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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, 2023
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 July 31, 2023, there were 34,613,853 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, 82,385,884 shares of Class C common stock outstanding, par value $0.01 per share, and 42,336,750 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, 2022, as well as the following:
The Company’s ability to maintain and grow its quarterly dividend;
Potential risks related to the Company's relationships with GIP, TotalEnergies 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 CEG;
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;
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; and
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.
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:
2028 Senior Notes$850 million aggregate principal amount of 4.75% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC
2031 Senior Notes$925 million aggregate principal amount of 3.75% unsecured senior notes due 2031, issued by Clearway Energy Operating LLC
2032 Senior Notes$350 million aggregate principal amount of 3.75% 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
ASCThe FASB Accounting Standards Codification, which the FASB established as the source of
authoritative GAAP
ASUAccounting Standards Updates - updates to the ASC
ATM ProgramAt-The-Market Equity Offering Program
Bridge Loan AgreementSenior secured bridge credit agreement entered into by Clearway Energy Operating LLC that provided a term loan facility in an aggregate principal amount of $335 million that was repaid on May 3, 2022
BESS
Battery energy storage system
Black Start
The capability of a generating asset to restore the grid in the event of a blackout without relying on the external electric power transmission network
CAFD
A non-GAAP measure, Cash Available for Distribution is defined as of June 30, 2023 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, 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
Capistrano Wind PortfolioFive wind projects representing 413 MW of capacity, which includes Broken Bow and Crofton Bluffs located in Nebraska, Cedro Hill located in Texas and Mountain Wind Power I and II located in Wyoming
CEGClearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services AgreementsMaster Services Agreements entered into as of August 31, 2018 and amended on February 2, 2023 between the Company, Clearway Energy LLC and Clearway Energy Operating LLC, and CEG
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, and Clearway Energy, Inc., the holder of the Class A and Class C units
Clearway Energy Group LLCThe holder of all the Company’s Class B and Class D common stock and Clearway Energy LLC’s Class B and Class D units and, from time to time, possibly shares of the Company’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
Clearway RenewClearway Renew LLC, a subsidiary of CEG
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
Drop Down AssetsAssets under common control acquired by the Company from CEG
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
4






GAAPAccounting principles generally accepted in the U.S.
GenConnGenConn Energy LLC
GIP
Global Infrastructure Partners
HLBVHypothetical Liquidation at Book Value
IRAInflation Reduction Act of 2022
ITCInvestment Tax Credit
KKRKKR Thor Bidco, LLC, an affiliate of Kohlberg Kravis Roberts & Co. L.P.
LIBORLondon Inter-Bank Offered Rate
Mesquite StarMesquite Star Special LLC
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
NPNSNormal Purchases and Normal Sales
OCI/OCLOther comprehensive income/loss
O&MOperations and Maintenance
PG&EPacific Gas and Electric Company
PPAPower Purchase Agreement
PTCProduction Tax Credit
RAResource adequacy
RENOMClearway Renewable Operation & Maintenance LLC
Rosie Central BESSRosie BESS Devco LLC
SCESouthern California Edison
SEC U.S. Securities and Exchange Commission
Senior NotesCollectively, the 2028 Senior Notes, the 2031 Senior Notes and the 2032 Senior Notes
SOFRSecured Overnight Financing Rate
SPPSolar Power Partners
SREC Solar Renewable Energy Credit
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
TotalEnergiesTotalEnergies SE
U.S.United States of America
Utah Solar PortfolioSeven utility-scale solar farms located in Utah, representing 530 MW of capacity
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
VIEVariable Interest Entity

5






PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended June 30,Six months ended June 30,
(In millions, except per share amounts)2023202220232022
Operating Revenues
Total operating revenues$406 $368 $694 $582 
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below118 112 226 240 
Depreciation, amortization and accretion128 126 256 250 
General and administrative9 11 19 23 
Transaction and integration costs2 3 2 5 
Development costs 1  2 
Total operating costs and expenses257 253 503 520 
Gain on sale of business 1,291  1,291 
Operating Income149 1,406 191 1,353 
Other Income (Expense)
Equity in earnings of unconsolidated affiliates3 10  14 
Other income, net9 5 17 5 
Loss on debt extinguishment   (2)
Interest expense(55)(47)(154)(94)
Total other expense, net(43)(32)(137)(77)
 Income Before Income Taxes106 1,374 54 1,276 
Income tax expense22 225 10 224 
Net Income84 1,149 44 1,052 
Less: Net income attributable to noncontrolling interests and redeemable noncontrolling interests46 579 6 514 
Net Income Attributable to Clearway Energy, Inc.
$38 $570 $38 $538 
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 82 82 82 
Earnings Per Weighted Average Class A and Class C Common Share - Basic and Diluted
$0.33 $4.89 $0.32 $4.62 
Dividends Per Class A Common Share $0.3818 $0.3536 $0.7563 $0.7004 
Dividends Per Class C Common Share $0.3818 $0.3536 $0.7563 $0.7004 
See accompanying notes to consolidated financial statements.
6



CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended June 30,Six months ended June 30,
(In millions)2023202220232022
Net Income$84 $1,149 $44 $1,052 
Other Comprehensive Income
Unrealized gain on derivatives and changes in accumulated OCI/OCL, net of income tax expense, of $1, $1, $ and $3
3 6  20 
Other comprehensive income3 6  20 
Comprehensive Income87 1,155 44 1,072 
Less: Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests48 583 6 526 
Comprehensive Income Attributable to Clearway Energy, Inc.$39 $572 $38 $546 
See accompanying notes to consolidated financial statements.
7






CLEARWAY ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except shares)June 30, 2023December 31, 2022
ASSETS(Unaudited)
Current Assets  
Cash and cash equivalents$547 $657 
Restricted cash 371 339 
Accounts receivable — trade215 153 
Accounts receivable — affiliates1  
Inventory51 47 
Derivative instruments34 26 
Prepayments and other current assets70 54 
Total current assets1,289 1,276 
Property, plant and equipment, net 7,748 7,421 
Other Assets
Equity investments in affiliates352 364 
Intangible assets for power purchase agreements, net2,397 2,488 
Other intangible assets, net 74 77 
Derivative instruments83 63 
Right-of-use assets, net550 527 
Other non-current assets131 96 
Total other assets3,587 3,615 
Total Assets$12,624 $12,312 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt$330 $322 
Accounts payable — trade63 55 
Accounts payable — affiliates61 22 
Derivative instruments44 50 
Accrued interest expense54 54 
Accrued expenses and other current liabilities54 114 
Total current liabilities606 617 
Other Liabilities
Long-term debt6,708 6,491 
Deferred income taxes118 119 
Derivative instruments259 303 
Long-term lease liabilities578 548 
Other non-current liabilities213 201 
Total other liabilities7,876 7,662 
Total Liabilities8,482 8,279 
Redeemable noncontrolling interest in subsidiaries15 7 
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); 202,075,237 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,385,884, Class D 42,336,750) at June 30, 2023 and 201,972,813 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,283,460, Class D 42,336,750) at December 31, 2022
1 1 
Additional paid-in capital1,718 1,761 
Retained earnings412 463 
Accumulated other comprehensive income9 9 
Noncontrolling interest1,987 1,792 
Total Stockholders’ Equity4,127 4,026 
Total Liabilities and Stockholders’ Equity$12,624 $12,312 
See accompanying notes to consolidated financial statements.
8






CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended June 30,
(In millions)20232022
Cash Flows from Operating Activities
Net Income$44 $1,052 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates  (14)
Distributions from unconsolidated affiliates11 17 
Depreciation, amortization and accretion256 250 
Amortization of financing costs and debt discounts6 7 
Amortization of intangibles94 82 
Loss on debt extinguishment  2 
Gain on sale of business (1,291)
Reduction in carrying amount of right-of-use assets8 7 
Changes in deferred income taxes9 197 
Changes in derivative instruments and amortization of accumulated OCI/OCL(51)92 
Cash used in changes in other working capital:
Changes in prepaid and accrued liabilities for tolling agreements (56)(74)
Changes in other working capital(112)(48)
Net Cash Provided by Operating Activities209 279 
Cash Flows from Investing Activities
Acquisition of Drop Down Assets, net of cash acquired(7)(51)
Capital expenditures(109)(81)
Return of investment from unconsolidated affiliates10 6 
Investments in unconsolidated affiliates (10) 
Proceeds from sale of business 1,457 
Net Cash (Used in) Provided by Investing Activities(116)1,331 
Cash Flows from Financing Activities
Contributions from (distributions to) noncontrolling interests, net275 (7)
Payments of dividends and distributions(153)(141)
Distributions to CEG of escrowed amounts (64)
Tax-related distributions(19) 
Proceeds from the revolving credit facility 80 
Payments for the revolving credit facility (325)
Proceeds from the issuance of long-term debt 42 214 
Payments of debt issuance costs(8)(4)
Payments for long-term debt(306)(722)
Other(2)(7)
Net Cash Used in Financing Activities(171)(976)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(78)634 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period996 654 
Cash, Cash Equivalents and Restricted Cash at End of Period$918 $1,288 
See accompanying notes to consolidated financial statements.
9






CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Six Months Ended June 30, 2023
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital
Retained EarningsAccumulated
Other
Comprehensive Income
Noncontrolling
Interest
Total
Stockholders’
Equity
Balances at December 31, 2022$ $1 $1,761 $463 $9 $1,792 $4,026 
Net loss— — — — — (43)(43)
Unrealized loss on derivatives and changes in accumulated OCI, net of tax— — — — (1)(2)(3)
Contributions from CEG, net of distributions, cash— — — — — 30 30 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 215 215 
Transfers of assets under common control— — (52)— — 46 (6)
Non-cash adjustments for change in tax basis— — 9 — — — 9 
Stock-based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— — — (44)— (32)(76)
Balances at March 31, 2023 1 1,719 419 8 2,006 4,153 
Net income— — — 38 — 40 78 
Unrealized gain on derivatives and changes in accumulated OCI, net of tax— — — — 1 2 3 
Distributions to CEG, net of contributions, cash— — — — — (4)(4)
Distributions to noncontrolling interests, net of contributions, cash— — — — — (5)(5)
Tax-related distributions— — — — — (19)(19)
Stock-based compensation— — (1)— — — (1)
Common stock dividends and distributions to CEG unit holders— — — (45)— (32)(77)
Other— — — — — (1)(1)
Balances at June 30, 2023$ $1 $1,718 $412 $9 $1,987 $4,127 
See accompanying notes to consolidated financial statements.
10






CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Six Months Ended June 30, 2022
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive Loss
Noncontrolling
Interest
Total
Stockholders’
Equity
Balances at December 31, 2021$ $1 $1,872 $(33)$(6)$1,466 $3,300 
Net loss— — — (32)— (67)(99)
Unrealized gain on derivatives, net of tax— — — — 6 8 14 
Distributions to CEG, net of contributions, cash— — — — — (3)(3)
Contributions from noncontrolling interests, net of distributions, cash— — — — — 28 28 
Transfers of assets under common control— — (12)— — (25)(37)
Non-cash adjustments for change in tax basis— — 8 — — — 8 
Stock based compensation— — (2)— — — (2)
Common stock dividends and distributions to CEG unit holders— — (40)— — (30)(70)
Balances at March 31, 2022 1 1,826 (65) 1,377 3,139 
Net income— — — 570 — 575 1,145 
Unrealized gain on derivatives, net of tax— — — — 2 4 6 
Distributions to CEG, net of contributions, cash— — — — — (20)(20)
Distributions to noncontrolling interests, net of contributions, cash— — — — — (10)(10)
Non-cash adjustments for change in tax basis— — (1)— — — (1)
Stock based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— — (41)— — (30)(71)
Balances at June 30, 2022$ $1 $1,785 $505 $2 $1,896 $4,189 
See accompanying notes to consolidated financial statements.
11






CLEARWAY ENERGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 — Nature of Business
Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company is sponsored by GIP and TotalEnergies through the portfolio company, Clearway Energy Group LLC, or CEG, which is equally owned by GIP and TotalEnergies. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. TotalEnergies is a global multi-energy company.
The Company is one of the largest renewable energy owners in the U.S. with over 5,500 net MW of installed wind and solar generation projects. The Company’s over 8,000 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas-fired generation facilities. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. The majority of the Company’s revenues are derived from long-term contractual arrangements for the output or capacity from these assets.
The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG’s interest shown as noncontrolling interest in the consolidated 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. From time to time, CEG may also hold shares of the Company’s Class A and/or Class C common stock.
As of June 30, 2023, the Company owned 57.90% of the economic interests of Clearway Energy LLC, with CEG owning 42.10% of the economic interests of Clearway Energy LLC.
12






The following table represents a summarized structure of the Company as of June 30, 2023:
https://cdn.kscope.io/63ec41debc553715d2e85b9a3523d92c-Clearway org picture as of 6.30.23 - 07.05.2023v3.jpg
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 2022 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 June 30, 2023, and results of operations, comprehensive income and cash flows for the three and six months ended June 30, 2023 and 2022.
Note 2 — Summary of Significant Accounting Policies
Use of Estimates
The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amounts of net earnings during the reporting periods. Actual results could be different from these estimates.
13






Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at project subsidiaries was $134 million and $121 million as of June 30, 2023 and December 31, 2022, respectively.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
 June 30, 2023December 31, 2022
 (In millions)
Cash and cash equivalents$547 $657 
Restricted cash371 339 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$918 $996 
Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company’s projects that are restricted in their use. As of June 30, 2023, these restricted funds were comprised of $104 million designated to fund operating expenses, $168 million designated for current debt service payments and $85 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $14 million is held in distributions reserve accounts.
Accumulated Depreciation and Accumulated Amortization
The following table presents the accumulated depreciation included in property, plant and equipment, net, and accumulated amortization included in intangible assets, net:
June 30, 2023December 31, 2022
(In millions)
Property, Plant and Equipment Accumulated Depreciation $3,232 $3,024 
Intangible Assets Accumulated Amortization972 877 
Dividends to Class A and Class C Common Stockholders
The following table lists the dividends paid on the Company's Class A and Class C common stock during the six months ended June 30, 2023:
Second Quarter 2023
First Quarter 2023
Dividends per Class A share$0.3818 $0.3745 
Dividends per Class C share0.3818 0.3745 
Dividends on the Class A and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future.
On August 7, 2023, the Company declared quarterly dividends on its Class A and Class C common stock of $0.3891 per share payable on September 15, 2023 to stockholders of record as of September 1, 2023.
Noncontrolling Interests
Clearway Energy LLC Distributions to CEG
The following table lists distributions paid to CEG during the six months ended June 30, 2023 on Clearway Energy LLC’s Class B and D units:
Second Quarter 2023First Quarter 2023
Distributions per Class B Unit $0.3818 $0.3745 
Distributions per Class D Unit0.3818 0.3745 
14






In addition to the quarterly distributions paid to CEG, Clearway Energy LLC distributed an additional $19 million to CEG during the second quarter of 2023, which represents CEG’s pro-rata share of a distribution that was paid in order for the Company to make certain additional tax payments primarily associated with the sale of the Thermal Business. The Company’s share of the distribution was $26 million.
On August 7, 2023, Clearway Energy LLC declared a distribution on its Class B and Class D units of $0.3891 per unit payable on September 15, 2023 to unit holders of record as of September 1, 2023.
Redeemable Noncontrolling Interests
To the extent that a third party has the right to redeem their interests for cash or other assets, the Company has included the noncontrolling interest attributable to the third party as a component of temporary equity in the mezzanine section of the consolidated balance sheet. The following table reflects the changes in the Company’s redeemable noncontrolling interest balance:
(In millions)
Balance at December 31, 2022$7 
Cash distributions to redeemable noncontrolling interests(1)
Comprehensive income attributable to redeemable noncontrolling interests9 
Balance at June 30, 2023$15 
Revenue Recognition
Disaggregated Revenues
The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category:
Three months ended June 30, 2023
(In millions)Conventional GenerationRenewables
Total
Energy revenue (a)
$3 $275 $278 
Capacity revenue (a)
96 5 101 
Other revenue (a)
21 27 48 
Contract amortization(5)(42)(47)
Mark-to-market for economic hedges 26 26 
Total operating revenues115 291 406 
Less: Mark-to-market for economic hedges (26)(26)
Less: Lease revenue(104)(237)(341)
Less: Contract amortization5 42 47 
Total revenue from contracts with customers$16 $70 $86 
(a) The following amounts of energy, capacity and other revenue relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$1 $233 $234 
Capacity revenue82 4 86 
Other revenue (b)
21  21 
Total$104 $237 $341 
(b) On May 31, 2023, the Marsh Landing Black Start addition reached commercial operations and the Company will receive an annual fixed fee over a five-year term under the related agreement. The agreement was determined to be a sales-type lease resulting in the Company recording a lease receivable of $21 million included in total operating revenues, offset by net investment costs of $13 million included in cost of operations, resulting in a net pre-tax profit of $8 million.

15






Three months ended June 30, 2022
(In millions)Conventional GenerationRenewablesThermalTotal
Energy revenue (a)
$3 $306 $11 $320 
Capacity revenue (a)
106 1 4 111 
Other revenue 27 3 30 
Contract amortization(6)(35) (41)
Mark-to-market for economic hedges (52) (52)
Total operating revenues103 247 18 368 
Less: Mark-to-market for economic hedges 52  52 
Less: Lease revenue(109)(268) (377)
Less: Contract amortization6 35  41 
Total revenue from contracts with customers$ $66 $18 $84 
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$3 $268 $271 
Capacity revenue106  106 
Total$109 $268 $377 
Six months ended June 30, 2023
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$4 $473 $477 
Capacity revenue (a)
196 10 206 
Other revenue (a)
21 39 60 
Contract amortization(11)(83)(94)
Mark-to-market for economic hedges 45 45 
Total operating revenues210 484 694 
Less: Mark-to-market for economic hedges (45)(45)
Less: Lease revenue(205)(393)(598)
Less: Contract amortization11 83 94 
Total revenue from contracts with customers
$16 $129 $145 
(a) The following amounts of energy, capacity and other revenue relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$2 $385 $387 
Capacity revenue182 8 190 
Other revenue (b)
21 $ 21 
Total
$205 $393 $598 
(b) Includes revenue recognized for the Marsh Landing Black Start addition that reached commercial operations on May 31, 2023, as described above.
16






Six months ended June 30, 2022
(In millions)Conventional GenerationRenewables Thermal Total
Energy revenue (a)
$3 $501 $48 $552 
Capacity revenue (a)
220 1 18 239 
Other revenue 41 11 52 
Contract amortization(12)(71) (83)
Mark-to-market for economic hedges (178) (178)
Total operating revenues211 294 77 582 
Less: Mark-to-market for economic hedges 178  178 
Less: Lease revenue(223)(430)(1)(654)
Less: Contract amortization12 71  83 
Total revenue from contracts with customers
$ $113 $76 $189 
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesThermalTotal
Energy revenue$3 $430 $1 $434 
Capacity revenue220   220 
Total
$223 $430 $1 $654 
Contract Balances
The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets:
June 30, 2023December 31, 2022
(In millions)
Accounts receivable, net - Contracts with customers$62 $37 
Accounts receivable, net - Leases153 116 
Total accounts receivable, net$215 $153 
Recently Adopted Accounting Standards
In March 2020, the FASB issued ASU No. 2020-4, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, which affects certain of the Company’s debt and interest rate swap agreements. The guidance is effective for all entities as of March 20, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-6, Deferral of the Sunset Date of Reference Rate Reform, to extend the end of the transition period to December 31, 2024. As of July 14, 2023, the Company has amended all of the applicable contracts that previously used LIBOR as a reference rate and elected to apply the practical expedient to certain modified cash flow interest rate swap and debt agreements. The adoption did not have a material impact on the Company’s financial statements.
17






Note 3 — Acquisitions and Dispositions
Acquisitions
Daggett 3 Drop Down — On February 17, 2023, the Company, through its indirect subsidiary, Daggett Solar Investment LLC, acquired the Class A membership interests in Daggett TargetCo LLC, the indirect owner of the Daggett 3 solar project, a 300 MW solar project with matching storage capacity that is currently under construction, located in San Bernardino, California, from Clearway Renew, a subsidiary of CEG, for cash consideration of $21 million. Simultaneously, a cash equity investor acquired the Class B membership interests in Daggett TargetCo LLC from Clearway Renew for cash consideration of $129 million. The Company and the cash equity investor then contributed their Class A and B membership interests, respectively, into Daggett Renewable Holdco LLC, a partnership between the Company and the cash equity investor, which consolidates Daggett TargetCo LLC. Daggett TargetCo LLC consolidates, as the indirect owner of the primary beneficiary, a tax equity fund, Daggett TE Holdco LLC, which owns the Daggett 3 solar project, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. Daggett 3 has PPAs with investment-grade counterparties that have a 15-year weighted average contract duration that commence when the underlying operating assets reach commercial operations, which is expected to occur in the second half of 2023. The Daggett 3 operations are reflected in the Company’s Renewables segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Daggett 3 on a prospective basis in its financial statements. The assets and liabilities transferred to the Company relate to interests under common control and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid of $21 million and the historical cost of the Company’s net assets acquired of $15 million was recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected $21 million of the Company’s purchase price, which was contributed back to the Company by CEG to pay down the acquired long-term debt, in the line item contributions from CEG, net of distributions in the consolidated statements of stockholders’ equity.
The following is a summary of assets and liabilities transferred in connection with the acquisition as of February 17, 2023:
(In millions)Daggett 3
Restricted cash$14 
Property, plant and equipment534 
Right-of-use-assets, net31 
Derivative assets27 
Total assets acquired606 
Long-term debt (a)
480 
Long-term lease liabilities33 
Other current and non-current liabilities (b)
78 
Total liabilities assumed591 
Net assets acquired$15 
(a) Includes a $181 million construction loan, $75 million sponsor equity bridge loan and $229 million tax equity bridge loan, offset by $5 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.
(b) Includes $32 million of project costs that were subsequently funded by CEG. Subsequent to the acquisition date, CEG funded an additional $11 million in project costs. The combined $43 million funded by CEG will be repaid with the proceeds received when the project reaches substantial completion, which is expected to occur in the second half of 2023.
Note 4 — Investments Accounted for by the Equity Method and Variable Interest Entities
Entities that are not Consolidated
The Company has an interest in an entity that is considered a VIE under ASC 810, but for which it is not considered the primary beneficiary. The Company accounts for its interest in this entity and entities in which it has a significant investment under the equity method of accounting, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2022 Form 10-K.
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Rosie Central BESS — On June 30, 2023, the Company, through its indirect subsidiary, Rosie Class B LLC, the indirect owner of the Rosamond Central solar project, became the owner of the Class B membership interests of Rosie BESS Devco LLC, or Rosie Central BESS, in order to facilitate and fund the construction of a 147 MW battery energy storage system, or BESS, that will be co-located at the Rosamond Central solar facility. Clearway Renew indirectly owns the Class A membership interests. The Company accounts for its investment in Rosie Central BESS as an equity method investment. The Company’s investment consists of $10 million contributed into Rosie Central BESS, funded through contributions from the Company and its cash equity investor in Rosie TargetCo LLC, which consolidates Rosie Class B LLC. On July 3, 2023, Rosie Class B LLC contributed an additional $20 million into Rosie Central BESS, as further described in Note 7, Long-term Debt.
Additionally, on June 30, 2023, Rosamond Central entered into an asset purchase agreement with Clearway Renew to acquire the BESS project assets at mechanical completion for a purchase price of $360 million, of which $72 million is payable at mechanical completion with the remaining $288 million payable at substantial completion. The Company will fund $17 million of the purchase price at mechanical completion and $67 million of the purchase price at substantial completion with the remaining purchase price funded through contributions from the cash equity investor in Rosie TargetCo LLC and the tax equity investor in Rosie TE Holdco LLC. The BESS project is anticipated to reach mechanical completion in the second half of 2023 and to reach substantial completion in the first half of 2024.
The Company’s maximum exposure to loss as of June 30, 2023 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below:
NameEconomic InterestInvestment Balance
(In millions)
Avenal50%$5 
Desert Sunlight25%227 
Elkhorn Ridge67%18 
GenConn (a)
50%80 
Rosie Central BESS50%10 
San Juan Mesa75%12 
$352 
(a) GenConn is a variable interest entity.
Entities that are Consolidated
As further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2022 Form 10-K, the Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind and solar facilities. The Company also has a controlling financial interest in certain partnership arrangements with third-party investors, which have also been identified as VIEs. Under the Company’s arrangements that have been identified as VIEs, the third-party investors are allocated earnings, tax attributes and distributable cash in accordance with the respective limited liability agreements. Many of these arrangements also provide a mechanism to facilitate achievement of the investor’s specified return by providing incremental cash distributions to the investor at a specified date if the specified return has not yet been achieved.
The discussion below describes material changes to VIEs during the six months ended June 30, 2023.