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Clearway Energy Clearway Energy , Inc. Reports Second Quarter 2021 Financial Results August 3 , 2021 • 2Q21 results in - line with seasonal expectations • Committed investments with 2H21 COD targets remain on track for closing by year end • Maintaining 2021 CAFD guidance and pro forma CAFD outlook • Increasing the quarterly dividend by 1.7 % to $ 0.3345 per share in the third quarter of 2021 ; On track to achieve the upper end of 5-8 % annual growth target by year end -- PRINCETON , N.J. , Aug. 03 , 2021 ( GLOBE NEWSWIRE ) Clearway Energy , Inc. ( NYSE : CWEN , CWEN.A ) today reported second quarter 2021 financial results , including Net Income of $ 32 million , Adjusted EBITDA of $ 365 million , Cash from Operating Activities of $ 194 million , and Cash Available for Distribution ( CAFD ) of $ 155 million . " Clearway's near - term outlook remains on track as the Company's diversified platform delivered second quarter financial results in - line with seasonal expectations . Additionally , our sponsor , Clearway Group remains on target to have the remaining 2021 construction projects achieve COD by the end of the year , " said Christopher Sotos , Clearway Energy , Inc.'s President and Chief Executive Officer . " In regard to the Company's long - term outlook , we continue to focus on the re - contracting of the California natural gas assets with further progress expected in the third quarter . We also continue to partner with our sponsor on setting the foundation for future growth investments and are pleased to see further advancement on the next co - investment opportunity of an over 1 GW portfolio of wind and solar projects as well as an expansion in its renewable development pipeline by over 6 GW since last quarter . Clearway continues to be well positioned to achieve its 5 % to 8 % annual dividend growth objective over the long - term . " 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 Income / ( Loss ) ( $ millions ) Segment Conventional Renewables Thermal Corporate Net Income / ( Loss ) Three Months Ended 6/30/21 6/30/20 Six Months Ended 6/30/21 6/30/20 40 31 27 54 73 ( 29 ) 49 ( 60 ) 6 1 10 3 ( 41 ) ( 10 ) ( 98 ) ( 23 ) $ 32 $ 76 $ ( 44 ) $ ( 31 ) Table 2 : Adjusted EBITDA ( $ millions ) Segment Conventional Renewables Three Months Ended 6/30/21 96 257 6/30/20 Six Months Ended 6/30/21 6/30/20 96 183 186 214 360 340 Thermal 19 12 36 29 Corporate ( 7 ) ( 6 ) ( 16 ) ( 14 ) Adjusted EBITDA $ 365 $ 316 $ 563 $ 541 Table 3 : Cash from Operating Activities and Cash Available for Distribution ( CAFD ) ( $ millions ) Cash from Operating Activities Cash Available for Distribution ( CAFD ) 1 Three Months Ended 6/30/21 6/30/20 Six Months Ended 6/30/21 6/30/20 $ 194 $ 100 $ 241 $ 184 $ 155 $ 86 $ 140 $ 94 For the second quarter of 2021 , the Company reported Net Income of $ 32 million , Adjusted EBITDA of $ 365 million , Cash from Operating Activities of $ 194 million , and CAFD of $ 155 million . Net Income decreased versus the second quarter of 2020 primarily due to the one - time gain from the divestiture of the Company's residential solar portfolio in the second quarter of 2020. Adjusted EBITDA results in the second quarter of 2021 were higher than 2020 primarily due to the contribution from growth investments , improved renewable energy conditions primarily on the west coast versus last year , and higher volumetric sales at the Thermal segment . In the second quarter of 2021 , CAFD results were higher than 2020 primarily due to the Adjusted EBITDA results and the timing of corporate interest payments from the March 2021 refinancing of the 2025 Senior Notes and issuance of 2031 Senior Notes . COVID - 19 Update