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Clearway Energy Clearway Energy , Inc. Reports First Quarter 2021 Financial Results May 6 , 2021 • Raised $ 925 million of corporate capital through the issuance of the 2031 " Green Bond " Senior Notes • Closed the acquisition of the 264 MW Mt. Storm wind project • Executed a multi - year , 100 MW Resource Adequacy agreement at Marsh Landing • Raising pro forma CAFD outlook • Increasing the quarterly dividend by 1.5 % to $ 0.329 per share in the second quarter of 2021 ; On track to achieve the upper end of 5-8 % annual growth target by year end PRINCETON , N.J. , May 06 , 2021 ( GLOBE NEWSWIRE ) -- Clearway Energy , Inc. ( NYSE : CWEN , CWEN.A ) today reported first quarter 2021 financial results , including a Net Loss of $ 76 million , Adjusted EBITDA of $ 198 million , Cash from Operating Activities of $ 47 million , and Cash Available for Distribution ( CAFD ) of $ ( 15 ) million . " Clearway continues to execute on its business objectives through balance sheet optimization , new project execution , and by advancing efforts to commercialize the Company's California natural gas portfolio for post contract periods , " said Christopher Sotos , Clearway Energy , Inc.'s President and Chief Executive Officer . " In March , Clearway raised $ 925 million in new Green Bonds due in 2031 at an attractive cost which lowered the Company's cash interest costs by refinancing the $ 600 million 2025 Senior Notes while also providing additional permanent capital to fund growth . The Company has now closed the previously announced acquisition of the 264 MW Mt. Storm wind project located in West Virginia , providing further geographic diversification to the Company . Lastly , we are pleased to announce the execution of a seven - and - a - half year Resource Adequacy agreement at Marsh Landing for 100 MW at a price that would maintain project level CAFD at the end of the existing contract if applied to the full capacity of the plant . " " Due to the reduced interest expense related to the refinancing of the 2025 Senior Notes , we are also pleased to announce an increase in the Company's pro forma CAFD outlook to $ 395 million which further positions Clearway for sustained long term dividend growth . " Adjusted EBITDA and Cash Available for Distribution used in this press release are non - GAAP measures and are explained in greater detail under " Non - GAAP Financial Information " below . Overview of Financial and Operating Results Segment Results Table 1 : Net ( Loss ) / Income ( $ millions ) Segment Conventional Renewables Thermal Corporate Net ( Loss ) / Income Three Months Ended 3/31/21 3/31/20 33 18 ( 56 ) ( 114 ) 4 2 ( 57 ) ( 13 ) ( 76 ) ( 107 ) Table 2 : Adjusted EBITDA ( $ millions ) Segment Conventional Renewables Thermal Corporate Adjusted EBITDA Table 3 : Cash from Operating Activities and Cash Available for Distribution ( CAFD ) Three Months Ended 3/31/21 3/31/20 87 90 103 126 17 17 ( 9 ) ( 8 ) $ 198 $ 225 ( $ millions ) Cash from Operating Activities Cash Available for Distribution ( CAFD ) 1 Three Months Ended 3/31/21 3/31/20 $ $ 47 $ ( 15 ) $ 84 8 For the first quarter of 2021 , the Company reported a Net Loss of $ 76 million , Adjusted EBITDA of $ 198 million , Cash from Operating Activities of $ 47 million , and CAFD of $ ( 15 ) million . Net Loss decreased versus the first quarter of 2020 primarily due to the non - cash change in the fair value of interest rate swaps . First quarter Adjusted EBITDA results were lower than 2020 primarily due to the impact from the previously disclosed February 2021 Texas winter event . Due to the consolidation of certain projects in the company's financial statements , Adjusted EBITDA also reflects the financial impact of the Texas winter event attributable to third party equity investors . The impact of the Texas winter event was partially offset by the contribution of growth investments , including the acquisition of the 35 % interest in Agua Caliente , and strong production at renewable projects on the West coast of