Clearway Energy

Phase A — Understand the business

Lens 1 · Company Overview

Clearway Energy, Inc. is a publicly-traded clean-energy yieldco — an owner (not primarily a developer) of long-term-contracted renewable and gas generation, structured to pay out the bulk of its cash flow as a growing dividend. It was incorporated in Delaware on 2012-12-20 and spun out of NRG; it is sponsored by Clearway Energy Group LLC (CEG).

What it actually owns (FY2025 10-K): "approximately 12.9 GW of gross capacity in 27 states, including approximately 10.1 GW of wind, solar and battery energy storage systems (BESS), and approximately 2.8 GW of dispatchable combustion-based power generation" in the Flexible Generation segment. 98% of 2025 generation was renewable + storage. The weighted-average remaining contract duration of the Renewables & Storage offtake is ~12 years based on CAFD. By Q1-2026 the portfolio had grown to ~13.6 GW gross / 10.8 GW renewables+BESS after the Cardinal acquisition and drop-downs.

Business model in plain terms: CWEN buys operating power plants — mostly from its own sponsor's development pipeline ("drop-downs"), occasionally from third parties — that sell their output under long-dated PPAs to utilities, corporates, and increasingly hyperscalers. The PPAs convert volatile power into a bond-like cash-flow stream. CWEN funds those purchases with a mix of project-level debt, tax-equity partnerships (the dominant funding source — see the cash flow), and modest common equity, then distributes most of the resulting cash available for distribution (CAFD) as a quarterly dividend it aims to grow 5-8%/yr.

Customers / suppliers / competitors. customers.csv is empty; from the filing and web: offtakers are investor-grade utilities and, on the new vintage, Google (Swan Solar + Catamount Wind, both 20-year PPAs, tax-credit-qualified, ~2028 COD). Suppliers are turbine/panel/battery OEMs sourced largely through CEG's procurement. Competitors: Brookfield Renewable (BEP), the former NextEra Energy Partners now XPLR Infrastructure (XIFR), Atlantica (AY), Ormat (ORA), plus utility IPP arms.

Contract structure — the key terms: long-term (12-yr WA) PPAs = recurring + capacity-style cash flows, not take-or-pay commodity exposure. The structural feature that defines the equity is the sponsor relationship + tax-equity stack, not customer concentration.

Lens 2 · Supply Chain

Map, every named stakeholder upstream → CWEN → end customer:

• Capital / development upstream (the real "supply chain" for a yieldco):
• Clearway Energy Group LLC (CEG) — the sponsor and development engine. Holds all Class B + Class D shares (~42% economic interest) and feeds CWEN its drop-down pipeline.
• Global Infrastructure Partners (GIP) — now owned by BlackRock (BlackRock closed the GIP acquisition in 2024) and TotalEnergies SE — jointly control CEG 50/50 since TotalEnergies bought half of GIP's stake on 2022-09-12 for ~$1.6B. So the public yieldco sits atop a sponsor controlled by BlackRock + TotalEnergies — a deep, motivated, investment-grade capital backstop. BlackRock entities report beneficial ownership of 41.5% of Class C common (the public float class) via the GIP/CEG chain.
• Tax-equity investors — the dominant cash supplier: FY2025 financing brought $1,124M of contributions from noncontrolling interests (tax-equity + co-investors), vs $1,493M in 2024 and $1,028M in 2023. This is how CWEN funds growth without heavy common dilution.
• Physical upstream: turbine OEMs (wind repowerings — Goat Mountain, Mt. Storm, San Juan Mesa, Tuolumne), solar-panel suppliers (Cardinal/Deriva 610-613 MW), and battery cell/integrator suppliers (Honeycomb 320 MW BESS, Spindle 199 MW, Rosamond South II 92 MW).
• CWEN itself: operator/owner; "sole managing member of Clearway Energy LLC," consolidating its subsidiaries.
• End customers (downstream): investor-owned utilities, community-choice aggregators, and hyperscalers (Google named) taking 15-25-year PPAs.

Chokepoints / single-source dependencies:

1. The sponsor is the chokepoint. Growth depends on CEG continuing to drop assets down at accretive prices. CEG is controlled by BlackRock + Total — aligned, but a related party (conflict-of-interest risk; see Lens 9/13).
2. Tax equity is a single point of failure. The OBBBA tax-credit phase-out (Lens 10/12/13) directly shrinks the tax-equity pool that funds new assets.
3. Interconnection queues + OEM lead times gate the repowering pipeline.

Lens 3 · Competitive Advantages (moats)

• Contracted-cash-flow durability (real, moderate moat). A ~12-year WA contract book across 27 states and ~13.6 GW is genuinely hard to replicate and produces bond-like cash flows. Diversification across geography + technology (wind/solar/BESS/gas) smooths resource risk — the 2022 "weak wind" year showed the failure mode and why diversification matters.
• Sponsor pipeline + cost of capital (the swing factor, not a durable moat). CEG's development pipeline was described as ~3.6x the size of the current portfolio, and the BlackRock/Total backstop gives CWEN privileged access to drop-downs and co-investment. BUT this "moat" is entirely conditional on CWEN's own cost of capital — a yieldco only grows accretively when its stock yield < the asset's unlevered return. When rates rose in 2022-23, that spread inverted and the model stalled. This is a moat that evaporates exactly when you need it.
• Tax-advantaged structure. The Up-C / tax-equity structure lets CWEN monetize PTC/ITC efficiently — a structural edge that OBBBA is actively eroding (Lens 10).
• Bargaining power: weak over OEMs and tax-equity providers (price-takers on both); moderate over offtakers given long contracts already signed; the hyperscaler PPAs (Google) actually improve counterparty quality vs legacy utility offtake.

Verdict on moat: a durable income moat (the existing contract book) wrapped around a fragile growth moat (sponsor + cost of capital). Bulls conflate the two.

Lens 4 · Segments

Two reportable segments (renamed in 2024: "Conventional" → Flexible Generation; "Renewables" → Renewables & Storage) + Corporate.

Trend + cause: Renewables & Storage is the growth engine (+10.6%, and +18.8% group revenue in Q1-2026 to $354M as Cardinal/drop-downs consolidate). Flexible Generation (gas) is in managed decline (−14.9%) as legacy capacity contracts roll off — though management restructured the Mesquite Sky contract and signed a new 15-year PPA with an investment-grade hyperscaler on the flexible fleet. The segment net-income optics are misleading: R&S shows a $(60)M net "loss" while generating $1,138M revenue because tax-equity partners absorb the depreciation/HLBV losses — the segment is cash-generative; GAAP segment income is an allocation artifact (see Lens 5/10). Geographic detail beyond "27 states" is not broken out numerically in the converted filing — n/a at the state level.

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Phase B — Measure performance

Lens 5 · Earnings Result (latest print: Q1-2026, filed 2026-05-08)

The headline GAAP number is noise; read CAFD. Q1-2026:

• Total operating revenues $354M vs $298M Q1-2025 = +18.8% YoY; beat consensus by ~$13M.
• Operating income $20M (vs $0 prior-year quarter); the gain came mostly from revenue growth outpacing the +$19M D&A step-up from newly consolidated assets.
• Interest expense $101M (vs $116M) — down YoY as derivative interest rolled off.
• Net Loss $(68)M; but Net Loss Attributable to Clearway $(163)M, EPS $(1.35) vs $(0.02) a year ago.

Critical interpretation — the EPS swing is an accounting artifact, not a deterioration. The $(163)M attributable loss is driven by the +$95M of net income allocated to noncontrolling interests in Q1-2026 (vs −$101M allocated to NCI in Q1-2025) under HLBV (hypothetical-liquidation-at-book-value) accounting for tax-equity partnerships. HLBV reallocates GAAP income between tax-equity partners and CWEN based on hypothetical liquidation, producing violent, non-cash, non-predictive quarterly swings. Quarterly GAAP EPS for this name is uninformative — CAFD is the metric.

The cash metrics that matter (Q1-2026):

• Adjusted EBITDA $257M
• Cash from operations $401M
• CAFD $70M
• Renewables & Storage generation 4,827 GWh vs 4,481 GWh (+8%) — a clean volume beat, the real operational tell.
• Liquidity $1,229M.

Guidance / tone: Reaffirmed FY2026 CAFD $470-510M; reaffirmed 2027 CAFD/share target ≥ $2.70; "confident to achieve the top end or better" of the 2030 target of $2.90-3.10/share; raised the growth-investment outlook to $3B of corporate capital 2026-2029 (+20%). Tone = confident, growth-forward, leaning into the data-center upside as incremental.

Balance-sheet flags (FY2025 10-K): Total debt $8,606M ($708M current + $7,898M long-term); cash $231M + restricted $587M; total assets $16,655M; equity $5,811M of which $3,887M is NCI. By Q1-2026 long-term debt rose to $8,504M and total assets to $16,931M as Cardinal closed. Interest paid FY2025 $348M. This is a highly levered structure (see Lens 10 for the leverage ratio).

Market reaction: Stock at $35.18 (2026-06-29), −4.56% on the day, market cap ~$8.29B. The "mixed" framing (EPS miss / revenue beat) reflects the market correctly looking past GAAP EPS to CAFD and guidance.

Lens 6 · Earnings Calls (sentiment trend)

No transcripts on the shelf (transcripts=0); sourced from web recaps of the last several quarters.

What management is focused on (and the tonal arc):

• 2024 → 2025: narrative shifted from "stabilize after the rate shock / weak-wind 2022" to growth re-acceleration — drop-downs resuming, dividend raised at the top end of the 5-8% range, 2027 CAFD/share target set.
• Late-2025 → Q1-2026: the dominant new theme is data-center / hyperscaler demand as incremental upside — Google PPAs (Swan Solar, Catamount Wind), CEG's 1.2 GW Google deal, plus a flexible-fleet hyperscaler PPA. Management is careful to frame DC as upside on top of the base plan, not baked into guidance.
• Recurring phrases: "accretive growth," "5-8%+ CAFD per share," "sponsor-enabled," "repowering," "win-win outcomes... current pricing and policy environment" (the last is the careful hedge on OBBBA tax-credit risk).
• What they stopped saying: the defensive 2022-23 language about "balance-sheet flexibility from the Thermal sale" has been replaced by offense ($3B deployment plan). They are notably not leading with a single-share-class governance pitch on calls even as they pursue the vote (Lens 9).

Net sentiment trend: steadily more confident, growth-forward — but with a visible, deliberate policy hedge that did not exist two years ago.

Lens 7 · Comps

Peer set: U.S./global contracted-renewable owners + yieldcos.

CWEN EV/EBITDA derivation: EV ≈ equity ($8.29B) + total debt ($8.6B ) − cash ($0.23B) + NCI ($3.9B, debatable inclusion) ≈ $16.7B incl. NCI, or ~$12.9B ex-NCI. Against ~$1.15B run-rate Adjusted EBITDA, that is ~14.5x incl-NCI / ~11.2x ex-NCI — i.e. roughly in line with the sector median, well above BEP's 5.2x, well below NEE's 18.3x. Treat as a band, not a point; the NCI treatment swings it ±3 turns. Do not over-read a single EV/EBITDA on a tax-equity-heavy yieldco — it is the least reliable lens here.

Better lens for this name: yield + CAFD/share. 4.8% current yield growing ~6-7%/yr (DPS $1.54→$1.65→$1.77, +6.7% in Q1-2026 ) vs AY ~8.1% (no growth) and XIFR (zero). CWEN sits in the middle: lower yield than the distressed names, but with credible growth the distressed names have abandoned.

Lens 8 · Stock-Price Catalysts (last ~5 years, moves the tape actually reacts to)

• 2020-2021 — yieldco bull market. Low rates → high multiples for contracted cash flows; CWEN rode the renewable-policy/low-rate tailwind.
• 2022 (Thermal sale, ~$750M excess proceeds) — positive, structural. Gave "unprecedented financial flexibility" — a balance-sheet catalyst, not an earnings one.
• Late-2022 → 2023 — the rate shock, the defining drawdown. ~20%+ decline from Nov-2022 on higher rates + weak Q4-2022 wind + a gas-fleet forced outage. The clearest lesson: this stock trades on the 10-year yield and its cost-of-capital spread far more than on quarterly operations.
• Jan-2025 — the XPLR/NEP distribution suspension (sector contagion). When the #1 peer blew up its distribution and fell 35%, it re-rated the entire yieldco complex's risk premium — a read-through catalyst for CWEN even though CWEN's own model held.
• 2025-2026 — drop-down re-acceleration + Google/hyperscaler PPAs + $3B plan + single-share-class proposal. Positive idiosyncratic catalysts; the data-center narrative is the new multiple-support story.
• July 2025 → mid-2026 — OBBBA tax-credit overhang. A policy catalyst with a hard date (see Lens 10/12).

Pattern the market reacts to (ranked): (1) interest rates / cost-of-capital spread — dominant; (2) distribution safety / sector contagion; (3) drop-down accretion + sponsor signaling; (4) policy (tax credits); (5) earnings, a distant fifth — because GAAP EPS is HLBV noise. This is a rates-and-trust stock, not an earnings stock.

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Phase C — Judge people & books

Lens 9 · Management

• CEO: Craig Cornelius — President & CEO of CWEN since July 2024; CEO of sponsor CEG since the 2018 NRG spin-out; also sits on Sunrun's board. A renewable-development operator (NRG/CEG pedigree), not a financial-engineer parachuted in — the right archetype for an asset-owner that lives or dies on pipeline execution.
• Track record: built/scaled CEG's development platform into a ~3.6x-portfolio pipeline; navigated the 2022-23 rate shock without cutting the dividend (the key contrast with XPLR) and resumed top-end-of-range dividend growth. Quantified delivery: DPS $1.54→$1.65→$1.77 (2023→2025), CAFD targets reaffirmed through 2030.
• Tenure & skin in the game: management's incentives are aligned through CEG; insider-transactions.csv absent so direct insider % is n/a. The dominant alignment fact is sponsor ownership: CEG ~42% economic via Class B/D; BlackRock-reported 41.5% of Class C through the GIP chain.
• Capital-allocation history: disciplined-but-financialized — fund growth predominantly with tax equity + project debt (NCI contributions $1.0-1.5B/yr) rather than dilutive common equity, monetize via drop-downs, distribute CAFD. Sold the Thermal business (2022) for flexibility. The risk is not value-destruction; it is dependence on accretive drop-down math that only works at a low cost of capital. ROE/ROIC is not meaningfully computable from GAAP here (NCI-distorted) — n/a.
• Governance / red flags:
• Related-party drop-downs. Buying assets from your controlling sponsor (CEG/BlackRock/Total) is a structural conflict — independent-director review exists but the related-party channel is the whole growth engine.
• Multi-class control. Four share classes; B/D (sponsor) carry control. CWEN is seeking a shareholder vote (announced March 2026) to convert to a single share class — a genuine governance-improvement catalyst if it passes, simplifying control and potentially broadening the investor base.
• HLBV restatement-adjacent revision (see Lens 10) — a controls item, though immaterial to cash.
• Founder vs professional manager: Cornelius is a builder-operator running a sponsor-controlled vehicle — closer to "professional manager inside a PE/strategic-controlled structure." Implication: execution is competent and aligned, but minority public holders are passengers in a vehicle steered by BlackRock + TotalEnergies.

Lens 10 · Forensic Red Flags

Forensic-analyst lens. The accounting risks here are unusual because the structure (Up-C + tax-equity partnerships + HLBV) is inherently complex.

• HLBV income allocation = the #1 accounting-quality item. Net income/(loss) is split between CWEN and tax-equity NCIs via HLBV, producing the violent quarterly swings (Q1-2026 +$95M to NCI; FY2025 −$400M to NCI driving the $(231)M consolidated loss into a +$169M attributable profit). Not a fraud flag — it is GAAP for these structures — but it makes GAAP earnings near-useless and demands CAFD-based analysis.
• Disclosed revision of prior unaudited financials (controls flag, immaterial to cash). In Q4-2025 management identified errors in the HLBV calculations allocating income to NCIs in Q1, Q2, and Q3 2025. Per the filing: the corrections "had no impact on the Company's consolidated net income (loss) or its consolidated statements of cash flows" — only the geography between NCI and attributable income shifted (e.g. Q3-2025 EPS revised $2.00 → $1.97; 9-month $2.32 → $2.20). Assessment: a real internal-control deficiency in a hard-to-model area, but quantitatively immaterial and cash-neutral — watch for whether it recurs or escalates to a material-weakness disclosure, not a thesis-breaker today.
• Earnings vs cash divergence: FY2025 net loss $(231)M but CFO +$688M — the divergence is fully explained by $682M D&A + the HLBV/NCI mechanics, i.e. expected, not a quality alarm. Distributions paid $358M < CFO $688M — dividend covered by operating cash.
• Leverage / refinancing risk (the genuine balance-sheet flag). Total debt $8.6B on $1.15B run-rate Adj. EBITDA ≈ ~5.5x corporate-plus-project leverage, plus $796M long-term lease liabilities and $103M redeemable NCI. $708M of debt is current; refinancing it at higher rates is the live risk. Restricted cash $587M (project-level cash sweeps) limits corporate flexibility.
• Intangibles: $2,294M PPA intangibles + amortizing — no impairment in FY2025 ($0 vs $12M in 2023); amortization $187M/yr is steady. Low goodwill-impairment risk vs an acquisitive industrial.
• SBC: small (G&A only $41M total FY2025) — non-GAAP is not materially flattered by stock comp. Clean here.

Regulatory findings:

• SEC Litigation Releases: none naming Clearway Energy in 2021-06-30 → 2026-06-30 (EDGAR EFTS LR search).
• SEC AAERs: none in the period.
• Non-SEC enforcement (web): no material FTC/DOJ/FDA/CFPB consent decree, settlement, fine, or penalty surfaced for Clearway Energy in the search — none found.
• Item 3 Legal Proceedings (10-K): the FY2025 10-K discloses ordinary-course litigation/regulatory matters typical of a multi-state generator; no single matter flagged as a material money-judgment threat in the converted text. Note: the XPLR/NEP class actions are against the peer, not CWEN.
• Conclusion: No material regulatory or enforcement findings — verified via SEC EDGAR EFTS (LR, AAER), web search, and 10-K Item 3 as of 2026-06-30. The only book-quality item of note is the immaterial, cash-neutral HLBV revision above.

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Phase D — Project & stress-test

Lens 11 · Forward Projection — CAFD/share, not EPS

For a yieldco, GAAP EPS projection is meaningless (HLBV). The right forward metric is CAFD and CAFD/share, which is what management guides and what the dividend is paid from. Years run from current FY forward (FY2026 → FY2028).

Anchor actuals/guidance: FY2026 CAFD guidance $470-510M (midpoint $490M); 2027 CAFD/share target ≥ $2.70; 2030 target $2.90-3.10/share; DPS run-rate ~$1.84 annualized ($0.4602 × 4) growing 5-8%.

The base case is essentially "management hits its own reaffirmed numbers." The variance is almost entirely a cost-of-capital + policy function, not an operational one — the assets generate; the question is whether new assets can be added accretively.

No forecast.ts create run (watchlist mode — per SKILL, skip the Brier log in the sweep). If promoted to a thesis, the loggable binary is: "CWEN FY2027 CAFD/share ≥ $2.70" — management's own bar.

Lens 12 · Bull vs Bear

Bull case. CWEN is a ~13.6 GW, ~12-year-contracted, geographically diversified clean-power portfolio throwing off a safe, covered 4.8% yield growing 5-8% — backed by the deepest possible sponsor in BlackRock + TotalEnergies, with a pipeline 3.6x its size and a raised $3B/2026-29 growth plan. It did not cut its distribution through the 2022-23 rate shock when its #1 peer (XPLR) blew theirs up — proof the model and balance sheet are more conservatively run. The data-center demand wave (Google PPAs already signed, hyperscaler interest on both renewable and flexible fleets) is a genuine, under-modeled call option on accelerating contracted growth. The single-share-class conversion could re-rate the equity by simplifying governance and widening the holder base. If rates fall, the cost-of-capital spread re-opens and the drop-down machine compounds.

Bear case (permanent-impairment candidates).

1. Cost-of-capital trap. The growth model requires CWEN's yield to stay below incremental asset returns. If rates stay elevated, accretive drop-downs stop, growth flatlines, and a no-growth yieldco gets re-rated to an 7-8% yield (à la Atlantica) — meaningful downside from $35 even with the dividend intact. This is structural, not cyclical.
2. OBBBA tax-credit cliff. Post-July-4-2025 law eliminates wind/solar credits for projects placed in service after 2027 unless construction begins by July 4, 2026. This shrinks the tax-equity pool that funds CWEN's growth and raises the cost of every future asset. FEOC restrictions add complexity given a French (TotalEnergies) controlling owner — a potential "foreign-influenced entity" wrinkle worth diligencing.
3. Sponsor-conflict / minority-passenger risk. Drop-down pricing is a related-party negotiation with the controlling owner; minority holders rely on the structure being fair.

Pre-mortem (it's late 2027, the thesis broke — what happened?): The 10-year stayed above ~4.5%, the cost-of-capital spread never re-opened, drop-downs slowed to a trickle, OBBBA's begin-construction cliff stranded part of the repowering pipeline, tax-equity got scarcer/pricier, and the data-center PPAs that were "upside" got pushed to 2029+. CAFD/share growth fell to ~3%, the market re-rated CWEN to a ~7% no-growth yield, and the stock drifted to the high-$20s while the dividend stayed safe but stopped growing. Nothing fraudulent — just the yieldco model doing what it does when capital is expensive.

Are multiples too high? Roughly fair (sector-median EV/EBITDA band; 4.8% yield is reasonable for the growth profile). The market is pricing CWEN as a growth yieldco; the bear case is that it's a no-growth yieldco that hasn't been re-rated yet.

Contrarian view (what the market refuses to see): The consensus treats the data-center/AI-power narrative as the bull driver and is under-weighting that CWEN's fate is overwhelmingly a function of the 10-year yield and the OBBBA construction-start cliff — two macro/policy variables that have nothing to do with how much power Google wants. The Google PPAs are real but they're a rounding error against a 5.5x-levered balance sheet that re-rates on rates. Buy CWEN for the safe, growing income; do not buy it as an AI-power growth story — that's the wrong frame and the source of the eventual disappointment.

Lens 13 · Devil's Advocate (short-seller)

Dismantling the bull case.

• What structurally breaks the money machine: the cost-of-capital spread inverting. A yieldco is a spread business — borrow/issue at X, buy assets yielding Y, distribute Y−X. When X rises (rates) or the equity yield rises (stock falls), Y−X compresses to zero and the entire growth thesis — which is the whole reason to pay 13-15x — disappears. 2022-23 was the live-fire demonstration.
• Revenue concentration / the shift that hurts: less customer concentration than sponsor concentration. CEG (BlackRock/Total) is the funnel for ~all growth — if the sponsor's own economics deteriorate (Total's renewable strategy shifts, BlackRock reprices infra return hurdles), the drop-down spigot narrows and CWEN's growth premium is unfounded.
• Why the moat is weaker than bulls think: the "12-year contracts" moat protects existing cash flow (fine) but says nothing about growth, which is what the multiple capitalizes. The growth moat (sponsor + cheap capital) is the most cyclical, least durable thing about the company.
• Most dangerous competitor bulls underestimate: not a competitor — it's the risk-free rate and OBBBA. Secondarily, XPLR's own pivot: a de-levering, distribution-suspended XIFR that retains cash to self-fund could end up out-growing CWEN by 2028 without needing accretive equity at all — exposing that CWEN's distribute-everything model is the structurally inferior design in a high-rate world.
• Worst capital-allocation / accounting concerns: the HLBV revision (control deficiency in income allocation, even if cash-neutral) and the related-party drop-down channel (self-dealing optics). Neither is fatal; both are exactly what a short deck would lead with.
• Assumptions that must hold for $35: (1) rates ease / spread re-opens; (2) OBBBA begin-construction safe-harbor is met across the pipeline; (3) tax equity stays available and affordable; (4) sponsor keeps dropping assets at accretive prices; (5) DC PPAs are upside, downside is floored by the contract book.
• Valuation if growth disappoints 20-30%: if CAFD/share growth falls from ~6% to ~3-4% and the market re-rates to a ~7% no-growth yield on ~$1.90 DPS → ~$27 = ~23% downside, with the 4.8% dividend cushioning total return to roughly flat. The dividend protects you; the multiple does not.
• Single scenario that permanently impairs the business: a sustained high-rate regime combined with OBBBA stranding a chunk of the repowering/development pipeline — turning a growth yieldco into a slowly-shrinking, ex-growth income vehicle. Plausibility: moderate-and-rising given the July-2026 construction cliff is days away as of this writing.

Lens 14 · Management Questions (ordered by information value)

1. With the OBBBA begin-construction safe harbor expiring July 4, 2026, exactly how many GW and which named projects in the 2026-29 plan have already met "begin construction," and how much of the $3B plan is at risk if pending IRS begin-construction guidance tightens?
2. Given TotalEnergies' controlling interest, have you obtained a definitive view on whether CWEN or its tax-equity partnerships are a "foreign-influenced entity" under OBBBA's FEOC rules — and could that disqualify any credits?
3. At today's stock price and cost of debt, what unlevered asset return do drop-downs need to clear to be CAFD/share-accretive, and are the assets in the current pipeline above or below that line today?
4. What is the all-in incremental cost of tax equity now vs 12 months ago, and how does OBBBA change the size and pricing of the tax-equity market you depend on?
5. Walk through the HLBV revision: what specifically failed in the Q1-Q3 2025 calculation, what remediation is in place, and can you commit it will not escalate to a material-weakness finding?
6. What is the realistic, contracted CAFD contribution from the Google/hyperscaler PPAs by year (2027/2028/2029), separating signed-and-funded from pipeline?
7. If rates stay at current levels through 2027, what is your honest CAFD/share growth rate — and at what point would you pivot toward XPLR-style cash retention over distribution growth?
8. How much of the $708M current debt maturity will be refinanced, at what expected rate, and what is corporate (non-project) leverage ex-NCI?
9. What does the single-share-class conversion change economically for minority holders, and what governance protections on related-party drop-downs survive it?
10. How are drop-down prices set with CEG, what is the independent-director process, and can you show a recent drop-down's price vs a third-party benchmark?
11. The Flexible Generation (gas) fleet is shrinking — is the plan to wind it down, recontract it (as with Mesquite Sky), or grow it for grid-reliability/data-center firming revenue?
12. What is maintenance vs growth capex within the guided figures, and how should we think about long-run repowering capex intensity as the wind fleet ages?
13. What is the refinancing wall beyond 2026, and how much of the project debt is floating vs hedged?
14. Under what dividend-coverage ratio (CAFD/distributions) would the board reconsider the 5-8% growth commitment?
15. If BlackRock or TotalEnergies decided to exit or restructure their CEG stake, what would that mean for the drop-down pipeline and CWEN's growth algorithm?

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