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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 September 30, 2024
☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 001-36002
Clearway Energy, Inc.
(Exact name of registrant as specified in its charter)
Delaware46-1777204
(State or other jurisdiction
of incorporation or organization)		(I.R.S. Employer
Identification No.)
300 Carnegie Center, Suite 300 PrincetonNew Jersey08540
(Address of principal executive offices)(Zip Code)
(609) 608-1525
(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 October 28, 2024, there were 34,613,853 shares of Class A common stock outstanding, par value $0.01 per share, 42,738,750 shares of Class B common stock outstanding, par value $0.01 per share, 82,831,652 shares of Class C common stock outstanding, par value $0.01 per share, and 41,961,750 shares of Class D common stock outstanding, par value $0.01 per share.




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

2


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


GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
2028 Senior Notes$850 million aggregate principal amount of 4.75% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC
2031 Senior Notes$925 million aggregate principal amount of 3.75% unsecured senior notes due 2031, issued by Clearway Energy Operating LLC
2032 Senior Notes$350 million aggregate principal amount of 3.75% unsecured senior notes due 2032, issued by Clearway Energy Operating LLC
Adjusted EBITDAA non-GAAP measure, represents earnings before interest (including loss on debt extinguishment), tax, depreciation and amortization adjusted for mark-to-market gains or losses, asset write offs and impairments; and factors which the Company does not consider indicative of future operating performance
ASCThe FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP
ATM ProgramAt-The-Market Equity Offering Program
BESS
Battery energy storage system
BlackRock BlackRock, Inc.
CAFD
A non-GAAP measure, Cash Available for Distribution is defined as of September 30, 2024 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments and adjusted for development expenses
Capistrano Portfolio Holdco LLCThe holding company that owns four wind facilities representing 263 MW of capacity, which includes Broken Bow and Crofton Bluffs located in Nebraska and Mountain Wind 1 and Mountain Wind 2 located in Wyoming
CEGClearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services AgreementAmended and Restated Master Services Agreement, dated as of April 30, 2024, among the Company, Clearway Energy LLC, Clearway Energy Operating LLC and CEG
Clearway Energy LLCThe holding company through which the facilities are owned by Clearway Energy Group LLC, the holder of Class B and Class D units, and Clearway Energy, Inc., the holder of the Class A and Class C units
Clearway Energy Group LLCThe holder of all shares of the Company’s Class B and Class D common stock and Clearway Energy LLC’s Class B and Class D units and, from time to time, possibly shares of the Company’s Class A and/or Class C common stock
Clearway Energy Operating LLCThe holder of facilities that are owned by Clearway Energy LLC
Clearway RenewClearway Renew LLC, a subsidiary of CEG, and its wholly-owned subsidiaries
CompanyClearway Energy, Inc., together with its consolidated subsidiaries
CVSR California Valley Solar Ranch
CVSR Holdco CVSR Holdco LLC, the indirect owner of CVSR
Distributed SolarSolar power facilities, typically less than 20 MW in size (on an alternating current, or AC, basis), that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid
Drop Down AssetsAssets under common control acquired by the Company from CEG
ERCOTElectric Reliability Council of Texas, the ISO and the regional reliability coordinator of the various electricity systems within Texas
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPAccounting principles generally accepted in the U.S.
GenConnGenConn Energy LLC
GIMGlobal Infrastructure Management, LLC, the manager of GIP
4


GIP
Global Infrastructure Partners
HLBVHypothetical Liquidation at Book Value
IRAInflation Reduction Act of 2022
IRSInternal Revenue Service
ISOIndependent System Operator, also referred to as an RTO
ITCInvestment Tax Credit
Mesquite StarMesquite Star Special LLC
MMBtuMillion British Thermal Units
Mt. StormNedPower Mount Storm LLC
MWMegawatt
MWhSaleable megawatt hours, net of internal/parasitic load megawatt-hours
Natural Gas HoldcoNatural Gas CA Holdco LLC
Net ExposureCounterparty credit exposure to Clearway Energy, Inc. net of collateral
NOLsNet Operating Losses
OCIOther comprehensive income
O&MOperations and Maintenance
PG&EPacific Gas and Electric Company
PJMPJM Interconnection, LLC
PPAPower Purchase Agreement
PTCProduction Tax Credit
RAResource adequacy
RENOMClearway Renewable Operation & Maintenance LLC, a wholly-owned subsidiary of CEG
Rosie Central BESSRosie BESS Devco LLC
RTORegional Transmission Organization
SCESouthern California Edison
SEC U.S. Securities and Exchange Commission
Senior NotesCollectively, the 2028 Senior Notes, the 2031 Senior Notes and the 2032 Senior Notes
SOFRSecured Overnight Financing Rate
SPPSolar Power Partners
SREC Solar Renewable Energy Credit
TotalEnergiesTotalEnergies SE
U.S.United States of America
Utah Solar PortfolioSeven utility-scale solar farms located in Utah, representing 530 MW of capacity
Utility Scale SolarSolar power facilities, typically 20 MW or greater in size (on an alternating current, or AC, basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level
VIEVariable Interest Entity
    

5


PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended September 30,Nine months ended September 30,
(In millions, except per share amounts)2024202320242023
Operating Revenues
Total operating revenues$486 $371 $1,115 $1,065 
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below135 134 378 360 
Depreciation, amortization and accretion164 133 471 389 
General and administrative9 9 29 28 
Transaction and integration costs— 1 4 3 
Total operating costs and expenses308 277 882 780 
Operating Income178 94 233 285 
Other Income (Expense)
Equity in earnings of unconsolidated affiliates13 11 33 11 
Other income, net8 15 36 32 
Loss on debt extinguishment— — (3)— 
Interest expense(139)(48)(284)(202)
Total other expense, net(118)(22)(218)(159)
 Income Before Income Taxes60 72 15 126 
Income tax expense 33 57 30 67 
Net Income (Loss) 27 15 (15)59 
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests(9)11 (100)17 
Net Income Attributable to Clearway Energy, Inc.
$36 $4 $85 $42 
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
83 82 83 82 
Earnings Per Weighted Average Class A and Class C Common Share - Basic and Diluted
$0.31 $0.03 $0.72 $0.36 
Dividends Per Class A Common Share $0.4171 $0.3891 $1.2306 $1.1454 
Dividends Per Class C Common Share $0.4171 $0.3891 $1.2306 $1.1454 
See accompanying notes to consolidated financial statements.
6

CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended September 30,Nine months ended September 30,
(In millions)2024202320242023
Net Income (Loss)$27 $15 $(15)$59 
Other Comprehensive (Loss) Income
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of income tax (benefit) expense of $(2), $1, $(2), and $1
(13)8 (13)8 
Other comprehensive (loss) income(13)8 (13)8 
Comprehensive Income (Loss) 14 23 (28)67 
Less: Comprehensive (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests(18)17 (107)23 
Comprehensive Income Attributable to Clearway Energy, Inc.$32 $6 $79 $44 
See accompanying notes to consolidated financial statements.
7


CLEARWAY ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except shares)September 30, 2024December 31, 2023
ASSETS(Unaudited)
Current Assets  
Cash and cash equivalents$292 $535 
Restricted cash 382 516 
Accounts receivable — trade199 171 
Inventory63 55 
Derivative instruments34 41 
Note receivable — affiliate
— 174 
Prepayments and other current assets81 68 
Total current assets1,051 1,560 
Property, plant and equipment, net 9,895 9,526 
Other Assets
Equity investments in affiliates322 360 
Intangible assets for power purchase agreements, net2,170 2,303 
Other intangible assets, net 70 71 
Derivative instruments70 82 
Right-of-use assets, net548 597 
Other non-current assets123 202 
Total other assets3,303 3,615 
Total Assets$14,249 $14,701 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt$412 $558 
Accounts payable — trade78 130 
Accounts payable — affiliates14 31 
Derivative instruments51 51 
Accrued interest expense35 57 
Accrued expenses and other current liabilities71 79 
Total current liabilities661 906 
Other Liabilities
Long-term debt6,732 7,479 
Deferred income taxes58 127 
Derivative instruments279 281 
Long-term lease liabilities570 627 
Other non-current liabilities316 286 
Total other liabilities7,955 8,800 
Total Liabilities8,616 9,706 
Redeemable noncontrolling interest in subsidiaries9 1 
Commitments and Contingencies
Stockholders’ Equity 
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued
— — 
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 202,143,697 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,829,344, Class D 41,961,750) at September 30, 2024 and 202,080,794 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,391,441, Class D 42,336,750) at December 31, 2023
1 1 
Additional paid-in capital1,831 1,732 
Retained earnings301 361 
Accumulated other comprehensive income1 7 
Noncontrolling interest3,490 2,893 
Total Stockholders’ Equity5,624 4,994 
Total Liabilities and Stockholders’ Equity$14,249 $14,701 
See accompanying notes to consolidated financial statements.
8


CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30,
(In millions)20242023
Cash Flows from Operating Activities
Net (Loss) Income $(15)$59 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates (33)(11)
Distributions from unconsolidated affiliates21 17 
Depreciation, amortization and accretion471 389 
Amortization of financing costs and debt discounts10 9 
Amortization of intangibles137 139 
Loss on debt extinguishment 3 — 
Reduction in carrying amount of right-of-use assets11 11 
Changes in deferred income taxes23 49 
Changes in derivative instruments and amortization of accumulated OCI34 (64)
Cash provided by (used in) changes in other working capital:
Changes in prepaid and accrued liabilities for tolling agreements 3 (23)
Changes in other working capital(87)(79)
Net Cash Provided by Operating Activities578 496 
Cash Flows from Investing Activities
Acquisition of Drop Down Assets, net of cash acquired(671)100 
Capital expenditures(237)(143)
Return of investment from unconsolidated affiliates38 14 
Decrease (increase) in note receivable — affiliate 184 (215)
Investments in unconsolidated affiliates— (28)
Other12 1 
Net Cash Used in Investing Activities(674)(271)
Cash Flows from Financing Activities
Contributions from noncontrolling interests, net of distributions1,385 294 
Payments of dividends and distributions(249)(231)
Tax-related distributions— (21)
Proceeds from the issuance of long-term debt 255 293 
Payments of debt issuance costs(7)(14)
Payments for long-term debt(1,664)(384)
Other(1)(2)
Net Cash Used in Financing Activities(281)(65)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(377)160 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period1,051 996 
Cash, Cash Equivalents and Restricted Cash at End of Period$674 $1,156 
See accompanying notes to consolidated financial statements.
9


CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Nine Months Ended September 30, 2024
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive Income		Noncontrolling
Interest		Total
Stockholders’
Equity
Balances at December 31, 2023$— $1 $1,732 $361 $7 $2,893 $4,994 
Net loss— — — (2)— (45)(47)
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax— — — — (2)1 (1)
Distributions to CEG, net of contributions, cash— — — — — (1)(1)
Contributions from noncontrolling interests, net of distributions, cash— — — — — 215 215 
Transfers of assets under common control— — 2 — — (42)(40)
Non-cash adjustments for change in tax basis— — 6 — — — 6 
Stock-based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— — — (47)— (34)(81)
Other— — — (1)— — (1)
Balances at March 31, 2024— 1 1,741 311 5 2,987 5,045 
Net income (loss)— — — 51 — (51)— 
Unrealized gain on derivatives and changes in accumulated OCI, net of tax— — — — — 1 1 
Contributions from CEG, net of distributions, cash— — — — — 222 222 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 988 988 
Distributions to noncontrolling interests, net of contributions, non-cash— — — — — (1)(1)
Transfers of assets under common control— — 5 — — (549)(544)
Non-cash adjustments for change in tax basis— — 85 — — — 85 
Stock-based compensation— — (1)— — — (1)
Common stock dividends and distributions to CEG unit holders— — — (48)— (35)(83)
Other— — — — — (1)(1)
Balances at June 30, 2024— 1 1,830 314 5 3,561 5,711 
Net income (loss)— — — 36 — (13)23 
Unrealized loss on derivatives and changes in accumulated OCI, net of tax— — — — (4)(9)(13)
Contributions from CEG, cash— — — — — 6 6 
Distributions to noncontrolling interests, net of contributions, cash— — — — — (19)(19)
Stock-based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— — — (49)— (36)(85)
Balances at September 30, 2024$— $1 $1,831 $301 $1 $3,490 $5,624 
See accompanying notes to consolidated financial statements.
10


CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Nine Months Ended September 30, 2023
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital		 Retained EarningsAccumulated
Other
Comprehensive Income		Noncontrolling
Interest		Total
Stockholders’
Equity
Balances at December 31, 2022$— $1 $1,761 $463 $9 $1,792 $4,026 
Net loss— — — — — (43)(43)
Unrealized loss on derivatives and changes in accumulated OCI, net of tax— — — — (1)(2)(3)
Contributions from CEG, net of distributions, cash— — — — — 30 30 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 215 215 
Transfers of assets under common control— — (52)— — 46 (6)
Non-cash adjustments for change in tax basis— — 9 — — — 9 
Stock based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— — — (44)— (32)(76)
Balances at March 31, 2023— 1 1,719 419 8 2,006 4,153 
Net income— — — 38 — 40 78 
Unrealized gain on derivatives and changes in accumulated OCI, net of tax— — — — 1 2 3 
Distributions to CEG, net of contributions, cash— — — — — (4)(4)
Distributions to noncontrolling interests, net of contributions, cash— — — — — (5)(5)
Tax-related distribution— — — — — (19)(19)
Stock based compensation— — (1)— — — (1)
Common stock dividends and distributions to CEG unit holders— — — (45)— (32)(77)
Other— — — — — (1)(1)
Balances at June 30, 2023— 1 1,718 412 9 1,987 4,127 
Net income— — — 4 — 6 10 
Unrealized gain on derivatives and changes in accumulated OCI, net of tax— — — — 2 6 8 
Distributions to CEG, cash— — — — — (1)(1)
Contributions from noncontrolling interests, net of distributions, cash— — — — — 12 12 
Distributions to noncontrolling interests, non-cash— — — — — (7)(7)
Tax-related distribution— — — — — (2)(2)
Transfer of assets under common control— — — — — 171 171 
Non-cash adjustments for change in tax basis— — 8 — — — 8 
Stock based compensation— — 2 (1)— — 1 
Common stock dividends and distributions to CEG unit holders— — — (45)— (33)(78)
Other— — — — — 1 1 
Balances at September 30, 2023$— $1 $1,728 $370 $11 $2,140 $4,250 
See accompanying notes to consolidated financial statements.
11


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


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


Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at subsidiary facilities was $202 million and $125 million as of September 30, 2024 and December 31, 2023, respectively.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
 September 30, 2024December 31, 2023
 (In millions)
Cash and cash equivalents$292 $535 
Restricted cash382 516 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$674 $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 September 30, 2024, these restricted funds were comprised of $183 million designated to fund operating expenses, $71 million designated for current debt service payments and $89 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $39 million is held in distributions reserve accounts.
Supplemental Cash Flow Information
The following table provides a disaggregation of the amounts classified as Acquisition of Drop Down Assets, net of cash acquired, shown in the consolidated statements of cash flows:
Nine months ended September 30,
20242023
(In millions)
Cash paid to acquire Drop Down Assets $(673)$(34)
Cash acquired from the acquisition of Drop Down Assets2 134 
Acquisition of Drop Down Assets, net of cash acquired$(671)$100 
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:
September 30, 2024December 31, 2023
(In millions)
Property, Plant and Equipment Accumulated Depreciation $3,938 $3,485 
Intangible Assets Accumulated Amortization1,147 1,009 
Dividends to Class A and Class C Common Stockholders
The following table lists the dividends paid on the Company's Class A and Class C common stock during the nine months ended September 30, 2024:
Third Quarter 2024
Second Quarter 2024
First Quarter 2024
Dividends per Class A share$0.4171 $0.4102 $0.4033 
Dividends per Class C share0.4171 0.4102 0.4033 
Dividends on the Class A and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future.
On October 29, 2024, the Company declared quarterly dividends on its Class A and Class C common stock of $0.4240 per share payable on December 16, 2024 to stockholders of record as of December 2, 2024.
14


Noncontrolling Interests
Clearway Energy LLC Distributions to CEG
The following table lists distributions paid to CEG during the nine months ended September 30, 2024 on Clearway Energy LLC’s Class B and D units:
Third Quarter 2024Second Quarter 2024First Quarter 2024
Distributions per Class B Unit $0.4171 $0.4102 $0.4033 
Distributions per Class D Unit0.4171 0.4102 0.4033 
On October 29, 2024, Clearway Energy LLC declared a distribution on its Class B and Class D units of $0.4240 per unit payable on December 16, 2024 to unit holders of record as of December 2, 2024.
Revenue Recognition
Disaggregated Revenues
The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category:
Three months ended September 30, 2024
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$35 $315 $350 
Capacity revenue (a)
65 22 87 
Other revenues3 20 23 
Contract amortization(5)(41)(46)
Mark-to-market for economic hedges4 68 72 
Total operating revenues102 384 486 
Less: Contract amortization5 41 46 
Less: Mark-to-market for economic hedges(4)(68)(72)
Less: Lease revenue(27)(247)(274)
Total revenue from contracts with customers
$76 $110 $186 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$1 $234 $235 
Capacity revenue26 13 39 
Total
$27 $247 $274 
15


Three months ended September 30, 2023
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$57 $280 $337 
Capacity revenue (a)
74 5 79 
Other revenues3 17 20 
Contract amortization(5)(42)(47)
Mark-to-market for economic hedges3 (21)(18)
Total operating revenues132 239 371 
Less: Contract amortization5 42 47 
Less: Mark-to-market for economic hedges(3)21 18 
Less: Lease revenue(41)(233)(274)
Total revenue from contracts with customers
$93 $69 $162 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$2 $228 $230 
Capacity revenue39 5 44 
Total
$41 $233 $274 

Nine months ended September 30, 2024
(In millions)Conventional GenerationRenewablesTotal
Energy revenue (a)
$67 $870 $937 
Capacity revenue (a)
195 44 239 
Other revenues6 63 69 
Contract amortization(14)(124)(138)
Mark-to-market for economic hedges12 (4)8 
Total operating revenue
266 849 1,115 
Less: Contract amortization14 124 138 
Less: Mark-to-market for economic hedges(12)4 (8)
Less: Lease revenue(84)(691)(775)
Total revenue from contracts with customers
$184 $286 $470 
(a) The following amounts of energy and capacity revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$2 $661 $663 
Capacity revenue82 30 112 
Total
$84 $691 $775 
16


Nine months ended September 30, 2023
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$61 $753 $814 
Capacity revenue (a)
270 15 285 
Other revenues (a)
24 56 80 
Contract amortization(16)(125)(141)
Mark-to-market for economic hedges3 24 27 
Total operating revenue
342 723 1,065 
Less: Contract amortization16 125 141 
Less: Mark-to-market for economic hedges(3)(24)(27)
Less: Lease revenue(246)(626)(872)
Total revenue from contracts with customers
$109 $198 $307 
(a) The following amounts of energy, capacity and other revenues relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$4 $613 $617 
Capacity revenue221 13 234 
Other revenues (b)
21 — 21 
Total
$246 $626 $