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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2022
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 001-36002
Clearway Energy, Inc.
(Exact name of registrant as specified in its charter)
Delaware46-1777204
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
300 Carnegie Center, Suite 300 PrincetonNew Jersey08540
(Address of principal executive offices)(Zip Code)
(609608-1525
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01CWEN.ANew York Stock Exchange
Class C Common Stock, par value $0.01CWENNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes       No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes       No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No
As of April 29, 2022, there were 34,599,645 shares of Class A common stock outstanding, par value $0.01 per share, 42,738,750 shares of Class B common stock outstanding, par value $0.01 per share, 81,944,239 shares of Class C common stock outstanding, par value $0.01 per share, and 42,738,750 shares of Class D common stock outstanding, par value $0.01 per share.





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

2



CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q of Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "believes," "projects," "anticipates," "plans," "expects," "intends," "estimates" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include the factors described under Item 1A — Risk Factors in Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as the following:
The Company's ability to maintain and grow its quarterly dividend;
Potential risks related to COVID-19 (including any variant of the virus) or any other pandemic;
Potential risks related to the Company's relationships with GIP and CEG;
The Company's ability to successfully identify, evaluate and consummate acquisitions from, and dispositions to, third parties;
The Company's ability to acquire assets from GIP or CEG;
The Company's ability to raise additional capital due to its indebtedness, corporate structure, market conditions or otherwise;
Changes in law, including judicial decisions;
Hazards customary to the power production industry and power generation operations such as fuel and electricity price volatility, unusual weather conditions (including wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that the Company may not have adequate insurance to cover losses as a result of such hazards;
The Company's ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations;
The willingness and ability of counterparties to the Company's offtake agreements to fulfill their obligations under such agreements;
The Company's ability to enter into contracts to sell power and procure fuel on acceptable terms and prices as current offtake agreements expire;
Government regulation, including compliance with regulatory requirements and changes in market rules, rates, tariffs and environmental laws;
Operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of certain subsidiaries and project-level subsidiaries generally, in the Clearway Energy Operating LLC amended and restated revolving credit facility and in the indentures governing the Senior Notes;
Cyber terrorism and inadequate cybersecurity, or the occurrence of a catastrophic loss and the possibility that the Company may not have adequate insurance to cover losses resulting from such hazards or the inability of the Company's insurers to provide coverage; and
The Company's ability to borrow additional funds and access capital markets, as well as the Company's substantial indebtedness and the possibility that the Company may incur additional indebtedness going forward.
Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause the Company's actual results to differ materially from those contemplated in any forward-looking statements included in this Quarterly Report on Form 10-Q should not be construed as exhaustive.
3



GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
2025 Senior Notes$600 million aggregate principal amount of 5.750% unsecured senior notes due 2025, issued by Clearway Energy Operating LLC, which were repurchased and redeemed in March 2021
2028 Senior Notes$850 million aggregate principal amount of 4.750% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC
2031 Senior Notes$925 million aggregate principal amount of 3.750% unsecured senior notes due 2031, issued by Clearway Energy Operating LLC
2032 Senior Notes$350 million aggregate principal amount of 3.750% unsecured senior notes due 2032, issued by Clearway Energy Operating LLC
Adjusted EBITDAA non-GAAP measure, represents earnings before interest (including loss on debt extinguishment), tax, depreciation and amortization adjusted for mark-to-market gains or losses, asset write offs and impairments; and factors which the Company does not consider indicative of future operating performance
ASCThe FASB Accounting Standards Codification, which the FASB established as the source of
authoritative GAAP
ASUAccounting Standards Updates - updates to the ASC
ATM ProgramsAt-The-Market Equity Offering Programs
Bridge Loan AgreementSenior secured bridge credit agreement entered into by Clearway Energy Operating LLC that provided a term loan facility in an aggregate principal amount of $335 million and was repaid on May 3, 2022
CAFD
A non-GAAP measure, Cash Available for Distribution is defined as of March 31, 2022 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments, and adjusted for development expenses
CEGClearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services AgreementMaster Services Agreements entered into as of August 31, 2018 between the Company, Clearway Energy LLC and Clearway Energy Operating LLC, and CEG
Clearway Energy LLCThe holding company through which the projects are owned by Clearway Energy Group LLC, the holder of Class B and Class D units, and Clearway Energy, Inc., the holder of the Class A and Class C units
Clearway Energy Group LLCThe holder of all of the Company's Class B and Class D common shares and Clearway Energy LLC’s Class B and Class D units and from time to time, possibly shares of the Company’s Class A and/or Class C common stock
Clearway Energy Operating LLCThe holder of the project assets that are owned by Clearway Energy LLC
CompanyClearway Energy, Inc. together with its consolidated subsidiaries
CVSR California Valley Solar Ranch
CVSR Holdco CVSR Holdco LLC, the indirect owner of CVSR
Distributed SolarSolar power projects, typically less than 20 MW in size (on an alternating current, or AC, basis), that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid
Drop Down AssetsAssets under common control acquired by the Company from CEG
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPAccounting principles generally accepted in the U.S.
GenConnGenConn Energy LLC
GIP
Global Infrastructure Partners
HLBVHypothetical Liquidation at Book Value
KKRKKR Thor Bidco, LLC, an affiliate of Kohlberg Kravis Roberts & Co. L.P.
4



LIBORLondon Inter-Bank Offered Rate
Mesquite StarMesquite Star Special LLC
MMBtuMillion British Thermal Units
Mt. StormNedPower Mount Storm LLC
MWMegawatt
MWhSaleable megawatt hours, net of internal/parasitic load megawatt-hours
MWtMegawatts Thermal Equivalent
Net ExposureCounterparty credit exposure to Clearway Energy, Inc. net of collateral
NOLsNet Operating Losses
NPNSNormal Purchases and Normal Sales
OCLOther comprehensive loss
O&MOperations and Maintenance
PG&EPacific Gas and Electric Company
PPAPower Purchase Agreement
RENOMClearway Renewable Operation & Maintenance LLC
SCESouthern California Edison
SEC U.S. Securities and Exchange Commission
Senior NotesCollectively, the 2028 Senior Notes, the 2031 Senior Notes and the 2032 Senior Notes
SOFRSecured Overnight Financing Rate
SPPSolar Power Partners
SREC Solar Renewable Energy Credit
Tax Act Tax Cuts and Jobs Act of 2017
Thermal BusinessThe Company's thermal business, which consists of thermal infrastructure assets that provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals and governmental units
Thermal DispositionOn May 1, 2022, the Company completed the sale of 100% of its interests in the Thermal Business to KKR
U.S.United States of America
Utah Solar PortfolioSeven utility-scale solar farms located in Utah, representing 530 MW of capacity
Utility Scale SolarSolar power projects, typically 20 MW or greater in size (on an alternating current, or AC, basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level
VaRValue at Risk
VIEVariable Interest Entity

5



PART I - FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended March 31,
(In millions, except per share amounts)20222021
Operating Revenues
Total operating revenues$214 $237 
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below128 110 
Depreciation, amortization and accretion124 128 
General and administrative12 10 
Transaction and integration costs2 2 
Development costs1 1 
Total operating costs and expenses267 251 
Operating Loss(53)(14)
Other Income (Expense)
Equity in earnings of unconsolidated affiliates4 4 
Other income, net 1 
Loss on debt extinguishment(2)(42)
Interest expense(47)(45)
Total other expense, net(45)(82)
Loss Before Income Taxes(98)(96)
Income tax benefit(1)(20)
Net Loss(97)(76)
Less: Loss attributable to noncontrolling interests and redeemable interests(65)(79)
Net (Loss) Income Attributable to Clearway Energy, Inc.
$(32)$3 
(Losses) Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of Class A common shares outstanding - basic and diluted
35 35 
Weighted average number of Class C common shares outstanding - basic and diluted
82 82 
(Losses) Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted
$(0.28)$0.03 
Dividends Per Class A Common Share $0.3468 $0.3240 
Dividends Per Class C Common Share $0.3468 $0.3240 
See accompanying notes to consolidated financial statements.
6



CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
Three months ended March 31,
(In millions)20222021
Net Loss$(97)$(76)
Other Comprehensive Income
Unrealized gain on derivatives, net of income tax expense of, $2 and $2
14 11 
Other comprehensive income14 11 
Comprehensive Loss(83)(65)
Less: Comprehensive loss attributable to noncontrolling interests and redeemable interests(57)(72)
Comprehensive (Loss) Income Attributable to Clearway Energy, Inc.$(26)$7 
See accompanying notes to consolidated financial statements.
7



CLEARWAY ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except shares)March 31, 2022December 31, 2021
ASSETS(Unaudited)
Current Assets  
Cash and cash equivalents$140 $179 
Restricted cash 326 475 
Accounts receivable — trade153 144 
Inventory38 37 
Derivative instruments2  
Current assets held-for-sale653 631 
Prepayments and other current assets61 65 
Total current assets1,373 1,531 
Property, plant and equipment, net 7,661 7,650 
Other Assets
Equity investments in affiliates374 381 
Intangible assets for power purchase agreements, net2,379 2,419 
Other intangible assets, net 78 80 
Derivative instruments16 6 
Deferred income taxes100 95 
Right-of-use assets, net528 550 
Other non-current assets119 101 
Total other assets3,594 3,632 
Total Assets$12,628 $12,813 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt$770 $772 
Accounts payable — trade76 74 
Accounts payable — affiliates15 107 
Derivative instruments71 46 
Accrued interest expense40 54 
Current liabilities held-for-sale500 494 
Accrued expenses and other current liabilities55 84 
Total current liabilities1,527 1,631 
Other Liabilities
Long-term debt6,979 6,939 
Deferred income taxes11 13 
Derivative instruments252 196 
Long-term lease liabilities541 561 
Other non-current liabilities179 173 
Total other liabilities7,962 7,882 
Total Liabilities9,489 9,513 
Commitments and Contingencies
Stockholders’ Equity 
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued
  
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 201,995,385 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,918,240, Class D 42,738,750) at March 31, 2022 and 201,856,166 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,779,021, Class D 42,738,750) at December 31, 2021
1 1 
Additional paid-in capital1,826 1,872 
Accumulated deficit(65)(33)
Accumulated other comprehensive loss (6)
Noncontrolling interest1,377 1,466 
Total Stockholders’ Equity3,139 3,300 
Total Liabilities and Stockholders’ Equity$12,628 $12,813 
See accompanying notes to consolidated financial statements.
8



CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(In millions)20222021
Cash Flows from Operating Activities
Net Loss$(97)$(76)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates (4)(4)
Distributions from unconsolidated affiliates11 13 
Depreciation, amortization and accretion124 128 
Amortization of financing costs and debt discounts4 4 
Amortization of intangibles42 32 
Loss on debt extinguishment 2 42 
Reduction in carrying amount of right-of-use assets4 2 
Changes in deferred income taxes(1)(20)
Changes in derivative instruments82 (27)
Cash used in changes in other working capital
Changes in prepaid and accrued liabilities for tolling agreements (44)(44)
Changes in other working capital(30)(3)
Net Cash Provided by Operating Activities93 47 
Cash Flows from Investing Activities
Acquisitions, net of cash acquired
 (111)
Acquisition of Drop Down Assets(51)(132)
Capital expenditures(47)(58)
Asset purchase from affiliate (21)
Return of investment from unconsolidated affiliates3 8 
Other3  
Net Cash Used in Investing Activities(92)(314)
Cash Flows from Financing Activities
Contributions from noncontrolling interests, net of distributions23 229 
Payments of dividends and distributions(70)(66)
Distributions to CEG of escrowed amounts(64) 
Proceeds from the revolving credit facility80 195 
Payments for the revolving credit facility(20)(170)
Proceeds from the issuance of long-term debt 194 1,004 
Payments of debt issuance costs(4)(15)
Payments for long-term debt(317)(957)
Other(6)13 
Net Cash (Used in) Provided by Financing Activities(184)233 
Reclassification of Cash to Assets Held-for-Sale(5) 
Net Decrease in Cash, Cash Equivalents and Restricted Cash(188)(34)
Cash, Cash Equivalents and Restricted Cash at beginning of period654 465 
Cash, Cash Equivalents and Restricted Cash at end of period$466 $431 
See accompanying notes to consolidated financial statements.
9



CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Three Months Ended March 31, 2022
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive Loss
Noncontrolling
Interest
Total
Stockholders’
Equity
Balances at December 31, 2021$ $1 $1,872 $(33)$(6)$1,466 $3,300 
Net loss— — — (32)— (67)(99)
Unrealized gain on derivatives, net of tax— — — — 6 8 14 
Distributions to CEG, net of contributions, cash— — — — — (3)(3)
Contributions from noncontrolling interests, net of distributions, cash— — — — — 28 28 
Mesquite Sky Drop Down— — (1)— — (7)(8)
Black Rock Drop Down— — — — — 1 1 
Mililani I Drop Down— — (11)— — (19)(30)
Non-cash adjustments for change in tax basis— — 8 — — — 8 
Stock based compensation — — (2)— — — (2)
Common stock dividends and distributions to CEG unit holders— — (40)— — (30)(70)
Balances at March 31, 2022$ $1 $1,826 $(65)$ $1,377 $3,139 

CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Three Months Ended March 31, 2021
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive Loss
Noncontrolling
Interest
Total
Stockholders’
Equity
Balances at December 31, 2020$ $1 $1,922 $(84)$(14)$890 $2,715 
Net income (loss)— — — 3 — (81)(78)
Unrealized gain on derivatives, net of tax— — — — 4 7 11 
Contributions from CEG, non-cash— — — — — 27 27 
Contributions from CEG, cash— — — — — 103 103 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 126 126 
Agua Caliente acquisition— — — — — 273 273 
Rattlesnake Drop Down— — — — — (118)(118)
Non-cash adjustments for change in tax basis— — 2 — — — 2 
Common stock dividends and distributions to CEG unit holders— — (38)— — (28)(66)
Balances at March 31, 2021$ $1 $1,886 $(81)$(10)$1,199 $2,995 

10



CLEARWAY ENERGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 — Nature of Business
Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor in and owner of modern, sustainable and long-term contracted assets across North America. The Company is indirectly owned by Global Infrastructure Partners, or GIP. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. The Company is sponsored by GIP through GIP’s portfolio company, Clearway Energy Group LLC, or CEG.
The Company is one of the largest renewable energy owners in the U.S. with over 5,000 net MW of installed wind and solar generation projects. The Company's over 7,500 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas-fired generation facilities. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. Substantially all of the Company’s generation assets are under long-term contractual arrangements for the output or capacity from these assets.
On May 1, 2022, the Company completed the sale of 100% of its interests in the Thermal Business to KKR. For further details of the Thermal Disposition, refer to Note 3, Acquisitions and Dispositions.
The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG’s interest shown as non-controlling interest in the consolidated financial statements. The holders of the Company’s outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from Clearway Energy LLC through its ownership of Clearway Energy LLC Class B and Class D units. From time to time, CEG may also hold shares of the Company’s Class A and/or Class C common stock.
The Company owned 57.68% of the economic interests of Clearway Energy LLC, with CEG owning 42.32% of the economic interests of Clearway Energy LLC as of March 31, 2022.

11



The following table represents the structure of the Company as of March 31, 2022:
cwen-20220331_g1.jpg
Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company’s 2021 Form 10-K. Interim results are not necessarily indicative of results for a full year.
In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company’s consolidated financial position as of March 31, 2022, and results of operations, comprehensive (loss) income and cash flows for the three months ended March 31, 2022 and 2021.
Note 2 — Summary of Significant Accounting Policies
Use of Estimates
The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amounts of net earnings during the reporting periods. Actual results could be different from these estimates.
12



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 project subsidiaries was $95 million and $146 million as of March 31, 2022 and December 31, 2021, respectively.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
 March 31, 2022December 31, 2021
 (In millions)
Cash and cash equivalents$140 $179 
Restricted cash326 475 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$466 $654 
Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company’s projects that are restricted in their use. As of March 31, 2022, these restricted funds were comprised of $135 million designated to fund operating expenses, $38 million designated for current debt service payments and $135 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $18 million is held in distributions reserve accounts.
In 2020, the members of the partnerships holding the Oahu Solar and Kawailoa Solar projects submitted applications to the state of Hawaii for refundable tax credits based on the cost of construction of the projects. In 2021, the members of the partnerships contributed their respective portions of the tax credits in the amount of $49 million to the Oahu Solar and Kawailoa project companies, which was recorded to restricted cash on the Company’s consolidated balance sheet with an offsetting adjustment to noncontrolling interests. In accordance with the projects’ related agreements, the cash is held in a restricted account and utilized to offset invoiced amounts under the projects’ PPAs. As of March 31, 2022, $23 million of the $49 million has been utilized to offset invoiced amounts under the projects’ PPAs.
Accumulated Depreciation and Accumulated Amortization
The following table presents the accumulated depreciation included in property, plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, as of March 31, 2022 and December 31, 2021:
March 31, 2022December 31, 2021
(In millions)
Property, Plant and Equipment Accumulated Depreciation $2,623 $2,501 
Intangible Assets Accumulated Amortization646 605 
Dividends to Class A and Class C common stockholders
The following table lists the dividends paid on the Company's Class A and Class C common stock during the three months ended March 31, 2022:
First Quarter 2022
Dividends per Class A share$0.3468 
Dividends per Class C share0.3468 
Dividends on the Class A and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future.
On May 4, 2022, the Company declared quarterly dividends on its Class A and Class C common stock of $0.3536 per share payable on June 15, 2022 to stockholders of record as of June 1, 2022.
13



Noncontrolling Interests
Clearway Energy LLC Distributions to CEG
The following table lists distributions paid to CEG during the three months ended March 31, 2022 on Clearway Energy LLC’s Class B and D units:
First Quarter 2022
Distributions per Class B Unit $0.3468 
Distributions per Class D Unit0.3468 
On May 4, 2022, Clearway Energy LLC declared a distribution on its Class B and Class D units of $0.3536 per unit payable on June 15, 2022 to unit holders of record as of June 1, 2022.
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.
Thermal Revenues
Steam and chilled water revenue is recognized as the Company transfers 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 recognize 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 is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect, and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the consolidated statements of operations.
As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the Company cannot accurately estimate the amount of its unsatisfied performance obligations as it will vary based on customer usage, which will depend on factors such as weather and customer activity.
On May 1, 2022, the Company completed the sale of 100% of its interests in the Thermal Business to KKR. For further details of the Thermal Disposition, refer to Note 3, Acquisitions and Dispositions.
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 conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. 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. 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 capital lease. Certain of these leases have no minimum lease payments and all of the rental income under these leases is recorded as contingent rent on an actual basis when the electricity is delivered.
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.
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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 often unnecessary to allocate transaction price to multiple performance obligations.
Disaggregated Revenues
The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category for the three months ended March 31, 2022 and 2021, respectively:
Three months ended March 31, 2022
(In millions)Conventional GenerationRenewablesThermalTotal
Energy revenue (a)
$ $195 $37 $232 
Capacity revenue (a)
114  14 128 
Contract amortization(6)(36) (42)
Other revenue 14 8 22 
Mark-to-market for economic hedges (126) (126)
Total operating revenues108 47 59 214 
Less: Mark-to-market for economic hedges 126  126 
Less: Lease revenue(114)(162)(1)(277)
Less: Contract amortization6 36  42 
Total revenue from contracts with customers
$ $47 $58 $105 
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesThermalTotal
Energy revenue$ $162 $1 $163 
Capacity revenue114   114 
Total
$114 $162 $1 $277 
Three months ended March 31, 2021
(In millions)Conventional GenerationRenewables Thermal Total
Energy revenue (a)
$1 $126 $29 $156 
Capacity revenue (a)
107  13 120 
Contract amortization(6)(25)(1)(32)
Other revenue 9 8 17 
Mark-to-market for economic hedges (24) (24)
Total operating revenues102 86 49 237 
Less: Mark-to-market for economic hedges 24  24 
Less: Lease revenue(108)(145)(1)(254)
Less: Contract amortization6 25 1 32 
Total revenue from contracts with customers
$ $(10)$49 $39 
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesThermalTotal
Energy revenue$1 $145 $1 $147 
Capacity revenue107   107 
Total
$108 $145 $1 $254 
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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 and liabilities included on the Company’s consolidated balance sheets as of March 31, 2022 and December 31, 2021:
March 31, 2022December 31, 2021
(In millions)
Accounts receivable, net - Contracts with customers$32 $44 
Accounts receivable, net - Leases121 100 
Total accounts receivable, net$153 $144 
Recently Adopted Accounting Standards
In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, which affects certain of the Company’s debt and interest rate swap agreements. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. As of March 31, 2022, the Company has applied the amendments to all of its eligible contract modifications, where applicable, during the reference rate reform period. Additionally, the Company has not elected any optional expedients provided in the standard.

Note 3 — Acquisitions and Dispositions
Mililani I Drop Down — On March 25, 2022, the Company, through its indirect subsidiary, Lighthouse Renewable Holdco LLC, acquired Mililani BL Borrower Holdco LLC, the indirect owner of the Mililani I solar project, a 39 MW solar project with 156 MWh of storage capacity that is currently under construction, located in Oahu, Hawaii, from Clearway Renew LLC, a subsidiary of CEG, for cash consideration of $22 million. Lighthouse Renewable Holdco LLC is a partnership between the Company and a third-party investor. The third-party investor also contributed cash consideration of $14 million utilized to acquire their portion of the acquired entity. Mililani BL Borrower Holdco LLC consolidates, as the direct owner of the primary beneficiary, a tax equity fund, Mililani TE Holdco LLC, which directly holds the Mililani I solar project, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. Mililani I has a 20-year power purchase agreement with an investment-grade utility that commences when the project achieves commercial operations. The Mililani I 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 Mililani I on a prospective basis in its financial statements. The assets and liabilities transferred to the Company relate to interests under common control by GIP and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The sum of the cash paid of $22 million and the historical cost of the Company’s net liabilities assumed of $8 million was recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected $15 million of the Company’s purchase price, which was contributed back by CEG to pay down the acquired long-term debt, as distributions to CEG, net of contributions, in the consolidated statement of stockholders’ equity.
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The following is a summary of assets and liabilities transferred in connection with the acquisition as of March 25, 2022:
(In millions)Mililani I
Other current and non-current assets$2 
Property, plant and equipment118 
Right-of-use-assets19 
Total assets acquired139 
Long-term debt (a)
100 
Long-term lease liabilities20 
Other current and non-current liabilities27 
Total liabilities assumed147 
Net liabilities assumed$(8)
(a) Includes a $16 million construction loan, $27 million sponsor equity bridge loan and $60 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. The sponsor equity bridge loan was repaid at acquisition date utilizing $14 million from the cash equity investor, as well as $15 million of the Company's purchase price, which was contributed back to the Company by CEG, of which $27 million was utilized to pay down the acquired long-term debt and $2 million was utilized to pay associated fees. Also at acquisition date, the tax equity investor contributed $18 million into escrow, which is included in restricted cash on the Company's consolidated balance sheet at March 31, 2022. The tax equity investor will contribute an additional $42 million when the project reaches substantial completion, which will be utilized, along with the $18 million in escrow, to repay the $60 million tax equity bridge loan. The project is expected to achieve commercial operations in the second half of 2022.
Thermal Disposition — On May 1, 2022, the Company completed the sale of 100% of its interests in the Thermal Business to KKR for net proceeds of approximately $1.46 billion, inclusive of working capital, which excludes approximately $20 million in transaction expenses that were incurred in connection with the disposition. The Company estimates that the Thermal Disposition will result in a gain of approximately $1.31 billion. Effective with the approval by the Board of Directors and signing of the agreement to sell the Thermal Business on October 22, 2021, the Company concluded that all entities that are included within the Thermal Business will be treated as held for sale on a prospective basis, thus the assets and liabilities were reported as separate held for sale line items on the Company’s consolidated balance sheets as of March 31, 2022 and December 31, 2021. As of March 31, 2022, property, plant and equipment represented 76% and intangible assets represented 9% of assets classified as held for sale while long-term debt represented 83% of liabilities classified as held for sale. As of December 31, 2021, property, plant and equipment represented 78% and intangible assets represented 9% of assets classified as held for sale while long-term debt represented 85% of liabilities classified as held for sale. The Company’s Thermal segment is comprised solely of the Thermal Business's results of operations.
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Note 4 — Investments Accounted for by the Equity Method and Variable Interest Entities
Entities that are Consolidated
The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind and solar facilities, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company's 2021 Form 10-K.
Summarized financial information for the Company's consolidated VIEs consisted of the following as of March 31, 2022:
(In millions)Alta TE HoldcoBuckthorn Renewables, LLC
DGPV Funds(a)
Kawailoa PartnershipLangford TE Partnership LLC
Lighthouse Renewable Holdco LLC(b)
Lighthouse Renewable Holdco 2 LLC(c)
Other current and non-current assets$53 $4 $84 $39 $15 $112 </