Slides
Page 1
Clearway Energy, Inc. Fourth Quarter 2025 Results Presentation February 23, 2026
Page 2
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as “expect,” “estimate,” "target," “anticipate,” “forecast,” “plan,” “outlook,” “believe” and similar terms. Such forward-looking statements include, but are not limited to, statements regarding Clearway Energy, Inc.’s (the “Company’s”) dividend expectations and its operations, its facilities and its financial results, statements regarding the likelihood, terms, timing and/or consummation of the transactions described in this presentation, the potential benefits, opportunities, and results with respect to the transactions, including the Company’s future relationship and arrangements with Global Infrastructure Partners, TotalEnergies, and Clearway Energy Group(collectively and together with their affiliates, “Related Persons”), as well as the Company's Net Income, Adjusted EBITDA, Cash from Operating Activities, Cash Available for Distribution, the Company’s future revenues, income, indebtedness, capital structure, strategy, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions. Although the Company believes that the expectations are reasonable at this time, it can give no assurance that these expectat ions will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated in this presentation include, among others, the Company's ability to maintain and grow its quarterly dividend; potential risks relating to the Company's relationships with CEG and its owners; the Company’s ability to successfully identify, evaluate and consummate investment opportunities, as well as acquisitions from, and dispositions to, third parties; risks related to the Company's ability to acquire assets, including risks that offered or committed transactions from Related Persons may not be approved, on the terms proposed or otherwise, by the Corporate Governance, Conflicts, and Nominating Committee of the Company’s Board of Directors (the “GCN”), or if approved, timely consummated; the Company’s ability to borrow additional funds and access capital markets due to its indebtedness, corporate structure, market conditions or otherwise; changes in law, including judicial decisions; hazards customary to the power production industry and power generation operations, such as fuel and electricity price volatility, unusual weather conditions (including wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that the Company may not have adequate insurance to cover losses as a result of such hazards; the Company’s ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations; the willingness and ability of counterparties to the Company’s offtake agreements to fulfill their obligations under such agreements; the Company's ability to enter into contracts to sell power and procure fuel on acceptable terms and prices; government regulations; operating and financial restrictions placed on the Company that are contained in the facility-level debt facilities and other agreements of the Company and its subsidiaries; and cyber terrorism and inadequate cybersecurity. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. In addition, this presentation contains reference to certain offered and committed transactions with Related Persons, which transactions are subject to the review, negotiation and approval of the GCN. Transactions referred to as “offered” (or any variation thereof) have been presented to the Company by the Related Persons, but the terms remain subject to review and negotiation by the GCN. Transactions may have been recently offered or undergone more extensive negotiations. Unless otherwise noted, no assumptions should be made wi th respect to the stage of negotiation of an offered transaction, nor should any assumptions be made that any offered transaction will be approved, committed or ultimately consummated on the terms described herein. Transactions referred to as “committed” or “signed” (or any variation thereof) represent transactions which have been approved by the GCN and for which definitive agreements have been delivered; however, such transactions have not yet been consummated and remain subject to various risks and uncertainties (including financing, third party consents and arrangements and regulatory approvals). The Co mpany provides information regarding offered and committed transactions believing that such information is useful to an understanding of the Company’s business and operations; however, given the uncertainty of such transactions, undue reliance should not be placed on any expectations regarding such transactions and the Company can give no assurance that such expectations will prove to be correct, as actual results may vary materially. Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Cash Available for Distribution are estimates as of today’s date, February 23, 2026, and are based on assumptions believed to be reasonable as of this date. The Company expressly disclaims any current intention to update such guidance. The foregoing review of factors that could cause The Company's actual results to differ materially from those contemplated in the forward-looking statements included in this presentation should not be construed as exhaustive and should be considered in conne ction within formation regarding risks and uncertainties that may affect the Company's future results included in The Company's filings with the Securities and Exchange Commission at www.sec.gov. In addition, The Company makes available free of charge at www.clearwayenergy.com, copies of materials it files with, or furnishes to, the Securities and Exchange Commission Commission. Safe Harbor 2
Page 3
Agenda Business Update Craig Cornelius, Chief Executive Officer Financial Summary and Update Sarah Rubenstein, Chief Financial Officer Closing Remarks Craig Cornelius, Chief Executive Officer 3
Page 4
Business Update 4
Page 5
Business Update CWEN is Positioned to Deliver Robust Long-Term Growth Reporting Solid 2025 Results - Ahead of Guidance with All Goals Met ▪ Strong full year CAFD (Free Cash Flow or FCF) results of $430 MM at top end of original guidance ▪ Completed more than 1.3 GW of additions to fleet in 2025, and entering 2026 with $1B of growth investments commitments ▪ Completed funding of 500 MW Pine Forest complex in December Reaffirming 2026 Guidance and 2027 CAFPS Target ▪ Reiterating 2026 CAFD (Free Cash Flow or FCF) guidance of $470 -510 MM ▪ Announced three M&A deals over last year with average CAFD yield of +12%, solidifying 2026/2027 outlook ▪ Successful development and execution of drop-downs, 3rd party acquisitions, and ongoing fleet optimization support reiteration of our 2027 CAFDPS target of $2.70 or better Continued Advancement of Growth Across Multiple Pathways ▪ Signed PPAs with Google totaling nearly 1.2 GW include newly identified projects (Swan Solar, Catamount) and Goat Mountain repowering ▪ Sponsor enabled growth advancing with offers received to invest in Royal Slope/Swan Solar; ~$415 MM of est. corp. capital ▪ Fleet enhancement program on track with 900+ MW of repowerings; revenue enhancements progressing across existing Texas fleet with two awarded offtake contracts including one with a hyperscaler, en route to lengthened contracted life Medium and Long-Term Growth Fueled by Data Center Demand and Industrialization ▪ Continued position as supplier of choice to deliver mission-critical supply to data centers, with 2 GWs of new PPAs signed in 2025 with hyperscalers and utilities supplying data centers and GW's more under discussion ▪ Sponsor advancement of ~11 GW of late-stage projects providing abundant options to fulfill CWEN’s 2030 growth objectives ▪ Clearway Group in active development of multi-technology energy complexes to serve co-located data centers with initial contractual agreements supporting the deployment of the complexes expected this year On Strong Trajectory Toward 2030 Financial Objectives and Beyond ▪ Reiterating 2030 CAFD (Free Cash Flow or FCF) per share target of $2.90 -3.10 - constituting a 7-8% CAGR over 2025-2030 ▪ Optimistic about our ability to continue to grow CAFD per share at 5-8%+ in the years beyond 2030 including growing at the top end of that range in 2031 from our 2030 target baseline ▪ Targeting payout ratio of less than 70% after 2030 increasing retained cashflows as a funding source to deliver growth 5
Page 6
Fleet Enhancements Progressing and Solidifying Path to 2030 Target Fleet Optimization Pathway Continues to Strengthen Our Ability to Meet 2030 Financial Target 6 Meeting Commitments on 2026-2027 Repowering Program… … While Advancing New PPA Enhancements to Existing Texas Fleet to Further Firm Up 2030 Target Repowering Project1 Repower COD Status Mt. Storm 2026/2027 Microsoft PPA, Repower In Construction Goat Mountain 2027 Google PPA, Repower in Development, Construction Start 1H26 San Juan Mesa 2027 PPA, Repower in Development, Construction Start in 2H26 Tuolumne By 2027 PPA, Repower in Development, Construction Start in 2H26 Spring Canyon 2027 Repower in Development, Construction Start in 1H27 Identified repowerings progressing forward on schedule ▪ Repowering program successfully commercialized driven by long- term PPAs with Microsoft (Mt. Storm) and Google (Goat Mountain) ▪ Spring Canyon and Tuolumne moving forward to fill out 2027 program; final investment decision has been made, revenue contracts are in place, and key equipment is lined up ▪ Expect to deploy +$600MM of corporate capital in 2026/2027 at 11-12% CAFD yields across repowering program Advancing as-generated PPAs to enhance our ERCOT fleet ▪ Three operating wind assets with increasing market value are in position for long-term revenue enhancements – with two awarded PPAs, one with a hyperscaler, and shortlisted on a third PPA. ▪ New PPAs require no capital outlay for CWEN, extend contracted tenors, enhance long-term cashflow visibility, while demonstrating value of wind shape to hyperscaler and corporate customers. 1 Refer to Appendix slides for additional details on Clearway Group pipeline Assets Operating Capacity Revenue Enhancements Existing Owned & Operating ERCOT Assets 617 MW Awarded PPA with Hyperscaler Awarded PPA with Corporate Shortlisted PPA
Page 7
Sponsor-Enabled Growth Program Continues to Increase Visibility to 2030 Target Drop-Downs Progressing to Enable Visible Pathway to Achieving 2030 Target Project1 Location Capacity (MW) Target COD Status Est. Corp. Capital ($MM) Asset CAFD Yield2 Honeycomb Phase I UT 320 2026 Committed ~$78 ~11-13% Rosamond South II/Spindle Storage CA/CO 291 2026 Committed ~$90 ~10.5% Royal Slope WA 520 2027 Offered ~$200 ~10.5%2 Honeycomb Phase II UT 210 2027 PPA awarded, Construction Start in 2H26 ~$100 ~10-11% Swan MO 650 2028 Offered, PPA signed ~$215 ~10.5% Catamount WV 147 2028 PPA signed, Construction Start in 2H27 ~$155 ~10-11% 7 1 Refer to Appendix slides for additional details on Clearway Group pipeline; 2 Five-year average annual CAFD yield for all projects except Royal Slope which is a 10-year average 2026-2027 commercializations on schedule ▪ Rosamond South II/Spindle Storage now committed to at attractive economics with construction underway; Honeycomb Phase I construction on track ▪ New offer for Royal Slope at attractive economics underpinned by long- term contract to serve significant data center demand growth ▪ Honeycomb Phase II; PPA awarded for 2027 COD, with offer expected by year end; +500MW of BESS for Phase I and II now commercialized 2028 CODs driven by hyperscaler demand ▪ Swan Solar: Investment offered to CWEN; executed 20-year PPA with Google, tax credit qualification secured, and advancing preparations for 2026 construction start ▪ Catamount Wind: Executed 20-year PPA with Google, tax credit qualification secured, advancing preparations for 2027 construction start 2026 & 2027 Continued Commercialization Success… …With 2028 COD New Identified Opportunities Since Last Earnings Call
Page 8
CWEN Investment Opportunity Under Development by COD Vintage 2026 2027 2028 2029 2030 Long-Term Growth Capital Investment Roadmap Is Well Underway 8 Pipeline Maturation Accelerating to Support 2030 CAFDPS Target and Growth in Years Beyond Est. Corporate Capital, Average CAFD Yields of 10.5% or Better 100% Committed 100% Committed or Offered 25% of Goal Already Offered 3.2x Pipeline Coverage to Goal 3.9x Pipeline Coverage to Goal Project Development ~$400 MM +$850 MM Offering Status +$650 MM Revenue Contracting Committed/identified investments and 3rd party M&A Future late-stage growth investment opportunities Upside capital deployment opportunity +$600 MM ~$2.5bn of corporate capital deployment over 2026-2029 to achieve 2030 CAFD per share target of $2.90-3.10 Potential for ~$650-800 million of additional upside investment opportunity based on core pathway projects Potential for ~$800 million of investment opportunity in 2030 based on core pathway projects to support 2031+ growth Opportunities to invest in generation resources in certain data center complexes could become available and would represent further upside to figures shown
Page 9
2030 CAFD per Share Target Range (Excludes 3rd Party M&A) Key Drivers of Post 2030 Growth ▪ +2 GW/year of sponsor led development translating to +$750 MM of corporate capital deployed annually at a 10.5% CAFD yield ▪ Payout ratio less than 70% de-risks funding ▪ 0-2% growth per year from capital light fleet enhancements ▪ Commercialization of co-located datacenters additive to outlook potentially driving post 2030 growth to top end of range Identified Growth Investments & Repowerings 1 Portion of repowering program corporate capital for 2027 CODs to be deployed in 2026; 2 Based on approx. 205 MM shares outstanding as of 1/30/26; 3 Assumes accretive share issuances aligned with our funding plan Base Portfolio Moves and Corporate Financings 2027 CAFD per Share Target Range $2.90-3.10 of CAFD per share3 (Excludes 3rd Party M&A) Redundant Growth Pathways Increasing Visibility into Meeting Long-Term Growth On Track to Meet 2030 Financial Objectives As Well As Foundations for 5-8%+ Growth CAGR Beyond 2030 9 $2.70+ of CAFD per share2 Future Growth Investments & Repowerings 5-8%+ CAFD Per Share Growth Target After 2030~$1.3 BN from 2027/2028 CODs committed/identified investments1 +$0.8 BN of future 2028/2029 CODs to be identified in next 12-18 months targeting CAFD yields of ~10.5% ▪ Corporate interest cost to fund growth investments ▪ Refinancing of CWEN Bonds due 2031 ▪ Base portfolio moves
Page 10
Financial Summary 10
Page 11
4Q25 Financial Highlights ▪ Renewables & Storage: ▪ Wind: Low wind resource across fleet, including California, though within overall sensitivity range; partially offset by capex optimization ▪ Solar: Resource within sensitivity range; timing of debt service related to growth investments ▪ Flexible Generation: solid operational execution in-line with budgeted expectations Financial Results Reaffirming 2026 Guidance Financial Update ($ millions) 4th Quarter Full Year Adjusted EBITDA $237 $1,217 CAFD (FCF) $35 $430 CWEN Delivered On High End of 2025 Guidance and is on Track to Meet 2026 Financial Objectives Ranges Factors In ▪ Assumes P50 renewable production expectations while the range reflects a potential distribution of outcomes on resource, performance, energy pricing, and timing of growth 11 Full Year 2026 CAFD (FCF) Guidance Range $470-510
Page 12
Excellence in Operations Across Clearway Fleet 12 92.2% 94.5% 2024A 2025A Natural Gas Plant Availability Solar Plant Availability 94.7% 94.5% 2024A 2025A Wind Plant Availability1 97.8% 98.6% 2024A 2025A BESS Plant Availability2 3 ▪ Clearway’s operations platform has performed with excellence resulting in high and improving levels of plant availability across all technologies over 2024-2025 ▪ These continuous improvements in performance allowed us to deliver full year results in 2025 that were above the midpoint of our original guidance 1 Reflects wind plant availability excluding assets slated for repower in 2026/2027; 2 Data reflects availability performance post initial COD ramp period; 3 Initial 2025 CAFD guidance was a range of $400-440MM with $420MM as the midpoint 2024A 2025A 98.6% 99.0% Strong Operational Performance… …Driving Robust Financial Results $395 $420 $425 $430 2024 2025 Original Guidance Actual Results ($ millions) Guidance vs Actuals3
Page 13
Clearway Continues to be in a Funding Position of Strength CWEN Has a Strong Funding Position to Meet its Near and Long-Term Financial Objectives 13 Retained Cash Flows Key Source of Growth Funding ▪ Assuming CAFD (FCF) generation consistent with 2030 target range and targeting a ~70% payout ratio by 2030 and decreasing thereafter Successful Debt Raise in January ▪ Closed upsized offering of $600MM 2034 senior unsecured notes at an attractive rate, 5.75%, relative to longer term CAFD targets ▪ Credit ratings reaffirmed at BB and continue to target corporate leverage ratio of 4.0 – 4.5x Non-Disruptive Equity Issuances ▪ Raised $50MM of equity in early 2026 at accretive levels reinforcing position of strength; have flexibility to opportunistically execute future equity issuances over next four years to meet 2030 funding objectives ▪ Cumulatively raised $100MM since October (< two months of trading days) validating ability to raise equity without price disruption Recent Bonds Issued at the Second Tightest Spread in High Yield Power Since 2020 Since October 2025 We Have Issued Accretive Equity Without Price Disruption $50MM Equity Raised $50MM Equity Raised 3Q25 4Q25 1Q26 ~$39 Current Stock Price ~$28 September Stock Price 173 174 188 200 202 216 220 223 228 Bond 1 CWEN Bond 2 Bond 3 Bond 4 Bond 5 Bond 6 Bond 7 Bond 8 High Yield Power Bond Issuance Spread to Treasuries (basis points)
Page 14
Closing Remarks 14
Page 15
✓ 2025 results and committed growth investments allowed us to meet top half of the original 2025 CAFD guidance ✓ All 2025 sponsor-enabled drop-downs have been funded and are producing well ✓ Executed value-added and fleet synergistic third-party M&A in Tuolumne, Catalina, and Deriva portfolio acquisitions Achieved 2025 Objectives and On Track to Meet Near-Term and Long-Term Roadmap for Value Creation 15 ✓ Milestones on track for committed investments and fundings in 2026 ✓ Solidified progress across redundant growth pathways enabling increase to 2027 target CAFDPS of $2.70 or better ✓ On track to fulfill all DPS growth commitments made through 2027, targeting ~$1.98 DPS in 2027 ▪ All projects identified for CWEN investment through 2027 commercialized ▪ Clearway Group’s late-stage pipeline is substantially larger than what’s needed for CWEN investment in 2028-2029 to hit top-end of CWEN's 2030 CAFDPS goals ▪ Continue to solidify pathways to achieving the top end of CAFDPS goal of $2.90-3.10 by 2030 ▪ By 4Q26, roll forward explicit 5-8%+CAFDPS target range to at least 2031, illustrating growth longevity ▪ Be positioned to complete >=2 GW/year in ‘30-’32 COD vintages given strategically positioned pipeline ▪ Advance visibility into CAFDPS growth at top end of 5-8%+ in 2030+ with commercialization of GW-scale complexes to serve co-located data centers 2025 Objectives Met Advancing on Path for 2026/2027 Goals With Robust Opportunity Set To Meet Goals in 2030 and Beyond
Page 16
Appendix 16
Page 17
911 741 9,919 9,902 7,557 Construction Advanced Intermediate Early Prospect 9,907 4,387 1,326 7,846 2,940 2,625 Solar Wind Repower Wind Standalone Storage Paired Storage Natural Gas (Data Center) 29 GW By Project Type (MW) 29 GW By Project Stage (MW) 2 Target COD (Estimate) 2 Clearway Group Development Highlights 29 GW1 Pro Forma Pipeline Owned or Controlled by Clearway Group 11.2 GW of Late-Stage Projects through 20324 Map of Late-Stage Pipeline & CWEN Dropdown Opportunities5 • Achieved COD on 500 MW at Pine Forest Complex, with a total of 1.1 GW having reached commercial operation in 2025, and 2.5 GW expected to commence construction over next 12 months. • Approximately 2.3 GW of drop-down candidates expected in 2026-2027, with additional 2028 opportunities (~800 MW) largely de-risked and positioned to support a steady, multi-year investment runway for CWEN • Increased contracted and awarded pipeline to 4.6 GW including 2 GW contracted with hyperscalers to support data center load growth, concluding 2025 with 6.2 GW of awarded/shortlisted opportunities, continuing to demonstrate the locational value of assets and attractiveness of Clearway's track record in project execution. • +900 MW under construction supported by an additional 9.2 GW of late-stage projects advancing through final permitting, interconnection and commercial negotiations. • Seventy percent (70%) of late-stage pipeline in WECC, PJM and CAISO markets. Late-stage pipeline grew 23% year over year driven by meaningful advancements in project permitting, interconnection, and power marketing. Appendix | Clearway Group Development Pipeline 17 1 29 GW pro-forma pipeline reflective of planned optimization exercise to support prioritization of higher value assets aligned with market trends and demand. 2 Reflects 2.9 GW / 11.9 GWh of paired storage and 7.8 GW / 30.0 GWh of standalone storage capacity under development; 3 Net repower capacity is 203 MW. Total Net Pipeline is 28 GW 4 Late-stage pipeline includes projects under construction and in advanced and intermediate stages of development with target CODs in 2025-2032. Net Late Stage 2025-2032 pipeline is 10.4 GW 5 Map is inclusive of 2032+ late-stage projects MWs 3 Operational Solar Wind Repower Wind Standalone Storage Paired Storage Identified Opportunities 2,264 797 1.1 GW 2.5 GW 4.6 GW 3.0 GW 0 2,000 4,000 6,000 8,000 10,000 12,000 2025 2026-2027 2028-2029 2030-2032
Page 18
Data Center Complex Power Generation Mix Generation Capacity Planned Data Center Load Earliest Load Served 1) Montana Complex 3-4 GW 1 GW+ 2028-2030+ 2) Wyoming Complex 2-3 GW 1 GW+ 2029-2030+ 3) West Texas Complex 1-2 GW 1 GW+ 2029-2030+ 4) MISO-South Complex 1-2 GW 1 GW+ 2029-2030+ 5) West Virginia Complex 1-2 GW 1 GW+ 2029-2030+ 18 Appendix | Clearway Group Digital Infrastructure Pipeline 1 2 4 3 5 Digital Infrastructure Development Highlights • Co-Located Data Center Complex Composition & Attributes • Map of Co-Located Data Center Complex Sites in Development • Active Development of Complexes: Developing customer-guided, GW-scale, multi-technology complexes to serve co-located data centers in five states with goal for initial load service potentially as soon as 2028-2030 • Supplier of Choice: Building on recently executed and awarded PPAs with hyperscalers and utilities serving data center load growth • Speed to Power: Behind-the-meter generation able to supply Day 1 power to support data center load ramp until grid service available • Gas-Firmed Renewables: Natural-gas development across key markets provides future firm-capacity support in Clearway’s multi-technology data-center complexes • Pipeline Reporting: Generation resources in development to supply these data center complexes are being incorporated progressively into Clearway Group’s aggregated pipeline reporting, as they advance through development risk reduction milestones, with probability- weighting of potential capacity additions being applied in that reporting consistent with historical practice. As of the date of this presentation, ~3.9 GW of Clearway Group’s total reported pipeline of 29 GW are generation resources under development to provide co- located power supply to data center complexes, of which ~1 GW are classified as late-stage. As load interconnection progresses at these complexes alongside maturing permitting and design, co-located and behind-the-meter generation resources will be added to Clearway Group’s total reported pipeline consistent with Clearway Group’s historical practice. Natural Gas StorageSolar Wind
Page 19
1 MW capacity is subject to change prior to COD; includes ~ 821 MW/ 2,680 MWh of standalone storage assets at Pine Forest, Honeycomb, Rosamond South II, Spindle and Honeycomb II; and 260 MW/1,438 MWh of co-located storage at Royal Slope. 2 Definitive agreements for non-committed investments are subject to certain conditions and the review and approval by CWEN’s Independent Directors. 3 Asset to be repowered currently owned by CWEN . 4 Estimated nameplate capacity after repowering is 335 MW, of which 300 MW is deliverable. Microsoft PPA contracted capacity 335 MW based on nameplate capacity. 5 Estimated nameplate capacity after repowering is 135 MW, of which 120 MW is deliverable. 6 Google PPA contracted capacity of 695.8 MW based on nameplate capacity. 7Google PPA contracted capacity of 166.5 MW based on nameplate capacity. Committed Renewable Investments and Potential Future Drop-Down Opportunities Asset Technology Gross Capacity (MW)1 State/ ISO Estimated COD/Final Funding Status2 Highlights Honeycomb Phase I Utility Storage 320 UT 1Q26 Committed / Partially Funded • Late stages of construction • Executed 20-year toll agreements with PacifiCorp, investment grade IOU Mt Storm Repower3 Wind Repower 3004 WV 2026-2027 Committed • Project financed and under construction • Executed 20-year PPA with Microsoft Rosamond South II Utility Storage 92 CA 2026 Committed • Project financed and under construction with placed in service expected Q3 ‘26 • Executed 15-year tolling agreement with investment grade utility Spindle Storage Utility Storage 199 CO 2026 Committed • Project financed and under construction with placed in service expected Q3 ‘26 • Executed 20-year PPA with Public Service Company of Colorado Goat Mountain3 Wind Repower 306 TX 2027 Signed Agreement with Clearway Group • Executed 15-year PPA with Google, repowering will enable doubling of existing capacity • Preparations advancing and on track to support target 2027 COD Tuolumne Repower3 Wind Repower 137 WA 2027 Signed Agreement with Clearway Group • Signed PPA extension with Turlock Irrigation District • Preparations advancing and on track to support target 2027 COD San Juan Mesa3 Wind Repower 1205 NM 2027 Signed Agreement with Clearway Group • Executed 20-year PPA with investment grade customer • Preparations advancing and on track to support target 2027 COD Royal Slope Utility Solar + Storage 520 WA 2027 Offered • Executed 20-yr solar PPA and 20-year storage ESA with Grant Public Utility District • Preparations advancing and on track to support target 2026 NTP Spring Canyon Repower Wind Repower 60 CO 2027 Signed Agreement with Clearway Group • Safe harbor qualification complete; existing PPA expires in 2039 • Project engineering and commercialization nearing completion Honeycomb II Utility Storage 210 WECC 2027 Future Offer • Long-term revenue contract awarded and nearing execution Swan Utility Solar 6506 MO 2028 Offered • Executed 20-year PPA with Google • Preparations advancing and on track to support target 2028 COD Catamount Utility Wind 1477 WV 2028 Future Offer • Executed 20-year PPA with Google • Preparations advancing and on track to support target 2028 COD Total Renewables and Storage 3,061 Multiple States 2026-2028 Appendix | Committed and Potential Sponsor-Enabled Drop-Down Opportunities 19
Page 20
▪ Notes to Renewable & Storage Portfolio Performance Reporting: - Production index represents a measure of the actual production and reimbursable curtailment for the stated period relative to internal median expectations. - MW capacity and Production Index: Includes assets beginning the first quarter after the acquisition date; Excludes assets wit h less than one year of operating history and projects committed to a repowering; Excludes equity method investments (Avenal, Desert Sunlight, San Juan Mesa, Elkhorn Ridge). - Wind availability represents equivalent availability factor, or availability associated with the wind turbine and balance of plant. - Utility solar availability represents energy produced as a percentage of available energy. ▪ Notes to Flex Gen Portfolio Performance Reporting: - Excludes GenConn plant ownership interest reported as an equity method investment Appendix | Operating Portfolio Performance in 2025 20 Availability 2025 Region/Tech Net MW Oct Nov Dec West - California 947 121% 87% 99% 94% 63% 78% 79% 95% 92% West - Other 377 83% 82% 77% 95% 81% 124% 100% 86% 95% Texas 979 97% 84% 90% 91% 87% 107% 95% 91% 92% Midwest 447 99% 87% 85% 83% 83% 106% 91% 91% 97% East 179 112% 101% 61% 95% 126% 105% 109% 101% 94% Wind 2,929 102% 87% 89% 91% 85% 105% 94% 93% 93% Utility Scale Solar 2,005 99% 96% 99% 101% 91% 101% 98% 98% 99% Flexible Generation Equivalent Availability Factor 2,394 89% 95% 93% 97% 93% YTD YTD Production Index 2025 Q1 Q2 Q3 4th Quarter Q4
Page 21
+5% in MWh Production Appendix | 2026 Portfolio CAFD Sensitivity and Seasonality Variability of Expected Financial Performance: Estimates as of October 28, 2025 1Q 2Q 3Q 4Q CAFD Expectations 14-21% 35-44% 28-38% 6-13% EBITDA Expectations 18-20% 28-32% 29-33% 19-22% Production Variability: Annual CAFD Sensitivity Based on 2026 Guidance Midpoint 2026 Quarterly Estimated Seasonality: % of Est. Annual Financial Results Based on 2026 Guidance ▪ Estimates exclude projects reaching COD in 2026 ▪ Production variability based on +/- 5% for both wind and solar for full year – Approximates ~P75 for wind and ~P90 for solar – Variance can exceed +/- 5% in any given period ▪ Other items which may impact CAFD include non-recurring events such as forced outages or timing of O&M expense and maintenance capex ▪ 2026 Quarterly Estimated Seasonality reflect potential variability for wind and solar production and flexible generation merchant energy gross margins but exclude potential variations in power prices on renewable merchant MWh ▪ Seasonality as a result of estimated renewable energy resource, timing of contracted payments, merchant energy margins at Flexible Generation, timing of distributions, and project debt service $30 $31 $20 $(30) $(31) $(20) Wind Solar Flexible Generation Energy Gross Margins -5% in MWh Production +$1/kw-month -$1/kw-month 21
Page 22
Appendix | Non-Recourse Project Debt Amortization 1 Excludes all corporate debt facilities and outstanding draws on the corporate revolving credit facility; assumes no refinancing of any outstanding principal at maturity, if applicable; 2 Debt is expected to be paid off with equity proceeds or converted into a term loan in 2026; 3 2026 amount adjusted for $231MM that was repaid after 12/31/25; 4 Other includes Avra Valley, TA-High Desert, Kansas South, Community Solar I, South Trent, and SPP Forecasted principal payments1 on non-recourse project debt as of December 31, 2025. Fiscal Year 2026 2027 2028 2029 2030 Thereafter Total Flexible Generation: Carlsbad Energy Holdings & Holdco, due 2037 and 2038 35 38 35 41 43 451 643 Total Flexible Generation Assets 35 38 35 41 43 451 643 Renewables & Storage: Agua Caliente Solar LLC, due 2037 40 41 43 44 46 321 535 Alta – Consolidated, due 2031-2035 58 61 65 68 68 258 578 Borrego, due 2024 and 2038 3 3 3 3 3 27 42 Buckthorn Solar, due 2031 5 5 5 5 5 75 100 Capistrano Portfolio, due 2033 12 13 14 15 15 37 106 Cedar Creek, due 2029 2 3 3 98 - - 106 Cedro Hill, due 2029 9 9 10 63 - - 91 CVSR & CVSR Holdco Notes, due 2037 41 44 47 49 52 444 677 Daggett 2, due 2028 1 1 152 - - - 154 Daggett 3, due 2028 - - 216 - - - 216 DG-CS Master Borrower LLC, due 2040 30 28 20 19 19 211 327 Honeycomb, due 20262 490 - - - - - 490 Luna Valley, due 2030 6 8 8 8 297 0 327 Mililani Class B Member Holdco LLC, due 2028 3 3 81 - - - 87 NIMH Solar, due 2031 and 2033 16 17 17 17 15 29 111 Oahu Solar Holdings LLC, due 2026 75 - - - - - 75 Pine Forest, due 20303 - - - 2 101 - 103 Rosamond Central, due 2029 7 7 7 165 - - 186 Rosamond South 1, due 2030 - 3 7 8 210 - 228 Texas Solar Nova 1, due 2028 8 9 10 142 - - 169 Tuolumne, due 2030 15 15 14 14 96 - 154 Utah Solar Portfolio, due 2036 16 16 12 16 13 140 213 Viento Funding II, LLC, due 2029 20 24 25 74 - - 143 Other 4 16 16 17 12 12 23 96 Total Renewables & Storage Assets 873 326 776 822 952 1,565 5,314 Total Clearway Energy 908 364 811 863 995 2,016 5,957 Unconsolidated Affiliates Debt 23 24 25 26 20 141 259 Total Non-Recourse Debt 931 388 836 889 1,015 2,157 6,216 22
Page 23
Appendix | Operating Assets1 as of December 31, 2025 1 Capacity represents the maximum, or rated, generating capacity or storage capacity of the facility multiplied by the Company’s percentage ownership in the facility. 2 Projects are part of tax equity arrangements; 3 The Company leases 100% of the interests in Catalina through a facility lease agreement that expires in October 2043; 4 144 MW of capacity is deliverable 23 Solar Projects Gross PV Capacity (MW) Percentage Ownership Net PV Capacity (MW) Offtake Counterparty PPA Expiration Agua Caliente 290 51% 148 Pacific Gas and Electric 2039 Alpine 66 100% 66 Pacific Gas and Electric 2033 Arica 2 263 40% 105 Various 2026 - 2041 Avenal 45 50% 23 Pacific Gas and Electric 2031 Avra Valley 27 100% 27 Tucson Electric Power 2032 Blythe 21 100% 21 Southern California Edison 2029 Borrego 26 100% 26 San Diego Gas & Electric 2038 Buckthorn 2 150 100% 150 City of Georgetown, TX 2043 Catalina 3 109 0% 109 San Diego Gas & Electric 2038 CVSR 250 100% 250 Pacific Gas and Electric 2038 Daggett 2 2 182 25% 46 Various 2038 Daggett 3 2 300 25% 75 Various 2033 - 2038 Desert Sunlight 250 250 25% 63 Southern California Edison 2034 Desert Sunlight 300 300 25% 75 Pacific Gas and Electric 2039 Kansas South 20 100% 20 Pacific Gas and Electric 2033 Luna Valley 2 200 100% 200 Various 2040 - 2045 Mililani I 2 39 50% 20 Hawaiian Electric Company 2042 Oahu Solar Projects 2 61 100% 61 Hawaiian Electric Company 2041 Pine Forest 2 300 50% 150 Various 20-40-2045 Roadrunner 20 100% 20 El Paso Electric 2031 Rosamond Central 2 192 50% 96 Various 2035 - 2047 Rosamond South I 2 140 50% 70 Various 2040 TA High Desert 20 100% 20 Southern California Edison 2033 Texas Solar Nova 1 2 252 50% 126 Verizon 2042 Texas Solar Nova 2 2 200 50% 100 Verizon 2042 Utah Solar Portfolio 530 100% 530 PacifiCorp 2036 Victory Pass 2 200 40% 80 Various 2039 Waiawa 2 36 50% 18 Hawaiian Electric Company 2043 DG Projects 2 330 100% 330 Various Various 4,819 3,025 Storage Projects Gross BESS Capacity (MW) Percentage Ownership Net BESS Capacity (MW) Offtake Counterparty PPA Expiration Arica 2 136 40% 54 Various 2039 - 2041 Daggett 1 2 114 100% 114 San Diego Gas & Electric 2040 Daggett 2 2 131 25% 33 Various 2038 Daggett 3 2 149 25% 37 Various 2033 - 2038 Mililani I 2 39 50% 20 Hawaiian Electric Company 2042 Pine Forest 2 200 50% 100 None Rosamond Central 2 147 50% 74 Southern California Edison 2039 Rosamond South I 2 117 50% 59 Various 2040 Victory Pass 2 50 40% 20 Various 2039 Waiawa 2 36 50% 18 Hawaiian Electric Company 2043 1,119 529 Wind Projects Gross Wind Capacity (MW) Percentage Ownership Net Wind Capacity (MW) Offtake Counterparty PPA Expiration Alta I-V 720 100% 720 Southern California Edison 2035 Alta X-XI 227 100% 227 Southern California Edison 2038 Black Rock 2 115 50% 58 Toyota and Google 2036 Broken Bow 80 100% 80 Nebraska Public Power District 2032 Buffalo Bear 19 100% 19 Western Farmers Electric Co -operative 2033 Cedar Creek 2 160 100% 160 PacifiCorp 2049 Cedro Hill 2 160 100% 160 CPS Energy 2045 Crofton Bluffs 42 100% 42 Nebraska Public Power District 2032 Dan's Mountain 2 55 50% 28 Constellation Energy Generation 2034 Langford 2 160 100% 160 Goldman Sachs 2033 Laredo Ridge 81 100% 81 Nebraska Public Power District 2031 Mesquite Sky 2 340 50% 170 Various 2033 - 2036 Mesquite Star 2 419 50% 210 Various 2032 - 2035 Mountain Wind I 61 100% 61 PacifiCorp 2033 Mountain Wind II 80 100% 80 PacifiCorp 2033 Ocotillo 55 100% 55 N/A Pinnacle 2 54 100% 54 Maryland Department of General Services and University System of Maryland 2031 Rattlesnake 2 ,4 160 100% 160 Avista Corporation 2040 Repowering Partnership 2 283 100% 283 Various 2029 South Trent 101 100% 101 AEP Energy Partners 2029 Spring Canyon II-III 63 90% 57 Platte River Power Authority 2039 Taloga 130 100% 130 Oklahoma Gas & Electric 2031 Tuolumne 137 100% 137 Turlock Irrigation District 2040 Wind TE Holdco 532 100% 475 Various Various 4,234 3,708 Flexible Generation Projects Gross Capacity (MW) Percentage Ownership Net Capacity (MW) Offtake Counterparty PPA Expiration Carlsbad 523 100% 523 San Diego Gas & Electric 2038 El Segundo 546 100% 546 Various 2027 - 2029 GenConn Devon 190 50% 95 Connecticut Light & Power 2040 GenConn Middletown 190 50% 95 Connecticut Light & Power 2041 Marsh Landing 820 100% 820 Various 2026 - 2030 Walnut Creek 501 100% 501 Various 2026 - 2027 2,770 2,580
Page 24
1 Excludes corporate 2026 Est. Adj EBITDA and CAFD by Asset Class1 2026 Est. Adj. EBITDA by Asset Class (84% From Renewables & Storage) 2026 Est. CAFD by Asset Class (76% From Renewables & Storage) 44% 32% 24% 57%27% 16% Clearway Fleet Environmental Data and Projections: 2025 Statistics1 ✓ 98% of the Company’s total generation was attributable to renewable energy and storage assets. ✓ ~ 97% of the Company’s total operating revenues were not tied to the dispatch of power generation emitting GHGs. This non-GHG emitting operating revenue included renewable energy generation and grid reliability services in the Company’s Renewables & Storage segment and grid reliability services in the Flexible Generation segment at the El Segundo, Marsh Landing, and Walnut Creek facilities. It excludes the Carlsbad facility, which is currently under a long-term tolling agreement whereby the Company does not control the dispatch of the facility ✓ ~ 97% and 97% of the Company’s EBITDA and CAFD, respectively, were not tied to the dispatch of power generation emitting GHGs based on the methodology above. 2026 Projections1 ✓ ~ 98% and 96% of the Company’s EBITDA and CAFD, respectively, is expected not to be tied to the dispatch of power generation emitting GHGs based on the methodology above. Flexible GenerationSolar Wind Appendix | Clearway Fleet Environmental Data and Projections 24
Page 25
Appendix Reg. G Schedules 25
Page 26
Reg. G | Actuals 1 2024 excludes $9 million related to swap breakage receipts in connection with the NIMH refinancing 2 2024 excludes $28 million related to Rosamond Central BESS return of capital at substantial completion funding 3 2025 excludes $1,230 million of net contributions primarily related to Dan’s Mountain, Honeycomb Phase I , Luna Valley, Pine Forest and Rosamond South I; 2024 excludes $1,441 million of contributions primarily related to the funding of Texas Solar Nova 2, Rosamond Central Battery Storage, Victory Pass, Arica, Cedar Creek and Cedro Hill. 4 2025 excludes $1,030 million for the repayment of bridge loans in connection with Dan’s Mountain, Luna Valley, Pine Forest, Rosamond South I and $112 million for the refinancing of Buckthorn Solar; 2024 excludes $1,391 million for the repayment of bridge loans in connection with Texas Solar Nova 2, Rosamond Central Battery Storage, Victory Pass, Arica, Cedar Creek and Dan’s Mountain and $291 million for the refinancing of NIMH Solar and Capistrano Portfolio. Three Months Ended Twelve Months Ended ($ millions) 12/31/2025 12/31/2024 12/31/2025 12/31/2024 Net Income (Loss) (199) (48) (231) (63) Income Tax (Benefit) Expense 82 - 56 30 Interest Expense, net 83 12 358 260 Depreciation, Amortization, and ARO 180 156 682 627 Contract Amortization 50 46 189 184 Loss on Debt Extinguishment 1 2 8 5 Mark to Market (MtM) (Gains)/Losses on economic hedges (6) 41 23 36 Transaction and Integration Costs 8 4 16 8 Other Non recurring 25 - 63 9 Adjustments to reflect Clearway Energy’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates 12 14 50 48 Non-Cash Equity Compensation 1 1 3 2 Adjusted EBITDA 237 228 1,217 1,146 Cash interest paid1 (78) (63) (351) (315) Changes in prepaid and accrued liabilities for tolling agreements (8) (8) (4) (5) Adjustment to reflect sales-type lease 1 2 6 (3) Pro-rata Adjusted EBITDA from unconsolidated affiliates (16) (19) (81) (83) Distributions from unconsolidated affiliates 13 13 32 34 Income tax payments (1) (1) (1) (1) Proceeds from transferable tax credits 3 - 3 - Changes in working capital other 26 40 (133) (3) Cash from Operating Activities 177 192 688 770 Changes in working capital and other (26) (40) 133 3 Return of investment from unconsolidated affiliates2 1 3 15 13 Net distributions (to)/from non-controlling interest3 (44) (36) (106) (79) Cash receipts from notes receivable 2 2 9 2 Maintenance capital expenditures 5 (3) (6) (11) Principal amortization of indebtedness4 (84) (78) (319) (283) Cash Available for Distribution before Adjustments 31 40 414 415 Net Impact of drop downs from timing of construction debt service and pre-funded expenditures 4 — 16 10 Cash Available for Distribution 35 (40) 430 425 26
Page 27
Reg. G | 2025 CAFD Guidance Range ($ millions) 2025 Full Year CAFD Guidance Range Net Loss ($110) – (90) Income Tax Benefit (33) Interest Expense, net 362 Depreciation, Amortization, Contract Amortization, and ARO Expense 960 Adjustments to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates 53 Non-Cash Equity Compensation 3 Adjusted EBITDA 1,235 – 1,255 Cash interest paid (348) Changes in prepaid and accrued liabilities for tolling agreements (4) Adjustments to reflect sale-type leases and payments for lease expenses 6 Pro-rata Adjusted EBITDA from unconsolidated affiliates (81) Cash distributions from unconsolidated affiliates1 48 Income Tax Payments (2) Cash from Operating Activities 854 – 874 Net distributions to non-controlling interest2 (103) Cash receipts from notes receivable 10 Maintenance capital expenditures (21) Principal amortization of indebtedness3 (320) Cash Available for Distribution $420 - 440 1 Distribution from unconsolidated affiliates can be classified as Return of Investment from Unconsolidated Affiliates when actuals are reported. This is below cash from operating activities; 2 Includes tax equity proceeds and distributions to tax equity investors; 3 2025 maturities assumed to be refinanced 27
Page 28
Reg. G | 2026 CAFD Guidance Range 1 Distribution from unconsolidated affiliates can be classified as Return of Investment from Unconsolidated Affiliates when actuals are reported. This is below cash from operating activities; 2 Includes tax equity proceeds and distributions to tax equity investors; 3 2026 maturities assumed to be refinanced 28 ($ millions) 2026 Full Year CAFD Guidance Range Net Loss ($44) – (4) Income Tax Expense 5 Interest Expense, net 395 Depreciation, Amortization, Contract Amortization, and ARO Expense 1,022 Adjustments to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates 59 Non-Cash Equity Compensation 4 Adjusted EBITDA 1,441 – 1,481 Cash interest paid (383) Changes in prepaid and accrued liabilities for tolling agreements (3) Adjustments to reflect sale-type leases and payments for lease expenses 6 Pro-rata Adjusted EBITDA from unconsolidated affiliates (82) Cash distributions from unconsolidated affiliates1 43 Income Tax Payments — Cash from Operating Activities 1,022 – 1,062 Net distributions to non-controlling interest2 (149) Cash receipts from notes receivable 13 Maintenance capital expenditures (32) Principal amortization of indebtedness3 (384) Cash Available for Distribution $470 - 510
Page 29
Non-GAAP Financial Information EBITDA and Adjusted EBITDA: EBITDA and Adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The presentation of Adjusted EBITDA should not be construed as an inference that Clearway Energy’s future results will be unaffected by unusual or non-recurring items. EBITDA represents net income before interest (including loss on debt extinguishment), taxes, depreciation and amortization. EBITDA is presented because Clearway Energy considers it an important supplemental measure of its performance and believes debt and equity holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: ▪ EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments; ▪ EBITDA does not reflect changes in, or cash requirements for, working capital needs; ▪ EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments; ▪ Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and ▪ Other companies in this industry may calculate EBITDA differently than Clearway Energy does, limiting its usefulness as a comparative measure. Because of these limitations, EBITDA should not be considered as a measure of discretionary cash available to use to invest in the growth of Clearway Energy’s business. Clearway Energy compensates for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA only supplementally. Adjusted EBITDA is presented as a further supplemental measure of operating performance. Adjusted EBITDA represents EBITDA adjusted for mark-to-market gains or losses, non cash equity compensation expense, asset write offs and impairments; and factors which we do not consider indicative of future operating performance such as transition and integration related costs. The reader is encouraged to evaluate each adjustment and the reasons Clearway Energy considers it appropriate for supplemental analysis. As an analytical tool, Adjusted EBITDA is subject to all of the limitations applicable to EBITDA. In addition, in evaluating Adjusted EBITDA, the reader should be aware that in the future Clearway Energy may incur expenses similar to the adjustments in this presentation. Management believes Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. This measure is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Additionally, management believes that investors commonly adjust EBITDA information to eliminate the effect of restructuring and other expenses, which vary widely from company to company and impair comparability. As we define it, Adjusted EBITDA represents EBITDA adjusted for the effects of impairment losses, gains or losses on sales, non cash equity compensation expense, dispositions or retirements of assets, any mark-to-market gains or losses from accounting for derivatives, adjustments to exclude gains or losses on the repurchase, modification or extinguishment of debt, and any extraordinary, unusual or non-recurring items plus adjustments to reflect the Adjusted EBITDA from our unconsolidated investments. We adjust for these items in our Adjusted EBITDA as our management believes that these items would distort their ability to efficiently view and assess our core operating trends. In summary, our management uses Adjusted EBITDA as a measure of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends, as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations, and in communications with our Board of Directors, shareholders, creditors, analysts and investors concerning our financial performance. Cash Available for Distribution: A non-GAAP measure, Cash Available for Distribution is defined as of today’s date as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash contributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments, and adjusted for development expenses. Management believes CAFD is a relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors. We believe CAFD is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD is used by our management team for determining future acquisitions and managing our growth. The GAAP measure most directly comparable to CAFD is cash provided by operating activities. However, CAFD has limitations as an analytical tool because it does not include changes in operating assets and liabilities and excludes the effect of certain other cash flow items, all of which could have a material effect on our financial condition and results from operations. CAFD is a non-GAAP measure and should not be considered an alternative to cash provided by operating activities or any other performance or liquidity measure determined in accordance with GAAP, nor is it indicative of funds available to fund our cash needs. In addition, our calculations of CAFD are not necessarily comparable to CAFD as calculated by other companies. Investors should not rely on these measures as a substitute for any GAAP measure, including cash provided by operating activities. Reg. G | Non-GAAP Financial Information 29