Clearway Energy Inc (CWEN) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Clearway Energy, Inc. First Quarter 2025 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Clearway Energy, Inc. 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Akil, Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係總監阿基爾 (Akil)。請繼續。

Thank you for taking the time to join Clearway Energy, Inc.'s first quarter call. With me today are Craig Cornelius, the company's President and CEO; and Sarah Rubenstein, the company's CFO. Before we begin, I would 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.

感謝您抽空參加 Clearway Energy, Inc. 第一季電話會議。今天與我一起出席的還有公司總裁兼執行長 Craig Cornelius；以及公司財務長 Sarah Rubenstein。在我們開始之前，我想快速指出，今天的討論將包含前瞻性陳述，這些陳述是基於我們認為截至目前合理的假設。

Actual results may differ materially. Please review the safe harbor in today's presentation as well as our 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 reconciliations to the most directly comparable GAAP measures, please refer to today's presentation.

實際結果可能存在重大差異。請查看今天簡報中的安全港以及我們向美國證券交易委員會提交的文件中的風險因素。此外，我們將參考 GAAP 和非 GAAP 財務指標。有關我們的非公認會計準則財務指標以及與最直接可比較的公認會計準則指標的對帳信息，請參閱今天的演示文稿。

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.

特別請注意，我們可能會在今天的口頭陳述中提及提供的交易和承諾的交易，也可能在今天會議的問答環節討論此類交易。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.

說完這些，我就把它交給克雷格。

Thanks, Akil. Turning to slide 4. Clearway delivered solid first quarter results across all segments, putting us in good standing to meet our 2025 financial objectives. We've reaffirmed our 2025 guidance range. And if we can see typical annual resource for the remainder of the year and continue to deliver strength in fleet performance, we have line of sight to achieving the top half of that range or even better through contributions from newly committed investments.

謝謝，阿基爾。翻到幻燈片 4。Clearway 在所有部門都取得了穩健的第一季業績，這使我們能夠順利實現 2025 年的財務目標。我們重申了 2025 年的指導範圍。如果我們能夠看到今年剩餘時間的典型年度資源並繼續在船隊性能方面保持強勁，那麼我們就有可能透過新承諾的投資貢獻來實現該範圍的上半部分甚至更好。

We also continued to execute on initiatives that will enable future long-term growth in our business, and are pleased to note that we made accretive progress in each of the growth pathways we have established for CWEN: in fleet enhancements, sponsor-enabled drop-down investments and asset-centered third-party M&A.

我們也繼續執行能夠實現我們業務未來長期成長的舉措，並高興地註意到，我們在為 CWEN 建立的每條成長路徑上都取得了累積進展：機隊增強、贊助商支持的下拉投資和以資產為中心的第三方併購。

First, in our fleet, we continue to drive previously identified repowering opportunities forward and added still more identified opportunities this quarter. For the previously announced Mt. Storm repowering, we signed the project's revenue contract with Microsoft and the project is advancing towards the start of construction in 2025. The repowering remains on track to achieve commercial operation in phases in 2026 and 2027.

首先，在我們的車隊中，我們繼續推動先前確定的動力改造機會，並在本季增加了更多已確定的機會。對於先前宣布的Mt. Storm再發電項目，我們與微軟簽署了該項目的收益合同，該項目正在推進，預計將於2025年開始建設。改造工程仍按計畫進行，預計 2026 年和 2027 年分階段實現商業運作。

We are pleased to also announce that a potential repowering of Goat Mountain in 2027 is now advancing, with an awarded PPA that can enable an accretive investment proposition and meaningful expansion of the facility side. Lastly, we continue to advance development of a repowering at San Juan Mesa and signed a PPA extension for the project to serve as a bridge to a future repower targeted for 2027.

我們也很高興地宣布，2027 年山羊山的潛在再發電計畫正在推進中，已授予的電力購買協議 (PPA) 可以實現增值投資提案和設施方面的有意義的擴展。最後，我們繼續推進聖胡安梅薩電力改造項目的開發，並簽署了該項目的電力購買協議延期，作為 2027 年未來電力改造項目的橋樑。

Another growth pathway, sponsor-enabled drop-down growth, also remains resilient and saw further advancement during the past quarter. All of CWEN's committed growth remains on track for completion schedules aligned with previous public disclosures. Clearway Group continues to develop an abundant pipeline of over 9 gigawatts of CWEN compatible late-stage projects that has now been further reinforced with additional safe harbor investments.

另一個成長途徑，即贊助商支持的下拉式成長，也保持了彈性，並在過去一個季度取得了進一步的進展。CWEN 承諾的所有增長均按照與先前公開披露一致的完成時間表進行。Clearway Group 繼續開發超過 9 千兆瓦的 CWEN 相容後期專案的豐富管道，目前這些專案已透過額外的安全港投資進一步加強。

Clearway Group is now on pace to complete safe harbor investments for approximately 13 gigawatts of projects that could achieve COD through 2029, which maximizes optionality relative to what the enterprise plans to build over that timeframe. This advancement includes battery projects within the late-stage pipeline due to thoughtful planning and collaboration with our PPA customers and equipment suppliers on tariff for sharing.

Clearway Group 目前正按計劃完成約 13 千兆瓦項目的安全港投資，這些項目可能在 2029 年實現 COD，這最大限度地提高了企業在此時間段內計劃建設項目的選擇性。由於我們與 PPA 客戶和設備供應商就共享關稅進行了周密的規劃和合作，這項進步包括後期管道內的電池專案。

We are now officially naming the Spindle project, a 199-megawatt battery storage project, which signed a long-term contract with an investment-grade utility in mid-April. Asset-centered M&A also continued to be a complementary avenue for us to pursue to meet our CAFD per share growth objectives. We are pleased to announce that we closed the Tuolumne Wind acquisition in recent days.

我們現在正式將該項目命名為 Spindle，這是一個 199 兆瓦的電池儲存項目，該項目於 4 月中旬與一家投資級公用事業公司簽署了長期合約。以資產為中心的併購也持續成為我們實現每股 CAFD 成長目標的補充途徑。我們很高興地宣布，我們已於近日完成了對 Tuolumne Wind 的收購。

We are also pleased to announce that we have signed a binding agreement to acquire an operational solar project in California that is nearby a large cluster of other Clearway assets in the area, and a further demonstration of our ability to thoughtfully apply operating synergies to add complementary high-quality assets to our fleet.

我們也很高興地宣布，我們已經簽署了一項具有約束力的協議，收購加州一個營運中的太陽能項目，該項目靠近該地區大量其他 Clearway 資產，這進一步證明了我們有能力周到地運用營運協同效應，為我們的資產組合增加互補的高品質資產。

Further reinforcing confidence in our outlook, we've mitigated interest rate risk for the refinancing of our corporate bond scheduled to mature in 2028, with opportunistic hedging of base rates that Sarah will discuss in her section of the prepared remarks. Through all these actions and more, we have positioned the platform to potentially achieve the high end or better of our 2027 CAFD per share growth targets.

為了進一步增強我們對前景的信心，我們透過對基準利率進行機會性對沖，降低了 2028 年到期的公司債再融資的利率風險，莎拉將在準備好的評論部分中對此進行討論。透過所有這些行動以及其他更多行動，我們已將平台定位為 2027 年 CAFD 每股成長目標的高端或更高水準。

We are proud of how we've continued to execute since last quarter's earnings call on our redundant growth pathways, providing further visibility into how we will accretively grow Clearway Energy, Inc. while evolving the company to be increasingly self-funding over time. Turning to slide 5. Progress continues on attractive re-powering’s that we expect to extend and enhance the value of our existing owned wind fleet.

我們為自上個季度的收益電話會議以來我們繼續執行冗餘增長路徑的方式感到自豪，這進一步表明我們將如何逐步實現 Clearway Energy, Inc. 的增值增長，同時使公司逐漸實現自籌資金。翻到幻燈片 5。我們期望有吸引力的再供電項目能夠繼續取得進展，從而擴大和提高我們現有風力發電機組的價值。

Collectively, the three named repowering’s on this slide are providing solid building blocks for our CAFD per share growth outlook beyond 2027. The previously announced Mt. Storm repowering continues to advance with win-win PPA terms accommodative of the current policy environment. The project has also completed key permitting milestones in place to turbine order with Vestas.

總的來說，這張投影片中提到的三項再造能源為我們 2027 年以後每股 CAFD 成長前景提供了堅實的基礎。先前宣布的 Mt. Storm 電力改造項目繼續推進，並採用符合當前政策環境的雙贏 PPA 條款。該項目還完成了與維斯塔斯訂購渦輪機的關鍵許可里程碑。

Goat Mountain is targeting repowering in 2027 to expand the facility's capacity to 301 megawatts. The project's expanded capacity will be enabled by major permits that are already secured and an awarded PPA that is in the process of final negotiations on terms which allow for it to be advanced accretively in today's supply chain environment.

山羊山計劃在 2027 年進行重新供電，將電廠的發電量擴大至 301 兆瓦。該專案的產能擴大將得益於已獲得的主要許可證和已授予的電力購買協議 (PPA)，該協議目前正處於最終談判階段，談判條款允許其在當今的供應鏈環境中實現增值。

Finally, San Juan Mesa is another repowering we are targeting for completion in 2027. It's advancing a PPA extension with the current off taker, which will serve as a bridge to a future repower as Clearway Group is advancing development activities that could set the project up for construction in 2027. In the coming quarters, we are hopeful that we can disclose additional details and official commitments to these next two targeted repowering's subject to customary applicable caveats, including the requirement for review by CWEN's Governance, Conflicts and Nominating Committee.

最後，聖胡安梅薩是另一個重建項目，我們計劃在 2027 年完成。該公司正在與目前的承購商推進電力購買協議 (PPA) 延期，這將成為未來電力再利用的橋樑，因為 Clearway 集團正在推進開發活動，為該項目在 2027 年開工建設做好準備。在接下來的幾個季度中，我們希望能夠揭露有關接下來兩次有針對性的重新賦能的更多細節和官方承諾，但須遵守慣常適用的警告，包括 CWEN 治理、衝突和提名委員會的審查要求。

As a reminder, repowering’s in our fleet enhancement program are underwritten to extend the asset's useful life, improve its risk profile and drive CAFD growth incremental to our baseline forecast for EBITDA and CAFD contribution from these projects prior to repowering. In aggregate, we have repowered or committed to repower 712 megawatts of our wind portfolio and look to increase that amount in the coming years.

提醒一下，我們機隊增強計劃中的再造工程經過承保，可以延長資產的使用壽命，改善其風險狀況，並推動 CAFD 增長，使其達到我們對再造工程前這些項目的 EBITDA 和 CAFD 貢獻的基準預測。總體而言，我們已經重新啟用或承諾重新啟用 712 兆瓦的風電項目，並希望在未來幾年內增加這一數量。

Based on rigorous analysis with a core focus on maximizing shareholder value, we'll continue to enhance our wind fleet through either future capital-light contract extensions or contracting to underpin a potential repowering. Turning to slide 6. Our sponsor-enabled drop-down growth pathway is moving along nicely and further firming our confidence in our growth outlook in 2027 and beyond.

基於嚴格的分析，並以最大化股東價值為核心，我們將繼續透過未來輕資本合約的延期或簽訂合約來支持潛在的再發電，從而增強我們的風電實力。翻到幻燈片 6。我們的贊助商支持的下拉式成長路徑進展順利，進一步堅定了我們對 2027 年及以後成長前景的信心。

All of Clearway Group's projects with 2025 CODs are committed to CWEN and on track with substantially all equipment for the projects delivered long ago and grid synchronization active as of today. Commissioning work has begun ahead of commercial operations and CWEN has made initial fundings based on milestones laid out in the investment commitment agreements with Clearway Group.

Clearway Group 所有 2025 年 COD 的專案已承諾向 CWEN 交付，並且進展順利，專案所需的基本所有設備早已交付，並且截至今天已開始電網同步。調試工作已在商業運營之前開始，CWEN 已根據與 Clearway Group 簽訂的投資承諾協議中規定的里程碑進行了初始融資。

Opportunities for CWEN investment in 2026 and 2027 COD project vintages also continued to advance, including approximately 1 gigawatt of committed and identified potential dropdowns within those vintages. This includes the now named Spindle Storage project, which executed a 20-year PPA with a Colorado investment-grade utility after the announcement of escalated tariffs in April, reflecting both the ability of the PPA to accommodate expense recovery of elevated tariffs, and other actions we have been able to take to mitigate that potential elevated cost to ratepayers.

2026 年和 2027 年 COD 計畫年份的 CWEN 投資機會也持續增加，其中包括這些年份內已承諾和已確定的約 1 千兆瓦潛在下降。其中包括現在名為 Spindle Storage 的項目，該項目在 4 月宣布提高電價後與科羅拉多州一家投資級公用事業公司簽署了一份為期 20 年的 PPA，這​​既反映了 PPA 適應提高電價費用回收的能力，也反映了我們為減輕納稅人可能面臨的成本上漲而採取的其他措施。

We also are continuing to advance development of the Rosamond South II project, which provides vital and valuable midterm reliability for California and for which we are collaboratively concluding a PPA negotiation with a valued historical customer. Finally, we are continuing forward on construction of the committed Honeycomb projects. enabled by timely delivery of required equipment and nimble collaboration with our valued battery supplier and EPC contractor.

我們也正在繼續推動羅莎蒙德南二號計畫的開發，該計畫為加州提供了重要且寶貴的中期可靠性，並且我們正在與一位重要的歷史客戶合作完成 PPA 談判。最後，我們將繼續推動已承諾的 Honeycomb 專案建設。透過及時交付所需設備以及與我們尊貴的電池供應商和 EPC 承包商進行靈活的合作來實現。

In sum, thanks to our organization's trademark excellence and policy-aware project development, we've been able to implement a combination of mitigation factors to ensure projects stay on track to provide cost-effective and reliable power to customers. Off takers are acknowledging the value of ready-to-build projects and the importance of strong franchises backing them.

總而言之，由於我們組織的卓越商標和政策意識項目開發，我們已經能夠實施一系列緩解因素，以確保項目保持正軌，為客戶提供經濟高效且可靠的電力。承購商認識到現成專案的價值以及強大的特許經營權支持的重要性。

In contracting arrangements, we have reached and awarded and signed agreements even after the recent announcements of elevated tariffs. We continue to find ways to assure adequate project investment returns while also delivering a solid value proposition for our customers. Furthermore, our equipment procurement has either thoughtfully been sourced from domestic sources and or benefited from relationships with key suppliers, understanding the current macro and policy backdrop when setting procurement terms.

在承包安排方面，即使在最近宣布提高關稅之後，我們仍然達成、授予和簽署了協議。我們不斷尋找方法來確保足夠的專案投資回報，同時為客戶提供可靠的價值主張。此外，我們的設備採購要么經過深思熟慮地從國內採購，要么受益於與主要供應商的關係，在製定採購條款時了解當前的宏觀和政策背景。

Through collaborative application of these mechanisms and excellence in project implementation and financing, we have been able to sustain forward progress on sponsor-enabled growth and are enormously proud of what that says about the resiliency of our very capable enterprise. With this backdrop, not only does our outlook for growth in 2027 continue to firm up, but the outlook beyond that remains robust.

透過協作應用這些機制以及在專案實施和融資方面的卓越表現，我們能夠在贊助商推動的成長方面保持前進的步伐，並為這體現出我們非常有能力的企業的韌性而感到無比自豪。在此背景下，我們不僅對2027年的成長前景持續看好，對之後的成長前景也依然強勁。

Clearway Group's late-stage pipeline through the 2029 vintages has over $750 million of potential corporate capital investments beyond already offered and committed projects. These vintages through 2029 are now on track to secure qualification for tax credits for approximately 13 gigawatts of projects. A strategy which is intentionally over-collateralizing needed tax credit qualification for project sites across Clearway Group's pipeline relative to the enterprise's project build-out plans over that timeframe.

Clearway Group 的後期管道將持續到 2029 年，除了已經提供和承諾的項目外，還有超過 7.5 億美元的潛在企業資本投資。這些到 2029 年的年份預計將獲得約 13 千兆瓦項目的稅收抵免資格。該策略是故意為 Clearway Group 管道項目現場所需的稅收抵免資格提供超額抵押，相對於企業在該時間範圍內的項目建設計劃。

Turning to slide 7. Since our last call, we've once again also made steps forward on value-accretive M&A. We signed a binding agreement to acquire an operational solar project in California that has an existing long-term PPA that currently extends into late 2038. The asset is also complementary to our fleet given its proximity to existing CWEN assets and also presents optionality for a future potential battery hybridization.

翻到幻燈片 7。自上次電話會議以來，我們在增值併購方面再次取得了進展。我們簽署了一項具有約束力的協議，收購加州一個營運中的太陽能項目，該項目現有的長期 PPA 目前延長至 2038 年底。由於該資產靠近現有的 CWEN 資產，因此也對我們的車隊具有補充作用，並且還為未來潛在的電池混合提供了可選性。

The transaction, which is expected to close in 2025, is expected to generate an approximately 10% to 11% five-year average annual CAFD yield and a 13% 10-year average annual CAFD given the CAFD profile of the project. Turning to slide 8. We're in a strong position to achieve the top end or better of the 2027 CAFD per share target range that we set given the incremental updates on growth pathway shared today combined with past updates.

該交易預計將於 2025 年完成，鑑於該項目的 CAFD 概況，預計將產生約 10% 至 11% 的五年平均年 CAFD 收益率和 13% 的十年平均年 CAFD 收益率。翻到幻燈片 8。鑑於今天分享的成長路徑的增量更新以及過去的更新，我們完全有能力實現我們設定的 2027 年 CAFD 每股目標範圍的最高值或更高值。

We had previously provided visibility into how we could reach the mid-point or better of the $2.40 to $2.60 CAFD per share target we set for 2027 through previously committed growth investments, contracted and observed pricing levels for revenues in our flexible generation segment, and our assumed plans for the refinancing of our 2028 maturity bonds, which have been firmed up by way of recent hedging activity.

我們之前曾闡明，如何透過先前承諾的成長投資、靈活發電部門的收入合約定價和觀察定價水平以及我們對 2028 年到期債券的再融資假設計劃，達到我們為 2027 年設定的每股 2.40 美元至 2.60 美元的 CAFD 目標的中間點或更高水平，這些計劃已通過最近的對沖活動得到確認。

We now see paths to the top end of our 2027 CAFD per share range or better given today's third-party M&A agreement for an operational solar project, along with continued solid execution across our redundant growth pathways. The deployment of additional capital is one path. Clearway Group's pipeline has additional potential dropdowns in stores that have not yet been offered, such as Spindle and the targeted repowering's, that could allow for the deployment of capital at sufficient levels to meet the top end of our 2027 range or better.

鑑於今天達成的針對營運太陽能專案的第三方併購協議，以及我們冗餘成長路徑的持續穩健執行，我們現在看到了達到 2027 年每股 CAFD 區間最高值或更高水平的途徑。部署額外資本是其中一條途徑。Clearway Group 的管道中還有其他尚未推出的商店的潛在下拉選項，例如 Spindle 和有針對性的重新供電，這些選項可以允許部署足夠的資本，以滿足我們 2027 年範圍的最高端或更高要求。

We also continue to remain active in evaluating further third-party M&A opportunities through which we could also deploy capital. And finally, we continue to pursue additional fleet optimization improvements such as accretive revenue contracting in our flexible generation segment. So all in all, we continue to believe we are in a position of strength when it comes to executing towards meeting our 2027 financial objectives.

我們也將繼續積極評估進一步的第三方併購機會，透過這些機會我們也將能夠部署資本。最後，我們將繼續追求額外的機組優化改進，例如在靈活發電部門簽訂增值收入合約。總而言之，我們仍然相信，在實現 2027 年財務目標方面，我們處於優勢地位。

With that, I'll turn it over to Sarah for the financial summary section.

說完這些，我會把財務摘要部分交給莎拉。

Thanks, Craig. On slide 10 we provide an overview of our financial results. We are pleased to report first quarter adjusted EBITDA of $252 million and CAFD of $77 million. Our first quarter results reflect strong wind resource in California and contributions from 2024 growth investments. In addition, our first quarter CAFD is higher than seasonally expected due in part to timing of debt service and distributions to non-controlling partners shifted into the second quarter.

謝謝，克雷格。幻燈片 10 概述了我們的財務表現。我們很高興地報告第一季調整後的 EBITDA 為 2.52 億美元，CAFD 為 7,700 萬美元。我們第一季的業績反映了加州強大的風力資源以及 2024 年成長投資的貢獻。此外，我們的第一季 CAFD 高於季節性預期，部分原因是債務償還時間和對非控股合夥人的分配轉移到了第二季。

Capacity factors for our Renewable & Storage segment improved by 4.7% to 25.7% for solar and by 2.9% to 33.9% for wind. In addition, our flexible generation availability improved by 3% to 89.3%, continuing our trend of providing strong availability and grid reliability in California. We continue to reiterate our 2025 CAFD guidance range of $400 million to $440 million, with a target to achieve the higher end of the range.

我們的再生能源和儲存部門的容量係數（太陽能）提高了 4.7%，達到 25.7%，風能提高了 2.9%，達到 33.9%。此外，我們的彈性發電可用性提高了 3%，達到 89.3%，延續了我們在加州提供強大可用性和電網可靠性的趨勢。我們繼續重申 2025 年 CAFD 指引範圍為 4 億美元至 4.4 億美元，目標是達到該範圍的高端。

We have secured several of our previously described building blocks to achieve this target, most recently completing the acquisition of Tuolumne, a wind farm in Washington State, as well as completing the timely drop-down and initial funding of Rosamond South, a 257-megawatt solar plus storage facility in California, during the first quarter of 2025.

我們已經確保了前面描述的幾個基石來實現這一目標，最近完成了對華盛頓州風力發電場 Tuolumne 的收購，並在 2025 年第一季度完成了對加州 257 兆瓦太陽能加儲能設施 Rosamond South 的及時下放和初始融資。

And this project is on track to achieve COD and be fully funded later this year. In addition, initial funding of Luna Valley Solar and Daggett 1 storage remains on track and is also on track to achieve COD and be fully funded later this year. We continue to maintain disciplined focus on the availability of our entire fleet as well as the management of energy margin for our flexible generation fleet.

該項目預計在今年稍後實現 COD 並獲得全額資助。此外，Luna Valley Solar 和 Daggett 1 儲存項目的初始資金仍在按計劃進行，並且預計在今年稍後實現 COD 並獲得全額資助。我們將繼續嚴格關注整個發電機組的可用性以及靈活發電機組的能量裕度管理。

Our guidance range reflects P50 renewable production expectations at the midpoint, with the upper and lower end of the range reflecting variability and potential outcomes for resource and availability. Moving to slide 11, we remain well positioned to fund our planned growth in a prudent manner. We expect to generate $250 million or more of retained CAFD from 2025 to 2027, that we expect will be utilized to fund a portion of our committed growth investments.

我們的指導範圍反映了中點的 P50 再生能源生產預期，該範圍的上限和下限反映了資源和可用性的變化和潛在結果。轉到第 11 張投影片，我們仍然能夠以審慎的方式為我們的計劃成長提供資金。我們預計，2025 年至 2027 年間，CAFD 的留存金額將達到 2.5 億美元或更多，我們預計這些資金將用於資助我們承諾的部分成長投資。

In addition, applying a corporate debt-to-EBITDA ratio consistent with our target of 4 to 4.5 time to our projective forward-looking metrics yields estimated excess debt capacity of approximately $400 million or greater. We expect to utilize a portion of this debt capacity, along with retained CAFD, to fund our committed growth investments, which will allow us to achieve our target CAFD per share goals in 2027 and beyond.

此外，將符合我們 4 至 4.5 倍目標的企業債務與 EBITDA 比率應用於我們的預測前瞻性指標，可得出估計的超額債務容量約為 4 億美元或更多。我們預計將利用部分債務能力以及保留的 CAFD 來資助我們承諾的成長投資，這將使我們能夠在 2027 年及以後實現每股 CAFD 目標。

Our strategy continues to assume that we will opportunistically and predictably issue modest amounts of equity in order to fund accretive growth to facilitate the achievement of the top end or better of our growth targets. We expect to do these small, targeted equity issuances through the use of an ATM facility. This will allow us to issue equity over time at a quantum representing only a small percentage of our public float, similar to what you see in the listed utility space.

我們的策略繼續假設我們將抓住機會並可預測地發行適量的股權，以資助增值成長，從而促進實現最高或更好的成長目標。我們希望透過使用 ATM 設施進行這些小規模、有針對性的股票發行。這將使我們能夠隨著時間的推移發行股票，其數量僅占我們公眾流通股的一小部分，類似於您在上市公用事業領域看到的情況。

As part of routine upkeep for our ATM program, we plan to make filings later this year to ensure the program is ready for accretive and opportunistic equity issuances, subject to market conditions. We expect to regularly utilize our revolving credit facility, which is largely undrawn, as a source of temporary liquidity while we complete longer-term financing for our growth investments.

作為 ATM 計劃日常維護的一部分，我們計劃在今年稍後提交文件，以確保該計劃已準備好根據市場情況進行增值和機會性股票發行。我們預計將定期利用我們的循環信貸額度（大部分尚未提取）作為臨時流動資金來源，同時為我們的成長投資完成長期融資。

As we look to put in place longer-term corporate financing for growth investments and plan for the refinancing of our corporate bonds with the earliest maturity in 2028, we are looking to mitigate the risk of interest rate volatility by hedging certain notional amounts with forward-starting interest rate swaps that will fix the base rate for the intended refinance bonds.

由於我們希望為成長投資建立長期企業融資，並計劃對最早在 2028 年到期的公司債進行再融資，因此我們希望透過遠期利率互換對沖某些名義金額來降低利率波動的風險，這將固定預期再融資債券的基準利率。

We recently executed forward-starting hedges for the majority of the principal amount of our $850 million corporate bonds at the earliest maturity and we'll look to hedge incremental notional amounts if the markets are supportive. This hedging strategy will help us to manage potential interest rate volatility and further support our ability to meet our growth targets.

我們最近對最早到期的 8.5 億美元公司債的大部分本金進行了遠期對沖，如果市場支持，我們將尋求對沖增量名義金額。這種對沖策略將幫助我們管理潛在的利率波動，並進一步支持我們實現成長目標的能力。

We are pleased to approach our growth strategy and related funding plan from a position of strength in balance sheet and liquidity and with a focus on risk management and financial discipline.

我們很高興從資產負債表和流動性的優勢出發，並專注於風險管理和財務紀律，制定我們的成長策略和相關融資計劃。

Now I will turn it back to Craig for closing remarks.

現在我請克雷格作最後發言。

Thanks, Sarah. Turning to slide 13, to recap, Clearway delivered strong first quarter results. With currently forecasted timing of committed growth investment contributions firming up, our path to meet or exceed the 2025 CAFD guidance range is also in clear view. Committed dropdowns continue on track and are expected to deliver accretive growth to CWEN.

謝謝，莎拉。翻到第 13 張幻燈片，回顧一下，Clearway 第一季取得了強勁的業績。隨著目前預測的承諾成長投資貢獻時間的確定，我們達到或超過 2025 年 CAFD 指導範圍的道路也清晰可見。承諾的下拉清單繼續按計劃進行，預計將為 CWEN 帶來增值成長。

Additionally, we've signed another binding third-party M&A agreement for an operational solar project at attractive economics. Collectively, we are solidifying multiple pathways towards the top end of the 2027 CAFD per share range and are on track to meet the EPS growth objective. When thinking about our outlook beyond 2027, our very capable organization is working tirelessly for further long-term value creation.

此外，我們還簽署了另一項具有約束力的第三方併購協議，以具有吸引力的經濟效益開展太陽能營運專案。總的來說，我們正在鞏固邁向 2027 年每股 CAFD 範圍最高點的多條途徑，並有望實現每股收益成長目標。當考慮到我們 2027 年以後的展望時，我們非常有能力的組織正在不懈地努力，以進一步創造長期價值。

We continue to aim to accumulate further growth pathways from drop-down offers from Clearway Group's development pipeline, further repowering and hybridization opportunities and selective third-party M&A. Our capital allocation framework will see us continue to allocate capital to the highest return investments available to target a long-term payout ratio trending towards 70% in pursuit of increasingly self-funded growth, and to make use of financial flexibility we create and maintain through prudence.

我們將繼續致力於從 Clearway Group 的開發管道中提供的下拉優惠、進一步的再造和混合機會以及選擇性的第三方併購中積累進一步的成長途徑。我們的資本配置框架將使我們繼續將資本配置到可用的最高回報投資中，以實現趨向於 70% 的長期派息率，從而追求日益自籌資金的增長，並利用我們透過審慎創造和維護的財務靈活性。

Within that framework, we will pursue growth towards extending our goal of 5% to 8% plus long-term CAFD per share growth and view that goal as something we can sustainably meet. Finally, we'll continue to be data dependent and attentive listeners to the investment community about what we can do to continue to enhance our investment proposition as we look to present one of the most compelling investments available within the listed infrastructure universe.

在該框架內，我們將追求成長，將我們的目標擴大到 5% 至 8% 以及長期 CAFD 每股成長，並將該目標視為我們能夠永續實現的目標。最後，我們將繼續依賴數據並認真傾聽投資界的意見，以了解我們可以採取哪些措施來繼續加強我們的投資主張，同時我們希望在上市基礎設施領域中提供最具吸引力的投資之一。

Operator, you may open the lines for questions.

接線員，您可以開通熱線來回答問題。

(Operator Instructions). Hannah Velasquez, Jefferies.

（操作員指令）。漢娜‧維拉斯奎茲 (Hannah Velasquez)，傑富瑞 (Jefferies)。

This is Hannah Velasquez on for Julien. Congrats on the quarter. I had two questions. So the first on battery storage. How are you thinking about that as part of your pipeline going forward? I know you're advancing with some of the projects through 2026, but how are you thinking about thereafter? And I also know separately the sponsor can't absorb to some extent some of the tariff impact, but it also sounds like you might be sharing some of the costs or the higher costs.

這是 Hannah Velasquez 為 Julien 表演的。恭喜本季取得佳績。我有兩個問題。首先要討論的是電池儲存。您如何看待這一點作為您未來發展管道的一部分？我知道您正在推進一些到 2026 年的項目，但是您對之後的計劃有什麼想法呢？而且我還知道，贊助商在某種程度上無法單獨承擔部分關稅影響，但聽起來你們可能會分擔部分成本或更高的成本。

Does that mean, beyond 2026, if you do pursue further storage projects, you might continue to cost-share or you might look for a non-Chinese supplier or you might altogether just slow down on post-2026 storage projects?

這是否意味著，在 2026 年之後，如果您確實要開展進一步的存儲項目，您可能會繼續分攤成本，或者您可能會尋找非中國供應商，或者您可能會完全放慢 2026 年後的存儲項目的進度？

Yes. Thanks for the questions. Appreciate the recognition of the strong quarter. So on the second of those questions first, we really like this technology and what it delivers for the system. Now being in a position where we can see a sizable fleet of batteries in our operating portfolio. They are tremendously reliable generators of revenue for us given the way that we structure revenue contracts.

是的。感謝您的提問。感謝對強勁季度的認可。因此，首先關於第二個問題，我們真的很喜歡這項技術以及它為系統帶來的功能。現在，我們可以在我們的營運組合中看到大量的電池。鑑於我們建立收入合約的方式，它們是我們極其可靠的收入來源。

And I think we've been very savvy about the approach we've taken to design, engineering and commissioning of those resources. If you look on any given day at our operational dashboards, every one of these resources is green and exceeding our underwritten expectations for their performance. And in the RTOs, where they're contributing now, both from our fleet and from others, they've had a really appreciable beneficial impact on reliability, as well as for ratepayer costs in systems like Texas and Norcott and CAISO over the last few summers.

我認為我們對這些資源的設計、工程和調試的方法非常精明。如果您在任何一天查看我們的營運儀表板，您會發現所有這些資源都是綠色的，並且超出了我們對其性能的承保預期。在區域輸電組織 (RTO) 中，無論是來自我們的還是其他的輸電線路，它們都對可靠性產生了非常顯著的有益影響，並且在過去幾個夏天對德克薩斯州、諾科特和加州獨立系統運營商 (CAISO) 等系統的納稅人成本也產生了積極影響。

So we think batteries have an essential bright future here, not just in 2026 in our business, but all over the US. And we're proud of what we did for the projects that we've got in execution now through the combination of delivery schedules and work with our suppliers and work with our customers to keep those on track.

因此，我們認為電池在這裡有著至關重要的光明前景，不僅在 2026 年我們的業務中，而且在全美國都是如此。我們為目前正在執行的專案感到自豪，透過結合交付計劃、與供應商的合作以及與客戶的合作，確保專案按計劃進行。

As we look out into the future, we have a lot of good reasons to expect that those projects can continue to deliver the attributes that I just described in a way that's compelling in value proposition. As you're alluding to, there are numerous supply chains around the world that can support deployment into the United States, which, -- and to do so over time with China content that diminishes.

展望未來，我們有很多充分的理由期待這些項目能夠繼續以令人信服的價值主張方式提供我剛才所描述的屬性。正如您所暗示的，世界各地有許多供應鏈可以支援部署到美國，隨著時間的推移，中國的內容會逐漸減少。

I think we understand and support the decision structure that the US government is looking to implement to encourage US markets to purchase increasingly from sources that extend beyond China for this and other parts of our economy. And we feel comfortable that with the leading quality battery suppliers we engage with, that both they'll be able to support what we're implementing in 2026.

我認為我們理解並支持美國政府正在尋求實施的決策結構，以鼓勵美國市場越來越多地從中國以外的來源購買產品，以滿足我們經濟的這一部分和其他部分的需求。我們與領先的優質電池供應商合作，對此我們感到很放心，他們都將能夠支持我們在 2026 年實施的計劃。

And also, what we'd be implementing in 2027 and beyond, even in today's tariff environment with the timeframe that's required to adjust those supply chains. So we don't intend to slow that work down, but we plan to continue to execute it in a way that exhibits all the same characteristics of prudence and craftsmanship that you see reflected in our results today. So that's sort of the first answer to your question around batteries in our pipeline.

此外，即使在今天的關稅環境下，我們也需要在 2027 年及以後實施這些措施，以調整這些供應鏈。因此，我們無意放慢這項工作的步伐，而是計劃繼續以一種展現出我們今天的結果所反映的審慎和工藝特徵的方式來執行它。這就是您關於我們產品線中電池的問題的第一個答案。

I'm sorry, could you remind me back to the first of your two questions?

抱歉，您能提醒我您的兩個問題中的第一個嗎？

No. I mean that was exactly it. It was just mainly on how you were thinking about storage. So that was super clear. Second question will be shorter and hopefully easier to answer. But just in terms of 2025 guidance, you all reiterated it. And I know it was introduced maybe a couple of quarters ago. And that was before you had closed on Tuolumne, and now you have this new third-party M&A that you announced today.

不。我的意思是，確實如此。這主要取決於您如何考慮儲存。這非常清楚。第二個問題會更短，並且希望更容易回答。但就 2025 年指引而言，大家都重申了這一點。我知道它大概是在幾個季度前推出的。那是在您完成 Tuolumne 併購交易之前，而您今天又宣布了這項新的第三方併購交易。

So could we see any -- I know you're getting at that, you'll be at the top end potentially of guidance. But could we see beyond that, or are you thinking about potentially revising guidance down the line? Just because these two assets are missing for these two acquisitions.

所以我們能看到什麼嗎——我知道你已經明白了，你可能會處於指導的最高點。但我們能否預見更多，或者您是否正在考慮修改未來的指導方針？只是因為這兩次收購都缺少這兩項資產。

Yes, we understand the question. I'll give you sort of a first statement of principles and then Sarah can fill in after me. So I think we understand the question, and I think it's our intention to continue to assure that the expectations we set with our investors are representative of what our own are. And at the same time, we're also mindful that we've just completed the first quarter of a year and a business that earns much of what it does in the second and third quarters.

是的，我們明白這個問題。我將首先向您介紹一些原則，然後莎拉可以接著補充。所以我想我們理解這個問題，我認為我們的意圖是繼續確保我們為投資者設定的期望能夠代表我們自己的期望。同時，我們也意識到，我們剛結束今年第一季度，公司的大部分獲利來自於第二季和第三季。

And we feel proud of the reliable execution and exceedance of guidance targets that we've set both in the short and the long run as an enterprise. And that pride is something we want to sustain with continued execution. So I think as we increase our confidence around the final year outlook as a result of execution in successive quarters and timeline for closing. I think that will inform when we think we're confident enough to change a range that we've already set.

我們為企業在短期和長期設定的指導目標的可靠執行和超越感到自豪。我們希望透過持續執行來保持這種自豪感。因此，我認為，隨著連續幾個季度的執行和結束時間表的完成，我們對最後一年的前景的信心會增加。我認為，當我們認為我們有足夠的信心去改變我們已經設定的範圍時，這將會告訴我們。

But Sarah, I'll turn it over to you to fill in some of the details there.

但是莎拉，我會把它交給你來填滿一些細節。

Sure. I think you covered it pretty well, Craig. I think, Hannah, that we feel like we need to get through a little more of the year and actually -- so we did just close on one of the acquisitions, which we reflect in our range. And then incremental acquisitions, we would typically wait until those acquisitions have closed. I think that we will track the closing of this additional acquisition as well as the other factors that we'll see and how we maintain our operating fleet through the next few months.

當然。我認為你講得非常好，克雷格。漢娜，我認為我們覺得我們需要度過今年的更多時間，實際上 - 所以我們確實完成了其中一項收購，這反映在我們的範圍內。對於增量收購，我們通常會等到這些收購完成後再進行。我認為我們將追蹤此次額外收購的完成情況以及我們將看到的其他因素，以及我們在未來幾個月如何維持我們的營運船隊。

And then if -- when we get to a point where we feel confident, we would update the range if it were appropriate.

然後，如果 - 當我們達到有信心的程度時，我們會在適當的情況下更新範圍。

Justin Clare, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的賈斯汀·克萊爾 (Justin Clare)。

So I did want to follow up on the battery supply here. Just wondering Clearway Energy Group, I was wondering if you could just speak to the potential to source batteries outside of China, whether that might be from Southeast Asia, other countries or domestically in the US. And then if you could just speak to the level of the tariff that can be absorbed here.

所以我確實想跟進這裡的電池供應情況。我只是想知道 Clearway Energy Group，您是否可以談談從中國境外採購電池的可能性，無論是從東南亞、其他國家還是美國國內。然後，如果您能談談這裡可以吸收的關稅水平。

So there's obviously very high levels in China for those imports. So wondering if you're planning to absorb a more modest level of tariff and that can be shared? Just wanted to understand a little bit more about how this is being managed.

因此，中國進口的這些產品的含量顯然非常高。所以想知道您是否計劃承擔更適度的關稅並且可以共享嗎？只是想進一步了解這是如何管理的。

Yes. So first, just sort of level -- order of magnitude answers with respect to the totality of resource types that we deploy. There is certainly an increase in capital expense for projects that are implemented across wind, solar and batteries at the levels that have been announced and that are applicable to entries into the United States today.

是的。因此，首先，只是針對我們部署的所有資源類型的總體進行某種程度的數量級回答。對於已宣布並適用於今天進入美國的風能、太陽能和電池項目而言，其資本支出肯定會增加。

For wind resources and for solar resources, they are pretty manageable in relation to current clearing prices for projects that can be constructed in the near term and that are responsive to the needs of either load serving entities or commercial and industrial customers. For battery projects, with a more China-driven supply chain today, instead of a capital expense increase of 5% or 6%, the currently enacted tariffs could have an impact on CapEx of about 30%.

對於風能資源和太陽能資源而言，相對於可在短期內建造並能滿足負載服務實體或商業和工業客戶需求的專案的當前清算價格而言，它們是相當易於管理的。對於電池項目而言，由於如今的供應鏈更由中國主導，目前實施的關稅可能會對資本支出產生約 30% 的影響，而不是增加 5% 或 6% 的資本支出。

That's (technical difficulty) incorporated into customary financing structures, the increase in toll rate that a project needs in order to produce a similar return is measured in single dollars per kilowatt-month for a resource which is pretty important and necessary in a lot of places around the western US right now.

這（技術難度）被納入到傳統的融資結構中，一個項目為了產生類似的回報所需的收費率的增加是以每千瓦月一美元來衡量的，這種資源目前在美國西部的許多地方是相當重要和必要的。

And that's why it's been possible for us to continue to present revenue contract structures or pricing to customers for battery projects that need to be delivered in the near term. And for those customers still to see a value proposition in procuring from those resources or agreeing to terms that would price potentially elevated tariff costs into the toll contracts that they will purchase power from.

這就是為什麼我們能夠繼續向需要在短期內交付的電池專案客戶提供收入合約結構或定價。而對於那些仍然認為從這些資源採購具有價值主張的客戶，或者同意將可能提高的關稅成本納入他們購買電力的收費合約中的條款的客戶來說，情況並非如此。

And then I think we really consider the relationships we have, both with our constructors and our equipment suppliers, important and collaborative. And for that reason, would not get into tremendous detail about how together we manage challenges like these. But the levers that we are able to pull together are schedules for deliveries, approaches to commissioning and construction, the absolute sharing of cost of tariffs themselves, and also the way that increased prices on revenue contracts or financing structures can partly offset that for us both.

然後我認為我們確實認為我們與建築商和設備供應商之間的關係是重要且具有協作性的。因此，我們不會詳細闡述如何共同應對此類挑戰。但我們能夠整合的槓桿是交付時間表、調試和建設方法、關稅成本本身的絕對分攤，以及收入合約或融資結構價格上漲的方式可以部分抵消我們雙方的成本。

And by being able to either bring equipment into the country already before the tariffs were imposed or make use of the combination of those levers, we've been able to keep all the projects planned for 2026 on track to be able to deliver returns at an investment proposition to Clearway Energy Inc consistent with what's been announced already or what would be customarily targeted.

透過在徵收關稅之前將設備引入該國或利用這些手段的組合，我們能夠使 2026 年計劃的所有項目保持正軌，以便能夠為 Clearway Energy Inc 帶來投資回報，這與已經宣布的目標或通常的目標一致。

As we look out to the longer term, I think we have been a leader in driving increasing domestication of supply chains. As a company, we've been buying panels made with US produced polysilicon for years and years and years, long before it was something that policy demanded, we have pushed for domestication of wind turbine supply chains.

放眼長遠，我認為我們在推動供應鏈日益本土化方面一直處於領先地位。作為一家公司，我們多年來一直在購買由美國生產的多晶矽製成的電池板，早在政策要求之前，我們就一直在推動風力渦輪機供應鏈的國產化。

We've done the same with batteries and a lot of the battery procurements we'd executed were supportive of some of the first large-scale manufacturing configurations for domestically produced lithium-ion cells for stationary storage. And as we work with our multiple battery suppliers to target what's necessary to support projects that would be completed in 2027.

我們在電池方面也做了同樣的事情，我們執行的許多電池採購都支援了一些用於固定儲存的國產鋰離子電池的首批大規模製造配置。我們正與多家電池供應商合作，確定支援 2027 年完成的專案所需的條件。

There are multiple pathways that could be employed in order to reduce the cost of tariffs to the projects we build and the price that we need customers to pay in order to make them economic. I think it's certainly our hope that US policy will ultimately be configured in a way that gives supply chains time to respond and create the increasingly domestic or non-China supply chain that's consistent with national goals.

我們可以採取多種途徑來降低我們所建造項目的關稅成本以及我們需要客戶支付的價格，以使其具有經濟效益。我認為，我們當然希望美國的政策最終能夠以這樣的方式配置，讓供應鏈有時間做出反應，並創造與國家目標一致的、日益國內化或非中國化的供應鏈。

But as far as Clearway Energy Inc and Clearway Group are concerned, we've been able to manage and organize our business in a way that we can keep things on track and still deliver a resource that people want to pay for.

但就 Clearway Energy Inc 和 Clearway Group 而言，我們能夠以一種能夠讓事情保持正軌的方式管理和組織我們的業務，同時仍提供人們願意付費的資源。

Okay. Got it. Really appreciate the answer there. I'll pass it on.

好的。知道了。非常感謝您的回答。我會傳達的。

Michael Lonegan, Evercore ISI.

邁克爾·洛內根（Michael Lonegan），Evercore ISI。

So you're advancing repowering opportunities and other commitments pending at Goat Mountain and San Juan Mesa. You also highlighted a lot of other retailing opportunities through 2030. Just wondering if you could talk about the CAFD yields you expect on these. I know some recent repowering like Cedro Hill was at 10%, Mt. Storm 11% to 13%. How do these levels compare to what you expect going forward?

因此，您正在推進山羊山和聖胡安梅薩的再發電機會和其他待定承諾。您還強調了到 2030 年的許多其他零售機會。只是想知道您是否可以談談您預期的 CAFD 收益。我知道最近的一些重新供電計劃，例如 Cedro Hill 的供電量為 10%，Mt. Storm 的供電量為 11% 至 13%。這些水準與你對未來的預期相比如何？

I think the guidance we've given our investors and the analyst community when thinking about capital allocation on a going-forward basis is that. We look to deploy capital at CAFD yields of at least 10% and with a risk-return proposition that creates value in relation to our weighted average cost of capital, and which extends the runway of contractedness in our revenues and cash flows.

我認為，在考慮未來資本配置時，我們為投資人和分析師群體提供的指導是這樣的。我們希望以至少 10% 的 CAFD 收益率部署資本，並採用能夠根據我們的加權平均資本成本創造價值的風險回報主張，並延長我們的收入和現金流的收縮範圍。

And those same expectations are what we apply when evaluating additional investment opportunities for repowering investments in our fleet. When we value that investment, we assess the baseline amount of CAFD we expect a non-repowered project to produce. The additional amount of CAFD and cash flow, we expect the repowered project to produce.

在評估我們船隊再造投資的額外投資機會時，我們也運用了同樣的預期。當我們評估該投資的價值時，我們會評估非重新供電專案預計產生的 CAFD 基準量。我們預計重新供電的項目將產生額外的 CAFD 和現金流。

And we assess the CAFD yield and the investment returns on the capital deployed against those increases to CAFD and cash flow and EBITDA as compared to what we'd expect the project to be generating were it not to be repowered. We're pleased both with the commercial profile of projects like Mt. Storm, which now exhibits a 20-year PPA after completion, and of Cedro Hill, which gives a nice long life to that project with an existing customer who we value.

我們評估了 CAFD 收益率和所部署資本的投資回報，並將其與 CAFD 和現金流量及 EBITDA 的增加情況進行了比較，並與該專案未重新供電時我們預期產生的收益進行了比較。我們對 Mt. Storm 等專案的商業前景感到滿意，目前該專案完成後的 PPA 為 20 年，而 Cedro Hill 則為我們重視的現有客戶帶來了長久的使用壽命。

We just completed the ribbon cutting for that project today. And outcomes like that are what we're targeting for the next projects ahead. And what we see and are proud of today is that the market values these existing wind resources and our ability to expand them or extend their life. And just as I think we'd indicated six months ago that this would be a policy resilient growth pathway for the company, we're pleased to see that proving out.

我們今天剛完成了這個項目的剪綵儀式。這樣的成果正是我們未來專案的目標。今天我們看到並感到自豪的是，市場重視這些現有的風能資源以及我們擴大或延長其壽命的能力。正如我們在六個月前指出的那樣，這將是公司一條具有政策彈性的成長道路，我們很高興看到這一點得到證實。

Great. And then obviously, you signed a third-party M&A agreement for the solar project on April '25, just five days ago, amidst the current economic uncertainty. Just wondering, what are you broadly seeing in the M&A market? Would you say this was a unique opportunity to act on? Or what are you seeing in terms of activity and attractiveness of options?

偉大的。顯然，在當前經濟不確定的情況下，你們於 4 月 25 日（僅僅五天前）簽署了太陽能專案的第三方併購協議。只是想知道，您在併購市場上普遍看到了什麼？您是否認為這是一個採取行動的獨特機會？或者就活動和選擇的吸引力而言您看到了什麼？

What we see right now is that we're operating in a market with more balance between buyers and sellers of operating assets than we've seen in some time. Sellers still have options and buyers continue to need to be rigorous and selective. For each of the two acquisitions that we've announced in the last six months, you will have seen that there is some unique synergistic benefit that Clearway has been able to bring to bear on the project.

我們現在看到的是，在我們所處的市場中，經營資產的買賣雙方之間的平衡程度比我們過去一段時間所見的要高。賣家仍有選擇，而買家則仍然需要嚴格和挑剔。對於我們在過去六個月中宣布的兩次收購，您將看到 Clearway 能夠為專案帶來一些獨特的協同效益。

In the case of the most recent asset because of its proximity to other solar projects, we operate it already. In the case of the Tuolumne Wind acquisition announcement, because of a preexisting relationship with the off taker and our ability to potentially repower that project in the future with a track record of successfully doing that.

就最新的資產而言，由於它靠近其他太陽能項目，我們已經開始運營它了。在圖奧勒米風電收購公告中，由於我們與承購者已經存在合作關係，並且我們有能力在未來為該專案重新提供動力，並且有成功的記錄。

And as we go forward and we look at other potential asset acquisitions, it's our intention that we would continue to evaluate and execute on any -- applying the same principles that you see reflected in these deals. Namely, that they can be executed within our capital allocation framework; that they exhibit return proposition at or better than the capital allocation expectations we've set with our public investors.

隨著我們繼續前進並考慮其他潛在的資產收購，我們打算繼續評估和執行任何交易——應用您在這些交易中看到的相同原則。即它們可以在我們的資本配置框架內執行；它們所展現出的回報主張達到或超過了我們為公共投資者設定的資本配置預期。

And that there is something unique that Clearway can bring to bear in order to enhance value and ensure a good return for Clearway Energy, Inc. So there is certainly a market window right now where we see opportunity to apply those advantages with acquisitions that are secure and additive to our fleet. And to the extent that those can be acted on in a fashion that is supportive of our growth goals and consistent with our capital allocation framework, we'll do that.

Clearway 可以發揮其獨特優勢，為 Clearway Energy, Inc. 提升價值，確保其獲得良好回報。因此，現在肯定存在一個市場窗口，我們看到了利用這些優勢進行安全且可以補充我們船隊的收購的機會。只要這些措施能夠支持我們的成長目標並符合我們的資本配置框架，我們就會這樣做。

But we're glad to be able to do that from a position of strength where what we're focused on now is hitting the top end or better of our out-year goals and being able to manage the sequencing of sponsor-enabled development assets and acquisitions to exhibit a nice, deliberate pathway for capital allocation for Clearway Energy, Inc.

但我們很高興能夠從優勢地位做到這一點，我們現在關注的是達到未來幾年的最高或更好的目標，並能夠管理贊助商支持的開發資產和收購的順序，從而為 Clearway Energy, Inc. 的資本配置展示一條良好、深思熟慮的途徑。

Mark Jarvi, CIBC.

加拿大帝國商業銀行的馬克‧賈維 (Mark Jarvi)。

Craig, maybe you can talk a little bit more about the willingness to assume, I guess, and share the risk in terms of PPAs and the pass-through. Would you say that's widespread across counterparties you're engaging with? Is it selective?

克雷格，我想，也許你可以再多談一談在電力購買協議 (PPA) 和轉嫁方面承擔和分擔風險的意願。您認為這種現像在與您合作的交易對手中普遍存在嗎？它是選擇性的嗎？

And then I guess when you think about it, is that something you think will be pervasive across the industry, or do you think companies like yourselves where you can find other tweaks and solutions to maybe mitigate some of those costs, make it easier for you to get your counterparty across the line to share some of those risks?

然後我想，當您考慮這個問題時，您是否認為這會在整個行業中普遍存在，或者您是否認為像您這樣的公司可以找到其他調整和解決方案來減輕其中的一些成本，從而更容易讓您的交易對手分擔其中的一些風險？

Yes. Thanks for the question, Mark. It's much more common in today's marketplace than it was 6 months ago, and it was more common 6 months ago than at any time in the history of developing renewable power projects. I think really for the last five-years, the industry has been presented with a succession of changes in the policy environment that are applicable to constructing and capitalizing long-term contracted projects.

是的。謝謝你的提問，馬克。與六個月前相比，這種現像在當今市場上更為常見，而且六個月前這種現像比再生能源專案開發歷史上的任何時候都更為常見。我認為在過去五年裡，該行業經歷了一系列適用於建設和資本化長期合約專案的政策環境變化。

And over time, the combination of developers and customers have become increasingly accepting of the fact that we need to work together with each other to adapt to changes in policy in order to enable resources that have to be constructed to meet demand to be built.

隨著時間的推移，開發商和客戶越來越接受這樣一個事實：我們需要相互合作，適應政策的變化，以便能夠建立滿足需求的資源。

And I think we are now at a point where we have been able to reach agreements for how policy benefits or risks get shared with regulated load-serving entities in markets across the country with commercial and industrial customers in markets across the country. And also sellers of equipment and project developers have started to develop manageable ways of establishing floors and ceilings on the cost of constructing projects so that we can each do what we need to do together.

我認為，我們現在已經能夠就如何與全國各地市場中受監管的負載服務實體以及全國各地市場中的商業和工業客戶共享政策利益或風險達成協議。此外，設備銷售商和專案開發商也已開始製定可管理的方法來設定專案建設成本的底線和上限，以便我們能夠共同完成需要做的事情。

I think customers are much more prepared to enter into those types of adaptable revenue contract structures with sponsors like ourselves and with projects that are more mature, where they feel that what they're paying for is certainty that a resource will come online with an understanding that the exact cost of that resource might vary.

我認為客戶更願意與我們這樣的贊助商以及更成熟的專案簽訂這種類型的適應性收入合約結構，他們認為他們所支付的費用是確保資源能夠上線，同時了解該資源的確切成本可能會有所不同。

For projects that are less certain to be built with sponsors with a less effective track record than our own, customers may be less prepared to enter into agreements of that nature. But I think as a whole, what end-use customers and load-serving entities recognize is that our country needs a tremendous campaign for the addition of both energy and capacity resources, and we need to find a way to work with each other to build them even as the policies that are applicable to them change from time-to-time.

對於那些不太可能由業績記錄不如我們有效的贊助商承建的項目，客戶可能不太願意簽訂此類協議。但我認為，總體而言，最終用戶和負載服務實體認識到，我們的國家需要開展一場巨大的運動來增加能源和容量資源，我們需要找到一種方式來相互合作來建立它們，即使適用於它們的政策會不時發生變化。

That's good to hear. Last question for me, just clarifying the comments on the equity needs, was that? Were you saying that you need external equity if you wanted to at least at the top end or exceed the 2027 targets? And I guess the other question would be, given all the progress you're making, particularly with repowering and other visibility beyond 2027, when do you guys think you'd be in a position to extend the horizon in terms of the growth projections?

聽到這個消息真好。我的最後一個問題是，只是澄清有關股權需求的評論，是嗎？您是說，如果您想要至少達到最高或超過 2027 年的目標，就需要外部股權嗎？我想另一個問題是，考慮到你們所取得的所有進展，特別是在 2027 年以後的再供電和其他可見性方面，你們認為何時能夠擴大成長預測的範圍？

Sure. I'm going to start (technical difficulty) to that question, or both of them, and then to turn to you, Sarah, to follow on. So first, I think one of the things that we feel we have done right over the last year is to listen carefully to the community of investors who support our company and to establish growth plans and capital allocation frameworks that are responsive to what they think should be representative of a company like ours.

當然。我將開始（技術難題）回答這個問題，或兩個問題，然後交給你，莎拉，繼續回答。首先，我認為我們在過去一年中做對的事情之一就是認真傾聽支持我們公司的投資者群體的意見，並製定符合他們對於我們這樣的公司代表性的成長計劃和資本配置框架。

And one of the things that I think has been consistently communicated to us by our investors is that they would like to see the company over time move in a direction where its growth can be funded through its own cash flow and through a prudently managed balance sheet and debt capacity. And that to the extent that we are making use of equity as a funding source for our growth, that it is predictable and modest.

我認為我們的投資者一直在向我們傳達的一點是，他們希望看到公司隨著時間的推移，透過自身的現金流以及審慎管理的資產負債表和債務能力來為其成長提供資金。在我們利用股權作為成長資金來源的範圍內，它是可預測的和適度的。

And you can sum all up by saying, if we can grow in a compelling way while living within our means, that's what's optimal. So it's our intention to do just that. With respect to the start of equity issuances through the use of an ATM, and how that funds our growth plan, I think what we've indicated is that, to hit the top end of the $2.40 to $2.60 range that we've articulated.

總而言之，如果我們能夠量入為出，並以引人注目的方式成長，那就是最佳狀態。所以我們的意圖就是這麼做。關於透過使用 ATM 開始發行股票以及如何為我們的成長計劃提供資金，我認為我們已經表明的是，要達到我們所闡明的 2.40 美元至 2.60 美元區間的最高價。

Then it's also aiming to hit the targets we have for credit ratings and so on that we would plan to make use of a modest amount of ATM issuance also just because we think it is healthy for a company like ours to be able to do that.

然後，我們還旨在實現我們的信用評級等目標，我們計劃利用適量的 ATM 發行，因為我們認為對於我們這樣的公司來說，能夠做到這一點是健康的。

But it's not something that's an absolute necessity. And we took the step, as you saw in our disclosures, to sort of quantify a range of issuance that we have in mind over three years, which, if quantified relative to today's share price, represents something like 1% of the float of our C shares. So that's sort of the answer to the question with respect to equity issuance.

但這並不是絕對必要的。正如您在我們的揭露中所看到的，我們採取了措施，對我們考慮的三年內發行範圍進行了量化，如果相對於今天的股價進行量化，則相當於我們 C 股流通股的 1% 左右。這就是有關股票發行問題的答案。

In terms of range and when we would articulate a new vintage beyond 2027 or revisit the commitments we've made for 2027, when we've historically done that as a company has been in the third quarter of the year when we set guidance for the next period of time.

就範圍而言，我們何時會闡明 2027 年以後的新年份，或重新審視我們對 2027 年所做的承諾，我們作為一家公司歷來都是在每年第三季度為下一時期制定指導。

And I think that is the natural cadence when we would update that long-term expectation, unless we reach some point between now and then where the accumulation of committed investments that we have committed to and other improvements in the fleet reach a point where our expectations are materially in excess of the range we've articulated already.

我認為這是我們更新長期預期的自然節奏，除非我們從現在到那時達到某個點，即我們承諾的承諾投資的積累和船隊的其他改進達到了我們的預期大大超出我們已經闡明的範圍的程度。

But Sarah, why don't you help fill in the details for Mark here about how and when we do that second part?

但是莎拉，為什麼不幫助馬克填寫有關我們如何以及何時完成第二部分的詳細資訊？

Yes. I mean, I think we generally covered it, Craig. I think we typically go through a robust budget process and long-term plan, and that wraps up in time for us to initiate guidance for the subsequent year and potentially update long-term targets when we do our third quarter earnings call. I think we would anticipate that pattern would continue unless, to Craig's point, we have something that occurs prior to that that would warrant a change.

是的。我的意思是，我認為我們基本上涵蓋了這一點，克雷格。我認為我們通常會經歷一個強有力的預算流程和長期計劃，並且及時完成，以便我們在第三季度收益電話會議時啟動下一年度的指導並可能更新長期目標。我認為我們預期這種模式將會持續下去，除非如克雷格所說，在此之前發生了一些需要改變的事情。

But given how our process works here, I would expect us to continue to update our guidance initiation for the subsequent year and long-term targets on our third quarter call. And in terms of what we would do to extend our longer-term targets, I think also will be based upon the things that we're able to include within that long-term planning process.

但考慮到我們的流程，我希望我們能夠在第三季電話會議上繼續更新下一年度的指導啟動和長期目標。至於我們將如何延長我們的長期目標，我認為也將基於我們能夠納入長期規劃過程的內容。

So maybe we're not giving specific updates, but I think that you could expect us to do that later this year around the same time as we typically do.

因此，也許我們不會提供具體的更新，但我認為您可以期待我們在今年晚些時候大約與往常相同的時間這樣做。

Okay. Well, it seems like everything is heading in the right direction. Thanks for the time tonight,

好的。嗯，看起來一切都朝著正確的方向發展。感謝你今晚抽出時間，

Thanks, Mark. We think it is.

謝謝，馬克。我們認為是的。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Just can you just remind me in terms of tax credit monetization for the projects, new projects, how are you monetizing the tax credits and if you're using financial ability at all, that's credits?

您能否提醒我一下，就專案、新專案的稅收抵免貨幣化而言，您如何將稅收抵免貨幣化，如果您使用財務能力，那就是抵免嗎？

Yes. The capital structures that are put together for financing of a project generally make use of traditional tax equity partnerships in which some portion of the depreciation and most of all of the tax credit value is allocated to some financial institution that's able to make use of those. In some cases, those structures give that financial institution the ability itself to transfer those tax credits to a separate party.

是的。為專案融資而組成的資本結構通常利用傳統的稅收股權合作夥伴關係，其中部分折舊和大部分稅收抵免價值分配給能夠利用這些價值的某些金融機構。在某些情況下，這些結構使金融機構能夠將這些稅收抵免轉移給單獨的一方。

And to the extent that it does so, in some cases, that can produce an additional financial benefit for Clearway Group as a development company. But in all instances, except for very limited ones where we have remaining leakage of excess production tax credits from projects that are at the very end of a PTC partnership, where now on occasion, at the end of a project, we're able to sell $1 million or $2 million worth of production tax credits for the benefit of Clearway Energy, Inc.

在某些情況下，如果這樣做，可以為 Clearway Group 作為開發公司帶來額外的財務利益。但在所有情況下，除了極少數情況外，我們在 PTC 合作關係即將結束時仍有剩餘的超額生產稅收抵免，現在有時在項目結束時，我們能夠出售價值 100 萬美元或 200 萬美元的生產稅收抵免，以造福 Clearway Energy, Inc.

The monetization of tax credits is through traditional partnerships and the risk of where tax credits are monetized is relevant to the development margin that Clearway Group earns on the project. I think that gets to what you have in mind, Steve.

稅收抵免的貨幣化是透過傳統的合作關係實現的，稅收抵免貨幣化的風險與 Clearway Group 在該專案中獲得的開發利潤有關。我想這就是你的想法，史蒂夫。

Yes. Okay. I'm going to leave it there for now.

是的。好的。我現在就把它留在那裡。

Noah Kaye, Oppenheimer.

諾亞·凱伊，奧本海默。

It's notable perhaps that the late-stage pipeline grew over gigawatt sequentially amidst all this headline uncertainty for the space. So I want to commend you there. did notice that some of the CODs within that appear to shift from '26, '27 to later on in the period. Maybe just comment on factors around that and implications, if any, for CWEN?

值得注意的是，儘管整個領域都充滿不確定性，但後期管道的容量卻連續成長超過千兆瓦。所以我想向你表示讚揚。確實注意到其中的一些 COD 似乎從 '26、'27 轉移到了後期。也許只是評論一下與此相關的因素以及對 CWEN 的影響（如果有的話）？

Yes. Thanks for noticing. Thanks for the question. Yes. So as I think you've seen over time, Noah, one of the things that we do is move projects from development inventory from Clearway Group around in deployment schedules in order to be responsive to the capital allocation framework and growth needs of Clearway Energy, Inc.

是的。感謝您的關注。謝謝你的提問。是的。因此，諾亞，我想你已經看到了，我們所做的事情之一就是將 Clearway Group 的開發庫存中的項目轉移到部署計劃中，以便響應 Clearway Energy, Inc. 的資本配置框架和增長需求。

And what you see reflected in our pipeline reflects that kind of thinking. With the benefit of some of the operating asset acquisitions we've just completed, we are in a position where what would be necessary to build to fully utilize all the capital that's available for Clearway Energy, Inc to invest and to hit the top end or better of the growth goals we've articulated is more than sufficient.

您在我們的管道中看到的就體現了這種想法。由於我們剛完成的一些營運資產收購，我們能夠充分利用 Clearway Energy, Inc 可用的所有資本進行投資，並達到我們設定的最高或更高的成長目標。

And so the mode that we're in now is optimizing the succession of project development and construction schedules to fill in neatly into the growth plan that we've set out for CWEN. And there's, say, 600 or 800 megawatts worth of projects that we had pointed to 2027 that could either be completed in 2028 or, in some cases, late 2027.

因此，我們現在所採取的模式是優化專案開發和建設計劃的連續性，以完美地融入我們為 CWEN 制定的成長計劃。我們曾計劃在 2027 年實施價值 600 或 800 兆瓦的項目，但這些項目可能在 2028 年完成，或在某些情況下在 2027 年底完成。

And where we ultimately build them will be a function of business decisions we make in the next 12-months that look first to the capital that CWEN has available to allocate and the growth goals that we've got for the business. So we feel as though we've been able to manage our pipeline pretty effectively in the current environment. And its policy exposures are manageable right now.

我們最終在哪裡建立它們將取決於我們在未來 12 個月內做出的業務決策，這些決策首先考慮 CWEN 可分配的資本以及我們為業務設定的成長目標。因此，我們覺得在當前環境下我們能夠非常有效地管理我們的管道。目前其政策風險尚可控制。

And as I think you probably noted the magnitude of the safe harbor pipeline we've created gives us tremendous optionality at a very acceptable cost of Clearway Group to pick whichever projects are most likely to present the best risk-adjusted addition to the CWEN portfolio, and plan to construct those projects in the timelines we need to.

我想您可能已經注意到，我們創建的安全港管道的規模為我們提供了極大的選擇權，Clearway Group 可以以非常可接受的成本選擇最有可能為 CWEN 投資組合帶來最佳風險調整的項目，併計劃在我們需要的時間內建設這些項目。

Angie Storozynski, Seaport Global.

Angie Storozynski，海港環球公司。

Lots of questions asked, thank you, and answered. Maybe two questions. Any thoughts on energy margins for your gas plants in California? And then secondly, I mean, May should be an interesting month for the future of the IRA. And then also there's some rumblings coming from the wind power industry about permitting of projects.

問了很多問題，謝謝，並已回答。也許有兩個問題。您對加州天然氣廠的能源利潤有何看法？其次，我的意思是，五月對愛爾蘭共和軍的未來來說應該是一個有趣的月份。此外，風電行業對於專案許可也有一些抱怨。

And I'm wondering if you see any risks to repowering of your wind projects, those that already have federal permits and those that are awaiting those permits. Do you think that there's any risk that those permits could be revoked or that there's any issue with the reload of nuclear -- sorry, wind DCs for these repower projects depending on what happens with the IRA?

我想知道您是否認為重新啟動風力發電專案（那些已經獲得聯邦許可的專案以及那些正在等待許可的專案）存在任何風險。您是否認為這些許可證有被撤銷的風險，或者這些再發電項目的核能（抱歉，是風能 DC）的重新加載存在任何問題，這取決於 IRA 的進展情況？

Yes. So on energy margins and our outlook for the California fleet, something you would have noticed in our financial results last year was that we -- part of the reason for why we outperformed that year was our success in managing that energy position inclusive of [Heatwave] call options that helped us establish a revenue floor for that fleet in a year where dispatch was not as frequent in CAISO.

是的。因此，關於能源利潤率和我們對加州機隊的展望，您可能在我們去年的財務業績中註意到，我們 - 我們當年表現優異的部分原因是我們成功管理了能源地位，包括[Heatwave]看漲期權，這幫助我們在加州獨立系統運營商 (CAISO) 調度不那麼頻繁的一年裡為該機隊建立了收入底線。

We've been pleased to see as we go forward as far out as three years from now, a pretty supportive market for the energy value of those assets. And in fact, the further out in time you go, the more we've seen appreciation and the expected energy gross margin creation potential of the assets.

我們很高興看到，展望未來三年，市場將對這些資產的能源價值提供相當強大的支持。事實上，隨著時間的推移，我們越能看到資產的升值和預期的能源毛利率創造潛力。

So right now, we feel good about the position of those assets in relation to the amount of CAFD we'd expect them to produce each year as part of our guidance and our five-year plan, both because of what we'd expect the market to bear and where we've been able to hedge modest amounts of that capacity in a way that we think is risk-aware.

因此，目前，我們對這些資產相對於我們預期每年生產的 CAFD 數量（作為我們的指導和五年計劃的一部分）的狀況感到滿意，這既因為我們預期市場能夠承受，也因為我們能夠以我們認為具有風險意識的方式對沖適量的產能。

So it's -- as I think you know, tens of millions of dollars of CAFD measured in sort of low $1 to $1.50 levels that we count on for energy gross margin in that fleet, and we feel constructive about the fleet ability to continue to deliver that as we look into the out years based on actual market activity. And then on your question about the wind resources, the projects that we have incorporated into our near-term plans, where we've signed PPAs or are on the cusp of doing so, have all the federal permits that are required.

所以，我想您知道，數千萬美元的 CAFD 衡量標準在 1 美元到 1.50 美元之間，我們依靠這個水平來實現該船隊的能源毛利率，並且根據實際市場活動展望未來幾年，我們對該船隊繼續實現這一目標的能力充滿信心。關於您提到的風能資源問題，我們已納入近期計劃的項目，包括已簽署 PPA 或即將簽署的項目，都已獲得所需的所有聯邦許可證。

We continue to make progress where necessary on the later-stage projects in our land-based wind fleet. And I think we see a number of examples that land-based wind projects that are being developed in a way that is appropriately thoughtful about the interest of the various federal agencies that play roles in permitting them.

我們將繼續在陸上風電場的後期專案上取得必要的進展。我認為我們看到了許多陸上風電項目的例子，這些項目的開發方式充分考慮了負責審批這些項目的各個聯邦機構的利益。

And local communities can still be permitted, need to be constructed and deliver an energy value proposition that is increasingly necessary in a system which has so much solar on the margin and won't see much gas built for what. So we feel pretty good about that. And then on the IRA, yes, I mean I think if what you're referencing is that we'll start to see markups from committees of parts of the IRA in May, we agree that that will happen.

當地社區仍然可以獲得許可，需要建造並提供能源價值主張，這在一個邊緣太陽能如此之多、天然氣卻不多的系統中變得越來越必要。所以我們對此感覺很好。然後關於 IRA，是的，我的意思是，我認為如果您指的是我們將在 5 月開始看到 IRA 部分委員會的加價，我們同意這將會發生。

And we also feel pretty good about the constellation of important interests that are represented by Members of Congress in the majority, both on the Senate and House side, and how clear-eyed they are about the important role that renewable energy and batteries have to play in the states that they represent and in an energy system that's short both energy and capacity.

我們也對參議院和眾議院多數黨議員所代表的重要利益感到非常滿意，他們對再生能源和電池在他們所代表的州以及在能源和容量都短缺的能源系統中所發揮的重要作用有著清晰的認識。

So we feel good about the way we've planned our business for resiliency around change to the IRA. We expect some changes to it to occur. And we are very clear (technical difficulty) about the plans we have for Clearway Energy, Inc. in the short run, looking equally resilient a year from now as they do today.

因此，我們對我們為適應 IRA 變化而製定的業務規劃方式感到滿意。我們預計它會發生一些變化。我們非常清楚（技術難度）我們為 Clearway Energy, Inc. 制定的短期計劃，希望該公司在一年後的復原力與今天一樣強。

Thank you. At this time, I would now like to turn the conference back over to Craig Cornelius for closing remarks.

謝謝。現在，我想將會議交還給 Craig Cornelius 作結束語。

Thank you, everyone, for joining us today and for your ongoing support of Clearway. We look forward to continuing to deliver with excellence in the quarters ahead as we strive to set the gold standard for all of the above energy companies here in America. Operator, you can close the call.

感謝大家今天的參與以及對 Clearway 的持續支持。我們期待在未來幾季繼續提供卓越的服務，並努力為美國上述所有能源公司樹立黃金標準。接線員，您可以掛斷電話了。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。