Clearway Energy (CWEN) investor relations material

Strategic outlook and growth targets

• Confident in achieving and potentially exceeding 2026 and 2027 guidance, with a clear path to 2030 goals.

• Commercialized nearly all projects planned through 2027 and a majority through 2028, with late-stage development for 2029 underway.

• Targeting sustainable 8%+ annual growth, supported by a robust pipeline and repeatable cadence of multi-GW project construction.

• Recent Google partnership enables significant investments in 2028, supporting CAFD growth through decade's end.

• Capital allocation and growth model aims for 10.5%+ CAFD yields and $3.10 CAFD/share by 2030.

Industry trends and customer relationships

• Large-scale, long-term contracts with hyperscalers like Google are becoming the new norm, reflecting the growing scale and sophistication of customer needs.

• Projects are geographically diverse and designed to enhance grid reliability and support local load growth.

• Collaborative relationships with hyperscalers allow for tailored development pipelines and predictable capital planning.

• Expect continued proliferation of both front-of-the-meter and behind-the-meter resources, including complex, co-located generation assets.

• Majority of new contracts for data centers remain front-of-the-meter, with increasing focus on co-located generation.

Technology and asset mix

• Maintains an all-of-the-above approach, integrating wind, solar, battery, and gas assets to deliver reliable, long-term contracted cash flows.

• Gas assets remain a core part of the portfolio, providing essential reliability and complementing renewables and storage.

• Typical project mix targets 70% renewable generation and 30% from batteries and gas for optimal cost and reliability.

• Battery storage is a standout performer, offering high reliability, predictable cash flows, and strong grid support.

• Domestic supply chains for batteries and solar are prioritized, with ongoing investment in U.S.-made components.