Clearway Energy Inc (CWEN) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Clearway Energy Inc., second-quarter 2025 earnings 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 年第二季財報電話會議。（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 Marsh, 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馬什 (Akil Marsh)。請繼續。

Thank you for taking the time to join Clearway Energy Inc.'s second-quarter call. With me today are Craig Cornelius, the company's President and CEO; and Sarah Rubenstein, the company's CFO.

感謝您抽空參加 Clearway Energy Inc. 的第二季電話會議。今天與我一起出席的還有公司總裁兼執行長克雷格‧科尼利厄斯 (Craig Cornelius) 和公司財務長莎拉‧魯賓斯坦 (Sarah Rubenstein)。

Before we begin, I'd like to quickly note that today's discussion will contain a 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。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美國證券交易委員會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 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 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 call. Please refer to Safe Harbor in today's presentation for a description of the categories of potential transactions and related risk, 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，也可能會在今天的電話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.

說完這些，我就把它交給克雷格。

Thanks, Akil. Turning to slide 4. Clearway continues to execute the discipline, and we remain well positioned to create long-term shareholder value through our multiple redundant pathways for growth. For the full year, we are updating our 2025 CAFD guidance range to $405 million to $440 million, raising the bottom end to reflect the contributions from recently closed project acquisitions. We continue to target the higher end of the 2025 guidance range.

謝謝，阿基爾。翻到幻燈片 4。Clearway 繼續執行這項紀律，我們仍然能夠透過多種冗餘的成長途徑為股東創造長期價值。對於全年而言，我們將更新 2025 年 CAFD 指引範圍至 4.05 億美元至 4.4 億美元，提高底線以反映最近完成的專案收購的貢獻。我們繼續以 2025 年指導範圍的高端為目標。

Across the board we're making progress on growth execution. Our fleet optimization and enhancement growth pathway continues to advance with repowering of Mount Storm on track for construction over two phases in 2026 and 2027; Goat Mountain now commercialized for repowering and expansion in 2027; and further potential projects in advancing stages of development.

我們在全面實施成長方面正在取得進展。我們的機隊優化和增強成長路徑繼續推進，Mount Storm 的改造工程將於 2026 年和 2027 年分兩個階段進行；Goat Mountain 現已實現商業化改造和擴建，預計將於 2027 年完成；其他潛在項目也已進入開發階段。

Our sponsor-enabled growth pathway also continues to accelerate, with all of our committed growth investments on schedule for 2025 and an offer from Clearway Group to invest in a new battery storage portfolio in 2026.

我們的贊助商支持的成長路徑也繼續加速，我們承諾的所有成長投資都將按計劃在 2025 年完成，並且 Clearway Group 將在 2026 年投資新的電池儲存組合。

Furthermore, Clearway Group continues to advance its late stage pipeline, which includes a very substantial volume of renewable projects with Safe Harbor qualifications through at least 2029, a long-term development footprint in competitive markets, and a leading battery storage pipeline, which now represents over 40% of all project capacity and development.

此外，Clearway Group 繼續推進其後期管道建設，其中包括大量具有安全港資格（至少持續到 2029 年）的可再生能源項目、在競爭激烈的市場中的長期發展足跡以及領先的電池存儲管道，目前佔所有項目容量和開發的 40% 以上。

And our third-party M&A growth pathway also continues to demonstrate execution and expanding potential. We've now closed the previously disclosed Catalina Solar Project, which is running well for us, while also demonstrating sufficient financial execution on financing of the Tuolumne Wind Project while preparing for its potential repowering by 2027. Both M&A transactions were effectuated at attractive long-term CAFD yields and leverage fleet synergies and value add from Clearway's platform.

我們的第三方併購成長路徑也持續展現出執行力和擴張潛力。我們現在已經關閉了先前披露的 Catalina 太陽能項目，該項目對我們來說運作良好，同時也展示了對 Tuolumne 風電項目的充分財務執行，同時為其 2027 年的潛在重新發電做準備。兩筆併購交易均實現了具有吸引力的長期 CAFD 收益，並充分利用了 Clearway 平台的船隊協同效應和附加價值。

As a result of this progress, we are pleased now be increasing our 2027 CAFD per share target range to $2.50 to $2.70. Beyond 2027, we remain committed to our long-term objective of 5% to 8% CAFD per share growth, and we have set our sights on a payout ratio at the low end of our 70% to 80% target range.

基於此，我們很高興將2027年每股CAFD目標區間上調至2.50美元至2.70美元。 2027年後，我們將繼續致力於實現每股CAFD成長5%至8%的長期目標，並將派息率設定在70%至80%目標區間的低端。

Turning to slide 5. To provide a refresher on our growth strategy, we've built multiple pathways to achieve our long-term CAFD per share targets, each aligned with our capital allocation framework. First, we optimize our fleet through repowering, battery retrofits, new capacity and recontract execution, and PPA extensions, enhancing the value of our existing assets and extending their useful lives.

翻到幻燈片 5。為了重新審視我們的成長策略，我們建立了多種途徑來實現我們的長期每股 CAFD 目標，每條途徑都與我們的資本配置框架保持一致。首先，我們透過重新供電、電池改造、新容量和重新簽訂合約以及 PPA 延期來優化我們的車隊，提高現有資產的價值並延長其使用壽命。

Second, we grow our fleet through sponsor and naval drop-downs, which provide a sizable and recurring pathway for future growth with projects cited, crafted, and structured to deliver accretive growth for CWEN.

其次，我們透過贊助商和海軍下拉來擴大我們的船隊，這為未來的成長提供了一條可觀且可重複的途徑，並透過引用、設計和建造項目來實現 CWEN 的增值成長。

Third, we expand our asset base through acquisition of projects from third parties, focusing on projects that are complimentary to our existing fleet and allow us to leverage platform capability for value-added returns.

第三，我們透過從第三方收購項目來擴大我們的資產基礎，重點關注那些與我們現有船隊互補的項目，並使我們能夠利用平台能力獲得增值回報。

In certain years, one pathway may drive more of our growth than other. And collectively, these pathways give visibility to allocate capital over a succession of cycles with consistently high returns on capital, as we reliably meet our long-term growth objectives.

在某些年份，某條道路可能比其他道路更能推動我們的成長。總的來說，這些途徑使我們能夠在一系列週期內配置資本，並持續獲得高資本回報率，因為我們可靠地實現了長期成長目標。

Turning to slide 6. We continue to make steady forward progress on optimization of our existing fleet through repowering, which are shaping up to provide significant investment opportunities over the next two years and to contribute to our 2028 growth in CAFD per share. Mount Storm remains on track with final notice to proceed slated for later this year, as strong economics over two phases of completion in 2026 and 2027.

翻到幻燈片 6。我們將繼續透過更新動力穩步推進現有船隊的優化，這將在未來兩年提供重大的投資機會，並有助於實現 2028 年每股 CAFD 的成長。由於 2026 年和 2027 年兩個階段的完工經濟前景良好，Mount Storm 專案仍按計劃進行，最終開工日期定於今年稍後。

At Goat Mountain, we're pleased to announce we've signed a PPA with a new hyperscaler customer and that we've set the stage for project execution through a turbine reservation agreement and development service agreement with Clearway Group. The project is on track for a 2027 COD and we're now disclosing an expected corporate capital investment of $200 million at an incremental annual CAFD yield above 10%.

在 Goat Mountain，我們很高興地宣布，我們已經與一位新的超大規模客戶簽署了 PPA，並且我們已經透過與 Clearway Group 簽署的渦輪機預訂協議和開發服務協議為專案執行奠定了基礎。該專案預計於 2027 年竣工，我們現在披露的預期企業資本投資為 2 億美元，CAFD 年增量收益率超過 10%。

San Juan Mesa and Tuolumne also continued to advance toward potential repowering, and we expect to provide additional updates on those repowerings in coming quarters.

聖胡安梅薩和圖奧勒米也繼續推動潛在的再發電計劃，我們預計將在未來幾季提供有關這些再發電計劃的更多更新資訊。

Turning to slide 7. Our sponsor-enabled growth pathway also continues to drive forward, enabled by our trademark risk management and forward thinking. All of the projects we previously announced as planned for 2026 COD have now been offered or committed to CWEN, with project execution on track for on-time completion. We've now received an offer to invest in a 291-megawatt battery storage portfolio comprised of Rosamond South II and Spindle Storage as CAFD yields aligned with our underwriting criteria.

翻到幻燈片 7。由於我們標誌性的風險管理和前瞻性思維，我們由贊助商推動的成長道路也將繼續向前發展。我們先前宣布的計劃於 2026 年 COD 實施的所有專案現在都已提供或承諾給 CWEN，專案執行進度預計將按時完成。我們現在已經收到一份投資要約，投資由 Rosamond South II 和 Spindle Storage 組成的 291 兆瓦電池儲存組合，因為 CAFD 收益率符合我們的承保標準。

Clearway Group has also identified late stage 2027 COD vintage projects for advancement and future potential offers, based on resilient tax credit qualification, advanced commercial interest, and de-risk supply chains, among other factors. Overall, proactive planning and sound execution and sponsor-enabled growth has put CWEN in the enviable position that we can be confident that we can meet our growth outlook through 2027 and beyond.

Clearway Group 還根據有彈性的稅收抵免資格、先進的商業利益和低風險供應鏈等因素，確定了 2027 年後期 COD 老式項目的推進和未來的潛在報價。總體而言，積極主動的規劃、完善的執行以及贊助商推動的成長使 CWEN 處於令人羨慕的地位，我們有信心能夠實現 2027 年及以後的成長前景。

Turning to slide 8. We have increased our 2027 CAFD per share target range to $2.50 to $2.70 per share, based on the maturing progress we've made on committed or potential investments that can contribute to our growth outlook.

翻到幻燈片 8。根據我們在承諾或潛在投資方面取得的成熟進展，我們已將 2027 年每股 CAFD 目標範圍提高至每股 2.50 美元至 2.70 美元，這些投資有助於我們的成長前景。

Since we initiated our 2027 target range last October, our organization has executed to the plan underpinning our 2027 goals, while also maturing additional opportunities not incorporated in our original range. This has been on many fronts, ranging from additive third-party M&A transactions like Catalina to PPA extensions like the one we secured for Wildorado. Furthermore, today's battery storage portfolio offer provides an additional building block towards meeting the updated 2027 target range.

自去年 10 月啟動 2027 年目標範圍以來，我們的組織一直在執行 2027 年目標計劃，同時也在完善原始範圍內未納入的額外機會。這涉及多個方面，從 Catalina 等附加第三方併購交易到我們為 Wildorado 獲得的 PPA 延期。此外，現今的電池儲存組合優惠為實現更新後的 2027 年目標範圍提供了額外的基礎。

Importantly, we have also started to lay the foundation for CAFD share in dividend growth in 2028, with the Mount Storm and Goat Mountain repowering as tangible examples that will continue to build upon in the quarters to come.

重要的是，我們也已開始為 2028 年 CAFD 股息成長份額奠定基礎，Mount Storm 和 Goat Mountain 的重新供電就是切實的例子，並將在未來幾個季度繼續發展。

Turning to slide 9. Clearway Group has a substantial and strategically positioned pipeline to propel our long-term growth. Looking at the chart on the left side of the slide, you can see that Clearway Group is advancing development with an abundant supply of potential capacity additions to meet the long-term growth objectives we have set for CWEN.

翻到第 9 張投影片。Clearway Group 擁有大量具有策略意義的管道來推動我們的長期成長。查看投影片左側的圖表，您可以看到 Clearway Group 正在推進開發，擁有大量潛在產能增加，以滿足我們為 CWEN 設定的長期成長目標。

While the corporate capital required in CAFD generated per megawatt can vary by project, you can clearly see the pipeline that Clearway Group is developing meaningfully exceeds the volume required to fulfill CWEN's growth objectives, providing optionality when planning project construction and funding schedules to be compatible with CWEN's capital allocation framework, while also mitigating risk around any individual project's feasibility.

雖然每兆瓦產生的 CAFD 所需的企業資本因項目而異，但您可以清楚地看到 Clearway Group 正在開發的管道遠遠超出了實現 CWEN 增長目標所需的數量，從而在規劃項目建設和融資計劃時提供了可選性，以兼容 CWEN 的資本配置框架，同時也降低了任何單個項目可行性的風險。

Safe Harbor investments have been executed to qualify as much as 13 gigawatts of projects for tax credits through at least 2029, with methods that are conservative and conscientious of key policy considerations. Additionally, we are advancing a large backlog of attractive battery storage projects that represent a significant portion of our pipeline of projects with eligibility for tax credits well into the 2030s.

安全港投資已實施，至少到 2029 年，多達 13 千兆瓦的項目有資格獲得稅收抵免，其方法保守且認真考慮關鍵的政策考量。此外，我們正在推進大量具有吸引力的電池儲存項目，這些項目占我們有資格在 2030 年代獲得稅收抵免的項目的很大一部分。

Through 2029, the late-stage pipeline Clearway Group is advancing includes over $1.5 billion of potential corporate capital investments for CWEN beyond already offered or committed projects and advanced repowerings, an aggregate investment amount more than sufficient to enable us to meet the long-term goals we have established for CWEN.

到 2029 年，Clearway Group 正在推進的後期管道包括為 CWEN 提供超過 15 億美元的潛在企業資本投資，超出已經提供或承諾的項目和先進的再發電項目，總投資額足以讓我們實現為 CWEN 設定的長期目標。

We will provide continuing updates around this opportunity set as we move forward, but feel confident that the mix of technologies, geographies, and vintages provide us with ample raw material to enable deliberate growth that can fulfill CWEN's growth needs.

我們將在前進的過程中持續提供有關這一機會的更新，但我們相信，技術、地理和年份的結合將為我們帶來充足的原材料，從而實現有意識的增長，滿足 CWEN 的增長需求。

Turning to slide 10. We are also pleased to highlight the way our geographic growth strategy has prepared us for a policy environment like our current one, and for a long-term future where incentive-free competitiveness is essential for the renewable energy industry's growth.

翻到第 10 張投影片。我們也很高興地強調，我們的地理成長策略使我們為當前的政策環境以及無激勵競爭對於再生能源產業成長至關重要的長期未來做好了準備。

Those of you who have watched us for years will recall our historical focus on development in California, the Western states, and [P jam], where renewable projects that are feasible to build can be cost competitive and can be delivered with clean, firm power attributes highly valued by customers.

多年來一直關注我們的人會記得，我們​​歷來專注於加州、西部各州和 [P jam] 的發展，在這些地區，可行的可再生能源項目具有成本競爭力，並且可以提供客戶高度重視的清潔、穩定的電力屬性。

We clearly see how the wind, solar, and storage assets we are advancing in these core markets can provide a compelling value proposition to customers into the next decade, even without tax incentives and look forward to delivering them when and where needed.

我們清楚地看到，即使沒有稅收優惠，我們在這些核心市場中推進的風能、太陽能和儲能資產也能在未來十年為客戶提供引人注目的價值主張，並期待在需要的時間和地點交付這些資產。

Through this forward-thinking development at Clearway Group, we are pleased to see say that CWEN is in a prime position to outperform our peers in the clean power market while offering best-in-class, long-term earnings growth.

透過 Clearway Group 的這一前瞻性發展，我們很高興地看到，CWEN 處於有利地位，能夠在清潔能源市場上超越同行，同時提供一流的長期盈利增長。

With that, I'll turn it over to Sarah to walk through the financial summary.

接下來，我將把財務摘要交給莎拉介紹。

Thanks, Craig. On slide 12, we provide an overview of our financial results. In the second quarter of 2025, we achieved adjusted EBITDA of $343 million and CAFD of $152 million. These results reflect our continued focus on strategic growth initiatives, including contributions from 2024 growth investments.

謝謝，克雷格。在第 12 張投影片上，我們概述了我們的財務表現。2025 年第二季度，我們實現調整後 EBITDA 3.43 億美元，CAFD 1.52 億美元。這些結果反映了我們對策略性成長計畫的持續關注，包括 2024 年成長投資的貢獻。

In addition, our second-quarter results reflect lower than anticipated wind resources in certain regions, as well as low availability for certain facilities where maintenance was optimized prior to near-term repowering, or in third-party service models have been made to improve performance beginning in the second half of 2025.

此外，我們的第二季度業績反映出某些地區的風力資源低於預期，以及某些設施的可用性較低，這些設施在近期重新供電之前已對維護進行了優化，或者在第三方服務模式中已從 2025 年下半年開始提高性能。

As we noted during the first quarter, our first quarter CAFD results were higher than seasonally expected due in part to timing of debt service and distributions to noncontrolling partners, which are reflected in our second quarter CAFD results.

正如我們在第一季所指出的，我們的第一季 CAFD 業績高於季節性預期，部分原因是債務償還時間和向非控股合夥人的分配，這反映在我們第二季的 CAFD 業績中。

Our flexible generation results were in line with overall sensitivities and reflected the mild weather in California during the second quarter of 2025, along with timing of certain maintenance costs. We are updating our 2025 CAFD guidance range to reflect the closing of the previously announced acquisition of Catalina Solar in July, and we are anticipating CAFD for 2025 to fall within the range of $405 million to $440 million, continuing to target the higher end of the range.

我們的靈活發電結果符合整體敏感性，反映了 2025 年第二季度加州的溫和天氣以及某些維護成本的時間。我們正在更新 2025 年 CAFD 指導範圍，以反映先前宣布的 7 月份 Catalina Solar 收購的完成，我們預計 2025 年 CAFD 將在 4.05 億美元至 4.4 億美元之間，繼續瞄準該範圍的高端。

We are focused on execution and performance during the important third quarter with in line performance to date, and 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.

我們專注於重要的第三季的執行和表現，迄今為止的表現與預期一致，我們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源裕度管理。

The completed drop-downs of Rosamond South, Luna Valley Solar and Daggett I storage are on track to achieve COD and be fully funded later this year. Our guidance range reflects P50 renewable production expectations for the remainder of the year at the midpoint, with the upper and lower ends of the range reflecting variability and potential outcomes for resource and availability. Any future update of our 2024 guidance range is largely dependent on the outcome of our third quarter results.

已完工的 Rosamond South、Luna Valley Solar 和 Daggett I 儲能項目預計將實現 COD，並在今年稍後獲得全額資助。我們的指導範圍反映了今年剩餘時間中點的 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。我們對 2024 年指導範圍的任何未來更新在很大程度上取決於我們第三季業績的結果。

Moving to slide 13. We are well positioned to prudently fund our planned growth investments aimed to achieve our target CAFD per share goals in 2027 and beyond. Based on our updated 2027 CAFD per share target of $2.50 to $2.70, we expect to generate $270 million or more of retained CAFD from 2025 to 2027 that we will utilize to fund a portion of our committed growth investments, along with excess debt capacity of $600 million or greater, which is calculated by applying a corporate debt-to-EBITDA ratio consistent with our ratings target of 4.0 to 4.5 times to our projected forward-looking metrics.

移至幻燈片 13。我們已做好準備，審慎地為計劃的成長投資提供資金，以實現 2027 年及以後每股 CAFD 的目標。根據我們更新的 2027 年每股 CAFD 目標 2.50 美元至 2.70 美元，我們預計 2025 年至 2027 年期間將產生 2.7 億美元或更多的保留 CAFD，我們將利用這些 CAFD 為我們承諾的部分增長投資提供資金，同時還將產生 6 億美元或更多的超額債務能力符合 4. EBITDA 比率應用於我們預測的前瞻性指標來計算的。

As we've stated for many quarters, 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.

正如我們多個季度以來所指出的，我們的策略繼續假設我們將抓住機會、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。

This committed growth has included recent third-party M&A with CAFD yields above 12%, not embedded in our initial 2027 target range from last October. We plan to issue equity through discrete methods common in the listed infrastructure space, such as an ATM facility or through a direct stock purchase and dividend reinvestment plan, but only at accretive levels.

這項承諾的成長包括最近的第三方併購，CAFD 收益率超過 12%，這並未包含在我們去年 10 月最初的 2027 年目標範圍內。我們計劃透過上市基礎設施領域常見的離散方法發行股權，例如 ATM 設施或透過直接股票購買和股息再投資計劃，但僅限於增值水平。

To that end, we expect to make appropriate filings with the SEC to allow for the issuance of equity under these programs in the near future. We will be ready to effectuate modest discrete equity issuances from a position of strength that can help drive further CAFD per share growth and give line of sight to greater self-funding with a lower payout ratio. We anticipate the use of both facilities to support our funding plans based on market conditions.

為此，我們預計將向美國證券交易委員會提交適當的文件，以便在不久的將來根據這些計劃發行股票。我們將準備以實力優勢進行適度的離散股票發行，以幫助推動每股 CAFD 進一步成長，並以較低的派息率實現更大的自籌資金。我們預計將使用這兩種設施來支持我們根據市場情況制定的融資計劃。

During the second quarter, we began to regularly utilize our revolving credit facility as a source of temporary liquidity while we complete long-term financing for our growth investments. We will look to put in place longer-term corporate financing for growth investments and we'll consider opportunistically levering certain unlevered project assets as an accretive alternative source of capital if it makes sense.

在第二季度，我們開始定期利用循環信貸額度作為臨時流動資金來源，同時完成成長投資的長期融資。我們將尋求為成長投資提供長期企業融資，如果合理的話，我們將考慮機會性地利用某些無槓桿項目資產作為增值的替代資本來源。

As we plan for the refinancing of our corporate bonds with the earliest maturity in 2028, we sought to mitigate the risk of interest rate volatility by hedging the full notional amounts of the earliest maturity of $850 million with forward starting interest rate hedges that will fix the base rate for the intended refinanced bonds in further support of our ability to meet our growth targets in 2027 and beyond.

當我們計劃對最早到期日為 2028 年的公司債進行再融資時，我們試圖透過對沖最早到期日 8.5 億美元的全部名目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，從而進一步支持我們實現 2027 年及以後的增長目標的能力。

As we continue to advance our planned growth investments in support of our long-term targets, including the offers of Rosamond South II, Spindle and the Goat Mountain repowering project, there are available sources of capital to fund these investments beyond the thermal sale proceeds, providing a path to support our growth in a prudent manner.

隨著我們繼續推進計劃中的成長投資以支持我們的長期目標，包括羅莎蒙德南二期、斯賓德爾和山羊山再發電項目的報價，除了熱電銷售收益之外，還有可用的資金來源來資助這些投資，從而為我們的審慎增長提供了支持途徑。

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

現在我將把話題交還給克雷格，請他作最後發言。

Thanks, Sarah. Turning to slide 15. Thanks to the sound planning and execution of our organization, we have made excellent progress on the delivery of new project additions this year. We have a clear path to achieve our updated 2025 CAFD guidance, and we are pleased to be increasing our 2027 target CAFD per share range while honoring our DPS growth commitments.

謝謝，莎拉。翻到第 15 張投影片。由於我們組織的良好規劃和執行，今年我們在新專案交付方面取得了出色的進展。我們有明確的途徑來實現我們更新的 2025 年 CAFD 指導，我們很高興能夠在履行 DPS 成長承諾的同時提高 2027 年每股 CAFD 目標範圍。

We are also excited about the progress we are making towards growth beyond 2027, consistent with our previously stated goals, aiming to fulfill those goals for CAFD per share growth while funding more of that growth from organic cash flow enabled by a lower payout ratio.

我們也對我們在 2027 年以後的成長中所取得的進展感到興奮，這與我們之前提出的目標一致，旨在實現每股 CAFD 成長的目標，同時透過較低的派息率實現的有機現金流為更多的成長提供資金。

We look forward to sharing more about that long-term growth outlook in our third-quarter earnings call as has been our practice in past years. In all this, we hope you see what we see in ourselves, a company that continues to deliver the best of what the clean power industry has to offer to its customers, to its partners and to you, our valued investors.

正如過去幾年的做法一樣，我們期待在第三季財報電話會議上分享更多有關長期成長前景的資訊。在這一切中，我們希望您能看到我們所看到的，一家公司將繼續為其客戶、合作夥伴以及您（我們尊貴的投資者）提供清潔能源行業的最佳產品。

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) Julien Dumoulin-Smith, Jefferies.

（操作員指示）Julien Dumoulin-Smith，Jefferies。

Hey. Good evening. This is Hannah Velasquez on for Julien. Congrats on the quarter. Maybe just to start us off, I wanted to ask about the wind repowering opportunity. It looks like last quarter, you all had cited over about 2 gigawatts of repowering opportunity in 2029 and 2030. But then looking at, gosh, slide 9, it looks like that's really come down to this 3% level. Does that imply that you've pulled that forward potentially into before 2028 such that you don't run into any issues as 2027 placed in service comes into consideration or we await treasury guidance?

嘿。晚安.這是 Hannah Velasquez 為 Julien 表演的。恭喜本季。也許只是為了開始，我想問風力發電的機會。看起來上個季度，大家都提到了 2029 年和 2030 年約 2 千兆瓦的再發電機會。但是，天哪，看看幻燈片 9，看起來它真的降到了 3% 的水平。這是否意味著您已將其提前到 2028 年之前，以便在考慮 2027 年投入使用或等待財務指導時不會遇到任何問題？

The volume of repowering opportunities that we're advancing today is actually larger than it was one quarter ago. and the projects that we are -- that we've identified in today's disclosures are the projects that we planned for completion and had indicated we might be building between now and the end of 2027 based on what was optimal for the projects and when they'd be ready to be repowered. So we're advancing the same projects that we were.

我們今天推進的再發電機會的數量實際上比一個季度前要多。我們在今天的披露中確定的項目是我們計劃完成的項目，並且我們表示我們可能會在現在到 2027 年底之間進行建設，這取決於項目的最佳情況以及何時準備好再發電。因此，我們正在推進與之前相同的項目。

We're advancing them on the same schedule and are pleased to be making the progress that we are in their commercialization, noting the pretty deep level of demand for these types of resources from customers. There are actually additional wind projects in our fleet that are coming into view as potentially repowerable throughout the balance of this decade. And those are reflected in the pipeline of opportunities that we have today.

我們正在按照相同的時間表推進它們，並很高興在商業化方面取得進展，同時注意到客戶對這類資源的需求相當強烈。實際上，我們的風電專案群中還有其他風電專案預計在未來十年內再發電。這些都體現在我們今天所擁有的機會中。

And to the extent that they become feasible, either based on tax credit qualification or their technical circumstances, then as we have with other projects, we'll look to execute them if they are financially accretive. So I think right now, the repowering program is executing according to plan. Our organization has done a really great job of preparing the projects technically and commercially and from a development perspective, and they look like they're going to be very financially accretive.

只要這些項目切實可行，無論是基於稅收抵免資格還是技術條件，那麼就像我們對待其他項目一樣，只要它們能夠帶來財務增值，我們就會考慮執行它們。所以我認為現在，重建計劃正在按計劃執行。我們的組織在技術、商業和發展角度上為這些專案做了非常出色的準備工作，而且這些專案看起來將會帶來巨大的財務增值。

Okay. Perfect. Thank you. And then I just had a quick follow-up. So the CAFD raise for 2025, I think you mentioned during the call that, that was attributed to the Catalina acquisition. But I don't believe you all had updated full year guidance for Tuolumne. Is that embedded in there? Or are you all just being conservative? Or is it not contributing this year?

好的。完美的。謝謝。然後我進行了快速的跟進。因此，我認為您在電話會議中提到，2025 年 CAFD 的加薪是由於 Catalina 的收購。但我不相信你們都已經更新了圖奧勒米全年的指導。它嵌入在那裡嗎？或者你們只是保守而已？還是今年不貢獻了？

It had been embedded in the high end of the original range when we had initially issued guidance for fiscal '25 because the agreements for Tuolumne had been signed, though not disclosed when we initially produced that guidance.

當我們最初發布 25 財年指引時，它已經嵌入原始範圍的高端，因為 Tuolumne 的協議已經簽署，儘管在我們最初制定該指引時並未披露。

So it will contribute at the top end of that range of $440 million and is online and is contributing. And as I mentioned and Sarah mentioned, we continue to target the top half of the guidance range for the year. And see clearly how to achieve that.

因此，它將貢獻 4.4 億美元的最高金額，並且是線上貢獻。正如我和莎拉所提到的，我們將繼續以今年指導範圍的上半部為目標。並清楚了解如何實現這一目標。

Thank you.

謝謝。

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

Hi. Good afternoon. Thanks for taking my question. Just further to Hannah's question earlier on, I understand that new builds offer more flexibility for safe harboring and repowers obviously have a narrower qualifying criteria from age and depreciation status, et cetera, et cetera. So do you -- can you provide a megawatt perspective on how much is safe harbor or otherwise qualifies for repowering?

你好。午安.感謝您回答我的問題。進一步回答漢娜先前提出的問題，我了解到新建房屋為安全避險提供了更大的靈活性，而重建房屋的資格標準顯然更窄，包括年齡和折舊狀況等等。那麼，您能否從兆瓦的角度來說明多少是安全港或有資格重新供電？

All of the projects that have been identified in our disclosures today and that we are planning to execute through the next few years to contribute to our growth goals into 2028, commenced construction and qualified for tax credits some time ago.

我們今天披露的所有項目以及我們計劃在未來幾年內實施的項目，都已開始建造並獲得了稅收抵免資格。這些項目旨在為我們 2028 年的成長目標做出貢獻。

There are some repowering projects that we might be able to execute later in the decade that could potentially be qualified through other equipment that the company has already purchased as part of its 13 gigawatt Safe Harbor program.

我們可能在未來十年內執行一些再發電項目，這些項目可能透過公司已經作為其 13 千兆瓦安全港計劃的一部分購買的其他設備獲得認證。

The projects that really underpin the growth goals that we've increased and reaffirmed today already have commenced construction under the pre-existing guidance for qualification for tax credits some time ago using conservative methods.

那些真正支撐我們今天增加並重申的成長目標的項目早已根據現有的稅收抵免資格指導，採用保守的方法開始建設。

Fantastic. And a follow-up or a separate question just on the RA market. Can you comment on what percentage is still open '27, '28? And then just anything you can talk about on pricing trends there would be super helpful.

極好的。還有關於 RA 市場的後續問題或單獨問題。您能否評論一下 27 年和 28 年還有多少百分比的股票處於開放狀態？然後，只要您談論有關定價趨勢的任何內容，都會非常有幫助。

Yeah. Our '26 position is almost entirely contracted. Our '27 position is three-quarters contracted approximately. And we feel good about the way that we've been managing that position. The RA market is at a place where regulators, suppliers, and customers are all engaging with each other around what kind of policy design will assure that the state has adequate reliability resources and what implications that has for how much RA of different types load serving entities need to procure and as a result, what price they will need to pay for the supply that's available.

是的。我們的 26 個職位幾乎全部都已簽約。我們的 27 個職位大約有四分之三已簽約。我們對於我們管理該職位的方式感到滿意。在 RA 市場中，監管機構、供應商和客戶都在相互協商，討論什麼樣的政策設計能夠確保國家擁有足夠的可靠性資源，以及這對不同類型的負載服務實體需要採購多少 RA 有何影響，以及他們需要為可用的供應支付多少價格。

We feel comfortable that the way that we have planned our goals for the future reflects a posture for marketing of our open position that is consistent with our historical practice of setting goals that we know how to meet.

我們感到欣慰的是，我們規劃未來目標的方式反映了我們行銷空缺職位的姿態，這與我們設定並知道如何實現目標的歷史做法是一致的。

And embedded in our currently communicated goals for CAFD per share in 2027 and 2028 by implication of our historical CAFD per share growth rate commitment is an expectation for contracting of our open RA position at prices that are not as high as prices where we contracted last year, even despite the fact that our fundamental system view is that those RA resources have significant value into the future at a higher level than that.

我們目前傳達的 2027 年和 2028 年每股 CAFD 目標中隱含著我們對歷史每股 CAFD 增長率承諾的預期，即以低於去年簽約價格的價格簽訂未平倉 RA 頭寸的合同，儘管我們的基本系統觀點是，這些 RA 資源在未來具有比這更高的價值。

So we feel good about the necessity for the resources. We feel good about the way that we've planned the business, and we feel good about contracting the position at the right time at prices that are fair to the ratepayers of California and that pay Clearway Energy, Inc., an appropriate value for those resources while we meet the goals that we've set.

因此，我們對資源的必要性感到滿意。我們對自己規劃業務的方式感到滿意，並且我們很高興在正確的時間以對加州納稅人公平的價格簽訂了合同，並在我們實現既定目標的同時向 Clearway Energy, Inc. 支付了適當的資源價值。

Thank you.

謝謝。

Noah Kaye, Oppenheimer.

諾亞·凱伊，奧本海默。

Thanks for taking the question. The company is, I think, very, very experienced in navigating different policy and regulatory changes over the years. Maybe just -- you talked about safe harboring. Maybe just comment a little bit on any implications or lack of see from the DOI memo, the finalized FOC requirements and how it's affecting the portfolio and product development plans.

感謝您回答這個問題。我認為，該公司多年來在應對不同的政策和監管變化方面經驗非常豐富。也許只是——你談到了安全港。也許只是對 DOI 備忘錄、最終確定的 FOC 要求以及它如何影響產品組合和產品開發計劃進行一些評論。

Yeah. Sure. Yeah, I appreciate the recognition of our history anticipating, planning and navigating around policy changes over time, Noah. The first -- to the first question that you posed around our safe harbor strategy. As we noted previously, we safe harbored over 9 gigawatts worth of resources under the Section 45 and 48 tax credits that projects were entitled to claim had they commenced construction before 2025.

是的。當然。是的，諾亞，我很欣賞我們對歷史的認可，預測、規劃和應對政策變化。第一個問題—您提出的有關我們的安全港策略的第一個問題。正如我們之前提到的，根據第 45 條和第 48 條稅收抵免，我們安全保管了價值超過 9 千兆瓦的資源，如果項目在 2025 年之前開始建設，則有權申請這些資源。

The Treasury executive order, the treasury review in response to the executive order issued by the President after OB addresses changes to -- or an inquiry around potential changes to commence construction provisions for the technology neutral tax credits, which projects would qualify for if they commence construction this year.

財政部行政命令，即財政部對總統在 OB 解決變更後發布的行政命令進行的審查——或對技術中立稅收抵免開始建設條款的潛在變更進行調查，如果項目今年開始建設，則將有資格獲得這些稅收抵免。

The further 4 gigawatts worth of safe harbor investments that Clearway Group made to commence construction on projects this year also were largely complete before July 4 and the modest quantity of additional commencement of construction investments will have been complete before mid-August when that executive order is expected.

Clearway Group 今年為開工建設項目而進行的另外 4 千兆瓦的安全港投資也已在 7 月 4 日之前基本完成，而少量的額外開工建設投資也將在預計行政命令發布的 8 月中旬之前完成。

All that based on our clear legal assessment and past practice makes us feel very secure about the safe harbor strategy that we've created for about 13 gigawatts worth of projects that could potentially be built through 2029 or longer potentially. So we feel good about how we've done that. We feel good about where we stand.

所有這些都基於我們明確的法律評估和過去的實踐，讓我們對我們為大約 13 千兆瓦的項目制定的安全港戰略感到非常有信心，這些項目可能會在 2029 年或更長時間內建成。所以我們對我們所做的感到很滿意。我們對自己的現狀感到滿意。

We feel good about what that means for the certainty with which we can hit the goals we've increased or reaffirmed today with clearly identified projects that have already commenced construction. And I should add to that, that the projects we've planned for completion through 2028 all commenced construction under the old tax credits before 2025.

我們對此感到高興，因為這意味著我們能夠透過已開始建造的明確項目來實現我們今天增加或重申的目標。我還要補充一點，我們計劃在 2028 年完成的所有項目都是在 2025 年之前根據舊的稅收抵免開始建造的。

In terms of the other questions you posed about FIAC compliance, we have had a policy of designing and procuring for projects mindful of the US government's goal of increasing our supply chain reliance on countries of origin that are not China. And for that reason, the equipment that we had already designed or planned before July 4, 2025, would have complied with the FIAC provisions of the statute that was ultimately enacted at the beginning of July.

關於您提出的有關 FIAC 合規性的其他問題，我們在專案設計和採購政策中考慮了美國政府的目標，即增加我們的供應鏈對非中國原產國的依賴。因此，我們在 2025 年 7 月 4 日之前設計或規劃的設備將符合 7 月初最終頒布的法規中的 FIAC 規定。

So we don't anticipate any disruptions to the design of the projects or the supply chain of the projects that we've planned through the next number of years. And with the suppliers that we traditionally engage with, they indicate and we have thoroughly diligenced their ability to comply with FIAC requirements if they cannot do so already as we look out to 2029 and beyond.

因此，我們預計未來幾年內我們規劃的專案設計或專案供應鏈不會受到任何干擾。對於我們傳統上合作的供應商，他們表示，如果他們在 2029 年及以後還不能做到的話，我們已經徹底審查了他們遵守 FIAC 要求的能力。

And then finally, with respect to the Department of Interior Executive Order, we have respect for the considerations of all stakeholders when we develop projects, one must to be able to successfully develop complex infrastructure of the kind that we do.

最後，關於內政部行政命令，我們在開發專案時尊重所有利害關係人的考慮，必須能夠成功開發我們所做的複雜基礎設施。

And we're pleased to note that the projects that we are executing that underpin all of our growth goals through 2027 already either had no nexus to federal permitting agencies or have satisfied the requirements for issuance of permits so that they can be completed. And as we look later into the decade, the quantity of projects that we have under development on federal lands are modest of the total pipeline. You saw us note of late-stage projects, only 275 megawatts of that is under development on federal lands.

我們很高興地註意到，我們正在執行的、支撐我們到 2027 年的所有增長目標的項目要么已經與聯邦許可機構沒有任何联系，要么已經滿足了頒發許可證的要求，因此可以完成。展望未來十年，我們在聯邦土地上正在開發的項目數量相對於總體項目數量來說還不算多。您看到我們注意到後期項目，其中只有 275 兆瓦是在聯邦土地上開發的。

And more broadly across the federal Nexus, we feel good about our ability to continue to work with the enabling agencies in a way that's constructive and mindful of the policy goals and constraints that they face in order to develop infrastructure that's certainly necessary as we look out to 2029 and 2030.

更廣泛地來看，在聯邦 Nexus 體系中，我們很高興能夠繼續與授權機構以建設性的方式合作，並考慮到他們面臨的政策目標和限制，以開發在 2029 年和 2030 年必不可少的基礎設施。

Thank you. It hardly seems fair to my peers to ask a follow-up, but I'm going to ask a very quick one anyway. Sarah, can I just go back to what you said during your prepared remarks, I think you said you had hedged already the full notional amount of the $850 million. Did I hear that correctly? And if so, would you mind sharing with us what the base rates are that are fixed?

謝謝。對我的同事來說，詢問後續問題似乎不太公平，但無論如何我都會很快問一個問題。莎拉，我可以回到你在準備好的發言中所說的內容嗎，我認為你說過你已經對沖了 8.5 億美元的全部名義金額。我沒聽錯吧？如果是的話，您介意與我們分享一下固定的基本利率是多少嗎？

Yeah. We have pre-hedged the $850 million initial maturity. And I don't think we've disclosed a specific base rate, but it was just in line with what base rates were when we executed, which was within the last month or so. So essentially, we're just trying to lock in the rates that we're at, at the moment. And so eliminating the volatility risk as we move forward towards the actual refinance fee.

是的。我們已經對 8.5 億美元的初始到期債務進行了預先對沖。我認為我們還沒有透露具體的基準利率，但它與我們執行時的基準利率一致，也就是上個月左右的基準利率。因此，本質上，我們只是試圖鎖定目前的利率。因此，當我們朝著實際的再融資費用邁進時，波動風險就消除了。

Got it. So it's done in the last month so we can figure it out from there. All right. Thank you very much.

知道了。所以這是上個月完成的，所以我們可以從那裡開始解決。好的。非常感謝。

Justin Clare, Roth Capital Partner.

賈斯汀‧克萊爾 (Justin Clare)，羅斯資本合夥人。

Hey. Good afternoon. Thanks for the questions here. So I wanted to start off just on Slide 13, you increased the retained CAFD expected for 2025 to 2027 a bit. So just wondering if you could walk through the increase there. Is it a function of the acquisitions that were closed, additional drop-downs that are anticipated? Or is there any change in the expected performance of the assets or any change in the payout ratio that you expect over the next few years here?

嘿。午安.感謝您在這裡提出的問題。所以我想從投影片 13 開始，您將 2025 年至 2027 年預期保留的 CAFD 稍微增加了一些。所以我只是想問您是否可以介紹一下那裡的增長情況。這是已完成的收購的功能，還是預期的額外下拉式選單？或者您預期未來幾年資產的預期表現或派息率會有什麼變化？

Yeah, Mark. Thanks for the question. Sarah, I think we'll have you answer the update on a line-by-line basis. But Mark, what we can outlined in general is that we have updated our outlook on the total organic CAFD contribution from the portfolio across the three-year integral that is referenced there.

是的，馬克。謝謝你的提問。莎拉，我想我們會讓你逐行回答更新內容。但馬克，我們可以概括的是，我們已經更新了對投資組合在三年積分內對有機 CAFD 總貢獻的展望。

And the range that we've articulated incorporates the projects that have been committed to or have been identified for potential commitment by CWEN and the contributions from those investments are incorporated into the range and also the balance of the base portfolio CAFD contribution includes a SNAP to current expectations like the ones that we identified in the walk, where we've updated the view of the cost of capital associated with refinancing of the upcoming bond maturities, the expectations for CAFD contribution from the existing thermal fleet. So we feel good about the aggregate quantity and how we would produce that.

我們所闡明的範圍涵蓋了 CWEN 已承諾或已確定可能承諾的項目，這些投資的貢獻也納入了該範圍，並且基礎投資組合的餘額 CAFD 貢獻包括對當前預期的 SNAP，就像我們在步行中確定的那些一樣，我們更新了與即將到期的債券再融資相關的資本成本觀點，以及對現有熱電機組 CAFD 貢獻的預期。因此，我們對總量以及生產方式感到滿意。

With that, Sarah, I'm glad to turn it over to you.

莎拉，我很高興把這個任務交給你。

Sure. Thanks, Craig. Yeah. So what we've done in terms of updating our commitments and how we fund them is essentially the commitments reflect or the commitments and offers reflect the latest on what we've been offered. And then our sources essentially are aligned to tie back to our updated range for our 2027 CAFD per share targets.

當然。謝謝，克雷格。是的。因此，我們在更新承諾和如何為其提供資金方面所做的工作基本上是承諾反映或承諾和報價反映我們所得到的最新報價。然後，我們的消息來源基本上與我們 2027 年 CAFD 每股目標的更新範圍一致。

So that essentially, those all align with the $2.50 to $2.70 of CAFD per share and the implied retained CAFD as well as excess debt capacity that the revised range will provide.

因此，從本質上講，這些都與每股 2.50 美元至 2.70 美元的 CAFD 以及隱含的保留 CAFD 以及修訂範圍將提供的超額債務能力相一致。

So hopefully, that provides you with the -- I didn't go line by line, but I think essentially, the math is done by using our updated range, which we do walk through the movements on Slide #8 to walk through how we get to that $2.50 to $2.70. And then the math behind the sources just aligns with the same set of information back to how our sources would be generated. Does that make sense?

希望以上內容能幫助大家理解——我沒有逐行逐句地解釋，但我認為本質上，計算過程是使用我們更新後的範圍進行的，我們確實通過幻燈片#8上的變動來演示如何達到2.50美元到2.70美元的區間。然後，這些來源背後的計算過程與同一組資訊一致，這些資訊與我們的來源是如何產生的有關。這樣有道理嗎？

Yeah, that makes sense and that's helpful. So we can walk through that. So just to follow up on that, another part of the sources and uses that was updated was the equity issuances. So I think it was $0 to $75 million previously updated to $50 million to $100 million.

是的，這很有意義，也很有幫助。所以我們可以逐步完成。因此，為了跟進這一點，更新的另一部分來源和用途是股票發行。所以我認為之前是 0 到 7500 萬美元，後來更新為 5000 萬美元到 1 億美元。

So just wondering how we should think about the update there and whether you need more or less equity to get to the high end versus the low end of the targeted range. Maybe just speak to how much equity you think might be required in different scenarios.

所以只是想知道我們應該如何考慮那裡的更新，以及是否需要更多或更少的股權才能達到目標範圍的高端而不是低端。也許只是談談您認為在不同情況下可能需要多少股權。

Yeah, Mark, glad to address that. So as you've noted, the range that we'd articulated initially for 2027 aimed to produce $2.40 to $2.60 in CAFD per share in that year. And we've indicated that we could get to the middle end of that range without the need to issue equity at all.

是的，馬克，很高興能解決這個問題。因此，正如您所注意到的，我們最初為 2027 年設定的目標範圍是當年每股產生 2.40 美元至 2.60 美元的 CAFD。我們已經表示，我們完全不需要發行股票就可以達到這個範圍的中間值。

That continues to be true. The accumulation of growth commitments that we've now announced or projects that are now online, some to CAFD per share contribution that's just above the original midpoint of $2.50 in CAFD per share in 2027.

事實依然如此。我們現在已經宣布的成長承諾或現在上線的項目的累積，其中一些對每股 CAFD 的貢獻略高於 2027 年每股 CAFD 2.50 美元的原始中點。

So we've now cast our sights towards reaching the midpoint or better of the new $2.50 to $2.70 range. And -- and as we look at what capital is required to achieve that range and what projects we would add in order to reach it, the projects that we've identified for drop-down or repowering through 2027 in today's call would take you to the midpoint of that range approximately and then would start to require capital in that range of $50 million to $100 million worth of equity issuance.

因此，我們現在將目光投向了新的 2.50 美元至 2.70 美元區間的中間點或更高水平。而且——當我們考慮實現該範圍所需的資本以及為達到該範圍我們將添加哪些項目時，我們在今天的電話會議中確定的到 2027 年進行下拉或重新供電的項目將使您達到該範圍的大約中點，然後將開始需要價值 5000 萬美元至 1 億美元的股權發行資本。

And then as we go towards the higher end of that range or we look at what we think is optimal between the range of 5% to 8% CAFD per share growth that we'd outlined as our goal in 2028 and 2029, that's what takes you to the higher end of that range.

然後，當我們接近該範圍的高端時，或者當我們看看我們認為在 2028 年和 2029 年概述的目標每股 CAFD 增長 5% 到 8% 之間最佳的範圍時，這就是將您帶到該範圍的高端。

As Sarah noted and we've talked through in a succession of recent calls, we aim to capitalize that growth through traditional and predictable mechanisms consistent with those used in the listed infrastructure space and for leading growth mid-cap utilities.

正如莎拉所指出的，以及我們在最近的一系列電話會議中討論過的，我們的目標是透過與上市基礎設施領域和領先的成長型中型公用事業公司所使用的機制一致的傳統和可預測的機制來實現這一增長。

And that's how we plan to capitalize the core goals that we've articulated today. So I think we feel quite good about how we've executed on the plan that we've articulated to our investors and the way that we're able to grow at a pretty compelling way as we go into the end of 2027 and beyond with relatively modest amounts of equity issuances. Is that responsive to your question?

這就是我們計劃如何實現我們今天闡明的核心目標。因此，我認為，我們對如何執行向投資者闡明的計劃以及在 2027 年底及以後通過相對適量的股票發行實現相當引人注目的增長的方式感到非常滿意。這回答了你的問題嗎？

Yeah. No, that's helpful. I appreciate it. Thank you.

是的。不，這很有幫助。我很感激。謝謝。

You bet. Thank you, Mark.

當然。謝謝你，馬克。

Mark Jarvi, CIBC.

加拿大帝國商業銀行的馬克·賈維。

Yeah. Thanks. Just turning to slide 9 again. Just in terms of as you look out to '29, '30 and through to '32 and you show the build of storage becoming a bigger component of the advanced pipeline and that could fulfill the growth alone for C1.

是的。謝謝。再翻到幻燈片 9。就您展望 29 年、30 年以及 32 年而言，您會發現儲存的建置正在成為先進管道中更重要的組成部分，而這本身就可以滿足 C1 的成長。

Is that the message there on that slide that if people are concerned about solar and wind economics beyond the tax credit expiry that batteries can fill that in? And I guess just how have conversations gone around origination on battery contracts given the evolution of tariffs and tax credits in the last couple of months?

投影片上傳達的訊息是，如果人們擔心稅收抵免到期後太陽能和風能的經濟效益，那麼電池可以填補這一空白嗎？我想，鑑於過去幾個月關稅和稅收抵免的變化，圍繞電池合約起源的討論進展如何？

Yeah. That's certainly one interpretation of the chart. I think we feel good about many of the projects that make up those bars and their competitiveness and also qualification for tax credits. But certainly, one of the advantages that Clearway Group and Clearway Inc., being sponsored by Clearway Group enjoy is that we've built a really excellent franchise developing and operating battery projects, and those projects continue to be eligible to receive tax credits well into the next decade.

是的。這當然是對該圖表的一種解釋。我認為我們對構成這些酒吧的許多項目及其競爭力以及稅收抵免資格感到滿意。但可以肯定的是，Clearway Group 和 Clearway Inc. 在 Clearway Group 的贊助下享有的優勢之一是，我們已經建立了一個非常優秀的特許經營權，開發和運營電池項目，並且這些項目在未來十年內繼續有資格獲得稅收抵免。

And the projects that we've planned in '29, in 2030, and into the early years of the next decade, all have very advantageous locations and interconnection queue positions in markets where the ability to deliver capacity really determines whether a project is commercially valuable and executable.

我們在 2029 年、2030 年以及下一個十年初期規劃的項目，在市場中都擁有非常有利的地理位置和互連隊列位置，在這些市場中，交付容量的能力真正決定了一個項目是否具有商業價值和可執行性。

So our finding has been that in the core markets where most of our battery development is occurring, we can build and profitably commercialize everything we can interconnect. And that continues to be true today in today's tariff environment and with the requirement to be able to source batteries from companies that can satisfy the requirements of foreign entity of concern provisions in the most recent statute.

因此，我們發現，在我們進行大部分電池開發的核心市場中，我們可以建立所有可以互連的東西，並實現商業化獲利。在當今的關稅環境下，這種情況仍然適用，並且要求能夠從能夠滿足最新法規中關注外國實體條款要求的公司採購電池。

So we feel good about that. Our ability to continue to equitably share risk around tariff or supply chain disruption with customers throughout the West, where we can sign long-term contracts has continued to prove out here over a number of monthly cycles of change this year.

所以我們對此感到很高興。我們有能力繼續與西方各地的客戶公平分擔關稅或供應鏈中斷帶來的風險，我們可以簽署長期合同，這一點在今年的多個月度變化週期中得到了證明。

And what I'd add is we love these resources in our fleet. We're into our second full year of operating gigawatt scale battery resources and they're running routinely 98.5%, 99% availability above what we underwrote and they respond in the way that we need them to and that our customers do.

我想補充的是，我們非常喜歡我們船隊中的這些資源。我們已經進入了營運千兆瓦級電池資源的第二個完整年頭，它們的運作可用性通常達到 98.5% 到 99%，高於我們承保的水平，並且它們能夠按照我們和客戶需要的方式做出回應。

So we're really pleased that this is an asset class is a low resource volatility asset that will continue to grow in its share of CWEN's fleet and with contracts that are routinely 15- and 20-year contracts and very compatible with this business model.

因此，我們非常高興，這是一種低資源波動性的資產類別，其在 CWEN 船隊中的份額將繼續增長，並且合約期限通常為 15 年和 20 年，並且與這種商業模式非常兼容。

That's great to hear. And then maybe a couple of quarters ago, you talked about the opportunity around opportunity with data center customers, both behind the meter and grid connected and talking about multi-technology solutions. How have those evolved? And how of that customer base working into your advanced pipeline at this point? Are those progressing well? Or they become complicated to transact or just update from what you shared at the Q4 update?

聽到這個消息真是太好了。大約幾個季度前，您談到了資料中心客戶的機會，包括電錶後和電網連接的機會，以及多技術解決方案。這些是如何演變的？那麼目前該客戶群如何融入您的高階管道呢？進展順利嗎？或者它們變得難以交易，或者只是根據您在第四季度更新中分享的內容進行更新？

Yeah. Those dialogues continue. You can see in some of the contracting customers that we've announced for some of our recent wind repowerings that we've started to build mutually fruitful relationships with multiple major data center hyperscaler companies.

是的。這些對話仍在繼續。您可以從我們最近宣布的一些風力發電專案簽約客戶中看到，我們已經開始與多家大型資料中心超大規模公司建立互惠互利的關係。

And we find that these relationships now exhibit a level of balance that allows us to contract and create projects that are compatible with the CWEN investment mandate and that also meet the needs of those customers.

我們發現，這些關係現在表現出一定程度的平衡，使我們能夠簽署並創建符合 CWEN 投資授權並滿足這些客戶需求的專案。

And we have found that as we move from one project to another, there's a virtuous cycle that we're executing a repeat business with each of them. So it would be reasonable to expect that some of the origination activity that you see referenced on our appendix slide of awards or shortlisted opportunities continues to be with those types of data center customers and not only for repowering projects, but also for other resource types and in multiple geographies.

我們發現，當我們從一個專案轉向另一個專案時，就會形成一個良性循環，即我們與每個專案都進行重複業務。因此，可以合理地預期，您在我們的附錄獎項或入圍機會幻燈片中看到的一些發起活動將繼續與這些類型的資料中心客戶一起進行，不僅針對重新供電項目，還針對其他資源類型和多個地區。

As to bigger data center complexes, we do have dialogue ongoing principally for co-located resources that would allow customers like that to come to load-serving entities with a request for additional load service that is accompanied by generation supply that allows for their load to be integrated into the grid while assuring that there's adequate capacity and energy to serve it and avoid disrupting the value proposition for the rest of the customer base for those load-serving entities. And in some instances, also with a mixture of partly behind-the-meter resources.

至於更大的資料中心綜合體，我們確實正在進行對話，主要是為了共置資源，這將允許這樣的客戶來到負載服務實體，請求額外的負載服務，並伴隨發電供應，允許他們的負載集成到電網中，同時確保有足夠的容量和能源為其提供服務，並避免破壞這些負載服務實體對其他客戶群的價值主張。在某些情況下，也會混合使用部分電錶後資源。

And as we've noted before, we want to be deliberate about more specifically communicating about our plans for complexes of that nature until we feel that they have matured enough to be as certain as the other types of things that we communicate to you in calls like these. But as and when we reach that point and it becomes more certain that they will play a role in the future growth of CWEN, you can certainly expect to hear more from us.

正如我們之前提到的，我們希望更加謹慎地溝通我們對此類綜合體的計劃，直到我們覺得它們已經足夠成熟，可以像我們在類似電話中與您溝通的其他類型的事情一樣確定。但是，當我們達到這一點，並且更加確定他們將在 CWEN 的未來發展中發揮作用時，您當然可以期待聽到我們的更多消息。

Sounds good. Thanks, Craig.

聽起來不錯。謝謝，克雷格。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Yeah. Hi. Actually, Craig, all my questions were answered. So I'm all good. I'll let people end early.

是的。你好。事實上，克雷格，我所有的問題都得到了答案。所以我一切都好。我會讓人們早點結束。

Okay.

好的。

Corinne Blanchard, Deutsche Bank.

科琳‧布蘭查德，德意志銀行。

Hey. Good evening. This is actually [Mike Tilley] on for Corinne. Congrats on the guidance range and guidance rates. My first question is with the Goat Min. You mentioned you signed a PPA with a hyperscaler. Can you just talk about how these PPA terms differ from those of more traditional PPA contracts?

嘿。晚安.這實際上是 [Mike Tilley] 為 Corinne 所做的。祝賀指導範圍和指導率。我的第一個問題是關於 Goat Min 的。您提到您與超大規模供應商簽署了 PPA。您能談談這些 PPA 條款與更傳統的 PPA 合約條款有何不同嗎？

What we find today is that really with all customers, whether it's a hyperscaler or a sophisticated regulated utility that understands project risk. The relationship between a project seller and a buyer is a balanced and fair one where the scarcity value of a project that has a permit that can be interconnected, that has a viable supply chain and a sponsor that is able to capitalize and build it is significant.

我們今天發現，所有客戶，無論是超大規模企業還是受監管的複雜公用事業企業，都了解專案風險。專案賣方和買方之間的關係是平衡和公平的，其中擁有可互連許可證、可行供應鏈和能夠利用和建造它的贊助商的專案的稀缺價值是顯著的。

And that means that when signing PPAs, we can account for risks like the potential changes in costs attributable to tariffs or variations in the tax credit that the project is ultimately able to claim or variations in differences between the price of power at the node where the power injects in some hub, all can be accounted for in a way that is fair and allows us to be confident that the return we need to generate for CWEN as a permanent investor and the return that we need to generate for Clearway Group as a sponsor can be satisfied while also still delivering a value proposition to the customer that motivates them to sign a PPA.

這意味著，在簽署 PPA 時，我們可以考慮各種風險，例如由於關稅導致的成本潛在變化或項目最終能夠申請的稅收抵免的變化，或電力注入某個樞紐的節點之間的電價差異變化，所有這些都可以以公平的方式進行核算，讓我們有信心，作為永久投資者，我們需要為 CWEN 創造的回報，以及作為贊助商，我們需要為激勵公司提供激勵，同時向客戶創造的回報，以及作為贊助商的價值，我們需要為他們提供激勵，同時向客戶創造價值，以及作為贊助商的價值，我們需要為他們提供激勵。

So in that PPA, we feel good that, that right balance has been struck and allows Goat Mountain to be executed across a broad range of foreseeable scenarios. And in the other PPAs that we've signed so far this year, we have similarly accounted for risks like that. And it's part of what makes us confident that the projects we've planned and identified can be executed successfully and contribute to CWEN CAFD in the years ahead.

因此，在該 PPA 中，我們很高興地看到，已經達到了正確的平衡，並允許 Goat Mountain 在廣泛的可預見場景中執行。在今年迄今我們簽署的其他電力購買協議中，我們也同樣考慮了類似的風險。這也是讓我們有信心我們所計劃和確定的專案能夠成功執行並在未來幾年為 CWEN CAFD 做出貢獻的部分原因。

Great. Thank you so much. Appreciate it.

偉大的。太感謝了。非常感謝。

Ladies and gentlemen, that concludes the Q&A portion of today's conference. I'd like to turn the call back over to Craig.

女士們、先生們，今天會議的問答部分到此結束。我想把電話轉回給克雷格。

Thank you, everyone, for joining us today and for your ongoing support of Clearway. We really look forward to continuing to deliver with the excellence you've seen from us this year and the quarters ahead as we strive to set the gold standard for America's power sector and reliability, growth, and competitiveness for the long run.

感謝大家今天的參與以及對 Clearway 的持續支持。我們真誠地期待今年和未來幾季繼續保持您所看到的卓越表現，我們努力為美國電力產業以及長期的可靠性、成長和競爭力樹立黃金標準。

Operator, you can close the call.

接線員，您可以掛斷電話了。

Thank you. Ladies and gentlemen, that concludes today's presentation. You may now disconnect and have a wonderful day.

謝謝。女士們、先生們，今天的演講到此結束。現在您可以斷開連接並享受美好的一天。