Good day. Welcome to Clearway Energy's second quarter 2026 earnings call. At this time, all participants are in listening mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question, you will need to press star one one on your touchtone telephone. Please note this call is being recorded. I would like to turn the call over to Akil Marsh, Head of Investor Relations. Please go ahead. Thank you for taking time to join Clearway Energy Inc.'s second quarter call. With me today are Craig Cornelius, the company's President and CEO, and Sarah Rubenstein, the company's CFO. In addition, we have other members of the management team in the room to answer your questions if needed. Before we begin, I'd like to quickly note that today's discussion will contain forward-looking statements which are based on assumptions that we believe to be reasonable as of this date. Actual results may differ materially. Please review the safe harbor in today's presentation, as well as the risk factors in our SEC filings. In addition, we will refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliation to the most directly comparable GAAP measures, please refer to today's presentation. In particular, please note that we may refer to both offered and committed transactions in today's oral presentation and also may discuss such transactions during the question and answer portion of today's conference. Please refer to the safe harbor in today's presentation for a description of the categories of potential transactions and related risks, contingencies, and uncertainties. With that, I'll hand it over to Craig. Thanks, Akil. Good afternoon, everyone. I'll begin on slide five, where we summarize our business update. Clearway remains firmly on track to deliver best-in-class durable growth into the long term. We are reaffirming our 2027 CAFD per share target of $2.70 or better. Looking further out, we now have even greater visibility into our roadmap for potential deployment of $3 billion of corporate capital over 2026 through 2029. Visibility that gives us confidence in targeting the top end or better of our 2030 financial goals. Our targets are grounded in projects we control within the Clearway enterprise. The rapid commercialization progress we are making on our development pipeline gives us continued confidence in our ability to meet them. Beyond this core outlook, Clearway Energy Group's maturing digital infrastructure business presents meaningful additive upside, opportunities we look forward to making a more visible part of CWEN's story in the quarters ahead. Finally, though not factored into the targets we set for ourselves, third-party project M&A remains a potential growth pillar for our fleet, where we find ourselves presented with the opportunity to add projects that exhibit synergies with our core fleet that can be acquired with shareholder accretive returns within our established capital allocation framework. With that backdrop, we now have increasing line of sight to growth well beyond 2030, and our track record as one of the power industry's most reliable infrastructure providers gives us confidence in the runway ahead. In the near term, our 2026 outlook has been impacted by transitory weather patterns in the first half of the year. Given low wind resource in the first half, as outlined in the operational preview we published in mid-July as part of new enhanced disclosure practice, we are adjusting our 2026 CAFD guidance range to $430 million-$470 million. Sarah will provide additional detail in her section of the presentation, but I want to emphasize our conviction that the underlying earnings power of our operating fleet remains fully intact. Turning to slide six. Fleet enhancements continue to be one of our most capital-efficient growth pathways, and this quarter, we made further tangible progress in advancing them. In our ERCOT wind fleet, we've completed new long-term PPA transactions on all three projects we set out to enhance, extending contracted tenors across more than 600 megawatts to beyond 2040, increasing the pro forma EBITDA and CAFD the projects will produce, and materially improving the predictability of our cash flows on these large and well-positioned projects. With our fleet enhancements growth pathway, our repowering program continues to execute on track. We still expect to deploy approximately $600 million of capital into this program at 11%-12% CAFD yields, with attractive long-term internal rates of return and meaningful reinforcements to the long-term life of the projects. Turning to slide seven. Our sponsor-enabled growth program continues to advance with on-time construction progress across all committed projects and accelerating maturation of the next wave behind them. For our 2026 and 2027 COD vintages, we remain on track with construction timelines, the projects we plan to build in those vintages for CWEN are 100% commercialized. The Royal Slope Energy Center is advancing towards financial close and commitment soon, Honeycomb Phase 2 has now been offered as a next investment opportunity for 2027, rounding out the investment program we have planned for CWEN in 2027. Looking further out, our 2028 vintage is maturing into a robust year of potential growth. With signed or awarded contracts now in place for more than 2 gigawatts of late-stage projects, including Swan Solar, Catamount, and the newly added Wildflower 2 and 3 solar plus storage projects, all planned for construction mobilization in the first half of 2027. In our 2029 COD vintage, we continue to see increasing quantities of identified investment opportunities coming into view, further solidifying our path to exceed our 2030 financial target. The 2029 vintage volumes now include approximately two gigawatts of late-stage solar plus storage projects, representing roughly $650 million of potential corporate capital investment. As a result, approximately 70% of the growth investment needed to achieve the top end or better of our 2030 target is already commercialized and in view. Beyond the projects we have now commercialized, we have a sizable redundancy of projects in development relative to the approximately 2.7 gigawatts we would need to build that year for CWEN to exceed the top end of its 2030 targets, providing us with confidence in the resiliency of our plan and optimism about the potential for upside to it if prudent capital allocation allows. Clearway Group is also targeting completion of the first phases of generating capacity in its co-located digital infrastructure complexes in 2029, potentially providing an upside investment opportunity that could eventually contribute to CWEN's earnings power in 2030 and beyond. Turning to Slide 9. Across all our growth pathways through 2029, our best-in-class development craftsmanship has meaningfully de-risked our outlook towards achieving the top end or better of our 2030 targets. While we were pleased to see that reflected in our stock price earlier this year, we don't believe our current price fully captures the value of our growth outlook, and we remain focused on doing the work necessary to close that gap. Our investors can expect us to continue executing with resolve and capital discipline towards those long-term objectives that support that value. I have full confidence that Clearway will prove to be one of the best risk-adjusted returns available in the energy industry. Turning to Slide 10. Turning now to how these potential growth investments translate into a long-term CAFD per share outlook, we have high conviction that Clearway Energy, Inc. is positioned to deliver 7%-8% plus compound annual growth in the CAFD per share it delivers to its investors from 2025 to 2030 at the top end of the range we set. We now have over $2 billion of identified growth already lined up for our 2027 through 2029 completion vintages, building a well-defined bridge towards achieving the top end or better of our 2030 target. This is a disciplined plan that reflects our unwavering focus on allocating capital to high-return investments that build durable value for our shareholders, with a measured cadence of investment, paced by deliberate capital formation in a prudent capital allocation framework. Turning to Slide 11. Looking beyond our current five-year window, we have increasing line of sight to growth opportunities for CWEN in 2031 and beyond. Projects and development for 2030 are well diversified across technologies and markets, with particular depth in the Western U.S., where Clearway has a long track record of execution. Remarkably, over 1.5 gigawatts of those 2030 projects already carry signed or awarded PPAs, representing substantially more than half of the megawatts needed to sustain growth at the high end of our 5%-8% plus long-term goal. With over $500 million of potential investment planned for completion more than four years out, our enterprise has greater long-term visibility than ever before. Beyond our core development activity, co-located digital infrastructure complexes represent substantial additional upside for CWEN. Clearway Energy Group's pipeline now includes over 17 gigawatts of co-located generation under development, with initial contracts for revenue already signed and more targeted for later this year. With progression accelerated at its MISO South and Wyoming complexes in particular, there is now over 6 gigawatts of capacity in development at these digital infrastructure complexes that has been incorporated into Clearway Energy Group's reported pipeline. We look forward to sharing more about this opportunity as it takes further shape. Taken together, the breadth and quality of our sizable and redundant growth pathways give us continued confidence in Clearway Energy's ability to pursue and prudently fund the highest return growth opportunities available to drive long-term CAFD per share growth well beyond 2030. Consistent with our historical practice, we plan to communicate updated CAFD per share growth and capital allocation framework targets in our third quarter earnings call, when we intend to roll forward our five-year growth targets into 2031. With that, I'll turn the call over to Sarah, who will walk through our financial results in more detail. Thanks, Craig. Turning to slide 13, I'll cover our second quarter financial results and the drivers behind our revised full year outlook. For the second quarter, Clearway delivered adjusted EBITDA of $409 million and CAFD of $167 million, bringing year-to-date adjusted EBITDA to $666 million and year-to-date CAFD to $237 million. Our flexible generation segment delivered solid execution in line with budgeted expectations. In our solar and battery fleet, results were impacted by lower resource and realized revenues, though plant availability remained at high levels. In our wind fleet, we experienced lower than typical resource at both Alta and our ERCOT fleet during the quarter, continuing the meteorological pattern tied to the El Niño-Southern Oscillation, or ENSO, that shaped first quarter results as well. Turning to slide 14, given year-to-date results at the low end of our sensitivity ranges, we are revising our full year 2026 CAFD guidance range to $430 million-$470 million from our prior range of $470 million-$510 million. This revision is resource driven. The team remains comfortable with our long-term resource assumptions, which are based in part on our fleet's historical production. We have always been transparent that any given quarter can experience below average resource. However, we would reiterate that historically, our fleet has delivered strong operational performance in line with our long-term expectations. It is this multi-year historical context that drives our confidence that the underlying earning power of our fleet is fully intact. In terms of the assumptions within our revised range, the midpoint reflects updated renewable production expectations and the low end assumes the El Niño-Southern Oscillation pattern persists through the second half of 2026. As is our usual practice, the range also captures a range of outcomes on other factors, including the timing of growth investments and sensitivity to merchant energy margin within our flexible generation segment. Turning to slide 15, with Craig having walked through our growth pathways to get to the top end or better of our 2030 targets, I'll reiterate key points on how we plan to prudently fund approximately $3 billion of corporate capital deployment between 2026 and 2029, and the key pillars for funding growth into the 2030s. Over the 2026 to 2029 period, we continue to expect retained cash flows to contribute over $500 million, driven by our commitment to lower our payout ratio below 70% long term. Corporate debt continues to be a core funding source for meeting our 2030 targets, with over $1.5 billion expected to be raised between 2026 and 2029, of which $600 million has already been raised to date. While adhering to our commitment to a BB credit rating, which translates to a target corporate leverage ratio of four to four and a half times. After retained cash flow and corporate debt, external equity issued from a position of strength will be prudently deployed to achieve our growth targets. With approximately half a billion to a billion expected between 2026 and 2029, of which $50 million has been raised to date. As we've noted in past quarters, this will only be executed when demonstrably accretive via methods that limit price disturbance and in amounts as a% of our public float, consistent with what is observed among listed utilities. Given our current balance sheet and liquidity position, we have flexibility in the timing of equity issuances and can wait to take advantage of opportune timing for equity issuances for the remainder of 2026, as we believe our growth outlook will become more embedded in our stock price. Given our successful capital-light fleet enhancement activity, our base portfolio may generate more sustainable cash flow by 2030 than was anticipated earlier this year, which further de-risks our path to achieving the top end or better of our 2030 CAFD per share target. Our framework positions us to reach the top end or better of our 2030 target while maintaining the balance sheet discipline that our investors expect. Looking beyond our 2030 target, as we aim to lower our long-term payout ratio below 70%, we are well positioned to fund the $500 million of corporate capital we have already identified in the 2030 COD vintage with moderate issuances of external equity. Accordingly, we have increasing line of sight to meet our growth objectives in 2031. We would also like to highlight the compounding effect of increasing retained cash flow and its ability to significantly de-risk our funding needs. At a payout ratio below 70%, we will be well positioned to extend the longevity of our 5%-8%+ long-term growth objective well into the 2030s. We continue to see upside optionality to grow at the top end or better of that range in the 2030s, we will only deploy additional capital toward high return investments when accretive sources of capital are available. We will remain steadfast in maintaining our investment and capital allocation discipline. With that, I'll turn the call back over to Craig for closing remarks. Thanks, Sarah. To recap, we made substantial progress this quarter on our path to long-term growth and value creation. We remain firmly on track for our 2027 CAFD per share target and continue to have high conviction in our ability to achieve the top end or better of our 2030 CAFD per share goal. Over the coming quarter, we plan to advance the initiatives that will give us line of sight to roll forward our CAFD per share growth target into 2031, which we intend to formalize as part of our third quarter earnings call, all while continuing to meet our long-term payout ratio target of less than 70%. In combination with an increasing amount of retained cash flow to fund growth over time, our business is in a tremendous position to meet its long-term CAFD per share growth target of 5%-8% or more, well into the 2030s, with limited external equity needs while retaining the optionality from a position of strength to achieve the top end or better of that range. The Clearway enterprise is aligned towards creating value for all of our investors, and we continue to execute well. Our confidence in our ability to keep delivering long-term value is unwavering. With that, operator, we are ready to take questions. Thank you. As a reminder, to ask a question, please press *11. If your question has been answered and you'd like to remove yourself from the queue, please press *11 again. Our first question comes from Mark Jarvi with CIBC. Your line is open. Yeah, thanks. Good evening, everyone. Craig, how important is having safe harbored equipment and projects for the digital infrastructure customers? Are they a bit more price flexible? Maybe you can reserve that equipment and redirect that to other customers. Good question. It's been an advantage for us in positioning some of these complexes, as you could imagine. Depending on the resource mix and location and the novelty value of one of these complexes, it's conceivable that there's pricing power that's not reliant on tax credit qualification. We're a pretty long ways away from needing to really think about that hard choice because of the fact that we have nearly 15 gigawatts worth of safe harbor qualification investments that we've been able to make already and the way that we're able to allocate that both to the renewable projects that we're advancing in our core business and for the renewable components of the projects we've chosen to prioritize for the first of the set we aim to build over the next five years in co-located digital infrastructure. As we look further out over time and we think about how to position these resources to be value competitive for data center owners, we feel pretty comfortable that even if the renewable component of the projects we're developing doesn't claim a tax credit, it's a resource that makes economic sense for them. Got it. Just in terms of non-hyperscaler customer, digital infrastructure customers, how is the market right now conditions for other C&I customers? It looks like PPA trends have gone higher in terms of pricing inflation across the balance of plant. Are you seeing some customers pause right now if they don't have pressing needs? We have a lot better perspective on that market, and that market is tremendously robust for us still, Mark. I think the basic rule for the last number of years has been that if a project is credibly in a position to be completed over the course of the coming 36 to 48 months with an established interconnection position and a path towards obtaining the permits that are necessary to be built, the load-serving entities in our country absolutely want to buy its output. In markets where it's possible to sell directly to hyperscalers, they do as well. It is still the case that in those limited sets of projects where we're developing assets in market structures where you can sell to commercial and industrial customers, that we still have appetite. We've provided a disclosure that we're now up to over eight gigawatts worth of contracted or awarded projects year to date, and that most definitely does include C&I customers. There's markets like PJM, where there's both energy value and sustainability value for resources that we're developing. Sometimes the customer that's not a hyperscaler is a customer that has the highest willingness to pay. In general, where we're focused right now is on serving the utilities that have been the mainstay of our business to date, where we're finding it continues to be very possible to see eye to eye on the value of the resources that we're developing. In the markets where we can sell more broadly, we certainly see both a mixture of C&I customers and hyperscalers. Although, in general, it seems that the highest willingness to pay is with a hyperscaler. Got it. That all sounds positive. Just maybe last question from me, just in terms of where the share price has moved back to. I know you mentioned third-party M&A, but just where the share price is, does that give you a bit of pause, maybe in just focusing on here on the organic development, highlighting that opportunity to investors before you reengage on M&A? I think that's sort of the pragmatic story. I think one of the things that we're mindful of is that we've been selective and effective over the course of the 13 years that our public asset holding company has been public, at times where its cost of capital is especially accretive, acting on synergistic project acquisitions. When it's not where we'd want it to be or valuations for third-party acquisitions we think are not really reflective of their intrinsic value, then we step out. What's quite virtuous about our business model is the extent of our organic pipeline is more than sufficient to hit the top end or better of our goals. At this time, with respect to third-party M&A, we're fruitfully digesting some of the assets that we acquired last year and improving them, as you see in the case of some where we're repowering already one of those that we bought. The extent of our organic pipeline, let alone the digital infrastructure projects we're creating, is such that we're in a position to really focus our gaze at how we exceed the top end of our goals strictly with the projects that we control ourselves. Got it. Okay. Looking forward to the update this fall. Thanks for the time today. Thank you, Mark. Thank you. Our next question comes from Justin Clare with Roth Capital Partners. Your line is open. Hi. Thanks for taking our questions here. Wanted to start out on the guidance. With the updated guide, you indicated the low end assumes a continuation of the ENSO-related weather pattern in the second half here. Just wondering what wind resource assumption is now embedded at the low end, how that compares to the assumption you would make at the midpoint. Wondering if it's possible to share how conditions have trended in July and August. Is it closer to P50 levels or remains more consistent with what you experienced in the first half? When we reset the guidance range, we'd already accounted for resource conditions in July, those factored into the midpoint of the updated range that we provided. We're just a few number of days into August, so few that it's not really all that statistically significant. We had incorporated into the midpoint expectation something less than a P50 production resource for Alta in particular, which is, you can appreciate winds large as well as our resources in ERCOT, which also exhibited renewable resource inferior to a typical meteorological year. We're not fully banking on a P50 resource in the second half of the year to be able to hit the midpoint of that $430 million-$470 million range. That's sort of a first answer to the question. In terms of fleet performance, controllable performance in the fleet continues to remain strong. We sought to set the bottom end of that range at a fashion that would be conservative so that we could be certain we would land within the range as we work to the end of the year. As an organization, as we usually do, we're going to aim to try to deliver in the top half of the range that we've articulated. Got it. Okay. That's really helpful. Maybe shifting over to digital infrastructure. The Wyoming complex, it looks like it's now targeting first generation in 2029, with full capacity in 2030. I think last quarter, the target was 2028 for the first generation. Just wondering what drove the timing shift, just at this stage, when do you think CWEN might receive its first investment opportunity in that complex? If you do end up investing, what could be the potential upside relative to your 2030 CA per share target? Would you assume that supporting some higher level than your long-term target? Yeah. Well, first working backwards, as we've noted, investment opportunities around these complexes are an additional upside opportunity beyond the core business. That informs really the answer to your question about when an offer might be made. We think of these as really important and attractive assets that are being created at Clearway Group, and mindful of the opportunity to really pace ourselves in terms of when any one of these would be optimal to present to CWEN as an investment opportunity, since in all of the cases that we're developing these projects, we are targeting 20-25-year revenue contracts. As far as Wyoming is concerned, the first generation that we plan there actually will still be completed at the end of 2028. The time window of 2029-2030 really reflects on when we would expect to serve load there through a data center for the first time, and that's paced by what we think would be the timing of the transmission solution that allows for service of a data center load. The development of that complex continues to advance really on track with what we'd aimed for in the prior quarter. We're really excited about both that complex and others in this list in the way that they harness preexisting development resources that we had in place, preexisting customers, consistent with Mark's question, tax credit qualifications that we'd made previously. We feel quite confident based on the engagement that we have ongoing with customers around, in particular, those first two complexes that we noted that we have created resources that have really responsive solution for the needs of data center customers. We feel pretty good about the track that we're on with that project. Okay, great. Appreciate it. Thank you. Thank you. Our next question comes from Julien Dumoulin-Smith with Jefferies. Your line is open. Hi, everyone. This is Anuhea Elliott on for Julien. Thanks for taking my questions. First, the deck provides more detail on co-located digital infrastructure, including potential corporate capital upside of about $400 million-$500 million per gigawatt of generation coming online. I guess, can you help frame the realistic scale and timing of these data center related investments becoming a part of Clearway Energy's growth plan? I guess more specifically, what milestones should we be watching for before we assign tangible value to them? I think we would first focus on the investment program that we've outlined for Clearway Energy in the main body of the materials. Thanks, Anuhea, for the question. That investment program, which is built around core projects in our development pipeline, is what enables us to deliver at the top end or better of the $3.10 in CAFD per share 2030 target that we've set. Given the consistency of each one of those projects with our historical investment program and the clarity of our ability to look out towards them, we look first to continue to progress each one of those projects through their planned development, the receipt of everything that's necessary to be able to close financing and start construction, and to slot those progressively into Clearway Energy's investment program and its expected growth profile in CAFD per share and reduction of payout ratio over time. As you can see from some of the materials, which I think we've summarized on page nine of our earnings presentation, that program in general aims to deliver an investment opportunity of approximately $900 million a year to $1 billion a year for Clearway Energy, Inc. As we move through 2027, 2028, 2029, and 2030, the raw material of the projects that we're developing in our core business presents that opportunity. As far as the digital infrastructure projects go, as you can see from the disclosures that we've provided, probably the most natural first investment opportunity for Seawind would be out in 2030 as the first of those complexes come together. Given the size of the generation mix of each one of these, they would present an opportunity to either substitute for the projects that we are developing in our core business as an investment opportunity for Seawind, or to the extent that it had access to capital and it could make those investments accretively to increase the scale of its investment program as we look out to the decade beyond 2030. I think what you could probably look to is as those projects get commercialized and we reach a point in time where they are equivalent in commercial definition to what you see for other projects we put in our identified opportunity list. They will end up in identified opportunity lists like that. You'll be able to see characteristics of the revenue contracts and scale of the projects we're creating. You might think of them in the same way that you do other identified projects of an investment roadmap for Seawind. Got it. Thanks so much. Then for my follow-up question, I guess with regards to the recently announced agreement with T1 Energy, would you mind walking us through where specifically the FEOC compliance risk lies? Additionally, how are you thinking about the Section 232 and the subsequent inflation risks as it relates to this agreement with T1? Yeah. What I'll talk about in general is our overall supply program. I think you've had the opportunity to watch us over time, and if there's anything we're especially proud of in our craftsmanship, it is our ability to do policy-aware development and to manage a supply chain that anticipates different types of policy disruptions over time. I think we were one of the first in the industry to anticipate and embrace the concept that Foreign Entity of Concern factors would factor into U.S. policy in a variety of dimensions. Long before those had been incorporated into the Inflation Reduction Act, we had adapted our supply chain sourcing strategies with a variety of existing or emerging companies, where when we engaged with them, when we asked them to plan supply chains, when we procured from them, we were looking for them to establish supply chains for component parts, service materials, intellectual property that would make them immune from U.S. policies or less exposed to U.S. policies that would aim to limit sourcing of power equipment from Chinese-controlled enterprises. For the entirety of the development program that we've planned really through 2027 and substantially all through 2028, we have already sourced the equipment that goes into those projects. We've already established the requirements that those suppliers need to fulfill. Based on that foresight and those requirements, and also the way that we've qualified projects for tax credits, we feel quite comfortable with the position we're in across all those projects. As we look beyond 2028 to projects that we'd complete in 2029, we've had a great opportunity to shape the emergent domestic cell and module manufacturing industry where companies, including T1 but not limited to it, have really started to do some sensible things in citing additional solar cell manufacturing here in the United States. Also making arrangements with predecessor companies around intellectual property and ongoing manufacturing support that are responsive to U.S. law. With any company that we sign supply agreements, and there are at least four that we've signed module supply agreements, including T1, for supply going forward. We go through rigorous paces on those, and we feel quite good about the work that T1 and its team has done to position themselves to be a core supplier, both to us and the rest of the industry over the next number of years. Great. Thanks so much. Thank you. Our next question comes from Nelson Ng with RBC Capital Markets. Your line is open. Great, thanks. For the PPA restructuring, the Elbow Creek and Langford wind projects, I think it looks like there was an upfront cost to break the hedges. I think that was financed, and then you recontracted the projects at a higher price. From a CAFD perspective at the project level, does it increase on day one, or is there a period where you're paying down some of the debt or costs to break the hedges before we see a CAFD improvement? Can you just talk about- Yeah the profile? I understand the question. We're really proud of the work that our team did. Each one of those restructurings will be accretive to EBITDA and CAFD from the first month of their effectiveness, and that has proven out. The transactions as structured, make use of the existing bank relationships that had established commodity hedges to create a price floor for those projects. With those same institutions allow us to finance out the preexisting settlement obligations, and do so with a profile that allows the project to enjoy an uplift in CAFD, for us, even while servicing that debt over time. We're quite happy with what we did with those projects to put them on a position to have a fully fixed price contract for the next 15 years with really tremendous customers, with an uplift in EBITDA and uplift in CAFD, and a really tremendous extension and predictable cash flow over time. I think so far as we can tell, we're the first of the companies in our industry to have figured out a way to do that. We're quite pleased with the position it puts the project in, and quite proud of the work our team did to enable that. I see. Just to clarify, with a longer-term contract, obviously those projects can support more debt, or non-recourse debt. Is there any plans going forward to add non-recourse debt to those projects that are now longer-term contracted? No. I think if we were to add leverage to assets in our fleet, probably the parts of the fleet which generally are most sensible to add leverage to are solar projects. In general, we feel pretty good about the way our capital formation plan will selectively look to both organic cash flow from the fleet that we have already and corporate sources and continue to extract from our operating fleet, the project level or portfolio level cash flows that assets are providing today. Okay. Got it. Just a quick one on the Wyoming project, since that's the first to come online. Could you just remind us in terms of how contracted those projects are? Like for example, is a hyperscaler or a customer in place? Has that been signed up, or are you still working with a number of parties? Or the developer is still working with a number of parties? Yeah, I think we didn't really comment on that project's contracting position. It is a complex that is in advanced stages of engagement with potential customers who would be the customers for that complex. It would be a single customer. In the case of the MISO South complex, that project complex has a set of contingent revenue contracts in place with a data center development enterprise, which will eventually be replaced with a set of long-term contracts with a hyperscaler that we choose to do business with. In terms of when we would expect to put those types of long-term contracts in place for the Wyoming complex, that will be paced by the ongoing technical development of the resource there and the plans for how to serve a data center load at that location. We feel really proud of the novelty value of what we've created in that complex and its ability to be extended over time, even potentially beyond the 4 gigawatts of planned capacity that we have there and are optimistic that long before we get to the 2030 date, that it would hopefully present for a permanent equity investment opportunity, that we will have a customer in place that underpins that development activity. Great. Thanks for the clarification. I'll leave it there. Thank you. Our next question comes from Christopher Souther with Truist. Your line is open. Hey, thanks for taking my question here. Just to clarify, the contracts signed on the digital infrastructure are really around kind of development of those, versus the end customer, I think is what you were saying in the last question there. Yeah, that's right. Okay. I wanted to get a sense, just confirming that. I wanted to get a sense, how do you see the CAFD yield% for some of those types of opportunities relative to the solar and storage kind of 10%-11% range? Is it too early to say on that front, or do you have a sense of what the market would be supporting with there? The way that we look at those complexes is similar to the core renewable and battery assets in our pipeline, where what we're aiming to achieve in today's market for assets that have really scarce value and pricing power, is that we aim to have 20-25-year contracts with favorable settlement provisions that provide for high quality, risk-adjusted returns during that period of contracted cash flows. For the complexes that we're creating here, we really are designing them and commercializing them and structuring them as an accumulation of renewable and battery or natural gas tolled resources that look like the other projects in our fleet. We would expect the returns and the CAFD yields that they can present to look similar to other projects that we develop in our core business. As noted before, as we hope will continue to benefit from the concentration of our investor and analyst community, the core business that we have is in a tremendous position to be able to continue to present a similar investment proposition on a quantity of assets that would take us all the way up to the top end or better of our targets. I think as and when we get to making decisions on how to capitalize these generation resources that attach to a co-located data center, you could expect that we'll be thinking about contracting them and capitalizing them in ways that are consistent with our core business. The timeframe when they'd be presented as an investment opportunity for CWEN will be paced by their commercialization and the rest of the outlook for growing Clearway Energy, Inc. and its capital formation framework. Yeah. Okay. That makes a lot of sense. Just thinking through 17 gigawatts of potential opportunities here, that's at $400 million per gigawatt, that's like $7 billion plus. A potential corporate capital opportunity in the 2030-2032-ish timeframe. I'm just curious, it's a pretty significant step up from the rates we're doing in the near term, which are already impressive. How do we think about, I guess, either the order of operations around incremental reinvestment beyond the 70% payout, equity, assuming it's accretive. Would we look to start utilizing partner capital again? Can you kind of just give a little bit more color on how the order of operations when the numbers start getting a little bit bigger? Yeah. For those who've watched our business evolve over time, they'd be familiar with the fact that our core development pipeline has been sustained at something close to 30 gigawatts pretty continuously for a number of years. The investment tempo we've set for Clearway Energy, Inc. has generally been paced by its access to capital, the accretiveness of returns on the use of capital, and a business model that aims to deliver at the top end of a CAFD per share growth rate that's consistent with the returns that leading value utilities achieve. If that's our goal, if our goal is to deliver 7%-8% plus CAFD per share growth year in and year out, what that sort of adds up to as you go out into the next decade is a need to invest something like $900 million-$1 billion a year, then compounding up marginally as you get further into the 2030s. That is a very healthy business model for the company, which we have no intention of breaking. While you see an aggregate total generation capacity that's in development of up to 17 gigawatts of digital infrastructure, six of which is incorporated in the 32 gigawatt pro forma Clearway Energy Group pipeline under development, we don't have the intention of radically altering the business model that we have in place today that works quite well. We think of these projects as part of the raw material in Clearway Energy's overall enterprise structure for value creation. We'll look to optimize which of those end up being a part of an investment program for CWEN alongside the other development projects we have in our core pipeline. Where we are successful at executing a fraction of that pipeline, if we are successful even on a few of those, then I think you're right to expect that there will be partner or third-party capital involved in capitalizing those projects, both during the construction period and the permanent period. What you should think about, and what others should anticipate for Clearway Energy, Inc., is that we continue to. Thank you. Our next question comes from [Heidi Hawk] with BNP Paribas. Your line is open. Hi. Thanks for taking my question. Can you hear me? Yes, we can. Okay, great. Okay, I wanted to ask first, given your focus on PJM, and considering the regulatory activity in the region, do you have any plans to participate in the ongoing efforts PJM is doing to attract new supply, for example, like the reliability backstop procurement? No, we don't have comments on that. I think we're pretty pleased with the resources that we've developed in PJM. Every time they're in a position to be interconnected to the grid, we're able to develop and contract them in a way that is financially accretive and responsive to customer needs. We certainly look to how successful battery resources have been in other parts of the country in establishing a rapid source of reliability that helps address wholesale market conditions in a way that's ratepayer favorable, and I suppose would hope that regulators will look to that as a proof point. In our overall development program, as you can see, the vast majority of everything that we're developing is in the American West and regulated markets where the path towards serving load and doing so in a ratepayer favorable way is, in some ways, a simpler equation. I think we wish the regulators in PJM well, and certainly we'll stand ready to deliver resources that are responsive to their market design. Great. That's helpful. Just a last one, a quick one from me. On the 2030 CAFD guidance, you include an offset from base portfolio moves. Is that just typical asset degradation or is there something else embedded in there as an offset? We want to always be careful about how we embed uncontracted revenues in our forward outlook and do so in a way that it is appropriately conservative so that we can be confident that we'll meet or exceed our long-term targets and eventually be able to upscale them as has been our historical practice. You could think of some potential for lower energy or capacity prices as being what sort of sets the bottom end of that range. What would allow us to target the top end of our CAFD per share range or higher would be more favorable outcomes on those types of attributes in particular. I think we're actually feeling pretty good about that outlook at this juncture. Certainly part of what we do and will do as we reexamine our long-term outlook is to take into account our forward contracting activity on the parts of our existing fleet, take into account fleet enhancements like those we announced on our wind assets. Those are amongst the potential contributors to CAFD per share performance in 2030 and beyond on the upside. Maybe, Craig, just to add to that, I think you do see the impact of the corporate financings as a little bit of a downdraft there. That might be also what you're noting there, Heidi. Great. Thank you. Thank you. I'm showing no further questions at this time. I'd like to turn the call over to Craig Cornelius for closing remarks. Thank you everyone for joining us today and for your ongoing support of Clearway. We're proud of the work we're doing to sustain one of America's strongest clean energy fleets, and incredibly optimistic about our plans to grow it substantially in the years ahead as we deliver ever-increasing quantities of the power our country greatly needs. Operator, you may close the call. Thank you for your participation. This does conclude the program. You may now disconnect. Good day.