0001637757-25-000004 | 10-K | XBRL Viewer

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Intangible Assets - Schedule Future Amortization Expense for Intangibles (Details) $ in Millions	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 185
2026	185
2027	185
2028	185
2029	$ 185

Summary of Significant Accounting Policies - Schedule of Contract with Customer, Asset (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total accounts receivable, net	$ 164	$ 171
Accounts receivable, net - Contracts with customers
Disaggregation of Revenue [Line Items]
Total accounts receivable, net	75	66
Accounts receivable, net - Leases
Disaggregation of Revenue [Line Items]
Total accounts receivable, net	$ 89	$ 105

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Operating revenues	$ 1,371	$ 1,314	$ 1,190
Total operating revenues	1,371	1,314	1,190
Less: Lease revenue	$ (831)	$ (780)	$ (850)
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total operating revenues	Total operating revenues	Total operating revenues
Flexible Generation \| Energy Revenue
Disaggregation of Revenue [Line Items]
Less: Lease revenue	$ (3)	$ (4)	$ (6)
Flexible Generation \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Less: Lease revenue	(110)	(249)	(435)
Renewables \| Energy Revenue
Disaggregation of Revenue [Line Items]
Less: Lease revenue	(817)	(760)	(809)
Renewables \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Less: Lease revenue	(43)	(20)	0
Thermal \| Energy Revenue
Disaggregation of Revenue [Line Items]
Less: Lease revenue			(1)
Thermal \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Less: Lease revenue			0
Operating Segments
Disaggregation of Revenue [Line Items]
Operating revenues	1,371	1,314	1,190
Contract amortization	(184)	(186)	(175)
Mark-to-market for economic hedges	(35)	19	(182)
Total operating revenues	1,371	1,314	1,190
Less: Contract amortization	184	186	175
Less: Mark-to-market for economic hedges	35	(19)	182
Less: Lease revenue	(973)	(1,054)	(1,251)
Total revenue from contracts with customers	617	427	296
Operating Segments \| Energy Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	1,173	1,023	1,010
Total operating revenues	1,173	1,023	1,010
Operating Segments \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	327	359	455
Total operating revenues	327	359	455
Operating Segments \| Other Revenues
Disaggregation of Revenue [Line Items]
Operating revenues	90	99	82
Total operating revenues	90	99	82
Operating Segments \| Flexible Generation
Disaggregation of Revenue [Line Items]
Operating revenues	342	420	417
Contract amortization	(18)	(20)	(24)
Mark-to-market for economic hedges	9	(5)	0
Total operating revenues	342	420	417
Less: Contract amortization	18	20	24
Less: Mark-to-market for economic hedges	(9)	5	0
Less: Lease revenue	(113)	(274)	(441)
Total revenue from contracts with customers	238	171	0
Operating Segments \| Flexible Generation \| Energy Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	84	81	6
Total operating revenues	84	81	6
Operating Segments \| Flexible Generation \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	262	336	435
Total operating revenues	262	336	435
Operating Segments \| Flexible Generation \| Other Revenues
Disaggregation of Revenue [Line Items]
Operating revenues	5	28	0
Total operating revenues	5	28	0
Operating Segments \| Renewables
Disaggregation of Revenue [Line Items]
Operating revenues	1,029	894	696
Contract amortization	(166)	(166)	(151)
Mark-to-market for economic hedges	(44)	24	(182)
Total operating revenues	1,029	894	696
Less: Contract amortization	166	166	151
Less: Mark-to-market for economic hedges	44	(24)	182
Less: Lease revenue	(860)	(780)	(809)
Total revenue from contracts with customers	379	256	220
Operating Segments \| Renewables \| Energy Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	1,089	942	956
Total operating revenues	1,089	942	956
Operating Segments \| Renewables \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Operating revenues	65	23	2
Total operating revenues	65	23	2
Operating Segments \| Renewables \| Other Revenues
Disaggregation of Revenue [Line Items]
Operating revenues	85	71	71
Total operating revenues	$ 85	$ 71	71
Operating Segments \| Thermal
Disaggregation of Revenue [Line Items]
Operating revenues			77
Contract amortization			0
Mark-to-market for economic hedges			0
Total operating revenues			77
Less: Contract amortization			0
Less: Mark-to-market for economic hedges			0
Less: Lease revenue			(1)
Total revenue from contracts with customers			76
Operating Segments \| Thermal \| Energy Revenue
Disaggregation of Revenue [Line Items]
Operating revenues			48
Total operating revenues			48
Operating Segments \| Thermal \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Operating revenues			18
Total operating revenues			18
Operating Segments \| Thermal \| Other Revenues
Disaggregation of Revenue [Line Items]
Operating revenues			11
Total operating revenues			$ 11

Investments Accounted for by the Equity Method and Variable Interest Entities

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments Accounted for by the Equity Method and Variable Interest Entities

Equity Method Investments

The following table reflects the Company’s equity investments in unconsolidated affiliates as of December 31, 2024:


Name	Economic Interest	Investment Balance (a)
		(In millions)
Avenal	50%	$	9
Desert Sunlight	25%	217
Elkhorn Ridge	66.7%	7
GenConn (b)	50%	75
San Juan Mesa	75%	1
		$	309

(a) The Company’s maximum exposure to loss is limited to its investment balances.

(b) GenConn is a VIE.

As of December 31, 2024 and 2023, the Company had $20 million and $17 million, respectively, of undistributed earnings from its equity method investments.

The Company acquired its interest in Desert Sunlight on June 30, 2015, for $285 million, which resulted in a $181 million difference between the purchase price and the basis of the acquired assets and liabilities. The difference is attributable to the fair value of the property, plant and equipment and PPAs. The Company is amortizing the related basis differences to equity in earnings of unconsolidated subsidiaries over the related useful life of the underlying assets acquired. As of December 31, 2024, the carrying value of the basis difference is $115 million.

The Company’s pro-rata share of non-recourse debt held by unconsolidated affiliates was $282 million as of December 31, 2024.

Rosie Central BESS — On June 30, 2023, the Company, through its indirect subsidiary, Rosie Class B LLC, the indirect owner of the Rosamond Central solar facility, became the owner of the Class B membership interests of Rosie Central BESS in order to facilitate and fund the construction of a BESS facility that is co-located at the Rosamond Central solar facility. Clearway Renew indirectly owns the Class A membership interests and controls Rosie Central BESS. The Company accounted for its investment in Rosie Central BESS as an equity method investment. 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 utilizing the additional purchase price paid by the Company, as further described in Note 3, Acquisitions. 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.

The following tables present summarized financial information for the Company’s equity method investments:


	Year Ended December 31,
	2024		2023		2022
Income Statement Data:	(In millions)




Desert Sunlight
Operating revenues	$	206	$	202	$	203
Operating income	146		144		137
Net income	113		108		114












Other (a)
Operating revenues	95		94		102
Operating income	25		23		34
Net income	16		13		22
			As of December 31,
			2024		2023
Balance Sheet Data:			(In millions)





Desert Sunlight
Current assets			$	81	$	80
Non-current assets			1,086		1,131
Current liabilities			63		61
Non-current liabilities			726		776

















Other (b)
Current assets			63		58
Non-current assets			391		429
Current liabilities			27		28
Non-current liabilities			225		243

(a) Includes Avenal, Elkhorn Ridge, GenConn and San Juan Mesa.

(b) Includes Avenal, Elkhorn Ridge, GenConn and San Juan Mesa as of December 31, 2024 and 2023. Includes Rosie Central BESS only as of December 31, 2023 since the equity investment was redeemed on June 13, 2024, as further described above.

Variable Interest Entities, or VIEs

Entities that are Consolidated

The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations. 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 2024 related to the Company’s consolidated VIEs:

DGPV Funds

On December 31, 2024, Chestnut Fund Class B LLC, an indirect subsidiary of the Company, acquired 100% of the Class A membership interests in Chestnut Fund LLC, a tax equity fund that owns several distributed solar facilities, from the tax equity investor for $5 million. Prior to the acquisition, the Company consolidated Chestnut Fund LLC through its ownership of the Class B membership interests and role as managing member, and the Class A membership interests were reflected as redeemable noncontrolling interest on the Company’s consolidated balance sheet. The difference between the historical cost of the Company’s redeemable noncontrolling interest of $12 million and the cash paid of $5 million was recorded as an adjustment to contributed capital.

Cedro Hill TE Holdco LLC

On December 27, 2024, when the repowering of the Cedro Hill wind facility reached substantial completion, tax equity investors contributed $152 million to acquire the Class A membership interests in Cedro Hill TE Holdco LLC, as further described in Note 10, Long-term Debt. The Company, through its indirect subsidiary, Cedro Hill Class B Member LLC, consolidates as primary beneficiary, Cedro Hill TE Holdco LLC, a tax equity fund that owns the Cedro Hill wind facility. The Class A membership interests in Cedro Hill TE Holdco LLC are reflected as noncontrolling interest on the Company’s consolidated balance sheet.

Spring Canyon

On December 17, 2024, Spring Canyon TE Holdco LLC, an indirect subsidiary of the Company, acquired 100% of the Class A membership interests in Spring Canyon Expansion Holdings LLC, a tax equity fund that owns the Spring Canyon wind facilities, from the tax equity investor for $7 million. Prior to the acquisition, the Company consolidated Spring Canyon Expansion Holdings LLC through its controlling interest in Spring Canyon Expansion Class B Holdings LLC, a partnership, which owns the Class B membership interests, and role as managing member, and the Class A membership interests were reflected as noncontrolling interest on the Company’s consolidated balance sheet. The difference between the cash paid of $7 million and the historical cost of the Company’s noncontrolling interest of $3 million was recorded as an adjustment to contributed capital.

Dan’s Mountain TargetCo LLC

As described in Note 3, Acquisitions, on November 18, 2024, Dan’s Mountain Parent Holdco LLC, an indirect subsidiary of the Company, acquired the Class A membership interests in Dan’s Mountain TargetCo LLC, which is a partnership between the Company and Clearway Renew. The Company consolidates Dan’s Mountain TargetCo LLC as a VIE as the Company is the primary beneficiary through its role as managing member. Through its membership interests in Dan’s Mountain TargetCo LLC, the Company receives 50% of distributable cash. The Company recorded the noncontrolling interest of Clearway Renew’s Class B membership interests in Dan’s Mountain TargetCo LLC at historical carrying amount, with the offset to contributed capital. Dan’s Mountain TargetCo LLC consolidates as primary beneficiary and through its ownership of the Class B membership interests, Dan’s Mountain Tax Credit Holdco LLC, a tax equity fund that owns the Dan’s Mountain wind facility. The Class A membership interests in Dan’s Mountain Tax Credit Holdco LLC are held by a tax equity investor and are reflected as noncontrolling interest on the Company’s consolidated balance sheet.

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.

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 contributed 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 December 31, 2024:


(In millions)	Buckthorn Holdings, LLC		Cedar Creek TE Holdco LLC		Cedro Hill 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	$	3	$	40	$	62	$	152	$	26	$	67	$	143
Property, plant and equipment	178		313		213		946		217		393		1,296
Intangible assets	—		—		—		—		—		—		2
Total assets	181		353		275		1,098		243		460		1,441
Total liabilities	13		118		31		447		26		136		569
Noncontrolling interest	5		113		145		796		3		240		668
Net assets less noncontrolling interest	$	163	$	122	$	99	$	(145)	$	214	$	84	$	204

(a) Daggett Renewable Holdco LLC consolidates Daggett TE Holdco LLC and Daggett 2 TE Holdco LLC, which are consolidated VIEs.

(b) DGPV Funds is comprised of Clearway & EFS Distributed Solar LLC, Golden Puma Fund LLC and Renew Solar CS4 Fund LLC, which are all tax equity funds.

(c) Lighthouse Renewable Holdco LLC consolidates Black Rock TE Holdco LLC and Mililani TE Holdco LLC, which are consolidated VIEs.

(d) Lighthouse Renewable Holdco 2 LLC consolidates Mesquite Sky TE Holdco LLC, Mesquite Star Tax Equity Holdco LLC and TSN1 TE Holdco LLC, which are consolidated VIEs.


(In millions)	Oahu Solar LLC		Rattlesnake TE Holdco LLC		Rosie TargetCo LLC		VP-Arica TargetCo LLC (a)		Wildorado TE Holdco LLC		Other (b)
Other current and non-current assets	$	37	$	13	$	62	$	66	$	26	$	62
Property, plant and equipment	149		165		527		988		178		488
Intangible assets	—		—		—		2		—		13
Total assets	186		178		589		1,056		204		563
Total liabilities	22		17		218		40		18		315
Noncontrolling interest	20		74		256		308		81		150
Net assets less noncontrolling interest	$	144	$	87	$	115	$	708	$	105	$	98

(a) VP-Arica TargetCo LLC consolidates VP-Arica TE Holdco LLC, a consolidated VIE that owns the Victory Pass and Arica solar and BESS facilities.

(b) Other is comprised of Dan’s Mountain TargetCo LLC, which consolidates Dan’s Mountain Tax Credit Holdco LLC, Elbow Creek TE Holdco LLC, Langford TE Partnership LLC, Pinnacle Repowering TE Holdco LLC and the Spring Canyon facilities.

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Revenues
Total operating revenues	$ 1,371	$ 1,314	$ 1,190
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	501	473	435
Depreciation, amortization and accretion	627	526	512
Impairment losses	0	12	16
General and administrative	38	35	38
Transaction and integration costs	8	4	7
Development costs	0	0	2
Total operating costs and expenses	1,174	1,050	1,010
Gain on sale of business	0	0	1,292
Operating Income	197	264	1,472
Other Income (Expense)
Equity in earnings of unconsolidated affiliates	35	12	29
Other income, net	48	52	17
Loss on debt extinguishment	(5)	(6)	(2)
Interest expense	(307)	(337)	(232)
Total other expense, net	(229)	(279)	(188)
(Loss) Income Before Income Taxes	(32)	(15)	1,284
Income tax expense (benefit)	1	(2)	2
Net (Loss) Income	(33)	(13)	1,282
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(236)	(162)	(106)
Net Income Attributable to Clearway Energy LLC	$ 203	$ 149	$ 1,388

CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY - USD ($) $ in Millions	Total	Kawailoa Sale to Clearway Renew	CEG	Tax Equity Investors	Clearway Energy, Inc.	Contributed Capital	Contributed Capital Kawailoa Sale to Clearway Renew	Contributed Capital CEG	Contributed Capital Clearway Energy, Inc.	Retained Earnings	Retained Earnings CEG	Retained Earnings Clearway Energy, Inc.	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest	Noncontrolling Interest Kawailoa Sale to Clearway Renew	Noncontrolling Interest CEG	Noncontrolling Interest Tax Equity Investors
Balance, beginning of period at Dec. 31, 2021	$ 3,217					$ 1,495				$ 43			$ (13)	$ 1,692
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,271									1,388				(117)
Unrealized (loss) gain on derivatives and changes in accumulated OCI	33												27	6
(Distributions to) contributions from CEG, non-cash			$ (4)					$ (18)								$ 14
Contributions from (distributions to) CEG, cash			16					48								$ (32)
Contributions from noncontrolling interests, net of distributions, cash				$ 51													$ 51
Tax-related distributions	(19)									(19)
Transfer of assets under common control	(58)					(84)								26
Payment for interests	11	$ (69)				4	$ (20)						7		$ (49)
Distributions paid			(122)		$ (167)			(35)	$ (82)		$ (87)	$ (85)
Balance, end of period at Dec. 31, 2022	4,160					1,308				1,240			21	1,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(30)									149				(179)
Unrealized (loss) gain on derivatives and changes in accumulated OCI	(7)												(6)	(1)
Contributions from (distributions to) CEG, cash			(78)					(78)
Contributions from noncontrolling interests, net of distributions, cash				1,123													1,123
Distributions to noncontrolling interests, non-cash	(7)													(7)
Contributions from Clearway, Inc., non-cash					13				$ 13
Tax-related distributions	(51)									(51)
Transfer of assets under common control	286					12								274
Payment for interests	(10)					27								(37)
Buyout of redeemable noncontrolling interest	17					17
Distributions paid			(131)		(180)						(131)	(180)
Balance, end of period at Dec. 31, 2023	5,105					1,299				1,027			15	2,764
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(46)									203				(249)
Unrealized (loss) gain on derivatives and changes in accumulated OCI	(5)												(8)	3
Contributions from (distributions to) CEG, cash			194					$ 194
Contributions from noncontrolling interests, net of distributions, cash	1,321													1,321
Distributions to noncontrolling interests, non-cash				$ (1)													$ (1)
Tax-related distributions	(2)									(2)
Transfer of assets under common control	(593)					(586)								(7)
Payment for interests	(7)					(4)								(3)
Buyout of redeemable noncontrolling interest	7					7
Distributions paid			$ (140)		$ (194)						$ (140)	$ (194)
Other	2					1								1
Balance, end of period at Dec. 31, 2024	$ 5,641					$ 911				$ 894			$ 7	$ 3,829

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule Of Asset Acquisition

The following is a summary of assets and liabilities transferred in connection with the acquisition as of November 18, 2024:


(In millions)	Dan’s Mountain
Property, plant and equipment (a)	$	152
Right-of-use assets	3



Total assets acquired	155

Long-term debt (b)	125
Long-term lease liabilities	3
Other current and non-current liabilities	29
Total liabilities assumed	157
Net liabilities assumed	$	(2)

(a) Includes Construction in progress of $150 million.

(b) Includes a $77 million cash equity bridge loan and a $49 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. See Note 10, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 1, 2023:


(In millions)	Rosamond Central BESS
Property, plant and equipment (a)	$	275

Total assets acquired	275

Other current and non-current liabilities	9
Total liabilities assumed	9
Net assets acquired	$	266

(a) Includes Construction in progress of $272 million.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of October 31, 2023:


(In millions)	Victory Pass and Arica
Cash	$	1
Property, plant and equipment (a)	937
Right-of-use assets, net	4
Derivative assets	1
Other non-current assets	6

Total assets acquired	949

Long-term debt (b)	864
Long-term lease liabilities	4
Other current and non-current liabilities	82
Total liabilities assumed	950
Net liabilities assumed	$	(1)

(a) Includes Construction in progress of $893 million.

(b) Includes a $483 million cash equity bridge loan and $385 million tax equity bridge loan, offset by $4 million in unamortized debt issuance costs. See Note 10, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

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 equipment	311
Right-of-use assets, net	6
Derivative assets	14
Other current and non-current assets	14

Total assets acquired	346

Long-term debt (a)	309
Long-term lease liabilities	7
Other current and non-current liabilities	13
Total liabilities assumed	329
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 10, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

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 equipment	280
Right-of-use assets, net	21
Derivative assets	6
Other current and non-current assets	4

Total assets acquired	312

Long-term debt (a)	194
Long-term lease liabilities	19
Other current and non-current liabilities	27
Total liabilities assumed	240
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 10, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 28, 2023:


(In millions)	Texas Solar Nova 1
Cash	$	3
Property, plant and equipment	362
Right-of-use assets, net	21
Derivative assets	4
Other non-current assets	6

Total assets acquired	396

Long-term debt (a)	349
Long-term lease liabilities	19
Other current and non-current liabilities	34
Total liabilities assumed	402
Net liabilities assumed	$	(6)

(a) Includes a $90 million construction loan, $109 million cash equity bridge loan and $151 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. See Note 10, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of August 30, 2023:


(In millions)	Daggett 2
Cash	$	1
Restricted cash (a)	119
Property, plant and equipment	379
Right-of-use assets, net	22
Derivative assets	22

Total assets acquired	543

Long-term debt (b)	308
Long-term lease liabilities	23
Other current and non-current liabilities	28
Total liabilities assumed	359
Noncontrolling interests	213
Net assets acquired less noncontrolling interests	$	(29)

(a) Includes funds that were contributed by the cash equity investor and tax equity investor, which were primarily used to pay off the tax equity bridge loan when the facility reached substantial completion on December 22, 2023, as further discussed in Note 10, Long-term Debt.

(b) Includes a $107 million construction loan and $204 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. See Note 10, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of February 17, 2023:


(In millions)	Daggett 3
Restricted cash	$	4
Property, plant and equipment	534
Right-of-use assets, net	31
Derivative assets	27

Total assets acquired	596

Long-term debt (a)	480
Long-term lease liabilities	33
Other current and non-current liabilities (b)	68
Total liabilities assumed	581
Net assets acquired	$	15

(a) Includes a $181 million construction loan, $75 million cash equity bridge loan and $229 million tax equity bridge loan, offset by $5 million in unamortized debt issuance costs. See Note 10, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

(b) Includes $32 million of facility costs that were subsequently funded by CEG. Subsequent to the acquisition date, CEG funded an additional $22 million in facility costs. The combined $54 million funded by CEG was repaid to CEG in October 2023.

Members' Equity - Schedule of Dividends Paid (Details) - $ / shares	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Distributions per Class A and Class B units
Class of Stock [Line Items]
Distributions paid (in dollars per share)	$ 0.4240	$ 0.4171	$ 0.4102	$ 0.4033	$ 0.3964	$ 0.3891	$ 0.3818	$ 0.3745	$ 0.3672	$ 0.3604	$ 0.3536	$ 0.3468
Distributions per Class C and Class D units
Class of Stock [Line Items]
Distributions paid (in dollars per share)	$ 0.4240	$ 0.4171	$ 0.4102	$ 0.4033	$ 0.3964	$ 0.3891	$ 0.3818	$ 0.3745	$ 0.3672	$ 0.3604	$ 0.3536	$ 0.3468

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company’s segment structure reflects how management currently operates and allocates resources. The Company’s businesses are segregated based on Flexible Generation and Renewables businesses, which consist of solar, wind and battery energy storage system, or BESS, facilities. The Corporate segment reflects the Company’s corporate costs and includes eliminating entries. The Company’s chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on net income (loss). The Company’s Chief Executive Officer reviews net income (loss) and its components on a monthly and quarterly basis to evaluate the performance of each segment and to determine how to allocate resources.

Approximately 60% of the Company’s operating revenues and 50% of the Company’s assets relate to operations located in California. Also, the Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2024, 2023 and 2022:


	2024		2023		2022
Customer	Flexible Generation	Renewables	Flexible Generation	Renewables	Flexible Generation	Renewables
SCE	7%	17%	11%	13%	17%	17%
PG&E	3%	14%	4%	13%	10%	15%


	Year ended December 31, 2024
(In millions)	Flexible Generation		Renewables		Corporate (a)		Total
Operating revenues	$	342	$	1,029	$	—	$	1,371
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	137		367		(3)		501
Depreciation, amortization and accretion	115		512		—		627

General and administrative	—		—		38		38
Transaction and integration costs	—		—		8		8

Operating income (loss)	90		150		(43)		197
Equity in earnings of unconsolidated affiliates	3		32		—		35


Other income, net	6		31		11		48
Loss on debt extinguishment	—		(5)		—		(5)
Interest expense	(35)		(176)		(96)		(307)
Income (loss) before income taxes	64		32		(128)		(32)
Income tax expense	—		1		—		1
Net Income (Loss)	64		31		(128)		(33)

Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	—		(236)		—		(236)
Net Income (Loss) Attributable to Clearway Energy LLC	$	64	$	267	$	(128)	$	203
Balance Sheet
Equity investments in affiliates	$	75	$	234	$	—	$	309
Capital expenditures (b)	9		179		—		188
Total Assets	$	1,933	$	12,236	$	151	$	14,320

(a) Includes eliminations.

(b) Includes accruals.


	Year ended December 31, 2023
(In millions)	Flexible Generation		Renewables		Corporate (a)		Total
Operating revenues	$	420	$	894	$	—	$	1,314
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	154		321		(2)		473
Depreciation, amortization and accretion	129		397		—		526
Impairment losses	—		12		—		12
General and administrative	—		—		35		35
Transaction and integration costs	—		—		4		4

Operating income (loss)	137		164		(37)		264


Equity in earnings of unconsolidated affiliates	3		9		—		12


Other income, net	4		24		24		52
Loss on debt extinguishment	—		(6)		—		(6)
Interest expense	(35)		(205)		(97)		(337)
Income (loss) before income taxes	109		(14)		(110)		(15)
Income tax benefit	—		(2)		—		(2)
Net Income (Loss)	109		(12)		(110)		(13)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	—		(162)		—		(162)
Net Income (Loss) Attributable to Clearway Energy LLC	$	109	$	150	$	(110)	$	149
Balance Sheet
Equity investments in affiliates	$	79	$	281	$	—	$	360
Capital expenditures (b)	11		146		—		157
Total Assets	$	2,058	$	12,205	$	425	$	14,688

(a) Includes eliminations.

(b) Includes accruals.


	Year ended December 31, 2022
(In millions)	Flexible Generation		Renewables		Thermal		Corporate (a)		Total
Operating revenues	$	417	$	696	$	77	$	—	$	1,190
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	89		298		50		(2)		435
Depreciation, amortization and accretion	131		381		—		—		512
Impairment losses	—		16		—		—		16
General and administrative	—		—		2		36		38
Transaction and integration costs	—		—		—		7		7
Development costs	—		—		2		—		2
Total operating costs and expenses	220		695		54		41		1,010
Gain on sale of business	—		—		—		1,292		1,292
Operating income	197		1		23		1,251		1,472
Equity in earnings of unconsolidated affiliates	3		26		—		—		29


Other income, net	1		6		—		10		17
Loss on debt extinguishment	—		(2)		—		—		(2)
Interest expense	(40)		(87)		(6)		(99)		(232)
Income (loss) before income taxes	161		(56)		17		1,162		1,284
Income tax expense	—		2		—		—		2
Net Income (Loss)	161		(58)		17		1,162		1,282
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	—		(107)		—		1		(106)
Net Income Attributable to Clearway Energy LLC	$	161	$	49	$	17	$	1,161	$	1,388

(a) Includes eliminations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Fair Value of Financial Instruments - Schedule of Balance Sheet Grouping (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion — affiliate	$ 7,235	$ 8,100
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion — affiliate	0	1
Long-term debt, including current portion — external	7,237	8,102
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion — affiliate	0	1
Long-term debt, including current portion — external	6,715	7,611
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion — external	1,922	1,940
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion — external	$ 4,793	$ 5,672

Schedule I - Condensed Financial Information of Registrant - P/L (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]
Interest income	$ 48	$ 52	$ 17
Total other income	(229)	(279)	(188)
Net Income Attributable to Clearway Energy LLC	203	149	1,388
Clearway Energy LLC
Condensed Income Statements, Captions [Line Items]
Total operating costs and expenses	0	0	1
Equity in earnings of consolidated subsidiaries	192	126	1,379
Interest income	11	23	10
Total other income	203	149	1,389
Net Income Attributable to Clearway Energy LLC	$ 203	$ 149	$ 1,388

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

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:


	December 31,
	2024		2023
	(In millions)
Cash and cash equivalents	$	332	$	535
Restricted cash	401		516
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	733	$	1,051

Schedule of Restricted Cash


	December 31,
	2024		2023
	(In millions)
Cash and cash equivalents	$	332	$	535
Restricted cash	401		516
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	733	$	1,051

Schedule of 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:


	Year ended December 31,
	2024		2023		2022
	(In millions)
Cash paid to acquire Drop Down Assets	$	(680)	$	(173)	$	(71)
Cash acquired from the acquisition of Drop Down Assets	2		128		—
Acquisition of Drop Down Assets, net of cash acquired	$	(678)	$	(45)	$	(71)

Schedule of Disaggregation of Revenue

The following tables represent the Company’s disaggregation of revenue from contracts with customers, along with the reportable segment for each category:


	Year ended December 31, 2024
(In millions)	Flexible Generation		Renewables		Total
Energy revenue (a)	$	84	$	1,089	$	1,173
Capacity revenue (a)	262		65		327
Other revenues	5		85		90
Contract amortization	(18)		(166)		(184)
Mark-to-market for economic hedges	9		(44)		(35)
Total operating revenues	342		1,029		1,371
Less: Contract amortization	18		166		184
Less: Mark-to-market for economic hedges	(9)		44		35
Less: Lease revenue	(113)		(860)		(973)

Total revenue from contracts with customers	$	238	$	379	$	617

(a) See Note 15, Leases, for the amounts of energy and capacity revenues that relate to leases and are accounted for under ASC 842.


	Year ended December 31, 2023
(In millions)	Flexible Generation		Renewables		Total
Energy revenue (a)	$	81	$	942	$	1,023
Capacity revenue (a)	336		23		359
Other revenues (a)	28		71		99
Contract amortization	(20)		(166)		(186)
Mark-to-market for economic hedges	(5)		24		19
Total operating revenues	420		894		1,314
Less: Contract amortization	20		166		186
Less: Mark-to-market for economic hedges	5		(24)		(19)
Less: Lease revenue	(274)		(780)		(1,054)
Total revenue from contracts with customers	$	171	$	256	$	427

(a) See Note 15, Leases, for the amounts of energy, capacity and other revenues that relate to leases and are accounted for under ASC 842.


	Year ended December 31, 2022
(In millions)	Flexible Generation		Renewables		Thermal		Total
Energy revenue (a)	$	6	$	956	$	48	$	1,010
Capacity revenue (a)	435		2		18		455
Other revenues	—		71		11		82
Contract amortization	(24)		(151)		—		(175)
Mark-to-market for economic hedges	—		(182)		—		(182)
Total operating revenues	417		696		77		1,190
Less: Contract amortization	24		151		—		175
Less: Mark-to-market for economic hedges	—		182		—		182
Less: Lease revenue	(441)		(809)		(1)		(1,251)
Total revenue from contracts with customers	$	—	$	220	$	76	$	296

(a) See Note 15, Leases, for the amounts of energy and capacity revenues that relate to leases and are accounted for under ASC 842.

Schedule of Contract with Customer, Asset

The following table reflects the contract assets included on the Company’s consolidated balance sheets:


(In millions)	December 31, 2024		December 31, 2023
Accounts receivable, net - Contracts with customers	$	75	$	66
Accounts receivable, net - Leases	89		105
Total accounts receivable, net	$	164	$	171

Schedule of Change in Asset Retirement Obligation

The following table represents the balance of AROs, along with the related activity:


(In millions)
Balance as of December 31, 2022	$	157
Revisions in estimated cash flows	3
Liabilities incurred	67
Accretion expense	12
Balance as of December 31, 2023	239
Revisions in estimated cash flows	(1)
Liabilities incurred	14
Liabilities settled	(2)
Accretion expense	16
Balance as of December 31, 2024	$	266

Schedule of Redeemable Noncontrolling Interest

The following table reflects the changes in the Company’s redeemable noncontrolling interest balance:


	(In millions)
Balance at December 31, 2022	$	7
Cash distributions to redeemable noncontrolling interests	(3)
Comprehensive income attributable to redeemable noncontrolling interests	17
Repurchase of redeemable noncontrolling interest	(20)
Balance at December 31, 2023	1
Cash distributions to redeemable noncontrolling interests	(2)
Comprehensive income attributable to redeemable noncontrolling interests	13
Repurchase of redeemable noncontrolling interest	(12)
Balance at December 31, 2024	$	—

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 34
2026	34
2027	35
2028	35
2029	35
Thereafter	771
Total lease payments	944
Less imputed interest	(365)
Total lease liability - operating leases	$ 579

Segment Reporting (Details) - USD ($) $ in Millions		12 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	May 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting
Operating revenues		$ 1,371	$ 1,314	$ 1,190
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below		501	473	435
Depreciation, amortization and accretion		627	526	512
Impairment losses		0	12	16
General and administrative		38	35	38
Transaction and integration costs		8	4	7
Development costs		0	0	2
Operating income (loss)		197	264	1,010
Gain on sale of business		0	0	1,292
Operating Income		197	264	1,472
Equity in earnings of unconsolidated affiliates		35	12	29
Interest income		48	52	17
Loss on debt extinguishment		(5)	(6)	(2)
Interest expense		(307)	(337)	(232)
Income (loss) before income taxes		(32)	(15)	1,284
Income tax expense (benefit)		1	(2)	2
Net (loss) income	$ 8	(33)	(13)	1,282
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests		(236)	(162)	(106)
Net Income (Loss) Attributable to Clearway Energy LLC		203	149	1,388
Equity investments in affiliates		309	360
Capital expenditures		188	157
Total assets		14,320	14,688
Operating Segments
Segment Reporting
Operating revenues		1,371	1,314	1,190
Corporate
Segment Reporting
Operating revenues		0	0	0
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below		(3)	(2)	(2)
Depreciation, amortization and accretion		0	0	0
Impairment losses			0	0
General and administrative		38	35	36
Transaction and integration costs		8	4	7
Development costs				0
Operating income (loss)		(43)	(37)	41
Gain on sale of business				1,292
Operating Income				1,251
Equity in earnings of unconsolidated affiliates		0	0	0
Interest income		11	24	10
Loss on debt extinguishment		0	0	0
Interest expense		(96)	(97)	(99)
Income (loss) before income taxes		(128)	(110)	1,162
Income tax expense (benefit)		0	0	0
Net (loss) income		(128)	(110)	1,162
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests		0	0	1
Net Income (Loss) Attributable to Clearway Energy LLC		(128)	(110)	1,161
Equity investments in affiliates		0	0
Capital expenditures		0	0
Total assets		151	425
Flexible Generation \| Operating Segments
Segment Reporting
Operating revenues		342	420	417
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below		137	154	89
Depreciation, amortization and accretion		115	129	131
Impairment losses			0	0
General and administrative		0	0	0
Transaction and integration costs		0	0	0
Development costs				0
Operating income (loss)		90	137	220
Gain on sale of business				0
Operating Income				197
Equity in earnings of unconsolidated affiliates		3	3	3
Interest income		6	4	1
Loss on debt extinguishment		0	0	0
Interest expense		(35)	(35)	(40)
Income (loss) before income taxes		64	109	161
Income tax expense (benefit)		0	0	0
Net (loss) income		64	109	161
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests		0	0	0
Net Income (Loss) Attributable to Clearway Energy LLC		64	109	161
Equity investments in affiliates		75	79
Capital expenditures		9	11
Total assets		1,933	2,058
Renewables \| Operating Segments
Segment Reporting
Operating revenues		1,029	894	696
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below		367	321	298
Depreciation, amortization and accretion		512	397	381
Impairment losses			12	16
General and administrative		0	0	0
Transaction and integration costs		0	0	0
Development costs				0
Operating income (loss)		150	164	695
Gain on sale of business				0
Operating Income				1
Equity in earnings of unconsolidated affiliates		32	9	26
Interest income		31	24	6
Loss on debt extinguishment		(5)	(6)	(2)
Interest expense		(176)	(205)	(87)
Income (loss) before income taxes		32	(14)	(56)
Income tax expense (benefit)		1	(2)	2
Net (loss) income		31	(12)	(58)
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests		(236)	(162)	(107)
Net Income (Loss) Attributable to Clearway Energy LLC		267	150	49
Equity investments in affiliates		234	281
Capital expenditures		179	146
Total assets		$ 12,236	$ 12,205
Thermal \| Operating Segments
Segment Reporting
Operating revenues				77
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below				50
Depreciation, amortization and accretion				0
Impairment losses				0
General and administrative				2
Transaction and integration costs				0
Development costs				2
Operating income (loss)				54
Gain on sale of business				0
Operating Income				23
Equity in earnings of unconsolidated affiliates				0
Interest income				0
Loss on debt extinguishment				0
Interest expense				(6)
Income (loss) before income taxes				17
Income tax expense (benefit)				0
Net (loss) income				17
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests				0
Net Income (Loss) Attributable to Clearway Energy LLC				$ 17
SCE \| Flexible Generation
Segment Reporting
Customer's percentage of total revenue		7.00%	11.00%	17.00%
SCE \| Renewables
Segment Reporting
Customer's percentage of total revenue		17.00%	13.00%	17.00%
PG&E \| Flexible Generation
Segment Reporting
Customer's percentage of total revenue		3.00%	4.00%	10.00%
PG&E \| Renewables
Segment Reporting
Customer's percentage of total revenue		14.00%	13.00%	15.00%
CALIFORNIA \| Geographic Concentration Risk \| Revenue Benchmark
Segment Reporting
Concentration risk percentage		60.00%
CALIFORNIA \| Geographic Concentration Risk \| Assets
Segment Reporting
Concentration risk percentage		50.00%

Summary of Significant Accounting Policies - Schedule of Change in Asset Retirement Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 239	$ 157
Revisions in estimated cash flows	(1)	3
Liabilities incurred	14	67
Liabilities settled	(2)
Accretion expense	16	12
Ending balance	$ 266	$ 239

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions		12 Months Ended
	Mar. 15, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Long-term debt		$ 7,235	$ 8,100
Less current maturities		(430)	(559)
Less net debt issuance costs		(57)	(65)
Add premiums		2	3
Total long-term debt		6,750	7,479
Rosamond Central Solar Project
Debt Instrument [Line Items]
Long-term debt				$ 77
Intercompany Note with Clearway, Inc.
Debt Instrument [Line Items]
Long-term debt		$ 0	1
Interest rate %		5.26%
2028 Senior Notes
Debt Instrument [Line Items]
Long-term debt		$ 850	850
Interest rate %		4.75%
2031 Senior Notes
Debt Instrument [Line Items]
Long-term debt		$ 925	925
Interest rate %		3.75%
2032 Senior Notes
Debt Instrument [Line Items]
Long-term debt		$ 350	350
Interest rate %		3.75%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt		$ 0	0
Basis spread on variable rate	0.10%	1.50%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 103
Agua Caliente Solar LLC, due 2037
Debt Instrument [Line Items]
Long-term debt		$ 574	612
Agua Caliente Solar LLC, due 2037 \| Minimum
Debt Instrument [Line Items]
Interest rate %		2.395%
Agua Caliente Solar LLC, due 2037 \| Maximum
Debt Instrument [Line Items]
Interest rate %		3.633%
Agua Caliente Solar LLC, due 2037 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 14
Alta Wind Asset Management LLC, due 2031
Debt Instrument [Line Items]
Long-term debt		$ 10	11
Basis spread on variable rate		2.775%
Alta Wind Asset Management LLC, due 2031 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 0
Alta Wind I-V lease financing arrangements, due 2034 and 2035
Debt Instrument [Line Items]
Long-term debt		$ 609	660
Alta Wind I-V lease financing arrangements, due 2034 and 2035 \| Minimum
Debt Instrument [Line Items]
Interest rate %		5.696%
Alta Wind I-V lease financing arrangements, due 2034 and 2035 \| Maximum
Debt Instrument [Line Items]
Interest rate %		7.015%
Alta Wind I-V lease financing arrangements, due 2034 and 2035 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 67
Alta Wind Realty Investments LLC, due 2031
Debt Instrument [Line Items]
Long-term debt		$ 18	20
Interest rate %		7.00%
Alta Wind Realty Investments LLC, due 2031 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 0
Borrego, due 2038
Debt Instrument [Line Items]
Long-term debt		$ 45	48
Interest rate %		5.65%
Borrego, due 2038 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 4
Broken Bow
Debt Instrument [Line Items]
Long-term debt		0	41
Broken Bow \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		0
Buckthorn Solar, due 2025
Debt Instrument [Line Items]
Long-term debt		$ 112	116
Basis spread on variable rate		2.10%
Buckthorn Solar, due 2025 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 20
Capistrano Portfolio Holdco LLC, due 2033
Debt Instrument [Line Items]
Long-term debt		$ 118	0
Basis spread on variable rate		1.625%
Capistrano Portfolio Holdco LLC, due 2033 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 42
Carlsbad Energy Holdings LLC, due 2027
Debt Instrument [Line Items]
Long-term debt		$ 70	93
Basis spread on variable rate		1.90%
Carlsbad Energy Holdings LLC, due 2027 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 63
Carlsbad Energy Holdings LLC, due 2038
Debt Instrument [Line Items]
Long-term debt		$ 407	407
Interest rate %		4.12%
Carlsbad Energy Holdings LLC, due 2038 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 0
Carlsbad Holdco, LLC, due 2038
Debt Instrument [Line Items]
Long-term debt		$ 193	195
Interest rate %		4.21%
Carlsbad Holdco, LLC, due 2038 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 5
Cedar Creek, due 2029
Debt Instrument [Line Items]
Long-term debt		$ 108	0
Basis spread on variable rate		1.625%
Cedar Creek, due 2029 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 19
Cedro Hill, due 2029
Debt Instrument [Line Items]
Long-term debt		$ 99	165
Cedro Hill, due 2029 \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Cedro Hill, due 2029 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 3
Crofton Bluffs, due 2031
Debt Instrument [Line Items]
Long-term debt		0	27
Crofton Bluffs, due 2031 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		0
CVSR, due 2037
Debt Instrument [Line Items]
Long-term debt		$ 573	601
CVSR, due 2037 \| Minimum
Debt Instrument [Line Items]
Interest rate %		2.339%
CVSR, due 2037 \| Maximum
Debt Instrument [Line Items]
Interest rate %		3.775%
CVSR, due 2037 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 0
CVSR Holdco Notes, due 2037
Debt Instrument [Line Items]
Long-term debt		$ 143	152
Interest rate %		4.68%
CVSR Holdco Notes, due 2037 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 12
Daggett 2, due 2028
Debt Instrument [Line Items]
Long-term debt		$ 155	156
Basis spread on variable rate		1.762%
Daggett 2, due 2028 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 32
Daggett 3, due 2028
Debt Instrument [Line Items]
Long-term debt		$ 217	217
Basis spread on variable rate		1.762%
Daggett 3, due 2028 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 44
Dan’s Mountain, due 2025
Debt Instrument [Line Items]
Long-term debt		$ 143	0
Basis spread on variable rate		1.25%
Dan’s Mountain, due 2025 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 5
DG-CS Master Borrower LLC, due 2040
Debt Instrument [Line Items]
Long-term debt		$ 356	385
Interest rate %		3.51%
DG-CS Master Borrower LLC, due 2040 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 30
Mililani Class B Member Holdco LLC, due 2028
Debt Instrument [Line Items]
Long-term debt		$ 90	92
Basis spread on variable rate		1.60%
Mililani Class B Member Holdco LLC, due 2028 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 18
Natural Gas Holdco LC Facility, due 2027
Debt Instrument [Line Items]
Long-term debt		$ 0	0
Basis spread on variable rate		1.75%
Natural Gas Holdco LC Facility, due 2027 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 105
NIMH Solar, due 2031 and 2033
Debt Instrument [Line Items]
Long-term debt		$ 126	148
NIMH Solar, due 2031 and 2033 \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
NIMH Solar, due 2031 and 2033 \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.125%
NIMH Solar, due 2031 and 2033 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 11
Oahu Solar Holdings LLC, due 2026
Debt Instrument [Line Items]
Long-term debt		$ 78	81
Basis spread on variable rate		1.775%
Oahu Solar Holdings LLC, due 2026 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 10
Rosie Class B LLC, due 2029
Debt Instrument [Line Items]
Long-term debt		$ 191	347
Rosie Class B LLC, due 2029 \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Rosie Class B LLC, due 2029 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 28
Texas Solar Nova 1, due 2028
Debt Instrument [Line Items]
Long-term debt		0	102
Texas Solar Nova 1, due 2028 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		0
TSN1 Class B Member LLC, due 2029
Debt Instrument [Line Items]
Long-term debt		$ 176	0
Basis spread on variable rate		1.75%
TSN1 Class B Member LLC, due 2029 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 52
Utah Solar Holdings, due 2036
Debt Instrument [Line Items]
Long-term debt		$ 228	242
Interest rate %		3.59%
Utah Solar Holdings, due 2036 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 154
Viento Funding II, LLC, due 2029
Debt Instrument [Line Items]
Long-term debt		$ 160	175
Basis spread on variable rate		1.475%
Viento Funding II, LLC, due 2029 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		$ 29
Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Long-term debt		0	757
Victory Pass and Arica, due 2024 \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		0
Other
Debt Instrument [Line Items]
Long-term debt		111	124
Other \| Letters of Credit Outstanding at December 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding		49
Subtotal non-recourse facility-level debt
Debt Instrument [Line Items]
Long-term debt		$ 5,110	$ 5,974

Accounting for Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative assets	$ 175	$ 123
Derivative liabilities	371	332
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets	27	19
Derivative liabilities	0	2
Designated as Hedging Instrument \| Interest rate contracts current
Derivatives, Fair Value [Line Items]
Derivative assets	5	7
Derivative liabilities	0	0
Designated as Hedging Instrument \| Interest rate contracts long-term
Derivatives, Fair Value [Line Items]
Derivative assets	22	12
Derivative liabilities	0	2
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets	148	104
Derivative liabilities	371	330
Not Designated as Hedging Instrument \| Interest rate contracts current
Derivatives, Fair Value [Line Items]
Derivative assets	30	33
Derivative liabilities	0	0
Not Designated as Hedging Instrument \| Interest rate contracts long-term
Derivatives, Fair Value [Line Items]
Derivative assets	109	69
Derivative liabilities	0	0
Not Designated as Hedging Instrument \| Energy-related commodity contracts current
Derivatives, Fair Value [Line Items]
Derivative assets	4	1
Derivative liabilities	56	51
Not Designated as Hedging Instrument \| Energy-related commodity contracts long-term
Derivatives, Fair Value [Line Items]
Derivative assets	5	1
Derivative liabilities	$ 315	$ 279

Investments Accounted for by the Equity Method and Variable Interest Entities - Schedule of Financial Information of Equity Method Investments (Details) - USD ($) $ in Millions		12 Months Ended
	May 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Operating revenues		$ 1,371	$ 1,314	$ 1,190
Operating Income		197	264	1,472
Net income	$ 8	(33)	(13)	1,282
Current assets		1,058	1,547
Current liabilities		722	911
Non-current liabilities		7,957	8,671
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Operating revenues		206	202	203
Operating Income		146	144	137
Net income		113	108	114
Current assets		81	80
Non-current assets		1,086	1,131
Current liabilities		63	61
Non-current liabilities		726	776
Other
Schedule of Equity Method Investments [Line Items]
Operating revenues		95	94	102
Operating Income		25	23	34
Net income		16	13	$ 22
Current assets		63	58
Non-current assets		391	429
Current liabilities		27	28
Non-current liabilities		$ 225	$ 243

Fair Value of Financial Instruments - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - Fair Value, Recurring $ in Millions	Dec. 31, 2024 USD ($) $ / MWh $ / BTU MWh	Dec. 31, 2023 USD ($) $ / MWh $ / BTU MWh
Minimum \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| $ / BTU	0.85	1.25
Maximum \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| $ / BTU	10.55	13.69
Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| $ / BTU	3.25	4.93
Long-term Power Commodity Contracts \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets \| $	$ 0	$ 0
Liabilities \| $	$ 366	$ 325
Long-term Power Commodity Contracts \| Minimum \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| $ / MWh	21.60	18.18
Long-term Power Commodity Contracts \| Maximum \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| $ / MWh	80.82	81.62
Long-term Power Commodity Contracts \| Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| $ / MWh	45.44	39.91
Heat Rate Call Option Commodity Contracts \| Valuation Technique, Option Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets \| $	$ 9	$ 0
Liabilities \| $	$ 5	$ 5
Heat Rate Call Option Commodity Contracts \| Minimum \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| $ / MWh	(19.30)	(43.96)
Heat Rate Call Option Commodity Contracts \| Maximum \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| $ / MWh	1,011.79	343.61
Heat Rate Call Option Commodity Contracts \| Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Option Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| $ / MWh	45.87	64.34
Other Financial Instruments \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets \| $	$ 10	$ 13
Liabilities \| $	$ 0	$ 0
Other Financial Instruments \| Minimum \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| MWh	59,425	60,801
Other Financial Instruments \| Maximum \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| MWh	118,850	121,602
Other Financial Instruments \| Weighted Average \| Measurement Input, Commodity Forward Price \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset/liability measurement input \| MWh	111,091	115,622

Acquisitions

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

As further described in Note 2, Summary of Significant Accounting Policies, the Company records the assets acquired and liabilities assumed at acquisition-date fair value, except for acquisitions under common control by CEG, in which assets acquired and liabilities assumed are recorded at historical cost at the acquisition date, which for certain transactions represent the acquired cost.

Dan’s Mountain Drop Down — On November 18, 2024, the Company, through its indirect subsidiary, Dan’s Mountain Parent Holdco LLC, acquired the Class A membership interests in Dan’s Mountain TargetCo LLC, the indirect owner of Dan’s Mountain, a 55 MW wind facility that is currently under construction in Allegany County, Maryland, from Clearway Renew for initial cash consideration of $7 million. At substantial completion, which is expected to occur in the first half of 2025, the Company estimates it will pay an additional $31 million to Clearway Renew. Dan’s Mountain TargetCo LLC, a partnership between the Company and Clearway Renew, consolidates as primary beneficiary, Dan’s Mountain Tax Credit Holdco LLC, a tax equity fund that owns the Dan’s Mountain wind facility, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. Dan’s Mountain has a 12-year PPA with an investment-grade utility that will commence when the underlying operating assets reach commercial operations, which is expected to occur in the first half of 2025. The Dan’s Mountain 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 Dan’s Mountain 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 sum of the Company’s initial cash consideration of $7 million and the historical cost of the Company’s net liabilities assumed of $2 million, less Clearway Renew’s investment of $1 million in Dan’s Mountain TargetCo LLC, was recorded as an adjustment to contributed capital. In addition, the Company reflected the entire $7 million 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 members’ equity.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of November 18, 2024:


(In millions)	Dan’s Mountain
Property, plant and equipment (a)	$	152
Right-of-use assets	3



Total assets acquired	155

Long-term debt (b)	125
Long-term lease liabilities	3
Other current and non-current liabilities	29
Total liabilities assumed	157
Net liabilities assumed	$	(2)

(a) Includes Construction in progress of $150 million.

Rosamond Central BESS Drop Down — On December 1, 2023, the Rosamond Central solar facility acquired a 147 MW co-located BESS facility from Clearway Renew for initial cash consideration of $70 million, $16 million of which was funded by the Company, with the remaining $54 million funded through contributions from the cash equity investor in Rosie TargetCo LLC and the tax equity investor in Rosie TE HoldCo LLC. On June 13, 2024, when the Rosamond Central BESS facility reached substantial completion, the Company paid $279 million to Clearway Renew as additional purchase price to complete its acquisition of the facility. The additional purchase price consisted of $64 million funded by the Company and $215 million funded through contributions from the cash equity and tax equity investors. In order to facilitate and fund the construction of the BESS facility, Rosie Class B LLC, the indirect owner of the Rosamond Central solar facility, utilizing the proceeds from borrowings received under the refinanced debt facility, issued a loan to Clearway Renew, as further discussed in Note 10, Long-term Debt, and also made equity contributions to Rosie BESS Devco LLC, or Rosie Central BESS, which were accounted for as investments under the equity method of accounting, as further discussed in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The BESS facility has a 15-year PPA for capacity with an investment-grade utility that commenced in July 2024. The Rosamond Central BESS 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 the Rosamond Central BESS net assets 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 historical cost of the Company’s net assets acquired of $266 million and the Company’s initial cash consideration of $70 million was recorded as an adjustment to contributed capital. The $279 million additional purchase price was also recorded as an adjustment to contributed capital.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 1, 2023:


(In millions)	Rosamond Central BESS
Property, plant and equipment (a)	$	275

Total assets acquired	275

Other current and non-current liabilities	9
Total liabilities assumed	9
Net assets acquired	$	266

(a) Includes Construction in progress of $272 million.

Victory Pass and Arica Drop Down — On October 31, 2023, the Company, through its indirect subsidiary, VP-Arica Parent Holdco LLC, acquired the Class A membership interests in VP-Arica TargetCo LLC, a partnership and the indirect owner of Victory Pass, a 200 MW solar facility that is paired with a 50 MW BESS facility, and Arica, a 263 MW solar facility that is paired with a 136 MW BESS facility, both located in Riverside, California, from Clearway Renew for initial cash consideration of $46 million. Simultaneously, a cash equity investor acquired the Class B membership interests in VP-Arica TargetCo LLC from Clearway Renew for initial cash consideration of $87 million. On May 1, 2024, when the facilities reached substantial completion, the Company paid $165 million to Clearway Renew as additional purchase price and the cash equity investor contributed an additional $347 million. VP-Arica TargetCo LLC consolidates as primary beneficiary, VP-Arica TE Holdco LLC, a tax equity fund that owns the Victory Pass and Arica solar and BESS facilities, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. Victory Pass and Arica each have PPAs with investment-grade counterparties that have a 15-year and 14-year weighted average contract duration, respectively, that commenced between March 2024 and April 2024. The Victory Pass and Arica 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 Victory Pass and Arica 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 sum of the Company’s initial cash consideration of $46 million and the historical cost of the Company’s net liabilities assumed of $1 million was recorded as an adjustment to contributed capital. The $165 million additional purchase price was also recorded as an adjustment to contributed capital. In addition, the Company reflected the entire $46 million of the Company’s initial 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 members’ equity. The Company also reflected the entire $165 million of the Company’s additional purchase price, which was contributed back to the Company by CEG to pay down long-term debt, in the line item contributions to CEG, net of distributions, in the consolidated statements of members’ equity.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of October 31, 2023:


(In millions)	Victory Pass and Arica
Cash	$	1
Property, plant and equipment (a)	937
Right-of-use assets, net	4
Derivative assets	1
Other non-current assets	6

Total assets acquired	949

Long-term debt (b)	864
Long-term lease liabilities	4
Other current and non-current liabilities	82
Total liabilities assumed	950
Net liabilities assumed	$	(1)

(a) Includes Construction in progress of $893 million.

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 5, 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 Company’s 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 contributed capital. In addition, the Company reflected the entire $117 million 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 members’ equity.

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 equipment	311
Right-of-use assets, net	6
Derivative assets	14
Other current and non-current assets	14

Total assets acquired	346

Long-term debt (a)	309
Long-term lease liabilities	7
Other current and non-current liabilities	13
Total liabilities assumed	329
Net assets acquired	$	17

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, of which $17 million 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, 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 5, 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 Company’s 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 contributed capital. 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 contributions from CEG, net of distributions, in the consolidated statements of members’ 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 equipment	280
Right-of-use assets, net	21
Derivative assets	6
Other current and non-current assets	4

Total assets acquired	312

Long-term debt (a)	194
Long-term lease liabilities	19
Other current and non-current liabilities	27
Total liabilities assumed	240
Net assets acquired	$	72

Texas Solar Nova 1 Drop Down — On December 28, 2023, the Company, through its indirect subsidiary, Lighthouse Renewable Holdco 2 LLC, acquired TSN1 BL Borrower Holdco LLC, the indirect owner of Texas Solar Nova 1, a 252 MW solar facility that is located in Kent County, Texas, from Clearway Renew for cash consideration of $23 million. Lighthouse Renewable Holdco 2 LLC is a partnership between the Company and a cash equity investor. The cash equity investor contributed cash consideration of $109 million to acquire their portion of the acquired entity. TSN1 BL Borrower Holdco LLC consolidates as primary beneficiary, TSN1 TE Holdco LLC, a tax equity fund that owns the Texas Solar Nova 1 solar facility, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. Texas Solar Nova 1 has an 18-year PPA with an investment-grade counterparty that commenced in January 2024. The Texas Solar Nova 1 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 Texas Solar Nova 1 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 sum of the Company’s cash paid of $23 million and the historical cost of the Company’s net liabilities assumed of $6 million was recorded as an adjustment to contributed capital. In addition, the Company reflected the entire $23 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 members’ equity.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 28, 2023:


(In millions)	Texas Solar Nova 1
Cash	$	3
Property, plant and equipment	362
Right-of-use assets, net	21
Derivative assets	4
Other non-current assets	6

Total assets acquired	396

Long-term debt (a)	349
Long-term lease liabilities	19
Other current and non-current liabilities	34
Total liabilities assumed	402
Net liabilities assumed	$	(6)

Daggett 2 Drop Down — On August 30, 2023, the Company, through its indirect subsidiary, Daggett Solar Investment LLC, acquired the Class A membership interests in Daggett 2 TargetCo LLC, a partnership and the indirect owner of Daggett 2, a 182 MW solar facility that is paired with a 131 MW BESS facility located in San Bernardino, California, from CEG for cash consideration of $13 million. Daggett 2 TargetCo LLC consolidates as primary beneficiary, Daggett 2 TE Holdco LLC, a tax equity fund that owns the Daggett 2 solar facility, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. Daggett 2 has PPAs with investment-grade counterparties that have a 15-year weighted average contract duration that commenced in December 2023. The Daggett 2 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 Daggett 2 on a prospective basis in its financial statements. The assets, liabilities and noncontrolling interests 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 sum of the historical cost of the Company’s acquired interests of $29 million and the cash paid of $13 million was recorded as an adjustment to contributed capital.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of August 30, 2023:


(In millions)	Daggett 2
Cash	$	1
Restricted cash (a)	119
Property, plant and equipment	379
Right-of-use assets, net	22
Derivative assets	22

Total assets acquired	543

Long-term debt (b)	308
Long-term lease liabilities	23
Other current and non-current liabilities	28
Total liabilities assumed	359
Noncontrolling interests	213
Net assets acquired less noncontrolling interests	$	(29)

Daggett 3 Drop Down — On February 17, 2023, the Company, through its indirect subsidiary, Daggett Solar Investment LLC, acquired the Class A membership interests in Daggett TargetCo LLC, the indirect owner of Daggett 3, a 300 MW solar facility that is paired with a 149 MW BESS facility located in San Bernardino, California, from Clearway Renew for cash consideration of $21 million. Simultaneously, a cash equity investor acquired the Class B membership interests in Daggett TargetCo LLC from Clearway Renew for cash consideration of $129 million. The Company and the cash equity investor contributed their Class A and B membership interests, respectively, into Daggett Renewable Holdco LLC, a partnership that consolidates Daggett TargetCo LLC. Daggett TargetCo LLC consolidates as primary beneficiary, Daggett TE Holdco LLC, a tax equity fund that owns the Daggett 3 solar facility, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. Daggett 3 has PPAs with investment-grade counterparties that have a 15-year weighted average contract duration that commenced between July 2023 and November 2023. The Daggett 3 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 Daggett 3 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 $21 million and the historical cost of the Company’s net assets acquired of $15 million was recorded as an adjustment to contributed capital. In addition, the Company reflected the entire $21 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 members’ equity.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of February 17, 2023:


(In millions)	Daggett 3
Restricted cash	$	4
Property, plant and equipment	534
Right-of-use assets, net	31
Derivative assets	27

Total assets acquired	596

Long-term debt (a)	480
Long-term lease liabilities	33
Other current and non-current liabilities (b)	68
Total liabilities assumed	581
Net assets acquired	$	15

Accounting for Derivative Instruments and Hedging Activities - Schedule of Offsetting of Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets, gross	$ 175	$ 123
Derivative liabilities, gross	(371)	(332)
Gross Amounts of Recognized Assets/Liabilities	(196)	(209)
Derivative Instruments	0	0
Net Amount	(196)	(209)
Energy-related commodity contracts
Derivative [Line Items]
Derivative assets, gross	9	2
Derivative instruments, assets	0	0
Net Amount	9	2
Derivative liabilities, gross	(371)	(330)
Derivative Instruments	0	0
Net Amount	(371)	(330)
Gross Amounts of Recognized Assets/Liabilities	(362)	(328)
Derivative Instruments	0	0
Net Amount	(362)	(328)
Interest rate contracts
Derivative [Line Items]
Derivative assets, gross	166	121
Derivative instruments, assets	0	(2)
Net Amount	166	119
Derivative liabilities, gross		(2)
Derivative Instruments		2
Net Amount		0
Gross Amounts of Recognized Assets/Liabilities	166	119
Derivative Instruments	0	0
Net Amount	$ 166	$ 119

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In addition to the transactions and relationships described elsewhere in the notes to the consolidated financial statements, certain subsidiaries of CEG provide services to the Company and its operating subsidiaries. Amounts due to CEG subsidiaries are recorded as accounts payable — affiliates and amounts due to the Company from CEG subsidiaries are recorded as accounts receivable — affiliates in the Company’s consolidated balance sheets. The disclosures below summarize the Company’s material related party transactions with CEG and its subsidiaries that are included in the Company’s operating costs. O&M Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC Various wholly-owned subsidiaries of the Company in the Renewables segment are party to services agreements with Clearway Renewable Operation & Maintenance LLC, or RENOM, a wholly-owned subsidiary of CEG, which provides operation and maintenance, or O&M, services to these subsidiaries. The Company incurred total expenses for these services of $82 million, $73 million and $71 million for the years ended December 31, 2024, 2023 and 2022, respectively, included in cost of operations in the consolidated statements of income. There was a balance of $12 million and $13 million due to RENOM as of December 31, 2024 and 2023, respectively. Administrative Services Agreements by and between the Company and CEG Various wholly-owned subsidiaries of the Company are parties to services agreements with Clearway Asset Services LLC and Clearway Solar Asset Management LLC, two wholly-owned subsidiaries of CEG, which provide various administrative services to the Company’s subsidiaries. The Company incurred expenses under these agreements of $22 million, $20 million and $16 million for the years ended December 31, 2024, 2023 and 2022, respectively, included in cost of operations in the consolidated statements of income. There was a balance of $3 million and $2 million due to CEG as of December 31, 2024 and 2023, respectively. CEG Master Services Agreement The Company, along with Clearway, Inc. and certain of its subsidiaries, is a party to the CEG Master Services Agreement, pursuant to which CEG and certain of its affiliates or third-party service providers provide certain services to the Company, including operational and administrative services, which include human resources, information systems, cybersecurity, external affairs, accounting, procurement and risk management services, in exchange for the payment of fees in respect of such services. Until January 1, 2025, the Company provided certain services to CEG under a separate Master Services Agreement, including accounting, internal audit, tax and treasury services, in exchange for the payment of fees in respect of such services. On April 30, 2024, the CEG Master Services Agreement was amended and restated as a result of a reorganization effected by the Company pursuant to which all of the employees of the Company transferred to CEG as of January 1, 2025. On February 13, 2025, but effective as of January 1, 2025, the CEG Master Services Agreement was amended and restated again to engage CEG in a payroll sharing agreement, such that the Company directly bears all labor costs for certain employees of CEG who perform work on behalf of the Company. Under the amended and restated agreement, CEG and certain of its affiliates or third-party service providers continued providing the operational and administrative services outlined above, and, effective January 1, 2025, also began providing accounting, internal audit, tax, legal and treasury services to the Company, in exchange for the payment of fees in respect of such services. Certain independent functions of the Company are directed by the Corporate Governance, Conflicts and Nominating Committee of Clearway, Inc.’s Board of Directors and paid for by the Company, while being administered by CEG. The Company incurred net expenses of $6 million under the CEG Master Services Agreement for the year ended December 31, 2024 and $5 million under this agreement for each of the years ended December 31, 2023 and 2022, included in cost of operations in the consolidated statements of income. There was a balance of $5 million and zero due to CEG as of December 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net (loss) income	$ (33)	$ (13)	$ 1,282
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates	(35)	(12)	(29)
Distributions from unconsolidated affiliates	34	30	37
Depreciation, amortization and accretion	627	526	512
Amortization of financing costs and debt discounts	14	13	14
Amortization of intangibles	182	185	172
Loss on debt extinguishment	5	6	2
Reduction in carrying amount of right-of-use assets	15	15	14
Gain on sale of business	0	0	(1,292)
Impairment losses	0	12	16
Change in deferred income taxes	1	(2)	2
Changes in derivative instruments and amortization of accumulated OCI/OCL	13	(2)	69
Changes in other working capital	(51)	(25)	(2)
Net Cash Provided by Operating Activities	772	733	797
Cash Flows from Investing Activities
Acquisition of Drop Down Assets, net of cash acquired	(678)	(45)	(71)
Acquisition of Capistrano Wind Portfolio, net of cash acquired	0	0	(223)
Capital expenditures	(287)	(212)	(112)
Payment for equipment deposit	0	(27)	0
Payment for equipment deposit and asset purchase from affiliate	0	(55)	0
Return of investments from unconsolidated affiliates	41	14	13
Decrease (increase) in note receivable — affiliate	184	(174)	0
Investments in unconsolidated affiliates	0	(28)	0
Proceeds from sale of business	0	0	1,457
Other	15	4	1
Net Cash (Used in) Provided by Investing Activities	(725)	(523)	1,065
Cash Flows from Financing Activities
Contributions from noncontrolling interests, net of distributions	1,319	1,120	47
Contributions from (distributions to) CEG, net	174	(92)	13
Payments of distributions	(334)	(311)	(289)
Distributions to CEG of escrowed amounts	0	0	(64)
Tax-related distributions	(2)	(51)	(19)
Buyouts of noncontrolling interest and redeemable noncontrolling interest	(7)	(13)	0
Proceeds from the revolving credit facility	0	0	80
Payments for the revolving credit facility	0	0	(325)
Proceeds from issuance of long-term debt — external	466	563	244
Proceeds from issuance of long-term debt — affiliate	0	0	4
Payments of debt issuance costs	(13)	(18)	(4)
Payments for long-term debt — external	(1,966)	(1,349)	(1,198)
Payments for long-term debt — affiliate	(1)	(1)	(3)
Other	(1)	(3)	(6)
Net Cash Used in Financing Activities	(365)	(155)	(1,520)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(318)	55	342
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	1,051	996	654
Cash, Cash Equivalents and Restricted Cash at End of Period	733	1,051	996
Supplemental Disclosure:
Interest paid, net of amount capitalized	$ (324)	$ (304)	$ (317)

Leases - Schedule of Land Lease with Wholly-Owned Subsidiary (Details) $ in Millions	Dec. 31, 2024 USD ($) renewalOption	Dec. 31, 2023 USD ($)	May 31, 2023
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	$ 547	$ 597
Long-term lease liabilities	579
Renewal period			5 years
Daggett 2 \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	22	22
Long-term lease liabilities	23	23
Daggett 3 \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	30	31
Long-term lease liabilities	34	33
Mililani I \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	18	19
Long-term lease liabilities	$ 21	20
Oahu Solar Partnership
Lessee, Lease, Description [Line Items]
Number of renewal options \| renewalOption	2
Renewal period	5 years
Oahu Solar Partnership \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	$ 17	17
Long-term lease liabilities	19	20
Rosamond Central Drop Down \| CEG
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	11	11
Long-term lease liabilities	$ 12	$ 12

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income Attributable to Clearway Energy LLC	$ 203	$ 149	$ 1,388

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 332	$ 535
Restricted cash	401	516
Inventory	64	55
Derivative instruments	39	41
Prepayments and other current assets	58	55
Total current assets	1,058	1,547
Property, plant and equipment, net	9,944	9,526
Other Assets
Equity investments in affiliates	309	360
Intangible assets for power purchase agreements, net	2,125	2,303
Other intangible assets, net	68	71
Derivative instruments	136	82
Right-of-use assets, net	547	597
Other non-current assets	133	202
Total other assets	3,318	3,615
Total Assets	14,320	14,688
Current Liabilities
Current portion of long-term debt — external	430	558
Current portion of long-term debt — affiliate	0	1
Accounts payable — trade	82	130
Derivative instruments	56	51
Accrued interest expense	53	57
Accrued expenses and other current liabilities	66	79
Total current liabilities	722	911
Other Liabilities
Long-term debt — external	6,750	7,479
Deferred income taxes	3	2
Derivative instruments	315	281
Long-term lease liabilities	569	627
Other non-current liabilities	320	282
Total other liabilities	7,957	8,671
Total Liabilities	8,679	9,582
Redeemable noncontrolling interest in subsidiaries	0	1
Commitments and Contingencies
Members’ Equity
Contributed capital	911	1,299
Retained earnings	894	1,027
Accumulated other comprehensive income	7	15
Noncontrolling interest	3,829	2,764
Total Members’ Equity	5,641	5,105
Total Liabilities and Members’ Equity	14,320	14,688
Nonrelated Party
Current Assets
Accounts receivable — trade	164	171
Affiliated Entity
Current Assets
Note receivable — affiliate	0	174
Current Liabilities
Accounts payable — affiliates	$ 35	$ 35

Asset Impairments	12 Months Ended
Asset Impairments	Dec. 31, 2024
Asset Impairments [Abstract]
Asset Impairments	Asset Impairments 2023 Impairment Losses During the fourth quarter of 2023, in preparation and review of its annual budget, the Company updated its long-term estimates of operating and capital expenditures and revised its assessment of long-term merchant power prices, which was primarily informed by present conditions and did not contemplate future policy changes, which could impact renewable energy power prices. The impairment analysis reviews certain qualitative factors as well as the results of long-term operating expectations and its carrying value to determine if impairment indicators are present. The impairment analysis indicated that the projected future cash flows for certain facilities within the Renewables segment no longer supported the recoverability of the carrying value of the related long-lived assets. As such, the Company recorded an impairment loss of $12 million, which primarily related to property, plant, and equipment to reflect the assets at fair market value. The fair value of the facilities was determined using an income approach by applying a discounted cash flow methodology to the updated long-term budgets for each respective plant. The income approach included key inputs such as forecasted merchant power prices, operations and maintenance expense, and discount rates. The resulting fair value is a Level 3 fair value measurement. 2022 Impairment Losses The impairment analysis indicated that the projected future cash flows for certain facilities within the Renewables segment no longer supported the recoverability of the carrying value of the related long-lived assets. As such, the Company recorded an impairment loss of $16 million, which primarily related to property, plant, and equipment to reflect the assets at fair market value. The fair value of the facilities was determined using an income approach by applying a discounted cash flow methodology to the updated long-term budgets for each respective plant. The income approach included key inputs such as forecasted merchant power prices, operations and maintenance expense, and discount rates. The resulting fair value is a Level 3 fair value measurement.

Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 175	$ 123
Derivative liabilities	371	332
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31,	$ (5)	$ (7)	$ 33
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Derivative instruments	Derivative instruments
Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Fair Value	$ 366	$ 325
Short-Term Debt, Fair Value	5
Energy-related commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	9	2
Derivative liabilities	371	330
Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	166	121
Derivative liabilities		2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31,	29	(17)	100
Fair Value, Recurring
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(317)	(336)
Settlements	(2)	28
Total losses for the period included in earnings	(33)	(9)
Ending balance	(352)	(317)	$ (336)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31,	(33)	(9)
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	166	123
Derivative liabilities	0	2
Fair Value, Recurring \| Level 2 \| Energy-related commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	2
Derivative liabilities	0	0
Fair Value, Recurring \| Level 2 \| Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	166	121
Derivative liabilities	0	2
Fair Value, Recurring \| Level 2 \| Other Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	19	13
Derivative liabilities	371	330
Fair Value, Recurring \| Level 3 \| Energy-related commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	9	0
Derivative liabilities	371	330
Fair Value, Recurring \| Level 3 \| Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Recurring \| Level 3 \| Other Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 10	$ 13

Accounting for Derivative Instruments and Hedging Activities - Schedule of Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Mark-to-market of cash flow hedge accounting contracts	$ (5)	$ (7)	$ 33
Accumulated other comprehensive income	7	15
Income expected to be realized from OCI during the next 12 months	2
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated OCI (OCL) beginning balance	20	27	(13)
Accumulated OCI ending balance	15	20	27
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reclassified from accumulated OCI (OCL) to income due to realization of previously deferred amounts	(1)	(5)	5
Mark-to-market of cash flow hedge accounting contracts	(4)	(2)	28
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest \| Capistrano Wind Portfolio Acquisition
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Capistrano Wind Portfolio Acquisition	0	0	7
Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income	8	5	6
Accumulated Other Comprehensive (Loss) Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income	$ 7	$ 15	$ 21

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 332	$ 535
Restricted cash	401	516
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 733	$ 1,051	$ 996	$ 654

Intangible Assets - Schedule of Components Subject to Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount beginning balance	$ 3,387	$ 3,383	$ 3,442
Net carrying amount ending balance	3,387	3,383	3,442
Less accumulated amortization	(1,194)	(1,009)
Ending balance	2,193	2,374
Walnut Creek
Finite-lived Intangible Assets [Roll Forward]
Walnut Creek PPA expiration		(50)
Other
Finite-lived Intangible Assets [Roll Forward]
Other	4	(9)
PPAs
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount beginning balance	3,265	3,265	3,321
Net carrying amount ending balance	3,265	3,265	3,321
Less accumulated amortization	(1,140)	(962)
Ending balance	2,125	2,303
PPAs \| Walnut Creek
Finite-lived Intangible Assets [Roll Forward]
Walnut Creek PPA expiration		(50)
PPAs \| Other
Finite-lived Intangible Assets [Roll Forward]
Other	0	(6)
Leasehold Rights
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount beginning balance	86	86	86
Net carrying amount ending balance	86	86	86
Less accumulated amortization	(42)	(38)
Ending balance	44	48
Leasehold Rights \| Walnut Creek
Finite-lived Intangible Assets [Roll Forward]
Walnut Creek PPA expiration		0
Leasehold Rights \| Other
Finite-lived Intangible Assets [Roll Forward]
Other	0	0
Emission Allowances
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount beginning balance	17	17	17
Net carrying amount ending balance	17	17	17
Less accumulated amortization	(5)	(4)
Ending balance	12	13
Emission Allowances \| Walnut Creek
Finite-lived Intangible Assets [Roll Forward]
Walnut Creek PPA expiration		0
Emission Allowances \| Other
Finite-lived Intangible Assets [Roll Forward]
Other	0	0
Other
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount beginning balance	19	15	18
Net carrying amount ending balance	19	15	$ 18
Less accumulated amortization	(7)	(5)
Ending balance	12	10
Other \| Walnut Creek
Finite-lived Intangible Assets [Roll Forward]
Walnut Creek PPA expiration		0
Other \| Other
Finite-lived Intangible Assets [Roll Forward]
Other	$ 4	$ (3)

Summary of Significant Accounting Policies - Schedule of Supplemental Cash Flow Information (Details) - Drop Down - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies [Line Items]
Cash paid to acquire Drop Down Assets	$ (680)	$ (173)	$ (71)
Cash acquired from the acquisition of Drop Down Assets	2	128	0
Acquisition of Drop Down Assets, net of cash acquired	$ (678)	$ (45)	$ (71)

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Class of Stock [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	333-203369
Entity Registrant Name	Clearway Energy LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0407370
Entity Address, Address Line One	300 Carnegie Center, Suite 300
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	608-1525
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Public Float			$ 0
Documents Incorporated by Reference	Documents Incorporated by Reference: None.
Entity Central Index Key	0001637757
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		34,613,853
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		42,738,750
Common Class C
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		82,833,226
Common Class D
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		41,961,750

Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Registrant

Clearway Energy LLC (Parent)

Condensed Financial Information of Registrant

Condensed Statements of Income


	Year ended December 31,
(In millions)	2024		2023		2022
Total operating costs and expenses	$	—	$	—	$	1
Equity in earnings of consolidated subsidiaries	192		126		1,379




Interest income	11		23		10
Total other income	203		149		1,389





Net Income Attributable to Clearway Energy LLC	$	203	$	149	$	1,388

Clearway Energy LLC (Parent)

Condensed Balance Sheets


	December 31,		December 31,
	2024		2023
ASSETS	(In millions)
Current Assets
Cash and cash equivalents	$	137	$	410






Other current assets	1		1

Other Assets
Investment in consolidated subsidiaries	1,679		1,934




Total Assets	$	1,817	$	2,345
LIABILITIES AND MEMBERS’ EQUITY
Current Liabilities


Accounts payable — affiliates	$	4	$	3



Other Liabilities



Other non-current liabilities	1		1
Total Liabilities	5		4
Commitments and Contingencies
Members’ Equity
Contributed capital	911		1,299
Retained earnings	894		1,027
Accumulated other comprehensive income	7		15

Total Members’ Equity	1,812		2,341
Total Liabilities and Members’ Equity	$	1,817	$	2,345

Clearway Energy LLC (Parent)

Condensed Statements of Cash Flows


	Years ended December 31,
	2024		2023		2022
	(In millions)
Cash Flows from Operating Activities
Net Cash Provided by Operating Activities	$	11	$	23	$	8
Cash Flows from Investing Activities
Investments in consolidated affiliates	52		209		845

Net Cash Provided by Investing Activities	52		209		845
Cash Flows from Financing Activities
Receipt (transfer) of funds under intercompany cash management arrangement	—		4		(42)




Tax-related distributions	(2)		(51)		(19)
Payments of distributions	(334)		(311)		(289)
Net Cash Used in Financing Activities	(336)		(358)		(350)
Net (Decrease) Increase in Cash and Cash Equivalents	(273)		(126)		503
Cash and Cash Equivalents at Beginning of Period	410		536		33
Cash and Cash Equivalents at End of Period	$	137	$	410	$	536

Background and Basis of Presentation

Background

Clearway Energy LLC, together with its consolidated subsidiaries, or the Company, is an 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 Clearway Energy Group LLC, or CEG, which is equally owned by GIP and TotalEnergies. On October 1, 2024, BlackRock acquired 100% of the business and assets of GIM, which is the investment manager of the GIP funds that own an interest in CEG.

The Company is one of the largest owners of clean energy generation assets in the U.S. and a leading contributor to the transition to a world powered by clean energy. The Company’s portfolio comprises approximately 11.8 GW of gross capacity in 26 states, including approximately 9 GW of wind, solar and battery energy storage systems, or BESS, and approximately 2.8 GW of dispatchable combustion-based power generation assets included in the Flexible Generation segment that provide critical grid reliability services. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its unit holders with stable and growing distributions. The majority of the Company’s revenues are derived from long-term contractual arrangements for the output or capacity from these assets.

Clearway Energy, Inc., or Clearway, Inc., consolidates the results of the Company through its controlling interest, with CEG’s interest shown as contributed capital in the Company’s consolidated financial statements. The holders of Clearway, Inc.’s outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from the Company through its ownership of the Company’s Class B and Class D units. From time to time, CEG may also hold shares of Clearway Inc’s Class A and/or Class C common stock.

As of December 31, 2024, Clearway, Inc. owned 58.10% of the economic interests of the Company, with CEG owning 41.90% of the economic interests of the Company. For further discussion, see Note 11, Members’ Equity.

Basis of Presentation

The condensed parent-only company financial statements have been prepared in accordance with Rule 12-04 of Regulation S-X, as the restricted net assets of Clearway Energy LLC’s subsidiaries exceed 25% of the consolidated net assets of Clearway Energy LLC. The parent’s 100% investment in its subsidiaries has been recorded using the equity basis of accounting in the accompanying condensed parent-only financial statements. These statements should be read in conjunction with the consolidated financial statements and notes thereto of Clearway Energy LLC.

Note 2 — Long-Term Debt

For a discussion of Clearway Energy LLC’s financing arrangements, see Note 10, Long-term Debt, to the Company’s consolidated financial statements.

Note 3 — Commitments, Contingencies and Guarantees

See Note 14, Commitments and Contingencies, to the Company’s consolidated financial statements for a detailed discussion of Clearway Energy LLC’s commitments and contingencies.

Note 4 — Distributions

Cash distributions paid on the Company’s Class A, Class B, Class C and Class D units, were $334 million, $311 million, and $289 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments

the Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2024, 2023 and 2022:


	2024		2023		2022
Customer	Flexible Generation	Renewables	Flexible Generation	Renewables	Flexible Generation	Renewables
SCE	7%	17%	11%	13%	17%	17%
PG&E	3%	14%	4%	13%	10%	15%

Schedule of Segment Reporting Information, by Segment


	Year ended December 31, 2024
(In millions)	Flexible Generation		Renewables		Corporate (a)		Total
Operating revenues	$	342	$	1,029	$	—	$	1,371
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	137		367		(3)		501
Depreciation, amortization and accretion	115		512		—		627

General and administrative	—		—		38		38
Transaction and integration costs	—		—		8		8

Operating income (loss)	90		150		(43)		197
Equity in earnings of unconsolidated affiliates	3		32		—		35


Other income, net	6		31		11		48
Loss on debt extinguishment	—		(5)		—		(5)
Interest expense	(35)		(176)		(96)		(307)
Income (loss) before income taxes	64		32		(128)		(32)
Income tax expense	—		1		—		1
Net Income (Loss)	64		31		(128)		(33)

Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	—		(236)		—		(236)
Net Income (Loss) Attributable to Clearway Energy LLC	$	64	$	267	$	(128)	$	203
Balance Sheet
Equity investments in affiliates	$	75	$	234	$	—	$	309
Capital expenditures (b)	9		179		—		188
Total Assets	$	1,933	$	12,236	$	151	$	14,320

(a) Includes eliminations.

(b) Includes accruals.


	Year ended December 31, 2023
(In millions)	Flexible Generation		Renewables		Corporate (a)		Total
Operating revenues	$	420	$	894	$	—	$	1,314
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	154		321		(2)		473
Depreciation, amortization and accretion	129		397		—		526
Impairment losses	—		12		—		12
General and administrative	—		—		35		35
Transaction and integration costs	—		—		4		4

Operating income (loss)	137		164		(37)		264


Equity in earnings of unconsolidated affiliates	3		9		—		12


Other income, net	4		24		24		52
Loss on debt extinguishment	—		(6)		—		(6)
Interest expense	(35)		(205)		(97)		(337)
Income (loss) before income taxes	109		(14)		(110)		(15)
Income tax benefit	—		(2)		—		(2)
Net Income (Loss)	109		(12)		(110)		(13)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	—		(162)		—		(162)
Net Income (Loss) Attributable to Clearway Energy LLC	$	109	$	150	$	(110)	$	149
Balance Sheet
Equity investments in affiliates	$	79	$	281	$	—	$	360
Capital expenditures (b)	11		146		—		157
Total Assets	$	2,058	$	12,205	$	425	$	14,688

(a) Includes eliminations.

(b) Includes accruals.


	Year ended December 31, 2022
(In millions)	Flexible Generation		Renewables		Thermal		Corporate (a)		Total
Operating revenues	$	417	$	696	$	77	$	—	$	1,190
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	89		298		50		(2)		435
Depreciation, amortization and accretion	131		381		—		—		512
Impairment losses	—		16		—		—		16
General and administrative	—		—		2		36		38
Transaction and integration costs	—		—		—		7		7
Development costs	—		—		2		—		2
Total operating costs and expenses	220		695		54		41		1,010
Gain on sale of business	—		—		—		1,292		1,292
Operating income	197		1		23		1,251		1,472
Equity in earnings of unconsolidated affiliates	3		26		—		—		29


Other income, net	1		6		—		10		17
Loss on debt extinguishment	—		(2)		—		—		(2)
Interest expense	(40)		(87)		(6)		(99)		(232)
Income (loss) before income taxes	161		(56)		17		1,162		1,284
Income tax expense	—		2		—		—		2
Net Income (Loss)	161		(58)		17		1,162		1,282
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	—		(107)		—		1		(106)
Net Income Attributable to Clearway Energy LLC	$	161	$	49	$	17	$	1,161	$	1,388

(a) Includes eliminations.

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Percent of derivative assets using level 3 fair value inputs	5.00%
Percent of derivative liabilities using level 3 fair value inputs	100.00%
Percent of other financial instruments using level 3 fair value inputs	100.00%
Fair value assets, measured on recurring basis, valuation techniques, impact of credit reserve to fair value	$ 16

Acquisitions - Narrative (Details) $ in Millions	Nov. 18, 2024 USD ($) MW	May 01, 2024 USD ($)	Apr. 16, 2024 USD ($) MW	Mar. 15, 2024 USD ($) MW	Dec. 28, 2023 USD ($)	Dec. 01, 2023 USD ($) MW	Oct. 31, 2023 USD ($) MW	Aug. 30, 2023 USD ($)	Feb. 17, 2023 USD ($)	Dec. 31, 2024 MW
Business Acquisition [Line Items]
Power generation capacity, megawatts \| MW										11.8
Dan’s Mountain Drop Down
Business Acquisition [Line Items]
Net assets acquired less noncontrolling interest	$ (2)
Rosamond Central Solar Project
Business Acquisition [Line Items]
Net assets acquired less noncontrolling interest						$ 266
Victory Pass and Arica Drop Down
Business Acquisition [Line Items]
Power generation capacity, megawatts \| MW							200
Power purchase agreement period (in years)							15 years
Net assets acquired less noncontrolling interest							$ (1)
Power generation storage capacity, megawatts \| MW							50
Weighted average contract duration (in years)							14 years
Victory Pass and Arica Drop Down \| Clearway Renew LLC
Business Acquisition [Line Items]
Power generation capacity, megawatts \| MW							263
Power generation storage capacity, megawatts \| MW							136
Additional payments for asset acquisition		$ 165					$ 165
Victory Pass and Arica Drop Down \| Clearway Renew LLC \| Cash Equity Investor
Business Acquisition [Line Items]
Additional payments for asset acquisition							347
Cedar Creek Drop Down
Business Acquisition [Line Items]
Net assets acquired less noncontrolling interest			$ 17
Texas Solar Nova 2 Drop Down
Business Acquisition [Line Items]
Net assets acquired less noncontrolling interest				$ 72
Texas Solar Nova 2 Drop Down \| CEG
Business Acquisition [Line Items]
Payments to fund project reserve accounts				9
Texas Solar Nova 2 Drop Down \| Clearway Renew LLC
Business Acquisition [Line Items]
Payments for asset acquisition				17
Texas Solar Nova 2 Drop Down \| TSN1 TE Holdco LLC \| Cash Equity Investor
Business Acquisition [Line Items]
Payments for asset acquisition				$ 95
Texas Solar Nova 1 Drop Down
Business Acquisition [Line Items]
Net assets acquired less noncontrolling interest					$ (6)
Texas Solar Nova 1 Drop Down \| CEG
Business Acquisition [Line Items]
Payments to fund project reserve accounts					23
Daggett 2 Drop Down
Business Acquisition [Line Items]
Net assets acquired less noncontrolling interest								$ (29)
Daggett 3 Drop Down
Business Acquisition [Line Items]
Net assets acquired less noncontrolling interest									$ 15
Dan’s Mountain Parent Holdco LLC \| Dan’s Mountain Drop Down
Business Acquisition [Line Items]
Current assets, receivables	31
Net assets acquired less noncontrolling interest	(2)
Asset acquisition, adjustment to contributed capital	$ 1
Rosie Central BESS \| Rosamond Central Solar Project
Business Acquisition [Line Items]
Power generation capacity, megawatts \| MW						147
Payments for asset acquisition						$ 70
Current assets, receivables						$ 279
Power purchase agreement period (in years)						15 years
Rosie Central BESS \| Rosamond Central Solar Project \| Cash Equity Investor
Business Acquisition [Line Items]
Payments for asset acquisition						$ 54
Rosie Central BESS \| Rosamond Central Solar Project \| Tax Equity Investors
Business Acquisition [Line Items]
Current assets, receivables						215
Rosie Central BESS \| Rosamond Central Solar Project \| Clearway Renew LLC
Business Acquisition [Line Items]
Payments for asset acquisition						16
Current assets, receivables						$ 64
VP-Arica TargetCo LLC \| Victory Pass and Arica Drop Down \| Clearway Renew LLC
Business Acquisition [Line Items]
Payments for asset acquisition							46
VP-Arica TargetCo LLC \| Victory Pass and Arica Drop Down \| Clearway Renew LLC \| Cash Equity Investor
Business Acquisition [Line Items]
Payments for asset acquisition							$ 87
Alternative Energy \| Clearway Renew LLC \| Dan’s Mountain Parent Holdco LLC \| Dan’s Mountain Drop Down \| Dan’s Mountain TargetCo LLC
Business Acquisition [Line Items]
Power generation capacity, megawatts \| MW	55
Payments for asset acquisition	$ 7
Power purchase agreement period (in years)	12 years
Alternative Energy \| Cedar Creek Wind Holdco LLC \| Cedar Creek Drop Down \| Cedar Creek TE Holdco LLC
Business Acquisition [Line Items]
Power generation capacity, megawatts \| MW			160
Payments for asset acquisition			$ 117
Power purchase agreement period (in years)			25 years
Alternative Energy \| Lighthouse Renewable Holdco 2 LLC \| Texas Solar Nova 2 Drop Down \| TSN1 TE Holdco LLC
Business Acquisition [Line Items]
Power generation capacity, megawatts \| MW				200
Payments for asset acquisition				$ 112
Power purchase agreement period (in years)				18 years
Alternative Energy \| Lighthouse Renewable Holdco 2 LLC \| Texas Solar Nova 1 Drop Down \| Lighthouse Renewable Holdco 2 LLC
Business Acquisition [Line Items]
Payments for asset acquisition					$ 23
Power purchase agreement period (in years)					18 years
Alternative Energy \| Lighthouse Renewable Holdco 2 LLC \| Texas Solar Nova 1 Drop Down \| Lighthouse Renewable Holdco 2 LLC \| Third Party Investor
Business Acquisition [Line Items]
Payments for asset acquisition					$ 109
Alternative Energy \| Daggett TargetCo LLC \| Daggett 2 Drop Down \| Daggett TargetCo LLC
Business Acquisition [Line Items]
Payments for asset acquisition								$ 13
Power purchase agreement period (in years)								15 years
Alternative Energy \| Daggett TargetCo LLC \| Daggett 3 Drop Down \| Daggett TargetCo LLC
Business Acquisition [Line Items]
Payments for asset acquisition									$ 21
Power purchase agreement period (in years)									15 years
Alternative Energy \| Daggett TargetCo LLC \| Daggett 3 Drop Down \| Daggett TargetCo LLC \| Cash Equity Investor
Business Acquisition [Line Items]
Payments for asset acquisition									$ 129

Nature of Business (Tables)	12 Months Ended
Nature of Business (Tables)	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Company Organization Chart	The diagram below represents a summarized structure of the Company as of December 31, 2024:

Accounting for Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding

The following table summarizes the net notional volume buy/(sell) of the Company’s open derivative transactions broken out by commodity:


		Total Volume
		December 31, 2024		December 31, 2023
Commodity	Units	(In millions)
Power	MWh	(25)		(23)
Natural Gas	MMBtu	11		17
Interest	Dollars	$	1,769	$	2,467

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value within the derivative instrument valuation on the consolidated balance sheets:


	Fair Value
	Derivative Assets				Derivative Liabilities
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	5	$	7	$	—	$	—
Interest rate contracts long-term	22		12		—		2
Total Derivatives Designated as Cash Flow Hedges	$	27	$	19	$	—	$	2
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	30	$	33	$	—	$	—
Interest rate contracts long-term	109		69		—		—
Energy-related commodity contracts current	4		1		56		51
Energy-related commodity contracts long-term	5		1		315		279
Total Derivatives Not Designated as Cash Flow Hedges	$	148	$	104	$	371	$	330
Total Derivatives	$	175	$	123	$	371	$	332

Schedule of Offsetting of Derivatives

The following tables summarize the offsetting of derivatives by counterparty:



	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2024	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	9	$	—	$	9
Derivative liabilities	(371)		—		(371)
Total energy-related commodity contracts	$	(362)	$	—	$	(362)
Interest rate contracts
Derivative assets	$	166	$	—	$	166

Total interest rate contracts	$	166	$	—	$	166
Total derivative instruments	$	(196)	$	—	$	(196)


	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2023	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	2	$	—	$	2
Derivative liabilities	(330)		—		(330)
Total energy-related commodity contracts	$	(328)	$	—	$	(328)
Interest rate contracts
Derivative assets	$	121	$	(2)	$	119
Derivative liabilities	(2)		2		—
Total interest rate contracts	$	119	$	—	$	119
Total derivative instruments	$	(209)	$	—	$	(209)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the effects on the Company’s accumulated OCI (OCL) balance attributable to interest rate swaps designated as cash flow hedge derivatives:


	Year ended December 31,
	2024		2023		2022
	(In millions)
Accumulated OCI (OCL) beginning balance	$	20	$	27	$	(13)

Reclassified from accumulated OCI (OCL) to income due to realization of previously deferred amounts	(1)		(5)		5
Capistrano Wind Portfolio Acquisition	—		—		7
Mark-to-market of cash flow hedge accounting contracts	(4)		(2)		28
Accumulated OCI ending balance	$	15	$	20	$	27
Accumulated OCI attributable to noncontrolling interests	8		5		6
Accumulated OCI attributable to Clearway Energy LLC	$	7	$	15	$	21
Income expected to be realized from OCI during the next 12 months	$	2

Schedule of Derivative Instruments, Gain (Loss)

Mark-to-market gains/(losses) related to the Company’s derivatives are recorded in the consolidated statements of income as follows:


	Year ended December 31,
	2024		2023		2022
	(In millions)
Interest Rate Contracts (Interest expense)	$	29	$	(17)	$	100
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues) (a)	(32)		23		(174)
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Cost of operations) (b)	(2)		2		—

(a) Relates to long-term energy-related commodity contracts at Elbow Creek, Mesquite Star, Mt. Storm, Langford and Mesquite Sky and heat rate call option energy-related commodity contracts at El Segundo, Marsh Landing and Walnut Creek.

(b) Relates to long-term backbone transportation service energy-related commodity contracts at El Segundo and Walnut Creek.

Schedule I - Condensed Financial Information of Registrant - CF (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities	$ 772	$ 733	$ 797
Net Cash (Used in) Provided by Investing Activities	(725)	(523)	1,065
Net Cash Used in Financing Activities	(365)	(155)	(1,520)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(318)	55	342
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	1,051	996	654
Cash, Cash Equivalents and Restricted Cash at End of Period	733	1,051	996
Clearway Energy LLC
Condensed Cash Flow Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities	11	23	8
Investments in consolidated affiliates	52	209	845
Net Cash (Used in) Provided by Investing Activities	52	209	845
Receipt (transfer) of funds under intercompany cash management arrangement	0	4	(42)
Tax-related distributions	(2)	(51)	(19)
Payments of distributions	(334)	(311)	(289)
Net Cash Used in Financing Activities	(336)	(358)	(350)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(273)	(126)	503
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	410	536	33
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 137	$ 410	$ 536

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Clearway Energy LLC, together with its consolidated subsidiaries, or the Company, is an 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 Clearway Energy Group LLC, or CEG, which is equally owned by GIP and TotalEnergies. On October 1, 2024, BlackRock acquired 100% of the business and assets of GIM, which is the investment manager of the GIP funds that own an interest in CEG. The Company is one of the largest owners of clean energy generation assets in the U.S. and a leading contributor to the transition to a world powered by clean energy. The Company’s portfolio comprises approximately 11.8 GW of gross capacity in 26 states, including approximately 9 GW of wind, solar and battery energy storage systems, or BESS, and approximately 2.8 GW of dispatchable combustion-based power generation assets included in the Flexible Generation segment that provide critical grid reliability services. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its unit holders with stable and growing distributions. The majority of the Company’s revenues are derived from long-term contractual arrangements for the output or capacity from these assets. Clearway Energy, Inc., or Clearway, Inc., consolidates the results of the Company through its controlling interest, with CEG’s interest shown as contributed capital in the Company’s consolidated financial statements. The holders of Clearway, Inc.’s outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from the Company through its ownership of the Company’s Class B and Class D units. From time to time, CEG may also hold shares of Clearway Inc’s Class A and/or Class C common stock. As of December 31, 2024, Clearway, Inc. owned 58.10% of the economic interests of the Company, with CEG owning 41.90% of the economic interests of the Company. For further discussion, see Note 11, Members’ Equity. The diagram below represents a summarized structure of the Company as of December 31, 2024:

Leases - Schedule of Property, Plant, and Equipment Net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Property, plant and equipment	$ 6,284	$ 5,720
Accumulated depreciation	(2,276)	(1,991)
Net property, plant and equipment	$ 4,008	$ 3,729

Investments Accounted for by the Equity Method and Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The following table reflects the Company’s equity investments in unconsolidated affiliates as of December 31, 2024:


Name	Economic Interest	Investment Balance (a)
		(In millions)
Avenal	50%	$	9
Desert Sunlight	25%	217
Elkhorn Ridge	66.7%	7
GenConn (b)	50%	75
San Juan Mesa	75%	1
		$	309

(a) The Company’s maximum exposure to loss is limited to its investment balances.

(b) GenConn is a VIE.

The following tables present summarized financial information for the Company’s equity method investments:


	Year Ended December 31,
	2024		2023		2022
Income Statement Data:	(In millions)




Desert Sunlight
Operating revenues	$	206	$	202	$	203
Operating income	146		144		137
Net income	113		108		114












Other (a)
Operating revenues	95		94		102
Operating income	25		23		34
Net income	16		13		22
			As of December 31,
			2024		2023
Balance Sheet Data:			(In millions)





Desert Sunlight
Current assets			$	81	$	80
Non-current assets			1,086		1,131
Current liabilities			63		61
Non-current liabilities			726		776

















Other (b)
Current assets			63		58
Non-current assets			391		429
Current liabilities			27		28
Non-current liabilities			225		243

(a) Includes Avenal, Elkhorn Ridge, GenConn and San Juan Mesa.

Schedule of Variable Interest Entities

Summarized financial information for the Company’s consolidated VIEs consisted of the following as of December 31, 2024:


(In millions)	Buckthorn Holdings, LLC		Cedar Creek TE Holdco LLC		Cedro Hill 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	$	3	$	40	$	62	$	152	$	26	$	67	$	143
Property, plant and equipment	178		313		213		946		217		393		1,296
Intangible assets	—		—		—		—		—		—		2
Total assets	181		353		275		1,098		243		460		1,441
Total liabilities	13		118		31		447		26		136		569
Noncontrolling interest	5		113		145		796		3		240		668
Net assets less noncontrolling interest	$	163	$	122	$	99	$	(145)	$	214	$	84	$	204

(a) Daggett Renewable Holdco LLC consolidates Daggett TE Holdco LLC and Daggett 2 TE Holdco LLC, which are consolidated VIEs.

(b) DGPV Funds is comprised of Clearway & EFS Distributed Solar LLC, Golden Puma Fund LLC and Renew Solar CS4 Fund LLC, which are all tax equity funds.

(c) Lighthouse Renewable Holdco LLC consolidates Black Rock TE Holdco LLC and Mililani TE Holdco LLC, which are consolidated VIEs.

(d) Lighthouse Renewable Holdco 2 LLC consolidates Mesquite Sky TE Holdco LLC, Mesquite Star Tax Equity Holdco LLC and TSN1 TE Holdco LLC, which are consolidated VIEs.


(In millions)	Oahu Solar LLC		Rattlesnake TE Holdco LLC		Rosie TargetCo LLC		VP-Arica TargetCo LLC (a)		Wildorado TE Holdco LLC		Other (b)
Other current and non-current assets	$	37	$	13	$	62	$	66	$	26	$	62
Property, plant and equipment	149		165		527		988		178		488
Intangible assets	—		—		—		2		—		13
Total assets	186		178		589		1,056		204		563
Total liabilities	22		17		218		40		18		315
Noncontrolling interest	20		74		256		308		81		150
Net assets less noncontrolling interest	$	144	$	87	$	115	$	708	$	105	$	98

(a) VP-Arica TargetCo LLC consolidates VP-Arica TE Holdco LLC, a consolidated VIE that owns the Victory Pass and Arica solar and BESS facilities.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Long-term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

The Company’s borrowings, including short-term and long-term portions, consisted of the following:


	December 31, 2024		December 31, 2023		Interest rate % (a)(b)	Letters of Credit Outstanding at December 31, 2024
	(In millions, except rates)


Intercompany Note with Clearway, Inc.	$	—	$	1	5.260


2028 Senior Notes	850		850		4.750
2031 Senior Notes	925		925		3.750
2032 Senior Notes	350		350		3.750
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2028 (b)	—		—		S+1.500	$	103

Non-recourse facility level debt:
Agua Caliente Solar LLC, due 2037	574		612		2.395-3.633	14
Alta Wind Asset Management LLC, due 2031	10		11		S+2.775	—
Alta Wind I-V lease financing arrangements, due 2034 and 2035	609		660		5.696-7.015	67
Alta Wind Realty Investments LLC, due 2031	18		20		7.000	—
Borrego, due 2038	45		48		5.650	4
Broken Bow, due 2031 (d)	—		41			—
Buckthorn Solar, due 2025	112		116		S+2.100	20
Capistrano Portfolio Holdco LLC, due 2033 (d)	118		—		S+1.625	42
Carlsbad Energy Holdings LLC, due 2027	70		93		S+1.900	63
Carlsbad Energy Holdings LLC, due 2038	407		407		4.120	—
Carlsbad Holdco, LLC, due 2038	193		195		4.210	5
Cedar Creek, due 2029	108		—		S+1.625	19
Cedro Hill, due 2029	99		165		S+1.750	3
Crofton Bluffs, due 2031 (d)	—		27			—
CVSR, due 2037	573		601		2.339-3.775	—
CVSR Holdco Notes, due 2037	143		152		4.680	12
Daggett 2, due 2028	155		156		S+1.762	32
Daggett 3, due 2028	217		217		S+1.762	44
Dan’s Mountain, due 2025	143		—		S+1.250	5
DG-CS Master Borrower LLC, due 2040	356		385		3.510	30



Mililani Class B Member Holdco LLC, due 2028	90		92		S+1.600	18
Natural Gas Holdco LC Facility, due 2027	—		—		S+1.750	105
NIMH Solar, due 2031 and 2033	126		148		S+2.000-2.125	11
Oahu Solar Holdings LLC, due 2026	78		81		S+1.775	10

Rosie Class B LLC, due 2029	191		347		S+1.750	28
Texas Solar Nova 1, due 2028 (c)	—		102			—
TSN1 Class B Member LLC, due 2029 (c)	176		—		S+1.750	52
Utah Solar Holdings, due 2036	228		242		3.590	154
Viento Funding II, LLC, due 2029	160		175		S+1.475	29
Victory Pass and Arica, due 2024	—		757			—



Other	111		124		Various	49
Subtotal non-recourse facility-level debt	5,110		5,974
Total debt	7,235		8,100
Less current maturities	(430)		(559)
Less net debt issuance costs	(57)		(65)
Add premiums (e)	2		3
Total long-term debt	$	6,750	$	7,479

(a) As of December 31, 2024, S+ equals SOFR plus x%.

(b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement, and only applies to outstanding borrowings.

(c) On March 15, 2024, Texas Solar Nova 1’s financing agreement was amended to merge the facility-level debt of Texas Solar Nova 1 and Texas Solar Nova 2 as a combined term loan under TSN1 Class B Member LLC.

(d) On October 23, 2024, the outstanding debt of Broken Bow and Crofton Bluffs was paid off utilizing the proceeds from the Capistrano Portfolio Holdco LLC term loan that was issued on the same day.

(e) Premiums relate to the 2028 Senior Notes.

The financing arrangements listed above contain certain covenants, including financial covenants that the Company is required to be in compliance with during the term of the respective arrangement. Under the facility-level financing arrangements, each facility is permitted to pay distributions out of available cash as long as certain conditions are satisfied, including that no default under the applicable arrangements has occurred and that each facility is otherwise in compliance with all relevant conditions under the financing agreements, including meeting required financial ratios, where applicable. The Company’s facility-level financing arrangements are non-recourse to the Company, thus, each facility pledges its underlying assets as collateral, and if a facility is in default of its financing arrangement, then the related lender could demand repayment of the facility or enforce their security interests with respect to the pledged collateral.

As of December 31, 2024, the Company was in compliance with all of the required covenants.

Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility

On March 15, 2023, Clearway Energy Operating LLC refinanced the Amended and Restated Credit Agreement, which (i) replaced LIBOR with SOFR plus a credit spread adjustment of 0.10% as the applicable reference rate, (ii) increased the available revolving commitments to an aggregate principal amount of $700 million, (iii) extended the maturity date to March 15, 2028, (iv) increased the letter of credit sublimit to $594 million and (v) implemented certain other technical modifications.

Facility-level Debt

Cedro Hill Repowering

On December 12, 2023, the Company entered into a financing agreement for non-recourse debt for a total commitment of $254 million, which consists of construction loans, a tax equity bridge loan and a cash equity bridge loan, related to the repowering of the Cedro Hill wind facility. The Company’s initial borrowing of $165 million was utilized to repay the $72 million of outstanding principal under the original financing agreement, to pay $55 million to Clearway Renew for the future delivery of equipment, which was included in other non-current assets on the Company’s consolidated balance sheet, to pay $27 million to a third party for the future delivery of equipment, which was included in other non-current assets on the Company’s consolidated balance sheet, to pay a $4 million development services fee to Clearway Renew, to pay for $4 million in debt issuance costs that were deferred and to pay for $3 million in capital expenditures. During 2024, the $82 million of equipment was delivered, and therefore, is now included in property, plant and equipment, net on the Company’s consolidated balance sheet as of December 31, 2024.

On December 27, 2024, when the repowering of the Cedro Hill wind facility reached substantial completion, tax equity investors contributed $152 million to acquire the Class A membership interests in Cedro Hill TE Holdco LLC, a tax equity fund that owns the Cedro Hill wind facility, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The tax equity proceeds were utilized, along with $54 million in construction loan proceeds, to repay the $138 million tax equity bridge loan, the $16 million cash equity bridge loan, to fund $38 million in construction completion and related reserves, which is included in restricted cash on the Company’s consolidated balance sheet, to pay $11 million in construction invoices and to pay $4 million in associated fees with the remaining $26 million distributed to CEG. Also at substantial completion, the outstanding construction loans were converted to a term loan in the amount of $99 million. Under the new financing agreement, the Company borrowed $88 million during 2024.

Dan’s Mountain

On November 18, 2024, as part of the acquisition of Dan’s Mountain, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included a $77 million cash equity bridge loan and a $49 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. A partial payment of $7 million was made on the cash equity bridge loan at acquisition date utilizing all of the proceeds from the Company, which were contributed back to the Company by CEG. The tax equity bridge loan and the remaining cash equity bridge loan will be repaid with the final proceeds received from the tax equity investor and the Company’s additional purchase price upon Dan’s Mountain reaching substantial completion, which is expected to occur in the first half of 2025, along with the $18 million that was contributed into escrow by the tax equity investor at acquisition date, which is included in restricted cash on the Company’s consolidated balance sheet. Subsequent to the acquisition, the Company borrowed an additional $24 million in tax equity bridge loans.

Capistrano Portfolio Holdco LLC

On October 23, 2024, the Company, through its indirect subsidiary, Capistrano Portfolio Holdco LLC, entered into a financing agreement, which included the issuance of a $121 million term loan, as well as $42 million in letters of credit in support of debt service and facility obligations, supported by the Company’s interests in the Broken Bow, Crofton Bluffs, Mountain Wind 1 and Mountain Wind 2 wind facilities. The Company utilized the proceeds from the term loan to pay off the existing debt in the amount of $63 million related to Broken Bow and Crofton Bluffs and to pay related financing costs.

Natural Gas Holdco LC Facility

On July 25, 2024, the Company, through its indirect subsidiary, Natural Gas Holdco, entered into a financing agreement that provides for a $200 million letter of credit facility, which is being utilized to support the collateral needs of the merchant facilities in the Flexible Generation segment. The letter of credit facility has an initial term of three years and the option for two additional one-year extensions.

Rosamond Central (Rosie Class B LLC)

On June 30, 2023, Rosie Class B LLC, the indirect owner of the Rosamond Central solar facility, amended its financing agreement to provide for (i) a refinanced term loan in the amount of $77 million, (ii) construction loans up to $115 million, (iii) tax equity bridge loans up to $188 million, (iv) an increase to the letter of credit sublimit to $41 million and (v) an extension of the maturity date of the term loan and construction loans to June 13, 2029.

On July 3, 2023, Rosie Class B LLC issued a loan to Clearway Renew, utilizing a portion of the loan proceeds under the amended financing agreement, in order to finance the construction of the BESS facility. On December 1, 2023, the Rosamond Central solar facility acquired the BESS facility from Clearway Renew for initial cash consideration of $70 million, as further discussed in Note 3, Acquisitions, and Clearway Renew utilized the funds to partially repay the loan.

On June 13, 2024, when the Rosamond Central BESS facility reached substantial completion, Clearway Renew repaid the $184 million outstanding loan balance owed to Rosie Class B LLC utilizing the additional purchase price of $279 million paid by the Company, as further described in Note 3, Acquisitions. The Company utilized the proceeds from Clearway Renew, along with $39 million held previously in escrow and $56 million of the Company’s additional purchase price that was contributed back to the Company by CEG, to repay the $186 million tax equity bridge loan, to distribute $44 million to the cash equity investor, to fund $21 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $11 million in associated fees. Additionally, on June 13, 2024, the outstanding construction loans were converted to a term loan in the amount of $115 million. Under the amended financing agreement, the Company borrowed $271 million during 2023 and $30 million during 2024.

NIMH Solar

On June 11, 2024, the Company, through its indirect subsidiary, NIMH Solar LLC, refinanced its amended and restated credit agreement, which was scheduled to mature in September 2024, resulting in the issuance of a $137 million term loan facility, as well as $17 million in letters of credit in support of debt service and facility obligations. The obligations under the new financing arrangement are supported by the Company’s interests in the Alpine, Blythe and Roadrunner solar facilities. The Company utilized the proceeds from the term loan and existing sources of liquidity to pay off the existing debt in the amount of $146 million.

Victory Pass and Arica

On October 31, 2023, as part of the acquisition of Victory Pass and Arica, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included a $483 million cash equity bridge loan and a $385 million tax equity bridge loan, offset by $4 million in unamortized debt issuance costs. A partial payment of $133 million was made on the cash equity bridge loan at acquisition date utilizing all of the proceeds from the Company, which were contributed back to the Company by CEG, and the contribution from the cash equity investor.

On May 1, 2024, when the facilities reached substantial completion, the Company paid $165 million to Clearway Renew as additional purchase price, as further described in Note 3, Acquisitions, the cash equity investor contributed an additional $347 million, the tax equity investor contributed an additional $410 million and CEG contributed $52 million, which were utilized, along with $103 million held previously in escrow, to repay the $351 million cash equity bridge loan, to repay the $468 million tax equity bridge loan, to fund $75 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $18 million in associated fees. Subsequent to the acquisition, the Company borrowed an additional $22 million during 2023 and $62 million during 2024.

Cedar Creek

On April 16, 2024, as part of the acquisition of Cedar Creek, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included 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. At acquisition date, the tax equity investor contributed $108 million, which was utilized, along with the Company’s entire purchase price that was contributed back to the Company by CEG, to repay the tax equity bridge loan, to repay the cash equity bridge loan, to partially repay $2 million in construction loans, to fund $16 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $6 million in associated fees. Also at acquisition date, the outstanding construction loans were converted to a term loan in the amount of $110 million.

Texas Solar Nova 1 and Texas Solar Nova 2

On December 28, 2023, as part of the acquisition of Texas Solar Nova 1, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included a $90 million construction loan, $109 million cash equity bridge loan and $151 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. At acquisition date, the tax equity investor contributed $148 million, which was utilized, along with the Company’s entire purchase price that was contributed back to the Company by CEG and the proceeds from the cash equity investor, to repay the $109 million cash equity bridge loan, to repay the $151 million tax equity bridge loan, to fund $18 million in construction completion reserves, which was included in restricted cash on the Company’s consolidated balance sheet, and to pay $5 million in associated fees with the remaining $9 million distributed back to CEG. Also at acquisition date, the $90 million construction loan was converted into a term loan in the amount of $102 million, which includes an additional borrowing of $12 million.

On March 15, 2024, as part of the acquisition of Texas Solar Nova 2, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included an $80 million term loan and a $115 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. At acquisition date, the tax equity investor contributed $130 million, which was utilized, along with $9 million of the Company’s purchase price that was contributed back to the Company by CEG, to repay the $115 million tax equity bridge loan, to fund $19 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $4 million in associated fees.

Additionally, on March 15, 2024, Texas Solar Nova 1’s financing agreement was amended to merge the Texas Solar Nova 1 and Texas Solar Nova 2 term loans as a combined term loan under TSN1 Class B Member LLC.

Daggett 2

On August 30, 2023, as part of the acquisition of Daggett 2, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included a $107 million construction loan and a $204 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. On December 22, 2023, when the facility reached substantial completion, the tax equity investor contributed an additional $202 million, which was utilized, along with the $120 million in escrow and $10 million in construction loan proceeds, to repay the $204 million tax equity bridge loan, to fund $36 million in construction completion reserves, which was included in restricted cash on the Company’s consolidated balance sheet, and to pay $1 million in associated fees with the remaining $91 million distributed to CEG. Subsequent to the acquisition, the Company borrowed an additional $49 million in construction loans and the total outstanding construction loans were converted to a term loan in the amount of $156 million on December 22, 2023.

Daggett 3

On February 17, 2023, as part of the acquisition of Daggett 3, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included a $181 million construction loan, a $229 million tax equity bridge loan and a $75 million cash equity bridge loan, offset by $5 million in unamortized debt issuance costs. The cash equity bridge loan was repaid at acquisition date, along with $8 million in associated fees, utilizing all of the proceeds from the Company, which were contributed back to the Company by CEG, and the contribution from the cash equity investor. On December 1, 2023, when the facility reached substantial completion, the tax equity investor contributed an additional $252 million, which was utilized along with the $69 million in escrow, to repay the $229 million tax equity bridge loan, to fund $40 million in construction completion reserves, which was included in restricted cash on the Company’s consolidated balance sheet, and to pay $7 million in associated fees with the remaining $45 million distributed to CEG. Subsequent to the acquisition, the Company borrowed an additional $36 million in construction loans and the total outstanding construction loans were converted to a term loan in the amount of $217 million on December 1, 2023.

Interest Rate Swaps — Facility Financings

Many of the Company’s subsidiaries entered into interest rate swaps, intended to hedge the risks associated with interest rates on non-recourse facility level debt. These swaps amortize in proportion to their respective loans and are floating for a fixed rate where the subsidiary pays its counterparty the equivalent of a fixed interest payment on a predetermined notional amount and will receive quarterly the equivalent of a floating interest payment based on the same notional amount. All interest rate swap payments by the subsidiary and its counterparty are made quarterly and the SOFR is determined in advance of each interest period.

The following table summarizes the swaps, some of which are forward starting as indicated, related to the Company’s facility level debt:


	% of Principal		Fixed Interest Rate		Floating Interest Rate	Notional Amount at December 31, 2024 (In millions)		Effective Date	Maturity Date
Avra Valley	85	%	2.20	%	SOFR	$	26	March 31, 2023	January 31, 2031
Alta Wind Asset Management	100	%	2.22	%	SOFR	10		May 22, 2013	May 15, 2031
Buckthorn Solar	80	%	Various		SOFR	90		February 28, 2018	December 31, 2041
Capistrano Portfolio Holdco	100	%	Various		SOFR	118		October 23, 2024	September 28, 2033
Carlsbad Energy Holdings	100	%	Various		SOFR	70		Various	September 30, 2027
Cedar Creek	100	%	3.02	%	SOFR	108		April 30, 2024	March 31, 2049
Cedro Hill	85	%	Various		SOFR	84		Various	September 30, 2044
Daggett 2	89	%	Various		SOFR	137		March 29, 2024	March 31, 2043
Daggett 3	85	%	Various		SOFR	184		Various	September 30, 2043
Dan’s Mountain	93	%	4.97	%	SOFR	133		March 29, 2024	February 28, 2025
Kansas South	75	%	1.93	%	SOFR	11		June 28, 2013	December 31, 2030
Mililani Class B	97	%	Various		SOFR	87		Various	Various
NIMH Solar	100	%	3.25	%	SOFR	126		June 11, 2024	January 31, 2033
Oahu Solar	96	%	2.47	%	SOFR	75		November 30, 2019	October 31, 2040
Rosie Class B	94	%	Various		SOFR	179		Various	Various
South Trent	90	%	Various		SOFR	18		Various	June 30, 2028
TSN1 Class B	96	%	Various		SOFR	169		March 29, 2024	September 30, 2043
Viento Funding II	90	%	2.53	%	SOFR	144		Various	December 31, 2032
Total						$	1,769

Annual Maturities

Annual payments based on the maturities of the Company’s debt, for the years ending after December 31, 2024, are as follows:


	(In millions)
2025 (a)	$	555
2026	393
2027	333
2028	1,626
2029	821
Thereafter	3,507
Total	$	7,235

(a) At December 31, 2024, amount includes $125 million of construction-related financings recorded in long-term debt on the Company’s consolidated balance sheet that is being funded through long-term equity contributions.

Members' Equity

12 Months Ended

Dec. 31, 2024

Members' Equity [Abstract]

Members' Equity

Members’ Equity

The following tables list the distributions paid on the Company’s Class A, Class B, Class C and Class D units during the years ended December 31, 2024, 2023 and 2022:


	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
Distributions per Class A and Class B units	$	0.4240	$	0.4171	$	0.4102	$	0.4033
Distributions per Class C and Class D units	0.4240		0.4171		0.4102		0.4033


	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023
Distributions per Class A and Class B units	$	0.3964	$	0.3891	$	0.3818	$	0.3745
Distributions per Class C and Class D units	0.3964		0.3891		0.3818		0.3745


	Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022
Distributions per Class A and Class B units	$	0.3672	$	0.3604	$	0.3536	$	0.3468
Distributions per Class C and Class D units	0.3672		0.3604		0.3536		0.3468

On February 17, 2025, the Company declared a quarterly distribution on its Class A, Class B, Class C and Class D units of $0.4312 per unit payable on March 17, 2025.

In addition to the quarterly distributions, the Company paid $51 million in additional distributions, $30 million of which was distributed to Clearway, Inc. and $21 million of which was distributed to CEG, during the year ended December 31, 2023, in order for Clearway, Inc. to make certain additional tax payments primarily associated with the sale of the Thermal Business.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Long-term Debt - Schedule of Swaps Related to the Company's Facility Level Debt (Details) - Interest Rate Swap $ in Millions	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Notional Amount at December 31, 2024 (In millions)	$ 1,769
Avra Valley
Debt Instrument [Line Items]
% of Principal	85.00%
Fixed Interest Rate	2.20%
Notional Amount at December 31, 2024 (In millions)	$ 26
Alta Wind Asset Management
Debt Instrument [Line Items]
% of Principal	100.00%
Fixed Interest Rate	2.22%
Notional Amount at December 31, 2024 (In millions)	$ 10
Buckthorn Solar
Debt Instrument [Line Items]
% of Principal	80.00%
Notional Amount at December 31, 2024 (In millions)	$ 90
Capistrano Portfolio Holdco
Debt Instrument [Line Items]
% of Principal	100.00%
Notional Amount at December 31, 2024 (In millions)	$ 118
Carlsbad Energy Holdings
Debt Instrument [Line Items]
% of Principal	100.00%
Notional Amount at December 31, 2024 (In millions)	$ 70
Cedar Creek, due 2029
Debt Instrument [Line Items]
% of Principal	100.00%
Fixed Interest Rate	3.02%
Notional Amount at December 31, 2024 (In millions)	$ 108
Cedro Hill
Debt Instrument [Line Items]
% of Principal	85.00%
Notional Amount at December 31, 2024 (In millions)	$ 84
Daggett 2
Debt Instrument [Line Items]
% of Principal	89.00%
Notional Amount at December 31, 2024 (In millions)	$ 137
Daggett 3
Debt Instrument [Line Items]
% of Principal	85.00%
Notional Amount at December 31, 2024 (In millions)	$ 184
Dan’s Mountain
Debt Instrument [Line Items]
% of Principal	93.00%
Fixed Interest Rate	4.97%
Notional Amount at December 31, 2024 (In millions)	$ 133
Kansas South
Debt Instrument [Line Items]
% of Principal	75.00%
Fixed Interest Rate	1.93%
Notional Amount at December 31, 2024 (In millions)	$ 11
Mililani Class B
Debt Instrument [Line Items]
% of Principal	97.00%
Notional Amount at December 31, 2024 (In millions)	$ 87
NIMH Solar
Debt Instrument [Line Items]
% of Principal	100.00%
Fixed Interest Rate	3.25%
Notional Amount at December 31, 2024 (In millions)	$ 126
Oahu Solar
Debt Instrument [Line Items]
% of Principal	96.00%
Fixed Interest Rate	2.47%
Notional Amount at December 31, 2024 (In millions)	$ 75
Rosie Class B
Debt Instrument [Line Items]
% of Principal	94.00%
Notional Amount at December 31, 2024 (In millions)	$ 179
South Trent
Debt Instrument [Line Items]
% of Principal	90.00%
Notional Amount at December 31, 2024 (In millions)	$ 18
TSN1 Class B
Debt Instrument [Line Items]
% of Principal	96.00%
Notional Amount at December 31, 2024 (In millions)	$ 169
Viento Funding II
Debt Instrument [Line Items]
% of Principal	90.00%
Fixed Interest Rate	2.53%
Notional Amount at December 31, 2024 (In millions)	$ 144

Asset Impairments (Details) - USD ($) $ in Millions	12 Months Ended
Asset Impairments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset Impairments [Abstract]
Impairment losses	$ 0	$ 12	$ 16

Long-term Debt - Narrative (Details)																						12 Months Ended
Long-term Debt - Narrative (Details)	Dec. 27, 2024 USD ($)	Nov. 19, 2024 USD ($)	Nov. 18, 2024 USD ($)	Oct. 23, 2024 USD ($)	Jul. 25, 2024 USD ($) option	Jun. 13, 2024 USD ($)	Jun. 11, 2024 USD ($)	May 01, 2024 USD ($)	Apr. 16, 2024 USD ($)	Mar. 15, 2024 USD ($)	Dec. 28, 2023 USD ($)	Dec. 22, 2023 USD ($)	Dec. 18, 2023 USD ($)	Dec. 12, 2023 USD ($)	Dec. 01, 2023 USD ($)	Oct. 31, 2023 USD ($)	Aug. 31, 2023 USD ($)	Aug. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 15, 2023 USD ($)	Feb. 17, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from the revolving credit facility																						$ 0	$ 0	$ 80,000,000
Net debt issuance costs																						57,000,000	65,000,000
Capital expenditures																						188,000,000	157,000,000
Long-term debt																						7,235,000,000	8,100,000,000
Cedro Hill Repowering
Debt Instrument [Line Items]
Long-term debt														$ 254,000,000								88,000,000
Proceeds from the revolving credit facility														165,000,000
Aggregate principal amount repurchased	$ 11,000,000													72,000,000
Remaining balance to distribute														55,000,000
Proceeds from debt														27,000,000								82,000,000
Payments for other fees	4,000,000													4,000,000
Net debt issuance costs														4,000,000
Capital expenditures														$ 3,000,000
Asset acquisition, fund construction completion reserves	38,000,000
Cedro Hill Repowering \| Tax Equity Investors
Debt Instrument [Line Items]
Remaining balance to distribute	26,000,000
Dan’s Mountain Drop Down
Debt Instrument [Line Items]
Long-term debt			$ 125,000,000
Unamortized debt issuance costs			1,000,000
Dan’s Mountain Drop Down \| Tax Equity Investors
Debt Instrument [Line Items]
Proceeds from noncontrolling interests			18,000,000
Rosamond Central Solar Project
Debt Instrument [Line Items]
Long-term debt																			$ 115,000,000
Long-term debt																			77,000,000
Rosamond Central Solar Project \| Rosie Central BESS
Debt Instrument [Line Items]
Repayment of partial loan amount															$ 70,000,000
Rosie Class B LLC, Due 2029
Debt Instrument [Line Items]
Long-term debt						$ 21,000,000																30,000,000	271,000,000
Payments for other fees						11,000,000
Rosie Class B LLC, Due 2029 \| CEG
Debt Instrument [Line Items]
Proceeds from noncontrolling interests						39,000,000
Expected contributions upon substantial completion						56,000,000
Rosie Class B LLC, Due 2029 \| Cash Equity Investor
Debt Instrument [Line Items]
Remaining balance to distribute						44,000,000
NIMH Solar, due 2031 and 2033
Debt Instrument [Line Items]
Aggregate principal amount repurchased							$ 146,000,000
Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Long-term debt								$ 75,000,000
Payments for other fees								18,000,000
Unamortized debt issuance costs																$ 4,000,000
Victory Pass and Arica, due 2024 \| CEG
Debt Instrument [Line Items]
Proceeds from noncontrolling interests								103,000,000
Expected contributions upon substantial completion								52,000,000
Victory Pass and Arica, due 2024 \| Cash Equity Investor
Debt Instrument [Line Items]
Expected contributions upon substantial completion								347,000,000
Victory Pass and Arica, due 2024 \| Tax Equity Investors
Debt Instrument [Line Items]
Expected contributions upon substantial completion								410,000,000
Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt									$ 309,000,000
Payments for other fees									6,000,000
Asset acquisition, fund construction completion reserves									16,000,000
Unamortized debt issuance costs									3,000,000
Texas Solar Nova 1 Drop Down
Debt Instrument [Line Items]
Long-term debt											$ 349,000,000
Unamortized debt issuance costs											1,000,000
TSN1 Class B
Debt Instrument [Line Items]
Long-term debt											18,000,000
Payments for other fees											5,000,000
Long-term debt, additions											12,000,000
TSN1 Class B \| CEG
Debt Instrument [Line Items]
Remaining balance to distribute											9,000,000
Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt										$ 19,000,000
Payments for other fees										4,000,000
Unamortized debt issuance costs										1,000,000
Texas Solar Nova 2 \| CEG
Debt Instrument [Line Items]
Proceeds from noncontrolling interests										9,000,000
Daggett 2 Drop Down
Debt Instrument [Line Items]
Long-term debt																		$ 308,000,000
Payments for other fees												$ 1,000,000
Unamortized debt issuance costs																		3,000,000
Expected contributions upon substantial completion												202,000,000
Daggett 2 Drop Down \| CEG
Debt Instrument [Line Items]
Remaining balance to distribute												91,000,000
Daggett 2 Drop Down \| Tax Equity Investors
Debt Instrument [Line Items]
Proceeds from noncontrolling interests												120,000,000
Daggett 3 Drop Down
Debt Instrument [Line Items]
Long-term debt																					$ 480,000,000
Payments for other fees															7,000,000
Unamortized debt issuance costs																					5,000,000
Expected contributions upon substantial completion															252,000,000
Daggett 3 Drop Down \| CEG
Debt Instrument [Line Items]
Remaining balance to distribute															45,000,000
Payments for other fees																					54,000,000
Daggett 3 Drop Down \| Tax Equity Investors
Debt Instrument [Line Items]
Proceeds from noncontrolling interests															69,000,000
Daggett 3 Drop Down \| Cash Equity Bridge Loan
Debt Instrument [Line Items]
Payments for other fees																					8,000,000
Tax Equity Investors \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt									108,000,000
Tax Equity Investors \| TSN1 Class B
Debt Instrument [Line Items]
Long-term debt											148,000,000
Tax Equity Investors \| Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt										130,000,000
Construction Loans \| Cedro Hill Repowering
Debt Instrument [Line Items]
Proceeds from the revolving credit facility	54,000,000
Long-term debt, additions	99,000,000
Construction Loans \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt									112,000,000
Long-term debt, additions									110,000,000
Asset acquisition, partial payment of long term debt									2,000,000
Construction Loans \| Texas Solar Nova 1 Drop Down
Debt Instrument [Line Items]
Long-term debt											90,000,000
Construction Loans \| TSN1 Class B
Debt Instrument [Line Items]
Long-term debt, additions											102,000,000
Construction Loans \| Daggett 2 Drop Down
Debt Instrument [Line Items]
Long-term debt												36,000,000						107,000,000
Long-term debt, additions												156,000,000					$ 49,000,000
Proceeds												10,000,000
Construction Loans \| Daggett 3 Drop Down
Debt Instrument [Line Items]
Long-term debt															40,000,000						181,000,000
Long-term debt, additions													$ 36,000,000		217,000,000
Tax Equity Bridge Loan \| Cedro Hill Repowering
Debt Instrument [Line Items]
Aggregate principal amount repurchased	138,000,000
Tax Equity Bridge Loan \| Dan’s Mountain Drop Down
Debt Instrument [Line Items]
Long-term debt			49,000,000
Long-term debt, additions		$ 24,000,000
Tax Equity Bridge Loan \| Rosamond Central Solar Project
Debt Instrument [Line Items]
Long-term debt																			188,000,000
Tax Equity Bridge Loan \| Rosie Class B LLC, Due 2029
Debt Instrument [Line Items]
Long-term debt						186,000,000
Tax Equity Bridge Loan \| Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Long-term debt								468,000,000								385,000,000
Long-term debt, additions																						$ 62,000,000	22,000,000
Tax Equity Bridge Loan \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt									109,000,000
Tax Equity Bridge Loan \| Texas Solar Nova 1 Drop Down
Debt Instrument [Line Items]
Long-term debt											151,000,000
Tax Equity Bridge Loan \| Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt										115,000,000
Tax Equity Bridge Loan \| Daggett 2 Drop Down
Debt Instrument [Line Items]
Long-term debt												$ 204,000,000						$ 204,000,000
Tax Equity Bridge Loan \| Daggett 3 Drop Down
Debt Instrument [Line Items]
Long-term debt															$ 229,000,000						229,000,000
Cash Equity Bridge Loan \| Cedro Hill Repowering
Debt Instrument [Line Items]
Long-term debt	16,000,000
Cash Equity Bridge Loan \| Dan’s Mountain Drop Down
Debt Instrument [Line Items]
Long-term debt			77,000,000
Partial payment			$ 7,000,000
Cash Equity Bridge Loan \| Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Aggregate principal amount repurchased								351,000,000
Cash Equity Bridge Loan \| Cedar Creek Drop Down
Debt Instrument [Line Items]
Long-term debt									$ 91,000,000
Cash Equity Bridge Loan \| Texas Solar Nova 1 Drop Down
Debt Instrument [Line Items]
Long-term debt											$ 109,000,000
Cash Equity Bridge Loan \| Daggett 3 Drop Down
Debt Instrument [Line Items]
Long-term debt																					$ 75,000,000
Term Loan \| Capistrano Portfolio Holdco LLC
Debt Instrument [Line Items]
Asset acquisition, issuance cost				$ 121,000,000
Term Loan \| Broken Bow and Crofton Bluffs
Debt Instrument [Line Items]
Proceeds from noncontrolling interests				63,000,000
Term Loan \| NIMH Solar, due 2031 and 2033
Debt Instrument [Line Items]
Long-term debt							137,000,000
Term Loan \| Texas Solar Nova 2
Debt Instrument [Line Items]
Long-term debt										$ 80,000,000
Letters of Credit Outstanding at December 31, 2024 \| Capistrano Portfolio Holdco LLC
Debt Instrument [Line Items]
Asset acquisition, issuance cost				$ 42,000,000
Letters of Credit Outstanding at December 31, 2024 \| Natural Gas CA Holdco LLC LC Facility
Debt Instrument [Line Items]
Asset acquisition, debt outstanding					$ 200,000,000
Debt instrument, term					3 years
Debt instrument, number of additional option \| option					2
Letters of Credit Outstanding at December 31, 2024 \| Natural Gas CA Holdco LLC LC Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, extension term					1 year
Letters of Credit Outstanding at December 31, 2024 \| NIMH Solar, due 2031 and 2033
Debt Instrument [Line Items]
Long-term debt							$ 17,000,000
Construction Loan \| Rosie Class B LLC, Due 2029
Debt Instrument [Line Items]
Long-term debt, additions						115,000,000
Sponsor Equity Bridge Loan \| Victory Pass and Arica, due 2024
Debt Instrument [Line Items]
Long-term debt																483,000,000
Partial payment																$ 133,000,000
Letters of Credit Outstanding at December 31, 2024 \| Line of Credit \| Rosamond Central Solar Project
Debt Instrument [Line Items]
Bridge credit agreement, borrowing amount																			$ 41,000,000
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate																				0.10%		1.50%
Long-term debt																						$ 0	$ 0
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Bridge credit agreement, borrowing amount																				$ 700,000,000
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility \| Letters of Credit Outstanding at December 31, 2024 \| Line of Credit
Debt Instrument [Line Items]
Bridge credit agreement, borrowing amount																				$ 594,000,000
Cedro Hill TE Holdco LLC \| Tax Equity Investors \| Cedro Hill Repowering
Debt Instrument [Line Items]
Long-term debt	$ 152,000,000
Clearway Renew LLC \| Rosie Class B LLC, Due 2029 \| Rosie Class B LLC
Debt Instrument [Line Items]
Aggregate principal amount repurchased						184,000,000
Clearway Renew LLC \| Rosie Class B LLC, Due 2029 \| Rosie TargetCo LLC
Debt Instrument [Line Items]
Payments to acquire productive assets						$ 279,000,000
Clearway Renew LLC \| Victory Pass and Arica, due 2024 \| VP-Arica TargetCo LLC
Debt Instrument [Line Items]
Payments to acquire productive assets								$ 165,000,000

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Gas and Transportation Commitments The Company previously entered into contractual arrangements to procure power, fuel and associated transportation services for the Thermal Business, which was sold to KKR on May 1, 2022. Under these arrangements, the Company purchased $20 million for the year ended December 31, 2022. Contingencies The Company records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company will establish an adequate reserve for ongoing legal matters. In addition, legal costs are expensed as incurred. Management assesses such matters based on current information and makes a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought and the probability of success. The Company is unable to predict the outcome of ongoing legal proceedings or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimate of contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company’s liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. The Company and its subsidiaries are party to litigation or legal proceedings arising in the ordinary course of business. In management’s opinion, the disposition of these ordinary course matters will not materially adversely affect the Company’s consolidated financial position, results of operations or cash flows.

Accounting for Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Accounting for Derivative Instruments and Hedging Activities

ASC 815 requires the Company to recognize all derivative instruments on the balance sheet as either assets or liabilities and to measure them at fair value each reporting period unless they qualify for a NPNS exception. The Company may elect to designate certain derivatives as cash flow hedges, if certain conditions are met, and defer the change in fair value of the derivatives to accumulated OCI/OCL, until the hedged transactions occur and are recognized in earnings. For derivatives that are not designated as cash flow hedges or do not qualify for hedge accounting treatment, the changes in the fair value will be immediately recognized in earnings. Certain derivative instruments may qualify for the NPNS exception and are therefore exempt from fair value accounting treatment. ASC 815 applies to the Company’s energy-related commodity contracts and interest rate swaps.

Interest Rate Swaps

The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments. As of December 31, 2024, the Company had interest rate derivative instruments on non-recourse debt extending through 2033, a portion of which were designated as cash flow hedges. Under the interest rate swap agreements, the Company pays a fixed rate and the counterparties to the agreements pay a variable interest rate.

Energy-Related Commodity Contracts

As of December 31, 2024, the Company had energy-related derivative instruments extending through 2033. At December 31, 2024, these contracts were not designated as cash flow or fair value hedges.

Volumetric Underlying Derivative Transactions

The following table summarizes the net notional volume buy/(sell) of the Company’s open derivative transactions broken out by commodity:


		Total Volume
		December 31, 2024		December 31, 2023
Commodity	Units	(In millions)
Power	MWh	(25)		(23)
Natural Gas	MMBtu	11		17
Interest	Dollars	$	1,769	$	2,467

Fair Value of Derivative Instruments

The following table summarizes the fair value within the derivative instrument valuation on the consolidated balance sheets:


	Fair Value
	Derivative Assets				Derivative Liabilities
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	5	$	7	$	—	$	—
Interest rate contracts long-term	22		12		—		2
Total Derivatives Designated as Cash Flow Hedges	$	27	$	19	$	—	$	2
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	30	$	33	$	—	$	—
Interest rate contracts long-term	109		69		—		—
Energy-related commodity contracts current	4		1		56		51
Energy-related commodity contracts long-term	5		1		315		279
Total Derivatives Not Designated as Cash Flow Hedges	$	148	$	104	$	371	$	330
Total Derivatives	$	175	$	123	$	371	$	332

The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty level. As of December 31, 2024 and 2023, the amount of outstanding collateral paid or received was immaterial. The following tables summarize the offsetting of derivatives by counterparty:



	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2024	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	9	$	—	$	9
Derivative liabilities	(371)		—		(371)
Total energy-related commodity contracts	$	(362)	$	—	$	(362)
Interest rate contracts
Derivative assets	$	166	$	—	$	166

Total interest rate contracts	$	166	$	—	$	166
Total derivative instruments	$	(196)	$	—	$	(196)


	Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2023	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	2	$	—	$	2
Derivative liabilities	(330)		—		(330)
Total energy-related commodity contracts	$	(328)	$	—	$	(328)
Interest rate contracts
Derivative assets	$	121	$	(2)	$	119
Derivative liabilities	(2)		2		—
Total interest rate contracts	$	119	$	—	$	119
Total derivative instruments	$	(209)	$	—	$	(209)

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the effects on the Company’s accumulated OCI (OCL) balance attributable to interest rate swaps designated as cash flow hedge derivatives:


	Year ended December 31,
	2024		2023		2022
	(In millions)
Accumulated OCI (OCL) beginning balance	$	20	$	27	$	(13)

Reclassified from accumulated OCI (OCL) to income due to realization of previously deferred amounts	(1)		(5)		5
Capistrano Wind Portfolio Acquisition	—		—		7
Mark-to-market of cash flow hedge accounting contracts	(4)		(2)		28
Accumulated OCI ending balance	$	15	$	20	$	27
Accumulated OCI attributable to noncontrolling interests	8		5		6
Accumulated OCI attributable to Clearway Energy LLC	$	7	$	15	$	21
Income expected to be realized from OCI during the next 12 months	$	2

Amounts reclassified from accumulated OCI (OCL) into income are recorded to interest expense.

Impact of Derivative Instruments on the Consolidated Statements of Income

Mark-to-market gains/(losses) related to the Company’s derivatives are recorded in the consolidated statements of income as follows:


	Year ended December 31,
	2024		2023		2022
	(In millions)
Interest Rate Contracts (Interest expense)	$	29	$	(17)	$	100
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Total operating revenues) (a)	(32)		23		(174)
Energy-Related Commodity Contracts (Mark-to-market for economic hedging activities included in Cost of operations) (b)	(2)		2		—

(b) Relates to long-term backbone transportation service energy-related commodity contracts at El Segundo and Walnut Creek.

See Note 6, Fair Value of Financial Instruments, for a discussion regarding concentration of credit risk.

Leases - Schedule of Energy and Capacity Revenue (Details) - USD ($) $ in Millions		12 Months Ended
	May 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Lease revenue		$ 831	$ 780	$ 850
Renewal period	5 years
Lease receivable	$ 21
Net investment costs	13
Net (loss) income	$ 8	(33)	(13)	1,282
Total Segments \| Energy Revenue
Disaggregation of Revenue [Line Items]
Lease revenue		820	764	816
Total Segments \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Lease revenue		153	269	435
Total Segments \| Other Revenue
Disaggregation of Revenue [Line Items]
Lease revenue			21
Total Segments \| Operating revenue
Disaggregation of Revenue [Line Items]
Lease revenue		973	1,054	1,251
Flexible Generation \| Energy Revenue
Disaggregation of Revenue [Line Items]
Lease revenue		3	4	6
Flexible Generation \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Lease revenue		110	249	435
Flexible Generation \| Other Revenue
Disaggregation of Revenue [Line Items]
Lease revenue			21
Flexible Generation \| Operating revenue
Disaggregation of Revenue [Line Items]
Lease revenue		113	274	441
Renewables \| Energy Revenue
Disaggregation of Revenue [Line Items]
Lease revenue		817	760	809
Renewables \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Lease revenue		43	20	0
Renewables \| Other Revenue
Disaggregation of Revenue [Line Items]
Lease revenue			0
Renewables \| Operating revenue
Disaggregation of Revenue [Line Items]
Lease revenue		$ 860	$ 780	809
Thermal \| Energy Revenue
Disaggregation of Revenue [Line Items]
Lease revenue				1
Thermal \| Capacity Revenue
Disaggregation of Revenue [Line Items]
Lease revenue				0
Thermal \| Operating revenue
Disaggregation of Revenue [Line Items]
Lease revenue				$ 1

Acquisitions - Schedule of Asset Acquisition (Details) - USD ($) $ in Millions											12 Months Ended
	Nov. 18, 2024	Apr. 16, 2024	Mar. 15, 2024	Dec. 28, 2023	Dec. 22, 2023	Dec. 01, 2023	Oct. 31, 2023	Aug. 30, 2023	Jun. 30, 2023	Feb. 17, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Removed related noncontrolling interest balance											$ 7	$ 10	$ (11)
Dan’s Mountain Drop Down
Business Acquisition [Line Items]
Property, plant and equipment	$ 152
Right-of-use assets, net	3
Total assets acquired	155
Long-term debt	125
Long-term lease liabilities	3
Other current and non-current liabilities	29
Total liabilities assumed	157
Net assets acquired less noncontrolling interests	(2)
Construction in progress	150
Unamortized debt issuance costs	1
Dan’s Mountain Drop Down \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt	77
Dan’s Mountain Drop Down \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt	$ 49
Rosamond Central Solar Project
Business Acquisition [Line Items]
Property, plant and equipment						$ 275
Total assets acquired						275
Long-term debt									$ 115
Other current and non-current liabilities						9
Total liabilities assumed						9
Net assets acquired less noncontrolling interests						266
Construction in progress						272
Rosamond Central Solar Project \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt									$ 188
Victory Pass and Arica Drop Down
Business Acquisition [Line Items]
Cash							$ 1
Property, plant and equipment							937
Right-of-use assets, net							4
Derivative assets							1
Other current and non-current assets							6
Total assets acquired							949
Long-term debt							864
Long-term lease liabilities							4
Other current and non-current liabilities							82
Total liabilities assumed							950
Net assets acquired less noncontrolling interests							(1)
Construction in progress							893
Unamortized debt issuance costs							4
Victory Pass and Arica Drop Down \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt							483
Victory Pass and Arica Drop Down \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt							$ 385
Cedar Creek Drop Down
Business Acquisition [Line Items]
Restricted cash		$ 1
Property, plant and equipment		311
Right-of-use assets, net		6
Derivative assets		14
Other current and non-current assets		14
Total assets acquired		346
Long-term debt		309
Long-term lease liabilities		7
Other current and non-current liabilities		13
Total liabilities assumed		329
Net assets acquired less noncontrolling interests		17
Unamortized debt issuance costs		3
Payments for other fees		6
Cedar Creek Drop Down \| Construction Loans
Business Acquisition [Line Items]
Long-term debt		112
Cedar Creek Drop Down \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt		91
Cedar Creek Drop Down \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt		$ 109
Texas Solar Nova 2 Drop Down
Business Acquisition [Line Items]
Restricted cash			$ 1
Property, plant and equipment			280
Right-of-use assets, net			21
Derivative assets			6
Other current and non-current assets			4
Total assets acquired			312
Long-term debt			194
Long-term lease liabilities			19
Other current and non-current liabilities			27
Total liabilities assumed			240
Net assets acquired less noncontrolling interests			72
Unamortized debt issuance costs			1
Texas Solar Nova 2 Drop Down \| Term Loan
Business Acquisition [Line Items]
Long-term debt			80
Texas Solar Nova 2 Drop Down \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt			$ 115
Texas Solar Nova 1 Drop Down
Business Acquisition [Line Items]
Cash				$ 3
Property, plant and equipment				362
Right-of-use assets, net				21
Derivative assets				4
Other current and non-current assets				6
Total assets acquired				396
Long-term debt				349
Long-term lease liabilities				19
Other current and non-current liabilities				34
Total liabilities assumed				402
Net assets acquired less noncontrolling interests				(6)
Unamortized debt issuance costs				1
Texas Solar Nova 1 Drop Down \| Construction Loans
Business Acquisition [Line Items]
Long-term debt				90
Texas Solar Nova 1 Drop Down \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt				109
Texas Solar Nova 1 Drop Down \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt				$ 151
Daggett 2 Drop Down
Business Acquisition [Line Items]
Cash								$ 1
Restricted cash								119
Property, plant and equipment								379
Right-of-use assets, net								22
Derivative assets								22
Total assets acquired								543
Long-term debt								308
Long-term lease liabilities								23
Other current and non-current liabilities								28
Total liabilities assumed								359
Noncontrolling interests								213
Net assets acquired less noncontrolling interests								(29)
Unamortized debt issuance costs								3
Payments for other fees					$ 1
Daggett 2 Drop Down \| Construction Loans
Business Acquisition [Line Items]
Long-term debt					36			107
Daggett 2 Drop Down \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt					$ 204			$ 204
Daggett 3 Drop Down
Business Acquisition [Line Items]
Restricted cash										$ 4
Property, plant and equipment										534
Right-of-use assets, net										31
Derivative assets										27
Total assets acquired										596
Long-term debt										480
Long-term lease liabilities										33
Other current and non-current liabilities										68
Total liabilities assumed										581
Net assets acquired less noncontrolling interests										15
Unamortized debt issuance costs										5
Payments for other fees						7
Daggett 3 Drop Down \| CEG
Business Acquisition [Line Items]
Long-term lease liabilities										32
Removed related noncontrolling interest balance										22
Payments for other fees										54
Daggett 3 Drop Down \| Construction Loans
Business Acquisition [Line Items]
Long-term debt						40				181
Daggett 3 Drop Down \| Cash Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt										75
Daggett 3 Drop Down \| Tax Equity Bridge Loan
Business Acquisition [Line Items]
Long-term debt						$ 229				$ 229

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Power procurement arrangements	$ 20

Investments Accounted for by the Equity Method and Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions					12 Months Ended
	Dec. 31, 2024	Dec. 27, 2024	Dec. 17, 2024	Jun. 30, 2015	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 18, 2024	Jun. 13, 2024
Schedule of Equity Method Investments [Line Items]
Retained earnings, undistributed earnings from equity method investees	$ 20				$ 20	$ 17
Payments to acquire equity method investments					0	28	$ 0
Long-term debt	7,235				7,235
Equity investments in affiliates	309				309	$ 360
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments				$ 285
Carrying value basis difference					115
Long-term debt	282				282
Equity investments in affiliates	$ 217				$ 217
Ownership interest (as a percentage)	25.00%				25.00%
Rosie Central BESS
Schedule of Equity Method Investments [Line Items]
Equity investments in affiliates									$ 28
DGPV Funds \| Chestnut Fund LLC
Schedule of Equity Method Investments [Line Items]
Equity investments in affiliates	$ 5				$ 5
Ownership interest (as a percentage)	100.00%				100.00%
Noncontrolling interest adjustment to additional paid in capital	$ 12
Cedro Hill TE Holdco LLC \| Cedro Hill TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Tax equity invester contribution		$ 152
Spring Canyon \| Spring Canyon Expansion Holdings LLC
Schedule of Equity Method Investments [Line Items]
Equity investments in affiliates			$ 7
Ownership interest (as a percentage)			100.00%
Noncontrolling interest adjustment to additional paid in capital			$ 3
Dan’s Mountain TargetCo LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percentage)								50.00%
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Business acquisition, consideration transferred, working capital				$ 181

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value Accounting under ASC 820

ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

•Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date.

•Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

•Level 3—unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date.

In accordance with ASC 820, the Company determines the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement.

For cash and cash equivalents, restricted cash, accounts receivable — trade, accounts payable — trade, accounts payable — affiliates and accrued expenses and other current liabilities, the carrying amounts approximates fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy.

The carrying amounts and estimated fair values of the Company’s recorded financial instruments not carried at fair market value or that do not approximate fair value are as follows:


	As of December 31, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)


Liabilities:
Long-term debt, including current portion — affiliate	$	—	$	—	$	1	$	1
Long-term debt, including current portion — external (a)	7,237		6,715		8,102		7,611

(a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company’s consolidated balance sheets.

The fair value of the Company’s publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion:


	As of December 31, 2024				As of December 31, 2023
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	1,922	$	4,793	$	1,940	$	5,672

Recurring Fair Value Measurements

The Company records its derivative assets and liabilities at fair market value on its consolidated balance sheets. The following table presents assets and liabilities measured and recorded at fair value on the Company’s consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:


	As of December 31, 2024				As of December 31, 2023
	Fair Value (a)				Fair Value (a)
(In millions)	Level 2 (b)		Level 3		Level 2 (b)		Level 3
Derivative assets
Energy-related commodity contracts (c)	$	—	$	9	$	2	$	—
Interest rate contracts	166		—		121		—
Other financial instruments (d)	—		10		—		13
Total assets	$	166	$	19	$	123	$	13
Derivative liabilities
Energy-related commodity contracts (e)	$	—	$	371	$	—	$	330
Interest rate contracts	—		—		2		—
Total liabilities	$	—	$	371	$	2	$	330

(a) There were no derivative assets or liabilities classified as Level 1 as of December 31, 2024 and 2023.

(b) The Company’s interest rate swaps are measured at fair value using an income approach, which use readily observable inputs, such as forward interest rates (e.g., SOFR) and contractual terms to estimate fair value.

(c) Includes long-term backbone transportation service contracts classified as Level 2 and heat rate call option contracts classified as Level 3.

(d) Includes SREC contract.

(e) Includes long-term power commodity contracts and heat rate call option contracts classified as Level 3. As of December 31, 2024 and 2023, $366 million and $325 million related to long-term power commodity contracts, respectively, and $5 million related to heat rate call option contracts.

The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the consolidated financial statements using significant unobservable inputs:


	Year ended December 31,
		2024		2023
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance		$	(317)	$	(336)
Settlements		(2)		28


Total losses for the period included in earnings		(33)		(9)
Ending balance		$	(352)	$	(317)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31,		$	(33)	$	(9)

Derivative and Financial Instruments Fair Value Measurements

The Company’s contracts are non-exchange-traded and valued using prices provided by external sources. The Company uses quoted observable forward prices to value its energy-related commodity contracts, which includes long-term power commodity contracts and heat rate call option contracts. To the extent that observable forward prices are not available, the quoted prices reflect the average of the forward prices from the prior year, adjusted for inflation. As of December 31, 2024, contracts valued with prices provided by models and other valuation techniques make up 5% of derivative assets, 100% of derivative liabilities and 100% of other financial instruments.

The Company’s significant positions classified as Level 3 relate to physical and financial energy-related commodity contracts, including long-term power commodity contracts and heat rate call option contracts executed in illiquid markets. The significant unobservable inputs used in developing fair value include illiquid power tenors and location pricing, which is derived by extrapolating pricing as a basis to liquid locations. The tenor pricing and basis spread are based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available.

The following tables quantify the significant unobservable inputs used in developing the fair value of the Company’s Level 3 positions:


	December 31, 2024
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	366	Discounted Cash Flow	Forward Market Price (per MWh)	$	21.60	$	80.82	$	45.44
Heat Rate Call Option Commodity Contracts	9		5		Option Model	Forward Market Price (per MWh)	$	(19.30)	$	1,011.79	$	45.87
					Option Model	Forward Market Price (per MMBtu)	$	0.85	$	10.55	$	3.25
Other Financial Instruments	10		—		Discounted Cash Flow	Forecast annual generation levels of certain DG solar facilities	59,425 MWh		118,850 MWh		111,091 MWh


	December 31, 2023
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	325	Discounted Cash Flow	Forward Market Price (per MWh)	$	18.18	$	81.62	$	39.91
Heat Rate Call Option Commodity Contracts	—		5		Option Model	Forward Market Price (per MWh)	$	(43.96)	$	343.61	$	64.34
					Option Model	Forward Market Price (per MMBtu)	$	1.25	$	13.69	$	4.93
Other Financial Instruments	13		—		Discounted Cash Flow	Forecast annual generation levels of certain DG solar facilities	60,801 MWh		121,602 MWh		115,622 MWh

The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of December 31, 2024 and 2023:

Type

Significant Observable Input

Position

Change In Input

Impact on Fair Value Measurement

Energy-Related Commodity Contracts

Forward Market Price Power

Sell

Increase/(Decrease)

Lower/(Higher)

Energy-Related Commodity Contracts

Forward Market Price Gas

Sell

Increase/(Decrease)

Higher/(Lower)

Other Financial Instruments

Forecast Generation Levels

Sell

Increase/(Decrease)

Higher/(Lower)

The fair value of each contract is discounted using a risk-free interest rate. In addition, a credit reserve is applied to reflect credit risk, which is, for interest rate swaps, calculated based on credit default swaps using the bilateral method. For commodities, to the extent that the Net Exposure under a specific master agreement is an asset, the Company uses the counterparty’s default swap rate. If the Net Exposure under a specific master agreement is a liability, the Company uses a proxy of its own default swap rate. For interest rate swaps and commodities, the credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the liabilities or that a market participant would be willing to pay for the assets. As of December 31, 2024, the non-performance reserve was a $16 million gain recorded primarily to total operating revenues in the consolidated statements of income. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material.

Concentration of Credit Risk

In addition to the credit risk discussion as disclosed in Note 2, Summary of Significant Accounting Policies, the following item is a discussion of the concentration of credit risk for the Company’s financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) monitoring of counterparties’ credit limits on as needed basis; (iii) as applicable, the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties.

Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. A significant portion of these energy-related commodity contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations or adverse financial conditions, which the Company is unable to predict. Certain subsidiaries of the Company sell the output of their facilities to PG&E, a significant counterparty of the Company, under long-term PPAs, and PG&E’s credit rating is below investment-grade.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Accounting for Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	$ (5)	$ (7)	$ 33
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	29	(17)	100
Long-term Power Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	(32)	23	(174)
Heat Rate Call Option Commodity Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives, net of tax	$ (2)	$ 2	$ 0

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Schedule of Lease Information and Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 31	$ 40	$ 36
Variable lease cost	12	11	11
Total lease cost	43	51	47
Cash paid for operating leases	34	30	$ 28
ASSETS
Right-of-use assets - operating leases, net	547	597
Liabilities [Abstract]
Short-term lease liability - operating leases	10	7
Long-term lease liabilities	569	627
Total lease liabilities	$ 579	$ 634
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-term lease liabilities	Long-term lease liabilities
Weighted average remaining lease term	26 years	28 years
Weighted average discount rate	4.50%	4.20%

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 184	$ 186	$ 174
Contract amortization expense	$ 178	$ 181	$ 168

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 01, 2022
Summary of Significant Accounting Policies [Line Items]
Other cash and cash equivalents	$ 194	$ 125
Restricted cash	401	516
Allowance for credit losses	0	0
Interest costs capitalized	28	36	$ 2
Deferred tax expense (benefit)	1	(2)
Deferred tax liability	3	2
Contingent rental income	831	780	$ 850
Disposed of by Sale \| Thermal
Summary of Significant Accounting Policies [Line Items]
Percentage of assets ownership sold				100.00%
Long-Term Debt, Current
Summary of Significant Accounting Policies [Line Items]
Restricted cash	37	178
Debt Service Obligations
Summary of Significant Accounting Policies [Line Items]
Restricted cash	102	85
Cash Distribution
Summary of Significant Accounting Policies [Line Items]
Restricted cash	78	77
Operating Funds
Summary of Significant Accounting Policies [Line Items]
Restricted cash	$ 184	$ 176

Nature of Business - Narrative (Details)		12 Months Ended
Nature of Business - Narrative (Details)	Oct. 01, 2024	Dec. 31, 2024 state MW
Nature of Business
Power generation capacity, megawatts		11.8
Number of states \| state		26
Clearway Energy LLC \| GIP
Nature of Business
Voting interest		45.07%
Clearway Energy LLC \| Shareholders
Nature of Business
Voting interest		54.93%
GIM \| Black Rock
Nature of Business
Ownership percentage	100.00%
Clearway Energy LLC \| Clearway Energy, Inc.
Nature of Business
Ownership percentage		58.10%
CEG \| Clearway Energy LLC
Nature of Business
Ownership percentage		41.90%
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind
Nature of Business
Power generation capacity, megawatts		9
Generational Facilities and District Energy Systems
Nature of Business
Power generation capacity, megawatts		2.8

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Baltimore, Maryland

Investments Accounted for by the Equity Method and Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	$ 3,318	$ 3,615
Property, plant and equipment, net	9,944	9,526
Intangible assets	2,193	2,374
Total assets	14,320	14,688
Total Liabilities	8,679	$ 9,582
Buckthorn Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	3
Property, plant and equipment, net	178
Intangible assets	0
Total assets	181
Total Liabilities	13
Noncontrolling Interest	5
Net assets less noncontrolling interests	163
Cedar Creek TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	40
Property, plant and equipment, net	313
Intangible assets	0
Total assets	353
Total Liabilities	118
Noncontrolling Interest	113
Net assets less noncontrolling interests	122
Cedro Hill TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	62
Property, plant and equipment, net	213
Intangible assets	0
Total assets	275
Total Liabilities	31
Noncontrolling Interest	145
Net assets less noncontrolling interests	99
Daggett Renewable Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	152
Property, plant and equipment, net	946
Intangible assets	0
Total assets	1,098
Total Liabilities	447
Noncontrolling Interest	796
Net assets less noncontrolling interests	(145)
DGPV Funds
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	26
Property, plant and equipment, net	217
Intangible assets	0
Total assets	243
Total Liabilities	26
Noncontrolling Interest	3
Net assets less noncontrolling interests	214
Lighthouse Renewable Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	67
Property, plant and equipment, net	393
Intangible assets	0
Total assets	460
Total Liabilities	136
Noncontrolling Interest	240
Net assets less noncontrolling interests	84
Lighthouse Renewable Holdco 2 LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	143
Property, plant and equipment, net	1,296
Intangible assets	2
Total assets	1,441
Total Liabilities	569
Noncontrolling Interest	668
Net assets less noncontrolling interests	204
Oahu Solar LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	37
Property, plant and equipment, net	149
Intangible assets	0
Total assets	186
Total Liabilities	22
Noncontrolling Interest	20
Net assets less noncontrolling interests	144
Rattlesnake TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	13
Property, plant and equipment, net	165
Intangible assets	0
Total assets	178
Total Liabilities	17
Noncontrolling Interest	74
Net assets less noncontrolling interests	87
Rosie TargetCo LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	62
Property, plant and equipment, net	527
Intangible assets	0
Total assets	589
Total Liabilities	218
Noncontrolling Interest	256
Net assets less noncontrolling interests	115
VP Arica TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	66
Property, plant and equipment, net	988
Intangible assets	2
Total assets	1,056
Total Liabilities	40
Noncontrolling Interest	308
Net assets less noncontrolling interests	708
Wildorado TE Holdco LLC
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	26
Property, plant and equipment, net	178
Intangible assets	0
Total assets	204
Total Liabilities	18
Noncontrolling Interest	81
Net assets less noncontrolling interests	105
Other
Schedule of Equity Method Investments [Line Items]
Other current and non-current assets	62
Property, plant and equipment, net	488
Intangible assets	13
Total assets	563
Total Liabilities	315
Noncontrolling Interest	150
Net assets less noncontrolling interests	$ 98

Long-term Debt - Schedule of Annual Payments Based on the Maturities of NRG Yield's Debt (Details) $ in Millions	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 555
2026	393
2027	333
2028	1,626
2029	821
Thereafter	3,507
Total	7,235
Current debt	$ 125

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The Company’s consolidated financial statements have been prepared in accordance with GAAP. The FASB ASC is the source of authoritative GAAP to be applied by nongovernmental entities. In addition, the rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants.
Principles of Consolidation	The consolidated financial statements include the Company’s accounts and operations and those of its subsidiaries in which it has a controlling financial interest. All significant intercompany transactions and balances have been eliminated in consolidation. The usual condition for a controlling financial interest is ownership of the majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests. As such, the Company applies the guidance of ASC 810, Consolidations, to determine when an entity that is insufficiently capitalized or not controlled through its voting interests, referred to as a variable interest entity, or VIE, should be consolidated.
Cash and Cash Equivalents	Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase.
Restricted Cash	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.
Accounts Receivable - Trade and Allowance for Credit Loss	Accounts Receivable — Trade and Allowance for Credit Losses Accounts receivable — trade are reported on the consolidated balance sheet at the invoiced amount adjusted for any write-offs and the allowance for credit losses. The majority of the Company’s customers typically receive invoices monthly with payment due within 30 days. The allowance for credit losses is reviewed periodically based on amounts past due and their significance.
Inventory	Inventory Inventory consists of spare parts and is valued at weighted average cost, unless evidence indicates that the weighted average cost will not be recovered with a normal profit in the ordinary course of business. Inventory is removed when used for repairs, maintenance or capital projects.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost, however impairment adjustments are recorded whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Significant additions or improvements extending asset lives are capitalized as incurred, while repairs and maintenance that do not improve or extend the life of the respective asset are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives. Certain assets and their related accumulated depreciation amounts are adjusted for asset retirements and disposals with the resulting gain or loss included in cost of operations in the consolidated statements of income. For further discussion of the Company’s property, plant and equipment refer to Note 4, Property, Plant and Equipment. Interest incurred on funds borrowed to finance capital projects is capitalized until the project under construction is ready for its intended use. The amount of interest capitalized for the years ended December 31, 2024, 2023 and 2022 was $28 million, $36 million and $2 million, respectively. Construction in-progress represents cumulative construction costs, including the costs incurred for the purchase of major equipment and engineering costs and capitalized interest. Once the project achieves commercial operation, the Company reclassifies the amounts recorded in construction in progress to facilities and equipment.
Asset Impairments	Asset Impairments Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate their carrying amounts may not be recoverable. Such reviews are performed in accordance with ASC 360, Property, Plant and Equipment. An impairment loss is indicated if the total future estimated undiscounted cash flows expected from an asset are less than its carrying amount. An impairment charge is measured as the excess of an asset’s carrying amount over its fair value with the difference recorded in operating costs and expenses in the consolidated statements of income. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques. For further discussion of the Company’s long-lived asset impairments, refer to Note 9, Asset Impairments. Investments accounted for by the equity method are reviewed for impairment in accordance with ASC 323, Investments-Equity Method and Joint Ventures, which requires that a loss in value of an investment that is an other-than-temporary decline should be recognized. The Company identifies and measures losses in the value of equity method investments based upon a comparison of fair value to carrying value.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt. Debt issuance costs related to the long-term debt are presented as a direct deduction from the carrying amount of the related debt. Debt issuance costs related to the senior secured revolving credit facility line of credit are recorded as a non-current asset on the consolidated balance sheet and are amortized over the term of the credit facility.
Intangible Assets	Intangible Assets Intangible assets represent contractual rights held by the Company. The Company recognizes specifically identifiable intangible assets, including PPAs, leasehold rights, emission allowances, RECs and development rights when specific rights and contracts are acquired. These intangible assets are amortized primarily on a straight-line basis.
Income Taxes	Income Taxes The Company is classified as a partnership for federal and state income tax purposes. Therefore, federal and most state income taxes are assessed at the partner level. The franchise tax imposed by the state of Texas, however, is being assessed at the level of certain operating subsidiaries of the Company, and therefore reflected as an income tax expense or benefit of the Company. For the year ended December 31, 2024, the Company recorded a deferred tax expense of $1 million, which resulted in a cumulative deferred tax liability of $3 million with respect to future years. For the year ended December 31, 2023, the Company recorded a deferred tax benefit of $2 million, which resulted in a cumulative deferred tax liability of $2 million with respect to future years.
Revenue Recognition and Contract Amortization	Revenue Recognition Revenue from Contracts with Customers The Company applies the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, when recognizing revenue associated with its contracts with customers. The Company’s policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Flexible Generation Segment Revenues The majority of the facilities in the Flexible Generation segment commenced merchant operations during 2023 following the expiration of the PPAs. These facilities generate revenues from selling electricity and/or RA to the CAISO and to public utility and load serving entities, as the power is delivered at the interconnection point. Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or similar contractual agreements. Energy, capacity and, where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain facilities in the Flexible Generation segment are sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. Certain revenue agreements also provide for the sale of BESS capacity. As discussed above, the majority of the facilities in the Flexible Generation segment commenced merchant operations during 2023 following the expiration of the PPAs. The majority of these PPAs are accounted for as operating leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842, Leases. ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. The Company’s BESS arrangements include variable payments not based on an index or rate and sales-type lease treatment would result in a loss at lease commencement. As a result, the Company accounts for these arrangements as operating leases under ASC 842. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or finance lease. Certain of these PPAs have no minimum lease payments and all of the lease revenue under these PPAs is recorded as contingent rent on an actual basis when the electricity is delivered. The contingent lease revenue recognized in the years ended December 31, 2024, 2023 and 2022 was $831 million, $780 million and $850 million, respectively. See Note 15, Leases, for additional information related to the Company’s PPAs accounted for as leases. Renewable Energy Credits, or RECs Renewable energy credits, or RECs, are usually sold through long-term PPAs or through REC contracts with counterparties. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is unnecessary to allocate transaction price to multiple performance obligations. Thermal Revenues On May 1, 2022, the Company completed the sale of 100% of its interests in the Thermal Business to KKR. Prior to the sale, steam and chilled water revenue was recognized as the Company transferred the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month and recognized estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water was satisfied over time and revenue was recognized based on the invoiced amount. The Thermal Business subsidiaries collected and remitted state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes were presented on a net basis in the consolidated statements of income. Contract Amortization Assets and liabilities recognized from power sales agreements assumed through acquisitions relating to the sale of electric capacity and energy in future periods arising from differences in contract and market prices are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable.
Derivatives Financial Instruments	Derivative Financial Instruments The Company accounts for derivative financial instruments under ASC 815, Derivatives and Hedging, or ASC 815, which requires the Company to record all derivatives on the balance sheet at fair value unless they qualify for a NPNS exception. Changes in the fair value of non-hedge derivatives are immediately recognized in earnings. Changes in the fair value of derivatives accounted for as hedges, if elected for hedge accounting, are deferred and recorded as a component of accumulated OCI until the hedged transactions occur and are recognized in earnings. The Company’s primary derivative financial instruments are interest rate instruments used to mitigate variability in earnings due to fluctuations in interest rates and energy-related instruments used to mitigate variability in earnings due to fluctuations in power market prices or natural gas market prices. Certain derivative contracts contain provisions providing the counterparties a lien on specific assets as collateral. On an ongoing basis, the Company qualitatively assesses the effectiveness of its derivatives that are designated as hedges for accounting purposes in order to determine that each derivative continues to be highly effective in offsetting changes in cash flows of hedged items. If necessary, the Company will perform an analysis to measure the statistical correlation between the derivative and the associated hedged item to determine the effectiveness of such a contract designated as a hedge. The Company will discontinue hedge accounting if it is determined that the hedge is no longer effective. In this case, the gain or loss previously deferred in accumulated OCI would be frozen until the underlying hedged item is delivered unless the transaction being hedged is no longer probable of occurring in which case the amount in accumulated OCI would be immediately reclassified into earnings. If the derivative financial instrument is terminated, the effective portion of this derivative deferred in accumulated OCI will be frozen until the underlying hedged item is delivered. Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered. While these contracts are considered derivative financial instruments under ASC 815, they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings. Cash flows from derivative financial instruments, including derivatives designated as cash flow hedges and derivatives not designated as cash flow hedges, are classified as operating activities in the consolidated statements of cash flows.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable — trade and derivative financial instruments, which are concentrated within entities engaged in the energy and financial industries. These industry concentrations may impact the overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. In addition, many of the Company’s facilities have only one customer. Concentration of Credit Risk In addition to the credit risk discussion as disclosed in Note 2, Summary of Significant Accounting Policies, the following item is a discussion of the concentration of credit risk for the Company’s financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) monitoring of counterparties’ credit limits on as needed basis; (iii) as applicable, the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties. Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. A significant portion of these energy-related commodity contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations or adverse financial conditions, which the Company is unable to predict. Certain subsidiaries of the Company sell the output of their facilities to PG&E, a significant counterparty of the Company, under long-term PPAs, and PG&E’s credit rating is below investment-grade.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, restricted cash, accounts receivable — trade, accounts payable — trade, account payable — affiliates and accrued expenses and other current liabilities approximate fair value because of the short-term maturity of these instruments.
Asset Retirement Obligations	Asset Retirement Obligations Asset retirement obligations, or AROs, are accounted for in accordance with ASC 410-20, Asset Retirement Obligations, or ASC 410-20. Retirement obligations associated with long-lived assets included within the scope of ASC 410-20 are those for which a legal obligation exists under enacted laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing and/or method of settlement may be conditional on a future event. ASC 410-20 requires an entity to recognize the fair value of a liability for an ARO in the period in which it is incurred and a reasonable estimate of fair value can be made. Upon initial recognition of a liability for an ARO, other than when an ARO is assumed in an acquisition of the related long-lived asset, the asset retirement cost is capitalized by increasing the carrying amount of the related long-lived asset by the same amount. Over time, the liability is accreted to its future value, while the capitalized cost is depreciated over the useful life of the related asset. The Company’s AROs are primarily related to the future dismantlement of equipment on leased property and environmental obligations related to site closures and fuel storage facilities. The Company records AROs as part of other non-current liabilities on its consolidated balance sheet.
Guarantees	Guarantees The Company enters into various contracts that include indemnification and guarantee provisions as a routine part of its business activities. Examples of these contracts include operation and maintenance agreements, service agreements, commercial sales arrangements and other types of contractual agreements with vendors and other third parties as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters as well as breaches of representations, warranties and covenants set forth in these agreements. Because many of the guarantees and indemnities the Company issues to third parties and affiliates do not limit the amount or duration of its obligations to perform under them, there exists a risk that the Company may have obligations in excess of the amounts agreed upon in the contracts mentioned above. For those guarantees and indemnities that do not limit the liability exposure, the Company may not be able to estimate what the liability would be, until a claim is made for payment or performance, due to the contingent nature of these contracts.
Investments Accounted for by the Equity Method	Investments Accounted for by the Equity Method The Company has investments in various energy facilities accounted for by the equity method, several of which are VIEs, where the Company is not a primary beneficiary, as described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The equity method of accounting is applied to these investments in affiliates because the ownership structure prevents the Company from exercising a controlling influence over the operating and financial policies of the facilities. Under this method, equity in pre-tax income or losses of the investments is reflected as equity in earnings of unconsolidated affiliates. Distributions from equity method investments that represent earnings on the Company’s investment are included within cash flows from operating activities and distributions from equity method investments that represent a return of the Company’s investment are included within cash flows from investing activities.
Sale-Leaseback Arrangements	Sale-Leaseback Arrangements The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. In accordance with ASC 842-40, Sale-Leaseback Transactions, if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of continuing involvement would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in most of the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings. Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company’s incremental borrowing rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded either at the end of or over the lease term.
Asset Acquisitions	Asset Acquisitions The Company accounts for its acquisitions in accordance with ASC 805, Business Combinations, or ASC 805. For third-party acquisitions, ASC 805 requires an acquirer to recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at fair value at the acquisition date. No goodwill is recognized, and excess purchase price or negative goodwill are allocated to the acquired assets on a relative fair value basis. For acquisitions that relate to entities under common control, the difference between the cash paid and historical value of the entities’ equity is recorded as a distribution/contribution from/to CEG with the offset to contributed capital.
Tax Equity Arrangements	Tax Equity Arrangements Certain portions of the Company’s noncontrolling interest represent third-party interests in the net assets under tax equity arrangements, which are consolidated by the Company, that have been entered into to finance the cost of facilities eligible for certain tax credits and benefits. The Company has determined that the provisions in the contractual agreements of these noncontrolling interests represent substantive profit sharing arrangements. Further, the Company has determined that the appropriate methodology for calculating the noncontrolling interest that reflects the substantive profit sharing arrangements is a balance sheet approach utilizing the hypothetical liquidation at book value, or HLBV, method. Under the HLBV method, the amounts reported as noncontrolling interest represent the amounts the investors to the tax equity arrangements would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreements, assuming the net assets of the funding structures were liquidated at their recorded amounts determined in accordance with GAAP. The investors’ interests in the results of operations of the funding structures are determined as the difference in noncontrolling interest at the start and end of each reporting period, after taking into account any capital transactions between the structures and the funds’ investors. The calculations utilized to apply the HLBV method include estimated calculations of taxable income or losses for each reporting period. In addition, in certain circumstances, the Company and its partners in the tax equity arrangements agree that certain tax benefits are to be utilized outside of the tax equity arrangements, which may result in differences in the amount an investor would hypothetically receive at the initial balance sheet date calculated strictly in accordance with related contractual agreements. These differences are recognized in the consolidated statements of income using a systematic and rational method over the period during which the investor is expected to achieve its target return.
Use of Estimates	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. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, uncollectible accounts, AROs, acquisition accounting, fair value of financial instruments and legal costs incurred in connection with recorded loss contingencies, among others. In addition, estimates are used to test long-lived assets for impairment and to determine the fair value of impaired assets. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.
Recently Adopted Accounting Standards and Recent Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories and details regarding information utilized to assess segment performance. Additionally, the amendment increases the frequency of disclosures by requiring Topic 280 to be applied to interim financial statements. This guidance must be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. As of December 31, 2024, the Company has adopted ASU 2023-07 and has enhanced its reportable segment disclosures in Note 12, Segment Reporting, to comply with the requirements. The adoption did not have an impact on the Company’s financial statements. Recent Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU No 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). The amendment requires certain expenses presented on the face of the income statement to be disaggregated in the notes to the financial statements. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. As of December 31, 2024, the Company has not elected to early adopt the standard and is evaluating the effect of the new guidance on its consolidated financial statements.

Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets — The Company’s intangible assets as of December 31, 2024 and 2023 primarily reflect intangible assets established from its business acquisitions and are comprised of the following:

•PPAs — Established predominantly with the acquisitions of the Alta Wind Portfolio, Tapestry, Laredo Ridge, Carlsbad Energy Center, Agua Caliente, the Utah Solar Portfolio and the Capistrano Wind Portfolio. These represent the fair value of the PPAs acquired. These are amortized on a straight-line basis, over the term of the PPA.

•Leasehold Rights — Established with the acquisition of the Alta Wind Portfolio, this represents the fair value of contractual rights to receive royalty payments equal to a percentage of PPA revenue from certain facilities. These are amortized as a reduction to operating revenue on a straight-line basis over the term of the PPAs.

•Emission Allowances — These intangibles primarily consist of SO2 and NOx emission allowances established with the El Segundo, Walnut Creek and Carlsbad Energy Center acquisitions. These emission allowances are held-for-use and are amortized to cost of operations, with NOx allowances amortized on a straight-line basis and SO2 allowances amortized based on units of production.

•Other — Consists of a) the acquisition date fair value of the contractual rights to a ground lease for South Trent and to utilize certain interconnection facilities for Blythe as well as land rights acquired in connection with the acquisition of Elbow Creek; b) development rights related to certain solar business acquisitions; c) purchased software for certain solar facilities; d) RECs acquired in connection with the acquisition of the Utah Solar Portfolio; and e) favorable land leases acquired in connection with the acquisition of the Utah Star Portfolio.

The following tables summarize the components of intangible assets subject to amortization:


Year ended December 31, 2024	PPAs		Leasehold Rights		Emission Allowances		Other		Total
(In millions)
January 1, 2024	$	3,265	$	86	$	17	$	15	$	3,383

Other	—		—		—		4		4

December 31, 2024	3,265		86		17		19		3,387
Less accumulated amortization	(1,140)		(42)		(5)		(7)		(1,194)
Net carrying amount	$	2,125	$	44	$	12	$	12	$	2,193


Year ended December 31, 2023	PPAs		Leasehold Rights		Emission Allowances		Other		Total
(In millions)
January 1, 2023	$	3,321	$	86	$	17	$	18	$	3,442
Walnut Creek PPA expiration	(50)		—		—		—		(50)
Other	(6)		—		—		(3)		(9)
December 31, 2023	3,265		86		17		15		3,383
Less accumulated amortization	(962)		(38)		(4)		(5)		(1,009)
Net carrying amount	$	2,303	$	48	$	13	$	10	$	2,374

The Company recorded amortization expense of $184 million, $186 million and $174 million during the years ended December 31, 2024, 2023 and 2022, respectively. Of these amounts, $178 million, $181 million and $168 million during the years ended December 31, 2024, 2023 and 2022, respectively, were related to the amortization of intangible assets for PPAs and were recorded to contract amortization expense, which reduced operating revenues in the consolidated statements of income. The Company estimates the future amortization expense for its intangibles for the next five years as follows:


	(In millions)
2025	$	185
2026	185
2027	185
2028	185
2029	185

Schedule I - Condensed Financial Information of Registrant - Footnotes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) state MW	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Condensed Cash Flow Statements, Captions [Line Items]
Power generation capacity, megawatts	11.8
Number of states \| state	26
Clearway Energy LLC
Condensed Cash Flow Statements, Captions [Line Items]
Cash distributions paid \| $	$ (334)	$ (311)	$ (289)
Clearway Energy LLC \| CEG
Condensed Cash Flow Statements, Captions [Line Items]
Ownership percentage	41.90%
Clearway Energy, Inc. \| Clearway Energy LLC
Condensed Cash Flow Statements, Captions [Line Items]
Ownership percentage	58.10%
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind
Condensed Cash Flow Statements, Captions [Line Items]
Power generation capacity, megawatts	9
Generational Facilities and District Energy Systems
Condensed Cash Flow Statements, Captions [Line Items]
Power generation capacity, megawatts	2.8

Leases - Lessor - Schedule of Minimum Future Rent Payments Under the Operating Leases (Details) $ in Millions	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 168
2026	170
2027	171
2028	172
2029	173
Thereafter	1,700
Total lease payments	$ 2,554

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The Company’s major classes of property, plant, and equipment were as follows:


	December 31, 2024		December 31, 2023		Depreciable Lives
	(In millions)
Facilities and equipment	$	13,302	$	11,426	3 - 40 Years
Land and improvements	537		365
Construction in progress (a) (b)	191		1,220
Total property, plant and equipment	14,030		13,011
Accumulated depreciation	(4,086)		(3,485)
Net property, plant and equipment	$	9,944	$	9,526

(a) As of December 31, 2024 and 2023, construction in progress included $23 million and $21 million, respectively, of capital expenditures that relate to prepaid long-term service agreements for facilities in the Flexible Generation segment.

(b) As of December 31, 2024 and 2023, construction in progress included $9 million and $72 million, respectively, of accrued non-cash capital expenditures.

Depreciation expense related to property, plant and equipment during the years ended December 31, 2024, 2023 and 2022 was $610 million, $514 million and $502 million, respectively.

The Company recorded long-lived asset impairments during the years ended December 31, 2023 and 2022, as further described in Note 9, Asset Impairments.

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Accounting for Leases

The Company evaluates each arrangement at inception to determine if it contains a lease. Substantially all of the Company’s leases are operating leases.

Lessee

The Company records its operating lease liabilities at the present value of the lease payments over the lease term at lease commencement date. Lease payments include fixed payment amounts as well as variable rate payments based on an index initially measured at lease commencement date. Variable payments, including payments based on future performance and based on index changes, are recorded when the expense is probable. The Company determines the relevant lease term by evaluating whether renewal and termination options are reasonably certain to be exercised. The Company uses its incremental borrowing rate to calculate the present value of the lease payments, based on information available at the lease commencement date.

The Company’s leases consist of land leases for numerous operating asset locations, real estate leases and equipment leases. The terms and conditions for these leases vary by the type of underlying asset. Certain of these leases have both lease and non-lease components and the Company has elected to apply the practical expedient to not separate these components.

Lease expense was comprised of the following:


	Year Ended December 31,
(In millions)	2024		2023		2022
Operating lease cost - Fixed	$	31	$	40	$	36

Operating lease cost - Variable	12		11		11
Total lease cost	$	43	$	51	$	47

Operating lease information was as follows:


	Year Ended December 31,
(In millions)	2024		2023		2022
Cash paid for operating leases	$	34	$	30	$	28


(In millions, except term and rate)	December 31, 2024			December 31, 2023
Right-of-use assets - operating leases, net	$	547		$	597

Short-term lease liability - operating leases (a)	$	10		$	7
Long-term lease liability - operating leases	569			627
Total lease liabilities	$	579		$	634

Weighted average remaining lease term (in years)	26			28
Weighted average discount rate	4.5		%	4.2		%

(a) Short-term lease liability balances are included within the accrued expenses and other current liabilities line item of the consolidated balance sheets as of December 31, 2024 and 2023.

Minimum future rental payments of operating lease liabilities as of December 31, 2024 are as follows:


	(In millions)
2025	$	34
2026	34
2027	35
2028	35
2029	35
Thereafter	771
Total lease payments	944
Less imputed interest	(365)
Total lease liability - operating leases	$	579

The Company is party to various land lease agreements with wholly-owned subsidiaries of CEG that are accounted for as operating leases. The following table summarizes the land lease agreements:


(In millions)	Right-of-use assets, net		Long-term lease liabilities		Lease expiration
As of December 31, 2024
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	30		34		December 18, 2062
Mililani I	18		21		March 31, 2057
Oahu Solar (a)	17		19		August 1, 2057
Rosamond Central (a)	11		12		March 31, 2056
As of December 31, 2023
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	31		33		December 18, 2062
Mililani I	19		20		March 31, 2057
Oahu Solar (a)	17		20		August 1, 2057
Rosamond Central (a)	11		12		March 31, 2056

(a) The Company has the ability to extend each of these leases for two additional five-year periods.

Lessor

The majority of the Company’s revenue is obtained through PPAs or other contractual agreements that are accounted for as leases. These leases are comprised of both fixed payments and variable payments contingent upon volumes or performance metrics. Termination may be allowed under specific circumstances in the lease arrangements, such as under an event of default. All but one of the Company’s active leases are operating leases. This sales-type lease is further described below. Certain of these operating leases have both lease and non-lease components, and the Company allocates the transaction price to the components based on standalone selling prices.

The following amounts of energy, capacity and other revenues are related to the Company’s operating leases:


	Flexible Generation		Renewables		Total
December 31, 2024	(In millions)
Energy revenue	$	3	$	817	$	820
Capacity revenue	110		43		153

Operating revenues	$	113	$	860	$	973


	Flexible Generation		Renewables		Total
December 31, 2023	(In millions)
Energy revenue	$	4	$	760	$	764
Capacity revenue	249		20		269
Other revenues (a)	21		—		21
Operating revenues	$	274	$	780	$	1,054

(a) On May 31, 2023, the Marsh Landing Black Start addition reached commercial operations and the Company will receive an annual fixed fee over a five-year term under the related agreement. The agreement was determined to be a sales-type lease resulting in the Company recording a lease receivable of $21 million included in total operating revenues, offset by net investment costs of $13 million included in cost of operations, resulting in a net pre-tax profit of $8 million. The lease receivable is included in other current and non-current assets on the Company’s consolidated balance sheet.


	Flexible Generation		Renewables		Thermal		Total
December 31, 2022	(In millions)
Energy revenue	$	6	$	809	$	1	$	816
Capacity revenue	435		—		—		435
Operating revenues	$	441	$	809	$	1	$	1,251

Minimum future rent payments the Company expects to receive for the remaining periods related to various facility operating leases as of December 31, 2024 were as follows:


	(In millions)
2025	$	168
2026	170
2027	171
2028	172
2029	173
Thereafter	1,700
Total lease payments	$	2,554

Property, plant and equipment, net related to the Company’s operating leases were as follows:


(In millions)	December 31, 2024		December 31, 2023
Property, plant and equipment	$	6,284	$	5,720
Accumulated depreciation	(2,276)		(1,991)
Net property, plant and equipment	$	4,008	$	3,729

Leases

Accounting for Leases

The Company evaluates each arrangement at inception to determine if it contains a lease. Substantially all of the Company’s leases are operating leases.

Lessee

Lease expense was comprised of the following:


	Year Ended December 31,
(In millions)	2024		2023		2022
Operating lease cost - Fixed	$	31	$	40	$	36

Operating lease cost - Variable	12		11		11
Total lease cost	$	43	$	51	$	47

Operating lease information was as follows:


	Year Ended December 31,
(In millions)	2024		2023		2022
Cash paid for operating leases	$	34	$	30	$	28


(In millions, except term and rate)	December 31, 2024			December 31, 2023
Right-of-use assets - operating leases, net	$	547		$	597

Short-term lease liability - operating leases (a)	$	10		$	7
Long-term lease liability - operating leases	569			627
Total lease liabilities	$	579		$	634

Weighted average remaining lease term (in years)	26			28
Weighted average discount rate	4.5		%	4.2		%

(a) Short-term lease liability balances are included within the accrued expenses and other current liabilities line item of the consolidated balance sheets as of December 31, 2024 and 2023.

Minimum future rental payments of operating lease liabilities as of December 31, 2024 are as follows:


	(In millions)
2025	$	34
2026	34
2027	35
2028	35
2029	35
Thereafter	771
Total lease payments	944
Less imputed interest	(365)
Total lease liability - operating leases	$	579

The Company is party to various land lease agreements with wholly-owned subsidiaries of CEG that are accounted for as operating leases. The following table summarizes the land lease agreements:


(In millions)	Right-of-use assets, net		Long-term lease liabilities		Lease expiration
As of December 31, 2024
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	30		34		December 18, 2062
Mililani I	18		21		March 31, 2057
Oahu Solar (a)	17		19		August 1, 2057
Rosamond Central (a)	11		12		March 31, 2056
As of December 31, 2023
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	31		33		December 18, 2062
Mililani I	19		20		March 31, 2057
Oahu Solar (a)	17		20		August 1, 2057
Rosamond Central (a)	11		12		March 31, 2056

(a) The Company has the ability to extend each of these leases for two additional five-year periods.

Lessor

The following amounts of energy, capacity and other revenues are related to the Company’s operating leases:


	Flexible Generation		Renewables		Total
December 31, 2024	(In millions)
Energy revenue	$	3	$	817	$	820
Capacity revenue	110		43		153

Operating revenues	$	113	$	860	$	973


	Flexible Generation		Renewables		Total
December 31, 2023	(In millions)
Energy revenue	$	4	$	760	$	764
Capacity revenue	249		20		269
Other revenues (a)	21		—		21
Operating revenues	$	274	$	780	$	1,054


	Flexible Generation		Renewables		Thermal		Total
December 31, 2022	(In millions)
Energy revenue	$	6	$	809	$	1	$	816
Capacity revenue	435		—		—		435
Operating revenues	$	441	$	809	$	1	$	1,251

Minimum future rent payments the Company expects to receive for the remaining periods related to various facility operating leases as of December 31, 2024 were as follows:


	(In millions)
2025	$	168
2026	170
2027	171
2028	172
2029	173
Thereafter	1,700
Total lease payments	$	2,554

Property, plant and equipment, net related to the Company’s operating leases were as follows:


(In millions)	December 31, 2024		December 31, 2023
Property, plant and equipment	$	6,284	$	5,720
Accumulated depreciation	(2,276)		(1,991)
Net property, plant and equipment	$	4,008	$	3,729

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Estimated Carrying Values and Fair Values

The carrying amounts and estimated fair values of the Company’s recorded financial instruments not carried at fair market value or that do not approximate fair value are as follows:


	As of December 31, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)


Liabilities:
Long-term debt, including current portion — affiliate	$	—	$	—	$	1	$	1
Long-term debt, including current portion — external (a)	7,237		6,715		8,102		7,611

(a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company’s consolidated balance sheets.

Schedule of Fair Value Option, Disclosures

The following table presents the level within the fair value hierarchy for long-term debt, including current portion:


	As of December 31, 2024				As of December 31, 2023
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	1,922	$	4,793	$	1,940	$	5,672

Schedule of Fair Value, Assets and Liabilities

The following table presents assets and liabilities measured and recorded at fair value on the Company’s consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:


	As of December 31, 2024				As of December 31, 2023
	Fair Value (a)				Fair Value (a)
(In millions)	Level 2 (b)		Level 3		Level 2 (b)		Level 3
Derivative assets
Energy-related commodity contracts (c)	$	—	$	9	$	2	$	—
Interest rate contracts	166		—		121		—
Other financial instruments (d)	—		10		—		13
Total assets	$	166	$	19	$	123	$	13
Derivative liabilities
Energy-related commodity contracts (e)	$	—	$	371	$	—	$	330
Interest rate contracts	—		—		2		—
Total liabilities	$	—	$	371	$	2	$	330

(a) There were no derivative assets or liabilities classified as Level 1 as of December 31, 2024 and 2023.

(c) Includes long-term backbone transportation service contracts classified as Level 2 and heat rate call option contracts classified as Level 3.

(d) Includes SREC contract.

The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the consolidated financial statements using significant unobservable inputs:


	Year ended December 31,
		2024		2023
(In millions)	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance		$	(317)	$	(336)
Settlements		(2)		28


Total losses for the period included in earnings		(33)		(9)
Ending balance		$	(352)	$	(317)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31,		$	(33)	$	(9)

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables quantify the significant unobservable inputs used in developing the fair value of the Company’s Level 3 positions:


	December 31, 2024
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	366	Discounted Cash Flow	Forward Market Price (per MWh)	$	21.60	$	80.82	$	45.44
Heat Rate Call Option Commodity Contracts	9		5		Option Model	Forward Market Price (per MWh)	$	(19.30)	$	1,011.79	$	45.87
					Option Model	Forward Market Price (per MMBtu)	$	0.85	$	10.55	$	3.25
Other Financial Instruments	10		—		Discounted Cash Flow	Forecast annual generation levels of certain DG solar facilities	59,425 MWh		118,850 MWh		111,091 MWh


	December 31, 2023
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	325	Discounted Cash Flow	Forward Market Price (per MWh)	$	18.18	$	81.62	$	39.91
Heat Rate Call Option Commodity Contracts	—		5		Option Model	Forward Market Price (per MWh)	$	(43.96)	$	343.61	$	64.34
					Option Model	Forward Market Price (per MMBtu)	$	1.25	$	13.69	$	4.93
Other Financial Instruments	13		—		Discounted Cash Flow	Forecast annual generation levels of certain DG solar facilities	60,801 MWh		121,602 MWh		115,622 MWh

The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of December 31, 2024 and 2023:

Type

Significant Observable Input

Position

Change In Input

Impact on Fair Value Measurement

Energy-Related Commodity Contracts

Forward Market Price Power

Sell

Increase/(Decrease)

Lower/(Higher)

Energy-Related Commodity Contracts

Forward Market Price Gas

Sell

Increase/(Decrease)

Higher/(Lower)

Other Financial Instruments

Forecast Generation Levels

Sell

Increase/(Decrease)

Higher/(Lower)

Accounting for Derivative Instruments and Hedging Activities - Schedule of Notional Amounts of Outstanding (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) MWh BTU	Dec. 31, 2023 USD ($) MWh BTU
Long \| Interest
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount \| $	$ 1,769	$ 2,467
Heat Rate Call Option Commodity Contracts \| Short \| Power
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount, energy measure \| MWh	25	23
Heat Rate Call Option Commodity Contracts \| Short \| Natural Gas
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount, energy measure \| BTU	11	17

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 14,030	$ 13,011
Accumulated depreciation	(4,086)	(3,485)
Net property, plant and equipment	9,944	9,526
Depreciation expense	610	514	$ 502
Facilities and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 13,302	11,426
Facilities and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Facilities and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 537	365
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	191	1,220
Construction in progress \| Accrued Liabilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment	9	72
Construction in progress \| Flexible Generation
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 23	$ 21

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The Company’s major classes of property, plant, and equipment were as follows:


	December 31, 2024		December 31, 2023		Depreciable Lives
	(In millions)
Facilities and equipment	$	13,302	$	11,426	3 - 40 Years
Land and improvements	537		365
Construction in progress (a) (b)	191		1,220
Total property, plant and equipment	14,030		13,011
Accumulated depreciation	(4,086)		(3,485)
Net property, plant and equipment	$	9,944	$	9,526

(b) As of December 31, 2024 and 2023, construction in progress included $9 million and $72 million, respectively, of accrued non-cash capital expenditures.

Related Party Transactions (Details) $ in Millions	12 Months Ended
Related Party Transactions (Details) $ in Millions	Dec. 31, 2024 USD ($) subsidiary	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 197	$ 264	$ 1,010
Related Party \| RENOM
Related Party Transaction [Line Items]
Expenses from transactions with related party	82	73	71
Due to related party	12	13
Related Party \| Administrative Services Agreements
Related Party Transaction [Line Items]
Expenses from transactions with related party	22	20	16
Due to related party	3	2
Related Party \| CEG
Related Party Transaction [Line Items]
Expenses from transactions with related party	6	5	$ 5
Due to related party	$ 5	$ 0
Affiliated Entity \| Administrative Services Agreements
Related Party Transaction [Line Items]
Number of wholly owned subsidiaries \| subsidiary	2

- Definition

Amount of liabilities classified as other.

+ References + Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The Company’s consolidated financial statements have been prepared in accordance with GAAP. The FASB ASC is the source of authoritative GAAP to be applied by nongovernmental entities. In addition, the rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants.

The consolidated financial statements include the Company’s accounts and operations and those of its subsidiaries in which it has a controlling financial interest. All significant intercompany transactions and balances have been eliminated in consolidation. The usual condition for a controlling financial interest is ownership of the majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests. As such, the Company applies the guidance of ASC 810, Consolidations, to determine when an entity that is insufficiently capitalized or not controlled through its voting interests, referred to as a variable interest entity, or VIE, should be consolidated.

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 $194 million and $125 million as of December 31, 2024 and 2023, respectively.


	December 31,
	2024		2023
	(In millions)
Cash and cash equivalents	$	332	$	535
Restricted cash	401		516
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	733	$	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 December 31, 2024, these restricted funds were comprised of $184 million designated to fund operating expenses, $37 million designated for current debt service payments and $102 million restricted for reserves, including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $78 million is held in distribution reserve accounts.

As of December 31, 2023, these restricted funds were comprised of $176 million designated to fund operating expenses, $178 million designated for current debt service payments and $85 million restricted for reserves, including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $77 million was held in distribution 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:


	Year ended December 31,
	2024		2023		2022
	(In millions)
Cash paid to acquire Drop Down Assets	$	(680)	$	(173)	$	(71)
Cash acquired from the acquisition of Drop Down Assets	2		128		—
Acquisition of Drop Down Assets, net of cash acquired	$	(678)	$	(45)	$	(71)

Accounts Receivable — Trade and Allowance for Credit Losses

Accounts receivable — trade are reported on the consolidated balance sheet at the invoiced amount adjusted for any write-offs and the allowance for credit losses. The majority of the Company’s customers typically receive invoices monthly with payment due within 30 days. The allowance for credit losses is reviewed periodically based on amounts past due and their significance. The allowance for credit losses was immaterial as of December 31, 2024 and 2023.

Inventory

Inventory consists of spare parts and is valued at weighted average cost, unless evidence indicates that the weighted average cost will not be recovered with a normal profit in the ordinary course of business. Inventory is removed when used for repairs, maintenance or capital projects.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, however impairment adjustments are recorded whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Significant additions or improvements extending asset lives are capitalized as incurred, while repairs and maintenance that do not improve or extend the life of the respective asset are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives. Certain assets and their related accumulated depreciation amounts are adjusted for asset retirements and disposals with the resulting gain or loss included in cost of operations in the consolidated statements of income. For further discussion of the Company’s property, plant and equipment refer to Note 4, Property, Plant and Equipment.

Interest incurred on funds borrowed to finance capital projects is capitalized until the project under construction is ready for its intended use. The amount of interest capitalized for the years ended December 31, 2024, 2023 and 2022 was $28 million, $36 million and $2 million, respectively.

Construction in-progress represents cumulative construction costs, including the costs incurred for the purchase of major equipment and engineering costs and capitalized interest. Once the project achieves commercial operation, the Company reclassifies the amounts recorded in construction in progress to facilities and equipment.

Asset Impairments

Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate their carrying amounts may not be recoverable. Such reviews are performed in accordance with ASC 360, Property, Plant and Equipment. An impairment loss is indicated if the total future estimated undiscounted cash flows expected from an asset are less than its carrying amount. An impairment charge is measured as the excess of an asset’s carrying amount over its fair value with the difference recorded in operating costs and expenses in the consolidated statements of income. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques. For further discussion of the Company’s long-lived asset impairments, refer to Note 9, Asset Impairments.

Investments accounted for by the equity method are reviewed for impairment in accordance with ASC 323, Investments-Equity Method and Joint Ventures, which requires that a loss in value of an investment that is an other-than-temporary decline should be recognized. The Company identifies and measures losses in the value of equity method investments based upon a comparison of fair value to carrying value.

Debt Issuance Costs

Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt. Debt issuance costs related to the long-term debt are presented as a direct deduction from the carrying amount of the related debt. Debt issuance costs related to the senior secured revolving credit facility line of credit are recorded as a non-current asset on the consolidated balance sheet and are amortized over the term of the credit facility.

Intangible Assets

Intangible assets represent contractual rights held by the Company. The Company recognizes specifically identifiable intangible assets, including PPAs, leasehold rights, emission allowances, RECs and development rights when specific rights and contracts are acquired. These intangible assets are amortized primarily on a straight-line basis. For further discussion of the Company’s intangible assets, refer to Note 8, Intangible Assets.

Income Taxes

The Company is classified as a partnership for federal and state income tax purposes. Therefore, federal and most state income taxes are assessed at the partner level. The franchise tax imposed by the state of Texas, however, is being assessed at the level of certain operating subsidiaries of the Company, and therefore reflected as an income tax expense or benefit of the Company.

For the year ended December 31, 2024, the Company recorded a deferred tax expense of $1 million, which resulted in a cumulative deferred tax liability of $3 million with respect to future years. For the year ended December 31, 2023, the Company recorded a deferred tax benefit of $2 million, which resulted in a cumulative deferred tax liability of $2 million with respect to future years.

Revenue Recognition

Revenue from Contracts with Customers

The Company applies the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, when recognizing revenue associated with its contracts with customers. The Company’s policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer.

Flexible Generation Segment Revenues

The majority of the facilities in the Flexible Generation segment commenced merchant operations during 2023 following the expiration of the PPAs. These facilities generate revenues from selling electricity and/or RA to the CAISO and to public utility and load serving entities, as the power is delivered at the interconnection point.

Power Purchase Agreements, or PPAs

The majority of the Company’s revenues are obtained through PPAs or similar contractual agreements. Energy, capacity and, where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain facilities in the Flexible Generation segment are sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. Certain revenue agreements also provide for the sale of BESS capacity. As discussed above, the majority of the facilities in the Flexible Generation segment commenced merchant operations during 2023 following the expiration of the PPAs. The majority of these PPAs are accounted for as operating leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842, Leases. ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. The Company’s BESS arrangements include variable payments not based on an index or rate and sales-type lease treatment would result in a loss at lease commencement. As a result, the Company accounts for these arrangements as operating leases under ASC 842. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or finance lease.

Certain of these PPAs have no minimum lease payments and all of the lease revenue under these PPAs is recorded as contingent rent on an actual basis when the electricity is delivered. The contingent lease revenue recognized in the years ended December 31, 2024, 2023 and 2022 was $831 million, $780 million and $850 million, respectively. See Note 15, Leases, for additional information related to the Company’s PPAs accounted for as leases.

Renewable Energy Credits, or RECs

Renewable energy credits, or RECs, are usually sold through long-term PPAs or through REC contracts with counterparties. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory.

In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is unnecessary to allocate transaction price to multiple performance obligations.

Thermal Revenues

On May 1, 2022, the Company completed the sale of 100% of its interests in the Thermal Business to KKR.

Prior to the sale, steam and chilled water revenue was recognized as the Company transferred the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month and recognized estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water was satisfied over time and revenue was recognized based on the invoiced amount. The Thermal Business subsidiaries collected and remitted state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes were presented on a net basis in the consolidated statements of income.

Disaggregated Revenues

The following tables represent the Company’s disaggregation of revenue from contracts with customers, along with the reportable segment for each category:


	Year ended December 31, 2024
(In millions)	Flexible Generation		Renewables		Total
Energy revenue (a)	$	84	$	1,089	$	1,173
Capacity revenue (a)	262		65		327
Other revenues	5		85		90
Contract amortization	(18)		(166)		(184)
Mark-to-market for economic hedges	9		(44)		(35)
Total operating revenues	342		1,029		1,371
Less: Contract amortization	18		166		184
Less: Mark-to-market for economic hedges	(9)		44		35
Less: Lease revenue	(113)		(860)		(973)

Total revenue from contracts with customers	$	238	$	379	$	617

(a) See Note 15, Leases, for the amounts of energy and capacity revenues that relate to leases and are accounted for under ASC 842.


	Year ended December 31, 2023
(In millions)	Flexible Generation		Renewables		Total
Energy revenue (a)	$	81	$	942	$	1,023
Capacity revenue (a)	336		23		359
Other revenues (a)	28		71		99
Contract amortization	(20)		(166)		(186)
Mark-to-market for economic hedges	(5)		24		19
Total operating revenues	420		894		1,314
Less: Contract amortization	20		166		186
Less: Mark-to-market for economic hedges	5		(24)		(19)
Less: Lease revenue	(274)		(780)		(1,054)
Total revenue from contracts with customers	$	171	$	256	$	427

(a) See Note 15, Leases, for the amounts of energy, capacity and other revenues that relate to leases and are accounted for under ASC 842.


	Year ended December 31, 2022
(In millions)	Flexible Generation		Renewables		Thermal		Total
Energy revenue (a)	$	6	$	956	$	48	$	1,010
Capacity revenue (a)	435		2		18		455
Other revenues	—		71		11		82
Contract amortization	(24)		(151)		—		(175)
Mark-to-market for economic hedges	—		(182)		—		(182)
Total operating revenues	417		696		77		1,190
Less: Contract amortization	24		151		—		175
Less: Mark-to-market for economic hedges	—		182		—		182
Less: Lease revenue	(441)		(809)		(1)		(1,251)
Total revenue from contracts with customers	$	—	$	220	$	76	$	296

(a) See Note 15, Leases, for the amounts of energy and capacity revenues that relate to leases and are accounted for under ASC 842.

Contract Amortization

Assets and liabilities recognized from power sales agreements assumed through acquisitions relating to the sale of electric capacity and energy in future periods arising from differences in contract and market prices are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable.

Contract Balances

The following table reflects the contract assets included on the Company’s consolidated balance sheets:


(In millions)	December 31, 2024		December 31, 2023
Accounts receivable, net - Contracts with customers	$	75	$	66
Accounts receivable, net - Leases	89		105
Total accounts receivable, net	$	164	$	171

Derivative Financial Instruments

The Company accounts for derivative financial instruments under ASC 815, Derivatives and Hedging, or ASC 815, which requires the Company to record all derivatives on the balance sheet at fair value unless they qualify for a NPNS exception. Changes in the fair value of non-hedge derivatives are immediately recognized in earnings. Changes in the fair value of derivatives accounted for as hedges, if elected for hedge accounting, are deferred and recorded as a component of accumulated OCI until the hedged transactions occur and are recognized in earnings.

The Company’s primary derivative financial instruments are interest rate instruments used to mitigate variability in earnings due to fluctuations in interest rates and energy-related instruments used to mitigate variability in earnings due to fluctuations in power market prices or natural gas market prices. Certain derivative contracts contain provisions providing the counterparties a lien on specific assets as collateral. On an ongoing basis, the Company qualitatively assesses the effectiveness of its derivatives that are designated as hedges for accounting purposes in order to determine that each derivative continues to be highly effective in offsetting changes in cash flows of hedged items. If necessary, the Company will perform an analysis to measure the statistical correlation between the derivative and the associated hedged item to determine the effectiveness of such a contract designated as a hedge. The Company will discontinue hedge accounting if it is determined that the hedge is no longer effective. In this case, the gain or loss previously deferred in accumulated OCI would be frozen until the underlying hedged item is delivered unless the transaction being hedged is no longer probable of occurring in which case the amount in accumulated OCI would be immediately reclassified into earnings. If the derivative financial instrument is terminated, the effective portion of this derivative deferred in accumulated OCI will be frozen until the underlying hedged item is delivered.

Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered. While these contracts are considered derivative financial instruments under ASC 815, they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings.

Cash flows from derivative financial instruments, including derivatives designated as cash flow hedges and derivatives not designated as cash flow hedges, are classified as operating activities in the consolidated statements of cash flows.

Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable — trade and derivative financial instruments, which are concentrated within entities engaged in the energy and financial industries. These industry concentrations may impact the overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. In addition, many of the Company’s facilities have only one customer. See Note 6, Fair Value of Financial Instruments, for a further discussion of derivative concentrations and Note 12, Segment Reporting, for concentration of counterparties.

Fair Value of Financial Instruments

The carrying amount of cash and cash equivalents, restricted cash, accounts receivable — trade, accounts payable — trade, account payable — affiliates and accrued expenses and other current liabilities approximate fair value because of the short-term maturity of these instruments. See Note 6, Fair Value of Financial Instruments, for a further discussion of fair value of financial instruments.

Asset Retirement Obligations

Asset retirement obligations, or AROs, are accounted for in accordance with ASC 410-20, Asset Retirement Obligations, or ASC 410-20. Retirement obligations associated with long-lived assets included within the scope of ASC 410-20 are those for which a legal obligation exists under enacted laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing and/or method of settlement may be conditional on a future event. ASC 410-20 requires an entity to recognize the fair value of a liability for an ARO in the period in which it is incurred and a reasonable estimate of fair value can be made.

Upon initial recognition of a liability for an ARO, other than when an ARO is assumed in an acquisition of the related long-lived asset, the asset retirement cost is capitalized by increasing the carrying amount of the related long-lived asset by the same amount. Over time, the liability is accreted to its future value, while the capitalized cost is depreciated over the useful life of the related asset. The Company’s AROs are primarily related to the future dismantlement of equipment on leased property and environmental obligations related to site closures and fuel storage facilities. The Company records AROs as part of other non-current liabilities on its consolidated balance sheet.

The following table represents the balance of AROs, along with the related activity:


(In millions)
Balance as of December 31, 2022	$	157
Revisions in estimated cash flows	3
Liabilities incurred	67
Accretion expense	12
Balance as of December 31, 2023	239
Revisions in estimated cash flows	(1)
Liabilities incurred	14
Liabilities settled	(2)
Accretion expense	16
Balance as of December 31, 2024	$	266

Guarantees

The Company enters into various contracts that include indemnification and guarantee provisions as a routine part of its business activities. Examples of these contracts include operation and maintenance agreements, service agreements, commercial sales arrangements and other types of contractual agreements with vendors and other third parties as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters as well as breaches of representations, warranties and covenants set forth in these agreements. Because many of the guarantees and indemnities the Company issues to third parties and affiliates do not limit the amount or duration of its obligations to perform under them, there exists a risk that the Company may have obligations in excess of the amounts agreed upon in the contracts mentioned above. For those guarantees and indemnities that do not limit the liability exposure, the Company may not be able to estimate what the liability would be, until a claim is made for payment or performance, due to the contingent nature of these contracts.

Investments Accounted for by the Equity Method

The Company has investments in various energy facilities accounted for by the equity method, several of which are VIEs, where the Company is not a primary beneficiary, as described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The equity method of accounting is applied to these investments in affiliates because the ownership structure prevents the Company from exercising a controlling influence over the operating and financial policies of the facilities. Under this method, equity in pre-tax income or losses of the investments is reflected as equity in earnings of unconsolidated affiliates. Distributions from equity method investments that represent earnings on the Company’s investment are included within cash flows from operating activities and distributions from equity method investments that represent a return of the Company’s investment are included within cash flows from investing activities.

Sale-Leaseback Arrangements

The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. In accordance with ASC 842-40, Sale-Leaseback Transactions, if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of continuing involvement would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in most of the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings.

Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company’s incremental borrowing rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded either at the end of or over the lease term.

Asset Acquisitions

The Company accounts for its acquisitions in accordance with ASC 805, Business Combinations, or ASC 805. For third-party acquisitions, ASC 805 requires an acquirer to recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at fair value at the acquisition date. No goodwill is recognized, and excess purchase price or negative goodwill are allocated to the acquired assets on a relative fair value basis. For acquisitions that relate to entities under common control, the difference between the cash paid and historical value of the entities’ equity is recorded as a distribution/contribution from/to CEG with the offset to contributed capital.

Tax Equity Arrangements

Certain portions of the Company’s noncontrolling interest represent third-party interests in the net assets under tax equity arrangements, which are consolidated by the Company, that have been entered into to finance the cost of facilities eligible for certain tax credits and benefits. The Company has determined that the provisions in the contractual agreements of these noncontrolling interests represent substantive profit sharing arrangements. Further, the Company has determined that the appropriate methodology for calculating the noncontrolling interest that reflects the substantive profit sharing arrangements is a balance sheet approach utilizing the hypothetical liquidation at book value, or HLBV, method. Under the HLBV method, the amounts reported as noncontrolling interest represent the amounts the investors to the tax equity arrangements would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreements, assuming the net assets of the funding structures were liquidated at their recorded amounts determined in accordance with GAAP. The investors’ interests in the results of operations of the funding structures are determined as the difference in noncontrolling interest at the start and end of each reporting period, after taking into account any capital transactions between the structures and the funds’ investors. The calculations utilized to apply the HLBV method include estimated calculations of taxable income or losses for each reporting period. In addition, in certain circumstances, the Company and its partners in the tax equity arrangements agree that certain tax benefits are to be utilized outside of the tax equity arrangements, which may result in differences in the amount an investor would hypothetically receive at the initial balance sheet date calculated strictly in accordance with related contractual agreements. These differences are recognized in the consolidated statements of income using a systematic and rational method over the period during which the investor is expected to achieve its target return.

Redeemable Noncontrolling Interest

To the extent that a third party has the right to redeem their interests for cash or other assets, the Company has included the noncontrolling interest attributable to the third party as a component of temporary equity in the mezzanine section of the consolidated balance sheet. During the fourth quarter of 2024, the Company repurchased the remaining partner’s equity interest, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The following table reflects the changes in the Company’s redeemable noncontrolling interest balance:


	(In millions)
Balance at December 31, 2022	$	7
Cash distributions to redeemable noncontrolling interests	(3)
Comprehensive income attributable to redeemable noncontrolling interests	17
Repurchase of redeemable noncontrolling interest	(20)
Balance at December 31, 2023	1
Cash distributions to redeemable noncontrolling interests	(2)
Comprehensive income attributable to redeemable noncontrolling interests	13
Repurchase of redeemable noncontrolling interest	(12)
Balance at December 31, 2024	$	—

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.

In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, uncollectible accounts, AROs, acquisition accounting, fair value of financial instruments and legal costs incurred in connection with recorded loss contingencies, among others. In addition, estimates are used to test long-lived assets for impairment and to determine the fair value of impaired assets. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.

Recently Adopted Accounting Standards

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories and details regarding information utilized to assess segment performance. Additionally, the amendment increases the frequency of disclosures by requiring Topic 280 to be applied to interim financial statements. This guidance must be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. As of December 31, 2024, the Company has adopted ASU 2023-07 and has enhanced its reportable segment disclosures in Note 12, Segment Reporting, to comply with the requirements. The adoption did not have an impact on the Company’s financial statements.

Recent Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU No 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). The amendment requires certain expenses presented on the face of the income statement to be disaggregated in the notes to the financial statements. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. As of December 31, 2024, the Company has not elected to early adopt the standard and is evaluating the effect of the new guidance on its consolidated financial statements.

Schedule I - Condensed Financial Information of Registrant - B/S (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 332	$ 535
Other Assets
Total Assets	14,320	14,688
Current Liabilities
Other non-current liabilities	320	282
Total Liabilities	8,679	9,582
Commitments and Contingencies
Members' Equity [Abstract]
Contributed capital	911	1,299
Retained earnings	894	1,027
Accumulated other comprehensive income	7	15
Total Members’ Equity	5,641	5,105	$ 4,160	$ 3,217
Total Liabilities and Members’ Equity	14,320	14,688
Affiliated Entity
Other Liabilities
Accounts payable — affiliates	35	35
Clearway Energy LLC
Current Assets
Cash and cash equivalents	137	410
Other current assets	1	1
Other Assets
Investment in consolidated subsidiaries	1,679	1,934
Total Assets	1,817	2,345
Current Liabilities
Other non-current liabilities	1	1
Total Liabilities	5	4
Commitments and Contingencies
Members' Equity [Abstract]
Contributed capital	911	1,299
Retained earnings	894	1,027
Accumulated other comprehensive income	7	15
Total Members’ Equity	1,812	2,341
Total Liabilities and Members’ Equity	1,817	2,345
Clearway Energy LLC \| Affiliated Entity
Other Liabilities
Accounts payable — affiliates	$ 4	$ 3

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (33)	$ (13)	$ 1,282
Other Comprehensive (Loss) Income
Unrealized (loss) gain on derivatives and changes in accumulated OCI/OCL	(5)	(7)	33
Other comprehensive (loss) income	(5)	(7)	33
Comprehensive (Loss) Income	(38)	(20)	1,315
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests	(233)	(163)	(100)
Comprehensive Income Attributable to Clearway Energy LLC	$ 195	$ 143	$ 1,415

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Lease Information and Expense

Lease expense was comprised of the following:


	Year Ended December 31,
(In millions)	2024		2023		2022
Operating lease cost - Fixed	$	31	$	40	$	36

Operating lease cost - Variable	12		11		11
Total lease cost	$	43	$	51	$	47

Operating lease information was as follows:


	Year Ended December 31,
(In millions)	2024		2023		2022
Cash paid for operating leases	$	34	$	30	$	28


(In millions, except term and rate)	December 31, 2024			December 31, 2023
Right-of-use assets - operating leases, net	$	547		$	597

Short-term lease liability - operating leases (a)	$	10		$	7
Long-term lease liability - operating leases	569			627
Total lease liabilities	$	579		$	634

Weighted average remaining lease term (in years)	26			28
Weighted average discount rate	4.5		%	4.2		%

(a) Short-term lease liability balances are included within the accrued expenses and other current liabilities line item of the consolidated balance sheets as of December 31, 2024 and 2023.

Schedule of Maturities of Operating Lease Liabilities

Minimum future rental payments of operating lease liabilities as of December 31, 2024 are as follows:


	(In millions)
2025	$	34
2026	34
2027	35
2028	35
2029	35
Thereafter	771
Total lease payments	944
Less imputed interest	(365)
Total lease liability - operating leases	$	579

Schedule of Land Lease with Wholly-Owned Subsidiary

The Company is party to various land lease agreements with wholly-owned subsidiaries of CEG that are accounted for as operating leases. The following table summarizes the land lease agreements:


(In millions)	Right-of-use assets, net		Long-term lease liabilities		Lease expiration
As of December 31, 2024
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	30		34		December 18, 2062
Mililani I	18		21		March 31, 2057
Oahu Solar (a)	17		19		August 1, 2057
Rosamond Central (a)	11		12		March 31, 2056
As of December 31, 2023
Daggett 2	$	22	$	23	June 30, 2058
Daggett 3	31		33		December 18, 2062
Mililani I	19		20		March 31, 2057
Oahu Solar (a)	17		20		August 1, 2057
Rosamond Central (a)	11		12		March 31, 2056

(a) The Company has the ability to extend each of these leases for two additional five-year periods.

Schedule of Energy and Capacity Revenue

The following amounts of energy, capacity and other revenues are related to the Company’s operating leases:


	Flexible Generation		Renewables		Total
December 31, 2024	(In millions)
Energy revenue	$	3	$	817	$	820
Capacity revenue	110		43		153

Operating revenues	$	113	$	860	$	973


	Flexible Generation		Renewables		Total
December 31, 2023	(In millions)
Energy revenue	$	4	$	760	$	764
Capacity revenue	249		20		269
Other revenues (a)	21		—		21
Operating revenues	$	274	$	780	$	1,054


	Flexible Generation		Renewables		Thermal		Total
December 31, 2022	(In millions)
Energy revenue	$	6	$	809	$	1	$	816
Capacity revenue	435		—		—		435
Operating revenues	$	441	$	809	$	1	$	1,251

Schedule of Minimum Future Rent Payments Under the Operating Leases

Minimum future rent payments the Company expects to receive for the remaining periods related to various facility operating leases as of December 31, 2024 were as follows:


	(In millions)
2025	$	168
2026	170
2027	171
2028	172
2029	173
Thereafter	1,700
Total lease payments	$	2,554

Schedule of Property, Plant, and Equipment Net

Property, plant and equipment, net related to the Company’s operating leases were as follows:


(In millions)	December 31, 2024		December 31, 2023
Property, plant and equipment	$	6,284	$	5,720
Accumulated depreciation	(2,276)		(1,991)
Net property, plant and equipment	$	4,008	$	3,729

Members' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Members' Equity [Abstract]

Schedule of Dividends Paid

The following tables list the distributions paid on the Company’s Class A, Class B, Class C and Class D units during the years ended December 31, 2024, 2023 and 2022:


	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
Distributions per Class A and Class B units	$	0.4240	$	0.4171	$	0.4102	$	0.4033
Distributions per Class C and Class D units	0.4240		0.4171		0.4102		0.4033


	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023
Distributions per Class A and Class B units	$	0.3964	$	0.3891	$	0.3818	$	0.3745
Distributions per Class C and Class D units	0.3964		0.3891		0.3818		0.3745


	Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022
Distributions per Class A and Class B units	$	0.3672	$	0.3604	$	0.3536	$	0.3468
Distributions per Class C and Class D units	0.3672		0.3604		0.3536		0.3468

Summary of Significant Accounting Policies -Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 1	$ 7
Cash distributions to redeemable noncontrolling interests	(2)	(3)
Comprehensive income attributable to redeemable noncontrolling interests	13	17
Repurchase of redeemable noncontrolling interest	(12)	(20)
Ending balance	$ 0	$ 1

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the Components of the Company's intangible Assets Subject to Amortization

The following tables summarize the components of intangible assets subject to amortization:


Year ended December 31, 2024	PPAs		Leasehold Rights		Emission Allowances		Other		Total
(In millions)
January 1, 2024	$	3,265	$	86	$	17	$	15	$	3,383

Other	—		—		—		4		4

December 31, 2024	3,265		86		17		19		3,387
Less accumulated amortization	(1,140)		(42)		(5)		(7)		(1,194)
Net carrying amount	$	2,125	$	44	$	12	$	12	$	2,193


Year ended December 31, 2023	PPAs		Leasehold Rights		Emission Allowances		Other		Total
(In millions)
January 1, 2023	$	3,321	$	86	$	17	$	18	$	3,442
Walnut Creek PPA expiration	(50)		—		—		—		(50)
Other	(6)		—		—		(3)		(9)
December 31, 2023	3,265		86		17		15		3,383
Less accumulated amortization	(962)		(38)		(4)		(5)		(1,009)
Net carrying amount	$	2,303	$	48	$	13	$	10	$	2,374

Schedule Future Amortization Expense for Intangibles

The Company estimates the future amortization expense for its intangibles for the next five years as follows:


	(In millions)
2025	$	185
2026	185
2027	185
2028	185
2029	185

Members' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 17, 2025	Dec. 31, 2023
Subsequent Event
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.4312
Special Distribution \| Clearway Energy, Inc.
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Additional cash distributions paid		$ 51
Pro rata share of cash distributions paid, utilized		30
Cash distributions paid		$ 21

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The Company’s borrowings, including short-term and long-term portions, consisted of the following:


	December 31, 2024		December 31, 2023		Interest rate % (a)(b)	Letters of Credit Outstanding at December 31, 2024
	(In millions, except rates)


Intercompany Note with Clearway, Inc.	$	—	$	1	5.260


2028 Senior Notes	850		850		4.750
2031 Senior Notes	925		925		3.750
2032 Senior Notes	350		350		3.750
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2028 (b)	—		—		S+1.500	$	103

Non-recourse facility level debt:
Agua Caliente Solar LLC, due 2037	574		612		2.395-3.633	14
Alta Wind Asset Management LLC, due 2031	10		11		S+2.775	—
Alta Wind I-V lease financing arrangements, due 2034 and 2035	609		660		5.696-7.015	67
Alta Wind Realty Investments LLC, due 2031	18		20		7.000	—
Borrego, due 2038	45		48		5.650	4
Broken Bow, due 2031 (d)	—		41			—
Buckthorn Solar, due 2025	112		116		S+2.100	20
Capistrano Portfolio Holdco LLC, due 2033 (d)	118		—		S+1.625	42
Carlsbad Energy Holdings LLC, due 2027	70		93		S+1.900	63
Carlsbad Energy Holdings LLC, due 2038	407		407		4.120	—
Carlsbad Holdco, LLC, due 2038	193		195		4.210	5
Cedar Creek, due 2029	108		—		S+1.625	19
Cedro Hill, due 2029	99		165		S+1.750	3
Crofton Bluffs, due 2031 (d)	—		27			—
CVSR, due 2037	573		601		2.339-3.775	—
CVSR Holdco Notes, due 2037	143		152		4.680	12
Daggett 2, due 2028	155		156		S+1.762	32
Daggett 3, due 2028	217		217		S+1.762	44
Dan’s Mountain, due 2025	143		—		S+1.250	5
DG-CS Master Borrower LLC, due 2040	356		385		3.510	30



Mililani Class B Member Holdco LLC, due 2028	90		92		S+1.600	18
Natural Gas Holdco LC Facility, due 2027	—		—		S+1.750	105
NIMH Solar, due 2031 and 2033	126		148		S+2.000-2.125	11
Oahu Solar Holdings LLC, due 2026	78		81		S+1.775	10

Rosie Class B LLC, due 2029	191		347		S+1.750	28
Texas Solar Nova 1, due 2028 (c)	—		102			—
TSN1 Class B Member LLC, due 2029 (c)	176		—		S+1.750	52
Utah Solar Holdings, due 2036	228		242		3.590	154
Viento Funding II, LLC, due 2029	160		175		S+1.475	29
Victory Pass and Arica, due 2024	—		757			—



Other	111		124		Various	49
Subtotal non-recourse facility-level debt	5,110		5,974
Total debt	7,235		8,100
Less current maturities	(430)		(559)
Less net debt issuance costs	(57)		(65)
Add premiums (e)	2		3
Total long-term debt	$	6,750	$	7,479

(a) As of December 31, 2024, S+ equals SOFR plus x%.

(b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement, and only applies to outstanding borrowings.

(d) On October 23, 2024, the outstanding debt of Broken Bow and Crofton Bluffs was paid off utilizing the proceeds from the Capistrano Portfolio Holdco LLC term loan that was issued on the same day.

(e) Premiums relate to the 2028 Senior Notes.

Schedule of Swaps Related to the Company's Facility Level Debt

The following table summarizes the swaps, some of which are forward starting as indicated, related to the Company’s facility level debt:


	% of Principal		Fixed Interest Rate		Floating Interest Rate	Notional Amount at December 31, 2024 (In millions)		Effective Date	Maturity Date
Avra Valley	85	%	2.20	%	SOFR	$	26	March 31, 2023	January 31, 2031
Alta Wind Asset Management	100	%	2.22	%	SOFR	10		May 22, 2013	May 15, 2031
Buckthorn Solar	80	%	Various		SOFR	90		February 28, 2018	December 31, 2041
Capistrano Portfolio Holdco	100	%	Various		SOFR	118		October 23, 2024	September 28, 2033
Carlsbad Energy Holdings	100	%	Various		SOFR	70		Various	September 30, 2027
Cedar Creek	100	%	3.02	%	SOFR	108		April 30, 2024	March 31, 2049
Cedro Hill	85	%	Various		SOFR	84		Various	September 30, 2044
Daggett 2	89	%	Various		SOFR	137		March 29, 2024	March 31, 2043
Daggett 3	85	%	Various		SOFR	184		Various	September 30, 2043
Dan’s Mountain	93	%	4.97	%	SOFR	133		March 29, 2024	February 28, 2025
Kansas South	75	%	1.93	%	SOFR	11		June 28, 2013	December 31, 2030
Mililani Class B	97	%	Various		SOFR	87		Various	Various
NIMH Solar	100	%	3.25	%	SOFR	126		June 11, 2024	January 31, 2033
Oahu Solar	96	%	2.47	%	SOFR	75		November 30, 2019	October 31, 2040
Rosie Class B	94	%	Various		SOFR	179		Various	Various
South Trent	90	%	Various		SOFR	18		Various	June 30, 2028
TSN1 Class B	96	%	Various		SOFR	169		March 29, 2024	September 30, 2043
Viento Funding II	90	%	2.53	%	SOFR	144		Various	December 31, 2032
Total						$	1,769

Schedule of Annual Payments Based on the Maturities of NRG Yield's Debt

Annual Maturities

Annual payments based on the maturities of the Company’s debt, for the years ending after December 31, 2024, are as follows:


	(In millions)
2025 (a)	$	555
2026	393
2027	333
2028	1,626
2029	821
Thereafter	3,507
Total	$	7,235

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Investments Accounted for by the Equity Method and Variable Interest Entities - Schedule of Maximum Exposure to Loss Limited to Equity method investments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 309	$ 360
Avenal
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Investment Balance	$ 9
Desert Sunlight
Schedule of Equity Method Investments [Line Items]
Economic Interest	25.00%
Investment Balance	$ 217
Elkhorn Ridge
Schedule of Equity Method Investments [Line Items]
Economic Interest	66.70%
Investment Balance	$ 7
Gen Conn
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Investment Balance	$ 75
San Juan Mesa
Schedule of Equity Method Investments [Line Items]
Economic Interest	75.00%
Investment Balance	$ 1

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details