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Clearway Energy Second Quarter 2026 Results Presentation August 5 , 2026
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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 (“CAFD”), 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 Clearway Energy Group 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; the Company’s substantial indebtedness and the possibility that the Company may incur additional indebtedness going forward; changes in law, including judicial decisions; hazards customary to the power production industry and power generatio n 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 transmis sion 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, including compliance with regulatory requirements and changes in market rules, rates, tariffs and environmental laws; 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, or the occurrence of a catastrophic loss and the possibility that the Company may not have adequate insurance to cover losses resulting from such hazards or the inability of the Company’s insurers to provide coverage. 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 with 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 or at all. 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 Company pr ovides 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 var y 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, August 5, 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 connection within information 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. Safe Harbor 2
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Second Quarter 2026 Results Presentation 3 Agenda Business Update Craig Cornelius Chief Executive Officer Financial Summary & Update Sarah Rubenstein Chief Financial Officer Closing Remarks Craig Cornelius Chief Executive Officer
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Business Update 4
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Adjusting 2026 Guidance 2026 CAFD (Free Cash Flow) guidance now $430-470 MM given 1H26 results Reaffirming 2027 CAFDPS Target 2027 CAFDPS target of $2.70+ enabled by committed investments and executed fleet enhancements Visible Long-Term Growth Outlook with Maturing Pipeline 80%+ of growth investment potential for 2026-2029 now identified with sponsor's development pipeline now up to 32 GW Growth Investments on Track ~$3 bn of corporate capital deployment (2026-2029); Honeycomb Phase II offer received Reaffirming Path to 2030 Target & Beyond 2030 CAFD (FCF) per share target of $2.90-3.10+ Increasing line of sight to growth well beyond 2030 Targeting payout ratio of less than 70% long-term Advancing Upside Opportunities Financial targets resilient with upside potential from redundant sponsor pipeline, sponsor co-located digital infrastructure business, and 3rd party M&A Business Update 5 CWEN Remains Focused on Delivering a Best-in-Class, Simple, Long-Term Investment Proposition
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Completed ERCOT wind PPA enhancements • 600+ MW of PPAs extend contracted life to 2041, increase EBITDA and CAFD, and improve cash flow predictability into the long-term • Customers include 2 contracts executed with a hyperscaler and 1 C&I contract, each with fixed pricing more than 2X prior contracted/merchant pricing Repowering program is moving forward on schedule with construction in 2026-2027 • Repower underway on 600+ MW already committed • Development advancing with construction expected to be on schedule for additional 300+ MW in 2027 • Repower PPAs are contracted with hyperscalers, investment grade corporates, and existing offtakers Fleet Enhancements: Solidifying path to 2030 target with repowerings on schedule and new revenue contracts enhancing our wind fleet in Texas 6 Fleet Enhancements in Progress (MWs) 2026-2027 2026 2027 Enhancement Type New revenue contracts signed Repowers Corp, Capital Capital light; high CAFD yield, NPV positive ~$600 MM at 11-12% CAFD yields Assets 3 Wind Assets (TX) Mt Storm Repower (WV) Goat Mountain Repower (TX) San Juan Mesa Repower (NM) Tuolumne Repower (WA) Spring Canyon Repower (CO) 617 MW 923 MW
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2026-2027 Projects 100% commercialized • Construction on track for remaining 2026 projects • Honeycomb Phase II now offered with 2027 COD, extending Phase I success and completing program • Royal Slope project approaching financial close and CWEN commitment later this year 2028 Projects 80% commercialized/identified • Signed or awarded contracts for 2 GW+ of late-stage projects targeting 2028 completion • Swan Solar and Catamount advancing for completion and fulfillment of Google PPA's • Wildflower II/III added as identified opportunity with awarded long-term utility PPA • Risk-mitigated supply chain secured for all projects Sponsor-Enabled Growth: Total projects for CWEN investment opportunity through 2028 ~$1.3BN across >3.5 GW 7 2026 2027 2028 Corp. Capital ($MM) ~$180 ~$300 ~$800 (~80% identified) MWs 611 ~730 ~2,400 CAFD Yield +10.5% ~10-11% ~10-11% Status On track or operational 100% Commercialized 80%+ Commercialized Identified Projects Honeycomb 1 (UT) Ros. South 2 (CA) Spindle (CO) Royal Slope (WA) Honeycomb 2 (UT) Swan (MO) Catamount (WV) Wildflower (MS) ~$1.3 BN of Potential Corporate Capital Investment from Sponsor-Enabled Growth Through 2028 ~$1.3 BN 2026 Identified Opportunities 2027 Identified Opportunities 2028 Future Late-Stage Growth 2028 Identified Opportunities
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Solar Storage Solar + Storage Wind Bubble is illustrative of capacity Sponsor-Enabled Growth: Solidifying path to exceed 2030 financial target with 2029 priority project investment opportunities providing resilience 8 2029 Vintage Priority Projects to Exceed 2030 Target Redundant Upside Opportunity Total Corp. Capital ($MM) ~$950 (~70% identified) Upside $950+ Capacity ~2.7 GW ~1.7+ GW ~4.4 GW 2029 Project Investment Opportunities by Location, Technology & Size 2029 vintage solidifies 2030 outlook • 2029 project vintage volumes larger than what is needed to meet top-end of 2030 goal • Includes ~2 GW of contracted solar-plus-storage project complex in AZ which alone presents potential for up to $650M in CWEN investment Upside optionality in vintage • ~1.7 GW of redundant upside projects beyond what is required to exceed our 2030 target, strengthening the resiliency of our plan • Initial phases of co-located digital infrastructure complexes could be completed and capitalized in 2029 but not included in 2030 CAFDPS target
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2026: 100% Committed or Funded 2027: 100% Committed or Offered 2028: 80% of Target MWs Commercialized 80%+ of Investment Opportunity Identified 2029: 70% of Growth Investments Needed for Top End or Better of 2030 Target Now Identified as Potential CWEN Investments Investment Program for 2030 Target: Maturing pipeline across all pathways puts total $3+ BN investment opportunity in view for CWEN over 2026-2029 9 Investment plan in 2026-2029 (excludes further co-located digital infrastructure and M&A upside)1 Future late-stage growth investment opportunities Committed/identified investments and 3rd party M&A ~$420 MM ~$900 MM ~$800 MM ~$950+ MM 2026 2027 2028 2029 1 Portion of repowering program corporate capital for 2027 CODs to be deployed in 2026
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2030 Target Outlook: Abundant and rapidly maturing growth pathways are increasing our visibility into meeting or exceeding our targets 10 Identified Growth Investments & Repowerings Base Portfolio Moves & Corporate Financings Future Growth Investments 2025 $2.90-3.10+ of CAFD per share3 (Excludes 3rd Party M&A and Co- Located Digital Infra.)$2.70+ of CAFD per share,2 2030 Identified growth ~$2.2 BN for 2027/2028/2029 CODs committed/identified investments1 Future growth +$0.4 BN of future 2028/2029 CODs to be identified in next 12-18 months targeting CAFD yields of ~10.5% Portfolio & corporate financings • Corporate interest cost to fund growth investments • Refinancing of CWEN Bonds due 2031 • Base portfolio moves 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 6/30/26; 3 Assumes accretive share issuances aligned with our funding plan 7-8%+ CAFD per share CAGR 2025-2030 at top end of range $2.12 of CAFD per share 2027
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$900 MM+ of potential CWEN corporate capital deployment in 2030 • ~1.5 GW of projects with signed or awarded PPAs, representing $500+ MM of potential CWEN investment opportunity already in commercialized projects • Vintage diversified by technology and markets (Western U.S., PJM) where Clearway has a demonstrated track record of project execution Corporate capital upside of ~$400-500 MM for every 1 GW of generation at co-located data center complexes that comes online in 2030+ • Upside to be pursued only for investments that meet CWEN’s underwriting criteria and when accretive sources of capital are available • Wyoming Complex targeting full completion in 2030 is accelerating in development with hyperscaler and utility engagement, and first equipment orders placed • MISO-S Complex with 2031-2032 COD is promising with adjacent hyperscaler data center and first-mover interconnection position through the MISO ERAS accelerated queue Post-2030 Outlook: Line of sight to robust growth in 2031+, with ~1.5 GW of projects already commercialized for 2030 plus digital infrastructure upside 11 2031 growth anchored by sizable and advantaged 2030 COD vintage pipeline of prioritized projects Sizable ~3.9 GW of priority projects in development targeting completion in 2030, well in excess of what’s needed to achieve 2031 growth Advanced ~1.5 GW of PPAs signed or awarded already in vintage; including Haymaker (MT) and other projects in core Western US markets Strategic focus in supply-constrained markets in Western US and PJM where renewables/batteries are least-cost/best-fit and Clearway track record is strong Secured tax credit qualification for all projects in 2030 vintage with 9+ GW of total volume of project already qualified for eligibility to be placed-in-service over 2031-2034, enabling potential to deliver 5-8%+ growth beyond 2031 1,302 1,875 450 225 3.9 GW Solar Storage Paired Storage Wind
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Financial Summary 12
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Financial Results ($MM) 2Q26 Adjusted EBITDA $409 CAFD (FCF) $167 YTD Adjusted EBITDA $666 CAFD (FCF) $237 2Q26: Solar + Battery Fleet Lower resource and realized revenues; plant availability remained at high levels 2Q26: Wind Fleet Lower than typical wind resource at Alta and ERCOT fleet 2Q26: Flex Gen Fleet Solid operational execution in line with budgeted expectations Quarterly Results: Strong controllable project performance with lower than typical renewable resource leads to revised FY2026 guidance 13 Revised 2026 Guidance ($ in millions) 2026 CAFD (FCF) Guidance Range $430-$470 (Previously $470-510) Assumes updated 2H26 renewable production expectations while the range reflects a potential distribution of outcomes on resource, performance, energy pricing, and timing of growth
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YTD Results and Updated Guidance: Resetting 2026 guidance reflecting 1H26 resource below typical meteorology due to strong El Niño conditions 14 Original 2026 Guidance YTD results reflect the low end of the range of quarterly CAFD expectations • Revising current year expectations primarily due to weak renewable resource conditions from continued El Niño /Southern Oscillation (“ENSO”) • 1Q26: Low wind resource below Q1'25 and P50 typical resource year, especially at Alta • 2Q26: Lower than typical wind resource at Alta and ERCOT fleet; lower resource and realized revenues in solar fleet Key 2026 CAFD guidance range assumptions • Potential generation variability for wind/solar in 2H26 • Low end of range assumes El Niño/Southern Oscillation (“ENSO”) adverse impact vs. typical persists through 2H26 • Expected timing of committed growth investments, including estimated project CODs/funding • Range for Flex Generation segment energy gross margin Adjusting 2026 Guidance Given YTD Results (figures in $MM) Revised 2026 Guidance $470-510 $430-470 1Q26 Results 2Q26 Results
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Retained Cashflow • 2026-2029: $500 MM+ • 2030 and Beyond: Increasingly self-funded to be within 5-8%+ growth goal driven by payout ratio going below 70% after 2030 Corporate Debt • 2026-2029: $1.5 BN+ ($600 MM raised to date) • 2030 and Beyond: Target 4.0-4.5x corporate leverage aligned with a BB rating and prudent long-term capital structure External Equity • 2026-2029: ~$0.5-1.0 BN ($50 MM raised to date); will issue equity only when accretive; plan to make routine SEC filings in the near future to enable future issuances • 2030 and Beyond: Issuing equity to support growth at the top end or better of target and only when accretive 15 Capital Allocation Framework: Continue to plan for deliberate and prudent deployment of corporate capital to achieve top end or better of 2030 target
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Closing Remarks 16
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We continued to make progress on creating long-term value for Clearway 17 Adjusting 2026 guidance range given 1H26 performance On-track for 2027 target CAFD per share of $2.70+ via on-time closing and construction of committed projects Continued to solidify pathways to achieving the top end or better of CAFD per share target of $2.90-3.10+ by 2030 Advancing initiatives to roll forward our CAFD per share growth target to 2031 at 5-8%+ on the 3Q26 Earnings Call with roadmap to achieving sustained payout ratio below 70% Advancing visibility into CAFD per share growth of 5-8%+ well into the 2030s, with further advancement of our large traditional development pipeline and the commercialization of GW-scale complexes to serve data centers
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Appendix 18
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291 3,150 1,533 0.6 GW 4.1 GW 6.4 GW 2.3 GW 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2026 2027-2028 2029-2030 2031-2032 897 1,108 11,919 9,655 8,272 Construction Advanced Intermediate Early Prospect 12,422 4,550 1,325 6,989 3,839 2,725 Solar Wind Repower Wind Standalone Storage Paired Storage Natural Gas (Data Center) 32 GW By Project Type (MW) 32 GW By Project Stage (MW) 1 Target COD (Estimate) 1 Clearway Group Development Highlights 32 GW Pro Forma Pipeline Owned or Controlled by Clearway Group 13.5 GW of Late-Stage Projects through 20323 Map of Late-Stage Pipeline & CWEN Dropdown Opportunities4 Appendix | Clearway Group Development Pipeline 19 1 Reflects 3.8 GW / 15.5 GWh of paired storage and 7 GW / 29.5 GWh of standalone storage capacity under development; 2 Net repower capacity is 203 MW. Total Net Pipeline is 31 GW. 3 Late-stage pipeline includes projects under construction and in advanced and intermediate stages of development with target CODs in 2026-2032 and newly operational projects. Net Late Stage 2026-2032 pipeline is 12.4 GW 4 Map is inclusive of 2032+ late-stage projects and newly operational projects MWs 2 Operational Solar Wind Repower Wind Standalone Storage Paired Storage Identified Opportunities • On track to achieve operations at Rosamond South II and Spindle BESS, contributing to a total of 600 MW expected to reach commercial operation this year. Nearly 900 MW of projects currently under construction, with an additional 4 GW scheduled to commence construction over next 12 months. • Advancing 3.4 GW of drop-down opportunities identified for 2026-2028, of which ~900 MW are already under construction and 1.7 GW are expected to start construction this year. Additional ~1.5 GW of drop-down opportunities in 2029 and beyond. • Over 8 GW YTD of projects contracted, awarded, or shortlisted, continuing to demonstrate the locational value of assets and attractiveness of Clearway’s track record in project execution. Growth of AI data centers continues to drive contracting activity for traditional grid-tied projects serving hyperscalers directly and through utilities. • Progressing 4.1 GW of substantially derisked late-stage projects in 2027-2028, with vast majority signed or awarded offtake contracts already, advancing through final permitting, interconnection and commercial negotiations. • Robust 2029-2032 late-stage pipeline, consisting of 8.7 GW of late-stage projects, staged to deliver progressive investment cadence for CWEN and providing a backlog of next drop-down opportunities • Best-in-class Safe Harbor program preserves tax credit eligibility for wind / solar projects under the revised IRA through 2030 and for some projects to 2031+, now with a total of 14.7 GW of projects safe harbored for tax credits.
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1 MW capacity is subject to change prior to Placed-in-Service (PIS) and COD Dates; includes ~751 MW / 2,134 MWh of standalone storage assets at Rosamond South II, Spindle, Honeycomb II, and Wildflower III; and 735 MW / 3,780 MWh of co-located storage at Royal Slope, Chimney Canyon, Wildflower II. 2 Definitive agreements for non-committed investments are subject to certain conditions and the review and approval by CWEN’s Inde pendent Directors. 3 Asset to be repowered. 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 PIS/ CWEN Funding Status2 Highlights Rosamond South II & Spindle Storage Utility Storage 291 CA / CO 2026 Committed • Project financed and under construction with placed in service expected 2H ’26 • Executed 15-year tolling agreement with SDG&E and 20-year PPA with Public Service Company of Colorado Mt Storm Repower3 Wind Repower 3004 WV 2027 Committed • Project financed and under construction • Executed 20-year PPA with Microsoft 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-year 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 • Repowering equipment secured; Project engineering nearing completion Honeycomb II Utility Storage 210 WECC 2027 Offered • Awarded 15-YR contract with investment grade utility customer 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 Wildflower II & III Utility Solar + Storage 700 MS 2028 Future Offer • Awarded PPAs with an investment grade utility customer • Preparations advancing and on track to support target 2028 COD Chimney Canyon Utility Solar + Storage 975 AZ 2029 Future Offer • Executed 20-year PPA with an investment grade utility customer Haymaker I & II Utility Wind 558 MT 2030 Future Offer • Contracted and Awarded PPAs with investment grade offtakers Total Renewables and Storage 4,974 Multiple States 2026-2030 Appendix | Committed and Potential Sponsor-Enabled Drop-Down Opportunities 20
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Data Center Complex Power Generation Mix Grid-Tied Generation Capacity Planned Data Center Load Earliest Load Served Wyoming Complex 4 GW 1 GW+ 2029-30 Montana Complex 4 GW 1 GW+ 2030+ MISO-South Complex 2 GW+ 1 GW+ 2031-32 West Texas Complex 3 GW+ 1 GW+ 2030-31 PJM Complex 1-2 GW 1 GW+ 2031+ Additional Complexes in Incubation 2 GW+ 21 Appendix | Clearway Group Digital Infrastructure Pipeline Natural Gas StorageSolar Wind 1 Generation resources in development to supply 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 capacity additions being applied consistent with historical practice Co-Located Data Center Complex Pipeline Owned or Controlled by Clearway Group• Total generating capacity under development for co-located/BTM data center supply now totals 17 GW, increased by 4GW from prior quarter. • In Clearway Group’s total reported pipeline(1) ~6.7 GW are generation/capacity resources under development to provide co-located power supply to data center complexes, of which ~1 GW are classified as late-stage, with opportunity for material additions over next 2 years as load studies and development advance. • Wyoming Complex: Targeting 2029 in-service date for first generating resources and full initial complex capacity of 3-4 GW in 2030; Initial equipment orders complete, EPC teaming structure established, data center load study and customer engagement in progress. • MISO-South Complex: Site located within a regional hyperscaler hub, contingent revenue contracts executed, priority interconnection position established for first 1 GW+ of co-located, grid-tied generation solutions targeted for 2031 with completion of entire complex in 2032. • Land, permitting, and load study initiatives underway for additional identified complexes as well as additional complexes in incubation. Clearway Group Digital Infrastructure Development Highlights
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Region/Tech Net MW Plant Availability Compensable Generation (GWh) Performance Index Plant Availability Compensable Generation (GWh) Performance Index Plant Availability Compensable Generation (GWh) Performance Index West - CAISO 947 92% 310 73% 93% 776 96% 93% 1086 88% West - Other 708 96% 586 100% 95% 545 100% 95% 1131 100% Texas 1,288 91% 1413 104% 89% 1399 93% 90% 2812 98% Midwest 447 97% 413 100% 94% 383 94% 95% 797 97% East 179 94% 252 104% 92% 178 101% 93% 430 102% Total Wind 3,569 93% 2974 94% 92% 3282 96% 93% 6256 95% Total Solar 3,249 98% 2297 99% 99% 3585 95% 98% 5882 96% Equivalent Availability Factor Equivalent Availability Factor Equivalent Availability Factor Flexible Generation 2,394 2Q 2026 97%89% 1Q 2026 2026 YTD 93% 22 Appendix| Performance Index by Region Notes to Operating Portfolio Performance Reporting: (1) All metrics exclude equity method investment projects (San Juan Mesa, Elkhorn Ridge, Avenal, Desert Sunlight, and Cardinal Fengate JV) (2) “Flexible Generation” represents Equivalent Availability Factor (“EAF”) in the Plant Availability section (3) “Plant Availability” is weighted by the Net Capacity MW in the given region or technology (4) Performance Index is weighted based on volume-related revenue assumed in the guidance mid-point (5) “Compensable Generation” is the quantity of GWh for which a plant is compensated and is the sum of physically generated electricity plus electricity that could have been generated and is subject to compensation under customer or supplier agreements. (6) “Performance Index” is Compensable Generation as defined above, divided by generation assumed in the guidance mid-point (3) (4, 6) (5) (1) (1) (2)
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+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 23
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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. Also excludes $180MM of project debt assumed in the Cardinal acquisition and $223MM associated with the commodity contract restructures of Elbow Creek, Langford and Mesquite Sky resulting in in-substance financings to settle existing derivative liabilities over time in 2026; 2 On May 1, 2026, $234MM of the outstanding debt was paid off with equity proceeds and the remaining debt outstanding was converted into a term loan; 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 24
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Appendix | Operating Assets1 as of June 30, 2026 1 Capacity represents the maximum, or rated, generating capacity or storage capacity of the project multiplied by the Company’s percentage ownership in the project. 2 Projects are part of tax equity arrangements; 3 Projects are part of the Cardinal Portfolio acquisition, which closed on March 30, 2026; 4 The Company leases 100% of the interests in Catalina through a facility lease agreement that expires in October 2043; 5 144 MW of capacity is deliverable ; 6 The Goat Mountain wind facility commenced repowering activities in February 2026 and was taken offline. Repowering commercial operations is expected to occur in the second half of 2027. 25 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 2036 - 2041 Avenal 45 50% 23 Pacific Gas and Electric 2031 Buckthorn 2 150 100% 150 City of Georgetown, TX 2043 Cardinal Portfolio DG 3 239 100% 239 Various 2027 - 2040 Cardinal Portfolio JV DG 3 130 50% 65 Various 2033 - 2041 Cardinal Portfolio JV Utility Scale 3 95 50% 48 Various 2035 - 2041 Catalina 4 109 −% 4 109 San Diego Gas & Electric 2038 Conetoe 3 80 100% 80 Corning Inc. and Lockheed Martin 2040 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 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 2040 - 2045 Rosamond Central 2 192 50% 96 Various 2038 - 2047 Rosamond South I 2 140 50% 70 Various 2040 Shoreham 2, 3 25 100% 25 Long Island Power Authority 2038 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 Other DG Projects 2 330 100% 330 Various Various Other Utility Scale Solar 175 100% 175 Various 2029 - 2038 5,429 3,523 Utility Scale 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 Honeycomb Portfolio 2 320 100% 320 PacifiCorp 2046 Mililani I 2 39 50% 20 Hawaiian Electric Company 2042 Pine Forest 2 200 50% 100 N/A N/A Rosamond Central 2 147 50% 74 Southern California Edison 2039 Rosamond South I 2 117 50% 59 Various 2035 - 2040 Victory Pass 2 50 40% 20 Various 2039 Waiawa 2 36 50% 18 Hawaiian Electric Company 2043 1,439 849 Utility Scale 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 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 2037 Elbow Creek 2 122 100% 122 Various 2041 Elkorn Ridge 81 67% 54 Nebraska Public Power District 2029 Goat Mountain 6 150 99% 149 N/A Langford 2 160 100% 160 Various 2041 Laredo Ridge 81 100% 81 Nebraska Public Power District 2031 Mesquite Sky 2 340 50% 170 Various 2041 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, 5 160 100% 160 Avista Corporation 2040 San Juan Mesa 120 75% 90 Southwest Public Service Company 2026 Sleeping Bear 95 100% 95 Public Service Company of Oklahoma 2032 South Trent 101 100% 101 AEP Energy Partners 2029 Spring Canyon II-III 63 100% 63 Platte River Power Authority 2039 Taloga 130 100% 130 Oklahoma Gas & Electric 2031 Tuolumne 137 100% 137 Turlock Irrigation District 2040 Wildorado 2 161 100% 161 Southwestern Public Service Company 2030 Other Utility Scale Wind 105 100% 105 Various 2027 - 2033 4,234 3,713 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
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1 Excludes corporate; estimates as of 2/23/26 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. Flexible GenerationSolar & BESS Wind Appendix | Clearway Fleet Environmental Data and Projections 26
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Appendix Reg. G Schedules 27
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Reg. G | Actuals 1 2026 excludes $279 million of proceeds from tax credit transfers related to Pine Forest, which were primarily used to repay bridge loans. 2 2026 excludes $71 million of net distributions primarily related to Goat Mountain, Honeycomb, Pine Forest and Rosamond South I; 2025 excludes $369 million of net contributions related to Dan’s Mountain, Pine Forest and Rosamond South I. 3 2026 excludes $482 million primarily for the repayment of bridge loans in connection with Honeycomb and Pine Forest; 2025 excludes $247 million for the repayment of construction bridge loans in connection with Dan’s Mountain, Luna Valley, Pine Forest and Rosie South I, and $112 million for the refinancing of Buckthorn solar. Three Months Ended Six Months Ended ($ millions) 6/30/2026 6/30/2025 6/30/2026 6/30/2025 Net Income (Loss) 30 12 (38) (92) Income Tax (Benefit) Expense (3) 5 (5) 5 Interest Expense, net 99 75 191 184 Depreciation, Amortization and ARO 196 163 378 326 Contract Amortization 52 45 102 89 Loss on Debt Extinguishment 3 — 5 — Mark to Market (MtM) (Gains)/Losses on economic hedges (2) 13 (32) 24 Transaction and Integration Costs 5 2 12 5 Other Non-recurring 11 13 22 28 Adjustments to reflect Clearway Energy’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates 17 14 29 25 Non-Cash Equity Compensation 1 1 2 1 Adjusted EBITDA 409 343 666 595 Cash interest paid (76) (72) (182) (171) Changes in prepaid and accrued liabilities for tolling agreements (6) (6) (16) (16) Adjustments to reflect sale-type leases and payments for lease expenses 1 1 3 3 Pro-rata Adjusted EBITDA from unconsolidated affiliates (28) (23) (45) (38) Distributions from unconsolidated affiliates 6 5 15 13 Proceeds from transferable tax credits1 — — 3 — Changes in working capital and other (92) (57) 171 (100) Cash from Operating Activities 214 191 615 286 Changes in working capital and other 92 57 (171) 100 Return of investment from unconsolidated affiliates 3 4 8 10 Net contributions (to)/from non-controlling interest2 (45) (21) (48) (34) Cash receipts from notes receivable 1 2 2 3 Maintenance capital expenditures — (8) (5) (9) Principal amortization of indebtedness3 (98) (81) (165) (139) Cash Available for Distribution before Adjustments 167 144 236 217 Net Impact of drop downs from timing of construction debt service — 8 1 12 Cash Available for Distribution 167 152 237 229 28
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Reg. G | 2026 CAFD Guidance Range 1Distribution from unconsolidated affiliates can be classified as Return of Investment on Unconsolidated Affiliates when actuals are reported. This is below cash from operating activities 2Includes tax equity proceeds and distributions to tax equity partners 3Excludes maturities assumed to be refinanced 29 ($ millions) Prior 2026 Full Year Guidance Range 2026 Full Year CAFD Guidance Range Net Loss (44) – (4) (35) – 5 Income Tax Expense 5 (2) Interest Expense, net 395 388 Depreciation, Amortization, Contract Amortization, and ARO Expense 1,022 980 Adjustments to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates 59 58 Non-Cash Equity Compensation 4 4 Adjusted EBITDA 1,441 – 1,481 1,393 – 1,433 Cash interest paid (383) (388) Changes in prepaid and accrued liabilities for tolling agreements (3) (3) Adjustments to reflect sale-type leases and payments for lease expenses 6 6 Pro-rata Adjusted EBITDA from unconsolidated affiliates (82) (95) Cash distributions from unconsolidated affiliates1 43 43 Cash from Operating Activities 1,022 – 1,062 956 – 996 Net distributions to non-controlling interest2 (149) (134) Cash receipts from notes receivable 13 6 Maintenance capital expenditures (32) (14) Principal amortization of indebtedness3 (384) (384) Cash Available for Distribution 470 – 510 430 - 470
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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. Where references are pro forma, forward-looking, preliminary or prospective in nature, and not based on historical fact, the table set forth above does not provide a reconciliation. The Company could not provide such reconciliation without undue hardship because such EBITDA and Adjusted EBITDA numbers are estimations, approximations and/or ranges. In addition, it would be difficult for the Company to present a detailed reconciliation on account of many unknown variables for the reconciling items, including EBITDA. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. Cash Available for Distribution: A non-GAAP measure, Cash Available for Distribution, or CAFD, is defined as of today’s date as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, receipts from notes receivable, 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. Where references are pro forma, forward-looking, preliminary or prospective in nature, and not based on historical fact, the table set forth above does not provide a reconciliation. The Company could not provide such reconciliation without undue hardship because such Cash Available for Distribution numbers are estimations, approximations and/or ranges. In addition, it would be difficult for the Company to present a detailed reconciliation on account of many unknown variables for the reconciling items, including CAFD. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. Reg. G | Non-GAAP Financial Information 30