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Clearway Energy Clearway Energy , Inc. Reports Third Quarter 2021 Financial Results November 4 , 2021 • Signed binding agreement with KKR to sell Clearway's Thermal Business for $ 1.9 billion • Entered into new Resource Adequacy contracts for Marsh Landing and Walnut Creek ; now approximately 80 % and 100 % contracted , respectively , through 2026 • Executed agreement to acquire the remaining 50 % interest in the 530 MW Utah Solar Portfolio • Committed drop down investments with 4Q21 completion dates remain on track for closing by year - end • Refinanced $ 350 million of corporate debt through the issuance of the 2032 Green Bond Senior Notes • Reaffirming 2021 financial guidance , updating pro forma CAFD outlook , and initiating 2022 financial guidance • Increasing the quarterly dividend by 1.6 % to $ 0.34 per share in the fourth quarter of 2021 , or $ 1.36 per share annualized ; now targeting to be in the upper range of 5-8 % annual dividend growth objective through 2026 PRINCETON , N.J. , Nov. 04 , 2021 ( GLOBE NEWSWIRE ) Clearway Energy , Inc. ( NYSE : CWEN , CWEN.A ) today reported third quarter 2021 financial results , including Net Income of $ 25 million , Adjusted EBITDA of $ 337 million , Cash from Operating Activities of $ 288 million , and Cash Available for Distribution ( CAFD ) of $ 161 million . -- " In the near term , Clearway remains on track to meet its financial objectives . Year to date , results are in - line with our performance sensitivities and the growth outlook into 2022 is on target as our sponsor's remaining 2021 construction projects and the recently announced acquisition of the remaining interest in the Utah Solar Portfolio are all expected to close by year end , " said Christopher Sotos , Clearway Energy , Inc.'s President and Chief Executive Officer . " As we now look out over the long term , Clearway has never been better positioned to achieve its strategic objectives . The recently signed agreement to sell the Thermal Business provides Clearway significant financial flexibility to deliver on our goals and enhance shareholder value . Through this transaction , the Company expects to receive approximately $ 1.3 billion in net proceeds , of which $ 620 million will be allocated to the existing committed drop downs from our sponsor and the acquisition of the remaining interest in the Utah Solar Portfolio . The remaining $ 680 million is available for future capital deployment . Furthermore , we successfully re - contracted additional capacity at Marsh Landing and Walnut Creek such that the plants are now approximately 80 % and 100 % contracted , respectively , through 2026 at terms that maintain current run - rate project level CAFD . As a result of these announcements and our sponsor's robust renewable energy development pipeline , we are updating our pro forma CAFD per share outlook and believe the Company is now well positioned to be in the upper range of its 5 % to 8 % annual dividend growth objective through at least 2026. " 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 ) Table 2 : Adjusted EBITDA ( $ millions ) Segment Conventional Renewables Thermal Corporate Adjusted EBITDA $ Three Months Ended Nine Months Ended 9/30/21 9/30/20 52 48 6 34 9/30/21 125 ( 23 ) 9/30/20 97 ( 26 ) 4 1 14 4 ( 37 ) ( 41 ) ( 135 ) $ 25 $ 42 $ ( 19 ) $ ( 64 ) 11 Three Months Ended 9/30/21 109 221 17 ( 10 ) 337 $ Nine Months Ended 9/30/20 9/30/21 9/30/20 107 292 293 196 581 536 16 53 45 ( 7 ) ( 26 ) ( 21 ) 312 $ 900 $ 853 Table 3 : Cash from Operating Activities and Cash Available for Distribution ( CAFD ) Three Months Ended Nine Months Ended ( $ millions ) 9/30/21 9/30/20 9/30/21 9/30/20 Cash from Operating Activities $ 288 $ 257 $ 529 $ 441 Cash Available for Distribution ( CAFD ) 1 $ 161 $ 171 $ 301 $ 265