Clearway Energy LLC Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

cwen-20200930

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, 2020


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

Commission File Number: 333-203369

Clearway Energy LLC

(Exact name of registrant as specified in its charter)


Delaware			32-0407370
(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: None.

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 x No o

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 x No o

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No x

As of October 31, 2020, there were 34,599,645 Class A units outstanding, 42,738,750 Class B units outstanding, 81,558,845 Class C units outstanding, and 42,738,750 Class D units outstanding. There is no public market for the registrant's outstanding units.

TABLE OF CONTENTS

Index


CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION			3
GLOSSARY OF TERMS			4
PART I — FINANCIAL INFORMATION			7
ITEM 1 — FINANCIAL STATEMENTS AND NOTES			7
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			53
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			76
ITEM 4 — CONTROLS AND PROCEDURES			77
PART II — OTHER INFORMATION			78
ITEM 1 — LEGAL PROCEEDINGS			78
ITEM 1A — RISK FACTORS			78
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			78
ITEM 3 — DEFAULTS UPON SENIOR SECURITIES			78
ITEM 4 — MINE SAFETY DISCLOSURES			78
ITEM 5 — OTHER INFORMATION			78
ITEM 6 — EXHIBITS			79
SIGNATURES			80

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This Quarterly Report on Form 10-Q of Clearway Energy LLC, 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 II of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020 and under Item 1A — Risk Factors in Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2019, as well as the following:

•The Company's ability to maintain and grow its quarterly distributions;

•Potential risks related to the Company's relationships with GIP and CEG, including the Company's ability to acquire assets from GIP or CEG;

•Potential risks related to COVID-19 or any other pandemic;

•The Company's ability to successfully identify, evaluate and consummate acquisitions from third parties;

•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;

•The Company's ability to engage in successful mergers and acquisitions activity; 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:




2019 Form 10-K						Clearway Energy LLC's Annual Report on Form 10-K for the year ended December 31, 2019
2020 Convertible Notes						$45 million aggregate principal amount of 3.25% convertible notes due 2020, issued by Clearway Energy, Inc., which were repaid on June 1, 2020
2024 Senior Notes						$500 million aggregate principal amount of 5.375% unsecured senior notes due 2024, issued by Clearway Energy Operating LLC, which were repaid on January 3,2020
2025 Senior Notes						$600 million aggregate principal amount of 5.750% unsecured senior notes due 2025, issued by Clearway Energy Operating LLC
2026 Senior Notes						$350 million aggregate principal amount of 5.00% unsecured senior notes due 2026, issued by Clearway Energy Operating LLC
2028 Senior Notes						$850 million aggregate principal amount of 4.750% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC
Adjusted EBITDA						A non-GAAP measure, represents earnings before interest, 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
AOCI						Accumulated Other Comprehensive Income
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 Program						At-The-Market Equity Offering Program
Bankruptcy Code						Title 11 of the U.S. Code
Bankruptcy Court						U.S. Bankruptcy Court for the Northern District of California
CAFD						A non-GAAP measure, Cash Available for Distribution is defined as of September 30, 2020 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, Walnut Creek investment payments, changes in prepaid and accrued capacity payments, and adjusted for development expenses.
CEG						Clearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services Agreements						Master Services Agreements entered into as of August 31, 2018 between the Company, Clearway Energy LLC and 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 and the Fourth Amendment dated November 2, 2020
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 the Company, and Clearway Energy, Inc., the holder of the Class A and Class C units
Clearway Energy Group LLC						The holder of Clearway Energy, Inc.'s Class B and Class D common shares and Clearway Energy LLC's Class B and Class D units
Clearway Energy Operating LLC						The holder of the project assets that are owned by Clearway Energy LLC
COD						Commercial Operation Date
Company						Clearway Energy LLC, together with its consolidated subsidiaries
CVSR						California Valley Solar Ranch


CVSR Holdco						CVSR Holdco LLC, the indirect owner of CVSR
DGPV Holdco 1						DGPV Holdco 1 LLC
DGPV Holdco 2						DGPV Holdco 2 LLC
DGPV Holdco 3						DGPV Holdco 3 LLC
Distributed Solar						Solar power projects, typically less than 20 MW in size, 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 ending September 30, 2020


Economic Gross Margin						A non-GAAP measure, energy and capacity revenue less cost of fuels
ECP						Energy Center Pittsburgh LLC, a subsidiary of the Company
EPA						U.S. Environmental Protection Agency

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						Collectively, Global Infrastructure Partners III-C Intermediate AIV 3, L.P., Global Infrastructure Partners III-A/B AIV 3, L.P., Global Infrastructure Partners III-C Intermediate AIV 2, L.P., Global Infrastructure Partners III-C2 Intermediate AIV, L.P. and GIP III Zephyr Friends & Family, LLC
HLBV						Hypothetical Liquidation at Book Value

LIBOR						London Inter-Bank Offered Rate

MMBtu						Million British Thermal Units
MW						Megawatts
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						Operation and Maintenance
PG&E						Pacific Gas and Electric Company
PG&E Bankruptcy						On January 29, 2019, PG&E Corporation and Pacific Gas and Electric Company filed voluntary petitions for relief under the Bankruptcy Code in the Bankruptcy Court. On July 1, 2020, PG&E emerged from bankruptcy
PPA						Power Purchase Agreement
PTC						Production Tax Credit
RENOM						Clearway Renewable Operation & Maintenance LLC

RPV Holdco						RPV Holdco 1 LLC
RTO						Regional Transmission Organization
SEC						U.S. Securities and Exchange Commission
Senior Notes						Collectively, the 2025 Senior Notes, the 2026 Senior Notes and the 2028 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


UPMC Thermal Project						The University of Pittsburgh Medical Center Thermal Project, a 73 MWt district energy system that allows ECP to provide steam, chilled water and 7.5 MW of emergency backup power service to UPMC
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
Wind TE Holdco						Wind TE Holdco LLC, an 814 net MW portfolio of twelve wind projects

PART I - FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS

CLEARWAY ENERGY LLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2020		2019		2020		2019
Operating Revenues
Total operating revenues	$	332	$	296	$	919	$	797
Operating Costs and Expenses
Cost of operations	95		84		275		245
Depreciation, amortization and accretion	102		114		303		289
Impairment losses	—		—		—		19
General and administrative	9		7		29		19
Transaction and integration costs	1		—		2		2
Development costs	2		1		4		4
Total operating costs and expenses	209		206		613		578
Operating Income	123		90		306		219
Other Income (Expense)
Equity in earnings of unconsolidated affiliates	19		38		22		52
Gain on sale of unconsolidated affiliate	—		—		49		—
Other income, net	(1)		2		2		6
Loss on debt extinguishment	(6)		—		(9)		(1)
Interest expense	(84)		(105)		(344)		(336)
Total other expense, net	(72)		(65)		(280)		(279)
Net Income (Loss)	51		25		26		(60)
Less: Loss attributable to noncontrolling interests and redeemable interests	(20)		(25)		(86)		(29)
Net Income (Loss) Attributable to Clearway Energy, LLC	$	71	$	50	$	112	$	(31)

See accompanying notes to consolidated financial statements.

CLEARWAY ENERGY LLC

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2020		2019		2020		2019
Net Income (Loss)	$	51	$	25	$	26	$	(60)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivatives	10		(1)		1		2
Other comprehensive income (loss)	10		(1)		1		2
Comprehensive Income (Loss)	61		24		27		(58)
Less: Comprehensive loss attributable to noncontrolling interests and redeemable interests	(20)		(25)		(86)		(28)
Comprehensive Income (Loss) Attributable to Clearway Energy LLC	$	81	$	49	$	113	$	(30)

See accompanying notes to consolidated financial statements.

CLEARWAY ENERGY LLC

CONSOLIDATED BALANCE SHEETS


(In millions)	September 30, 2020		December 31, 2019
ASSETS	(unaudited)
Current Assets
Cash and cash equivalents	$	359	$	152
Restricted cash	178		262
Accounts receivable — trade	156		116
Accounts receivable — affiliate	—		2
Inventory	42		40

Prepayments and other current assets	38		33
Total current assets	773		605
Property, plant and equipment, net	6,165		6,063
Other Assets
Equity investments in affiliates	1,001		1,183
Intangible assets, net	1,371		1,428
Right of use assets, net	256		223
Other non-current assets	75		103
Total other assets	2,703		2,937
Total Assets	$	9,641	$	9,605
LIABILITIES AND MEMBERS' EQUITY
Current Liabilities
Current portion of long-term debt — external	$	361	$	1,780
Current portion of long-term debt — affiliate	2		44
Accounts payable — trade	46		73
Accounts payable — affiliate	24		33
Derivative instruments	36		16
Accrued interest expense	48		41
Accrued expenses and other current liabilities	89		71
Total current liabilities	606		2,058
Other Liabilities
Long-term debt — external	6,357		4,956
Derivative instruments	150		76
Long-term lease liabilities	260		227
Other non-current liabilities	114		115
Total non-current liabilities	6,881		5,374
Total Liabilities	7,487		7,432

Commitments and Contingencies
Members' Equity
Contributed capital	1,747		1,882
Retained earnings	65		5
Accumulated other comprehensive loss	(36)		(37)
Noncontrolling interest	378		323
Total Members' Equity	2,154		2,173
Total Liabilities and Members’ Equity	$	9,641	$	9,605

See accompanying notes to consolidated financial statements.

CLEARWAY ENERGY LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine months ended September 30,
(In millions)	2020		2019
Cash Flows from Operating Activities
Net Income (Loss)	$	26	$	(60)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates	(22)		(52)
Distributions from unconsolidated affiliates	51		32
Depreciation, amortization and accretion	303		289
Amortization of financing costs and debt discounts	11		2
Amortization of intangibles and out-of-market contracts	67		52
Loss on debt extinguishment	9		1
Right-of-use asset amortization	1		5
Gain on sale of unconsolidated affiliate	(49)		—
Impairment losses	—		19
Changes in derivative instruments	63		101
Loss on disposal of asset components	(4)		5
Cash used in changes in other working capital
Changes in prepaid and accrued liabilities for tolling agreements	15		12
Changes in other working capital	(30)		(33)
Net Cash Provided by Operating Activities	441		373
Cash Flows from Investing Activities
Acquisitions	—		(100)

Acquisition of Drop Down Assets	(79)		(6)
Buyout of Wind TE Holdco noncontrolling interest	—		(19)
Consolidation of DGPV Holdco 3 LLC	17		—
Capital expenditures	(95)		(200)
Return of investment from unconsolidated affiliates	53		37
Investments in unconsolidated affiliates	(11)		(14)
Proceeds from sale of assets	90		—
Insurance proceeds	5		2

Net Cash Used in Investing Activities	(20)		(300)
Cash Flows from Financing Activities
Net contributions (distributions) from noncontrolling interests	147		(15)
Buyout of Repowering Partnership II LLC noncontrolling interest	(70)		—
Net proceeds from the issuance of Class C units	58		—
Payments of distributions, net of contributions	(147)		(116)
Payments of debt issuance costs	(10)		(15)
Proceeds from the revolving credit facility	265		22
Payments for the revolving credit facility	(265)		(22)
Proceeds from the issuance of long-term debt — external	775		586
Payments for long-term debt — external	(1,009)		(480)
Proceeds from long-term debt — affiliate	3		—
Payments for long-term debt — affiliate	(45)		(222)
Net Cash Used in Financing Activities	(298)		(262)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	123		(189)
Cash, Cash Equivalents and Restricted Cash at beginning of period	414		583
Cash, Cash Equivalents and Restricted Cash at end of period	$	537	$	394

See accompanying notes to consolidated financial statements.

CLEARWAY ENERGY LLC

CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY

For the Nine Months Ended September 30, 2020

(Unaudited)


(In millions)	Contributed Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total Members' Equity
Balances at December 31, 2019	$	1,882	$	5	$	(37)	$	323	$	2,173
Net loss	—		(90)		—		(39)		(129)
Unrealized loss on derivatives	—		—		(14)		—		(14)

Contributions from CEG, cash	—		—		—		4		4
Contributions from tax equity interests, net of distributions, cash	—		—		—		150		150
Net proceeds from the sales of units, Clearway Energy, Inc.	10		—		—		—		10
Distributions to tax equity investors, non-cash	—		—		—		(1)		(1)

Distributions paid to CEG on Class B and Class D units	(24)		—		—		—		(24)
Distributions paid to Clearway Energy, Inc.	(18)		—		—		—		(18)
Balances at March 31, 2020	$	1,850	$	(85)	$	(51)	$	437	$	2,151
Net income (loss)	—		131		—		(27)		104
Unrealized gain on derivatives	—		—		5		—		5
Contributions from CEG, non-cash	8		—		—		—		8
Contributions from CEG, cash	—		—		—		2		2
Distributions to tax equity interests, net of contributions, cash	—		—		—		(3)		(3)
Net proceeds from the sales of units, Clearway Energy, Inc.	28		—		—		—		28
Distributions to tax equity investors, non-cash	—		—		—		(2)		(2)
Consolidation of DGPV Holdco 3	(51)		—		—		8		(43)
Buyout of Repowering Partnership II LLC noncontrolling interest	(60)		—		—		(10)		(70)

Distributions paid to CEG on Class B and Class D units	(24)		—		—		—		(24)
Distributions paid to Clearway Energy, Inc.	(18)		—		—		—		(18)
Balances at June 30, 2020	$	1,733	$	46	$	(46)	$	405	$	2,138
Net income	—		71		—		(20)		51
Unrealized gain on derivatives	—		—		10		—		10
Contributions to CEG, non-cash	—		—		—		(1)		(1)


Net proceeds from the sales of units, Clearway Energy, Inc.	20		—		—		—		20
Distributions to tax equity investors, non-cash	—		—		—		(6)		(6)
Consolidation of DGPV Holdco 3	1		—		—		—		1
Mesquite Star Drop Down	4		—		—		—		4

Distributions paid to CEG on Class B and Class D units	(11)		(25)		—		—		(36)
Distributions paid to Clearway Energy, Inc.	—		(27)		—		—		(27)
Balances at September 30, 2020	1,747		65		(36)		378		2,154

CLEARWAY ENERGY LLC

CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY

For the Nine Months Ended September 30, 2019

(Unaudited)


(In millions)	Contributed Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total Members' Equity


Balances at December 31, 2018	$	1,940	$	86	$	(44)	$	200	$	2,182
Net loss	—		(48)		—		(6)		(54)
Unrealized (loss) gain on derivatives	—		—		(3)		1		(2)
Buyout of Wind TE Holdco noncontrolling interest.	(9)		—		—		(10)		(19)
Contributions from tax equity interests, net of distributions, cash	—		—		—		19		19
Contributions from CEG for Oahu Partnership, non-cash	10		—		—		2		12
Cumulative effect of change in the accounting principle	—		(3)		—		—		(3)
Distributions paid to CEG on Class B and Class D units	—		(17)		—		—		(17)
Distributions paid to Clearway Energy, Inc.	—		(22)		—		—		(22)
Balances at March 31, 2019	$	1,941	$	(4)	$	(47)	$	206	$	2,096
Net (loss) income	—		(33)		—		2		(31)
Unrealized gain on derivatives	—		—		5		—		5
Distributions to noncontrolling interests, net of contributions, cash	(2)		—		—		(28)		(30)
Contributions from CEG for Kawailoa, Repowering Partnerships, non-cash	(15)		3		—		18		6
Distributions paid to CEG on Class B and Class D units	(6)		(11)		—		—		(17)

Price	-0.00	EPS	-1
Shares	193	P/E	0
MCap	-0	P/FCF	-0
Net Debt	5,782	EBIT	184
TEV	5,782	TEV/EBIT	31
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-09-30	Filed 2020-11-05
10-Q	2020-06-30	Filed 2020-08-06
10-Q	2020-03-31	Filed 2020-05-07
10-Q	2020-03-31	Filed 2020-05-07
10-K	2019-12-31	Filed 2020-03-02
10-K	2019-12-31	Filed 2020-03-02

8-K	2021-02-03	M&A
8-K	2021-02-03	M&A
8-K	2021-02-03	Enter Agreement, Exhibits
8-K	2021-02-03	Enter Agreement, Exhibits
8-K	2020-12-23	Enter Agreement, Exhibits
8-K	2020-12-23	Enter Agreement, Exhibits
8-K	2020-12-21	Enter Agreement, Other Events, Exhibits
8-K	2020-12-21	Enter Agreement, Other Events, Exhibits
8-K	2020-12-01	Enter Agreement, Exhibits
8-K	2020-12-01	Enter Agreement, Exhibits
8-K	2020-11-19	M&A, Exhibits
8-K	2020-11-18	Enter Agreement, Exhibits
8-K	2020-08-17	Enter Agreement, Exhibits
8-K	2020-08-17
8-K	2020-08-06	Enter Agreement, Exhibits
8-K	2020-07-17	Enter Agreement, Exhibits
8-K	2020-07-17	Officers
8-K	2020-05-21
8-K	2020-05-21	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2020-05-07
8-K	2020-04-30
8-K	2020-04-17	Enter Agreement, Other Events, Exhibits
8-K	2020-02-27
8-K	2020-02-26
8-K	2020-02-26	Enter Agreement, Exhibits
8-K	2020-01-06	Enter Agreement, Exhibits
8-K	2020-01-06

EX-10.1	fourthamendmenttorofoa.htm
EX-31.1	clearwayllcex3112020q3.htm
EX-31.2	clearwayllcex3122020q3.htm
EX-31.3	clearwayllcex3132020q3.htm
EX-32	clearwayllcex322020q3.htm

CWEN 10Q Quarterly Report

Clearway Energy LLC Earnings 2020-09-30