Clearway Energy, Inc.

Thank you for standing by, and welcome to Clearway Energy, Inc.' 's fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. To remove yourself from the queue, you may press star 11 again. I would now like to hand the call over to Akhil Marsh, Senior Director, Investor Relations. Please go ahead.

Thank you for taking the time to join Clearway Energy Inc.' 's fourth quarter call. With me today are Craig 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 risk factors in our SEC filings. 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. Please refer to the Safe Harbor in today's presentation for a description of the categories of potential transactions and related risk, contingencies, and uncertainties. With that, I'll hand it over to Craig.

Thanks, Akhil, and good evening, everyone. I'll begin on slide five. where we summarize our business performance and our progress towards near and long-term growth objectives. 2025 was a strong execution year for Clearway. We delivered full year cash available for distribution at the top end of our original guidance range, while our enterprise added 1.3 gigawatts of value-enhancing projects to our fleet. These newly commissioned assets, combined with accretive third-party acquisitions, serve as key growth pillars for this year and allow us to reaffirm our 2026 CAFTI guidance. Execution across our redundant growth pathways has also allowed us to reiterate our 2027 CAFTI per share target of $2.70 or better. We also made continued progress firming up our outlook towards meeting our 2030 CAPTI per share target. Our fleet enhancement program remains on track, with meaningful further advancement on both repowerings and contract extensions. Hyperscaler demand has been a major driver of sponsor-enabled growth this year. In 2025 alone, we signed approximately 2 gigawatts of new PPAs with hyperscalers and utilities serving data centers and gigawatts more in revenue contracting opportunities are under current discussion. When combined with Clearway's late-stage development projects, this opportunity set provides us with an abundant array of pathways to meet our 2030 objectives. Taken together, we remain on track toward our 2030 CAPTI per share target of $2.90 to $3.10 per share representing a 7% to 8% CAGR from 2025, while also laying the groundwork for sustained growth beyond 2030. Turning to slide six. Progress continues along our fleet optimization pathway, with repowerings on schedule for 2027 commercial operations. These repowerings, totaling more than 900 megawatts, are expected to deliver attractive CAPTI yields in excess of 11%, while extending the useful life of our wind fleet. In addition to repowerings, we are executing revenue enhancements across our operating ERCOT portfolio, where the value of Clearway's available open operating wind capacity has seen growing value appreciation in the technology and industrial customer community. Building on our momentum from last year with Will Dorado, We've been awarded two offtake contracts in Texas, one with a prominent hyperscaler, with potential to lengthen the contracted life of these projects by as much as 11 years and at a higher power price and more favorable settlement structure than our status quo revenue outlook. Turning to slide seven. Sponsor-enabled growth continues to bolster our 2030 objectives. All of our CWIN-committed projects are under construction and progressing on track through milestones to meet our commercial operations state targets. For the 2027 COD Vintage, CWIN has now received an offer for investment in the Royal Slope project, while we have now also identified the second phase of the Honeycomb II battery portfolio as a future potential CWIN investment opportunity. as the portfolio has been awarded revenue contracts with an offer expected later in 2026 as commercialization progresses. We first previewed the Honeycomb projects in May 2024. With phase one almost complete in construction now, we are pleased to be on track to execute the second phase, developing and building battery assets adjacent to Clearway's existing Utah solar fleet, now with an outlook for hybridizing the entire fleet. Looking to 2028, newly identified opportunities for investment by CWIN at Swan Energy Center and Catamount Energy Center are now in view, both supported by 20-year PPAs with Google, further extending our sponsor-enabled growth runway. Turning to slide 8, we provide more detail on how commercialization across our development pipeline is translating into a visible and executable pathway towards long-term growth. In our 2026 and 2027 construction vintages, 100% of our planned repowering and new construction projects have been successfully commercialized. With all development preparation now completed and construction dates set, these projects have safe harbored tax credit qualification, advanced interconnection and permitting status, signed long-term PPAs, and secured policy resilient equipment supplies. Looking further out, our 2028 and 2029 construction vintages are supported by a sizable pipeline that is meaningfully larger than what is required to meet our 2030 CAFI per share goal. With contracting secured for Swan and Catamount, we've contracted nearly 50% of the megawatts classified as late-stage within the 2028 COD vintage. firming up our 2030 CAF Deeper Share Outlook with high confidence on completion of the remainder of the late-stage projects we are directing to 2028. We have high conviction in our organization's ability to secure additional revenue contracts for the balance of our late-stage pipeline in this vintage, as the remaining projects in that vintage are weighted towards projects in California and other Western markets, which have been a long-demonstrated core strength of our enterprise and commercialization. We see clear pathways for this vintage to generate substantial CAFTI towards our 2030 target, given the amount of corporate capital we have line of sight to deploying in that year. Within the 2029 COD vintage, we have built in resiliency with development activity of over seven gigawatts, substantially larger than the volume needed to meet our 2030 target. And we see pathways to deploy well over 600 million in corporate capital in that year subject to availability and application of our characteristic prudent capital allocation framework. From this position of strength, we will invest in attractive projects that show clear accretion to CAFTI per share, both in the near and long term. Beyond the 2029 COD Vintage, we are encouraged by the prospect we have to further extend our growth outlook after 2030 through diverse pathways. We continue to focus our core development activities on proven technologies in geographic markets where renewable projects and storage projects are cost competitive. Our sizable pipeline of storage projects creates an especially compelling value proposition for customers into the next decade. Approximately 90% of our 2030 late-stage pipeline is either located in our strategic core geographic markets where renewable energy will be a least-cost, best-fit resource without tax credits, or is a storage project position for tax credit qualification well into the next decade. Collectively, this purpose-built growth investment opportunity set provides substantial redundancy relative to the approximately two gigawatts per year or more that we expect to develop into the 2030s. Beyond core development activities, Clearway Group continues to develop multi-technology generation complexes across five states to serve growing and rapidly escalating data center infrastructure demand. As illustrated in our appendix pipeline reporting materials, the complexes are comprised of diverse technologies configured to provide hyperscalers competitively priced firm power in places where digital infrastructure is set to grow in years ahead. The first generation resources at these complexes could come online as soon as late 2028, And investment timing for CWEN will be determined by pacing of generator interconnection, customer engagement, and our own prudent management of capital deployment capacity of Clearway Energy, Inc. In regards to potential corporate capital deployment tied to both accelerating grid-tied project development and large co-located digital infrastructure complexes, we are well-placed to deploy at least $650 million of capital incremental to our prior goals over 2028 to 2030, with the optionality to scale that amount higher subject to availability of accretive capital sources and our rigorous underwriting criteria and capital allocation framework. Accelerating progress in our core development pipeline along with this activity to directly serve data center demand drives our increased conviction in the growth longevity of our platform into 2031 and the years beyond. Turning to slide nine, we bring together the building blocks that underpin our 2030 CAPTI per share target and our outlook beyond 2030. From our 2027 target of $2.70 per share or better, our identified and committed projects provide an increasingly clear pathway to $2.90 to $3.10 of CAPTI per share by 2030. Within the 2027 and 2028 timeframe, we have identified approximately $1.3 billion of corporate capital investment opportunities tied to commercialized projects that Clearway Energy Inc. intends to deploy at a 10.5% CAPTI yield or better. Given identified growth to date, we are in a prime position to meet our 2030 target. We believe that future milestones will be executed in a manner supportive of hitting our 2030 goal, including through future identified sponsor enabled growth, potential third-party M&A not embedded in our target, and accretive growth financing and refinancing our 2028 and 2031 corporate bonds. As has been our practice in the past, we plan on waiting until later this year to provide a formal long-term guidance update. but given the emerging potential for corporate capital investment around our accelerating core development work and the emerging opportunity for investment in digital infrastructure power supply, we are increasingly optimistic on the ability to grow CAPTI per share at 5% to 8% plus in 2031 and the years beyond from our 2030 target baseline. With that, I'll turn the call over to Sarah, who will walk through our financial results and funding outlook in more detail.