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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 June 30, 2019

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)
(609608-1525
(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 July 31, 2019, 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, 73,325,741 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.
 
 
 
 
 

1

                                                                        

TABLE OF CONTENTS
Index
 
 


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, 2018, as well as the following:
Potential risks related to the PG&E Bankruptcy;
The Company's ability to maintain and grow its quarterly dividend;
Potential risks related to the Company's relationships with GIP and CEG;
The Company's ability to successfully transition services previously provided by NRG;
The Company's ability to successfully identify, evaluate and consummate acquisitions from 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, in the indentures governing the Senior Notes and in the indentures governing the Company's convertible 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.


3

                                                                        

GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
2018 Form 10-K
 
Clearway Energy, Inc.'s (formerly NRG Yield, Inc.) Annual Report on Form 10-K for the year ended December 31, 2018
2019 Convertible Notes
 
$329 million aggregate principal amount of 3.50% convertible notes due 2019, issued by Clearway Energy, Inc.
2020 Convertible Notes
 
$45 million aggregate principal amount of 3.25% convertible notes due 2020, issued by Clearway Energy, Inc.
2024 Senior Notes
 
$500 million aggregate principal amount of 5.375% unsecured senior notes due 2024, issued by Clearway Energy Operating LLC
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
Adjusted EBITDA
 
Represents EBITDA 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/AOCI
 
Accumulated Other Comprehensive Loss/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
 
Cash Available for Distribution is Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, adjustments to reflect CAFD generated by unconsolidated investments that are not able to distribute project dividends due to the PG&E Bankruptcy, cash receipts from notes receivable, cash distributions from noncontrolling interests, 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, and changes in prepaid and accrued capacity payments
Carlsbad Project
 
A 527 MW natural gas fired project in Carlsbad, CA
CDFW
 
California Department of Fish and Wildlife
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 to the Right of First Offer Agreement dated February 14, 2019
CEG ROFO Asset
 
Asset to potentially be offered to the Company by CEG under the CEG ROFO Agreement
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 the Company'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, Inc. together with its consolidated subsidiaries

4

                                                                        

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
EBITDA
 
Earnings before interest, tax, depreciation and amortization
Economic Gross Margin
 
Energy and capacity revenue less cost of fuels
ECP
 
Energy Center Pittsburgh LLC, a subsidiary of the Company
EPA
 
U.S. Environmental Protection Agency
EPC
 
Engineering, Procurement and Construction
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.
GIP Transaction
 
On August 31, 2018, NRG transferred its full ownership interest in the Company to Clearway Energy Group LLC and subsequently sold 100% of its interests in Clearway Energy Group LLC, which includes NRG's renewable energy development and operations platform, to an affiliate of GIP. GIP, NRG and the Company also entered into a consent and indemnity agreement in connection with the purchase and sale agreement, which was signed on February 6, 2018
HLBV
 
Hypothetical Liquidation at Book Value
LIBOR
 
London Inter-Bank Offered Rate
March 2017 Drop Down Assets
 
(i) Agua Caliente Borrower 2 LLC, which owns a 16% interest (approximately 31% of NRG's 51% interest) in the Agua Caliente solar farm and (ii) NRG's 100% ownership in the Class A equity interests in the Utah Solar Portfolio (defined below), both acquired by the Company on March 27, 2017
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.
NRG ROFO Agreement
 
Third Amended and Restated Right of First Offer Agreement, entered into as of August 31, 2018, by and between NRG Energy, Inc. and the Company
NRG TSA
 
Transition Services Agreement, dated as of August 31, 2018, by and between NRG and the Company
OCI/OCL
 
Other comprehensive income/loss
O&M
 
Operation and Maintenance
PG&E
 
Pacific Gas and Electric Company

5

                                                                        

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
PPA
 
Power Purchase Agreement
RENOM
 
Clearway Renewable Operation & Maintenance LLC
ROFO
 
Right of First Offer
RPV Holdco
 
RPV Holdco 1 LLC
RTO
 
Regional Transmission Organization
SEC
 
U.S. Securities and Exchange Commission
Senior Notes
 
Collectively, the 2024 Senior Notes and the 2026 Senior Notes
SPP
 
Solar Power Partners
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
TSA
 
Transition Services Agreement
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, and are part of the March 2017 Drop Down Assets acquisition that closed on March 27, 2017
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

6

                                                                        

PART I - FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
(In millions, except per share amounts)
2019
 
2018
 
2019
 
2018
Operating Revenues
 
 
 
 
 
 
 
Total operating revenues
$
284

 
$
307

 
$
501

 
$
532

Operating Costs and Expenses
 
 
 
 
 
 
 
Cost of operations
79

 
74

 
163

 
163

Depreciation and amortization
89

 
82

 
173

 
163

Impairment losses
19

 

 
19

 

General and administrative
7

 
6

 
13

 
11

Transaction and integration costs
1

 
1

 
2

 
2

Development costs
2

 

 
3

 

Total operating costs and expenses
197

 
163

 
373

 
339

Operating Income
87

 
144

 
128

 
193

Other Income (Expense)
 
 
 
 
 
 
 
Equity in earnings of unconsolidated affiliates
11

 
29

 
14

 
33

Other income, net
1

 
1

 
4

 
2

Loss on debt extinguishment
(1
)
 

 
(1
)
 

Interest expense
(130
)
 
(71
)
 
(231
)
 
(126
)
Total other expense, net
(119
)
 
(41
)
 
(214
)
 
(91
)
(Loss) Income Before Income Taxes
(32
)
 
103

 
(86
)
 
102

Income tax expense (benefit)
4

 
7

 
(3
)
 
6

Net (Loss) Income
(36
)
 
96

 
(83
)
 
96

Less: Pre-acquisition net income of Drop Down Assets

 

 

 
4

Net (Loss) Income Excluding Pre-acquisition Net Income of Drop Down Assets
(36
)
 
96

 
(83
)
 
92

Less: (Loss) Income attributable to noncontrolling interests
(12
)
 
17

 
(39
)
 
(3
)
Net (Loss) Income Attributable to Clearway Energy, Inc.
$
(24
)
 
$
79

 
$
(44
)
 
$
95

(Losses) Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
 
 
 
 
 
 
 
Weighted average number of Class A common shares outstanding - basic
35

 
35

 
35

 
35

Weighted average number of Class A common shares outstanding - diluted
35

 
49

 
35

 
49

Weighted average number of Class C common shares outstanding - basic
73

 
67

 
73

 
66

Weighted average number of Class C common shares outstanding - diluted
73

 
78

 
73

 
77

(Losses) Earnings per Weighted Average Class A and Class C Common Share - Basic
$
(0.22
)
 
$
0.77

 
$
(0.41
)
 
$
0.94

(Losses) Earnings per Weighted Average Class A Common Share - Diluted
(0.22
)
 
0.61

 
(0.41
)
 
0.80

(Losses) Earnings per Weighted Average Class C Common Share - Diluted
(0.22
)
 
0.70

 
(0.41
)
 
0.89

Dividends Per Class A Common Share
0.20

 
0.309

 
$
0.40

 
$
0.607

Dividends Per Class C Common Share
$
0.20

 
$
0.309

 
$
0.40

 
$
0.607



See accompanying notes to consolidated financial statements.

7

                                                                        

CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
(In millions)
2019
 
2018
 
2019
 
2018
Net (Loss) Income
$
(36
)
 
$
96

 
$
(83
)
 
$
96

Other Comprehensive (Loss) Gain
 
 
 
 
 
 
 
Unrealized gain on derivatives, net of income tax benefit of $0, $0, $0 and ($3)
5

 
7

 
3

 
24

Other comprehensive gain
5

 
7

 
3

 
24

Comprehensive (Loss) Income
(31
)
 
103

 
(80
)
 
120

Less: Pre-acquisition net income of Drop Down Assets

 

 

 
4

Less: Comprehensive (loss) income attributable to noncontrolling interests
(10
)
 
21

 
(38
)
 
10

Comprehensive (Loss) Income Attributable to Clearway Energy, Inc.
$
(21
)
 
$
82

 
$
(42
)
 
$
106


See accompanying notes to consolidated financial statements.

8

                                                                        

CLEARWAY ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except shares)
June 30, 2019
 
December 31, 2018
ASSETS
(unaudited)
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
93

 
$
407

Restricted cash
203

 
176

Accounts receivable — trade
126

 
104

Accounts receivable — affiliate
1

 

Inventory
49

 
40

Prepayments and other current assets
26

 
29

Total current assets
498

 
756

Property, plant and equipment, net
5,602

 
5,245

Other Assets
 
 
 
Equity investments in affiliates
1,165

 
1,172

Intangible assets, net
1,121

 
1,156

Derivative instruments

 
8

Deferred income taxes
62

 
57

Right of use assets, net
183

 

Other non-current assets
100

 
106

Total other assets
2,631

 
2,499

Total Assets
$
8,731

 
$
8,500

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current Liabilities
 

 
 

Current portion of long-term debt
1,914

 
535

Accounts payable — trade
62

 
45

Accounts payable — affiliate
53

 
19

Derivative instruments
13

 
4

Accrued interest expense
43

 
44

Accrued expenses and other current liabilities
42

 
57

Total current liabilities
2,127

 
704

Other Liabilities
 
 
 
Long-term debt
4,192

 
5,447

Derivative instruments
66

 
17

Long-term lease liabilities
186

 

Other non-current liabilities
106

 
108

Total non-current liabilities
4,550

 
5,572

Total Liabilities
6,677

 
6,276

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); 193,402,886 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 73,325,741, Class D 42,738,750) at June 30, 2019 and 193,251,396 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 73,187,646, Class D 42,738,750) at December 31, 2018
1

 
1

Additional paid-in capital
1,852

 
1,897

Accumulated deficit
(105
)
 
(58
)
Accumulated other comprehensive loss
(16
)
 
(18
)
Noncontrolling interest
322

 
402

Total Stockholders' Equity
2,054

 
2,224

Total Liabilities and Stockholders' Equity
$
8,731

 
$
8,500



See accompanying notes to consolidated financial statements.

9

                                                                        

CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six months ended June 30,
 
2019
 
2018
 
(In millions)
Cash Flows from Operating Activities
 
 
 
Net (loss) income
$
(83
)
 
$
96

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Equity in earnings of unconsolidated affiliates
(14
)
 
(33
)
Distributions from unconsolidated affiliates
22

 
32

Depreciation and amortization
173

 
163

Right of use asset amortization
3

 

Amortization of financing costs and debt discounts
7

 
13

Amortization of intangibles and out-of-market contracts
35

 
35

Adjustment for debt extinguishment
1

 

Impairment losses
19

 

Changes in deferred income taxes
(3
)
 
6

Changes in derivative instruments
70

 
(32
)
Loss (gain) on disposal of asset components
7

 
(1
)
Changes in prepaid and accrued liabilities for tolling agreements
(60
)
 
(62
)
Changes in other working capital
(27
)
 
(36
)
Net Cash Provided by Operating Activities
150

 
181

Cash Flows from Investing Activities
 
 
 
Acquisitions
(100
)
 
(11
)
Partnership interests acquisition
(6
)
 

Acquisition of the Drop Down Assets

 
(126
)
Buyout of Wind TE Holdco non-controlling interest
(19
)
 

Capital expenditures
(96
)
 
(45
)
Cash receipts from notes receivable

 
7

Return of investment from unconsolidated affiliates
17

 
18

Investments in unconsolidated affiliates
(9
)
 
(16
)
Other
2

 
7

Net Cash Used in Investing Activities
(211
)
 
(166
)
Cash Flows from Financing Activities
 
 
 
Net distributions from noncontrolling interests
(11
)
 
94

Net proceeds from the issuance of common stock under the ATM

 
75

Payments of dividends and distributions
(77
)
 
(113
)
Payments of debt issuance costs
(15
)
 
(5
)
Proceeds from the revolving credit facility
22

 
35

Payments for the revolving credit facility
(22
)
 
(90
)
Proceeds from the issuance of long-term debt
493

 
227

Payments for long-term debt
(616
)
 
(285
)
Net Cash Used in Financing Activities
(226
)
 
(62
)
Net Decrease in Cash, Cash Equivalents and Restricted Cash
(287
)
 
(47
)
Cash, Cash Equivalents and Restricted Cash at beginning of period
583

 
316

Cash, Cash Equivalents and Restricted Cash at end of period
$
296

 
$
269



See accompanying notes to consolidated financial statements.

10

                                                                        

CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Six Months Ended June 30, 2019
(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, 2018
$

 
$
1

 
$
1,897

 
$
(58
)
 
$
(18
)
 
$
402

 
$
2,224

Net loss

 

 

 
(20
)
 

 
(27
)
 
(47
)
Unrealized loss on derivatives, net of tax

 

 

 

 
(1
)
 
(1
)
 
(2
)
Buyout of Wind TE Holdco non-controlling interest

 

 
(5
)
 

 

 
(14
)
 
(19
)
Capital contributions from tax equity investors, net of distributions, cash

 

 

 

 

 
19

 
19

Contributions from CEG for Oahu Partnership, non-cash

 

 

 

 

 
12

 
12

Cumulative effect from change in accounting principle

 

 

 
(2
)
 

 
(1
)
 
(3
)
Common stock dividends and distributions

 

 
(22
)
 

 

 
(17
)
 
(39
)
Balances at March 31, 2019
$

 
$
1

 
$
1,870

 
$
(80
)
 
$
(19
)
 
$
373

 
$
2,145

Net loss

 

 

 
(24
)
 

 
(12
)
 
(36
)
Unrealized loss on derivatives, net of tax

 

 

 

 
3

 
2

 
5

Distributions from non-controlling interests, net of capital contributions, cash

 

 

 

 

 
(30
)
 
(30
)
Contributions from CEG for Kawailoa, Repowering Partnerships, non-cash

 

 

 

 

 
6

 
6

Stock-based compensation

 

 
1

 
(1
)
 

 

 

Non-cash adjustment for change in tax basis of assets

 

 
2

 

 

 

 
2

Common stock dividends and distributions

 

 
(21
)
 

 

 
(17
)
 
(38
)
Balances at June 30, 2019

 
$
1

 
$
1,852

 
$
(105
)
 
$
(16
)
 
$
322

 
$
2,054


11

                                                                        


CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Six Months Ended June 30, 2018
(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, 2017
$


$
1


$
1,843


$
(69
)

$
(28
)

$
412


$
2,159

Net income (loss)






16




(20
)

(4
)
Pre-acquisition net income of Buckthorn Solar Drop Down Asset










4


4

Unrealized gain on derivatives, net of tax








8


9


17

Payment for the Buckthorn Solar Drop Down Asset










(42
)

(42
)
Capital contributions from tax equity investors, net of distributions, cash










30


30

Distributions and return of capital to NRG, net of contributions, cash










4


4

Proceeds from the issuance of Class C common stock




10








10

Non-cash adjustment for change in tax basis of property, plant and equipment




3








3

Common stock dividends and distributions




(29
)





(26
)

(55
)
Balances at March 31, 2018
$


$
1


$
1,827


$
(53
)

$
(20
)

$
371


$
2,126

Net income (loss)






79




17


96

Pre-acquisition net income of Buckthorn Solar Drop Down Asset













Unrealized gain on derivatives, net of tax








3


4


7

Capital contributions from tax equity investors, net of distributions, cash










79


79

Distributions and return of capital to NRG, net of contributions, cash










(15
)

(15
)
Distributions and return of capital to NRG, net of contributions, non-cash













Stock-based compensation




1








1

Proceeds from the issuance of Class C common stock




65








65

Non-cash adjustment for change in tax basis of property, plant and equipment




(2
)





2



Equity component of tendered 2020 Convertible Notes and 2019 Convertible Notes













Common stock dividends and distributions




(32
)





(26
)

(58
)
Balances at June 30, 2018
$


$
1


$
1,859


$
26


$
(17
)

$
419


$
2,288





12

                                                                        

CLEARWAY ENERGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1Nature of Business
Clearway Energy, Inc. together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor in and owner of modern, sustainable and long-term contracted assets across North America. The Company is indirectly owned by Global Infrastructure Partners III. Global Infrastructure Management, LLC is an independent fund manager of funds that invests in infrastructure assets in the energy and transport sectors, and Global Infrastructure Partners III is its third equity fund. The Company is sponsored by GIP through GIP's portfolio company, CEG.
The Company was previously owned by NRG Energy, Inc., or NRG. On August 31, 2018, NRG transferred its full ownership interest in the Company to CEG, the holder of NRG's renewable energy development and operations platform, and subsequently sold 100% of its interest in CEG to GIP, referred to hereinafter as the GIP Transaction.
The Company’s environmentally-sound asset portfolio includes over 5,272 MW of wind, solar and natural gas-fired power generation facilities, as well as district energy systems. Through this diversified and contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. Substantially all of the Company's generation assets are under long-term contractual arrangements for the output or capacity from these assets. The thermal assets are comprised of district energy systems and combined heat and power plants that produce steam, hot water and/or chilled water and, in some instances, electricity at a central plant. Certain district energy systems are subject to rate regulation by state public utility commissions (although they may negotiate certain rates) while the other district energy systems have rates determined by negotiated bilateral contracts.
The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG's interest shown as noncontrolling interest in the 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. The Company currently owns 55.8% of the economic interests of Clearway Energy LLC, with CEG retaining 44.2% of the economic interests of Clearway Energy LLC.

13

                                                                        

The following table represents the structure of the Company as of June 30, 2019:
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13045061&doc=12
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 2018 Form 10-K. Interim results are not necessarily indicative of results for a full year.
In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of