olivLaw · US equity research
Clearway Energy, Inc. CWEN
Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)
Clearway Energy, Inc. is an energy infrastructure investor focused on clean energy assets in North America, with long-term contracts and a dividend policy based on distributing a significant part of its cash available for distribution. Its portfolio grew in 2026 through acquisitions and repowering, which makes the company relevant to investors following the US energy transition. Gross capacity reached 12.9 GW at the end of 2025 and 13.9 GW on June 30, 2026.
At the close of 04 Nov 2026, Clearway Energy, Inc. (CWEN) stock was 35.71 USD (+3.72% on the day), with market capitalisation 7.3 bn USD, P/E 47.6 on diluted EPS of 0.75 USD over the last 12 months, dividend yield 2.24%, beta 0.58, 52-week range 29.14–41.26 USD. Latest reported quarter (Q2 2026): revenue of 481.0 m USD (+22.7% YoY), net income of 122.0 m USD (+306.7% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 74.5
- overbought (≥ 70)
- Bollinger (20, 2)
- 28.12 – 34.91
- above the upper band · %B 1.12 · band width 21.6%
- SMA 50 / 200
- 31.04 / 35.58
- mixed trend
- MACD (12, 26, 9)
- 1.00 / 0.51
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.0% | −1.1% | +22.1 pp | — |
| 3 months | +14.5% | −0.5% | +15.0 pp | — |
| 6 months | −7.2% | +4.4% | −11.6 pp | — |
| Year to date | +7.4% | +12.3% | −5.0 pp | — |
| 1 year | +9.9% | +13.5% | −3.6 pp | −8.3% |
| 3 years | +56.1% | +76.4% | −20.3 pp | +40.4% |
| 5 years | −4.8% | +63.7% | −68.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 486.0 m | 256.0 m | 298.0 m | 392.0 m | 429.0 m | 310.0 m | 354.0 m | 481.0 m |
| Cost of revenue | 135.0 m | 123.0 m | 122.0 m | 131.0 m | 128.0 m | 149.0 m | 134.0 m | 149.0 m |
| Operating income | 178.0 m | -37.0 m | 0 | 85.0 m | 112.0 m | -37.0 m | 20.0 m | 116.0 m |
| Depreciation & amortisation | 164.0 m | 156.0 m | 163.0 m | 163.0 m | 176.0 m | 180.0 m | 182.0 m | 196.0 m |
| Interest expense | 139.0 m | 23.0 m | 116.0 m | 83.0 m | 98.0 m | 90.0 m | 101.0 m | 105.0 m |
| Pre-tax income | 60.0 m | -48.0 m | -104.0 m | 17.0 m | 29.0 m | -117.0 m | -70.0 m | 27.0 m |
| Income tax | 33.0 m | 0 | 0 | 5.0 m | -31.0 m | 82.0 m | -2.0 m | -3.0 m |
| Net income | 36.0 m | 3.0 m | -3.0 m | 30.0 m | 232.0 m | -90.0 m | -163.0 m | 122.0 m |
| Operating cash flow | 301.0 m ≈ | 192.0 m | 95.0 m | 191.0 m ≈ | 225.0 m ≈ | 177.0 m | 401.0 m | 214.0 m ≈ |
| Capex | 35.0 m ≈ | 50.0 m | 56.0 m | 76.0 m ≈ | 81.0 m ≈ | 106.0 m | 75.0 m | 84.0 m ≈ |
| Dividends paid | 85.0 m ≈ | 85.0 m | 87.0 m | 89.0 m ≈ | 90.0 m ≈ | 92.0 m | 95.0 m | 95.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 88 percentile of its own 8-quarter history (min 27.2, median 36.8, max 425.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.0 bn | 1.2 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.4 bn |
| Revenue YoY | +4.4% | −2.0% | +16.2% | +7.3% | −7.5% | +10.4% | +4.3% | +4.2% |
| Net income | 48.0 m | -11.0 m | 25.0 m | 51.0 m | 582.0 m | 79.0 m | 88.0 m | 169.0 m |
| Net income YoY | unavailable | −122.9% | unavailable | +104.0% | +1,041.2% | −86.4% | +11.4% | +92.0% |
| Diluted EPS | unavailable | unavailable | 0.22 | 0.44 | 4.99 | 0.67 | 0.75 | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +100.0% | +1,034.1% | −86.6% | +11.9% | unavailable |
| net % | 4.6% | -1.1% | 2.1% | 4.0% | 48.9% | 6.0% | 6.4% | 11.8% |
| Free cash flow | 415.0 m | 249.0 m | 421.0 m | 550.0 m | 675.0 m | 490.0 m | 483.0 m | 369.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 231.0 m USD
- Financial debt
- 8.3 bn USD
- Net debt
- 8.1 bn USD
- Equity
- 5.8 bn USD
- Total assets
- 16.7 bn USD
- Debt / equity
- 1.43x
- Current ratio
- 1.13x
- ROE
- 3.0%
- ROA
- 1.1%
- FCF margin
- 25.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 366.0 m | 451.0 m | 435.0 m | 473.0 m | 501.0 m | 530.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 833.0 m ≈ | 835.0 m ≈ | 755.0 m ≈ | 841.0 m ≈ | 870.0 m ≈ | 899.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Operating income | 333.0 m | 267.0 m | 1.5 bn | 263.0 m | 196.0 m | 160.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 428.0 m | 509.0 m | 512.0 m | 526.0 m | 627.0 m | 682.0 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 761.0 m ≈ | 776.0 m ≈ | 2.0 bn ≈ | 789.0 m ≈ | 823.0 m ≈ | 842.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 415.0 m | 312.0 m | 232.0 m | 337.0 m | 307.0 m | 387.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -54.0 m | -63.0 m | 1.3 bn | -16.0 m | -33.0 m | -175.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 8.0 m | 12.0 m | 222.0 m | -2.0 m | 30.0 m | 56.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 25.0 m | 51.0 m | 582.0 m | 79.0 m | 88.0 m | 169.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 0.22 | 0.44 | 4.99 | 0.67 | 0.75 | — | SEC (XBRL)· 25 Feb 2025verified |
| Weighted average diluted shares | 35.0 m | 35.0 m | 35.0 m | 35.0 m | 35.0 m | 35.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 268.0 m | 179.0 m | 657.0 m | 535.0 m | 332.0 m | 231.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 143.0 m | 144.0 m | 153.0 m | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Inventories | 42.0 m | 37.0 m | 47.0 m | 55.0 m | 64.0 m | 75.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 708.0 m | 1.5 bn | 1.3 bn | 1.6 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 7.2 bn | 7.7 bn | 7.4 bn | 9.5 bn | 9.9 bn | 11.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.4 bn | 2.5 bn | 2.6 bn | 2.4 bn | 2.2 bn | 2.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 10.6 bn | 12.8 bn | 12.3 bn | 14.7 bn | 14.3 bn | 16.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 72.0 m | 74.0 m | 55.0 m | 130.0 m | — | — | SEC (XBRL)· 22 Feb 2024verified |
| Short-term debt | 384.0 m | 772.0 m | 97.0 m | 1.1 bn | 125.0 m | 431.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 6.6 bn | 6.9 bn | 6.5 bn | 7.5 bn | 6.8 bn | 7.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 634.0 m | 1.6 bn | 617.0 m | 906.0 m | 718.0 m | 1.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 7.9 bn | 9.5 bn | 8.3 bn | 9.7 bn | 8.8 bn | 10.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 2.7 bn | 3.3 bn | 4.0 bn | 5.0 bn | 5.6 bn | 5.8 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 545.0 m | 701.0 m | 787.0 m | 702.0 m | 770.0 m | 688.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 124.0 m | 151.0 m | 112.0 m | 212.0 m | 287.0 m | 319.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 421.0 m ≈ | 550.0 m ≈ | 675.0 m ≈ | 490.0 m ≈ | 483.0 m ≈ | 369.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -62.0 m | -865.0 m | 1.1 bn | -523.0 m | -725.0 m | -803.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -435.0 m | 367.0 m | -1.5 bn | -124.0 m | -363.0 m | 200.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 211.0 m | 268.0 m | 289.0 m | 311.0 m | 334.0 m | 358.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 21 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet15
- Growth83
- Quality26
- Returns24
- Valuation7
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 139.39 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)50.41 – 139.39 (Mid 79.94)WACC 6.9% · starting FCFF 1.0 bn USD · terminal value share of EV 81%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -12.0%
- Dividend discount (DDM)3.92 – 5.27 (Mid 4.49)
- Peers: EV/EBITDA0.00 – 14.78 (Mid 10.68)18 companies used · median multiple 11.6x · quartiles 9.3x – 12.5xAEP, AQN, BKH, CEG, CNP, D, EIX, ELLO, ES, ETR, HE, NRG, OGE, POR, SO, SPRU, TXNM, VST
- Peers: P/E10.06 – 11.94 (Mid 10.90)16 companies used · median multiple 22.2x · quartiles 20.4x – 24.3xAEP, AQN, BKH, CEG, CNP, D, ES, ETR, FE, NEE, NRG, OGE, POR, PPL, SO, VST
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 21/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.3% | 18 (vs peers) | 8% |
| Net margin · Quality | 6.4% | 33 (vs peers) | 8% |
| Revenue CAGR 3Y · Growth | 6.3% | 83 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 9.3x | 12 (vs peers) | 15% |
| Interest coverage · Balance sheet | 0.5x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.2x | 63 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 72.6x | 4 (vs peers) | 15% |
| EV/EBITDA · Valuation | 17.1x | 10 (vs peers) | 13% |
| Dividend yield · Returns | 2.2% | 24 (vs peers) | 18% |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet15/100 · 3/3 factors with a value
- Growth· partial83/100 · 1/2 factors with a value
- Quality26/100 · 2/2 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation7/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Clearway Energy, Inc. (CWEN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 4.2%; net margin 6.4%; ROE 1.8%; net debt/EBITDA 9.3x.
The estimated value range is 6.99–13.36 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 10.79 USD, the price of 35.71 USD leaves a potential of -69.8% (value / price − 1) and a margin of safety of -231.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 21/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 6.3%
What contradicts it
- ROIC: 1.3%
- Net debt / EBITDA: 9.3x
- Interest coverage: 0.5x
- P/E (TTM): 72.6x
- EV/EBITDA: 17.1x
- Dividend yield: 2.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (EPS).
Versus the vertical median
Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEENextera Energy Inc | 184.4 bn | 22.5 | 15.6% | 31.5% | +9.8% | +3% / +51% |
| SOSouthern Co | 105.0 bn | 23.9 | 11.3% | 14.5% | +10.6% | +2% / +31% |
| PAMPampa Energy Inc. | 88.2 bn | 141.0 | 21.8% | 33.0% | +8.3% | −28% / +38% |
| CEGConstellation Energy Corporation | 87.1 bn | 24.0 | 15.3% | 11.1% | +8.3% | −33% / +103% |
| AEPAmerican Electric Power Company, Inc. | 70.3 bn | 19.0 | 12.8% | 16.9% | +10.9% | +4% / +62% |
| DDominion Energy, Inc | 61.3 bn | 20.6 | 10.5% | 16.9% | +14.2% | +11% / +54% |
| ETREntergy Corp | 51.2 bn | 28.4 | 11.1% | 13.6% | +9.0% | +15% / +121% |
| VSTVistra Operations Company LLC | 40.4 bn | 19.9 | 43.1% | 11.6% | +3.0% | −33% / +240% |
| FEFirstenergy Corp | 27.3 bn | 25.7 | 8.4% | 6.9% | +12.0% | −1% / +28% |
| PPLPPL Corp | 26.9 bn | 21.8 | 8.3% | 13.1% | +6.9% | −3% / +37% |
| CNPCenterpoint Energy Inc | 26.8 bn | 25.2 | 9.6% | 11.4% | +8.3% | +3% / +45% |
| ESEversource Energy | 26.5 bn | 18.2 | 9.1% | 10.4% | +13.8% | +5% / +19% |
| EIXEdison International | 23.7 bn | 6.5 | 20.8% | 19.6% | +9.8% | +4% / −8% |
| NRGNRG Energy, Inc | 17.5 bn | 21.6 | 23.8% | 2.6% | +9.2% | −51% / +74% |
| TLNTalen Energy Corporation | 14.2 bn | — | -16.7% | -6.4% | +22.0% | −17% / +470% |
| OGEOge Energy Corp. | 10.4 bn | 22.5 | 9.6% | 14.0% | +9.2% | +11% / +44% |
| BEPBrookfield Renewable Partners L.P. | 8.5 bn | — | -1.9% | -1.1% | +9.0% | +8% / +25% |
| CWENClearway Energy, Inc. | 7.3 bn | 72.6 | 1.8% | 6.4% | +4.2% | +10% / +56% |
| TXNMTXNM Energy, Inc. | 6.5 bn | 41.1 | 5.5% | 7.5% | +9.9% | +0% / +41% |
| BKHBlack Hills Corporation | 6.4 bn | 21.3 | 7.9% | 13.0% | +8.6% | +14% / +63% |
| ORAOrmat Technologies, Inc. | 5.8 bn | 46.3 | 5.0% | 10.7% | +12.5% | −16% / +40% |
| PORPortland General Electric Company | 5.5 bn | 19.7 | 6.6% | 7.7% | +4.0% | −9% / +12% |
| BEPCBrookfield Renewable Corporation | 5.4 bn | — | -501.4% | -62.9% | −10.0% | −24% / +19% |
| OKLOOklo Inc. | 4.1 bn | — | -7.7% | — | unavailable | −76% / +114% |
| AQNAlgonquin Power & Utilities Corp. | 3.4 bn | 25.6 | 3.9% | 7.4% | +4.9% | −8% / −8% |
1- and 3-year price returns: for CWEN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.49 Total return -40% · Per year -40% | 37.96 Total return 6% · Per year 6% | 57.13 Total return 60% · Per year 60% |
| 3 years | 21.61 Total return -39% · Per year -15% | 42.88 Total return 20% · Per year 6% | 70.76 Total return 98% · Per year 26% |
| 5 years | 21.74 Total return -39% · Per year -9% | 48.45 Total return 36% · Per year 6% | 87.64 Total return 145% · Per year 20% |
- Exit P/E± 10.72
- Net margin± 7.50
- Annual revenue growth± 6.06
- Annual dilution± 0.63
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Clearway Energy, Inc. is an energy infrastructure investor focused on clean energy assets in North America, with long-term contracts and a dividend policy based on distributing a significant part of its cash available for distribution. Its portfolio grew in 2026 through acquisitions and repowering, which makes the company relevant to investors following the US energy transition. Gross capacity reached 12.9 GW at the end of 2025 and 13.9 GW on June 30, 2026 12.
SWOT
Strengths
- A diversified portfolio of renewable and storage assets with long-term contracts and counterparties with good credit quality.
- A sponsor with its own development platform, which provides a pipeline of projects for growth.
- Operations in the United States, with no currency or repatriation exposure.
Weaknesses
- Dependence on the sponsor, which controls the company and can influence its strategic decisions.
- A high level of indebtedness that may limit the ability to finance new acquisitions.
- Revenue concentration on a few large customers, especially utilities in California.
Opportunities
- Repowering older wind farms could extend capacity and long-term contracts.
- Rising demand for energy and storage could support new utility contracts.
- Acquisitions of operating assets in the market could add capacity and stable revenues.
Threats
- Legislative changes to tax credits could reduce the attractiveness of new projects.
- Unfavorable weather conditions could reduce output and operating revenues.
- Competition for acquisitions from larger and better capitalized companies could push asset prices up.
Risks
- Dependence on the sponsorhigh
The sponsor controls the company and can appoint most board members, which could affect the independence of decisions.
- Counterparty riskhigh
If key customers fail to meet their obligations or cannot be replaced on similar terms, revenues could decline.
- Access to financingmedium
If financing costs rise or market conditions worsen, acquisitions and the dividend could be affected.
- Regulatory and policy riskmedium
Changes in energy and tax policy could alter the returns of new projects.
- Internal controlmedium
The company identified a material weakness in internal control related to HLBV accounting that could affect results if not remediated.
Investment thesis
What would need to be true (bull case)
- If the wind repowering projects are completed on schedule, the company could extend long-term revenues given its existing contracts.
- Diversified assets and long-term contracts could support predictable cash flows for the dividend policy.
- The sponsor's platform could provide a project pipeline that supports growth in the coming years.
What would break the thesis
- If acquisition prices rise, the returns on new assets could be lower than expected.
- Sponsor control and dependence on the sponsor could limit the company's strategic flexibility.
- Legislative changes to tax credits could reduce the attractiveness of future projects.
What to watch
- Completion of the Deriva Solar Portfolio acquisition and its effect on results2026
- Progress and commissioning of the Goat Mountain repowering2027
- Quarterly results on wind and solar output, including the Performance IndexQ4 2026
- Evolution of debt and financing costs after the 2026 notes issuancenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Clearway Energy, Inc., together with its consolidated subsidiaries, is a publicly traded investor focused on clean energy that owns modern, sustainable and long-term contracted assets in North America, sponsored by Clearway Energy Group LLC 1. The company was formed in Delaware in 2012 and controls Clearway Energy LLC, whose results it consolidates 1. As of December 31, 2025, its portfolio included approximately 10.1 GW of wind, solar and battery storage systems, plus approximately 2.8 GW of dispatchable combustion-based capacity, across 27 states 1.
The strategy focuses on assets with predictable cash flows, growth through investments and acquisitions in operating generation assets, and gradual dividend increases to Class A and Class C holders 1. The company intends to concentrate on North America to avoid currency and sovereign exposure, and relies on the sponsor's development platform for new projects, including wind repowering 1. Its financial policy aims at a balanced capital structure and minimizing interest rate and refinancing risks 1.
In 2026 the company completed the acquisition of the Cardinal Portfolio for net cash consideration of 322 mn USD, and at June 30, 2026 it had 13.9 GW of gross capacity 2. It also restructured long-term contracts at the Elbow Creek, Langford and Mesquite Sky wind facilities, each with a new 15-year PPA with a commercial or investment-grade counterparty 2.
Segments
Renewables & Storage
This segment includes wind, solar and BESS assets and generated most of the revenue in 2025, with operating revenues of 1,138 mn USD out of a total of 1,429 mn USD 1. Offtake agreements have a weighted average remaining duration of about 12 years, and the main customers are utilities and commercial users 12.
Flexible Generation
This segment comprises combustion-based generation assets that provide grid reliability services, including facilities in California, with a capacity of about 2.8 GW 12. It contributed 291 mn USD of operating revenues in 2025, and part of the capacity is contracted under RA agreements through 2029 1.
Market context
The company operates in renewable power generation and storage, where assets with long-term contracts provide relatively stable revenues. Public policies such as production and investment tax credits support development in the US, although 2025 legislation changed eligibility conditions for new projects 1. Electricity demand and the need for grid stability are factors that could support the company's activity over the medium term 1.
Growth through acquisitions and repowering shows that the market offers opportunities, but competition for assets is intense, and asset prices can be affected by capital market conditions 12.
Trends
- Changes to clean energy tax creditsmixed
The July 2025 legislation narrowed eligibility for some production and investment credits, which could reduce the attractiveness of new projects, although the company considers that the sponsor's pipeline through 2030 is not affected 1.
- Repowering of wind facilitiestailwind
Modernizing older wind farms such as Goat Mountain, Mt. Storm and Tuolumne can extend capacity and contracts, but requires additional capital and commissioning schedules 12.
- Weather conditionsmixed
Output depends on wind and solar resources, and the strong El Niño pattern in 2026 affected operating results in the third quarter, so production could vary from quarter to quarter 3.
- Cost of financingheadwind
Higher debt costs, such as the 5.75% notes issued in January 2026, could limit acquisition capacity and pressure the dividend 1.
Competitive position
The company competes with utilities and independent power producers, as well as with renewable developers that retain their plants, financial investors and other downstream power infrastructure owners 1. In acquisitions it sometimes faces much larger companies with greater resources that can pay more for assets 1.
Its advantage lies in the sponsor's development platform and in assets located in regional power markets, which could support winning new contracts 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report20 Oct 2026Results of operations · Financial statements and exhibits
- Current report07 Oct 2026Material agreement · Financial statements and exhibits
- Current report28 Sept 2026Material agreement · Financial statements and exhibits
- Current report08 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Aug 2026Material agreement · Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report16 Jul 2026Results of operations · Financial statements and exhibits
- Current report15 May 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report08 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Clearway Energy, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Clearway Energy, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Clearway Energy, Inc. · 20 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.