Clearway Energy, Inc.

Good day and thank you for standing by. Welcome to the Clearway Energy Inc. second quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Akil Marsh, Director of Investor Relations. Please go ahead.

Thank you for taking the time to join Clearway Energy, Inc.' 's second quarter call. With me today are Fred Cornelius, the company's president and CEO, and Sarah Rubenstein, the company's CFO. Before we begin, I'd like to quickly note that today's discussion will contain forward-looking statements, which are based on assumptions that we believe to be reasonable as of this date. Actual results may differ materially. Please review the safe harbor in today's presentation, as well as the risk factors and FCC guidelines. In addition, we will refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to today's presentation. In particular, please note that we may refer to both offered and committed transactions in today's oral presentation and also may discuss such transactions during the question and answer portion of today's conference call. Please refer to the Safe Harbor in today's presentation for a description of the categories of potential transactions and related risks, contingencies, and uncertainties. With that, I'll hand it over to Craig.

Thanks, Akil. Turning to slide four. Clearway continues to execute with discipline, and we remain well-positioned to create long-term shareholder value through our multiple redundant pathways for growth. For the full year, we are updating our 2025 CAFD guidance range to $405 million to $440 million, raising the bottom end to reflect the contributions from recently closed project acquisitions. We continue to target the higher end of the 2025 guidance range. Across the board, we're making progress on growth execution. Our fleet optimization and enhancement growth pathway continues to advance with repowering of Mount Storm on track for construction over two phases in 2026 and 2027, Goat Mountain now commercialized for repowering and expansion in 2027, and further potential projects in advancing stages of development. Our sponsor-enabled growth pathway also continues to accelerate. with all of our committed growth investments on schedule for 2025, and an offer from Clearway Group to invest in a new battery storage portfolio in 2026. Furthermore, Clearway Group continues to advance its late-stage pipeline, which includes a very substantial volume of renewable projects with safe harbor qualifications through at least 2029, a long-term development footprint in competitive markets, and a leading battery storage pipeline, which now represents over 40% of all project capacity and development. And our third-party M&A growth pathway also continues to demonstrate execution and expanding potential. We've now closed the previously disclosed Catalina Solar Project, which is running well for us, while also demonstrating efficient financial execution on financing of the Tuolumne Wind Project while preparing for its potential repowering by 2027. Both M&A transactions were effectuated at attractive long-term CAPTI yields and leveraged fleet synergies and value add from Clearway's platform. As a result of this progress, we are pleased to now be increasing our 2027 CAPTI per share target range to $2.50 to $2.70. Beyond 2027, we remain committed to our long-term objective of 5% to 8% CAPTI per share growth, And we have set our sights on a payout ratio at the low end of our 70% to 80% target range. Turning to slide five. To provide a refresher on our growth strategy, we've built multiple pathways to achieve our long-term CAPTI per share targets, each aligned with our capital allocation framework. First, we optimize our fleet through repowerings, battery retrofits, new capacity and REC contract execution, and PPA extensions, enhancing the value of our existing assets and extending their useful lives. Second, we grow our fleet through sponsor-enabled dropdowns, which provide a sizable and recurring pathway for future growth with projects sited, crafted, and structured to deliver accretive growth for CWEN. Third, we expand our asset base through acquisition of projects from third parties, focusing on projects that are complementary to our existing fleet and allow us to leverage platform capability for value-added returns. In certain years, one pathway may drive more of our growth than other, and collectively, These pathways give us visibility to allocate capital over a succession of cycles with consistently high returns on capital as we reliably meet our long-term growth objectives. Turning to slide six, we continue to make steady forward progress on optimization of our existing fleet through repowerings. which are shaping up to provide significant investment opportunities over the next two years and to contribute to our 2028 growth in CAFI per share. Mount Storm remains on track with final notice to proceed slated for later this year at strong economics over two phases of completion in 2026 and 2027. At Goat Mountain, we're pleased to announce we've signed a PPA with a new hyperscaler customer and that we've set the stage for project execution through a turbine reservation agreement and development service agreement with Clearway Group. The project is on track for a 2027 COD, and we're now disclosing an expected corporate capital investment of $200 million at an incremental annual cap to yield above 10%. San Juan Mesa and Tuolumne also continue to advance toward potential repowerings and we expect to provide additional updates on those repowerings in coming quarters. Turning to slide seven. Our sponsor-enabled growth pathway also continues to drive forward, enabled by our trademark risk management and forward thinking. All of the projects we previously announced as planned for 2026 COD have now been offered or committed to CWIN, with project execution on track for on-time completion. we've now received an offer to invest in a 291 megawatt battery storage portfolio comprised of rosamond south 2 and spindle storage at cap d yields aligned with our underwriting criteria clearway group has also identified late stage 2027 cod vintage projects for advancement and future potential offers based on resilient tax credit qualification, advanced commercial interest, and de-risked supply chains, among other factors. Overall, proactive planning and sound execution and sponsor-enabled growth has put CWEN in the enviable position that we can be confident that we can meet our growth outlook through 2027 and beyond. Turning to slide eight. We have increased our 2027 CAPTI per share target range to $2.50 to $2.70 per share, based on the maturing progress we've made on committed or potential investments that can contribute to our growth outlook. Since we initiated our 2027 target range last October, our organization has executed to the plan underpinning our 2027 goals, while also maturing additional opportunities not incorporated in our original range. This has been on many fronts, ranging from additive third-party M&A transactions like Catalina to PPA extensions like the one we secured for Will Dorado. Furthermore, today's battery storage portfolio offer provides an additional building block towards meeting the updated 2027 target range. Importantly, We have also started to lay the foundation for cap-deeper share and dividend growth in 2028 with the Mount Storm and Goat Mountain repowerings as tangible examples that we'll continue to build upon in the quarters to come. Turning to slide nine. Clearway Group has a substantial and strategically positioned pipeline to propel our long-term growth. Looking at the chart on the left side of the slide, you can see that Clearway Group is advancing development with an abundant supply of potential capacity additions to meet the long-term growth objectives we have set for CWEN. While the corporate capital required in CAF generated per megawatt can vary by project, you can clearly see the pipeline that Clearway Group is developing meaningfully exceeds the volume required to fulfill CWEN's growth objectives. providing optionality when planning project construction and funding schedules to be compatible with CWIN's capital allocation framework, while also mitigating risk around any individual project's feasibility. Safe harbor investments have been executed to qualify as much as 13 gigawatts of projects for tax credits through at least 2029, with methods that are conservative and conscientious of key policy considerations. Additionally, We are advancing a large backlog of attractive battery storage projects that represent a significant portion of our pipeline of projects with eligibility for tax credits well into the 2030s. Through 2029, the late-stage pipeline Clearway Group is advancing includes over $1.5 billion of potential corporate capital investments for CWEN beyond already offered or committed projects and advanced repowerings. an aggregate investment amount more than sufficient to enable us to meet the long-term goals we have established for CWIN. We will provide continuing updates around this opportunity set as we move forward, but feel confident that the mix of technologies, geographies, and vintages provide us with ample raw material to enable deliberate growth that can fulfill CWIN's growth needs. Turning to slide 10. We are also pleased to highlight the way our geographic growth strategy has prepared us for a policy environment like our current one, and for a long-term future where incentive-free competitiveness is essential for the renewable energy industry's growth. Those of you who have watched us for years will recall our historical focus on development in California, the western states, and PJM. where renewable projects that are feasible to build can be cost competitive and can be delivered with clean, firm power attributes highly valued by customers. We clearly see how the wind, solar, and storage assets we are advancing in these core markets can provide a compelling value proposition to customers into the next decade, even without tax incentives, and look forward to delivering them when and where needed. Through this forward-thinking development at Clearway Group, we are pleased to say that CWEN is in a prime position to outperform our peers in the clean power market while offering best-in-class long-term earnings growth. With that, I'll turn it over to Sarah to walk through the financial summary.