About Clearway Energy

Clearway Energy, Inc., together with its subsidiaries, operates as an energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The company is sponsored by Global Infrastructure Partners (GIP) and TotalEnergies through the portfolio company, Clearway Energy Group LLC, or CEG, which became equally owned by GIP and TotalEnergies (TotalEnergies SE). 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. 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 6,000 net MW of installed wind, solar and energy storage projects. The company's approximately 8,500 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. The majority of the company's revenues are derived from long-term contractual arrangements for the output or capacity from these assets. Business Strategy The company's primary business strategy is to focus on the acquisition and ownership of assets. The key elements of the company's strategy are to focus on contracted renewable energy and conventional generation; grow the business through acquisitions of contracted operating assets; and primary focus on North America. Significant Events Drop Down Transactions On December 28, 2023, the company, through its indirect subsidiary, Lighthouse Renewable Holdco 2 LLC, acquired TSN1 BL Borrower Holdco LLC, the indirect owner of Texas Solar Nova 1, a 252 MW solar project that is located in Kent County, Texas, from Clearway Renew. On October 31, 2023, the company, through its indirect subsidiary, VP-Arica Parent Holdco LLC, acquired the Class A membership interests in VP-Arica TargetCo LLC, a partnership and the indirect owner of Victory Pass, a 200 MW solar project that is paired with 50 MW of energy storage, and Arica, a 263 MW solar project that is paired with 136 MW of energy storage, which are both under construction in Riverside, California, from Clearway Renew. On August 30, 2023, the company, through its indirect subsidiary, Daggett Solar Investment LLC, acquired the Class A membership interests in Daggett 2 TargetCo LLC, a partnership and the indirect owner of Daggett 2, a 182 MW solar project that is paired with 131 MW of energy storage and is located in San Bernardino, California, from CEG. Daggett 2 TargetCo LLC consolidates as primary beneficiary, Daggett 2 TE Holdco LLC, a tax equity fund that owns the Daggett 2 solar project. On February 17, 2023, the company, through its indirect subsidiary, Daggett Solar Investment LLC, acquired the Class A membership interests in Daggett TargetCo LLC, the indirect owner of Daggett 3, a 300 MW solar project that is paired with 149 MW of energy storage and located in San Bernardino, California, from Clearway Renew. Customers The company sells its electricity and environmental attributes, including RECs, primarily to local utilities under contractual arrangements. During the year ended December 31, 2023, the company derived approximately 24% of its consolidated revenue from Southern California Edison, or SCE, and approximately 17% of its consolidated revenue from PG&E. Regulation As owners of power plants and participants in wholesale and thermal energy markets, certain of the company's subsidiaries are subject to regulation by various federal and state government agencies. These agencies include the Federal Energy Regulatory Commission (FERC) and the Public Utility Commission of Texas (PUCT), as well as other public utility commissions in certain states where the company's assets are located. Each of the company's U.S. generating facilities qualifies as an Exempt Wholesale Generator (EWG) or QF (Qualifying Facility under the Public Utility Regulatory Policies Act of 1978 (PURPA)). In addition, the company is subject to the market rules, procedures and protocols of the various Independent System Operator (ISO) and Regional Transmission Organization (RTO) markets in which it participates. Likewise, certain of the company's subsidiaries must also comply with the mandatory reliability requirements imposed by the North American Electric Reliability Corporation (NERC) and the regional reliability entities in the regions where the company has generating facilities subject to NERC's reliability authority. The company's operations within the ERCOT footprint are not subject to rate regulation by FERC, as they are deemed to operate solely within the ERCOT (Electric Reliability Council of Texas, the ISO and the regional reliability coordinator of the various electricity systems within Texas) market and not in interstate commerce. These operations are subject to regulation by PUCT. The company is exempt from many of the accounting, record retention, and reporting requirements of the Public Utility Holding Company Act of 2005 (PUHCA). History The company was founded in 2012. The company was incorporated in 2012. It was formerly known as NRG Yield, Inc. and changed its name to Clearway Energy, Inc. in 2018.