Clearway Energy, Inc. [CWEN] Filings

10-Q 1 cwen-20210930.htm 10-Q cwen-20210930

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 September 30, 2021


☐			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)


Delaware			46-1777204
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

300 Carnegie Center, Suite 300	Princeton	New Jersey	08540
(Address of principal executive offices)			(Zip Code)

(609) 608-1525

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.01	CWEN.A	New York Stock Exchange
Class C Common Stock, par value $0.01	CWEN	New 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 October 31, 2021, 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, 81,777,798 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			3
GLOSSARY OF TERMS			4
PART I — FINANCIAL INFORMATION			6
ITEM 1 — FINANCIAL STATEMENTS AND NOTES			6
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			38
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			58
ITEM 4 — CONTROLS AND PROCEDURES			59
PART II — OTHER INFORMATION			60
ITEM 1 — LEGAL PROCEEDINGS			60
ITEM 1A — RISK FACTORS			60
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			60
ITEM 3 — DEFAULTS UPON SENIOR SECURITIES			60
ITEM 4 — MINE SAFETY DISCLOSURES			60
ITEM 5 — OTHER INFORMATION			60
ITEM 6 — EXHIBITS			61
SIGNATURES			62

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, 2020, 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.

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 repaid in March 2021
2026 Senior Notes			$350 million aggregate principal amount of 5.00% unsecured senior notes due 2026, issued by Clearway Energy Operating LLC, which were repaid in October 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 EBITDA			A non-GAAP measure, represents earnings before interest (including loss on debt extinguishment), tax, depreciation and amortization adjusted for mark-to-market gains or losses, asset write offs and impairments; and factors which the Company does not consider indicative of future operating performance

AOCL			Accumulated Other Comprehensive Loss
ASC			The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP
ASU			Accounting Standards Updates - updates to the ASC
ATM Programs			At-The-Market Equity Offering Programs
CAFD			A non-GAAP measure, Cash Available for Distribution is defined as of September 30, 2021 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, adjustments to reflect CAFD generated by unconsolidated investments that were not able to distribute project dividends prior to PG&E's emergence from bankruptcy on July 1, 2020 and subsequent release post-bankruptcy, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments, 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
CEG			Clearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services Agreement			Master Services Agreements entered into as of August 31, 2018 between the Company, Clearway Energy LLC, Clearway Energy Operating LLC and CEG
CEG ROFO Agreement			Right of First Offer Agreement, entered into as of August 31, 2018, by and between Clearway Energy Group LLC and Clearway Energy, Inc., and solely for purposes of Section 2.4, GIP III Zephyr Acquisition Partners, L.P., as amended by the First Amendment dated February 14, 2019, the Second Amendment dated August 1, 2019, the Third Amendment dated December 6, 2019, the Fourth Amendment dated November 2, 2020 and the Fifth Amendment dated August 2, 2021
CARES Act			The Coronavirus Aid, Relief, and Economic Security Act
Clearway Energy LLC			The holding company through which the projects are owned by Clearway Energy Group LLC, the holder of Class B and Class D units of Clearway Energy LLC, and Clearway Energy, Inc., the holder of the Class A and Class C units
Clearway Energy Group LLC			The holder of all of Clearway Energy, Inc.'s Class B and Class D common stock, Clearway Energy LLC’s Class B and Class D units and, from time to time, possibly shares of Clearway Energy, Inc.’s Class A and/or Class C common stock
Clearway Energy Operating LLC			The holder of the project assets that are owned by Clearway Energy LLC
COD			Commercial Operation Date
Company			Clearway Energy, Inc. together with its consolidated subsidiaries
CVSR			California Valley Solar Ranch
CVSR Holdco			CVSR Holdco LLC, the indirect owner of CVSR




Distributed Solar			Solar 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 Assets			Collectively, assets under common control acquired by the Company from NRG from January 1, 2014 through the period ended August 31, 2018 and from CEG from August 31, 2018 through the period ended September 30, 2021



Exchange Act			The Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
GAAP			Accounting principles generally accepted in the U.S.
GenConn			GenConn Energy LLC
GIP			Global Infrastructure Partners
HLBV			Hypothetical Liquidation at Book Value
LIBOR			London Inter-Bank Offered Rate
MBTA			Migratory Bird Treaty Act
Mesquite Star			Mesquite Star Special LLC
MMBtu			Million British Thermal Units
Mt. Storm			NedPower Mount Storm LLC
MW			Megawatt
MWh			Saleable megawatt hours, net of internal/parasitic load megawatt-hours
MWt			Megawatts Thermal Equivalent
Net Exposure			Counterparty credit exposure to Clearway Energy, Inc. net of collateral
NOLs			Net Operating Losses
NPPD			Nebraska Public Power District
NRG			NRG Energy, Inc.
OCL			Other comprehensive loss
O&M			Operations and Maintenance
PG&E			Pacific Gas and Electric Company
PPA			Power Purchase Agreement

RENOM			Clearway Renewable Operation & Maintenance LLC
RPV Holdco			RPV Holdco 1 LLC

SCE			Southern California Edison
SEC			U.S. Securities and Exchange Commission
Senior Notes			Collectively, the 2026 Senior Notes, the 2028 Senior Notes, the 2031 Senior Notes and the 2032 Senior Notes
SPP			Solar Power Partners
SREC			Solar Renewable Energy Credit
Tax Act			Tax Cuts and Jobs Act of 2017
Thermal Business			The 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
U.S.			United States of America
Utah Solar Portfolio			Collection consists of Four Brothers Solar, LLC, Granite Mountain Holdings, LLC, and Iron Springs Holdings, LLC, which are equity investments owned by Four Brothers Capital, LLC, Granite Mountain Capital, LLC, and Iron Springs Capital, LLC, respectively
Utility Scale Solar			Solar 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
VaR			Value at Risk
VIE			Variable Interest Entity

PART I - FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS

CLEARWAY ENERGY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three months ended September 30,				Nine months ended September 30,
(In millions, except per share amounts)	2021		2020		2021		2020
Operating Revenues
Total operating revenues	$	351	$	332	$	968	$	919
Operating Costs and Expenses

Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	117		95		334		275
Depreciation, amortization and accretion	131		102		387		303

General and administrative	10		9		30		30
Transaction and integration costs	1		1		4		2
Development costs	3		2		5		4
Total operating costs and expenses	262		209		760		614
Operating Income	89		123		208		305
Other Income (Expense)
Equity in earnings of unconsolidated affiliates	20		19		32		22
Gain on sale of unconsolidated affiliate	—		—		—		49
Other income, net	1		—		3		2
Loss on debt extinguishment	—		(6)		(42)		(9)
Interest expense	(84)		(85)		(232)		(345)
Total other expense, net	(63)		(72)		(239)		(281)
Income (Loss) Before Income Taxes	26		51		(31)		24
Income tax expense (benefit)	1		9		(12)		13
Net Income (Loss)	25		42		(19)		11

Less: Income (loss) attributable to noncontrolling interests and redeemable interests	4		10		(78)		(39)
Net Income Attributable to Clearway Energy, Inc.	$	21	$	32	$	59	$	50
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of Class A common shares outstanding - basic and diluted	35		35		35		35

Weighted average number of Class C common shares outstanding - basic and diluted	82		81		82		80

Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted	$	0.18	$	0.27	$	0.51	$	0.43



Dividends Per Class A Common Share	$	0.3345	$	0.3125	$	0.9875	$	0.7325
Dividends Per Class C Common Share	$	0.3345	$	0.3125	$	0.9875	$	0.7325

See accompanying notes to consolidated financial statements.

CLEARWAY ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2021		2020		2021		2020
Net Income (Loss)	$	25	$	42	$	(19)	$	11
Other Comprehensive Income
Unrealized gain on derivatives, net of income tax benefit of $(2), $(1), $(3) and $0	3		8		14		—
Other comprehensive income	3		8		14		—
Comprehensive Income (Loss)	28		50		(5)		11
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable interests	6		14		(70)		(39)
Comprehensive Income Attributable to Clearway Energy, Inc.	$	22	$	36	$	65	$	50

See accompanying notes to consolidated financial statements.

CLEARWAY ENERGY, INC.

CONSOLIDATED BALANCE SHEETS


(In millions, except shares)	September 30, 2021		December 31, 2020
ASSETS	(Unaudited)
Current Assets
Cash and cash equivalents	$	189	$	268
Restricted cash	366		197
Accounts receivable — trade	203		143

Inventory	42		42
Derivative instruments	2		—

Prepayments and other current assets	51		58
Total current assets	853		708
Property, plant and equipment, net	7,438		7,217
Other Assets
Equity investments in affiliates	632		741

Intangible assets for power purchase agreements, net	2,154		1,231
Other intangible assets, net	132		139
Derivative instruments	5		1
Deferred income taxes	116		104
Right of use assets, net	346		337

Other non-current assets	104		114
Total other assets	3,489		2,667
Total Assets	$	11,780	$	10,592
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt	$	545	$	384

Accounts payable — trade	58		72

Accounts payable — affiliates	12		17
Derivative instruments	56		38
Accrued interest expense	41		44

Accrued expenses and other current liabilities	104		79
Total current liabilities	816		634
Other Liabilities
Long-term debt	7,299		6,585
Derivative instruments	160		135
Long-term lease liabilities	361		345
Other non-current liabilities	189		178
Total non-current liabilities	8,009		7,243
Total Liabilities	8,825		7,877

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); 201,846,253 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,769,108, Class D 42,738,750) at September 30, 2021 and 201,635,990 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,558,845, Class D 42,738,750) at December 31, 2020	1		1
Additional paid-in capital	1,810		1,922
Accumulated deficit	(25)		(84)
Accumulated other comprehensive loss	(8)		(14)
Noncontrolling interest	1,177		890
Total Stockholders' Equity	2,955		2,715
Total Liabilities and Stockholders' Equity	$	11,780	$	10,592

See accompanying notes to consolidated financial statements.

CLEARWAY ENERGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine months ended September 30,
(In millions)	2021		2020
Cash Flows from Operating Activities
Net (Loss) Income	$	(19)	$	11
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates	(32)		(22)
Distributions from unconsolidated affiliates	25		51
Depreciation, amortization and accretion	387		303
Amortization of financing costs and debt discounts	10		12
Amortization of intangibles	107		67
Loss on debt extinguishment	42		9
Reduction in carrying amount of right-of-use assets	8		1
Gain on sale of unconsolidated affiliate	—		(49)

Changes in deferred income taxes	(12)		13
Changes in derivative instruments	50		63
Gain on disposal of asset components	—		(4)
Cash provided by (used in) changes in other working capital
Changes in prepaid and accrued liabilities for tolling agreements	20		15
Changes in other working capital	(57)		(29)
Net Cash Provided by Operating Activities	529		441
Cash Flows from Investing Activities
Acquisitions, net of cash acquired	(211)		—

Acquisition of Drop Down Asset	(132)		(79)
Consolidation of DGPV Holdco 3 LLC	—		17

Capital expenditures	(124)		(95)
Asset purchase from affiliate	(21)		—
Return of investment from unconsolidated affiliates	37		53
Investments in unconsolidated affiliates	—		(11)
Cash receipts from notes receivable	4		—

Proceeds from sale of assets	—		90
Insurance proceeds	—		5
Other	17		—
Net Cash Used in Investing Activities	(430)		(20)
Cash Flows from Financing Activities
Net contributions from noncontrolling interests	251		147
Buyout of Repowering Partnership II LLC noncontrolling interest	—		(70)
Net proceeds from the issuance of common stock	—		58
Payments of dividends and distributions	(199)		(147)
Payments of debt issuance costs	(13)		(10)
Proceeds from the revolving credit facility	377		265
Payments for the revolving credit facility	(300)		(265)
Proceeds from the issuance of long-term debt	1,037		775
Payments for long-term debt	(1,170)		(1,054)
Other	8		—
Net Cash Used in Financing Activities	(9)		(301)
Net Increase in Cash, Cash Equivalents and Restricted Cash	90		120
Cash, Cash Equivalents and Restricted Cash at beginning of period	465		417
Cash, Cash Equivalents and Restricted Cash at end of period	$	555	$	537

See accompanying notes to consolidated financial statements.

CLEARWAY ENERGY, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

For the Nine Months Ended September 30, 2021

(Unaudited)


(In millions)	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Deficit		Accumulated 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

Dividends to common stockholders and distributions to CEG	—		—		(38)		—		—		(28)		(66)
Balances at March 31, 2021	$	—	$	1	$	1,886	$	(81)	$	(10)	$	1,199	$	2,995
Net income (loss)	—		—		—		35		—		(4)		31
Unrealized gain (loss) on derivatives, net of tax	—		—		—		—		1		(1)		—
Contributions from CEG, non-cash	—		—		—		—		—		3		3
Contributions from CEG, cash	—		—		—		—		—		1		1
Contributions from noncontrolling interests, net of distributions, cash	—		—		—		—		—		38		38


Stock-based compensation	—		—		1		—		—		—		1
Rattlesnake Drop Down	—		—		—		—		—		1		1
Non-cash adjustments for change in tax basis	—		—		(1)		—		—		—		(1)

Dividends to common stockholders and distributions to CEG	—		—		(38)		—		—		(28)		(66)
Balances at June 30, 2021	$	—	$	1	$	1,848	$	(46)	$	(9)	$	1,209	$	3,003
Net income	—		—		—		21		—		3		24
Unrealized gain on derivatives, net of tax	—		—		—		—		1		2		3
Contributions from CEG, non-cash	—		—		—		—		—		2		2

Distributions to noncontrolling interests, net of contributions, cash	—		—		—		—		—		(11)		(11)


Stock-based compensation	—		—		1		—		—		—		1



Dividends to common stockholders and distributions to CEG	—		—		(39)		—		—		(28)		(67)
Balances at September 30, 2021	$	—	$	1	$	1,810	$	(25)	$	(8)	$	1,177	$	2,955

CLEARWAY ENERGY, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

For the Nine Months Ended September 30, 2020

(Unaudited)


(In millions)	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total Stockholders' Equity
Balances at December 31, 2019	$	—	$	1	$	1,936	$	(72)	$	(15)	$	413	$	2,263
Net loss	—		—		—		(29)		—		(78)		(107)
Unrealized loss on derivatives, net of tax	—		—		—		—		(6)		(6)		(12)
Contributions from CEG, cash	—		—		—		—		—		4		4
Contributions from noncontrolling interests, net of distributions, cash	—		—		—		—		—		150		150
Net proceeds from the issuance of common stock under the ATM Program	—		—		10		—		—		—		10
Distributions to noncontrolling interests, non-cash	—		—		—		—		—		(2)		(2)
Dividends to common stockholders and distributions to CEG	—		—		(24)		—		—		(18)		(42)
Balances at March 31, 2020	$	—	$	1	$	1,922	$	(101)	$	(21)	$	463	$	2,264
Net income	—		—		—		47		—		29		76
Unrealized gain on derivatives, net of tax	—		—		—		—		2		2		4
Contributions from CEG, non-cash	—		—		—		—		—		8		8
Contributions from CEG, cash	—		—		—		—		—		2		2
Distributions from noncontrolling interests, net of contribution, cash	—		—		—		—		—		(3)		(3)
Consolidation of DGPV Holdco 3	—		—		—		—		—		(43)		(43)
Buyout of Repowering Partnership II LLC noncontrolling interest	—		—		—		—		—		(70)		(70)
Stock-based compensation	—		—		1		—		—		—		1
Non-cash adjustment for change in tax basis	—		—		7		—		—		—		7
Net proceeds from the issuance of common stock under the ATM Program	—		—		28		—		—		—		28
Dividends to common stockholders and distributions to CEG	—		—		(24)		—		—		(18)		(42)
Balances at June 30, 2020	$	—	$	1	$	1,934	$	(54)	$	(19)	$	370	$	2,232
Net income	—		—		—		32		—		10		42
Unrealized gain on derivatives, net of tax	—		—		—		—		4		4		8
Distributions to CEG, non-cash	—		—		—		—		—		(1)		(

Clearway Energy, Inc. [CWEN] Filings
Clearway Energy, Inc. [CWEN-A] Filings
10-Q	[2021-11-04]
10-Q	[2021-08-03]
10-Q	[2021-05-06]
10-K	[2021-03-01]
10-Q	[2020-11-05]
10-Q	[2020-08-06]
10-Q	[2020-05-07]
10-K	[2020-03-02]
10-Q	[2019-11-06]
10-Q	[2019-08-06]
10-Q	[2019-05-07]
10-K	[2019-02-28]
10-Q	[2018-11-06]
10-Q	[2018-08-02]
10-Q	[2018-05-03]
10-K	[2018-03-01]
10-Q	[2017-11-02]
10-Q	[2017-08-03]
10-Q	[2017-05-02]
10-K	[2017-02-28]
10-Q	[2016-11-04]
10-Q	[2016-08-09]
10-Q	[2016-05-05]
10-K	[2016-02-29]
10-Q	[2015-11-04]
10-Q	[2015-08-04]
10-Q	[2015-05-08]
10-K	[2015-02-27]
10-Q	[2014-11-05]
10-Q	[2014-08-07]
S-1	[2014-06-16]
10-Q	[2014-05-06]
10-K	[2014-02-28]
10-Q	[2013-11-12]
10-Q	[2013-08-14]
S-1	[2013-06-07]

Clearway Energy, Inc. [CWEN] Filings

Clearway Energy, Inc. [CWEN-A] Filings