Clearway Energy Inc (CWEN) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Janice, and I'll be the operator assisting today. At this time, I would like to welcome everyone to the Clearway Energy, Inc. first-quarter 2026 earnings call. (Operator Instructions)

感謝各位稍候。我是 Janice，今天將擔任協助的電話會議接線員。此刻，我謹代表公司歡迎各位參加 Clearway Energy, Inc. 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the conference over to Akil Marsh. Please go ahead.

現在我想把會議交給 Akil Marsh。請開始。

Thank you for taking the time to join Clearway Energy, Inc.'s first-quarter call. With me today are Craig Cornelius, the company's President and CEO; and Sarah Rubenstein, the company's CFO. In addition, we have other members of the management team in the room to answer your questions if needed.

感謝各位撥冗參加 Clearway Energy, Inc. 的第一季電話會議。今天與我一同出席的有公司總裁暨執行長 Craig Cornelius，以及公司財務長 Sarah Rubenstein。此外，若有需要，我們也有其他管理團隊成員在場回答各位的提問。

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

在開始之前，我想先簡要說明，今天的討論將包含前瞻性陳述，係基於我們截至今日認為合理的假設。實際結果可能存在重大差異。請查閱今日簡報中的「安全港」聲明，以及我們向 SEC 提交文件中的風險因素。

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 offer and committed transactions in today's oral presentation and also may discuss such transactions during the question-and-answer portion of today's conference. Please refer to the Safe Harbor in today's presentation for a description of categories of potential transactions and related risks, contingencies and uncertainties.

此外，我們將同時提及 GAAP 與非 GAAP 財務衡量指標。關於我們的非 GAAP 財務衡量指標，以及與最直接可比 GAAP 指標之間的調節資訊，請參閱今日簡報。特別提醒，今日口頭簡報中我們可能同時提及「報價中（offer）」與「已承諾（committed）」交易，並且也可能在問答環節討論此類交易。請參閱今日簡報中的「安全港」聲明，以了解潛在交易類別及相關風險、或有事項與不確定性之說明。

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

接下來我把時間交給 Craig。

Good evening, everyone. I'll begin on slide 5, where we outline our business update. Clearway remains firmly on track to deliver best-in-class growth in the near and long term. We are reiterating our 2026 CAFD guidance and our 2027 CAFD per share target of $2.70 or better, which continues to be supported by execution across all our growth pathways. What has evolved meaningfully since our November update is the scale and visibility of growth investments we now see in the medium and long term.

各位晚安。我將從第 5 頁投影片開始，說明我們的業務更新。Clearway 仍穩健地朝著在短期與長期提供同業最佳成長的目標前進。我們重申 2026 年 CAFD 指引，以及 2027 年每股 CAFD 目標為 2.70 美元或更高；此目標持續受到我們在各項成長路徑上的執行所支持。自我們 11 月更新以來，最顯著的變化在於：我們如今在中期與長期所看到的成長投資規模與能見度大幅提升。

Based on work completed over the last several months, we now expect to deploy 20% more corporate capital between 2026 and 2029 relative to our prior outlook. This increase reflects successful commercialization outcomes and stronger execution across our enterprise.

根據過去數月完成的工作，我們目前預期 2026 至 2029 年間的公司資本投入，將較先前展望增加 20%。此增幅反映了商業化成果的成功，以及我們在整體企業層面的更強執行力。

Power demand tied to co-located digital infrastructure continues to represent a growth opportunity that we're advancing deliberately. Progress includes new equipment purchases, a design and delivery partnership with our friends at Quanta and Blattner and ongoing engagement with hyperscaler customers across multiple complexes in our development program.

與共址數位基礎設施相關的用電需求，仍持續代表我們正在審慎推進的成長機會。進展包括：新增設備採購、與 Quanta 及 Blattner 的設計與交付合作夥伴關係，以及與超大規模雲端（hyperscaler）客戶就我們開發計畫中多個園區持續互動。

While we remain disciplined in what we'll move forward on and when, these developments increase our confidence that digital infrastructure campuses will represent a sizable long-term growth opportunity that is additive to our existing robust outlook.

儘管我們仍會在推進哪些項目以及何時推進方面保持紀律，這些發展提升了我們的信心：數位基礎設施園區將成為可觀的長期成長機會，並且是在我們既有強勁展望之上額外增添的成長動能。

In parallel, we've also strengthened our capital allocation framework during the quarter with the approval of the share class simplification proposal. Taking these factors together, we are now increasing our focus towards delivering the top end or better of the 2030 CAFD per share target range of $2.90 to $3.10 per share that we set just six months ago.

同時，本季我們也在資本配置架構上進一步強化，並已核准股權類別簡化提案。綜合上述因素，我們目前將更聚焦於達成 2030 年每股 CAFD 目標區間 2.90 至 3.10 美元的上緣或更佳表現；該目標僅在六個月前才剛設定。

Reflecting the potential growth investment visibility that we achieved in recent months. Additionally, the continued success heightens our confidence that we'll be able to set a growth target in 2031 later this year, that translates to the top end of our 5% to 8%-plus long-term growth range in 2031.

這反映了我們在近幾個月所取得的潛在成長投資能見度。此外，持續的成功也提高了我們的信心：我們將能在今年稍晚設定 2031 年的成長目標，並使 2031 年的表現對應到我們長期 5% 至 8% 以上成長區間的上緣。

Turning to slide 6. We fleet optimization remains one of our most capital-efficient growth pathways, and we continue to make meaningful progress on two fronts: revenue enhancements in our existing Texas wind fleet and our repowering program.

接著看第 6 頁投影片。我們的機組組合最佳化仍是資本效率最高的成長路徑之一，我們在兩個面向持續取得實質進展：提升我們既有德州風電機組的營收，以及推進我們的汰舊換新（repowering）計畫。

Starting with our Texas fleet. During the quarter, our previously awarded PPA with a hyperscaler has now been executed, and we expect two additional awarded PPAs to be executed later this year. These contracts extend contracted tenors across three operating assets and significantly enhanced long-term revenue and cash flow visibility.

先從德州機組組合談起。本季，我們先前已獲授予、與某家超大規模雲端客戶的 PPA 現已完成簽署；我們預期今年稍晚還會有另外兩份已獲授予的 PPA 完成簽署。這些合約延長了三項營運資產的合約期限，並顯著提升長期營收與現金流的能見度。

Turning to Repowering’s. Our program continues to move forward on schedule. From a capital perspective, we continue to expect to deploy approximately $600 million of corporate capital across the repowering program at 11% to 12% CAFD yields, while extending asset lives and improving the quality and durability of cash flows well into the next decade. Overall, these fleet enhancements further solidify the pathway to potentially exceed our 2030 financial objectives.

再來談汰舊換新（Repowering）。我們的計畫仍按進度推進。就資本面而言，我們仍預期在整體汰舊換新計畫中投入約 6 億美元的公司資本，並取得 11% 至 12% 的 CAFD 報酬率，同時延長資產使用年限，並在未來十年持續提升現金流的品質與韌性。整體而言，這些機組提升措施進一步鞏固我們有機會超越 2030 年財務目標的路徑。

Turning to slide 7. During the quarter, we seamlessly closed the Cardinal acquisition formerly referred to as Deriva. We continue to expect a CAFD yield in excess of 12% on the transaction and the acquired assets are performing in line with expectations. Cardinal is highly complementary to Clearway's existing fleet, along with presenting clear avenues for upside value creation.

接著看第 7 頁投影片。本季，我們順利完成 Cardinal 收購案（先前稱為 Deriva）。我們仍預期該交易的 CAFD 報酬率將超過 12%，且所收購資產的表現符合預期。Cardinal 與 Clearway 既有機組高度互補，同時也提供明確的上行價值創造途徑。

Looking ahead, we continue to evaluate additional M&A opportunities with discipline. At a high level, our core requirements include near-term accretion and long-term CAFD yield of approximately 10.5% or better. A strong strategic fit with upside value creation potential and deal sizing that aligns with our broader capital allocation framework.

展望未來，我們將持續以紀律評估其他併購（M&A）機會。概括而言，我們的核心要求包括：短期具增益效果（accretion），以及約 10.5% 或更高的長期 CAFD 報酬率；具備強烈的策略契合度與上行價值創造潛力；以及交易規模需與我們更廣泛的資本配置架構相一致。

Importantly, potential future M&A remains upside to our existing targets rather than a requirement to achieve them.

重要的是，未來潛在的併購屬於我們既有目標之上的上行空間，而非達成目標的必要條件。

Turning to slide 8. For the 2026 and 2027 vintages, we are 100% commercialized on sponsor enabled growth projects with construction progressing as planned. In the 2028 COD vintage, we've made substantial progress as well with contracts signed or awarded for over 70% of the megawatts we plan to bring online putting us well placed to achieve the top end or better of our 2030 target from investments planned for 2028.

接著看第 8 頁投影片。就 2026 與 2027 年 COD 梯次（vintages）而言，我們在由贊助方支持的成長專案上已達到 100% 商業化，且施工進度如期推進。在 2028 年 COD 梯次方面，我們也取得重大進展：我們計畫上線的容量中，已有超過 70% 的兆瓦數完成簽約或獲授予合約，使我們處於有利位置，可透過 2028 年規劃投資達成 2030 年目標的上緣或更佳表現。

Turning to slide 9. We are also confident in the strength of our 2029 COD vintage as a key driver of our long-term growth outlook. Our development pipeline for that vintage is sizable and diverse. Underscoring both the scale of the opportunity and the depth of our execution capabilities.

接著看第 9 頁投影片。我們也對 2029 年 COD 梯次的強勁程度充滿信心，並視其為推動長期成長展望的關鍵動能。該梯次的開發管線規模可觀且多元，凸顯機會的規模以及我們執行能力的深度。

Within the 2029 pipeline, we have advanced priority projects that total over 4 gigawatts and include an approximately 2 gigawatts solar-plus-storage project in the late stages of development. Importantly, what our enterprise is developing in the 2029 COD vintage has meaningfully more capacity than is required to meet our 2030 financial objectives. This provides resiliency and optionality as we continue to progress commercialization allowing us to be selective and disciplined while preserving upside.

在 2029 年管線中，我們已推進的優先專案合計超過 4 吉瓦，其中包含一項約 2 吉瓦的「太陽能加儲能」專案，已進入開發後期階段。重要的是，我們在 2029 年 COD 梯次所開發的容量，明顯高於達成 2030 年財務目標所需的容量。這在我們持續推進商業化的同時，提供韌性與選擇權，使我們能保持選擇性與紀律，同時保留上行空間。

Turning to slide 10. Since November, we've materially increased our line of sight to investment opportunities in the near term. With total corporate capital deployment over the 2026 to 2029 period now expected to be $3 billion. The green portion of the chart represents committed and identified investments. While the darker blue shade represents future late-stage growth opportunities that we expect to identify on future earnings calls as commercialization progresses.

接著看第 10 頁投影片。自 11 月以來，我們對短期投資機會的掌握度已大幅提升。目前預期 2026 至 2029 年期間的公司資本投入總額將達 30 億美元。圖表中的綠色部分代表已承諾與已辨識的投資；較深的藍色則代表未來後期階段的成長機會，我們預期隨著商業化推進，將在未來的財報電話會議中進一步辨識並更新。

This increasing visibility provides us with conviction that we can achieve the top end or better of our 2030 target. The capital plan and outlined on this slide excludes further upside from third-party M&A or co-located digital infrastructure investments that we may execute on from a position of strength.

這種能見度的提升，使我們更有把握能達成 2030 年目標的上緣或更佳表現。本頁所列的資本計畫不包含來自第三方併購或共址數位基礎設施投資的額外上行空間；我們可能在具備優勢的情況下執行這些投資。

Turning to slide 11. We have confidence not just in meeting our 2030 target, but in achieving the top end or better given the visible and abundant growth outlook discussed earlier and illustrated in this walk. Starting from our reaffirmed 2027 target, the investments already committed and identified across the 2027 through 2029 COD vintages provide a clear path to meeting our 2030 target.

接著看第 11 頁投影片。我們不僅有信心達成 2030 年目標，也有信心在前述並於此路徑圖中呈現的可見且充沛的成長展望支持下，達成上緣或更佳表現。從我們重申的 2027 年目標出發，2027 至 2029 年 COD 梯次中已承諾與已辨識的投資，提供一條清晰路徑以達成 2030 年目標。

With future growth investments enabling us to get to the top end or better of the target. This presented walk incorporates conservative assumptions around corporate financing and our base portfolio consistent with our historical practice of underpromising and overdelivering in the way we set long-term objectives for the enterprise.

而未來的成長投資將使我們得以達到目標區間的上緣或更佳表現。此處呈現的路徑圖納入了對公司融資與基礎資產組合的保守假設，並延續我們一貫的做法：在為企業設定長期目標時，寧可保守承諾、超額達成。

In our Flexi generation fleet, we assume long-term market price outcomes grounded in a conservative set of assumptions around California's regulations and market design. If long-term pricing of capacity and energy attributes from those facilities, is consistent with historical equilibrium prices, that would lead to CAFD per share above the target range in 2030 and beyond.

在我們的 Flexi 發電機組組合中，我們假設長期市場價格結果係以一組保守的假設為基礎，並圍繞加州的法規與市場設計而建立。若這些設施的容量與能源屬性之長期定價與歷史均衡價格一致，則將使 2030 年及其後的每股 CAFD 高於目標區間。

As always, future and uncommitted third-party acquisitions are not included in our long-term goals and the emerging opportunity set for collocated digital infrastructure investments would also present upside opportunity relative to these goals. Taken together, this robust outlook allows us to now aim for the top end or better of the 2030 CAFD per share target range of $2.90 to $3.10 that we set just six months ago.

一如既往，未來且尚未承諾的第三方併購不納入我們的長期目標；而共址數位基礎設施投資的新興機會組合，也將相對於這些目標帶來上行機會。綜合而言，這一強勁展望使我們如今得以將目標鎖定在我們僅於六個月前所設定之 2030 年每股 CAFD 目標區間（2.90 至 3.10 美元）的上緣或更佳水準。

Turning to slide 12. During the quarter, we also made tangible progress across several fronts in our business program in digital infrastructure assets. We are increasingly optimistic that our incumbency, our pre-existing development assets and natural advantages as a developer operator of vision critical power assets will position Clearway to be a mainstay provider of power and powered land to satisfy our country's needs in this domain.

接著看第 12 頁投影片。本季我們在數位基礎設施資產的業務計畫上，也在多個面向取得了具體進展。我們愈發樂觀地認為，我們的既有優勢、既存的開發資產，以及作為關鍵電力資產之開發與營運商所具備的天然優勢，將使 Clearway 成為此領域中滿足我國需求的長期主要供應商，提供電力與具電力供應的土地。

Our acceleration of work during the past quarter included progress across site development, commercialization, and delivery preparation that together sets the stage for construction of differentiated and large-scale co-located generation and powered land for data centers later in this decade.

過去一季我們加速推進的工作，涵蓋場址開發、商業化以及交付準備等多方面進展，這些合力為本十年稍晚建設具差異化且大規模的共址發電與具電力供應的資料中心用地奠定了基礎。

We completed equipment purchases for the first phase of generation at our complex in Wyoming and are targeting first load served as soon as 2028. We established a design and delivery partnership with our longtime friends at Quanta and Blattner, who are now advancing our work across three complexes in our pipeline.

我們已完成懷俄明州園區第一期發電所需設備採購，並以最早於 2028 年開始供電（first load served）為目標。我們也與長期合作夥伴 Quanta 與 Blattner 建立設計與交付合作關係，兩者目前正推進我們管線中三個園區的相關工作。

We signed PPAs with the data center development entity and entered the queue for a priority interconnection position at our complex in MISO -- and our preparation of our Montana complex is also now coming into view, with first generation targeted for 2030 or sooner, and 500 megawatts of PPAs now signed and awarded.

我們已與資料中心開發主體簽署 PPA，並在 MISO 的園區取得優先併網排隊位置；同時，我們對蒙大拿州園區的準備工作也已逐步明朗，首批發電目標為 2030 年或更早，且目前已簽署並獲授予 500 兆瓦的 PPA。

Across all of the complexes we have in development, we are seeing active and constructive engagement from our country's largest hyperscalers, who see in Clearway, a partner they can trust to deliver powered land that they need at scale and with a generation mix that addresses their goals.

在我們所有開發中的園區中，我們看到我國最大的 hyperscaler（超大規模雲端業者）正積極且具建設性地與我們互動；他們在 Clearway 身上看見一個值得信賴的合作夥伴，能以規模交付其所需的具電力供應土地，並提供符合其目標的發電組合。

As a reminder, the co-located digital infrastructure opportunity represents incremental upside to our goals. Illustratively, one complex alone could provide Clearway with a $1 billion or greater capital deployment opportunity weighted towards 2030 and beyond. As always, any upside investment would be aligned with our stringent underwriting criteria for near- and long-term value creation.

提醒一下，共址數位基礎設施機會代表的是相對於我們目標的額外上行空間。舉例而言，單一園區就可能為 Clearway 帶來 10 億美元或以上的資本投放機會，且權重偏向 2030 年及其後。一如既往，任何上行投資都將符合我們嚴格的承作（underwriting）標準，以創造近、長期價值。

Turning to slide 13. Based on our strongly accelerating development activity in our historical core business, we see potential for at least $1 billion of corporate capital deployment in 2030, which, in turn, could allow for us to sustain the high end of 5% to 8%-plus CAFD per share growth into 2031.

接著看第 13 頁投影片。基於我們在歷史核心業務中強勁加速的開發活動，我們看到在 2030 年至少有 10 億美元的公司資本投放潛力，進而可使我們將每股 CAFD 5% 至 8% 以上的成長率高檔延續至 2031 年。

Our sizable 4 gigawatts of 2030 vintage projects under development across our enterprise are strategically positioned, qualified for tax credits and represent volumes in excess of what's needed to achieve our financial objectives.

我們在全公司範圍內有規模達 4 吉瓦、屬於 2030 年投產（vintage）的開發中專案，具策略性布局、符合稅額抵免資格，且其量體超過達成我們財務目標所需。

On top of this, we have conviction that part of one or more of the co-located data center complexes will eventually be commercialized providing an upside investment opportunity. Taken together, the progress we are making across Clearway's multiple redundant growth pathways reinforces our confidence in the results that Clearway's best-in-class growth engine will deliver for years to come.

此外，我們也深信一個或多個共址資料中心園區中的部分最終將完成商業化，帶來上行投資機會。綜合而言，我們在 Clearway 多條冗餘成長路徑上的進展，強化了我們對 Clearway 同級最佳的成長引擎在未來多年將交付成果的信心。

With that, I'll turn the call over to Sarah, who will walk through our financial summary.

接下來我把電話交給 Sarah，由她說明我們的財務摘要。

Thanks, Craig. Turning to slide 15. I'll cover our first quarter financial results and our reaffirmed outlook for 2026. For the first quarter, Clearway delivered adjusted EBITDA of $257 million and CAFD or free cash flow of $70 million. From an operating perspective, our solar and battery fleet had strong performance across the portfolio and delivered results in line with budgeted expectations.

謝謝，Craig。接著看第 15 頁投影片。我將說明我們第一季財務結果，以及我們重申的 2026 年展望。第一季，Clearway 的調整後 EBITDA 為 2.57 億美元，CAFD（或自由現金流）為 7,000 萬美元。從營運角度來看，我們的太陽能與電池機組在整體組合中表現強勁，結果符合預算預期。

The same was true in our flexible generation segment, which delivered solid operational execution during the first quarter. In our Wind suite, resource was lower than budgeted expectations in certain regions due to lower wind resource and availability, with the most meaningful impact coming from Alta.

我們的彈性發電事業亦同，第一季展現穩健的營運執行。在風電組合方面，由於部分地區風資源與可用率低於預算預期，資源表現偏弱，其中影響最顯著的是 Alta。

The first four months of the year have seen meteorological conditions that have led to below-average resource levels for the wind industry across the Western US compared to historical norms. Also evident in our first quarter results was the impact on availability from a turbine enhancement program that Vestas North America is executing at Alta 2, 3, 4 and 5. We initiated the program in 2025 in conjunction with establishing a performance-based contract mechanism with the goal of returning those units to their historical availability levels of 95%-plus in the second half of 2026.

今年前四個月的氣象條件，使美國西部風電產業的風資源水準相較歷史常態偏低。我們第一季結果中也反映了可用率受到渦輪機增強計畫影響；該計畫由 Vestas North America 在 Alta 2、3、4 與 5 執行。我們於 2025 年啟動此計畫，並同時建立以績效為基礎的合約機制，目標是在 2026 年下半年將這些機組的可用率恢復至其歷史水準（95% 以上）。

Moving to the full year outlook, we are reaffirming our full year 2026 CASK guidance range of $470 million to $510 million as we continue to believe we are well positioned to meet our 2026 financial objectives based on growth commitments tracking on schedule and expected operational performance for the remainder of the year.

展望全年，我們重申 2026 全年 CASK 指引區間為 4.70 億至 5.10 億美元；我們仍相信，基於成長承諾按進度推進，以及今年剩餘期間預期的營運表現，我們具備良好條件達成 2026 年財務目標。

As per our usual practice, the guidance range reflects the potential distribution of outcomes tied to operating performance, energy pricing and the timing of growth in addition to assuming P50 resource for the remainder of the year. As always, our P50 resource expectation within our guidance assumes normalized weather conditions, consistent with long-term historical averages.

依照我們一貫作法，該指引區間反映了與營運表現、能源價格以及成長時點相關的可能結果分布，並假設今年剩餘期間採用 P50 資源情境。一如既往，我們在指引中的 P50 資源假設係以天候正常化為前提，與長期歷史平均一致。

Turning to slide 16. As disclosed last week, our share class simplification proposal was approved at our annual meeting, reflecting investors' clear preference for simplification and a more straightforward public structure. The simplification eliminates complexity by moving to one publicly traded security and positions us to broaden shareholder debt.

接著看第 16 頁投影片。如上週所揭露，我們的股權類別簡化提案已在年度股東會上獲得通過，反映投資人對簡化與更直接的公開市場架構之明確偏好。此簡化透過改為單一公開交易證券來消除複雜性，並使我們得以擴大股東基礎。

Consistent with what's shown on the slide, we expect that one class of publicly traded shares will have higher average daily trading volumes and the larger public vote will make it a more attractive security for public investors.

如投影片所示，我們預期單一類別的公開交易股票將具有較高的平均每日成交量，而更大的公開流通投票權也將使其對公開市場投資人更具吸引力。

Lastly, the simplification allows for greater flexibility to support our capital funding strategy. To meet our long-term CAFD per share and payout ratio goals, the efficient deployment of accretive capital is a key part of our strategy.

最後，此簡化也讓我們在支持資本籌措策略方面更具彈性。為達成我們長期的每股 CAFD 與配息率目標，有效率地部署具增益性（accretive）的資本是我們策略的關鍵部分。

Our core strategy to support the funding of growth Clearway continues to include enhancing our position of strength over time by lowering our payout ratio to fund more growth with retained cash flows. While also utilizing corporate debt as a funding source.

為支持 Clearway 成長資金需求的核心策略，仍包括隨時間推進強化我們的優勢地位，透過降低配息率，以保留現金流來資助更多成長，同時也運用公司債務作為資金來源。

But as we noted in past quarters, the issuance of equity only when accretive will also be a funding tool to ensure we prudently meet our financial objectives. While the core reason for implementing the simplification proposal was to honor investor feedback and simplify our public structure, a larger public float with greater trading liquidity has the second order impact of putting the platform in an improved position to utilize equity to fund attractive growth while ensuring equity is issued without price disturbance. Overall, we view this simplification as value enhancing for shareholders, and supportive of our long-term financial objectives.

但如同我們在過去幾季所提到的，僅在具增益性時才發行股權，也將是確保我們審慎達成財務目標的資金工具。雖然推動此簡化提案的核心原因是回應投資人回饋並簡化我們的公開架構，但更大的公開流通股數與更高的交易流動性，亦帶來次級效應：使平台在運用股權為具吸引力的成長提供資金方面處於更佳位置，同時確保發行股權時不致造成價格擾動。整體而言，我們認為此簡化將提升股東價值，並支持我們的長期財務目標。

With that, I'll turn the call back over to Craig.

接下來我把電話交回給 Craig。

Thanks, Sarah. To recap, we entered 2026 with a clear set of objectives, which I'm pleased we're on track to achieve. We are on pace to deliver our 2027 CAFD per share target. And beyond 2027, we have increasing line of sight towards achieving the top end or better of our 2030 CAFD per share target.

謝謝，Sarah。總結來說，我們在 2026 年初訂下明確目標，很高興目前正按計畫推進並可望達成。我們正朝交付 2027 年每股 CAFD 目標的進度前進。而在 2027 年之後，我們對達成 2030 年每股 CAFD 目標區間上緣或更佳水準的可視性也在提升。

Equally important, we are building durability into that growth with our prudent funding strategy and long-term payout ratio objectives. Beyond 2030, our work is increasingly focused on extending the growth runway for our enterprise well into the next decade.

同樣重要的是，我們透過審慎的資金策略與長期配息率目標，為這項成長建立更強的韌性。2030 年之後，我們的工作也愈發聚焦於將公司的成長跑道延伸至下一個十年更深處。

Over the coming quarters and specifically as part of our third quarter earnings update, we plan to advance initiatives that will enable us to roll forward our explicit CAFD per share growth target into 2031. We targeting the high end of 5% to 8% annual growth from the midpoint of our 2030 target. This includes continued advancement of our traditional development pipeline as well as thoughtful commercialization of gigawatt scale energy complexes to serve data center demand, which will present upside to the goals that we set based on our planned progression of our historical core business.

在接下來幾季，特別是作為第三季財報更新的一部分，我們計畫推進相關措施，使我們能將明確的每股 CAFD 成長目標延伸至 2031 年。我們以 2030 年目標中點為基準，鎖定每年 5% 至 8% 的高檔成長。這包括持續推進我們傳統的開發管線，以及審慎地將吉瓦級能源園區商業化以服務資料中心需求；這將相對於我們基於歷史核心業務既定推進所設定的目標，帶來上行空間。

In summary, we believe Clearway is executing extremely well and is laying a foundation for durable long-term value creation.

總結而言，我們相信 Clearway 的執行表現極為出色，並正在為可持續的長期價值創造奠定基礎。

With that, operator, we are ready to take questions.

接下來，接線員，我們準備開始提問。

(Operator Instructions) Justin Clare, ROTH Capital Partners.

（接線員指示）ROTH Capital Partners 的 Justin Clare。

And so I wanted to just start out on the digital infrastructure here. And wondering if you could just speak to the potential timing in which you think you could make the first investment in digital infrastructure. It looks like these projects are potentially moving a little bit faster than expected. The Wyoming data center could begin operating in 2028. So is there a possibility that Clearway could make an investment in that 2028 time frame? Or what do you think the most likely scenario is?

我想先從數位基礎設施談起。想請你談談你們可能進行第一筆數位基礎設施投資的時間點。看起來這些專案的推進速度可能比預期更快。懷俄明州資料中心可能在 2028 年開始營運。所以 Clearway 是否有可能在 2028 年這個時間框架內進行投資？或者你認為最可能的情境是什麼？

Yes. The possibility does exist. I think we're in the fortunate position, Justin, of having just a broadening array of opportunities that are being advanced by the Clearway Group sponsor entity in historical core business as you saw where grid tide projects that serve both utilities and corporate or hyperscaler customers are maturing in our pipeline and in a position to enable SWN to deploy the amount of capital that we would plan to deploy to hit the top end of its targets in the medium and long term.

是的，確實存在這種可能性。Justin，我認為我們很幸運，因為 Clearway Group 的贊助方實體在其歷史核心業務上，正推進一系列愈來愈多元的機會；如你所見，服務公用事業以及企業或超大規模（hyperscaler）客戶的併網（grid-tied）專案正在我們的管線中逐步成熟，並且已具備條件讓 SWN 能夠部署我們計畫部署的資本金額，以在中長期達成其目標區間的上緣。

So these digital infrastructure campuses put us in the position to augment a core business pipeline that's already in great health relative to the goals that we set for the CWEN entity. So what we will be doing over the course of the next few years is making a determination and any given vintage around what is optimal as a complementary additional fit for CWEN assessing its position in capital markets and determining what's really going to be most value accretive for the shareholders of Clearway Energy, Inc.

因此，這些數位基礎設施園區讓我們得以在核心業務管線已相當健康、且相對於我們為 CWEN 實體所設定目標的情況下，進一步加以補強。接下來幾年我們要做的，是在任何特定年度（vintage）判斷什麼樣的配置最適合作為 CWEN 的互補性增量選項，同時評估其在資本市場中的位置，並決定什麼才最能為 Clearway Energy, Inc. 的股東帶來增值。

In terms of investment tempo and fleet composition, but the acceleration of opportunity around those digital infrastructure campuses really just puts us in a fortunate position that we can think about accumulating a fleet of significant size and the time that each individual asset may find its way into Clearway Energy Inc. is ultimately going to be paced by what's most accretive to the public entity.

就投資節奏與資產組合而言，數位基礎設施園區相關機會的加速，讓我們處於一個有利位置：我們可以思考累積一個規模可觀的資產群，而每一項資產何時納入 Clearway Energy Inc.，最終將取決於什麼對上市實體最具增值性，並以此來決定節奏。

So yes, it's possible that some of the first investments in generating technology that would go into those campuses could be available to seen as soon as the end of 2028. And it will be alongside other investment opportunities in the core business.

所以是的，部分將導入這些園區的發電技術之首批投資，最早可能在 2028 年底就可望出現。同時也會與核心業務中的其他投資機會並行。

That's really helpful. And then just following up, how should we think about the relative attractiveness based on what you're seeing today? in the digital infrastructure assets relative to traditional utility scale investments, would you anticipate CAFD yields to be similar?

這很有幫助。接著追問一下，基於你們目前所看到的情況，我們應該如何看待數位基礎設施資產相對於傳統公用事業級投資的吸引力？你們預期 CAFD 殖利率會相近嗎？

Or are there meaningful differences? And then are there any other factors that you're considering in terms of the relative attractiveness? One could be just the size of investment could be quite substantial, and there could be a benefit there. So maybe you can just help us understand that.

還是會有顯著差異？另外，在相對吸引力方面你們還會考量哪些因素？其中一點可能是投資規模相當可觀，這可能帶來一些好處。能否協助我們理解一下？

I think it's still early for us to speak specifically to the individual structure that could be employed for deployment of capital by CWEN into infrastructure of this kind and it will vary from one complex to another and from one customer to another. But the way that we're generally thinking about it is that we are looking to fashion projects, which exhibit the same technical and commercial characteristics as those we routinely build for other grid tide settings.

我認為現在談 CWEN 將如何把資本部署到此類基礎設施的具體結構仍為時尚早；而且不同園區、不同客戶之間也會有所差異。但我們整體的思考方向是：我們希望打造的專案，能展現出與我們在其他併網情境中例行建置的專案相同的技術與商業特性。

And when we present Clearway Energy Inc with an opportunity to deploy capital into those complexes, we aim to present it with an opportunity to play that capital with a similar risk profile similar tenor, a similar CAFD yield, a similar long-term risk-adjusted return proposition.

當我們向 Clearway Energy Inc. 提出在這些園區部署資本的機會時，我們的目標是提供一個在風險輪廓、期限（tenor）、CAFD 殖利率，以及長期風險調整後報酬主張上都相近的投資機會。

And they're very well may be additional infrastructure that is developed and transferred either to partner utility or to the hyperscaler technology company themselves. -- as part of one of these sizable complexes, but we most certainly aim the total scope of the complex to present ample opportunities for CWEN to deploy its capital with a risk profile and a return similar to what it sees from the grid-tied projects we prepare for it.

而且，作為這些大型園區的一部分，可能還會有額外的基礎設施被開發並移轉給合作的公用事業，或移轉給超大規模科技公司本身——但我們確實希望整個園區的總體範疇能提供充足機會，讓 CWEN 以與我們為其準備的併網專案相近的風險輪廓與報酬來部署資本。

Mark Jarvi, CIBC.

CIBC 的 Mark Jarvi。

Craig, you mentioned the word Tempo investment temple, I'm just clearly, you're not short of investment opportunities and ability to deploy capital. So when you think about the medium-term targets, you're tracking at or above the 8% level through 2030. Like what holds you back from trying to push that above the 8% and maybe closer to 10% on the upper end of the range? Is it funding that you just don't want to get ahead of yourself on? Is there anything else that you would say it would sort of temper expectations for you guys right now?

Craig，你提到「節奏」（tempo）這個詞。很明顯你們不缺投資機會，也有能力部署資本。那麼當你們看待中期目標時，你們追蹤到 2030 年都在 8% 水準或以上。那是什麼因素讓你們不把它推得更高、也許更接近區間上緣的 10%？是資金面、你們不想操之過急？還是有其他因素會讓你們現在對外界預期有所保留？

Yes. Thanks for asking the question, Mark. I mean I think you know that let's put our company in the great standing that it enjoys is that we put one foot in front of the other. And make our growth happen through a progressive evolution and capital allocation framework and deployment of capital. And so when we think about the velocity of new investments in CAFD per share growth I would think, first and foremost, around the capital allocation framework we've set, which aims to maintain a prudent leverage ratio between 4 times and 4.5 times drive the payout ratio in the business down into the 70s as we approach the end of the decade.

是的，謝謝你的提問，Mark。我想你也知道，我們公司之所以能有現在這麼好的狀態，是因為我們一步一腳印，透過循序漸進的演進、資本配置架構與資本部署來實現成長。因此，當我們思考每股 CAFD 成長中新投資的速度時，我首先會想到我們所設定的資本配置架構：目標是維持審慎的槓桿比率在 4 倍到 4.5 倍之間，並在接近本十年末時，將業務的配息率（payout ratio）降到 70% 多的水準。

And to have the pace of growth matched with our public investors' appetite for that growth. So you're absolutely right that we want to be thoughtful about the pace that we present investment opportunities for CWEN so that the extent to which it accesses equity markets is entirely digestible. We're very proud of the way that we approach that work over the last year where there was no noticeable price disturbance for the amount of equity that we did issue through the ATM.

同時也要讓成長步伐與我們公開市場投資人對成長的偏好相匹配。所以你說得完全正確：我們希望審慎思考向 CWEN 提供投資機會的節奏，讓其進入股權市場的程度完全可被市場消化。我們對過去一年在這方面的做法感到非常自豪——我們透過 ATM 發行了相當數量的股權，但股價並未出現明顯擾動。

And we're also proud of how the simplification proposal that's now been adopted and effectuated should allow that kind of equity issuance through at-the-market instruments to happen in a way that, as Sarah noted, won't disturb share price.

我們也為目前已被採納並落實的簡化方案感到自豪；正如 Sarah 所提到的，這應能讓透過 at-the-market 工具進行的股權發行，以不干擾股價的方式進行。

But there's still a very reasonable pace that we think makes sense from a crawl-walk-run perspective. So we don't intend to rush things the opportunity set as we build it out at the Clearway Group level, gives us the ability to really pace things based on a speed that feels most comfortable for our public investors.

但從「爬—走—跑」的角度來看，我們仍認為存在一個非常合理的節奏。因此我們不打算操之過急；我們在 Clearway Group 層級建立的機會集合，讓我們能依照公開市場投資人覺得最舒適的速度來安排節奏。

In terms of the actual result in CAFD per share levels, certainly, other factors in the overall portfolio and the refinancing of our future debt maturities will also be factors that present themselves over time as we continue to extend contracts on our existing fleet.

就每股 CAFD 水準的實際結果而言，整體投資組合中的其他因素，以及未來到期債務的再融資，也會是我們在持續延長既有資產群合約、並展期到期債務（roll maturities）過程中，隨時間逐步浮現的因素。

And we roll maturities, but again, I think our track record of planning that prudently and then beating the assumptions on the upside is well demonstrated. So I think our hope would be that each year, we build a pace that we think is sensible. We match it to appetite from our public equity investors and bondholders for forming capital for new growth investments and as our fleet continues to mature over time, we hardened the base volume of CAFD and the CAFD per share it contributes, and we continue to drive upwards to the top end or better of each new target range that we set.

但同樣地，我認為我們審慎規劃、並在結果上超越假設的往績已充分展現。因此我們希望每一年都能建立一個我們認為合理的節奏，並與公開股權投資人與債券持有人對於為新成長投資提供資本的意願相匹配；隨著我們的資產群隨時間成熟，我們會強化 CAFD 的基礎量以及其所貢獻的每股 CAFD，並持續推升至我們所設定每個新目標區間的上緣或更佳。

So I think I think really, it's about making sure that we're deliberate in the pace that we approach both the bond and equity issuances that are needed to fund the growth of the business. But we feel quite good about continuing the track record we have, which makes each new issuance well received.

所以我想，重點確實在於確保我們在進行支持業務成長所需的債券與股權發行時，能以審慎、深思熟慮的節奏來推進。但我們對延續既有的良好往績感到相當有信心，這也讓每一次新的發行都能獲得市場良好反應。

Makes sense. And just a follow-up on that. Like it does feel like the market is receptive to the strategy and the execution and the plan you put ahead there. So the ATM does not seem like a headwind for you right now. So as you look ahead on continuing to accelerate the growth, expand on the growth, is there anything else beyond just maybe going a little harder on the ATM that you're contemplating selective asset sales any other thing in the corporate structure like hybrid securities? Or do you want to kind of keep it very much plain vanilla capital structure for this point?

了解。再追問一下：市場似乎確實對你們的策略、執行與你們提出的計畫持正面態度。因此 ATM 目前看起來並不是你們的阻力。那麼展望未來，若要持續加速成長、擴大成長，除了可能更積極運用 ATM 之外，你們是否也在考慮其他作法，例如選擇性資產出售、公司架構中的其他工具如混合型證券？還是你們希望在此階段維持非常「標準、單純」（plain vanilla）的資本結構？

When we look out through the plan to deliver up to the top end or better of our business plan just through our core business, the quantity of equity that would need to be issued in any given year is not a tremendously large number. It's digestible and consistent with what you see premium growth utilities who we aim to emulate routinely issuing through instruments like that. So we don't right now see a need to undertake the use of some other structure for rating capital that is more exotic than that.

當我們展望透過核心業務就能把業務計畫做到上緣甚至更好時，在任何一年需要發行的股權數量其實不會是非常大的數字。這是可消化的，也與我們希望效法的優質成長型公用事業公司，經常透過這類工具例行發行的情況一致。因此，我們目前不認為有必要採用某種比這更「特殊」的、用於評等資本的其他結構。

I think as we contemplate larger upside opportunities that we've denoted here that would be most likely to materially as further out in the kind of '29, 2030 and beyond time frame, we'll be a bigger company. The size of our float will be larger the amount of the retained CAFD in the business will be greater, the amount of leverage capacity and it will also be greater.

我認為，當我們思考這裡所提到、較大的上行機會時，這些機會最可能在更往後的時間點才會對我們產生實質影響，大概是在 2029、2030 以及之後的時間框架；屆時我們會是一家更大的公司。我們的流通股規模會更大，企業內部留存的 CAFD 也會更多，可運用的槓桿容量也會更大。

And those things all work in a mutually reinforcing way that should hopefully allow us to continue to grow above scale without needing to look beyond the vanilla instruments we use today to fund that growth. But certainly, we'll be thoughtful about what's available in the market at that time. And the way that we'll choose to fund growth will be informed by the same virtues of prudence in capital formation and risk avoidance and capital structure that have put us here.

而這些因素會以相互強化的方式運作，應可讓我們在不需要超出目前用來資助成長的「標準」工具之外，仍能持續在規模之上成長。不過，屆時我們當然也會審慎評估市場上可用的選項。我們選擇如何為成長融資，仍會以同樣的審慎資本形成、風險迴避與資本結構原則為依據，而正是這些原則帶領我們走到今天。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

This is Hannah Velásquez on for Julian. Thanks for the update and congrats on the quarter. Just to kick off with my question, I had a follow-up on the data center opportunity or rather the large complex -- so I understand you're targeting a mix of resources across renewables and conventional.

我是代替 Julian 的 Hannah Velásquez。感謝更新，也恭喜本季表現。先從我的問題開始，我想追問資料中心機會，或者說大型複合園區——我理解你們的目標是在再生能源與傳統能源之間配置一個資源組合。

How do you think about -- I don't know what the right word is, but overbuilding, I suppose, your renewables. I've heard or I've read that if you were to say provide solar to cover your data center need because of the 25% capacity factor, call it, you would need a 4 times overbuild on solar in that example. That the right way to think of it? And if so, does that imply that Clearway Group would perhaps bias more towards inventional.

你們如何看待——我不確定用詞是否正確，但我想是「超額建置」——你們的再生能源？我聽說或讀到，如果你要用太陽能來覆蓋資料中心的需求，因為容量因子大約 25%，在那個例子中你需要把太陽能建置到 4 倍。這樣理解對嗎？如果是，是否意味著 Clearway Group 可能會更偏向傳統能源？

It's an interesting ratio that you're referencing. It's -- I don't think that, that's really representative of the way we've been designing these complexes or the way that we've engaged with. Customers for the generation they provide. I think the way that we've looked at these, we've -- first, with respect to the role of the gas generation. I think we're proud of the pragmatic perspective, we've maintained really since the inception of Clearway and its predecessor in Carnation is NRG Yield where we've seen that gas generation and renewables and now storage together can play a very complementary set of roles in a generation stack.

你提到的那個比率很有意思。不過我不認為那真的能代表我們設計這些複合園區的方式，或我們與客戶就其所提供的發電量進行合作的方式。我認為我們看待這些園區時——首先，就燃氣發電的角色而言——我想我們很自豪能維持一個務實的觀點，這其實自 Clearway 及其前身（NRG Yield）成立以來就一直如此：我們認為燃氣發電、再生能源以及現在的儲能，可以在發電組合中扮演非常互補的角色。

And the way that they get mixed together most definitely varies from one location to another based on whether you've got a system that peaks in the winter or a system that peaks in the summer or the relative resource attributes in NCF, net capacity factor of one technology or another. And I think that's what you see in the design of the different complexes that we're building where you might see more or less solar nameplate capacity or more or less natural gas fueled nameplate capacity in one location or another.

而它們如何混搭，確實會因地點而異，取決於你所處的是冬季尖峰的系統還是夏季尖峰的系統，或不同技術在 NCF（淨容量因子）上的相對資源屬性。我認為這正反映在我們正在建置的不同園區設計上：在某些地點你可能會看到較多或較少的太陽能名目容量，或較多或較少的天然氣燃料名目容量。

But we most definitely are not looking at I guess what your term was kind of like an overbuild ratio like that, the way this sort of works out is that we're identifying what the lease-cost best fit technology is in the location, assessing local site constraints.

但我們絕對不是用你所說那種「超額建置比率」的方式在看待。這件事實際上的運作方式是：我們會先辨識在該地點於租賃成本上最適配的技術，並評估當地場址限制。

Determining how much generation that technology can provide during the 24 hours of the day in any 12-month period. And after determining what is cost effective and consistent with land use expectations in that community and at the federal level.

接著判定該技術在任何 12 個月期間內、一天 24 小時中能提供多少發電量；並在確認其具成本效益且符合該社區與聯邦層級的土地使用期待之後——

Making sure that there is an appropriately sized gas or battery generator at that location to assure that we can provide for supply to the data center at that location or to the load serving entity that's going to play a vital role in balancing the system. So I would not say that rule of thumb is really something we see. And for example, in the case of the Montana complex, I'd say, you would not see that kind of a ratio of a solar generator to gas capacity?

確保在該地點配置適當規模的燃氣或電池發電機，以保證我們能為該地點的資料中心供電，或為將在系統平衡中扮演關鍵角色的負載服務實體供電。因此，我不會說那個經驗法則是我們真正看到的情況。舉例來說，在蒙大拿園區的案例中，我會說你不會看到那種太陽能發電機相對於燃氣容量的比率。

And just as my follow-up, perhaps on the tax equity or the health of the tax equity capital markets, I know this has been a common theme for the past couple of months. But is there anything to comment there. We have heard that a few of the larger institutional tax equity investors have paused in response to some of the CEOC ambiguity.

再追問一個，可能是關於稅務股權（tax equity）或稅務股權資本市場的健康狀況。我知道這在過去幾個月一直是常見主題。但這方面有什麼可以評論的嗎？我們聽說有一些較大型的機構型稅務股權投資人，因為 CEOC 的一些不明確性而暫停了。

Is that impacting your sponsor in any way? Or I know perhaps Clearway Group is good about a domestic strategy in terms of procurement, but anything to comment there? And perhaps even if it's -- the impact is overstated amongst the market.

這是否以任何方式影響你們的贊助方？或者我知道 Clearway Group 在採購上可能很擅長採取國內策略，但這方面有什麼可以補充的嗎？甚至也可能是——市場對影響的解讀被誇大了。

Yes. Thanks for the question. I'm not in a position necessarily to address the broad market, but I can't address our experience. And I'm really proud to say I don't think we've been executing with tighter financing at size at any point in our history. For us, anyway, the markets for project debt for construction debt for tax equity tax credit transfer are the most robust we've ever seen them.

是的，謝謝你的問題。我未必能評論整體市場，但我可以談談我們的經驗。我很自豪地說，我不認為我們在公司歷史上曾有任何時點，能以如此具規模、且融資條件如此寬鬆的方式來執行。至少對我們而言，專案債、建設期債務、稅務股權、稅額轉讓（tax credit transfer）的市場，都是我們見過最強勁的。

We are organizing extremely efficient financing the size of the projects that we are now organizing financing for, which are principally pointed to the 2028 vintage because everything that we finance for -- or everything that sort of pointed to 2027 is largely complete already in financing. -- are some of the biggest projects that we've ever financed.

我們正在安排極為高效率的融資；而我們目前正在安排融資的專案規模，主要指向 2028 年的那一批，因為我們為——或說指向 2027 年的融資大多已經基本完成——這些都是我們融資過的最大型專案之一。

We just closed a $1 billion tax equity facility that's the largest we've ever closed. And the banking community likes doing work with us because the projects we put together exhibit a nice risk-adjusted profile and they trust us with their capital. I think part of the other reason why we're on such good footing is that the Safe Harbor program we built for Clearway, I think, is really at the top of the industry in terms of its level of organization and rigor and planning.

我們剛完成一筆 10 億美元的稅務股權融資工具，這是我們歷來最大的一筆。銀行界也喜歡與我們合作，因為我們組合出來的專案呈現良好的風險調整後特性，而且他們信任我們能妥善運用他們的資金。我認為我們之所以能有這麼好的基礎，另一部分原因在於我們為 Clearway 建立的 Safe Harbor 計畫，在組織程度、嚴謹性與規劃上，我認為都位居產業前段。

So I think the projects that we're completing now don't need to combine with the foreign entity of concern requirements that you're noting might have been difficult for some because of when we safe harbor those projects. But the equipment we purchased would comply anyway. So the combination of our domestic for supply chain, the planning we had for safe harboring and just the quality of Clearway as a sponsor, all mean it's been actually a very routine and robust period of time for us in financing projects.

因此，我認為我們現在正在完成的專案，不需要去面對你所提到、對某些人可能較困難的「外國關切實體」（foreign entity of concern）要求，因為我們對這些專案進行 safe harbor 的時間點使然。但即便如此，我們採購的設備本來也會符合規範。所以，我們的供應鏈國內化策略、對 safe harbor 的規劃，以及 Clearway 作為贊助方的品質，三者結合起來，意味著對我們而言，這段期間的專案融資其實非常例行且強勁。

The last thing I'll note just because you did ask about Safe Harbor is that I think we're really proud of the way that we've planned that program for our development pipeline well out into the 2030s. So the same planning that put us in a position to be routinely financing projects right now for completion in 2027 and 2028 has put us in a position to look out well past 2030 with projects that will be eligible for tax credits and compliant with existing statute and guidance.

最後我再補充一點，既然你問到 Safe Harbor：我們對於如何為開發管線把這個計畫一路規劃到 2030 年代之後，感到非常自豪。同樣的規劃讓我們現在能夠例行性地為 2027 與 2028 年完工的專案融資，也讓我們能把視野放到 2030 年之後，確保那些專案仍可取得稅額抵免，並符合現行法規與指引。

So all in all, our finance team is doing a tremendous job they've already organized billions of dollars in financing this year, which is committed and have billions more to go, and this is really the best financing environment we've ever seen.

總而言之，我們的財務團隊做得非常出色；他們今年已經安排了數十億美元的融資，且都已承諾到位，後面還有更多數十億美元要完成，而這確實是我們見過最好的融資環境。

(Operator Instructions) Heidi Hauch, BNP Paribas.

（接線員指示）Heidi Hauch，BNP Paribas。

Congrats on the update here. I just want to ask -- you had another question on the digital infrastructure projects. I guess just thinking about the -- what we're hearing is natural gas projects, especially today are more expensive and complicated to build, just given siting constraints and equipment constraints. How should we think about the return premium that Clearway Group would need to earn on these complexes relative to the complexes that are kind of renewables only. Is it possible? Or should we think that some of that premium trickles down to a higher CAFD yield on those specific natural gas complexes.

恭喜這次更新。我想再問——你們之前也提到數位基礎設施專案。我想從我們聽到的情況來看，天然氣專案，尤其在今天，因為選址限制與設備限制，建置成本更高、也更複雜。我們應該如何看待 Clearway Group 在這些複合園區上，相對於那種僅再生能源的園區，需要賺取的報酬溢價？這有可能嗎？或者我們是否應該認為，其中一部分溢價會反映為那些特定天然氣複合園區較高的 CAFD 殖利率？

The thing that I think you've noted at the end in using the word complex, probably becomes the most important word for purposes of SWN's investment opportunity. Our goal is to have the novelty and scale of these facilities to give the combination of Clearway Group and Clearway Energy Inc. an investment opportunity that produces great risk-adjusted returns. And we are focused as much on longevity and risk in structure as we are on the nominal return that a project can produce.

我認為你在最後用到「複雜」這個詞所指出的那點，對於 SWN 的投資機會而言，可能會成為最重要的詞。我們的目標是讓這些設施的新穎性與規模，為 Clearway Group 與 Clearway Energy Inc. 的組合帶來一個能產生優異風險調整後報酬的投資機會。而且我們在結構的長期性與風險上的關注程度，與我們對專案可產生的名目報酬的關注同樣高。

So we're really -- we're thinking about both of those together. As far as the gas generator in most of these complexes go, it remains still quite possible that the owner of that gas generation wouldn't be a Clearway company or affiliate, but instead a utility who's interconnecting the full basket of resources or the technology company themselves.

所以我們確實——我們是把這兩者一起思考。就這些複合園區中多數的燃氣發電機而言，仍然很有可能其燃氣發電的所有者不會是 Clearway 的公司或關係企業，而是會是負責將整套資源互聯的公用事業公司，或是技術公司本身。

So what entity owns the firming gas generation, I think, is something that's kind of a reflection of which entity is going to be in the best position to balance the co-located load and generation. And we think of our role here is assembling a set of generator technologies that can allow someone to run at a very high level of reliability, some very important digital computation infrastructure not to own a gas plant per se.

因此，哪個實體擁有用於「補強」的燃氣發電，我認為在某種程度上反映了哪個實體最有能力去平衡同址（co-located）的負載與發電。我們認為我們在此的角色，是組合一套發電技術，使某些非常重要的數位運算基礎設施能以極高的可靠度運行，而不必一定要自己擁有一座燃氣電廠。

But in all of these cases, some type of gas generation either there at the site or delivered through the system is pretty vital to balancing it. And there's certainly a value proposition for both Clearway Group and Clearway Energy, Inc. is a source of long-term capital in providing that kind of firming generation.

但在所有這些情況下，無論是在現場設置某種燃氣發電，或是透過系統輸送，某種形式的燃氣發電對於平衡而言都相當關鍵。而且對 Clearway Group 與 Clearway Energy, Inc. 來說，作為提供此類補強發電的長期資本來源，確實存在一個價值主張。

And whether that is something that seen ultimately sees in the form of a very long dated low-risk return or a premium return, I think, is something that we will sort through in the future. What we are focused on today is creating these projects so that we have the opportunity to have that kind of thoughtful engagement, and we're doing very good at that right now.

至於最終呈現會是非常長天期的低風險報酬，或是溢價報酬，我認為這是我們未來會再梳理的事情。我們今天專注的是把這些專案打造出來，讓我們有機會進行那種深思熟慮的互動，而我們目前在這方面做得非常好。

Great. That's very helpful. And just going to this updated corporate funding strategy, I guess, how would you think through as we go into 2030 plus? And even if there is a potential that you target that 1.7 gigawatts of incremental growth to 2029, that's not currently in the $3 billion plan. I mean, we saw or we're seeing you upping your investment that -- and then maintain them upping external equity accretive equity.

很好。這非常有幫助。接著談到這個更新後的公司資金策略，我想問的是，當我們走向 2030 年以後，你們會如何思考？即使你們可能把那 1.7 吉瓦的增量成長目標放到 2029 年，但那目前不在 30 億美元的計畫裡。我的意思是，我們看到或正在看到你們提高投資——同時也維持、提高外部股權（具增益性的股權）。

How should we think about funding kind of the next leg of growth? Do you expect that if you did pursue incremental growth for 2029, for example, you have more retained cash flow or more debt capacity relative? Or I guess, just like why not increase the percentage coming from corporate debt or the nominal amount coming from corporate debt and retained cash flow as you're increasing your full investment target?

我們應該如何思考下一階段的成長資金來源？如果你們確實追求例如 2029 年的增量成長，你們是否預期相較之下會有更多留存現金流或更大的舉債能力？或者我想問的是，當你們提高整體投資目標時，為什麼不提高由公司層級債務所提供的比例，或提高由公司層級債務與留存現金流所提供的名目金額？

Yes, I think I understand your question, and I can sort of address it from the standpoint of basic principles. And then, Sara, I'll turn to you and you can maybe share an example of the way that we think about how incremental increases in corporate capital investment opportunity would be capitalized as we grow.

是的，我想我理解你的問題，我可以先從基本原則的角度來回應。然後，Sara，我把問題交給你，你也許可以分享一個例子，說明當我們成長時，我們如何看待公司資本投資機會的增量增加，應該如何進行資本化（籌資）。

So I think we're most definitely going to follow as the corporate capital deployment opportunity set grows the same algorithm that we've communicated for years. And we look first to retain cash flow as a preferred first source of capital for investment and growth.

我認為，隨著公司資本部署的機會集合擴大，我們毫無疑問會遵循我們多年來一直傳達的同一套演算法。我們首先會把留存現金流視為投資與成長的首選資本來源。

And then second to the bond markets and debt capital within a prudently managed capital structure. And we've talked about 4 times to 4.5 times is that prudent leverage ratio that we look to maintain as a business and that is a ratio that has been our range really going back for really, I think the entirety of our life as a public enterprise.

其次是債券市場與債務資本，並維持在審慎管理的資本結構之內。我們談過 4 倍到 4.5 倍是我們希望維持的審慎槓桿比率，而這個區間基本上自我們作為上市企業以來，幾乎一直都是我們的範圍。

And as we grow our fleet, both that amount of retained cash flow, especially into 2030 and beyond will be growing -- and as you note, our debt capacity is managed to that midpoint of that leverage ratio, for example, will be growing also, and we will certainly most definitely plan to make use of those sources of funding first.

隨著我們的資產組合擴大，留存現金流的金額——特別是到 2030 年及以後——將會成長；而如你所指出的，我們的舉債能力也會以該槓桿比率的中位數來管理，因此也會成長。我們當然、毫無疑問會計畫優先使用這些資金來源。

And then beyond that, there's some -- once those have been utilized, some basic formulaic relationship between the dollars of new corporate capital that we could deploy in a fraction of those that would be funded from debt or equity.

再往後，一旦這些來源都已被運用，就會存在某種——在我們可部署的新公司資本金額與其中由債務或股權提供的比例之間，會有一些基本的公式化關係。

And maybe to that end, Sara, I'll turn to you to just sort of provide a basic rule of thumb.

也因此，Sara，我把問題交給你，請你提供一個基本的經驗法則。

Sure. Sounds good. So I think to Craig's point, the amount of capital that we plan to deploy to meet our 2030 target. Has already assumed that would use all available retained CAFD. And then we will fund the amount that we're able to through the issuance of corporate debt, which within our leverage ratio looks like about 45%.

好的，沒問題。我想呼應 Craig 的觀點，我們為達成 2030 年目標而計畫部署的資本金額，已經假設會使用所有可用的留存 CAFD。接著，我們會在槓桿比率允許的範圍內，透過發行公司債來籌措我們能籌到的部分，約為 45%。

And that means for the incremental investment above sort of the baseline that we've indicated will need to get to our target range, which was that $2.5 billion of corporate capital that we already talked about. Once we get above that, we're able to issue corporate debt at about that 45%, but the balance of that 55% is going to have to come through the issuance of equity.

這表示，對於超出我們所指出的基準投資（也就是達到目標區間所需的投資）之上的增量投資——也就是我們已經談過的 25 億美元公司資本——一旦超過那個水準，我們仍可大約以 45% 透過發行公司債來籌資，但其餘的 55% 就必須透過發行股權來取得。

But that -- because we're talking about achieving above the high end of the range we believe we'll be able to do that from a position of strength without causing significant disruption to the price.

但——因為我們談的是達成高於我們認為可達區間上緣的水準——我們相信我們能在相對有利的態勢下做到，而不會對股價造成顯著干擾。

And that last point is really the most important point, which is that we're in the really fortunate position to have an opportunity set for Clearway Energy Inc.'s that allows us to think about setting our sights above the long-term goals we'd articulated just six months ago. So to the extent that we're thinking about in a measured way, one quarter after another, one year after another increasing the tempo or the scale of corporate capital deployment. We'd be doing that because it's evident that the cost of that ending makes each new investment accretive that our public investors welcome the proposition of our deploying that extra capital and issuing the securities that we need to issue to fund that. And it's not a necessity.

而最後這點其實是最重要的一點：我們非常幸運，Clearway Energy Inc. 擁有的機會集合，讓我們可以把目標設定在僅僅六個月前所闡述的長期目標之上。因此，若我們以審慎的方式，一季接著一季、一年接著一年地提高公司資本部署的節奏或規模，那是因為很明顯，該融資成本使得每一筆新投資都具增益性（accretive），我們的公開市場投資人也樂見我們部署額外資本，並發行我們為籌資所需發行的證券。這並非出於必要。

So we feel really fortunate to be in the position we're in where that's a choice we can make rather than an obligation. And it's a thing that we can move through one step at a time. So I think we're not going to be surprising anybody with that because really, your question is oriented around time vintage that's three to four years from now, and we will all be able to get there together one step at a time.

所以我們覺得非常幸運，能處在這樣的位置：這是一個我們可以做出的選擇，而不是一項義務。而且我們可以一步一步地推進。我想我們不會讓任何人感到意外，因為你的問題其實是指向三到四年後的時間點，而我們都能一起一步一步走到那裡。

There's no other question in queue. That concludes our Q&A session. I will now turn the conference back over to Craig Cornelius for closing remarks. Please go ahead.

目前佇列中沒有其他問題。問答環節到此結束。我現在把電話會議交回給 Craig Cornelius 作結語。請開始。

Thank you, everyone, for joining us today and for your ongoing support of Clearway. We're proud of the work we're doing to deliver new generating capacity in markets across our country with an array of diverse energy resources that are critical to the country's needs. Operator, you may close the call.

謝謝各位今天加入我們，也感謝各位持續支持 Clearway。我們很自豪能在全國各地的市場，透過多元的能源資源組合，提供符合國家需求、至關重要的新發電容量。接線員，您可以結束通話。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。