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0001567683Clearway Energy, Inc.false--12-31Q32019260355The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 4 $ 416 $ 2 $ 422 Capacity revenue 254 - - 254 $ 258 $ 416 $ 2 $ 676 The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 158 $ - $ 160 Capacity revenue 86 - - 86 $ 88 $ 158 $ - $ 246 Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets.The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 840: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 5 $ 438 $ 1 $ 444 Capacity revenue 250 - - 250 $ 255 $ 438 $ 1 $ 694 The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842: (In millions) Conventional Generation Renewables Thermal Total Energy revenue $ 2 $ 160 $ 1 $ 163 Capacity revenue 90 - - 90 $ 92 $ 160 $ 1 $ 253 Total accounts receivable, net, excludes $5 million generated at projects affected by PG&E Bankruptcy, which were reclassified to non-current assets as of September 30, 2019. There were no derivative assets or liabilities classified as Level 1 as of September 30, 2019, and no derivative assets or liabilities classified as Level 1 or Level 3 as of December 31, 2018.Entities affected by PG&E bankruptcy, see further discussion below. Discounts relate to the 2020 Convertible NotesDerivative Assets balances classified as current are included within the prepayments and other current assets line item of the consolidated balance sheets as of September 30, 2019. Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreementAs of September 30, 2019, L+ equals 3 month LIBOR plus x%, except for Viento, due 2023 and Kansas South, due 2030 where L+ equals 6 month LIBOR plus 2.00% and Utah Solar Portfolio, Kawailoa Solar Holdings LLC, Oahu Solar Holdings LLC, Repowering Partnership Holdco LLC where L+ equals 1 month LIBOR plus 2.65%The Company repaid the debt on October 21, 2019, as further described belowBasic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole 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Table of Contents



 

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, 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 October 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, 73,336,990 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

 

 
   

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

45

ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

62

ITEM 4 — CONTROLS AND PROCEDURES

63

PART II — OTHER INFORMATION

64

ITEM 1 — LEGAL PROCEEDINGS

64

ITEM 1A — RISK FACTORS

64

ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

64

ITEM 3 — DEFAULTS UPON SENIOR SECURITIES

64

ITEM 4 — MINE SAFETY DISCLOSURES

64

ITEM 5 — OTHER INFORMATION

64

ITEM 6 — EXHIBITS

65

SIGNATURES

66

 

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

Table of Contents

 

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

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 

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

 

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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 included 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 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

 

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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

SEC

U.S. Securities and Exchange Commission

Senior Notes

Collectively, the 2024 Senior Notes, the 2025 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

 

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PART I - FINANCIAL INFORMATION

 

ITEM 1 — FINANCIAL STATEMENTS

 

CLEARWAY ENERGY, INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

   

Three months ended

September 30,

 

Nine months ended

September 30,

(In millions, except per share amounts)

 

2019

 

2018

 

2019

 

2018

Operating Revenues

                               

Total operating revenues

  $ 296     $ 292     $ 797     $ 824  

Operating Costs and Expenses

                               

Cost of operations

    86       84       249       247  

Depreciation and amortization

    112       84       285       247  

Impairment losses

    -       -       19       -  

General and administrative

    7       6       20       17  

Transaction and integration costs

    -       17       2       19  

Development costs

    1       1       4       1  

Total operating costs and expenses

    206       192       579       531  

Operating Income

    90       100       218       293  

Other Income (Expense)

                               

Equity in earnings of unconsolidated affiliates

    38       32       52       65  

Other income, net

    2       2       6       4  
Loss on debt extinguishment     -       -       (1 )     -  
Interest expense     (106 )     (74 )     (337 )     (200 )
Total other expense, net     (66 )     (40 )     (280 )     (131 )
Income (Loss) Before Income Taxes     24       60       (62 )     162  

Income tax (benefit) expense

    (11 )     11       (14 )     17  
Net Income (Loss)     35       49       (48 )     145  

Less: Pre-acquisition net income of Drop Down Assets

    -       -       -       4  
Net Income (Loss) Excluding Pre-acquisition Net Income of Drop Down Assets     35       49       (48 )     141  

Less: Income (Loss) attributable to noncontrolling interests

    (4 )     28       (43 )     25  
Net Income (Loss) Attributable to Clearway Energy, Inc.   $ 39     $ 21     $ (5 )   $ 116  

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

    73       69       73       67  

Weighted average number of Class C common shares outstanding - diluted

    75       69       73       77  

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

  $ 0.36     $ 0.20     $ (0.04 )   $ 1.14  

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

    0.36       0.20       (0.04 )     1.14  

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

    0.36       0.20       (0.04 )     1.10  

Dividends Per Class A Common Share

    0.20       0.32       0.60       0.927  

Dividends Per Class C Common Share

  $ 0.20     $ 0.32     $ 0.60     $ 0.927  

 

See accompanying notes to consolidated financial statements.

 

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CLEARWAY ENERGY, INC.

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)

 

 

   

Three months ended September 30,

 

Nine months ended September 30,

(In millions)

 

2019

 

2018

 

2019

 

2018

Net Income (Loss)   $ 35     $ 49     $ (48 )   $ 145  

Other Comprehensive (Loss) Gain

                               
Unrealized (loss) gain on derivatives, net of income tax benefit of $0, $1, $0 and $4     (1 )     6       2       30  
Other comprehensive (loss) gain     (1 )     6       2       30  
Comprehensive Income (Loss)     34       55       (46 )     175  

Less: Pre-acquisition net income of Drop Down Assets

    -       -       -       4  
Less: Comprehensive (loss) income attributable to noncontrolling interests     (4 )     31       (42 )     41  
Comprehensive Income (Loss) Attributable to Clearway Energy, Inc.   $ 38     $ 24     $ (4 )   $ 130  

See accompanying notes to consolidated financial statements.

 

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CLEARWAY ENERGY, INC.

 

CONSOLIDATED BALANCE SHEETS

 

 

 

(In millions, except shares)

 

September 30, 2019

   

December 31, 2018

 
   

(unaudited)

         

ASSETS

               

Current Assets

               

Cash and cash equivalents

  $ 148     $ 407  

Restricted cash

    249       176  

Accounts receivable — trade

    141       104  

Accounts receivable — affiliate

    3       -  

Inventory

    43       40  
Derivative instruments     1       -  

Prepayments and other current assets

    34       29  

Total current assets

    619       756  

Property, plant and equipment, net

    5,562       5,245  

Other Assets

               

Equity investments in affiliates

    1,181       1,172  

Intangible assets, net

    1,103       1,156  

Derivative instruments

    -       8  
Deferred income taxes     73       57  

Right of use assets, net

    191       -  

Other non-current assets

    109       106  
Total other assets     2,657       2,499  
Total Assets   $ 8,838     $ 8,500  

LIABILITIES AND STOCKHOLDERS’ EQUITY

               

Current Liabilities

               

Current portion of long-term debt

  $ 1,965     $ 535  

Accounts payable — trade

    54       45  

Accounts payable — affiliate

    63       19  

Derivative instruments

    15       4  

Accrued interest expense

    49       44  
Accrued expenses and other current liabilities     100       57  
Total current liabilities     2,246       704  

Other Liabilities

               

Long-term debt

    4,143       5,447  

Derivative instruments

    95       17  

Long-term lease liabilities

    193       -  

Other non-current liabilities

    115       108  

Total non-current liabilities

    4,546       5,572  
Total Liabilities     6,792       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); 193,413,843 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 73,336,698, Class D 42,738,750) at September 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

    1,830       1,897  

Accumulated deficit

    (66 )     (58 )

Accumulated other comprehensive loss

    (17 )     (18 )

Noncontrolling interest

    298       402  

Total Stockholders' Equity

    2,046       2,224  
Total Liabilities and Stockholders' Equity   $ 8,838     $ 8,500  

 

See accompanying notes to consolidated financial statements.

 

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CLEARWAY ENERGY, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

   

Nine months ended September 30,

 
   

2019

   

2018

 
   

(In millions)

 

Cash Flows from Operating Activities

               
Net (loss) income   $ (48 )   $ 145  

Adjustments to reconcile net income to net cash provided by operating activities:

               

Equity in earnings of unconsolidated affiliates

    (52 )     (65 )

Distributions from unconsolidated affiliates

    32       58  

Depreciation and amortization

    285       247  

Right of use asset amortization

    5       -  

Amortization of financing costs and debt discounts

    14       19  

Amortization of intangibles and out-of-market contracts

    52       52  

Adjustment for debt extinguishment

    1       -  

Impairment losses

    19       -  

Changes in deferred income taxes

    (14 )     17  

Changes in derivative instruments

    101       (39 )

Loss (gain) on disposal of asset components

    5       (2 )

Changes in prepaid and accrued liabilities for tolling agreements

    12       8  

Changes in other working capital

    (38 )     (44 )
Net Cash Provided by Operating Activities     374       396  

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

    (200 )     (62 )

Cash receipts from notes receivable

    -       10  

Return of investment from unconsolidated affiliates

    37       22  

Investments in unconsolidated affiliates

    (14 )     (16 )

Other

    2       8  

Net Cash Used in Investing Activities

    (300 )     (175 )

Cash Flows from Financing Activities

               

Net (distributions) contributions from noncontrolling interests

    (15 )     93  

Net proceeds from the issuance of common stock under the ATM

    -       151  

Payments of dividends and distributions

    (116 )     (174 )

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

    586       227  

Payments for long-term debt

    (700 )     (385 )

Net Cash Used in Financing Activities

    (260 )     (148 )
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash     (186 )     73  

Cash, Cash Equivalents and Restricted Cash at beginning of period

    583       316  
Cash, Cash Equivalents and Restricted Cash at end of period   $ 397     $ 389  


 

See accompanying notes to consolidated financial statements.

 

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CLEARWAY ENERGY, INC.

 

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

 

For the Nine Months Ended September 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 gain 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  

Net income (loss)

    -       -       -       39       -       (4 )     35  

Unrealized loss on derivatives, net of tax

    -       -       -       -       (1 )     -       (1 )

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

    -       -       -       -       -       (4 )     (4 )

Contributions from CEG for Kawailoa, Repowering Partnerships, non-cash

    -       -       -       -       -       1       1  

Stock-based compensation

    -       -       1       -       -       -       1  

Non-cash adjustment for change in tax basis of assets

    -       -       (1 )     -       -       -       (1 )

Common stock dividends and distributions

    -               (22 )     -       -       (17 )     (39 )

Balances at September 30, 2019

  $ -     $ 1     $ 1,830     $ (66 )   $ (17 )   $ 298     $ 2,046  

 

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CLEARWAY ENERGY, INC.

 

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

 

For the Nine Months Ended September 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

    -       -       -       79       -       17       96  

Unrealized gain on derivatives, net of tax

    -       -       -       -       3       4       7  

Payment for the UPMC Drop Down Asset

    -       -       -       -       -       (13 )     (13 )

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 )

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       -  

Common stock dividends and distributions

    -       -       (32 )     -       -       (26 )     (58 )

Balances at June 30, 2018

  $ -     $ 1     $ 1,859     $ 26     $ (17 )   $ 419     $ 2,288  

Net income

    -       -       -       21       -       28       49  

Unrealized gain on derivatives, net of tax

    -       -       -       -       3       3       6  

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

    -       -       -       -       -       17       17  

Stock-based compensation

    -       -       1       -       -       -       1  

Proceeds from the issuance of Class C common stock

    -       -       76       -       -       -       76  

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

    -       -       (1 )     -       -       -       (1 )

Common stock dividends and distributions

    -       -