Clearway Energy sees renewable sales rise 31%, while sale of thermal business provides massive cash injection

Generation of its renewables division was up 31% during Q2 2022, to 4,416MWh, compared to Q1 2021. Image: Clearway Energy Group.

Clearway Energy’s sale of its thermal business to investment firm KKR during Q2 netted proceeds of US$1.29 billion, and saw its net income skyrocket from the US$32 million it recorded in Q2 2021.

The company’s Q2 financial results revealed that is sold 4,416MWh of renewable generation in Q2 2022, which was up 31% on the 3,370MWh sold in Q2 2021, while its H1 2021 performance was also up on the same period for the previous year.

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Moreover, energy major TotalEnergies deal to acquire a 50% interest in Clearway’s sponsor from Global Infrastructure Partners and could grant Clearway a right of first offer for US onshore assets, according to a ROTH Capital Partners note.

Clearway has reiterated its guidance for the year with cash available for distribution (CAFD) of US$365 million, while the passing of the Inflation Reduction Act (IRA) could bolster opportunities for Clearway Energy, according ROTH Capital .

The investment bank is “incrementally more confident” of Clearway’s ability to deliver at the upper end of its 5 to 8% dividend per share (DPS) growth target through 2026.

Meanwhile, the company delivered “healthy” results during Q2 2022, with a net income of US$1,149 million of which US$83 million comes from its renewables division, up from US$32 million and US$27 million, respectively, in Q2 2021.

The strong performance from the renewables division partially offset power outages from Clearway’s conventional segment which lowered its revenues for Q2 2022 to US$368 million, down US$12 million year-on-year.

Christopher Sotos, president and CEO at Clearway Energy, said: “With the binding agreement to acquire the Capistrano wind portfolio, the Company has now committed to, or has line of sight on, the future deployment of over 55% of the $750 million of excess proceeds from the Thermal sale and remains on track to achieve its long-term growth objectives, including the ability to deliver at the upper range of its dividend growth target through 2026.”

Last June, Clearway was one of four US solar companies to form a consortium, the US Solar Buyer Consortium, which pledged US$6 billion to buy up to 7GW of modules per year from domestic solar manufacturers.

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