Clearway Energy, Inc.

Good day and welcome to Clearway Energy's second quarter 2026 earnings call. At this time, all participants are in listening mode. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star 1-1 on your touchstone telephone. Please note this call is being recorded. I would like to turn the call over to Akhil Marsh, Head of Investor Relations. Please go ahead.

Thank you for taking time to join Clearway Energy, Inc.'s second quarter call. With me today are Craig Cornelius, the company's president and CEO, and Sarah Rubenstein, the company's CFO. In addition, we have other members of the management team in the room to answer your questions if needed. 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 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 reconciliation 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, Akil, and good afternoon, everyone. I'll begin on slide five, where we summarize our business update. Clearway remains firmly on track to deliver best-in-class, durable growth into the long term. We are reaffirming our 2027 CAFTI per share target of $2.70 or better. And looking further out, we now have even greater visibility into our roadmap for potential deployment of $3 billion of corporate capital over 2026 through 2029. Visibility that gives us confidence in targeting the top end or better of our 2030 financial goals. Our targets are grounded in projects we control within the Clearway enterprise, and the rapid commercialization progress we are making on our development pipeline gives us continued confidence in our ability to meet them. Beyond this core outlook, Clearway Group's maturing digital infrastructure business presents meaningful, additive upside, opportunities we look forward to making a more visible part of CWIN's story in the quarters ahead. Finally, though not factored into the targets we set for ourselves, third-party project M&A remains a potential growth pillar for our fleet, where we find ourselves presented with the opportunity to add projects that exhibit synergies with our core fleet that can be acquired with shareholder accretive returns within our established capital allocation framework. With that backdrop, we now have increasing line of sight to growth well beyond 2030. and our track record as one of the power industry's most reliable infrastructure providers gives us confidence in the runway ahead. In the near term, our 2026 outlook has been impacted by transitory weather patterns in the first half of the year. Given low wind resource in the first half and as outlined in the operational preview we published in mid-July as part of new enhanced disclosure practice, We are adjusting our 2026 CAFTI guidance range to $430 million to $470 million. Sarah will provide additional detail in her section of the presentation, but I want to emphasize our conviction that the underlying earnings power of our operating fleet remains fully intact.