Clearway Energy Inc (CWEN) 2025 Q3 法說會逐字稿

Hello and welcome to the Clearway Energy Inc's third-quarter 2025 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Clearway Energy Inc. 2025 年第三季電話會議。（操作人員指示）請注意，今天的會議正在錄音。

It is now my pleasure to introduce senior director Investor Relations, Akil Marsh.

現在我很高興向大家介紹投資者關係資深總監 Akil Marsh。

Thank you for taking the time to join Clearway Energy, Inc. 's third-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. 的第三季電話會議。今天陪同我的是公司總裁兼執行長克雷格·科尼利厄斯，以及公司財務長薩拉·魯賓斯坦。

Before we begin, I'd like to quickly note that today's discussions will contain forward-looking statements which are based on assumptions that we believe to be reasonable as of this date. Actual results may differ materially. Please review the Safe Harbor in today's presentation as well as the risk factors in our SEC files.

在開始之前，我想快速指出，今天的討論將包含前瞻性陳述，這些陳述是基於我們認為截至目前為止合理的假設。實際結果可能與實際情況有重大差異。請審閱今天簡報中的「安全港」條款以及我們提交給美國證券交易委員會文件中的風險因素。

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. 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 risk, contingencies, and uncertainties.

此外，我們將同時參考GAAP和非GAAP財務指標，以提供有關非GAAP財務指標的資訊以及與最直接可比較的GAAP指標的調節表。請參閱今天的簡報。特別要注意的是，我們在今天的口頭報告中可能會提及已提出的交易和已承諾的交易，也可能在今天會議的問答環節中討論此類交易。有關潛在交易類別及相關風險、突發事件和不確定性的描述，請參閱今天簡報中的「安全港」部分。

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

這樣，我就把它交給克雷格了。

Thank you, Akhil. We appreciate everyone joining us today.

謝謝你，阿基爾。感謝今天所有到場的朋友。

Clearway is well-positioned to deliver on its near and long-term growth objectives as it proves out the inherent strengths of its enterprise business model and harnesses the advantages of being a well-prepared supplier of choice amidst an emerging renaissance in the US power sector. For 2025, We've narrowed our financial guidance to the top half of our originally set range, following a strong third quarter performance and the addition of well-performing dropdowns to our operating fleet.

Clearway 憑藉其企業商業模式的內在優勢，以及作為美國電力行業復興浪潮中準備充分的首選供應商的優勢，已做好充分準備，能夠實現其近期和長期增長目標。鑑於第三季業績強勁，以及營運船隊中新增了表現良好的下沉式飛機，我們將 2025 年的財務預期範圍縮小至最初設定範圍的上半部分。

Out to 2027, we have line of sight to delivering our increased CAFTI per share target of 270 or better, building from the successful execution of multiple acquisitions and sound preparation of multiple repowerings and sponsor-developed dropdowns. And today, we're also establishing a 2030 financial target, setting a CAPTI per share goal of $2.90 to $3.10 per share, which translates to a 7% to 8% growth taker from our 2025 guidance midpoint, reflecting the extensive progress we've made across our growth pathways and the confidence we have in their prospective success in the years to come.

展望 2027 年，我們預計將實現每股 CAFTI 270 或更高的目標，這得益於多次收購的成功執行以及對多次重組和發起人開發的下放計劃的充分準備。今天，我們還制定了 2030 年財務目標，將每股資本利得稅 (CAPTI) 目標設定為 2.90 美元至 3.10 美元，這意味著比我們 2025 年的指導中點增長 7% 至 8%，這反映了我們在各個增長路徑上取得的廣泛進展，以及我們對這些路徑在未來幾年取得成功的信心。

Growth in both the medium and long term reflects the strong traction we've made in supporting the energy needs of our country's digital infrastructure build-out and re-industrialization. We expect this to be a core driver of Clearway's growth outlook well into the 2030s. To fund this abundant opportunity set, as we've noted in the past, will increasingly use retained cash flow as a funding source while prudently using debt and modest equity issuances to extend our position of strength.

中長期成長反映了我們在支持我國數位基礎建設和再工業化能源需求方面取得的強勁進展。我們預計這將成為 Clearway 在 2030 年代成長前景的核心驅動力。為了掌握這些豐富的機遇，正如我們過去所指出的，我們將越來越多地利用留存現金流作為資金來源，同時謹慎地利用債務和適度的股權發行來鞏固我們的優勢地位。

To that end, our long-term payout ratio beyond 2030 is targeted to be less than 70%, a goal we are targeting while continuing our commitment to maintain competitive DPS growth in the long term. With the robust growth trajectory we see ahead through this decade and into the next, today's materials are geared towards giving you more visibility into where that growth will come from and how it will be conservatively funded, with the goal of allowing the investment community to value Clearway with full recognition of what we see ahead.

為此，我們設定了 2030 年以後的長期派息率目標低於 70%，我們力求在長期內保持具有競爭力的每股收益增長的同時，實現這一目標。鑑於我們預見到未來十年乃至下一個十年將保持強勁的成長勢頭，今天的資料旨在讓您更清楚地了解增長的來源以及如何以保守的方式為其提供資金，目標是讓投資界充分認識到我們對未來的展望，從而對 Clearway 進行估值。

Turning to slide 6. To reiterate key strengths of our enterprise, We have a proven track record at both Clearway Energy Inc. and Clearway Group of being best-in-class owners and developers of energy assets here in the United States. Clearway Energy Inc. offers a total return value proposition within the listed infrastructure space that's superior to most peers. Driven by our diverse and sizable operating portfolio, steady cash flows, and are advantaged position to deliver growth across multiple pathways.

翻到第6張投影片。為了重申我們企業的關鍵優勢，Clearway Energy Inc. 和 Clearway Group 在美國都是一流的能源資產所有者和開發商，並擁有良好的業績記錄。Clearway Energy Inc. 在上市基礎設施領域提供的總回報價值主張優於大多數同業。憑藉我們多元化且規模龐大的營運組合、穩定的現金流，我們擁有透過多種途徑實現成長的優勢地位。

Clearway Group has grown its late-stage pipeline by four times since 2017 and benefits from strategic relationships with customers and suppliers, putting it in a prime position to advance and offer attractive projects to Clearway Energy, Inc. for years to come. and strong alignment between the two companies that make up our enterprise have been key to our enterprise's growth over 12 years of strong and reliable history. As you'll see in more detail in the coming slides, this combination of enterprise alignment and bountiful accretive growth opportunities underpins our confidence in meeting our growth targets in 2030 and beyond.

自 2017 年以來，Clearway Group 的後期項目儲備增加了四倍，並受益於與客戶和供應商的策略關係，使其在未來幾年內能夠為 Clearway Energy, Inc. 提供極具吸引力的項目，處於有利地位。我們企業兩家公司之間的緊密合作是我們企業在過去 12 年穩健發展歷程中取得成功的關鍵。正如您將在接下來的幻燈片中更詳細地看到的那樣，企業協同一致和豐富的增值成長機會相結合，使我們有信心在 2030 年及以後實現成長目標。

Turning to slide 7. Turning to the building blocks of our growth outlook through 2030, we have a clear line of sight secured by successful commercialization of substantially all development projects planned for CWEN funding in the 2026 and 2027 COD vintages. Attractive cap fee yields are expected for these projects through long-term and favorably structured revenue contracts, secured equipment supply, and clear paths to permits and interconnection.

翻到第7張投影片。展望 2030 年的成長前景，我們有了清晰的規劃，這得益於 2026 年和 2027 年 COD 階段計劃獲得 CWEN 資助的所有開發項目的成功商業化。預計這些項目將透過長期且結構有利的收入合約、有保障的設備供應以及清晰的許可證和互聯途徑，獲得可觀的資本利得。

Looking further out, Clearway Group's development program in 2028 and 2029 includes a total project volume of over 6.5 gigawatts, far in excess of what is needed to meet the top end of our 2030 goal. Focusing on the approximately 4.5 gigawatts of late-stage projects planned for 2028 and 2029, We expect those projects to target recurring asset CAPTI of $40,000 per megawatt or greater and to enable CWIN investment at CAPTI yields on average of 10.5% or better, in line with the current market for recently commercialized projects and recent drop-down offers.

展望未來，Clearway Group 在 2028 年和 2029 年的發展計畫包括超過 6.5 吉瓦的專案總裝置容量，遠遠超過我們 2030 年目標上限所需的裝置容量。重點關注計劃於 2028 年和 2029 年啟動的約 4.5 吉瓦後期項目，我們預計這些項目將以每兆瓦 40,000 美元或更高的經常性資產資本回報率 (CAPTI) 為目標，並使 CWIN 能夠以平均 10.5% 或更高的 CAPTI 收益率進行投資，並使 CWIN 能夠以平均 10.5% 或更高的 CAPTI 收益率進行投資，這與近期市場收益率一致的近期市場降價。

Equating to approximately $180 million of recurring asset CAPTI potential, that opportunity set is substantially larger than what is required to meet the top end of our 2030 CAPTI per share goal. Turning to slide eight. Our enterprise is advantageously positioned for growth well beyond 2030, given Clearway Group's best-in-class development pipeline and the technological and market resilience of its embedded projects.

相當於約 1.8 億美元的經常性資產資本資產價值潛力，此機會規模遠大於我們 2030 年每股資本資產價值目標上限所需的規模。翻到第八張幻燈片。鑑於 Clearway Group 一流的開發項目儲備以及其現有項目的技術和市場韌性，我們的企業在 2030 年以後的發展前景十分有利。

Projects are being developed at increasing scale in response to power market demand and will be commercialized with CWIN's growth objectives and investment mandate front of mind. As discussed in past quarters, our pipeline has been built for resilience through massive Safe Harbor investments, prescient geographic positioning, and thoughtful procurement.

為響應電力市場需求，專案開發規模不斷擴大，並將以 CWIN 的成長目標和投資使命為首要考慮因素，實現商業化。正如前幾季所討論的那樣，我們透過大規模的安全港投資、有遠見的地理位置和周全的採購，建立了具有韌性的管道。

Clearway has also established itself as a proven supplier of choice for utilities and hyperscalers to meet mission-critical data center demands, with 1.8 gigawatts of PPAs executed and awarded to support data center loads during the last year. From this position, and using pre-existing development and operating assets as a nucleus for its work, Clearway Group is now developing multi-technology generation complexes to serve gigawatt class co-located data centers across five states, with the potential for these developments to create accretive investment opportunities for Clearway Energy, Inc. in the early 2030s.

Clearway 也已成為公用事業公司和超大規模資料中心滿足關鍵任務需求的可靠供應商，去年已執行和授予 1.8 吉瓦的購電協議 (PPA)，以支援資料中心負載。Clearway Group 以此為基礎，利用現有的開發和營運資產作為其工作的核心，正在開發多技術發電綜合體，為五個州的千兆瓦級共址資料中心提供服務，這些開發項目有可能在 2030 年代初期為 Clearway Energy, Inc. 創造增值投資機會。

Configurations for these complexes range from approximately one gigawatt up to almost five gigawatts across multiple technologies. with commercial operations stages coming online as soon as 2028 and spanning into the 2030s. The ultimate design and capacity of these complexes is subject to a number of factors, but if the enterprise is successful at bringing online just one of these large multi-generation complexes, a single one alone could allow CWIN to meet its growth objectives for multiple years in the 2030s while aligning with our capital allocation framework.

這些綜合設施的配置規模從大約 1 吉瓦到近 5 吉瓦不等，涵蓋多種技術，商業運營階段最早將於 2028 年上線，並持續到 2030 年代。這些綜合體的最終設計和容量取決於許多因素，但如果該企業成功建成並投入運營其中一個大型多代綜合體，那麼僅一個綜合體就足以讓 CWIN 在 2030 年代實現其多年的增長目標，同時符合我們的資本配置框架。

Given our growth outlook and funding position, it is our view that the market could more significantly value the longevity and diversified enabling pathways of our growth outlook beyond 2030. To give our investors the ability to see that future growth potential as clearly as we do. We're aiming now to provide more visibility into the illustrative financial building blocks we plan to use to deliver durable growth well into the 2030s.

鑑於我們的成長前景和資金狀況，我們認為，市場可能會更加重視我們2030年以後成長前景的持久性和多元化實現途徑。為了讓我們的投資者能夠像我們一樣清楚地看到未來的成長潛力。我們現在的目標是讓大家更清楚地了解我們計劃用來實現持續增長到 2030 年代的示例性財務構建模組。

As much as other power companies, if not more so, we expect that the location of our assets and their financial structures will allow our operating portfolio to benefit from rising power prices in the decade ahead. As our initial PPAs expire, our projects will be free of project-level debt, which we structure to amortize at the conclusion of PPAs, making a higher power price scenario a potential tailwind for recurring annual cash flow contributions.

與其他電力公司一樣，甚至可能更甚，我們預計我們的資產位置及其財務結構將使我們的營運組合在未來十年內受益於不斷上漲的電價。隨著我們最初的購電協議到期，我們的專案將不再有專案層面的債務，我們透過安排在購電協議結束時攤銷這些債務，因此，更高的電價可能會成為每年經常性現金流貢獻的潛在利好因素。

Additionally, while we plan with conservative assumptions for corporate and project refinancings, opportunistic execution may result in upside relative to our planned expectations. We have routinely demonstrated execution of project and corporate maturities at financing costs favorable to assumptions we incorporate into our long-term goals. We are cognizant of the many moving pieces that determine our operating portfolio's earnings power year to year.

此外，雖然我們在企業和專案再融資方面採取了保守的假設，但機會主義的執行可能會帶來超出我們預期的利益。我們已多次證明，我們能夠在符合我們長期目標假設的融資成本下，按時完成專案和公司發展目標。我們深知，影響我們營運組合每年獲利能力的因素很多。

But over the long term, we believe the environment is shaping up to allow us to deliver low single-digit annual growth in cash flow from our existing portfolio. On top of this, we will have the opportunity to invest in growth across multiple redundant pathways in fleet enhancement, sponsor-developed projects, and third-party asset M&A, allocating capital across those pathways based on which investments will create the highest-risk adjusted return for Clearway Energy.

但從長遠來看，我們相信環境正在朝著有利於我們實現現有投資組合現金流年增率低個位數的方向發展。除此之外，我們還將有機會透過多種冗餘途徑進行成長投資，包括船隊升級、贊助商開發的項目以及第三方資產併購，並根據哪些投資將為 Clearway Energy 創造最高風險調整後的回報，在這些途徑中分配資本。

By deploying 30% or more of a growing stream of retained cash flows towards growth at CAPTI yields greater than 10%, we can achieve another 3 to 5 percentage points of annual growth in the long term. Finally, we can in the long term deliver at least 1% to 3% in compounding growth in CAPTI per share through new project investments that are funded with corporate capital raised through the prudent issuance of corporate debt instruments and equity.

透過將不斷增長的留存現金流的 30% 或更多用於 CAPTI 收益率大於 10% 的成長，我們可以在長期內實現每年 3 到 5 個百分點的成長。最後，從長遠來看，我們可以透過新專案投資實現每股資本回報率至少 1% 至 3% 的複合成長，這些投資的資金來自審慎發行公司債務工具和股權所籌集的公司資本。

Our track record has demonstrated the ability to create projects that deliver meaningful accretion relative to our costs for corporate capital. We have demonstrated the ability to sustain that accretion across multiple market cycles for over a decade. And we also have demonstrated a consistent commitment to prudence in the way we manage our balance sheet and judiciousness in the way we plan for and execute equity issues. through this simple and sustainable model and with an abundance of attractive growth opportunities ahead of us, we look forward to delivering our long-term growth target of five to eight plus percentage growth well into the 2030s.

我們的過往業績證明，我們有能力創造能夠帶來相對於公司資本成本有意義的收益的項目。十多年來，我們已經證明了我們有能力在多個市場週期中保持這種成長勢頭。此外，我們在資產負債表管理方面也始終秉持審慎的態度，在股權發行計畫和執行方面也一貫謹慎。憑藉這簡單而永續的模式，以及未來許多極具吸引力的成長機遇，我們期待在2030年代實現5%至8%以上的長期成長目標。

Turning to slide 11. We have continued to make progress across our redundant growth pathways, methodically executing on our prior commitment and extending our roadmap for growth with our trademark development craftsmanship. Our fleet optimization initiatives continue to strengthen our ability to achieve our 2030 target. Since last quarter, Mount Storm started construction, a new long-term PPA was advanced for San Juan Mesa, and Safe Harbor investments were made to enable two additional future repowering that can be implemented over 2027 to 2029.

翻到第11張幻燈片。我們繼續在冗餘的成長路徑上取得進展，有條不紊地履行我們先前的承諾，並憑藉我們標誌性的開發流程擴展我們的成長路線圖。我們的車隊優化措施持續增強我們實現 2030 年目標的能力。自上個季度以來，Mount Storm 已開始建設，San Juan Mesa 的新長期購電協議 (PPA) 也已推進，並且 Safe Harbor 進行了投資，以便在 2027 年至 2029 年期間實施另外兩項未來改造計劃。

We are now in a position where every project that is able to be repowered through 2027 can be and towards the implementation of a program that will aim to have repowered over one gigawatt of wind by 2029, with the majority of our wind fleet by that year being repowered or newly constructed this decade and in a strong position to perform for the decade ahead.

我們現在的情況是，到 2027 年，所有能夠進行改造的項目都可以進行改造，並朝著實施一項計劃的目標邁進，該計劃的目標是到 2029 年改造超過 1 吉瓦的風電，到那時，我們的大部分風電場將在本十年內完成改造或新建，並處於未來十年強勁的發展狀態。

Turning to slide 12. Our sponsor-enabled growth program has also continued its forward progress with all previously committed investments funded in construction or on track for completion at attractive CAPTI yields. All drop-downs that have commenced commercial operations in 2025 are fully funded with initial operational results showing excellent performance and anticipated CAPTI contributions and CAFI yields exceeding these levels initially communicated at the time of investment commitment.

翻到第12張投影片。我們由贊助商支持的成長計畫也繼續向前推進，所有先前承諾的投資都已獲得資金用於建設或按計劃完成，並獲得了可觀的 CAPTI 收益率。2025 年開始商業營運的所有下沉式儲水池均已獲得全額資金，初步營運結果顯示其表現優異，預計 CAPTI 貢獻和 CAFI 收益將超過投資承諾時最初公佈的水平。

This outcome was driven by further revenue contract and cost optimization as well as supportive project financing markets. Committed or recently offered drop-downs planned for COD in 2026 all remain on track for completion in that year with accretive perspective returns for CLIN. Additional sponsor-developed drop-down opportunities for the 2020 COD and funding year are now coming into view.

這一結果得益於進一步的收入合約和成本優化，以及有利的專案融資市場。計劃於 2026 年推出的 COD 已承諾或最近提供的下拉功能均按計劃於當年完成，並為 CLIN 帶來增值前景回報。2020 COD 和資助年度的其他贊助商開發的下拉機會現在逐漸顯現。

The Royal Float project in Washington State has now been identified as a CWEN investment opportunity after executing a 20-year PPA and a 20-year energy storage agreement with the utility expecting significant data center demand growth in the region. And an additional web-located battery storage resource has been identified as a potential additional future drop-down investment opportunity for CWIN in 2027.

在與公用事業公司簽訂了為期 20 年的購電協議和為期 20 年的儲能協議後，華盛頓州的 Royal Float 項目已被確定為 CWEN 的投資機會，該公司預計該地區的數據中心需求將大幅增長。此外，CWIN 已確定，在 2027 年，網路電池儲能資源可能成為其未來潛在的額外投資機會。

Turning to slide 13. The last year has been a successful period of complementary and synergistic third-party M&A for Clearway, with three transactions consummated that capped the yields above 12%. Our early October announcement of the Deriva Solar Portfolio Acquisition capped off A fruitful year of disciplined acquisition engagement in a market environment that favored our strengths as an enterprise. The transaction leverages our core strengths in operating solar assets cost-efficiently across the country and especially in California. It also positions us to enhance value in the 2030s through battery hybridizations at targeted sites and through the ability to offer solar energy and capacity value alongside are market-leading franchise for operating in New Wind and PJM.

翻到第13張幻燈片。過去一年，Clearway 在互補和協同的第三方併購方面取得了成功，完成了三筆交易，收益率超過 12%。我們在 10 月初宣布收購 Deriva Solar Portfolio，這為我們在有利於我們企業優勢的市場環境下，開展有條不紊的收購活動，並取得了豐碩成果的一年畫上了圓滿的句號。這項交易充分利用了我們在全國範圍內，尤其是在加州，高效運作太陽能資產的核心優勢。這也使我們能夠透過在目標地點進行電池混合動力，以及憑藉我們在新風能和PJM市場領先的特許經營權，提供太陽能和容量價值，在2030年代提升價值。

Turning to slide 14. Our 2030 CAPTI per share target is built upon the strong building blocks discussed earlier. From the 2025 midpoint of guidance, we've spent the last year executing across our growth pathways through fleet improvements, enhanced capacity revenues, drop-downs, and third-party M&As such that we now see a path to achieve the top end or better of our previously set 2027 target range of $2.50 to $2.70 in CAFTI per share.

翻到第14張投影片。我們2030年每股資本充足率目標建立在前面討論過的堅實基礎上。從 2025 年的業績指引中點開始，過去一年我們透過改進機隊、提高運力收入、下放資產和第三方併購等方式，在各個成長路徑上不斷推進，因此我們現在看到了實現此前設定的 2027 年 CAFTI 每股收益 2.50 美元至 2.70 美元目標範圍上限或更高的路徑。

Beyond 2027, CAFTI per share growth will be further increased through what promises to be a very fruitful year of repowering investments in 2027. Potential investments in now-identified sponsor-enabled drop-down opportunities for the same year. and the sizable late-stage pipeline Clearway Group is developing for completion in 2028 and 2029.

2027 年後，CAFTI 的每股成長將進一步提高，這得益於 2027 年有望取得豐碩成果的能源改造投資。同年，對目前已確定的由發起人支持的下放機會的潛在投資，以及Clearway Group正在開發的規模龐大的後期專案管線（預計將於2028年和2029年完成）。

Notable items that would net out against incremental asset cap deed from growth include the issuance of corporate debt to fund growth and the refinancing of our corporate bonds due in 2031, both of which we have conservatively accounted for in our targets. We also expect to issue modest equity to fund growth. in line with our demonstrated practices and with the prospective cost of such issuance incorporated into our 2030 target.

值得注意的項目包括：發行公司債為成長提供資金，以及對 2031 年到期的公司債進行再融資，這兩項我們已在目標中保守地考慮在內。我們還計劃發行少量股票以資助成長，這符合我們以往的做法，而此類發行的預期成本已納入我們的 2030 年目標。

While our target represents robust growth compound annual growth rate from 2025 levels, we will continue to evaluate the potential to prudently and methodically improve on that outlook over time through our fleet enhancement and sponsor development pathways and also through additional third-party M&A which is not incorporated into our target setting and would continue to be subject to a rigorous standard for financial accretion.

雖然我們的目標是實現從 2025 年水準開始的強勁複合年增長率，但我們將繼續評估透過我們的艦隊增強和贊助商發展途徑，以及透過額外的第三方併購（這些併購並未納入我們的目標設定，並將繼續受到嚴格的財務增值標準約束），隨著時間的推移，審慎而有條不紊地改善這一前景的潛力。

With that, I'll turn it over to Sarah who will walk through our financial summary and provide additional detail on our financing outlook through 2030.

接下來，我將把發言權交給 Sarah，她將詳細介紹我們的財務概要，並提供有關我們到 2030 年融資前景的更多細節。

Thank you, Craig. Turning to slide 16, for the third quarter, Clearway delivered adjusted EBITDA of $385 million and cash available for distribution, or CAFD, of $166 million. Year-to-date, we've generated $980 million of adjusted EBITDA and $395 million of CAFD.

謝謝你，克雷格。翻到第16張投影片，Clearway第三季調整後EBITDA為3.85億美元，可供分配現金（CAFD）為1.66億美元。年初至今，我們實現了 9.8 億美元的調整後 EBITDA 和 3.95 億美元的 CAFD。

In our renewables and storage segment, wind resources in key regions tracked close to median expectations, while solar benefited from the execution and timing of growth investments. Flexible generation also performed in line with sensitivities.

在我們的再生能源和儲能領域，重點地區的風能資源接近預期中位數，而太陽能則受益於成長投資的執行和時機。靈活發電也符合預期。

Turning to our balance sheet, we executed $50 million of opportunistic discrete equity issuances at accretive levels since the last earnings call through our ATM and dividend reinvestment and direct stock purchase plan. This reflects our continued commitment to capital discipline and our ability to access markets efficiently to support growth. Given the strong year-to-date performance and our expectations for the remainder of 2025, we are narrowing our 2025 CAFTE guidance range to 420 to 440 million.

從資產負債表來看，自上次獲利電話會議以來，我們透過 ATM 和股息再投資以及直接股票購買計劃，以增值水平執行了 5000 萬美元的機會性單筆股權發行。這體現了我們對資本紀律的持續承諾，以及我們高效進入市場以支持成長的能力。鑑於今年迄今的強勁表現以及我們對 2025 年剩餘時間的預期，我們將 2025 年 CAFTE 指導範圍縮小至 4.2 億至 4.4 億。

We're also establishing our 2026 CAFTI guidance range at $470 to $510 million. This guidance incorporates incremental contributions from drop-downs and third-party M&A as we continue to execute on our growth strategy. As in past years, our guidance midpoint assumes P50 renewable production expectations, and the range reflects the potential variability in resource performance, energy pricing, and timing of growth investment.

我們同時將 2026 年 CAFTI 指引範圍設定為 4.7 億美元至 5.1 億美元。該指導方針納入了下放和第三方併購帶來的增量貢獻，因為我們將繼續執行我們的成長策略。與往年一樣，我們的指導中點假設 P50 再生能源產量預期，而範圍則反映了資源績效、能源定價和成長投資時機的潛在變化。

As a last note on this slide, I'd like to note that our definition of CAPTI is a conservative metric that represents the ongoing sustainable cash flow generation of our business and has been consistently applied throughout our history and remains unchanged. We have historically used this metric to measure the amount of cash available to distribute to our shareholders.

最後，我想指出，我們對 CAPTI 的定義是一個保守的指標，代表我們業務持續可持續的現金流產生能力，並且在我們的歷史中一直得到應用，至今未變。我們歷來使用該指標來衡量可供分配給股東的現金金額。

In the interest of making our financial metrics more recognizable across peer benchmarks, we may now sometimes reference cash available for distribution interchangeably with free cash flow, a term that is more recognizable and commonly used among industry peers. The terms represent the same financial metric and you may see them used interchangeably beginning with these earnings materials.

為了使我們的財務指標在同行基準中更具可識別性，我們現在有時會將可供分配的現金與自由現金流互換使用，自由現金流是業內同行更易識別和更常用的術語。這些術語代表相同的財務指標，從這些收益材料開始，您可能會看到它們互換使用。

Turning to slide 17, with the establishment of our 2030 CAFTI per share target range, we wanted to provide greater granularity on potential funding sources and corporate capital deployment in 2026 through 2029 in support of our growth targets to achieve the target range of 290 to 310 in CAFTI per share in 2030. Clearway continues to have a prudent capital allocation model to support our long-term objectives. First, utilizing retained cash flow, which will provide a greater contribution as supported by a payout ratio trending towards 70% by 2030.

翻到第 17 頁，在確定了 2030 年每股 CAFTI 目標範圍後，我們希望更詳細地說明 2026 年至 2029 年的潛在資金來源和企業資本部署，以支持我們的成長目標，從而在 2030 年實現每股 CAFTI 290 至 310 的目標範圍。Clearway 持續採用審慎的資本配置模式，以支持我們的長期目標。首先，利用留存現金流，這將帶來更大的貢獻，到 2030 年，股息率將趨近於 70%。

Next, we fund growth with corporate debt while ensuring prudent corporate leverage, targeting a 4 to 4.5 times ratio of corporate debt to EBITDA in line with our target credit rating. To round out our funding plan, we plan to issue moderate to discrete amounts of equity when accretive in an amount that, as a percentage of our public float, is consistent with funding plans observed among listed utilities. Given our position of strength, opportunistic 2025 equity issuances, and excess pro forma debt capacity, we have the flexibility to time the placement of future equity issuances and have the flexibility to utilize alternative sources to withstand temporary market volatility if necessary.

接下來，我們透過企業債務為成長提供資金，同時確保審慎的企業槓桿，目標是將企業債務與 EBITDA 的比率控制在 4 到 4.5 倍，以符合我們的目標信用評級。為了完善我們的融資計劃，我們計劃在能夠增加公司盈利時發行適度或適度的股權，其發行量占公司公眾持股比例應與上市公用事業公司的融資計劃保持一致。鑑於我們強大的實力、2025 年的股權發行機會以及過剩的備考債務能力，我們能夠靈活地安排未來股權發行的時機，並且如有必要，我們還可以靈活地利用其他資金來源來抵禦暫時的市場波動。

We do believe the discrete placement of equity at attractive levels when markets are conducive will provide a path to de-risk our four-year funding plan. This funding strategy, combined with our abundant set of high return investment opportunities, positions us well to achieve our 2030 Cathy Per Share target. Turning to slide 18, to meet our goals in 2030 and beyond, our capital allocation framework is designed to create a virtuous cycle of sustainable and resilient growth.

我們相信，在市場行情有利時，以有吸引力的價格進行有針對性的股權配置，將為我們四年的融資計劃降低風險提供一條途徑。這項融資策略，加上我們豐富的高回報投資機會，使我們能夠很好地實現 2030 年 Cathy 每股盈餘目標。翻到第 18 張投影片，為了實現我們在 2030 年及以後的目標，我們的資本配置框架旨在創造可持續和有韌性成長的良性循環。

As the payout ratio decreases and goes below 70% long-term, retained cash flows become a greater source of funding for creative investments. that can allow us to sustainably meet our 5% to 8% plus long-term annual growth objective. As we grow our earnings power from accretive investments and retained cash flows expand, this positive feedback loop repeats itself. With our long-term capital allocation framework, we believe we have more clarity into how we can fund our long-term growth supported by our sponsors' abundant set of high return opportunities.

隨著派息率下降並長期低於70%，留存現金流將成為創新投資更大的資金來源，使我們能夠永續實現5%至8%以上的長期年增長目標。隨著我們透過增值投資提高獲利能力，留存現金流不斷擴大，這種正向回饋循環就會重複發生。憑藉我們的長期資本配置框架，我們相信我們能夠更清晰地了解如何為我們的長期成長提供資金，而我們的贊助商則提供了豐富的高回報機會。

And from this position of strength, we will prudently use corporate debt and discrete equity to aim for the top end or better of our long-term targets.

憑藉這一優勢地位，我們將謹慎地利用公司債務和個別股權，力爭實現或超越我們長期目標的最高水平。

And with that, I'll turn the call back over to Craig for closing remarks.

接下來，我將把電話轉回給克雷格，請他作總結發言。

Thanks, Sarah. Turning to slide 20. We have decisively delivered a clear path to achieving our updated 2025 guidance and our 2027 target range. We've now established a 2030 growth target demonstrating a 7% to 8% growth compound annual growth rate that matches up with the best in the premium companies in the listed infrastructure and utility community.

謝謝你，莎拉。翻到第20張投影片。我們已明確制定了實現我們更新後的 2025 年指導目標和 2027 年目標範圍的清晰路徑。我們現在已經制定了 2030 年成長目標，實現了 7% 至 8% 的複合年增長率，與上市基礎設施和公用事業領域中的頂級公司相比，這一水平相當。

Our team has done an incredible job advancing our growth pathways and establishing strong visibility into how we can meet the 2030 target range we have set today. In the quarters ahead, you can expect that we will continue to operate our fleet with excellence, delivering predictable cash flow and payment of committed dividends, execute with trademark craftsmanship on the completion of the projects we have identified to enable our growth plans for the near term through 2027.

我們的團隊在推進成長路徑方面做得非常出色，並清楚地展現了我們如何實現今天設定的 2030 年目標範圍。在接下來的幾個季度裡，您可以期待我們繼續以卓越的方式運營我們的船隊，提供可預測的現金流並支付承諾的股息，並以我們標誌性的精湛工藝完成我們已確定的項目，以支持我們到 2027 年的近期增長計劃。

Further crystallize and communicate our roadmap to fulfill our 2030 targets through the fleet enhancement initiatives and growth investments we will complete over 2028 and 2029. that our funding strategy is being executed in a way that is financially prudent and accretive, and show each year how the enterprise we have created in Clearway has one of the most diversified and promising models in the US power sector for delivering sustained profit growth alongside competitive dividend growth as we extend the strong performance of this model through the end of this decade and into the decades to come.

進一步明確並傳達我們的路線圖，以實現我們在 2028 年和 2029 年完成的車隊提升計劃和成長投資，從而實現我們的 2030 年目標。我們的融資策略正在以審慎的財務方式執行，並逐年展示我們在 Clearway 創建的企業如何擁有美國電力行業最多元化和最有前途的商業模式之一，從而在保持該模式強勁表現的同時，實現持續的利潤增長和具有競爭力的股息增長，直至本十年末以及未來幾十年。

Operator, you may open the lines for questions.

操作員，您可以開通問答線路了。

(Operator Instructions) Dimple Gosai, Bank of America.

（操作員說明）Dimple Gosai，美國銀行。

Hi. Good evening. Thank you for taking my question. The first one was something on the slides that kind of caught my attention here. You flagged development of flexible gas paired with renewables near hyperscaler clusters. Can you give us a sense of timing of these opportunities and what returns do these hybrid data center complexes target and how you think of the risk-return profile compared to traditional renewables?

你好。晚安.感謝您回答我的問題。第一個問題是投影片上的某些內容吸引了我的注意。您指出，應在超大規模資料中心集群附近開發靈活天然氣與再生能源結合的方案。您能否介紹一下這些機會的時機，這些混合資料中心綜合體的目標回報是什麼，以及您如何看待其與傳統再生能源相比的風險回報狀況？

And then I have a follow-up. Thank you.

然後我還有一個後續問題。謝謝。

Yeah, sure. We noted at the beginning of this year that we would be undertaking work to complement our existing pipeline of renewable and battery development assets and operating assets with other complementary resources that could help serve the growing co-located data center loads that the digital infrastructure community has a need to supply. And over the course of years, we have done the work to assess which of our pre-existing development and operating assets were positioned in locations that were most responsive to the needs of our current and prospective customers in that community.

當然可以。今年年初，我們曾表示將開展工作，以補充我們現有的可再生能源和電池開發資產及營運資產，並引入其他互補資源，以幫助滿足數位基礎設施社區日益增長的共址數據中心負載需求。多年來，我們一直在評估我們現有的哪些開發和營運資產位於最能滿足該社區現有和潛在客戶需求的地點。

And the projects that you see noted here exhibit the same geographic footprint that you'd seen noted earlier this year and represent work that Clearway Group is doing to create a subset of investment opportunities that would likely be accessible to Clearway Energy, Inc. in 2030 and beyond. The plans we've laid out today and the goals we've set out to 2030 don't depend on any of these complexes being realized. We can hit the goals we've outlined building and developing the same projects that make up the fleet that we have today with the same type of contracting structures that we employ in our operating fleet and in our newly offered drop-down assets.

您在這裡看到的這些項目，其地理範圍與您今年早些時候看到的相同，代表了 Clearway Group 正在努力創造的一系列投資機會，這些機會很可能在 2030 年及以後 Clearway Energy, Inc. 能夠獲得。我們今天所訂的計畫和 2030 年設定的目標，並不取決於這些綜合體的實現。我們可以透過建造和開發與我們目前營運的船隊和新推出的下放資產相同的項目，實現我們所製定的目標。這些項目構成了我們今天的船隊，而我們採用的承包結構也與我們目前運營的船隊和新推出的下放資產相同。

For those complexes that do include potential flexible generation resources, our objective is to create a complementary gas resource that enables load following and highly contracted resources that are responsive to both the needs of interconnecting utilities, regulators, and data center customers. And it may be the case that in any given complex's situation, the best owner of a flexible generation resource may, in fact, be the interconnecting utility or a Clearway enterprise component.

對於那些確實包含潛在靈活發電資源的綜合設施，我們的目標是創建一個互補的天然氣資源，以實現負載追蹤和高度合約化的資源，從而響應互連公用事業公司、監管機構和資料中心客戶的需求。在任何特定情況下，靈活發電資源的最佳所有者實際上可能是互聯公用事業公司或 Clearway 企業組件。

In all cases, we would envision those resources as being contracted if part of our enterprise complex in the long run. and exhibiting risk-adjusted returns that are at least as good, if not superior, to those you see reflected on other dropdowns today. So they're part of our long-run future. They're part of our being a responsive energy supplier that our customers can choose to do business with across the country.

在任何情況下，我們都認為這些資源從長遠來看都是我們企業綜合體的一部分，其風險調整後的收益至少與您今天在其他下拉式選單中看到的收益一樣好，甚至更好。所以它們是我們長遠未來的一部分。這是我們作為響應迅速的能源供應商的一部分，我們的客戶可以選擇在全國各地與我們開展業務。

And they are part of how we can sustain substantial compounding growth for Clearway Energy Inc. in the decade ahead. and we look forward to creating those projects, and again, in a way that would be entirely consistent with our pre-existing capital allocation framework.

這些項目是我們未來十年Clearway Energy Inc.能夠維持顯著複合成長的關鍵所在。我們期待這些項目的啟動，並且會以完全符合我們現有資本配置框架的方式進行。

Thanks very much for that. And the follow-up is, you know, repowering appears to be delivering 10% to 12% CAFTA yields, which is super attractive here. Can you give us a sense of the timing of contribution and the size of that opportunity as it relates to, you know, Mount Storm, Gold Mountain, and San Juan Mesa? I believe there's sales and repurchasing mechanisms that's associated with these. Thank you.

非常感謝。後續進展是，你知道，電力改造似乎可以帶來 10% 到 12% 的 CAFTA 收益，這裡非常有吸引力。您能否就此捐款的時間安排以及捐款機會的規模，特別是與風暴山、金山和聖胡安梅薩相關的捐款機會而言，給我們一些參考？我相信這些都與銷售和回購機制有關。謝謝。

Yeah. The majority of the repowering campaign, as you will note in our materials, will occur through investments that Clearway Energy Inc. will make in 2027. and so their CAFD contribution will largely be reflected in the difference between the top end of $2.70 in CAFD per share in 2027 and our goal of delivering 290 to 310 in CAFD per share or better in 2030. You'll see most of the CAFD uplift from those assets reflected in our 2028 financial year and we've noted the incremental CAFTI contribution and the CAFTI yield that you could expect to see from each of those projects individually.

是的。正如您將在我們的資料中看到的那樣，大部分的改造計劃將透過 Clearway Energy Inc. 在 2027 年進行的投資來實現。因此，他們的 CAFD 貢獻將主要體現在 2027 年每股 CAFD 上限 2.70 美元與我們 2030 年每股 CAFD 達到 290 至 310 美元或更高的目標之間的差額。您將在 2028 財年看到這些資產帶來的 CAFD 增值，我們已經注意到每個專案單獨帶來的 CAFTI 增量貢獻和 CAFTI 收益率。

In every case, we're pleased to note, including through the PPA that we'd signed actually just earlier today for San Juan Mesa, that the PPA tenors on these projects and the terms of these PPAs are quite attractive. So in addition to the incremental CAFTI they'll contribute and the high CAFTI yield at which we're deploying capital, We're creating great longevity and contract profile for our wind fleet with these new PPAs and these new re-powerings.

在所有情況下，我們都欣喜地註意到，包括我們今天早些時候剛簽署的聖胡安梅薩購電協議，這些項目的購電協議期限和條款都相當有吸引力。因此，除了他們將貢獻的增量 CAFTI 以及我們部署資本所獲得的高 CAFTI 收益率之外，我們還透過這些新的購電協議和這些新的改造項目，為我們的風電場創造了良好的長期性和合約前景。

Justin Clare, Roth Capital Partners.

Justin Clare，Roth Capital Partners。

Hi. Thanks for the time. So I guess just following up on the prior line of questioning there and then, you know, some comments you made in your prepared remarks, Wondering what you're seeing in terms of the potential for PPA renewals, so not necessarily just for repowering, but for other projects in your pipeline. With the increase in power pricing that we're seeing, wondering if there's demand from off-takers to renew and extend PPAs at an earlier time than you might typically expect? and whether or not that's something that could lead to growth in your revenue or CAFTE in the coming few years.

你好。謝謝你抽出時間。所以，我想接著之前的問題，以及您在準備好的發言稿中提到的一些內容，我想知道您對購電協議續簽的潛力有何看法，這不僅指電力改造，也包括您正在籌備的其他項目。鑑於目前電力價格上漲，您是否想知道購電方是否會比您通常預期的時間更早要求續簽和延長購電協議 (PPA)？以及這是否能在未來幾年內帶來收入或 CAFTE 的成長。

Yeah, thanks for the question. You noted that last year, as an example of the line of questioning you're posing, that we were able to extend the power purchase agreement for our Will Dorado project and do so with and so forth. That was probably a first notable instance of the trend that you're asking about, but likely not the last. More likely than not, that opportunity for extension in our wind fleet will mostly contribute to longevity and compounding of cash flow in 2030 and beyond because substantially all of our existing renewable fleet is fully contracted through to the end of this decade.

謝謝你的提問。您提到，去年，作為您提出的問題的一個例子，我們能夠延長 Will Dorado 專案的購電協議，並這樣做等等。那可能是你所說的這種趨勢的第一個顯著例子，但很可能不是最後一個。很有可能，我們風電場擴容的機會將主要有助於延長2030年及以後的現金流並實現現金流的複利增長，因為我們現有的可再生能源發電設施幾乎全部都已簽訂合同，直至本十年末。

And as part of any contract extension negotiations that we may undertake with customers, we will be focused on assuring that the cash flow contribution from any given asset will remain at least as high, if not higher, we would otherwise expect under our existing revenue contracts between now and 2030. But most definitely we see that as a potential benefit.

作為我們與客戶進行的任何合約延期談判的一部分，我們將致力於確保任何特定資產的現金流貢獻至少保持與我們現有收入合約在 2030 年之前預期的水平相當，甚至更高。但我們絕對認為這是一個潛在的好處。

What's apparent in the case of Mount Storm is that we were able to convert a shorter-term defined quantity hedge to a long-term PPA. We do have some other assets in our fleet that exhibit a similar commercial profile. And for that subset of assets, we may be in a position to be able to undertake an adaptation or optimization in their revenue contracting profile between now and 2030 that could both enhance cash flow and reduce inter-annual variability.

從 Mount Storm 的案例來看，很明顯，我們能夠將短期固定數量對沖轉換為長期購電協議。我們的船隊中還有一些其他資產，它們的商業特性與此類似。對於這部分資產，我們或許能夠在 2030 年之前對其收入合約結構進行調整或優化，從而既能提高現金流，又能降低年際波動。

But when we think of the recontracting and extension opportunity, We think of it principally as a driver of our ability to deliver a long-term compounding 5% to 8% plus growth rate beyond 2030, where, per the math that we'd outlined in the presentation, we'll aim for our existing operating fleet to continue to grow its CAPTI per share contribution by 1% to 2%.

但當我們考慮重新簽訂合約和延期機會時，我們主要將其視為推動我們實現 2030 年以後長期複合成長率達到 5% 至 8% 以上的驅動力。根據我們在簡報中概述的計算，我們將力爭使我們現有的營運船隊繼續將每股資本資產貢獻提高 1% 至 2%。

Okay, got it. That's really helpful. and then just how to follow up on the 2030 targets. When I look at the 2030 CAFTI per share target and then I compare that to the high end of the 2027 CAFTI per share range, I calculate a CAGR between the two of just over 3.5%, so it's a little bit below the growth anticipated through '27 and a little bit below the growth anticipated in 2030 onward.

好的，明白了。這真的很有幫助。接下來該如何落實2030年的目標呢？當我查看 2030 年 CAFTI 每股目標值，並將其與 2027 年 CAFTI 每股範圍的高端進行比較時，我計算出兩者之間的複合年增長率略高於 3.5%，因此略低於 2027 年的預期增長率，也略低於 2030 年及以後的預期增長率。

So just wondering if that's the right interpretation and if you might be able to bridge why growth might slow in those few years before re-accelerating.

所以我想知道這種解釋是否正確，以及您是否能夠解釋為什麼成長會在重新加速之前的幾年內放緩。

Yeah, I think as you've observed over time, we have a culture of setting goals that we know exactly how to hit. And then as we complete commercialization actions that allow us to fulfill those goals, then we further and so forth. So, we're going to revisit or update those. And one of the things that we're quite proud of is the fact that between October last year and October this year, we increased our CAFTI per share expectations from $2.40 to $2.60 in CAFTI per share in 2027 to $2.50 to $2.70 or better all in the space of one year.

是的，我認為正如你隨著時間的推移所觀察到的，我們有設定目標的文化，而且我們非常清楚如何實現這些目標。然後，當我們完成商業化行動以實現這些目標後，我們就會進一步，以此類推。所以，我們將重新審視或更新這些內容。我們非常自豪的一件事是，從去年 10 月到今年 10 月，我們將 CAFTI 每股預期從 2027 年 CAFTI 每股 2.40 至 2.60 美元提高到 2.50 至 2.70 美元甚至更高，而這一切都發生在一年之內。

And what you can see in that is that we have a systematic culture of setting goals that should be attractive to our investors and then revisiting them and ideally updating and increasing them as we complete individual contributing actions. We look to that 7% to 8% CAFTI per share growth goal through 2030 as very much at the leading edge of what you see amongst premium utilities today.

從中可以看出，我們建立了一種系統性的文化，即設定對投資者有吸引力的目標，然後隨著我們完成個人貢獻行動，重新審視這些目標，理想情況下，還會更新和提高這些目標。我們認為，到 2030 年 CAFTI 每股成長 7% 至 8% 的目標，在當今優質公用事業領域中處於領先地位。

If we were to be compounding, as you noted, from $2.70 at, say, a 6% growth rate to 2030, that would take you to, say, $0.10 a share above that range that we'd articulated. And we will certainly look, as a company, to what series of actions and growth investments and execution will allow us, as we move forward between now and 2030, to continue to compound across our portfolio systematically at that 5% to 8% range.

如您所指出的，如果我們從每股 2.70 美元開始，以 6% 的增長率進行複利增長，到 2030 年，那麼股價將比我們之前闡述的範圍高出每股 0.10 美元。作為一家公司，我們當然會考慮，從現在到 2030 年，採取哪些行動、成長投資和執行措施，才能使我們的投資組合繼續以 5% 到 8% 的複合成長率穩定成長。

And as you can see from what we've outlined in our development and investment opportunity set, in total, the total amount of projects that Clearway Group is developing, which are potentially recipients of investments from Clearway Energy Inc. in 2028 and 2029, would meaningfully exceed the amount of projects that Clearway Energy Inc. would need to invest in to hit the top end of our existing $2.90 to $3.10 per share goal.

正如您從我們在開發和投資機會計劃中概述的內容中所看到的，Clearway Group 正在開發的項目總數（這些項目有可能在 2028 年和 2029 年獲得 Clearway Energy Inc. 的投資）將遠遠超過 Clearway Energy Inc. 為達到我們現有每股 2.90 美元至 3.10 美元的目標上限所需的項目數量。

So bottom line, we feel quite good about our opportunity set. We feel great about what 7% to 8% compound annual growth from 2025 represents. We feel that the investment opportunity set in front of us is quite robust. We've demonstrated a culture of setting goals, hitting them, and then revisiting and increasing them. And we intend, as a company, to continue on with that excellent track record.

總而言之，我們對目前的發展機會感到非常滿意。我們對2025年起7%至8%的複合年增長率感到非常滿意。我們認為擺在我們面前的投資機會相當可觀。我們已經展現出一種設定目標、實現目標，然後重新審視並提高目標的文化。作為一家公司，我們打算繼續保持這一優異的業績記錄。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Yeah, thanks. I was going to ask that same question, so appreciate the answer you just gave there. But Craig, just one other question. It does seem like maybe you're in a kind of a target-rich environment, both from your developer parent, but also just the M&A environment. So maybe you could first talk a little bit about how much more M&A opportunity are you seeing?

嗯，謝謝。我正想問同樣的問題，所以我很感謝你剛才的回答。克雷格，還有一個問題。看起來你可能身處在一個目標資源豐富的環境中，這既得益於你的開發型母公司，也得益於併購環境本身。那麼，您能否先談談您認為併購機會還有多少？

And then secondly, just how are you thinking about just funding kind of those those upside type opportunities if you know if you start having billions more to invest in just can you use this framework the same way to for that incremental investment and just how you're kind of managing that?

其次，如果您有數十億美元的額外資金可以投資，您是如何考慮為這些潛在收益機會提供資金的？您是否可以採用同樣的框架來管理這些新增投資？您又是如何管理這些新增投資的？

Yeah well I think to start with and it It's also reflected in the way that we've sought to articulate long-term goals and an accompanying capital allocation framework. We are mindful of the important compact we have with our investors to progressively demonstrate how our business model will continue to sustainably grow across cycles using financing sources that are demonstrably within our means. So when we think about growth goals.

是的，我認為首先，這一點也體現在我們努力闡明長期目標和相應的資本配置框架的方式。我們深知與投資者之間有著重要的約定，我們將逐步證明我們的商業模式將如何利用我們所能利用的融資來源，在各個週期中持續可持續成長。所以當我們思考成長目標時。

When we think about any individual incremental capital commitment, we're looking first to assure that we're able to successfully execute on it with financing sources that are accretive materially relative to the cash yield that we have on an investment. You've seen that's absolutely been true for each of the incremental M&A investments that we've announced here this year relative to our weighted average cost of capital. It spreads that approach. 500 basis points.

當我們考慮任何新增資本投入時，我們首先要確保能夠透過融資來源成功執行該投入，而這些融資來源相對於我們投資的現金收益而言，能夠帶來實質的增值。你們已經看到，對於我們今年宣布的每項新增併購投資而言，相對於我們的加權平均資本成本，情況都完全如此。它推廣了這種做法。 500個基點。

And so in an environment where it's possible for us to sensibly acquire assets that fit with our fleet and with our investment mandate and which we can add value to, we'll want to continue to assess whether for our shareholders it's sensible for us to make those incremental investments and reflect their addition in our long-term profit goals. But we also want to be judicious about assuring that what we are digesting at any given point in time is consonant with what our investors would like to see us committing to and the magnitude of corresponding securities issuance that would come with funding them.

因此，在我們可以合理地收購符合我們船隊和投資目標，並且能夠為其增值的資產的環境下，我們將繼續評估，對於我們的股東而言，進行這些增量投資是否明智，並將這些投資的增加反映在我們的長期利潤目標中。但我們也希望謹慎行事，確保我們在任何特定時間點所消化的內容與我們的投資者希望看到我們所做的承諾以及為他們提供資金所需的相應證券發行規模相一致。

I think one of the things that we have done through, in particular, the third of the acquisitions that we announced this year is to use it to help us look forward to a point in the future where the payout ratio in our business model is declining. Something that we reflect on is the great power of a payout ratio that's declining down to 70% or 65%. and how much compounding CAFTI per share growth of the payout ratio at those lower levels can enable us to fund just from our own operating sources without much in the way of equity issuance.

我認為，我們透過今年宣布的第三項收購所做的事情之一，就是利用它來幫助我們展望未來，屆時我們的商業模式中的派息率將會下降。我們正在思考的是，派息率下降到 70% 或 65% 的巨大力量，以及在這些較低水平的派息率下，每股 CAFTI 的複合增長能讓我們僅依靠自身營運資金就能籌集到多少資金，而無需大量發行股票。

So I think if we were to see anything that would be sensible for further acquisition, the standards we'd be applying look like the same ones that we applied to the deals that we did this year, meaning they have to be meaningfully accretive. We have to have significant synergistic value we're able to apply and extract. The funding of the investment needs to be demonstrably within our ability and, I guess, a manageable bite size. And to the extent that we are acquiring additional assets, we would look to devote their incremental cash flow in particular towards reducing our payout ratio and increasing the self-funding nature of our business model.

所以我認為，如果我們要尋找任何值得進一步收購的目標，我們所採用的標準應該與我們今年進行的交易所採用的標準相同，也就是說，這些交易必須具有實質的增值作用。我們必須擁有能夠應用和提取的顯著協同價值。這項投資的資金必須明顯在我們能力範圍之內，規模也要在可控範圍內。而且，如果我們收購了更多資產，我們將特別考慮把新增現金流用於降低我們的派息率，並提高我們商業模式的自籌資金能力。

Heidi Hauch, BNP.

海蒂·豪赫，法國巴黎銀行。

Hi, thank you for taking my question and for the helpful detail on the long-term outlook. I just wanted to kind of take the other end of the previous question in terms of how you're thinking about asset dispositions in terms of the broader funding strategy. is this core to the strategy? Should we think of any specific asset or portfolios as most eligible? And would this offset any equity issuance needed or help to drive incremental growth? Thank you.

您好，感謝您回答我的問題，也感謝您提供的長期前景的詳細見解。我想就上一個問題提出另一個方面，即您如何看待資產處置在更廣泛的融資策略中的作用。這是否是該策略的核心？我們是否應該考慮某些特定的資產或投資組合作為最符合條件的標的？這能否抵消所需的股權發行，或有助於推動增量成長？謝謝。

Yeah. We have not incorporated planned disposition of assets into our capital allocation framework or the funding sources that we assume to be able to tap into in order to deliver on our long-term growth goals. But as fiduciaries, we always remain cognizant of whether we are the best owner of an asset or whether it would be more accretive for our shareholders to selectively dispose of assets in our fleet. We certainly have done that at large scale in the context of the district thermal segment divestiture that we completed some years ago, but have also done that at very small scales around individual renewable plants that just weren't a great fit for our fleet.

是的。我們尚未將資產處置計畫納入我們的資本配置框架，也未納入我們為實現長期成長目標而預期可以利用的資金來源。但作為受託人，我們始終清楚我們是否是資產的最佳所有者，或者有選擇地處置我們船隊中的資產是否會對我們的股東更有利。我們當然已經在幾年前完成的區域熱電業務剝離中大規模地這樣做過，但也在一些不太適合我們業務的獨立可再生能源電廠周圍小規模地這樣做過。

As we go forward to next year, we will always remain mindful of whether there are relatively small contributors to our fleet, which may be more highly valued by other buyers for whom those assets might be more significant. And there may be targeted opportunities along those lines to call it enhanced operating efficiency in our fleet by reducing project count in select areas or by conveying an asset to someone else who sees a greater strategic interest in it.

展望明年，我們將始終關注我們船隊中是否有一些規模相對​​較小的資產，這些資產可能對其他買家來說更有價值，因為對這些買家而言，這些資產可能意義重大。或許可以透過減少特定領域的項目數量，或將資產轉讓給對該資產有更大戰略興趣的人，來提高我們船隊的營運效率。

What we look at in situations like that is how much CAPTI a project is contributing to us, what our outlook is in long-term net present value, and whether someone else who is buying the project from us would buy it at a CAPTI yield that's accretive relative to the value that's embedded in our shares today. and would assign a terminal value to the asset that's higher than what we do.

在這種情況下，我們會考慮一個專案能為我們帶來多少資本資產收益（CAPTI），我們對長期淨現值的預期如何，以及如果其他人從我們手中收購該項目，他們是否會接受相對於我們當前股票價值而言具有增值效應的資本資產收益，並且是否會賦予該資產更高的終值。

And in instances where that's possible, we will selectively determine that that's in the best interest of the shareholders to dispose of an asset along those lines. But a core asset harvesting campaign to fund our growth is not part of our plan. And we feel quite good about the long-term outlook for our fleet. So the assets that are in our fleet, we're kind of enthused to own as we look out into the 2030s.

在可能的情況下，我們會選擇性地確定，以這種方式處置資產符合股東的最佳利益。但透過核心資產變現來為我們的成長提供資金並不在我們的計劃之內。我們對船隊的長期前景感到非常樂觀。因此，展望 2030 年代，我們對目前船隊的資產感到非常興奮。

Great. That's helpful. Thank you. And then secondly, going back to the data center opportunities, specifically with developing natural gas, firstly, how soon should we expect Clearway to kind of update, formalize these contracts, maybe, given the extended equipment lead times for natural gas?

偉大的。那很有幫助。謝謝。其次，回到資料中心的機遇，特別是天然氣開發方面，首先，考慮到天然氣設備的交付週期較長，我們應該期待 Clearway 多久才能更新、正式確定這些合約？

And then secondly, just more broadly, what is driving Clearway to kind of get involved with developing flexible generation in addition to kind of the legacy renewable development. Is this driven from demand from hyperscalers or utilities or customer conversations? Just kind of curious on the broader strategy there.

其次，更廣泛地說，是什麼促使 Clearway 除了傳統的再生能源開發之外，還參與開發靈活發電？這是由超大規模資料中心、公用事業公司還是客戶的需求所驅動的？我只是有點好奇那裡的整體策略。

Yeah, the bulk of our business is to develop assets that are reflective of our deep expertise and our track record for both asset development and operation. And we are mindful that in California we have a great existence for proof for what a flexible generation fleet can do to complement renewable resources and provide a combined highly reliable increment of base load capacity. When we think about the flexible generation fleet that we have in California and the totality of our emissions footprint, as a business, more than 95% of the megawatt hours that we generate are emissions-free.

是的，我們業務的大部分是開發能夠體現我們在資產開發和營運方面的深厚專業知識和良好業績的資產。我們意識到，在加州，我們擁有大量實例來證明靈活的發電設施能夠如何補充再生能源，並提供高度可靠的基本負載容量增量。當我們考慮到我們在加州擁有的靈活發電設施以及我們作為一家企業的整體排放足跡時，我們發現，我們生產的兆瓦時中超過 95% 是零排放的。

But fully a quarter, if not more, of our operating cash flow comes from a flexible generation fleet that's absolutely essential to the state of California, which has facilitated what are quite favorable reliability statistics for the state as a whole, as low marginal cost renewable energy, grows as its fraction of load served in the state. So that's the business model that we are selectively looking to emulate in individual areas where our customers would like for us to serve them renewables and where they recognize that complementary gas helps those renewables get built and deliver into the system combined capacity that's needed.

但我們至少有四分之一的營運現金流來自靈活的發電設施，這對加州來說至關重要，隨著低邊際成本的可再生能源在該州的負載中所佔比例不斷增長，該設施也為整個州帶來了相當有利的可靠性統計數據。因此，這就是我們正在有選擇地在特定領域效仿的商業模式，我們的客戶希望我們為他們提供可再生能源服務，並且他們認識到互補的天然氣有助於這些可再生能源的建設，並向系統輸送所需的綜合容量。

What you should know, though, and what you should focus on is that the mainstay of our business, by far the bulk of the 30 gigawatt pipeline that we maintain today, the entirety of the 11 gigawatt pipeline that we have of late-stage assets for completion over the next seven years, are renewable and battery projects in places where those are the least-cost, best-fit resources for customers who want to buy their attributes in long-term contracts.

不過，你應該知道，也應該關注的是，我們業務的主要部分，我們目前維護的 30 吉瓦項目儲備的大部分，以及我們未來七年內將完成的 11 吉瓦後期資產儲備的全部，都是可再生能源和電池項目，這些項目位於那些成本最低、最適合希望通過長期合同購買其屬性的客戶的地方。

And the plan that we've laid out, the goals that we've set and will meet through 2030, is underpinned entirely with those asset types. So the flexible generation resources that we now have in development are additional to that core capability that we have. They will help create opportunity for carbon-free resources to serve growing load in places where data centers absolutely are needed in the gigawatt scale. And they're part of how we make this business model continue to grow and compound not just through the next five years but through the next ten.

而我們所製定的計劃，我們設定的、並將在 2030 年前實現的目標，完全是以這些資產類型為基礎的。因此，我們目前正在開發的靈活發電資源是對我們現有核心能力的補充。它們將有助於創造機會，讓無碳資源能夠滿足日益增長的負荷，尤其是在那些絕對需要千兆瓦級資料中心的地方。而它們正是我們讓這種商業模式在未來五年甚至未來十年持續成長和發展的關鍵。

Mark Jarvi, CIBC.

Mark Jarvi，加拿大帝國商業銀行。

Thanks. Good evening, everyone. Just, Craig, on the data center and energy complex facilities, do any of those build off of existing renewable or battery installations or those new development sites?

謝謝。各位晚上好。克雷格，關於資料中心和能源綜合設施，這些設施是否利用了現有的可再生能源或電池裝置，或利用了新的開髮用地？

All of them build off of either existing operating facilities or renewable and battery sites that we had in development more than five years ago.

所有這些項目都是在現有營運設施或我們五年前就開始開發的可再生能源和電池站點的基礎上進行的。

So there'd be a contract on existing assets and then does that factor in the ability to drive higher returns off of those types of projects?

所以，會就現有資產簽訂合同，那麼這是否考慮到了從這類項目中獲得更高回報的能力呢？

Yeah, I think what creates an opportunity to deliver higher returns really from all the projects that we have in our development footprint today is the ability to bring a power plant online at size with credibility. And I think when we look across the footprint that we highlighted on page eight of our earnings materials, when you look across the footprint that we've outlined per our custom in our appendix, you will see that the average size of renewable and storage projects in our pipeline has grown appreciably.

是的，我認為，我們目前在開發的所有專案中，真正能夠帶來更高回報的機會在於，我們有能力以可信賴的方式大規模地建造併網發電廠。我認為，當我們審視我們在收益資料第 8 頁重點介紹的業務範圍，以及我們按照慣例在附錄中概述的業務範圍時，您會發現，我們正在籌備的可再生能源和儲能項目的平均規模已經顯著增長。

You'll see that the total quantity of late-stage projects that we have that are constructible over the next five years has grown significantly. You'll see that most of them are entirely storage or include a storage component. You should see that solar amongst the renewable resources is by far the largest share relative to wind in that development footprint.

你會發現，未來五年內可以開工的後期項目總數已經顯著成長。你會發現它們大多數都是完全的儲存設備，或是包含儲存組件。你應該可以看到，在再生能源中，太陽能相對於風能，在這一發展區域所佔份額最大。

And what is allowing us to produce good returns today, what's allowing us to get longer PPAs, what's allowing us to deliver cap yields for CWEN that are higher than they have been historically are all the fact that we've got a power plant that we can construct, that we can credibly bring online in the near term. And in some ways, the bigger the power plant, the greater contribution it can make to capacity and energy needs now, the higher return we can produce.

而今天我們能夠獲得良好的回報，能夠獲得更長的購電協議，能夠為 CWEN 提供比以往更高的資本收益率，這一切都源於我們擁有一座可以建設、可以在近期內可靠地投入運營的發電廠。從某種程度上來說，發電廠規模越大，對當前產能和能源需求的貢獻就越大，我們就能獲得更高的回報。

So for these larger complexes, those same attributes will show up likely later in our development program into the time period after 2030. But what will make those complexes successful are the same things that are making it possible for us to develop so much over the balance of the decade between now and 2030 at high returns, which is that we know how to build power plants.

因此，對於這些規模較大的綜合體而言，這些相同的特性很可能會在我們 2030 年以後的發展計畫中出現。但這些綜合體能夠成功的原因，與我們能夠在 2030 年之前的十年間取得如此多的成就並獲得高回報的原因相同，那就是我們知道如何建造發電廠。

We've demonstrated that we can build them when others can't. We know how to operate them. We have a robust position of interconnection cues. We've been developing the projects in places where renewables and batteries are least-cost, best-fit resources. that those things are worth a lot whether it's to a utility or a data center company today.

我們已經證明，當其他人做不到的時候，我們能夠做到。我們知道如何操作它們。我們擁有強大的互聯線索。我們一直在再生能源和電池成本最低、最合適的地區開發專案。無論對於公用事業公司還是資料中心公司而言，這些東西如今都價值連城。

Nelson Ng, RBC Capital Markets.

納爾遜·吳（Nelson Ng），加拿大皇家銀行資本市場部。

Great. Thanks and congrats on a strong quarter. So just a quick clarification on your 2030 outlook. Can you just give some more details in terms of what you're assuming for your flexible generation portfolio? and maybe just give an update on how contracted those assets are now.

偉大的。謝謝，恭喜你們本季業績出色。那麼，關於您對2030年的展望，我需要快速確認一下。能否詳細說明一下您對彈性發電組合的假設？或許還可以更新一下這些資產目前的萎縮情況。

Yeah. When we set the range, we set it as is our philosophy at a level where we are confident we can meet the range in current market conditions for our open position and that's reflected in that range of 290 to 310. The corresponding levels look similar to what our fleet was contributing, the flexible generation fleet was contributing in 2024 and 2025. And we intend to be able to ultimately harvest even more value or aim to harvest even more value from that segment in those out years than we would need to in order to hit the range that we've articulated of $2.90 to $3.10. and CAFD per share.

是的。當我們設定價格區間時，我們秉持的理念是，在當前市場條件下，我們有信心能夠滿足我們持倉的價格區間，而這體現在 290 到 310 的價格區間中。相應的水平看起來與我們的機組在 2024 年和 2025 年的貢獻水平相似，靈活發電機組在 2024 年和 2025 年的貢獻水平也相似。我們最終的目標是在未來幾年從該業務板塊獲取比我們預期的每股 2.90 美元至 3.10 美元 CAFD 目標更高的價值。

We are optimistic about the value that those assets will harvest in the market, informed by a few key data points. First, just the marginal cost of four-hour storage, which we're contracting extensively in the state for newly-built resources, and it's still very solidly in the double digits. and low to even sort of mid-double digits in cost.

基於一些關鍵數據點，我們對這些資產在市場上的價值持樂觀態度。首先，我們州內新建資源大量承包的四小時儲存的邊際成本仍然穩居兩位數，甚至接近兩位數中段。

Second, because of the ongoing increase in demand forecast, not just for CAISO, but for adjacent markets that have historically been sources of capacity for CAISO. And the substantially costlier profile for long-duration storage that could potentially try to that would be really needed to substitute for the attributes of the thermal resources. So we feel really comfortable about the durable value in our fleet, which is one of the state's most modern and most reliable and exhibits comparatively high capacity values as compared to pure capacity.

其次，由於需求預測持續成長，不僅對 CAISO 而言如此，而且對歷史上一直是 CAISO 容量來源的鄰近市場也是如此。而要真正取代熱能資源的特性，就需要採用成本高得多的長期儲存方案。因此，我們對車隊的耐用價值感到非常滿意，它是該州最現代化、最可靠的車隊之一，與純容量相比，其容量價值也相對較高。

And that puts us in a position to be patient in our optimization of incremental resource adequacy contracts. and also ClearRide and the goal of having them contribute even more than is embedded in the 290 to 310 in-cap deeper share, which we could most definitely execute within today's market environment.

這使我們能夠耐心地優化增量資源充足性合同，以及ClearRide，並力爭讓他們貢獻比290%至310%市值深度份額中蘊含的更多價值，而這在當前的市場環境下我們完全可以實現。

Okay, great. And then just a quick follow-up question. So obviously your development pipeline is a lot larger than what CUN needs to hit its targets or even to exceed the targets moderately. So in terms of drop-downs and transactions, should we expect to see CUN buy like 50% of future projects or like something much lower than 100%?

好的，太好了。然後我還有一個後續問題。顯然，你們的開發流程比 CUN 實現目標甚至略微超出目標所需的流程要大得多。那麼就下架和交易而言，我們應該預期 CUN 購買未來專案中 50% 左右的份額，還是遠低於 100% 的份額？

You know, I think we both sometimes drop assets with 100% equity interest for Clearway Energy, Inc., and in some instances have consummated equity partnerships that work like you've just described. Everything we have developed and identified for potential CWIN investment through 2027 is planned for 100% CWIN equity investment. As we look later into the decade, we'll certainly be evaluating the capital allocation framework for CWIN and its embedded funding capacity and looking at how we pace development assets in relation to that funding capacity.

你知道，我認為我們有時都會將擁有 100% 股權的資產轉移給 Clearway Energy, Inc.，在某些情況下，我們已經達成了像你剛才描述的那樣運作的股權合作關係。到 2027 年，我們所有已開發和確定的潛在 CWIN 投資項目都計劃由 CWIN 100% 股權投資。展望未來十年，我們肯定會評估 CWIN 的資本配置框架及其內在融資能力，並研究我們如何根據該融資能力來安排開發資產。

What we have often done in the past where we've had an exceedance of development pipeline relative to CWIN's funding capacity is to selectively move our best development assets to successive periods of time where they fit neatly into CWIN's plan. And we will also look at whether there are complementary funding sources that help sustain the growth profile for CWIN while capitalizing projects that have to be built on a firm timeline.

過去，當開發案數量超過 CWIN 的資金能力時，我們經常選擇性地將最好的開發案轉移到不同的時間段，以便它們能夠很好地融入 CWIN 的計畫中。我們還將研究是否有其他補充資金來源，以幫助 CWIN 維持成長勢頭，同時為必須按既定時間表完成的專案提供資金。

What our mainstay has been throughout our history is that we use simple financing structures that will deliver predictable financial performance for CWIN. and that basic principle is what will guide what we build and how we capitalize it with C1 over time.

我們一直以來秉持的核心原則是採用簡單的融資結構，以確保CWIN獲得可預測的財務表現。這項基本原則也將引導我們未來的發展方向，以及我們如何利用C1進行資本運作。

Corinne Blanchard, Deutsche Bank.

科琳‧布蘭查德，德意志銀行。

Thank you for taking my question. Most of them have been answered, but maybe a quick one. I think we're so clear having now 27 gigawatts in the pipeline and I think last quarter it was over 29. Can you just talk about what caused that decrease? And I think, as well, we're seeing an early stage, a decrease. What prospect has increased?

感謝您回答我的問題。大部分問題都已解答，但或許還有一個簡單的問題。我認為我們很清楚，目前有 27 吉瓦的裝置容量正在建設中，而上個季度這個數字超過了 29 吉瓦。您能具體說說造成這種下降的原因嗎？而且我認為，我們現在看到的還處於早期階段，是一種下降趨勢。哪些前景有所改善？

So just trying to understand if there's a pushback in some of those projects. Thank you.

所以，我只是想了解這些項目中是否有阻力。謝謝。

Yeah. Our disclosure aimed to clarify that the pipeline and clearway group today is actually 30 gigawatts. That's up from 29 in the last quarter. and we noted that 27 gigawatts was a pro forma pipeline level that we would expect to be at after certain select harmonization of development assets that are not necessary for the enterprise to hit its goals over the next three to four years.

是的。我們揭露此資訊的目的是為了澄清，如今該管道和通道集團的實際容量為 30 吉瓦。這比上一季的 29 吉瓦有所增加。我們注意到，27 吉瓦是一個預計的儲備裝置容量水平，在對一些並非企業在未來三到四年內實現其目標所必需的開發資產進行選擇性協調後，我們預計該水平將達到。

What you should see is that we've now dialed in a specific set of projects that we're planning on constructing over the course of the next seven years in the late-stage pipeline progression that we have on that same page, which in total still quite meaningfully exceeds the total quantity that Clearway Energy Inc. needs for Clearway Group to develop and build for its plan to be realized. So, in point of fact, the pipeline that we have today is up quarter over quarter.

你應該看到的是，我們現在已經確定了一系列具體的項目，我們計劃在未來七年內建設這些項目，這些項目是我們在同一頁上列出的後期項目推進計劃的一部分，其總量仍然遠遠超過 Clearway Energy Inc. 為 Clearway Group 實現其計劃所需的開發和建設總量。所以，實際上，我們目前的管道建設進度比上一季有所成長。

But we've wanted to set expectations that we would selectively harvest individual assets that are not essential to executing on the goals that we have for the next five years.

但我們希望明確，我們將選擇性地出售那些對於實現未來五年目標並非至關重要的個別資產。

Thank you. I'll now hand the call back over to President and CEO, Craig Cornelius, for any closing remarks.

謝謝。現在我將把電話轉回給總裁兼執行長克雷格·科尼利厄斯，請他作總結發言。

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 sustainably growing mission-critical energy companies here in America.

感謝各位今天蒞臨現場，也感謝大家一直以來對Clearway的支持。我們期待在接下來的幾季繼續保持卓越的業績，努力為美國可持續發展的關鍵能源公司樹立黃金標準。

Operator, you can close the call.

操作員，您可以結束通話了。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。