Clearway Energy Inc (CWEN) 2024 Q3 法說會逐字稿

Hello, and welcome to Clearway Energy Inc, third-quarter 2024 earnings call.

您好，歡迎您參加 Clearway Energy Inc 2024 年第三季財報電話會議。

(Operator Instructions) I would now like to hand the conference over to Akil Marsh. Sir, you may begin.

（操作員指示）我現在想將會議交給 Akil Marsh。先生，您可以開始了。

Good morning. Thanks for taking the time to join Clearway Energy Inc's third quarter call with me this morning are Craig Cornelius, the company's President and CEO, and Sarah Rubenstein the Company's CFO.

早安.感謝今天早上抽出時間參加 Clearway Energy Inc 第三季電話會議的還有該公司總裁兼執行長 Craig Cornelius 和該公司財務長 Sarah Rubenstein。

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.

在開始之前，我想快速指出，今天的討論將包含前瞻性陳述，這些陳述基於我們認為截至目前合理的假設。實際結果可能存在重大差異。請查看今天演示中的安全港以及我們向 SEC 提交的文件中的風險因素。

In addition, we will refer to both GAAP and non-GAAP financial measures. For more information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to today's presentation.

此外，我們將參考公認會計原則和非公認會計原則財務指標。有關我們的非公認會計原則財務指標以及與最直接可比的公認會計原則指標的調節的更多信息，請參閱今天的演示文稿。

In particular, please note that we will refer to both offer 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.

特別請注意，我們將在今天的口頭演示中提及要約和承諾交易，也可能在今天會議的問答部分討論此類交易。請參閱今天演示中的安全港，以了解潛在交易類別以及相關風險、意外事件和不確定性的描述。

With that, I'll hand it over to Craig.

這樣，我就把它交給克雷格。

Thanks, Akil. Turning to slide 4. Today, we're pleased to report that we've completed another solid quarter of execution, that we are on track to meet or exceed our key 2024 financial objectives, and then we have a strong outlook for Clearway's future. In addition to reporting on our strong performance this year. in today's call, we will provide you with guidance for our key financial expectations for 2025, we'll articulate longer term goals for 2026 in 2027, and will outline the capital allocation framework we intend to employ as we go forward.

謝謝，阿基爾。轉到投影片 4。今天，我們很高興地報告，我們已經完成了另一個堅實的季度執行，我們預計將實現或超過我們的 2024 年關鍵財務目標，並且我們對 Clearway 的未來充滿信心。除了報告我們今年的強勁表現之外。在今天的電話會議中，我們將為您提供 2025 年主要財務預期的指導，我們將在 2027 年闡明 2026 年的長期目標，並將概述我們未來打算採用的資本配置框架。

Our financial results for the quarter demonstrated another quarter of strong performance in our diversified fleet, bringing us to $385 million of CAFD in the year to date and putting us in a great position to meet or exceed our 2024 guidance. We are especially proud of the great work our team has done to run safely and improve the operations of our fleet over the last three quarters.

我們本季的財務表現證明了我們多元化機隊又一個季度的強勁表現，使我們今年迄今為止的 CAFD 達到 3.85 億美元，並使我們處於達到或超過 2024 年指導的有利位置。我們對過去三個季度我們的團隊在安全運行和改善機隊營運方面所做的出色工作感到特別自豪。

Ever vigilant, we are pleased to say that we achieved our best ever safety key performance indicators in the first three quarters of the year and that we have also driven meaningful improvement in plant availability and conversion efficiency in comparison to the prior year. In conjunction with this strong quarter of performance, we've also announced a fourth quarter dividend in line with our commitment for 7% EPS growth in 2024.

我們始終保持警惕，很高興地說，我們在今年前三個季度實現了有史以來最好的安全關鍵績效指標，並且與前一年相比，我們還推動了工廠可用性和轉換效率的顯著改善。結合這個強勁的季度業績，我們也宣布了第四季度股息，符合我們 2024 年每股收益成長 7% 的承諾。

Looking ahead, and we're pleased to report that we've continued to advance the growth of our fleet, concluding an investment commitment and for the pine forests, solar and storage project and having received an offer, which is now under evaluation to invest in phase one of the Honeycomb storage projects.

展望未來，我們很高興地報告，我們繼續推進機隊的成長，達成了松林、太陽能和儲存項目的投資承諾，並收到了報價，目前正在評估投資在蜂窩儲存項目的第一階段。

As we advance these investment prospects and look ahead to further opportunities to come, we have continued to demonstrate our ability to methodically assemble accretive building blocks for our growth over time. Today, we are establishing our financial guidance for 2025.

當我們推動這些投資前景並展望未來的更多機會時，我們不斷展示我們有能力有條不紊地為我們的成長建立增值基石。今天，我們正在製定 2025 年的財務指引。

We're establishing CAFD guidance for 2025 and a midpoint of $420 million and establishing our dividend target for the year at $1.76 per share, in line with our previously articulated commitment for 2025 EPS. We are also reaffirming our intention to target dividend per share growth in 2026 at 6.5%, fulfilling our prior commitments.

我們正在製定 2025 年 CAFD 指引，中點為 4.2 億美元，並將今年的股息目標設定為每股 1.76 美元，這與我們先前闡明的 2025 年每股收益承諾一致。我們也重申，我們打算將 2026 年每股股息成長目標定為 6.5%，以履行我們先前的承諾。

So our guidance for fiscal year 2026 would be issued at this time next year. We look forward to delivering that future EPS growth in a prudent capital structure, supported by a full year CAFD contribution from committed growth investments that will be funded over 2025, and the progressive increase in revenues that should be delivered by our fleet.

因此，我們的 2026 財年指引將在明年這個時候發布。我們期待在審慎的資本結構中實現未來每股收益的成長，並得到 2025 年承諾成長投資的全年 CAFD 貢獻的支持，以及我們機隊應實現的收入的逐步增加。

Finally, we are setting the next set of goals and updating our capital allocation framework for the future. Looking ahead to 2027, we will be targeting CAFD per share of $2.40 to $2.60, a range which represents a solid growth trajectory extension of approximately 7.5% to 12%, compounded annual growth from the midpoint of our 2025 guidance, reflecting the strengthening trajectory of our core asset base and our accretive growth investment prospects.

最後，我們正在製定下一組目標並更新未來的資本配置架構。展望 2027 年，我們的目標 CAFD 為每股 2.40 美元至 2.60 美元，這一範圍代表著約 7.5% 至 12% 的穩健增長軌跡，是我們 2025 年指引中點的複合年增長率，反映了我們的核心資產基礎和增值成長的投資前景。

From this position of strength, we will aim to fund more of our growth from retained cash flow, targeting a payout ratio in 2027 within 70% to 80%, while also growing our dividend at a competitive pace, with a targeted dividend per share growth rate in the bottom half of our historical 5% to 8% range in 2027.

憑藉這一優勢，我們的目標是透過保留現金流為我們的成長提供更多資金，目標是2027 年派息率在70% 至80% 之間，同時以具有競爭力的速度增加股息，目標每股股息成長到 2027 年，這一成長率將處於 5% 至 8% 歷史區間的下半部。

In concert with setting these goals, we're also refreshing our capital allocation framework to one that we believe will provide investors with enhanced visibility into long-term predictable CAFD per share growth. Beyond our strong CAFD per share growth road map into 2027, we will aim to achieve a long-term goal of 5% to 8% plus in CAFD per share growth in my long term and importantly, willing to effectuate that growth with a greater reliance on our own cash flow generation.

在製定這些目標的同時，我們也將更新我們的資本配置框架，我們相信該框架將為投資者提供對長期可預測的 CAFD 每股成長的更清晰的了解。除了到2027 年強勁的CAFD 每股成長路線圖之外，我們的長期目標是實現CAFD 每股成長5% 至8% 以上的長期目標，重要的是，我們願意以更大的依賴性實現這一成長我們自己的現金流生成。

Increasing the fraction of our internal cash flow, we have reinvest in growth over time, deploying capital in a way that is accretive and raising capital in a way that is prudent and predictable. I'll discuss this refresh framework in detail later in the presentation. In summary, Clearway continues to execute well, and we are excited to continue to deliver long-term accretive growth to you, our valued stakeholders.

透過增加內部現金流的比例，我們隨著時間的推移對成長進行再投資，以增值的方式部署資本，並以審慎和可預測的方式籌集資本。我將在稍後的演示中詳細討論這個刷新框架。總而言之，Clearway 繼續表現良好，我們很高興能夠繼續為您（我們尊貴的利害關係人）帶來長期的增值成長。

Turning to slide 5. During the last quarter, we made solid steps forward on value accretive growth, as is evident by the completion of our investment committee and to Pine forest on attractive terms and received a formal offer for Honeycomb Phase one, which is now under review. As a refresher, the Pine Forest solar-plus-storage complex will be a complementary addition to our fleet in the fast-growing ERCOT power market.

轉到投影片 5。在上個季度，我們在價值增值增長方面邁出了堅實的一步，這一點可以從我們的投資委員會的完成以及以有吸引力的條款進入Pine Forest 和收到Honeycomb 一期的正式要約（目前正在審查中）中可見一斑。回顧一下，Pine Forest 太陽能+儲能綜合體將成為我們在快速成長的 ERCOT 電力市場的補充。

It's solar capacity has been fully contracted for an average of approximately 20 years at strong pricing and settlement terms. The majority contracted with a leading information technology company. Its batteries will complement our existing fleet of assets in ERCOT, and together, these will be beneficial additions to our fleet. We aim to fund the investment by the end of 2025.

其太陽能發電能力已完全簽約，平均期限約為 20 年，定價和結算條款十分優惠。其中大部分與一家領先的資訊科技公司簽訂了合約。它的電池將補充我們在 ERCOT 中現有的資產艦隊，並且這些將共同為我們的艦隊帶來有益的補充。我們的目標是在 2025 年底前為投資提供資金。

We're also pleased to announce that CWEN received an offer for phase one of the Honeycomb battery hybridization program. As you'll recall, Clearway Group is developing and building a family of contracted battery assets adjacent to CWEN's existing fleet of solar projects in Utah.

我們也很高興地宣布 CWEN 收到了蜂窩電池混合計劃第一階段的報價。您可能還記得，Clearway Group 正在開發和建造一系列合約電池資產，毗鄰 CWEN 位於猶他州的現有太陽能專案群。

Subject to CWEN's independent director approval, CWEN have the opportunity to invest approximately $85 million in corporate capital at an approximately 10% capped yield into the projects and to fund this investment in 2026. Sarah will discuss the Company's liquidity position more in her section, but both Pine forest and Honeycomb are expected to be funded with existing sources of existing liquidity.

經 CWEN 獨立董事批准，CWEN 有機會以約 10% 的上限收益率向這些項目投資約 8,500 萬美元的企業資本，並於 2026 年為此投資提供資金。莎拉將在她的部分更多地討論公司的流動性狀況，但 Pine Forest 和 Honeycomb 預計將通過現有流動性來源獲得資金。

Turning to slide 6, along with the improvements we've made to our fleet this year, growth investments like these have allowed us to build an excellent foundation for achieving the goals we are now setting for 2027. Starting from our previously disclosed pro forma CAFD per share of $2.15.

轉向投影片 6，加上我們今年對機隊所做的改進，這類成長投資使我們能夠為實現我們現在設定的 2027 年目標奠定良好的基礎。從我們之前披露的預計 CAFD 每股 2.15 美元開始。

And then taking into account the commitment to Pine forest and updated levelized assumptions for resource adequacy capacity revenues in our conventional fleet, our existing asset base and committed investments set us up to target at least $2.40 per share, and CAFD in 2027, constituting the bottom end of the range we're targeting for CAFD per share in the year.

然後考慮到對松林的承諾以及我們傳統機隊資源充足能力收入的最新平準化假設、我們現有的資產基礎和承諾投資，我們設定的目標是每股至少2.40 美元，以及2027 年的CAFD ，構成底部是我們今年每股 CAFD 目標範圍的末端。

First by 2027, Pine forest will add to the other previously committed investments that underpinned our prior pro forma CAFD per share expectation. Beyond that contribution, our fleet improvement program, the results of which are evident in our strengthened results in 2024 year to date, adds further too our 2027 outlook.

首先，到 2027 年，Pine Forest 將增加先前承諾的其他投資，這些投資支撐了我們先前預估的每股 CAFD 預期。除此之外，我們的機隊改進計畫也進一步增強了我們 2027 年的前景，其結果在我們 2024 年迄今的強化表現中顯而易見。

Finally, our outlook for RA capacity revenues has also strengthened as we have executed on our power marketing program this year. With the contracted position we've already established for 2027, combined with our a pricing trends we're observing in current customer engagements, we are confident that the RA pricing assumption embedded within our 2027 target range is achievable relative to where we are executing today.

最後，隨著我們今年執行的電力行銷計劃，我們對 RA 容量收入的前景也有所增強。根據我們已經確定的 2027 年合約定位，結合我們在當前客戶參與中觀察到的定價趨勢，我們相信，相對於我們今天執行的情況，嵌入在 2027 年目標範圍內的 RA 定價假設是可以實現的。

Indeed, that strength now lets us look to build up on the bottom end of the range of $2.40 in CAFD per share to higher levels within an accretive capital allocation framework, which will outline later in our call. With that, I'll turn it over to Sarah to provide a summary of our key financial results for the quarter. Over to you, Sarah.

事實上，這種優勢現在讓我們能夠在增值資本配置框架內將 CAFD 每股 2.40 美元的範圍下限提升至更高水平，這將在我們稍後的電話會議中概述。接下來，我將把它交給莎拉，以提供我們本季主要財務表現的摘要。交給你了，莎拉。

Thanks, Craig. On slide 8, we provide an overview of our financial results, which include third quarter adjusted EBITDA of $354 million, and CAFD at $146 million. The third quarter results reflect renewable production in line with overall fleet estimate as well as solid convention availability and expected results from some growth investments.

謝謝，克雷格。在投影片 8 中，我們概述了我們的財務業績，其中包括第三季調整後 EBITDA 3.54 億美元，CAFD 1.46 億美元。第三季的業績反映了再生能源產量與整體機隊估計一致，以及可靠的會議可用性和一些成長投資的預期結果。

Based on our year-to-date results, with adjusted EBITDA of $918 million and CAFD at $385 million, we are reaffirming our full year 2024 CAFD guidance at $395 million. The fourth quarter represents a smaller relative contribution to CAFD based on seasonality of cash basis and assuming P50 median renewable energy production for the fourth quarter, the company is well positioned to meet or exceed its 2024 CAFD guidance.

根據我們今年迄今的業績，調整後 EBITDA 為 9.18 億美元，CAFD 為 3.85 億美元，我們重申 2024 年全年 CAFD 指引為 3.95 億美元。根據現金季節性，第四季度對 CAFD 的相對貢獻較小，假設第四季度可再生能源產量中位數為 P50，該公司完全有能力達到或超過其 2024 年 CAFD 指引。

Turning to slide 9. The company is initiating 2025 CAFD guidance with an expected range of $400 million to $440 million, and a midpoint at $420 million. Moving forward from our 2024 CAFD guidance at $395 million or 2025 CAFD guidance range reflects the recent execution at the Capistrano refinancing, which increases principal and interest payments by approximately $10 million.

轉到投影片 9。該公司正在啟動 2025 年 CAFD 指導，預計範圍為 4 億至 4.4 億美元，中點為 4.2 億美元。我們將 2024 年 CAFD 指導價值 3.95 億美元或 2025 年 CAFD 指導值範圍向前推進，反映了最近 Capistrano 再融資的執行情況，該融資將本金和利息支付增加約 1000 萬美元。

The 2025 CAFD guidance range also reflects the completion of fleet improvement projects that were previously disclosed impacting our 2024 guidance, and also reflects the full impact of CAFD contributions from previously funded investments that are now contributing, fully to CAFD.

2025 年 CAFD 指導範圍還反映了先前披露的影響我們 2024 年指導的機隊改進項目的完成情況，並且還反映了以前資助的投資現在完全為 CAFD 做出貢獻的 CAFD 貢獻的全部影響。

We elected to establish a range for CAFD guidance that reflects P50 renewable production expectations at the midpoint with the upper and lower end of the range, reflecting variability and potential outcomes for resource, availability, and energy margin and pricing. In addition, the completion of committed growth and investment on the currently forecasted schedules are reflected within the guidance range.

我們選擇建立 CAFD 指導範圍，反映 P50 再生能源產量預期的中點以及範圍的上限和下限，反映資源、可用性、能源利潤和定價的可變性和潛在結果。此外，依照目前預測時間表完成的承諾成長和投資也反映在指導範圍內。

As Craig previously discussed, we expect to fund investments and time for us and Honeycomb project and the second half of 2025 and 2026, respectively. To fund those offers as well as to fund future growth investments, we will employ our prudent capital allocation framework, which we outlined in further detail on slide 10.

正如克雷格之前討論的那樣，我們預計將分別在 2025 年下半年和 2026 年為我們和 Honeycomb 項目提供投資和時間。為了為這些要約提供資金以及為未來的成長投資提供資金，我們將採用審慎的資本配置框架，我們在投影片 10 中對此進行了進一步詳細介紹。

We expect to be able to utilize retained CAFD as a primary source of capital, targeting retained CAFD at approximately $220 million, accumulated over 2025 to 2027 based on the low end of our CAFD per share growth outlook.

我們預計能夠利用保留的 CAFD 作為主要資本來源，目標保留 CAFD 約為 2.2 億美元，根據我們 CAFD 每股成長前景的下限，在 2025 年至 2027 年期間累積。

Beyond 2027, we will target maintaining a lower payout ratio of 70% to 80% in order to retain incremental CAFD while also prioritizing our other capital allocation target. We anticipate having excess corporate debt capacity based on our credit metrics calculated using the low end of our target CAFD per share numbers for 2027 that would potentially allow for excess debt capacity of over $300 million.

2027 年之後，我們的目標是維持 70% 至 80% 的較低派息率，以保留增量 CAFD，同時優先考慮我們的其他資本配置目標。根據我們使用 2027 年目標 CAFD 每股數字下限計算的信用指標，我們預期企業債務能力過剩，這可能會導致超過 3 億美元的負債能力過剩。

Which we could utilize to fund growth, including the approximately $300 million of gross capital required for drop-downs or M&A to enable sufficient CAFD growths can meet, our 2027 CAFD per share target. Our revolving credit facility, which is largely undrawn, remains a key interim source of liquidity for the company.

我們可以利用這些資金為成長提供資金，包括下拉或併購所需的約 3 億美元總資本，以實現足夠的 CAFD 成長，從而達到我們 2027 年每股 CAFD 的目標。我們的循環信貸額度大部分尚未提取，仍然是公司重要的臨時流動資金來源。

While we won't require external equity to fund the current identified opportunities to drive growth, our long-term vision anticipates the modest periodic issuance of equity to fund growth, when growth investments and the equity issuance required to capitalize them are anticipated to be accretive and create long-term value for CWEN.

雖然我們不需要外部股權來為當前確定的推動成長的機會提供資金，但我們的長期願景預計，當成長投資和資本化所需的股票發行預計會帶來增值時，我們會定期適度發行股權來為成長提供資金為CWEN創造長期價值。

To restate our long-term funding framework, we will look to maximize CAFD per share net of the cost of financing, while also ensuring that and investment needs its long-term metrics aligned with its underwriting criteria.

為了重申我們的長期融資框架，我們將尋求最大限度地提高扣除融資成本後的每股 CAFD，同時確保投資需要其長期指標與其承銷標準保持一致。

Our plan to source corporate growth capital is first from retained CAFD, second, with access corporate debt capacity in line with our target BB rating, and third, we may lead to issue external equity to fund investments to the extent such investment would be sufficiently accretive to shareholders.

我們計劃獲取企業成長資本，首先來自保留的 CAFD，其次，根據我們的目標 BB 評級獲得企業債務能力，第三，我們可能會發行外部股權來為投資提供資金，只要此類投資具有足夠的增值性給股東。

We also recognize that we had $2.1 billion of corporate bonds maturing in 2028, 2031 and 2032 that we will need to refinance within the timeframe for our longer-term goals. We will maintain a prudent approach to these refinancing activities and will reflect any meaningful impact to our future year specific CAFD per share targets as we move into the future.

我們也意識到，我們有 21 億美元的公司債將於 2028 年、2031 年和 2032 年到期，我們需要在期限內對這些債券進行再融資，以實現我們的長期目標。我們將對這些再融資活動保持審慎態度，並將在我們邁向未來時反映對我們未來一年特定 CAFD 每股目標的任何有意義的影響。

Now I will turn it back to Craig to provide further detail about the company's plans for a longer-term growth and capital allocation.

現在我將把它轉回克雷格，以提供有關公司長期成長和資本配置計劃的更多細節。

Thanks, Sarah. Given the robust asset base and capital structure, we have prudently build, pursue and overtime and the capabilities we have at our disposal within the broader Clearway enterprise. Our organization is confidence and clear-eyed as we now set and pursue ambitious but meetable goals for the future.

謝謝，莎拉。鑑於強大的資產基礎和資本結構，我們在更廣泛的 Clearway 企業中謹慎地建立、追求和加班以及我們所擁有的能力。我們的組織充滿信心且目光敏銳，我們現在為未來設定並追求雄心勃勃但可實現的目標。

Starting first with our 2027 target of $2.40 to $2.60 in CAFD share. Let's talk now about how we'll get there. From the 2025 midpoint of guidance as described previously, are already committed growth investments, fleet improvements and enhanced capacity revenues per Clearway on a path to achieve the bottom end of our 2027 target range.

首先，我們的 2027 年 CAFD 份額目標為 2.40 美元至 2.60 美元。現在讓我們談談如何實現這一目標。從先前描述的 2025 年指導中點開始，Clearway 已經承諾成長投資、車隊改進和增加運力收入，以實現我們 2027 年目標範圍的底端。

Additionally, Clearway Group's, abundant pipeline and leading execution capabilities matched with the financial flexibility CWEN has to invest based on Sara's description, provides another leg for further accretive growth for CWEN.

此外，根據 Sara 的描述，Clearway Group 豐富的管道和領先的執行能力與 CWEN 必須根據 Sara 的描述進行投資的財務靈活性相匹配，為 CWEN 的進一步增值增長提供了另一條腿。

Putting that number's Clearway Group vintage of projects targeting COD in 2026 constitute an investment opportunity of approximately $300 million in potential corporate capital, of some, which could be potentially funded by CWEN overtime by incremental corporate debt capacity and retained earnings alone.

以 Clearway Group 的 2026 年 COD 專案為例，這構成了約 3 億美元的潛在企業資本投資機會，其中一些可能由 CWEN 加班加點地透過增量企業債務能力和留存收益來提供資金。

This combined with further portfolio improvements could enable us to reach the upper end of our targeted 2027 CAFD per share range. So while there is much work ahead for these projects to advance and as always, CWEN will need to evaluate any drop-down projects offered or third-party M&A opportunities considered for alignment with its investment requirements, we see how we can get it from here to the high end of our 2027 CAFD per share range if we execute on these building blocks and continue to operate our portfolio with excellence, in typical resource and market conditions.

這與進一步的投資組合改進相結合，可以使我們達到 2027 年每股 CAFD 目標範圍的上限。因此，儘管這些項目還有很多工作需要推進，而且一如既往，CWEN 需要評估任何提供的下拉項目或考慮的第三方併購機會，以符合其投資要求，我們看看如何從這裡獲得它如果我們執行這些構建模組並在典型的資源和市場條件下繼續以卓越的方式運營我們的投資組合，我們將達到2027 年CAFD 每股範圍的高端。

Turning to slide 13. To reinforce our confidence, we'll take a moment to highlight the ongoing progress in Clearway Groups, late-stage pipeline as CWEN sponsor advances projects towards potential for future offers and dropped out.

轉到投影片 13。為了增強我們的信心，我們將花點時間強調 Clearway Groups 的持續進展，以及 CWEN 贊助商將項目推進到未來報價潛力並退出的後期管道。

First, Clearway Group has made investments that seek care qualification for tax credits for projects across multiple COD vintages and technologies through 2028, and is establishing plans for Safe Harbor investments for the 2029 vintage.

首先，Clearway Group 已進行投資，尋求 2028 年之前跨多個 COD 年份和技術的項目的稅收抵免資格，並正在製定 2029 年年份的安全港投資計劃。

Furthermore, Clearway Group has continued to accumulate success and power marketing with a diverse customer set, across power poles from the West to East Coast, notably including engagement on 5 gigawatts in of front of the meter and co-located data center opportunities across multiple markets.

此外，Clearway Group 繼續在從西海岸到東海岸的各個電線桿上不斷累積成功和電力行銷，特別是在電錶前參與 5 吉瓦電力以及跨多個市場的同地資料中心機會。

The overall landscape of Clearway Group origination progress attests to the locational value of its development assets and the attractiveness of Clearway's, track record and is realizing PPA pricing that's trending up with a PPA terms that are trending favorable.

Clearway Group 創始進展的整體格局證明了其開發資產的位置價值以及 Clearway 的吸引力、過往記錄，並且正在實現 PPA 定價的趨勢上升以及 PPA 條款的趨向有利。

Honing in more closely on the opportunity set of the 2026 in 2027 COD vintages, these projects could allow CWEN to invest at least $475 million of corporate capital beyond what's CWEN has already committed to or been offered.

更密切地關注 2026 年和 2027 年 COD 年份的機會集，這些項目可以讓 CWEN 在 CWEN 已經承諾或提供的資金之外投資至少 4.75 億美元的企業資本。

Collectively these potential corporate capital and and then sum up to a total greater than what would be needed to achieve the upper end of the 2027 CAFD per share target of $2.60 that we have set today. Given the sizable advanced pipeline that Clearway Group, Clearway Energy Inc, is in the enviable position of having more than enough capital deployment opportunities to meet its growth investment objectives through 2027.

這些潛在的企業資本加在一起，總金額大於實現我們今天設定的 2027 年 CAFD 每股目標上限 2.60 美元所需的資本。鑑於 Clearway 集團擁有龐大的先進管道，Clearway Energy Inc 處於令人羨慕的地位，並擁有足夠的資本部署機會來實現其到 2027 年的成長投資目標。

As it has demonstrated over many years, Clearway Group will continue to be thoughtful about the structure, ring and pace of growth opportunities offered to CWEN from this opportunity set, mindful of the pacing and return requirements needed for investments to be feasible and accretive.

正如多年來所證明的那樣，Clearway Group 將繼續深思熟慮此機會集中為 CWEN 提供的成長機會的結構、環路和步伐，並注意投資可行和增值所需的節奏和回報要求。

Furthermore, we continue to selectively engage in assets centered M&A opportunities, which are rightsized and could be complementary to our fleet and see potential for pursuing targeted value accretive growth through those investments as well, and across all of these capital allocation opportunities, the CWEN Board and its independent directors will remain focused on selecting and negotiating investments so that they are accretive and consistent with its underwriting requirements.

此外，我們繼續有選擇地參與以資產為中心的併購機會，這些機會經過調整，可以與我們的機隊形成互補，並看到透過這些投資實現目標價值增值增長的潛力，並且在所有這些資本配置在機會中，CWEN 董事會其獨立董事將繼續專注於投資的選擇和談判，以確保投資具有增值性並符合其承銷要求。

Turning to slide 14, when taking into account the CAFD per share target we've set for 2027, and what we see in front of us for long-term growth opportunities, we believe we've arrived at a sensible and value accretive framework that allows us to deliver predictable growth and improved visibility into that growth, and then also pursues a lowered reliance on external equity issuance to achieve our long-term objectives.

轉向投影片 14，考慮到我們為 2027 年設定的 CAFD 每股目標以及我們所看到的長期成長機會，我們相信我們已經達成了一個明智且價值增值的框架，使我們能夠實現可預測的成長並提高對成長的可見性，然後減少對外部股票發行的依賴，以實現我們的長期目標。

As previously mentioned, the growth we expect from our existing asset base through 2027, puts us in a position of strength to make sound decisions as we grow Clearway Energy Inc. Post 2027, and our business model will aim to achieve 5% to 8% plus growth and CAFD per share over time.

如前所述，我們預計到 2027 年現有資產基礎的成長將使我們有能力在 2027 年後發展 Clearway Energy Inc. 時做出明智的決策，我們的業務模式的目標是實現 5% 至 8%加上隨著時間的推移的增長和每股CAFD。

Retained CAFD will provide an increasing source of growth capital as we will be targeting a 70% to 80% payout ratio with the aim to reach the low end of that range over time. As retained CAFD increases and the platform grows, we will aim to pursue investments that are accretive on a CAFD per share basis and that meet our underwriting criteria, allowing CWEN to deploy retained CAFD towards further extending and compounding it's CAFD per share growth outlook.

保留的 CAFD 將提供越來越多的成長資本來源，因為我們的目標是 70% 至 80% 的支付率，並隨著時間的推移達到該範圍的低端。隨著保留CAFD 的增加和平台的發展，我們將致力於追求以每股CAFD 為基礎增值且符合我們承銷標準的投資，從而使CWEN 能夠部署保留CAFD，以進一步擴展和復合其每股CAFD 增長前景。

After retained CAFD, we will look to excess debt capacity in line with our targets BB rating as a second source of funds, and as Sarah noted, our forward looking leverage metrics position us well with additional excess debt capacity. The last piece of our funding framework will be external equity issuance.

在保留 CAFD 後，我們將根據我們的目標 BB 評級將超額債務能力視為第二資金來源，正如莎拉指出的那樣，我們的前瞻性槓桿指標使我們在額外的超額債務能力方面處於有利地位。我們融資框架的最後一部分將是外部股權發行。

While we don't need external equity to achieve the midpoint of our 2027 CAFD per share target, we do plan to eventually fund a portion of long-term retained growth by modest levels of equity issuance, but in a way that is predictable, deliberate, disciplined and focused on accretion.

雖然我們不需要外部股權來實現 2027 年 CAFD 每股目標的中點，但我們確實計劃最終通過適度的股票發行來為部分長期留存增長提供資金，但要以可預測的、經過深思熟慮的方式，遵守紀律並專注於累積。

We will always be measured when evaluating the potential issuance of shares, and it will always be for investments that increased the amount of CAFD attributable to our investors respective ownership on a per-share basis.

在評估潛在的股票發行時，我們將始終進行衡量，並且始終會針對增加了我們投資者各自每股所有權的 CAFD 金額的投資。

Indeed, even to achieve the top end of our base long-term growth objectives, our goals would call only for modest equity issuances that can be executed by an ATM and targeting issuance of a small percentage of our public float and without any immediate need for such issuance today.

事實上，即使為了實現我們基本長期成長目標的上限，我們的目標也只需要進行可透過 ATM 執行的適度股票發行，並以發行一小部分公眾持股量為目標，而不需要立即發行股票。今天這樣的發行。

We like that this allows us to take our time be selective with our moments for adding cash to our balance sheet by equity issuance, and to be deliberate and communicative with you about when we have reached a point in our growth capital investment program, that this will begin to be part of it.

我們喜歡這樣，這使我們能夠有選擇地透過股票發行向我們的資產負債表添加現金，並與您深思熟慮地溝通我們的成長資本投資計劃何時達到一個點，即將開始成為其中的一部分。

Lastly, we continue to feel very confident about the commitments we've made and the choices we're making now about dividend goals for the future. First, we're affirming that we aim to make good on the commitments that CWEN has already made for growth in dividends through 2026.

最後，我們仍然對我們所做的承諾以及我們現在就未來股利目標所做的選擇充滿信心。首先，我們申明，我們的目標是兌現 CWEN 已經做出的到 2026 年股息成長的承諾。

For 2027, we are targeting EPS growth at the bottom half of the range of 5% to 8%, which numerically translates to 5% to 6.5% with the level we ultimately target being a function of our payout ratio goal of 70% to 80% for 2027. Beyond 2027 will be aiming to continue to need to pay in compounds dividends per share in a way that this competitive in the marketplace for publicly listed infrastructure capital.

2027 年，我們的目標是每股收益成長在5% 至8% 範圍的下半部分，從數字上看，即5% 至6.5%，我們最終目標的水平是我們70% 至80 的派息率目標的函數2027 年的百分比。到 2027 年之後，我們的目標是繼續以在公開上市基礎設施資本市場上具有競爭力的方式支付每股複利股息。

As we compound our dividend, we'll be planning to do so while prioritizing our financial resilience, giving our shareholders the opportunity to participate in that growth by attractive dividends that we grow at a pace that is set by our actual CAFD per share growth and our payout ratio goals.

當我們增加股息時，我們將計劃這樣做，同時優先考慮我們的財務彈性，讓我們的股東有機會透過有吸引力的股息參與成長，我們的成長速度由我們實際的 CAFD 每股成長和我們的支付率目標。

The track record we have demonstrated over time and fulfilling the dividend commitments we make is something we are proud of and we will aim to continue. Given the strength of our asset base, the prudence we've applied into our capital structure and the growth prospects we have in front of us, we feel good about our ability to do that while growing accretively over time.

我們長期以來所展現的業績記錄以及履行我們所做的股息承諾的記錄是我們引以為傲的事情，我們將致力於繼續下去。考慮到我們雄厚的資產基礎、我們對資本結構的謹慎態度以及我們面臨的成長前景，我們對自己實現這一目標的能力感到滿意，同時隨著時間的推移而不斷增長。

Turning to slide 15. To recap, Clearway is in an excellent position to meet our 2024 our financial objectives and is well positioned to deliver on our previously can be -- communicated growth objective of through 2026.

轉到投影片 15。總而言之，Clearway 處於有利地位，可以實現我們 2024 年的財務目標，並且有能力實現我們之前傳達的到 2026 年的成長目標。

The 2027 CAFD per share target we've set provides for strong growth with a transparent path to do deliver that growth, by are already committed investments, a demonstrated track record for fleet improvement and RA marketing and advanced development stage opportunities that Clearway Group and the project M&A marketplace.

我們設定的 2027 年 CAFD 每股目標為強勁成長提供了一條透明的途徑來實現這一成長，透過已經承諾的投資、機隊改進和 RA 行銷的良好記錄以及 Clearway 集團和專案併購市場。

And lastly, we have defined a roadmap for growth and capital allocation beyond 2027 in a way that we believe establishes a sustainable and attractive investment proposition for the shareholders of CWEN. We will be a company that will be predictable in meeting its core financial goals, that will be enhancing that predict stability via financial flexibility over time, that will be growing its core earnings in the form of CAFD at an attractive pace, and we'll be providing of shareholders the opportunity to continue to participate in that growth via a secure dividend.

最後，我們制定了 2027 年以後的成長和資本配置路線圖，我們相信這將為 CWEN 股東建立可持續且有吸引力的投資主張。我們將成為一家可預測地實現其核心財務目標的公司，將透過隨著時間的推移透過財務靈活性來增強預測穩定性，將以有吸引力的速度以CAFD 的形式增長其核心收益，並且我們將為股東提供透過安全股息持續參與成長的機會。

Together, we believe these pillars will position CWEN to deliver best-in-class risk adjusted returns for our investors and look forward to delivering that result to our investors in the years to come. We have much work ahead to be sure, but I could not be more enthused about the work our colleagues at Clearway have done to put us on such strong footing. We look forward to doing that work together and to what it will mean for you, our valued investors.

我們相信，這些支柱將使 CWEN 能夠為我們的投資者提供一流的風險調整回報，並期待在未來幾年為我們的投資者帶來這一結果。可以肯定的是，我們還有很多工作要做，但我對 Clearway 的同事為讓我們站穩腳跟所做的工作感到非常興奮。我們期待著共同開展這項工作，並期待這對您，我們尊貴的投資者來說意味著什麼。

Operator, you may open the lines for questions.

接線員，您可以打開提問線路。

(Operator Instructions)

（操作員說明）

Noah Kaye, Oppenheimer & Company.

諾亞凱，奧本海默公司。

So you've already touched on this a fair bit, around to the roadmap and the refresh capital allocation strategy. But you did note in the deck that you had received a fair amount of feedback from financial stakeholders and investors, and I would just love to talk a little bit more about the process that you went through to set this framework. I mean, clearly, you know, still continuing to grow the dividend, but retaining more capital to provide flexibility. Just talk a little bit about the process by which you reach this decision?

因此，您已經對路線圖和更新資本配置策略進行了相當多的討論。但您確實在簡報中指出，您已收到來自財務利害關係人和投資者的大量回饋，我很想多談談您設定此框架的過程。我的意思是，顯然，你知道，仍然繼續增加股息，但保留更多資本以提供靈活性。請簡單談談您做出這個決定的過程？

Yeah, so I think we started this process first at looking at at what we expect our fleet to do in its own right and I think our assessment as we went through and evaluated the pathway run, both for revenue enhancement and operating cash flow execution built one layer expectations that we thought we would be able to execute.

是的，所以我認為我們首先開始這個過程，看看我們期望我們的機隊本身能做什麼，我認為我們在經歷和評估路徑運行時的評估，包括收入增加和運營現金流執行我們認為我們能夠執行的一層期望。

And then in addition to that, we evaluated the growth investment prospects that we have had in those things collectively gave us a sense for the fundamental earnings growth potential of the business, and then as we've engaged with our investors, we have left to assess the way that they think about capital allocation and value in the business, and I think what we heard from them collectively is that they would like to see the company grow within its means, and I think in particular, when you think about going on within our means.

除此之外，我們也評估了我們在這些方面的成長投資前景，這讓我們對企業的基本獲利成長潛力有了一定的認識，然後當我們與投資者接觸時，我們就離開了評估他們對資本配置和業務價值的看法，我認為我們從他們那裡聽到的集體意見是，他們希望看到公司在力所能及的範圍內發展，我認為特別是當你考慮繼續發展時在我們的能力範圍內。

The general thought process has been that people would like to see it be able to meet our growth prospects without a substantial lines on the issuance of equity, what we think we've built a plan that really should deliver leading edge returns, both grew fundamentally the growth of the earnings of our business itself, but also through our ability to compound that growth using the capital that we allocate from our own fleet.

普遍的思維過程是，人們希望看到它能夠在沒有發行股票的情況下滿足我們的成長前景，我們認為我們制定了一個真正應該帶來領先回報的計劃，兩者都實現了根本性增長我們的業務本身的收入成長，但也透過我們利用我們從自己的機隊分配的資本來實現複合成長的能力。

So I think we've tried to incorporate that expectation from our investors and the way that we've allocated capital deployment. When it comes to dividend growth, I think we want to remain competitive amongst investors, a selection of options for listed infrastructure, well, not overcommitting ourselves to the growth of the dividend that we have submitted to the street, and again, I think we've done that as well.

因此，我認為我們已經嘗試將投資者的期望和我們分配資本部署的方式結合起來。當談到股息成長時，我認為我們希望在投資者中保持競爭力，為上市基礎設施提供一系列選擇，嗯，不要過度致力於我們向市場提交的股息增長，而且，我認為我們我也這麼做了。

So we feel really good about the plan that we've built. We are we not executed. We think it's actually going to provide pretty compelling growth prospects for our investors, and it will still give them the chance to participate in that growth with the dividend that we know how to pay in a secure way.

所以我們對我們制定的計劃感覺非常好。我們是我們沒有被處死。我們認為，這實際上將為我們的投資者提供相當引人注目的成長前景，並且仍然讓他們有機會參與這種成長，並獲得我們知道如何以安全方式支付的股息。

Thank you, Craig. And then talking a little bit about sources of capital. Appreciate the commentary around your capital that you might source of both from the debt and equity markets. Curious to know how you think about potential for external capital, third party capital potential in some a minority investment type structure or holding type structure as an alternative to some of the sources that you've detailed of just given we are seeing some of the structures out there in the market.

謝謝你，克雷格。然後談談資金來源。欣賞有關您的資本的評論，您可能會從債務和股票市場獲得這些評論。很想知道您如何看待外部資本的潛力，某些少數投資類型結構或控股類型結構中的第三方資本潛力，作為您剛才詳細介紹的一些來源的替代方案，我們正在看到一些結構市場上有。

No, we don't require that a structure to be able to execute on our plan, and when we look at the cost of capital on for some of those types of structures in relation to the cost of our corporate debt is not particularly compelling, and as we noted, we don't have to issue equity.

不，我們不需要一個能夠執行我們計劃的結構，當我們考慮與我們公司債務成本相關的某些類型結構的資本成本時，並不是特別引人注目，正如我們所指出的，我們不必發行股票。

They hit the midpoint of our plan and to be able to access into the very top end of the CAFD per share range we've articulated the amount of equity that we that the issue is a very modest amount out in the later years of 2026 in 2027.

他們達到了我們計劃的中點，並且能夠進入 CAFD 每股範圍的最高端，我們已經闡明了我們認為在 2026 年下半年發行的股本數量非常有限。

So now we're talking about something like a percent of the of the public float at one of our Class A share. So it's not a tremendous amount of capital that we'd actually have to issue in the form of equity. So rather than load up on additional capital that sits at the bottom of the capital direction would dilute the fraction of CAFD per share that our current shareholders are entitled to receive.

所以現在我們談論的是我們 A 類股票的公眾持股量的百分比。因此，我們實際上不必以股權形式發行大量資本。因此，與其增加位於資本方向底​​部的額外資本，不如稀釋我們目前股東有權獲得的每股 CAFD 比例。

I think we want, as I started out with to grow within our means driven in particular by the cash flow that our fleet will be compounding over the next three years, and then in a prudent way, make use of leverage capacity between 4 times and the 4.5 times and potentially trending down to the low end of that range, and we see how we can achieve our growth goals, really principally with those sources of funding without needing to get into thinking about sources of capital that would be dilutive, whether those are public and the form of public issuance. So as those types of structures either.

我認為，正如我一開始所說，我們希望在我們的能力範圍內實現增長，特別是在我們的機隊將在未來三年內複合的現金流的推動下，然後以謹慎的方式利用4 倍到4 倍之間的槓桿能力。是是公開的，而且是公開發行的形式。這些類型的結構也是如此。

So yes, I think as we move forward over time, I want to be thoughtful about the full range of growth prospects we have and how we can continue to drive accretion for our investors. But for the moment, we don't seem to make use of structures like what you're describing, and and we're quite happy about what that means.

所以，是的，我認為隨著時間的推移，我們會繼續前進，我想認真考慮我們擁有的全方位成長前景，以及我們如何繼續為投資者帶來成長。但目前，我們似乎沒有使用您所描述的結構，並且我們對這意味著什麼感到非常高興。

Very helpful. Thank you.

非常有幫助。謝謝。

(Operator Instructions)

（操作員說明）

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Hey, good morning, team. Thank you very much. Congratulations, Craig, Sarah. Appreciate the time. It, just a follow-up here on the update really nicely done here. Just in terms of the overall RA uplift, you're in that $2.40 to $2.60, or however you want to frame it at the bottom end of $2.40.

嘿，早上好，團隊。非常感謝。恭喜，克雷格，莎拉。珍惜時間。它只是更新的後續，這裡做得非常好。就整體 RA 提升而言，您處於 2.40 美元至 2.60 美元之間，或者您希望將其限制在 2.40 美元的下限。

What's reflected here in terms of continue to be to see RA uplift materialized, given how robust of an outlook you provided here on '27? Is there still a further step function change that you would expect over time there in the ROE levels? I know that this is obviously ahead of plan, if you will.

鑑於您在 27 年在此提供的前景有多強勁，這反映了 RA 的提升將繼續實現？隨著時間的推移，您預計 ROE 水平是否還會出現進一步的階躍函數變化？我知道這顯然比計劃提前了，如果你願意的話。

Just wanted to clarify what's reflected and, also what else is in the portfolio improvement? Then you mentioned some key factors as anything else above and beyond your principally the RA implied for us here, and I suppose early refinancing of the 28 bonds that you get a run rate 27 uplift, I presume.

只是想澄清所反映的內容以及投資組合的改進還有哪些內容？然後你提到了一些關鍵因素，除了你主要為我們暗示的 RA 之外的其他因素，我認為對 28 種債券進行早期再融資，你會得到運行率 27 的提升。

Yes, thanks, really appreciate the question on all those fronts. I think we're quite happy with how we're executing on all of them. So first, in terms of what's embedded into 2027 target range, some we said that based on the pricing that we've been securing on forward dated multi-year RA contracts in today's marketplace today.

是的，謝謝，非常感謝所有這些方面的問題。我認為我們對所有這些的執行方式感到非常滿意。首先，就 2027 年目標範圍的內容而言，有些人表示，這是基於我們在當今市場上的遠期多年 RA 合約上獲得的定價。

And in fact, I think for the capacity that's uncontracted, we've set it at a lot of stuff that gets to the pricing that we're realizing, and relative to what's reflected in the midpoint of our 2025 guidance, that's an uplift of about $5 per kilowatt to $5.5 per kilowatt month versus the contracts under, which was delivering 2025 between time some years ago.

事實上，我認為對於未簽約的產能，我們已經將其設定為許多達到我們正在實現的定價的東西，相對於我們 2025 年指導中值所反映的內容，這是一個提升與幾年前的2025 年交付合約相比，每月每千瓦電約5 美元至5.5 美元。

And with respect to whether you could see a further step function up from of those levels beyond 2027, I would reason not to commit to that or expect that, but we do feel good about the levels being sustainable palm and give you some further calibration on that.

至於您是否會看到 2027 年之後這些水平進一步上升，我認為不會承諾或期望這一點，但我們確實對可持續棕櫚水平感到滿意，並為您提供了一些進一步的校準那。

When we look at the frontier, and where the contracts for frontier, or even 20.6 or getting executed today, they're being executed at substantial premiums to the level we've embedded in this 2027 goal, and as we manage our marketing program and we've described previously, we intend to continue a pattern similar to what's evident in our current reporting today, where we progressively contacts on a multiyear basis, our Florida capacity, while leaving some fraction of it open closer to the frontier past year to be able to capture some premium value.

當我們關注前沿，以及前沿合同，甚至 20.6 或今天執行的合同時，它們的執行價格比我們在 2027 年目標中嵌入的水平要高得多，並且當我們管理我們的營銷計劃和我們之前已經描述過，我們打算繼續採用類似於我們今天當前報告中明顯的模式，我們在多年的基礎上逐步接觸我們佛羅裡達州的產能，同時保留其中一部分在接近去年邊界的地方開放。

We think that that produces a good risk adjusted results for our business model, and based on what we see in the structural reforms load forecast for California, the way the regulators are continuing to assign a value for modern thermal resources like ours, we feel pretty good about being able to continue to run this pattern at levels roughly in line with what we've embedded within the range $2.40 to $2.60 per share.

我們認為，這為我們的商業模式帶來了良好的風險調整結果，並且根據我們在加州結構改革負荷預測中看到的情況，以及監管機構繼續為像我們這樣的現代熱資源分配價值的方式，我們感覺相當不錯能夠繼續以大致符合我們在每股 2.40 美元至 2.60 美元範圍內嵌入的水平運行這種模式是件好事。

In terms of fleet improvements, we have a whole host of things that we've executed this year that we're quite proud of, which include some modernization of methods for how we're running our plants. We restructured some O&M service agreements that have provided some improvement to the CAFD generation of our assets and does they are both observable in our results this year and reflected in that long-term performance expectation, and then I think that probably covers all your questions, oh and on the refinancing.

在機隊改進方面，我們今年執行了一系列令我們感到非常自豪的事情，其中​​包括我們工廠運作方法的一些現代化。我們重組了一些營運和維護服務協議，這些協議為我們資產的CAFD 生成提供了一些改進，它們是否在我們今年的業績中可以觀察到，並反映在長期業績預期中，然後我認為這可能涵蓋了您的所有問題，哦，還有再融資。

Yeah, I think we have for as far as what's reflected in 2027, that does reflect on assumed cost for refinancing our 2020 maturities, with some buffer relative to the current yield to worst, and what we would think is that execution costs. So it's not actually interest expense savings versus what we have in 2025, but we think it's actually a reflection of a prudent execution plan for that refinancing that we feel good about executing.

是的，我認為就 2027 年反映的情況而言，這確實反映了 2020 年到期再融資的假設成本，相對於當前最差收益率有一些緩衝，我們認為是執行成本。因此，與 2025 年相比，這實際上並不是利息費用節省，但我們認為這實際上反映了我們對執行感到滿意的再融資的審慎執行計劃。

Excellent. Thank you so much trouble because Really appreciate it. Just one more strategic one as a follow-up here. With respect to the lower payout ratio here, any thoughts about A, the ability to to actually obtain assets from the Clearway Group overall? It sounds like we've got ample pipeline that should be transparent and the related to the extent to which you start going at a low payout ratio, how do you think about the kinds of assets you would take on?

出色的。謝謝你這麼麻煩，因為我真的很感激。這裡只是一個更具策略性的後續行動。關於此處較低的支付率，對A是否有能力實際從Clearway Group整體獲得資產有什麼想法？聽起來我們有充足的管道，應該是透明的，並且與您開始以低支付率進行的程度相關，您如何看待您將採用的資產類型？

Again, obviously, the storage assets that are starting to see manifest themselves have a little bit less contract coverage here. Is that part of the strategic pivot as well? So having a little of contracted cash flow?

同樣，顯然，開始出現的儲存資產的合約覆蓋範圍有所減少。這也是策略支點的一部分嗎？那麼有一點合約現金流嗎？

Yes. Thanks for the question. Yes. So first, in terms of the Clearway Group pipeline, as we've shown, is progressing nicely. Our organization is continuing to expand on its execution track record for pipeline progression and contracting.

是的。謝謝你的提問。是的。首先，正如我們所展示的那樣，Clearway Group 的管道進展順利。我們的組織正在繼續擴大其管道進展和合約的執行記錄。

You probably noted that the pipeline that's disclosed reflects an improvement in the advanced stage capacity that's planned right now for 2026 in 2027 as well as 2028 and 2029, which is not a pattern you see, unfolding in the other parts of the industry and to be able to execute on growth investments that would take us to the top end of the range of $2.40 to $2.60 and CAFD per share, only a fraction of that pipeline with also basically need to be implemented and drop down on.

您可能注意到，所揭露的管道反映了目前計劃在2026 年、2027 年以及2028 年和2029 年進行的高級階段產能的改善，這不是您看到的模式，在行業的其他部分正在展開，並且將在未來幾年內實現。

So we feel good about the ways out your goals of them, over-collateralized to use the term, with respect to growth, investments in the sponsor has demonstrated its readiness to continue to make offers in a measured progression that are compatible with the CWEN's ability to fund those and commit to them. So I think it's the intention that will continue that pattern.

因此，我們對實現他們的目標的方式感到滿意，超額抵押使用這個詞，在增長方面，對贊助商的投資已經表明其準備繼續以與 CWEN 能力相匹配的可衡量的進展提供報價為這些項目提供資金並做出承諾。所以我認為這個意圖將會延續這種模式。

In terms of the lower payout ratio it's not a reflection of a different level of risk in the assets. The storage assets, the Clearway Group is developing almost entirely in the Western markets where they're contracted typically are tolls or in resource adequacy contacts that obtain the vast, majority of their revenues from fixed pricing in RA and across the storage pipeline, that Clearway Group is advancing, it's almost entirely assets like that.

就較低的支付率而言，這並不反映資產的風險程度不同。Clearway 集團正在開發的存儲資產幾乎完全在西方市場，這些資產通常是通行費或資源充足性合同，這些資產的絕大多數收入來自 RA 和整個存儲管道的固定定價，Clearway集團在前進，幾乎全是這樣的資產。

We have, as we've noted, pipe battery capacity for Pine Forest in ERCOT, which we view as complementary to diminishing revenue volatility in our weekly. But almost all the storage capacity we're advancing will produce. Revenue is under long-term contracted coal type agreements that are 15 to 20 years in duration that you see for Africa.

正如我們所指出的，我們在 ERCOT 中擁有 Pine Forest 的管道電池容量，我們認為這是減少每週收入波動的補充。但我們正在推進的幾乎所有儲存容量都會產生。收入來自長期簽訂的煤炭類型協議，非洲的期限為 15 至 20 年。

So the payout ratio reduction goals that we have to reach the lower end of 70% to 80% are really about how we fund the business over time. In response to the question you asked about how we metabolize the until we got from our investors who really want to see us fund our growth, principally through our cash flow duration and driving that payout ratio over time. Lets us do that.

因此，我們必須達到 70% 至 80% 下限的派息率降低目標實際上與我們如何隨著時間的推移為業務提供資金有關。在回答您提出的關於我們如何代謝的問題時，我們從投資者那裡得到了真正希望看到我們為我們的成長提供資金的問題，主要是透過我們的現金流持續時間並隨著時間的推移推動派息率。讓我們這樣做吧。

Excellent. Thank you so much. Thank you.

出色的。太感謝了。謝謝。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究中心。

Yes, hi, thanks. Congrats on the update. It's very clear. So just, on the -- you did mention maybe also ultimately looking at M&A, I think that's been hard to do, but with us increased flexibility. Just any sense, Craig, on opportunity set there and those has pricing for assets reset to a level where that could meet hurdles?

是的，嗨，謝謝。恭喜更新。非常清楚。因此，您確實提到也許最終也會考慮併購，我認為這很難做到，但隨著我們靈活性的提高。克雷格，是否有任何感覺，在那裡設置的機會以及那些將資產定價重置到可能遇到障礙的水平？

Yeah. Thanks for that congrats. First, Steve. We're really happy with what we've settled on here is a framework. On the M&A question. We are selectively engage on individual asset or subgroup of assets on that as we did with the right size relative to the capital allocation framework and growth goals that we've laid out here, and in those places where we're engaging, we are finding that there are assets that we can potentially acquire, that could be acquired and CAFD yields and return requirements and risk profiles that are consistent with the types of assets that Clearway Group could sponsor has been offered to see when on that, in some cases, also to make use of our demonstrated capability, Southern Power.

是的。謝謝你的祝賀。首先，史蒂夫.我們對我們在這裡確定的框架感到非常滿意。關於併購問題。我們有選擇地參與單一資產或資產子群組，就像我們根據我們在這裡制定的資本配置框架和成長目標的適當規模所做的那樣，在我們參與的那些地方，我們發現我們可以潛在地收購一些資產，可以收購這些資產，並且CAFD 收益率和回報要求以及風險狀況與Clearway Group 可以贊助的資產類型一致，在某些情況下，也可以了解這一點利用我們已展示的能力，南方電力。

So the time being, it's really assets like that, we're focused on. As we've noted, we don't really need to acquire products outside of the sponsor pipeline to be able to deliver on the growth goals we've laid out here already, which we think are quite attractive and certain to our investors.

所以目前，我們真正關注的是這樣的資產。正如我們所指出的，我們實際上並不需要收購贊助商管道以外的產品來實現我們已經在這裡制定的成長目標，我們認為這對我們的投資者來說非常有吸引力且確定。

So where we're thinking about M&A, we're really doing so in a way that disciplined and that's centered on assets that we think are complementary to our resource mix. Our customer file, and that will exhibit very effective and accretive returns as we go forward over the course of the next few years. Certainly we can see the industry landscape evolve in ways that others potentially accretive M&A that doesn't fit that profile. But what I described as what we're really focused on today.

因此，當我們考慮併購時，我們實際上是在以一種有紀律的方式進行，並且以我們認為與我們的資源組合互補的資產為中心。我們的客戶檔案，隨著我們在未來幾年的發展，這將展現出非常有效和增值的回報。當然，我們可以看到產業格局的演變方式與其他不符合這種情況的潛在增值併購不同。但我所描述的才是我們今天真正關注的焦點。

Okay. Great, and then just one follow-up to ask before. Just could I might have missed this, but just to fleet improvements, could you be more specific what those are as it is it certain technologies or just across the board?

好的。太好了，然後就只剩下一個後續問題要問了。只是我可能錯過了這一點，但就機隊改進而言，您能否更具體地說明這些技術是什麼，因為它是某些技術還是只是全面的？

Yeah. I think principally we have been employing modernized information technology tools for work planning and general execution on plant availability and conversion efficiency in parts of our fleets to that, one thing that is helping us to improve our results year over year.

是的。我認為主要是我們一直在使用現代化的資訊科技工具來進行工作規劃和一般執行，以提高我們部分機隊的工廠可用性和轉換效率，這有助於我們逐年提高業績。

Other improvements are evident in some improvements in our conventional fleets, availability and execution versus prior years, which are result of just some pretty intensive execution, our engagement with those plants.

與前幾年相比，我們的傳統車隊、可用性和執行力方面的一些改進是顯而易見的，這只是一些相當密集的執行以及我們與這些工廠的合作的結果。

And then lastly, the restructuring of some service agreements in O&M agreements that our wind fleet, which has approved our CAFD realizations as a business. So those are really the principal buckets of execution of those. We aim to make the whole, which is reflected in our long-term goals now.

最後，對我們風電艦隊的營運和維護協議中的一些服務協議進行了重組，該協議已批准我們將 CAFD 實現作為一項業務。所以這些確實是執行的主要部分。我們的目標是整體，這反映在我們現在的長期目標中。

Got it. Thank you.

知道了。謝謝。

Thanks, Steve.

謝謝，史蒂夫。

Justin Clare, Roth Capital Partners.

賈斯汀·克萊爾，羅斯資本合夥人。

Hi, good morning. Thanks for taking the question. So I wanted to first start out just on the dividend per share growth, and was wondering how you're thinking about the growth of dividends per share as we look beyond 2027. Are you committed to continuing to grow the dividend, but at a slower pace then CAFD?

嗨，早安。感謝您提出問題。因此，我想先從每股股息成長開始，並想知道當我們展望 2027 年後，您如何看待每股股息的成長。您是否致力於繼續增加股息，但速度要慢於 CAFD？

And then should we be anticipating it really a gradual move toward the low end of the payout ratio? Or could we see something more faster? And then just wondering on if we do see a faster move to the low end, could that be driven by an equity raise, is that a possibility?

那麼我們是否應該預期派息率真的會逐漸往低端移動？或者我們能更快看到一些東西嗎？然後想知道我們是否確實看到更快地向低端移動，這是否是由股權融資推動的，有可能嗎？

Yeah, I understand. Yeah. I mean, I think that as is evident in the progression, we've run through 2025, 2026 from where we reaffirmed the commitments that had already been made for gradually declining dividend per share growth rates over those years, and articulation of the range of 5% to 6.5% and EPS growth for 2027.

是的，我明白。是的。我的意思是，我認為，正如進展中顯而易見的那樣，我們已經度過了2025 年、2026 年，從那時起，我們重申了已經做出的承諾，即在這些年裡逐步下降每股股息成長率，並闡明了2027 年每股收益成長 5% 至 6.5%。

I think we're trying to manage our progression in corporate capital allocation framework to in a stepwise way. And we think that is prudent as we move over time and together with our investors land on a capital allocation framework and growth model for the company that we're all happy with, I think we tried to be pretty intentional when articulating a framework for 2027 better in describing our intention to set our dividend per share growth goals in 2028 and beyond based on the payout ratio region.

我認為我們正在嘗試以逐步的方式管理企業資本配置框架的進展。我們認為，隨著時間的推移，我們會與投資者一起制定我們都滿意的公司資本配置框架和增長模式，這是謹慎的做法，我認為我們在製定 2027 年框架時是非常有意的。地描述了我們根據派息率區域設定2028 年及以後每股股息成長目標的意圖。

So I think our intention is that we will settle on dividend per share levels for those future years based on what can reasonably be accommodated within that payout ratio level, while assessing the accretiveness of the use of capital of when reinvested in assets that could compounds are testing per share.

因此，我認為我們的目的是，我們將根據派息率水平內可以合理調整的水平來確定未來幾年的每股股息水平，同時評估再投資於可能複合的資產時資本使用的增值性每股測試。

So hopefully was evident in that game plan is that we don't need to raise large amounts of equity that would be diluted to our current owners in a way that's surprising or unpredictable and that we would really emphasize over time establishing and increasingly robust balance sheet that allows us to meet our growth goals in any given year up really principally through our retained CAFD, which will be growing from the low hundreds to the very high hundreds or low 200s in millions of dollars of retained CAFD, that's reinvestable and our in our corporate leverage ratio, which we intend to manage in a way, that's prudent.

因此，希望在該遊戲計劃中顯而易見的是，我們不需要籌集大量股權，這些股權將以令人驚訝或不可預測的方式稀釋到我們當前的所有者，並且我們將隨著時間的推移真正強調建立和日益穩健的資產負債表這使我們能夠在任何特定年份實現我們的增長目標，實際上主要是透過我們保留的CAFD，該保留CAFD 將從低數百美元增長到高達數百或低200 美元的保留CAFD，這是可再投資的，我們的我們打算以謹慎的方式管理企業槓桿率。

So I think we tried to be pretty clear about the fact that we don't intend to issue equity right now, we don't need to add that as we advance on this investment program, and we're getting to the point where on modest levels of equity issuances in line with the pattern that Sarah and I both discussed would be in order that will be communicated about of it so that would not catching by surprise.

因此，我認為我們試圖非常清楚地表明這樣一個事實：我們現在不打算發行股票，隨著我們推進這項投資計劃，我們不需要補充這一點，而且我們已經到了這樣的地步：適度的股票發行水平符合莎拉和我討論的模式，以便對此進行溝通，這樣就不會感到驚訝。

Okay. Got it. That's helpful, and then another question just wanted to ask on the open capacity that you have for your gas fleet here. It looks like the contracting capacity didn't change from last quarter when we look at the 2027 year. Just wondering if there was pricing less favorable in the past quarter and so you didn't look to contracting and the additional capacity.

好的。知道了。這很有幫助，然後另一個問題只是想問一下您在這裡的天然氣車隊的開放容量。從2027年來看，合約產能與上季相比沒有變化。只是想知道上個季度的定價是否不太有利，因此您沒有考慮合約和額外產能。

pSo and then just wondering when we might see more of that 2027 capacity contracted it likely to be next summer book before we see more of that? And then also, how much could you potentially keep open until we get closer to 2027? Do anticipate prices trending upward and potentially waiting to contract that open capacity?

那麼，然後只是想知道，在我們看到更多 2027 年產能收縮之前，我們什麼時候可能會看到更多，這可能會在明年夏季預訂？另外，在 2027 年臨近之前，您還能維持多少開放狀態？是否預期價格會上漲並可能等待收縮開放產能？

Yeah, there are annual rhythm to the way that load-serving entities prefer resource adequacy in California and Texas. The contract that we announced seeing the most recent quarterly calls reflected our contracting in that ordinary pattern. We do have bilateral investments that are ongoing today.

是的，在加州和德州，負載服務實體更喜歡資源充足性，每年都有節奏。我們宣布的合約看到最近的季度電話會議反映了我們以這種正常模式簽訂的合約。我們今天確實有正在進行的雙邊投資。

We noted that we noted that we're marketing, we opened our capacity that we have a value with patients, and I think it would be our intention to increase the fraction that's capacity contracted for 2027 as we move through the next nine months and tried to create a pattern that looks like what you can see today will cover each year.

我們指出，我們注意到我們正在行銷，我們開放了我們對患者有價值的產能，我認為我們打算增加 2027 年合約產能的比例，因為我們在接下來的 9 個月裡會努力做到這一點創建一個看起來像您今天看到的模式每年都會涵蓋的模式。

So we feel really good about that contracting process the needs of the assets remains quite evident. We feel very good about being able to execute on the pricing that's embedded within our range, and we'll be patient moving forward over time.

因此，我們對承包過程感到非常滿意，資產的需求仍然非常明顯。我們對能夠執行我們範圍內的定價感到非常高興，並且隨著時間的推移，我們將耐心地前進。

I think if you look at 2025, we contracted the capacity that we have that underpins our guidance for next year, almost entirely, and I think that's probably what you should expect will look like going into any given product here.

我認為，如果你看看 2025 年，我們幾乎完全收縮了支撐明年指導的產能，我認為這可能是你應該期望的任何給定產品的樣子。

Okay. Got it. That's helpful. Thank you.

好的。知道了。這很有幫助。謝謝。

Thank you.

謝謝。

Michael Lonegan, Evercore ISI.

羅根 (Michael Lonegan)，Evercore ISI。

Hi, thanks for taking my questions. So as we think more about some of the assumptions in the 2027 outlook and so some more specific details, just wondering what you're assuming for CAFD's yields on investments and the specific refinancing rate on the 2028 bonds?

您好，感謝您回答我的問題。因此，當我們更多地考慮 2027 年前景中的一些假設以及一些更具體的細節時，只是想知道您對 CAFD 的投資收益率和 2028 年債券的具體再融資利率的假設是什麼？

Yeah. I mean, I think what we've communicated historically is that First Sponsor offer drop-downs, we're planning around a 10% CAFD yield the level on with. We're trying to create new capitalized projects for drop downs, and that's a level that the sponsor increase last fall when the cost of capital for CWEN had increasing was actually higher than it is today.

是的。我的意思是，我認為我們歷史上溝通過的是，第一贊助商提供下拉式選單，我們計劃將 CAFD 收益率控制在 10% 左右。我們正在嘗試為下拉項目創建新的資本化項目，這是去年秋天贊助商提高的水平，當時 CWEN 的資本成本實際上比現在更高。

We continue to plan for that in the projects that are being prepared and created, and that's approximately the basis for the goals set for incremental growth capital investments today, and as far as refinancing assumptions in 2027, the concerns without getting into specific numbers, I can tell you that what's embedded in this range reflects a conservative estimate of the cost of refinancing those bonds relative to their current yield to worse than the -- and the advice that we get some from the banks to we would engage on that refinancing.

我們繼續在正在準備和創建的專案中為此進行規劃，這大約是今天為增量成長資本投資設定的目標的基礎，就2027 年的再融資假設而言，我所關心的問題沒有具體數字，我可以告訴你，這個範圍內的內容反映了對這些債券再融資成本相對於其當前收益率的保守估計，以及我們從銀行得到的一些建議，我們將進行再融資。

So we feel good about being able to execute at the cost of capital that's reflected in this target range based on what we see today.

因此，我們對能夠以資本成本執行感到滿意，這反映在根據我們今天所看到的這個目標範圍。

Great, thanks, and then secondly, for me, I'm just wondering, as you consider the data center demand, you talked about the sponsors engagement with corporates and load-serving entities, the power data centers, you highlighted 5 gigawatts of renewables. Just wanted to just the fund level, would you consider acquiring more gas generation assets? Or is your focus entirely on renewables paired with storage?

太好了，謝謝，其次，對我來說，我只是想知道，當您考慮資料中心需求時，您談到了贊助商與企業和負載服務實體、電力資料中心的合作，您強調了5 吉瓦的可再生能源。只是想問基金層面，您會考慮收購更多的天然氣發電資產嗎？或者您完全專注於與儲存相結合的可再生能源？

Yeah, I think that the variety of product configurations that are being evaluated and clear eight groups work around data centers it's substantial. There are certainly scenarios for certain types of project configurations that would make use of dispatchable thermal generation on the majority of what's being engaged on would reflect the use of main stay of wind and solar and battery resources in provisioning.

是的，我認為正在評估的各種產品配置以及圍繞資料中心工作的明確八個組的數量是巨大的。當然，對於某些類型的專案配置，在某些情況下將利用可調度的熱力發電，而大多數正在進行的專案將反映在配置中使用風能和太陽能以及電池資源的主要支柱。

The data center customer would require, but it's conceivable as we look out into the future that there could be some other resource types that would complement those, I think from the context of Clearway Energy Inc.

資料中心客戶會需要，但可以想像，當我們展望未來時，可能會有一些其他資源類型來補充這些資源，我認為從 Clearway Energy Inc. 的背景來看。

When projects are created, the focal point would be I'm creating assets that are highly contracted in their cash flow profile and long in the tenor of those contracts, and I think what we'll be focused on when creating projects is creating products that will be technically reliable and financially predictable and well being responsive to the needs of other data center customers.

在創建專案時，重點是我正在創建現金流量狀況高度收縮且合約期限較長的資產，我認為創建專案時我們將重點關注的是創建以下產品：將在技術上可靠、財務上可預測，並且能夠很好地回應其他資料中心客戶的需求。

So there's a lot of time to go. But I think up what we're focused on leveraging our existing capabilities, which newsstand wind, solar storage and gas-fired generation, but with a particular focal point on how to create low-carbon solutions that are higher reliable.

所以還有很多時間可以去。但我認為我們的重點是利用我們現有的能力，即報攤風能、太陽能儲存和燃氣發電，但特別關注如何創造更可靠的低碳解決方案。

Great. Thank you very much.

偉大的。非常感謝。

Angie Storozynski, Seaport.

安吉·斯托羅辛斯基，海港。

Thank you. So I had a question about your existing renewable power assets and the types of contracts that underpin them. So I'm just wondering if you could comment, for example, if you have any basis exposure at least that busbar contracts and are you seeing, for example, any issues with them -- well obviously the transmission congestion here, but also that the wake effect impacting potentially your wind assets, any premature aging our capacity degradation on the storage assets and any exposure on to Keynote changes on the grid, or is it like basically at the trading conditions in tight markets that could actually impacted the EBITDA generation of the existing assets?

謝謝。因此，我對你們現有的可再生能源資產以及支持它們的合約類型有疑問。所以我只是想知道你是否可以發表評論，例如，如果你至少有母線合約的任何基礎暴露，你是否看到，例如，它們有任何問題——很明顯，這裡的傳輸擁塞，但也有尾流效應可能會影響您的風電資產、任何過早老化、儲存資產的容量退化以及電網上Keynote 變化的任何風險，或者基本上是在緊張市場的交易條件下，實際上可能會影響發電的EBITDA現有資產？

Yea. Understand the question. Yeah. So I mean, first of all, we're fortunate to have them fleet, which earns very very substantial majority of its revenues and node settled unit contingent contracts, that's true a very very high fraction of our total budgeted EBITDA, and CAFD.

是的。了解問題。是的。所以我的意思是，首先，我們很幸運擁有它們的機隊，它們賺取了大部分收入和節點結算的單位或有合同，這確實占我們總預算 EBITDA 和 CAFD 的非常高的比例。

With just breaking down your questions, with respect to the storage assets that we brought online this year, they're performing very well. I'm very proud of the work our team has done is we've commissioned those over the course of this summer, really on they're running at -- the run very well.

只要分解你的問題，就我們今年上線的儲存資產而言，它們的表現非常好。我對我們團隊所做的工作感到非常自豪，我們在今年夏天委託了這些設備，實際上它們正在運行——運行得非常好。

And if that reflects a level of vigilance and know-how and capability with our organization to work with our suppliers to intensively drive performance in those assets, but they're performing very well. With respect to wind assets, we did have some challenges and availability that you would have seen in our results last year and the fleet improvement program. We've been executing this year with investments and contract structures was intended to help address that, and as you can see in our results year to date, I think we've actually driven a lot of those improvements, and in terms of availability in different parts of our fleet and overall cash flow generation from it.

如果這反映了我們組織與供應商合作的警覺性、專業知識和能力，以集中推動這些資產的績效，那麼他們的表現非常好。就風電資產而言，我們確實面臨一些挑戰和可用性，您可以在我們去年的業績和船隊改進計劃中看到這些挑戰和可用性。我們今年一直在執行投資和合約結構，旨在幫助解決這個問題，正如您在我們今年迄今為止的結果中看到的那樣，我認為我們實際上已經推動了很多這些改進，並且在可用性方面我們機隊的不同部分以及從中產生的整體現金流。

And I think our prospects for repowering look promising for us as we think about projects that are mature and in a position to be repowered based on the original placed in service dates and in terms of basis exposure, we have it on a limited number of contracts.

我認為我們的重新供電前景對我們來說是充滿希望的，因為我們認為專案已經成熟，並且能夠根據最初投入使用的日期進行重新供電，並且就基本風險而言，我們的合約數量有限。

We are managing, I think, quite well now as an organization as and when we think about going forward, one of the very fortunate assets on the supply demand balance for new electricity generation is that we're in a position to established settlement terms for new revenue contract that really minimize risk for the project equity owner, and when you heard me reference the successful work, our origination team has had in driving settlement terms that are favorable.

我認為，作為一個組織，我們現在管理得很好，當我們考慮未來時，新發電供需平衡的非常幸運的資產之一是我們能夠為新發電建立結算條款新的收入合約確實最大限度地降低了專案股權所有者的風險，當您聽到我提到成功的工作時，我們的發起團隊已經制定了有利的結算條款。

That reflects -- that's at least part of what we're talking about. We think we've been disciplined about the settlement structures we insisted on and in our track record in the scarcity value of our projects allows us to be pretty consistent about those risks and other risks are mitigated structures.

這反映了——這至少是我們所討論的內容的一部分。我們認為，我們對所堅持的結算結構一直遵守紀律，並且在我們專案的稀缺價值記錄中，我們能夠對這些風險和其他風險的緩解結構保持相當一致。

Great, and you don't have any one -- any of the firm renewable power contracts like 24/7 contracts, which are a lot of tech companies and wanted to sign, and I'm just wondering why that is, do you think that the risk reward is not attractive with these types of contracts?

太棒了，你沒有任何一個——任何固定的可再生能源合同，比如 24/7 合同，很多科技公司都想簽署，我只是想知道為什麼會這樣，你認為這些類型的合約的風險回報不具吸引力嗎？

I don't want to speak to choices others are making on. I think we understand why does the contract structures that are appealing to customers in our context, when we thought about our business model and our capabilities in or as the North organization and how we want to trying to manage to produce a risk adjusted returns consistent with the business model we've established for Clearway Energy Inc, that structure just felt like it did not need to be part of how we commercialize the projects that we've built over the last few years.

我不想談論其他人正在做出的選擇。我認為，當我們考慮我們的業務模式和我們在北方組織中或作為北方組織的能力以及我們希望如何設法產生與我們為Clearway Energy Inc 建立的商業模式，這種結構感覺不需要成為我們將過去幾年建立的專案商業化的一部分。

And I think as we go forward, we want to be responsive to the decarbonization goals that all of our customers have including customers from the technology community. Well, while managing of that, I have projects that each individually stand on their own.

我認為，隨著我們的前進，我們希望對所有客戶（包括技術社群的客戶）的脫碳目標做出回應。嗯，在管理這個問題的同時，我有每個專案都是獨立的。

So I think we want to be thoughtful about innovation while being careful about risk and leverage the capabilities that we have clear we have and those together with the reasons why we structured products the way we have so far.

因此，我認為我們希望在謹慎對待風險的同時，對創新進行深思熟慮，並利用我們已經明確擁有的能力以及我們迄今為止建立產品的原因。

Okay, and then changing topics, you guys are adding batteries to another projects, how about adding energy storage to gas peakers in California, it's not even a consideration?

好吧，然後轉移話題，你們正在為另一個項目添加電池，為加州的天然氣調峰器添加儲能怎麼樣，這甚至沒有考慮？

We have evaluated it. There is adjacent acreage at a few of our facilities that could allow us to think about doing different things, but there's not a tremendous amount of acreage. And the injection capacity at does those points of interconnection is also somewhat limited, so in the immediate term, the highest and best use of that injection capacity is the delivery of resource adequacy that can meet 24 hour slice of day requirements from our thermal resources.

我們已經對其進行了評估。我們的一些設施有相鄰的面積，可以讓我們考慮做不同的事情，但面積並不大。這些互連點的注入能力也受到一定程度的限制，因此從短期來看，注入能力的最高和最佳利用是提供足夠的資源，以滿足我們熱資源一天 24 小時的需求。

And the addition of batteries to supplement that would be and feasible in terms of grid injection and maybe not the highest and best use of that interconnection. But we have adjacent acreage that's modest. That over time will try you to find a way to leverage somehow.

添加電池來補充這一點在電網注入方面是可行的，但可能不是互連的最高和最佳用途。但我們鄰近的土地面積並不大。隨著時間的推移，你會嘗試找到一種以某種方式發揮槓桿作用的方法。

Thank you.

謝謝。

Mark Jarvi, CIBC.

馬克·賈維，CIBC。

Yeah, good morning everyone, and thanks for your time for filling me in here. I was wondering, could you maybe just parse apart what we had some discussion on the call about the capital deployment growth versus margin drivers on our cash optimizations. If you think out longer term growth rate of 5% to 8%, how would you make that split between what's organic drivers versus capital deployment driven?

是的，大家早安，感謝您抽空向我介紹情況。我想知道，您能否分析一下我們在電話會議上就資本部署成長與現金優化的利潤驅動因素進行的一些討論。如果您考慮 5% 到 8% 的長期成長率，您將如何區分有機驅動因素和資本部署驅動因素？

Yeah. I think once we get beyond the goal of $2.60 per share that we said at the top end of the range driving above that will be driven in particular, are principally by additional investment. I think that there will be ways that we look to leverage the existing fleet of assets that we own with CWEN, as part of making that growth investment, in particular through repowerings, which could take the same individual assets, CAFD contribution relative to say the top end of that $2.60 in CAFD per share and increase it for us and help sustaining capital generation on a project that is maturing and its age.

是的。我認為，一旦我們超出了每股 2.60 美元的目標（我們所說的目標範圍的上限），那麼這一目標將主要由額外投資來推動。我認為，我們將尋求多種方式來利用我們在 CWEN 擁有的現有資產，作為成長投資的一部分，特別是透過重新供電，這可能需要相同的個人資產、CAFD 貢獻相對於每股2.60 美元CAFD 的上限，並為我們增加它，並幫助維持一個正在成熟和老化的項目的資本生成。

But in general, I think as we look to grow beyond to $2.60 in CAFD per share into the out years, we look at that from 5% to 8% CAFD per share plus growth. Goal of most of that growth will be driven by additional capital commitments, which again, I think we will make only to the extent that the investment and the cost of funding that investment would be accretive on CAFD per share basis, and when we look at our planning horizon beyond 2027, we see very clearly how we'll be able to do that.

但總的來說，我認為，當我們希望在未來幾年將每股 CAFD 成長至 2.60 美元以上時，我們將每股 CAFD 成長 5% 至 8% 加成長。大部分成長的目標將由額外的資本承諾推動，我認為我們只會在投資和投資融資成本在每股 CAFD 基礎上增加的情況下才會做出這種承諾，當我們考慮我們的規劃範圍是2027年之後，我們非常清楚如何能夠做到這一點。

I think, Craig, coming back a couple of your comments on internal financing capabilities. At what point would you think you'd exhaust that $300 million of corporate debt capacity is up by 2027? And then for you seen at one point that you think you can grow without issuing equity close to the low end of the 5% to 8% range.

我想，克雷格，請回來談談您對內部融資能力的一些評論。您認為到 2027 年，您會在什麼時候耗盡 3 億美元的企業債務能力？然後，您曾經看到，您認為自己可以在不發行接近 5% 至 8% 範圍低端的股票的情況下實現成長。

So I think what we said is we can execute to the midpoint of the $2.40 to $2.60 per share range, call it $2.50 without issuing equity. In terms of growing beyond the top end $2.60 per share of at 5% to 8% beyond that there -- that that is why we wanted to articulate that at some point growth in the business model will entail routine amounts of equity issuance.

所以我認為我們所說的是我們可以執行到每股 2.40 美元至 2.60 美元範圍的中點，稱之為 2.50 美元而不發行股票。就成長超出每股 2.60 美元的上限而言，成長率為 5% 至 8%——這就是為什麼我們想要闡明，在某個時候，商業模式的成長將需要常規數量的股票發行。

But as the fleet based, CAFD level grows over time than the company's debt capacity should also grow. So the $300 million, which I'd say it reflects debt capacity that we have for funding investments between now and the end of 2027 conservatively and the amount of incremental debt capacity we'd have out of 2027, while still also driving towards that low end of the 4 times to 4.5 times leverage ratio would be meaningful, as has the CAFD at the are basically itself grows.

但以機隊為基礎，CAFD水準隨著時間的推移而成長，公司的負債能力也應該成長。因此，我認為這 3 億美元保守地反映了我們從現在到 2027 年底之間為投資提供資金的債務能力，以及 2027 年之後我們將擁有的增量債務能力，同時仍在朝著這個低水平邁進年底，4倍到4.5倍的槓桿率將是有意義的，因為CAFD基本上都在成長。

And so that's why we would look from a funding perspectxive to first, the amount of retained CAFD we have to reinvest, which as I noted could run the low 200s or high 100s in any given year. And then to that leverage capacity, which we would look to manage in a way that's prudent and then eventually equity issuance through something like an ATM at modest quantities for this routine investment program that hit the goals that we've articulated. So I think that maybe gives you the calibration that you're looking for.

因此，這就是為什麼我們從融資角度首先考慮我們必須再投資的保留 CAFD 金額，正如我所指出的，在任何一年中，該金額可能會在 200 左右或在 100 左右。然後是槓桿能力，我們希望以審慎的方式對其進行管理，然後最終透過 ATM 之類的方式發行適量的股票，以實現我們所闡明的目標的常規投資計劃。所以我認為這也許可以為您提供您正在尋找的校準。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Craig for closing remarks.

謝謝。女士們先生們，我不會在隊列中顯示任何其他問題。我現在想將電話轉回給克雷格，讓他發表結束語。

Great. Thank you, everyone, for joining us today for your ongoing support of Clearway Energy, Inc. We're looking forward to continuing to demonstrate to you our leading market position and solid execution and are really optimistic about what the days ahead and have in store for our company as we move onward. Operator, you can close the call.

偉大的。感謝大家今天加入我們，感謝您對 Clearway Energy, Inc. 的持續支持。 。接線員，您可以結束通話了。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。