Clearway Energy, Inc. (NYSE: CWEN) reported Q3 EPS of $0.36, versus $0.20 reported last year. Revenue for the quarter came in at $296 million, versus $292 million reported last year.

• Maintaining 2019 and Initiating 2020 CAFD Guidance
• Reached commercial operations at the Hawaii Solar Phase I Oahu project; Repowering 1.0 remains on schedule
• Signed new thermal energy services agreement with owner of Four Seasons Cayo Largo
• Repurchased the outstanding non-recourse project financing for Agua Caliente Borrower 2
• Announced sales of Energy Center Dover and a 6 MW distributed solar project
• Partnered with Global Infrastructure Partners III to reduce future capital requirements for Carlsbad via a new non-resource financing
• Elected not to pursue Mesquite Star drop down offer from Clearway Group
• Declared quarterly dividend of $0.20 per share in fourth quarter 2019

"During the third quarter, Clearway delivered strong operational results while also advancing the long-term growth prospects of the Company,” said Christopher Sotos, Clearway Energy, Inc.’s President and Chief Executive Officer. “Operationally, I’m pleased to report that strong performance across all of our operating segments resulted in quarterly financial performance above our expectations. For growth, due to the success in raising attractively priced, new investment grade rated non-recourse back-leverage financing at Carlsbad, Clearway’s total corporate capital requirement for this future acquisition has now been reduced by over $200 million allowing the Company to potentially acquire Carlsbad at a price that is more manageable given the current capital constraints resulting from the PG&E bankruptcy. Because of this opportunity, and due to the existing capital constraints on the Company, we continue to work with Clearway Group on optimizing the ROFO pipeline for investment timing that is more aligned to when the capital constraints are no longer an issue. Consistent with this approach we are focusing on the existing ROFO opportunities with funding dates required in late 2020 and 2021. As a result, we have elected to no longer pursue the Mesquite Star acquisition from Clearway Group. That said, as we move into 2020, and await the final resolution of the PG&E bankruptcy process, the execution of the Company’s existing commitments, the future addition of Carlsbad, and the ROFO pipeline will position Clearway for long term dividend growth.”

2019 and 2020 Financial Guidance

The Company is maintaining its 2019 full year CAFD guidance of $250 million.

The Company is also initiating 2020 CAFD guidance of $295 million. Financial guidance factors in the impact of the divestitures and financing updates described above and the contribution of committed growth investments based on the current expected closing timelines. This CAFD guidance does not factor in other potential growth, including the Carlsbad transaction. CAFD guidance also does not factor in other portfolio cash flow drivers beyond 2020 or the impact of future permanent capital formation.

Financial guidance for 2019 and 2020 assumes that all CAFD related to the projects impacted by the PG&E Bankruptcy is realized and continues to be based on median renewable energy production estimates.

For earnings history and earnings-related data on Clearway Energy, Inc. (CWEN) click here.