists the dividends paid on the Company's Class A and Class C common stock during the six months ended June 30, 2024:
Second Quarter 2024
First Quarter 2024
Dividends per Class A share$0.4102 $0.4033 
Dividends per Class C share0.4102 0.4033 
Dividends on the Class A and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future.
On August 1, 2024, the Company declared quarterly dividends on its Class A and Class C common stock of $0.4171 per share payable on September 16, 2024 to stockholders of record as of September 3, 2024.
14



Noncontrolling Interests
Clearway Energy LLC Distributions to CEG
The following table lists distributions paid to CEG during the six months ended June 30, 2024 on Clearway Energy LLC’s Class B and D units:
Second Quarter 2024First Quarter 2024
Distributions per Class B Unit $0.4102 $0.4033 
Distributions per Class D Unit0.4102 0.4033 
On August 1, 2024, Clearway Energy LLC declared a distribution on its Class B and Class D units of $0.4171 per unit payable on September 16, 2024 to unit holders of record as of September 3, 2024.
Revenue Recognition
Disaggregated Revenues
The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category:
Three months ended June 30, 2024
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$10 $334 $344 
Capacity revenue (a)
67 13 80 
Other revenues1 29 30 
Contract amortization(4)(42)(46)
Mark-to-market for economic hedges(5)(37)(42)
Total operating revenues69 297 366 
Less: Contract amortization4 42 46 
Less: Mark-to-market for economic hedges5 37 42 
Less: Lease revenue(28)(267)(295)
Total revenue from contracts with customers
$50 $109 $159 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$ $258 $258 
Capacity revenue28 9 37 
Total
$28 $267 $295 
15



Three months ended June 30, 2023
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$3 $275 $278 
Capacity revenue (a)
96 5 101 
Other revenues (a)
21 27 48 
Contract amortization(5)(42)(47)
Mark-to-market for economic hedges 26 26 
Total operating revenues115 291 406 
Less: Contract amortization5 42 47 
Less: Mark-to-market for economic hedges (26)(26)
Less: Lease revenue(104)(237)(341)
Total revenue from contracts with customers
$16 $70 $86 
(a) The following amounts of energy, capacity and other revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$1 $233 $234 
Capacity revenue82 4 86 
Other revenues (b)
21  21 
Total
$104 $237 $341 
(b) Includes sales-type lease revenue recognized for the Marsh Landing Black Start addition that reached commercial operations on May 31, 2023.
Six months ended June 30, 2024
(In millions)Conventional GenerationRenewablesTotal
Energy revenue (a)
$32 $555 $587 
Capacity revenue (a)
130 22 152 
Other revenues3 43 46 
Contract amortization(9)(83)(92)
Mark-to-market for economic hedges8 (72)(64)
Total operating revenue
164 465 629 
Less: Contract amortization9 83 92 
Less: Mark-to-market for economic hedges(8)72 64 
Less: Lease revenue(57)(444)(501)
Total revenue from contracts with customers
$108 $176 $284 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$1 $427 $428 
Capacity revenue56 17 73 
Total
$57 $444 $501 
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Six months ended June 30, 2023
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$4 $473 $477 
Capacity revenue (a)
196 10 206 
Other revenues (a)
21 39 60 
Contract amortization(11)(83)(94)
Mark-to-market for economic hedges 45 45 
Total operating revenue
210 484 694 
Less: Contract amortization11 83 94 
Less: Mark-to-market for economic hedges (45)(45)
Less: Lease revenue(205)(393)(598)
Total revenue from contracts with customers
$16 $129 $145 
(a) The following amounts of energy, capacity and other revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$2 $385 $387 
Capacity revenue182 8 190 
Other revenues (b)
21  21 
Total
$205 $393 $598 
(b) Includes sales-type lease revenue recognized for the Marsh Landing Black Start addition that reached commercial operations on May 31, 2023.
Contract Balances
The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets:
June 30, 2024December 31, 2023
(In millions)
Accounts receivable, net - Contracts with customers$100 $66 
Accounts receivable, net - Leases155 105 
Total accounts receivable, net$255 $171 
Note 3 — Acquisitions
Cedar Creek Drop Down — On April 16, 2024, the Company, through its indirect subsidiary, Cedar Creek Wind Holdco LLC, acquired Cedar Creek Holdco LLC, the indirect owner of Cedar Creek, a 160 MW wind facility that is located in Bingham County, Idaho, from Clearway Renew for cash consideration of $117 million. Cedar Creek Holdco LLC consolidates as primary beneficiary, Cedar Creek TE Holdco LLC, a tax equity fund that owns the Cedar Creek wind facility, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. Cedar Creek has a 25-year PPA with an investment-grade utility that commenced in March 2024. The Cedar Creek operations are reflected in the Company’s Renewables segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Cedar Creek on a prospective basis in its financial statements. The assets and liabilities transferred to the Company relate to interests under common control and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid of $117 million and the historical cost of the Company’s net assets acquired of $17 million was recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected the entire $117 million of the Company’s purchase price, which was contributed back to the Company by CEG to pay down the acquired long-term debt, in the line item contributions from CEG, net of distributions in the consolidated statements of stockholders’ equity.
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The following is a summary of assets and liabilities transferred in connection with the acquisition as of April 16, 2024:
(In millions)Cedar Creek
Restricted cash$1 
Property, plant and equipment311 
Right-of-use assets, net6 
Derivative assets14 
Other current and non-current assets14 
Total assets acquired346 
Long-term debt (a)
309 
Long-term lease liabilities7 
Other current and non-current liabilities13 
Total liabilities assumed329 
Net assets acquired$17 
(a) Includes a $112 million construction loan, a $91 million cash equity bridge loan, and a $109 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.
Texas Solar Nova 2 Drop Down — On March 15, 2024, the Company, through its indirect subsidiary, TSN1 TE Holdco LLC, acquired Texas Solar Nova 2, a 200 MW solar facility that is located in Kent County, Texas, from Clearway Renew for cash consideration of $112 million, $17 million of which was funded by the Company with the remaining $95 million funded through a contribution from the cash equity investor in Lighthouse Renewable Holdco 2 LLC, which is a partnership. Lighthouse Renewable Holdco 2 LLC indirectly consolidates as primary beneficiary, TSN1 TE Holdco LLC, a tax equity fund that owns Texas Solar Nova 1 and Texas Solar Nova 2, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. Texas Solar Nova 2 has an 18-year PPA with an investment-grade counterparty that commenced in February 2024. The Texas Solar Nova 2 operations are reflected in the Company’s Renewables segment and the Company’s portion of the purchase price was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Texas Solar Nova 2 on a prospective basis in its financial statements. The assets and liabilities transferred to the Company relate to interests under common control and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid of $112 million and the historical cost of the Company’s net assets acquired of $72 million was recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected $9 million of the Company’s purchase price, which was contributed back to the Company by CEG to pay down the acquired long-term debt, in the line item distributions to CEG, net of contributions in the consolidated statements of stockholders’ equity.
The following is a summary of assets and liabilities transferred in connection with the acquisition as of March 15, 2024:
(In millions)Texas Solar Nova 2
Restricted cash$1 
Property, plant and equipment280 
Right-of-use assets, net21 
Derivative assets6 
Other current and non-current assets4 
Total assets acquired312 
Long-term debt (a)
194 
Long-term lease liabilities19 
Other current and non-current liabilities27 
Total liabilities assumed240 
Net assets acquired$72 
(a) Includes an $80 million term loan and a $115 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.
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Note 4 — Investments Accounted for by the Equity Method and Variable Interest Entities
Entities that are not Consolidated
The Company has interests in entities that are considered VIEs under ASC 810, but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities and entities in which it has a significant investment under the equity method of accounting, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2023 Form 10-K.
The following table reflects the Company’s equity investments in unconsolidated affiliates as of June 30, 2024:
NameEconomic Interest
Investment Balance (a)
(In millions)
Avenal50%$7 
Desert Sunlight25%221 
Elkhorn Ridge67%11 
GenConn (b)
50%77 
San Juan Mesa75%5 
$321 
(a) The Company’s maximum exposure to loss is limited to its investment balances.
(b) GenConn is a VIE.
Rosie Central BESS
On June 13, 2024, when the Rosamond Central BESS facility reached substantial completion, Clearway Renew redeemed Rosie Class B LLC’s entire investment of $28 million in Rosie Central BESS that was accounted for as an equity method investment, as further discussed in Note 7, Long-term Debt. Rosie Class B LLC’s equity investment in Rosie Central BESS was comprised of contributions from the Company and the cash equity investor in Rosie TargetCo LLC during the year ended December 31, 2023.
Entities that are Consolidated
As further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2023 Form 10-K, the Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind, solar and BESS facilities. The Company also has a controlling financial interest in certain partnership arrangements with third-party investors, which also have been identified as VIEs. Under the Company’s arrangements that have been identified as VIEs, the third-party investors are allocated earnings, tax attributes and distributable cash in accordance with the respective limited liability company agreements. Many of these arrangements also provide a mechanism to facilitate achievement of the investor’s specified return by providing incremental cash distributions to the investor at a specified date if the specified return has not yet been achieved.
The following is a summary of significant activity during the six months ended June 30, 2024 related to the Company’s consolidated VIEs:
Cedar Creek TE Holdco LLC
As described in Note 3, Acquisitions, on April 16, 2024, the Company, through its indirect subsidiary, Cedar Creek Wind Holdco LLC, acquired Cedar Creek Holdco LLC. Cedar Creek Holdco LLC consolidates as primary beneficiary, Cedar Creek TE Holdco LLC, a tax equity fund that owns the Cedar Creek wind facility. The Class A membership interests in Cedar Creek TE Holdco LLC are held by a tax equity investor and are reflected as noncontrolling interest on the Company’s consolidated balance sheet.
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Lighthouse Renewable Holdco 2 LLC
As described in Note 3, Acquisitions, on March 15, 2024, TSN1 TE Holdco LLC, an indirect subsidiary of the Company, acquired Texas Solar Nova 2. The Company, through Lighthouse Renewable Holdco 2 LLC, a partnership, consolidates TSN1 TE Holdco LLC, a tax equity fund that owns Texas Solar Nova 1 and Texas Solar Nova 2. The Company recorded the noncontrolling interest of the cash equity investor in Lighthouse Renewable Holdco 2 LLC at historical carrying amount, with the offset to additional-paid in capital. The Class A membership interests in TSN1 TE Holdco LLC are held by a tax equity investor and are reflected as noncontrolling interest on the Company’s consolidated balance sheet.
Daggett Renewable Holdco LLC
Effective January 1, 2024, the Company and the cash equity investor in Daggett Renewable HoldCo LLC and Daggett 2 TargetCo LLC, the indirect owner of the Daggett 2 solar and BESS facility, agreed to transfer Daggett 2 TargetCo LLC to Daggett Renewable Holdco LLC. As the transfer was among entities under common control, the transaction was recognized at historical cost and no gain or loss was recognized.
Summarized financial information for the Company’s consolidated VIEs consisted of the following as of June 30, 2024:
(In millions)Buckthorn Holdings, LLCCedar Creek TE Holdco LLC
Daggett Renewable Holdco LLC (a)
DGPV Funds (b)
Lighthouse Renewable Holdco LLC (c)
Lighthouse Renewable Holdco 2 LLC (d)
Other current and non-current assets$5 $47 $240 $56 $69 $153 
Property, plant and equipment181 310 1,369 371 403 1,329 
Intangible assets   1  2 
Total assets186 357 1,609 428 472 1,484 
Current and non-current liabilities12 124 645 51 140 586 
Total liabilities12 124 645 51 140 586 
Noncontrolling interest10 105