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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2021
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 001-36002
Clearway Energy, Inc.
(Exact name of registrant as specified in its charter)
Delaware46-1777204
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
300 Carnegie Center, Suite 300 PrincetonNew Jersey08540
(Address of principal executive offices)(Zip Code)
(609608-1525
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01CWEN.ANew York Stock Exchange
Class C Common Stock, par value $0.01CWENNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes       No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes       No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No
As of October 31, 2021, 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, 81,777,798 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.



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

2


                     
                
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q of Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "believes," "projects," "anticipates," "plans," "expects," "intends," "estimates" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include the factors described under Item 1A — Risk Factors in Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2020, as well as the following:
The Company's ability to maintain and grow its quarterly dividend;
Potential risks related to COVID-19 (including any variant of the virus) or any other pandemic;
Potential risks related to the Company's relationships with GIP and CEG;
The Company's ability to successfully identify, evaluate and consummate acquisitions from, and dispositions to, third parties;
The Company's ability to acquire assets from 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 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; 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:
2025 Senior Notes$600 million aggregate principal amount of 5.750% unsecured senior notes due 2025, issued by Clearway Energy Operating LLC, which were repaid in March 2021
2026 Senior Notes$350 million aggregate principal amount of 5.00% unsecured senior notes due 2026, issued by Clearway Energy Operating LLC, which were repaid in October 2021
2028 Senior Notes$850 million aggregate principal amount of 4.750% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC    
2031 Senior Notes $925 million aggregate principal amount of 3.750% unsecured senior notes due 2031, issued by Clearway Energy Operating LLC
2032 Senior Notes$350 million aggregate principal amount of 3.750% unsecured senior notes due 2032, issued by Clearway Energy Operating LLC
Adjusted EBITDAA non-GAAP measure, represents earnings before interest (including loss on debt extinguishment), tax, depreciation and amortization adjusted for mark-to-market gains or losses, asset write offs and impairments; and factors which the Company does not consider indicative of future operating performance
AOCL
Accumulated Other Comprehensive Loss
ASCThe FASB Accounting Standards Codification, which the FASB established as the source of
authoritative GAAP
ASUAccounting Standards Updates - updates to the ASC
ATM ProgramsAt-The-Market Equity Offering Programs
CAFD
A non-GAAP measure, Cash Available for Distribution is defined as of September 30, 2021 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, changes in prepaid and accrued capacity payments, and adjusted for development expenses
CEGClearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services AgreementMaster Services Agreements entered into as of August 31, 2018 between the Company, Clearway Energy LLC, Clearway Energy Operating LLC and CEG
CEG ROFO AgreementRight 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, the Fourth Amendment dated November 2, 2020 and the Fifth Amendment dated August 2, 2021
CARES ActThe Coronavirus Aid, Relief, and Economic Security Act
Clearway Energy LLCThe holding company through which the projects are owned by Clearway Energy Group LLC, the holder of Class B and Class D units of Clearway Energy LLC, and Clearway Energy, Inc., the holder of the Class A and Class C units
Clearway Energy Group LLCThe holder of all of Clearway Energy, Inc.'s Class B and Class D common stock, Clearway Energy LLC’s Class B and Class D units and, from time to time, possibly shares of Clearway Energy, Inc.’s Class A and/or Class C common stock
Clearway Energy Operating LLCThe holder of the project assets that are owned by Clearway Energy LLC
CODCommercial Operation Date
CompanyClearway Energy, Inc. together with its consolidated subsidiaries
CVSR California Valley Solar Ranch
CVSR Holdco CVSR Holdco LLC, the indirect owner of CVSR
Distributed SolarSolar power projects, typically less than 20 MW in size (on an alternating current, or AC, basis), that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid
4


                     
                
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 ended September 30, 2021
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPAccounting principles generally accepted in the U.S.
GenConnGenConn Energy LLC
GIP
Global Infrastructure Partners
HLBVHypothetical Liquidation at Book Value
LIBORLondon Inter-Bank Offered Rate
MBTAMigratory Bird Treaty Act
Mesquite StarMesquite Star Special LLC
MMBtuMillion British Thermal Units
Mt. StormNedPower Mount Storm LLC
MWMegawatt
MWhSaleable megawatt hours, net of internal/parasitic load megawatt-hours
MWtMegawatts Thermal Equivalent
Net ExposureCounterparty credit exposure to Clearway Energy, Inc. net of collateral
NOLsNet Operating Losses
NPPDNebraska Public Power District
NRGNRG Energy, Inc.
OCLOther comprehensive loss
O&MOperations and Maintenance
PG&EPacific Gas and Electric Company
PPAPower Purchase Agreement
RENOMClearway Renewable Operation & Maintenance LLC
RPV HoldcoRPV Holdco 1 LLC
SCESouthern California Edison
SEC U.S. Securities and Exchange Commission
Senior NotesCollectively, the 2026 Senior Notes, the 2028 Senior Notes, the 2031 Senior Notes and the 2032 Senior Notes
SPPSolar Power Partners
SREC Solar Renewable Energy Credit
Tax Act Tax Cuts and Jobs Act of 2017
Thermal BusinessThe 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
U.S.United States of America
Utah Solar PortfolioCollection 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 SolarSolar 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
VaRValue at Risk
VIEVariable Interest Entity

5


                     
                
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)2021202020212020
Operating Revenues
Total operating revenues$351 $332 $968 $919 
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below117 95 334 275 
Depreciation, amortization and accretion131 102 387 303 
General and administrative10 9 30 30 
Transaction and integration costs1 1 4 2 
Development costs3 2 5 4 
Total operating costs and expenses262 209 760 614 
Operating Income89 123 208 305 
Other Income (Expense)
Equity in earnings of unconsolidated affiliates20 19 32 22 
Gain on sale of unconsolidated affiliate  49 
Other income, net1  3 2 
Loss on debt extinguishment (6)(42)(9)
Interest expense(84)(85)(232)(345)
Total other expense, net(63)(72)(239)(281)
Income (Loss) Before Income Taxes26 51 (31)24 
Income tax expense (benefit)1 9 (12)13 
Net Income (Loss)25 42 (19)11 
Less: Income (loss) attributable to noncontrolling interests and redeemable interests4 10 (78)(39)
Net Income Attributable to Clearway Energy, Inc.
$21 $32 $59 $50 
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of Class A common shares outstanding - basic and diluted
35 35 35 35 
Weighted average number of Class C common shares outstanding - basic and diluted
82 81 82 80 
Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted
$0.18 $0.27 $0.51 $0.43 
Dividends Per Class A Common Share $0.3345 $0.3125 $0.9875 $0.7325 
Dividends Per Class C Common Share $0.3345 $0.3125 $0.9875 $0.7325 

See accompanying notes to consolidated financial statements.
6



CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended September 30,Nine months ended September 30,
(In millions)2021202020212020
Net Income (Loss)$25 $42 $(19)$11 
Other Comprehensive Income
Unrealized gain on derivatives, net of income tax benefit of $(2), $(1), $(3) and $0
3 8 14  
Other comprehensive income3 8 14  
Comprehensive Income (Loss)28 50 (5)11 
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable interests6 14 (70)(39)
Comprehensive Income Attributable to Clearway Energy, Inc.$22 $36 $65 $50 

See accompanying notes to consolidated financial statements.
7


                     
                
CLEARWAY ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except shares)September 30, 2021December 31, 2020
ASSETS(Unaudited)
Current Assets  
Cash and cash equivalents$189 $268 
Restricted cash 366 197 
Accounts receivable — trade203 143 
Inventory42 42 
Derivative instruments2  
Prepayments and other current assets51 58 
Total current assets853 708 
Property, plant and equipment, net 7,438 7,217 
Other Assets
Equity investments in affiliates632 741 
Intangible assets for power purchase agreements, net2,154 1,231 
Other intangible assets, net 132 139 
Derivative instruments5 1 
Deferred income taxes116 104 
Right of use assets, net346 337 
Other non-current assets104 114 
Total other assets3,489 2,667 
Total Assets$11,780 $10,592 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt$545 $384 
Accounts payable — trade58 72 
Accounts payable — affiliates12 17 
Derivative instruments56 38 
Accrued interest expense41 44 
Accrued expenses and other current liabilities104 79 
Total current liabilities816 634 
Other Liabilities
Long-term debt7,299 6,585 
Derivative instruments160 135 
Long-term lease liabilities361 345 
Other non-current liabilities189 178 
Total non-current liabilities8,009 7,243 
Total Liabilities8,825 7,877 
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); 201,846,253 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,769,108, Class D 42,738,750) at September 30, 2021 and 201,635,990 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,558,845, Class D 42,738,750) at December 31, 2020
1 1 
Additional paid-in capital1,810 1,922 
Accumulated deficit(25)(84)
Accumulated other comprehensive loss (8)(14)
Noncontrolling interest1,177 890 
Total Stockholders' Equity2,955 2,715 
Total Liabilities and Stockholders' Equity$11,780 $10,592 

See accompanying notes to consolidated financial statements.
8


                     
                
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30,
(In millions)20212020
Cash Flows from Operating Activities
Net (Loss) Income$(19)$11 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates (32)(22)
Distributions from unconsolidated affiliates25 51 
Depreciation, amortization and accretion387 303 
Amortization of financing costs and debt discounts10 12 
Amortization of intangibles107 67 
Loss on debt extinguishment 42 9 
Reduction in carrying amount of right-of-use assets8 1 
Gain on sale of unconsolidated affiliate (49)
Changes in deferred income taxes(12)13 
Changes in derivative instruments50 63 
Gain on disposal of asset components (4)
Cash provided by (used in) changes in other working capital
Changes in prepaid and accrued liabilities for tolling agreements 20 15 
Changes in other working capital(57)(29)
Net Cash Provided by Operating Activities529 441 
Cash Flows from Investing Activities
Acquisitions, net of cash acquired
(211) 
Acquisition of Drop Down Asset(132)(79)
Consolidation of DGPV Holdco 3 LLC 17 
Capital expenditures(124)(95)
Asset purchase from affiliate(21) 
Return of investment from unconsolidated affiliates37 53 
Investments in unconsolidated affiliates  (11)
Cash receipts from notes receivable4  
Proceeds from sale of assets  90 
Insurance proceeds 5 
Other17  
Net Cash Used in Investing Activities(430)(20)
Cash Flows from Financing Activities
Net contributions from noncontrolling interests 251 147 
Buyout of Repowering Partnership II LLC noncontrolling interest (70)
Net proceeds from the issuance of common stock  58 
Payments of dividends and distributions(199)(147)
Payments of debt issuance costs(13)(10)
Proceeds from the revolving credit facility377 265 
Payments for the revolving credit facility(300)(265)
Proceeds from the issuance of long-term debt 1,037 775 
Payments for long-term debt(1,170)(1,054)
Other8  
Net Cash Used in Financing Activities(9)(301)
Net Increase in Cash, Cash Equivalents and Restricted Cash90 120 
Cash, Cash Equivalents and Restricted Cash at beginning of period465 417 
Cash, Cash Equivalents and Restricted Cash at end of period$555 $537 
See accompanying notes to consolidated financial statements.
9


                     
                
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Nine Months Ended September 30, 2021
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive Loss
Noncontrolling
Interest
Total
Stockholders'
Equity
Balances at December 31, 2020$ $1 $1,922 $(84)$(14)$890 $2,715 
Net income (loss)— — — 3 — (81)(78)
Unrealized gain on derivatives, net of tax— — — — 4 7 11 
Contributions from CEG, non-cash— — — — — 27 27 
Contributions from CEG, cash— — — — — 103 103 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 126 126 
Agua Caliente acquisition— — — — — 273 273 
Rattlesnake Drop Down— — — — — (118)(118)
Non-cash adjustments for change in tax basis— — 2 — — — 2 
Dividends to common stockholders and distributions to CEG— — (38)— — (28)(66)
Balances at March 31, 2021$ $1 $1,886 $(81)$(10)$1,199 $2,995 
Net income (loss)— — — 35 — (4)31 
Unrealized gain (loss) on derivatives, net of tax— — — — 1 (1) 
Contributions from CEG, non-cash— — — — — 3 3 
Contributions from CEG, cash— — — — — 1 1 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 38 38 
Stock-based compensation— — 1 — — — 1 
Rattlesnake Drop Down— — — — — 1 1 
Non-cash adjustments for change in tax basis— — (1)— — — (1)
Dividends to common stockholders and distributions to CEG— — (38)— — (28)(66)
Balances at June 30, 2021$ $1 $1,848 $(46)$(9)$1,209 $3,003 
Net income— — — 21 — 3 24 
Unrealized gain on derivatives, net of tax— — — — 1 2 3 
Contributions from CEG, non-cash— — — — — 2 2 
Distributions to noncontrolling interests, net of contributions, cash— — — — — (11)(11)
Stock-based compensation— — 1 — — — 1 
Dividends to common stockholders and distributions to CEG— — (39)— — (28)(67)
Balances at September 30, 2021$ $1 $1,810 $(25)$(8)$1,177 $2,955 

10


                     
                

CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Nine Months Ended September 30, 2020
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive Loss
Noncontrolling
Interest
Total
Stockholders'
Equity
Balances at December 31, 2019$ $1 $1,936 $(72)$(15)$413 $2,263 
Net loss— — — (29)— (78)(107)
Unrealized loss on derivatives, net of tax— — — — (6)(6)(12)
Contributions from CEG, cash— — — — — 4 4 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 150 150 
Net proceeds from the issuance of common stock under the ATM Program— — 10 — — — 10 
Distributions to noncontrolling interests, non-cash— — — — — (2)(2)
Dividends to common stockholders and distributions to CEG— — (24)— — (18)(42)
Balances at March 31, 2020$ $1 $1,922 $(101)$(21)$463 $2,264 
Net income— — — 47 — 29 76 
Unrealized gain on derivatives, net of tax— — — — 2 2 4 
Contributions from CEG, non-cash— — — — — 8 8 
Contributions from CEG, cash— — — — — 2 2 
Distributions from noncontrolling interests, net of contribution, cash— — — — — (3)(3)
Consolidation of DGPV Holdco 3— — — — — (43)(43)
Buyout of Repowering Partnership II LLC noncontrolling interest— — — — — (70)(70)
Stock-based compensation— — 1 — — — 1 
Non-cash adjustment for change in tax basis— — 7 — — — 7 
Net proceeds from the issuance of common stock under the ATM Program— — 28 — — — 28 
Dividends to common stockholders and distributions to CEG— — (24)— — (18)(42)
Balances at June 30, 2020$ $1 $1,934 $(54)$(19)$370 $2,232 
Net income— — — 32 — 10 42 
Unrealized gain on derivatives, net of tax— — — — 4 4 8 
Distributions to CEG, non-cash— — — — — (1)(1)
Distributions to tax equity interests, net of contributions, cash— — — — — (6)(6)
Consolidation of DGPV Holdco 3— — — —