Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Class of Stock | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36002 | ||
Entity Registrant Name | Clearway Energy, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 46-1777204 | ||
Entity Address, Address Line One | 300 Carnegie Center, Suite 300 | ||
Entity Address, City or Town | Princeton | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08540 | ||
City Area Code | 609 | ||
Local Phone Number | 608-1525 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 3,029,269,190 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: Portions of the Registrant's Definitive Proxy Statement relating to its 2022 Annual Meeting of Stockholders | ||
Entity Central Index Key | 0001567683 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Common Class A | |||
Class of Stock | |||
Title of 12(b) Security | Class A Common Stock, par value $0.01 | ||
Trading Symbol | CWEN.A | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 34,599,645 | ||
Common Class B | |||
Class of Stock | |||
Entity Common Stock, Shares Outstanding | 42,738,750 | ||
Common Class C | |||
Class of Stock | |||
Title of 12(b) Security | Class C Common Stock, par value $0.01 | ||
Trading Symbol | CWEN | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 81,869,907 | ||
Common Class D | |||
Class of Stock | |||
Entity Common Stock, Shares Outstanding | 42,738,750 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Philadelphia, Pennsylvania |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Revenues | |||
Total operating revenues | $ 1,286 | $ 1,199 | $ 1,032 |
Operating Costs and Expenses | |||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 451 | 366 | 337 |
Depreciation, amortization and accretion | 509 | 428 | 401 |
Impairment losses | 6 | 24 | 33 |
General and administrative | 40 | 34 | 29 |
Transaction and integration costs | 7 | 9 | 3 |
Development costs | 6 | 5 | 5 |
Total operating costs and expenses | 1,019 | 866 | 808 |
Operating Income | 267 | 333 | 224 |
Other Income (Expense) | |||
Equity in earnings of unconsolidated affiliates | 32 | 7 | 83 |
Impairment loss on investment | 0 | (8) | 0 |
Gain on sale of unconsolidated affiliate | 0 | 49 | 0 |
Other income, net | 3 | 4 | 9 |
Loss on debt extinguishment | (53) | (24) | (16) |
Interest expense | (312) | (415) | (404) |
Total other expense, net | (330) | (387) | (328) |
Income Before Income Taxes | (63) | (54) | (104) |
Income tax expense (benefit) | 12 | 8 | (8) |
Net Loss | (75) | (62) | (96) |
Less: Net loss attributable to noncontrolling interests | (126) | (87) | (85) |
Net Income (Loss) Attributable to Clearway Energy, Inc. | $ 51 | $ 25 | $ (11) |
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders | |||
(Loss) Earnings per weighted average common share - basic and diluted (in dollars per share) | $ 0.44 | $ 0.22 | $ (0.10) |
Common Class A | |||
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders | |||
Weighted average number of common shares outstanding - basic and diluted (in shares) | 35 | 35 | 35 |
Weighted average number of common shares outstanding - diluted (in shares) | 35 | 35 | 35 |
Dividends per common share (in usd per share) | $ 1.33 | $ 1.05 | $ 0.80 |
Common Class C | |||
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders | |||
Weighted average number of common shares outstanding - basic and diluted (in shares) | 82 | 80 | 74 |
Weighted average number of common shares outstanding - diluted (in shares) | 82 | 81 | 74 |
Dividends per common share (in usd per share) | $ 1.33 | $ 1.05 | $ 0.80 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (75) | $ (62) | $ (96) |
Other Comprehensive Income, net of tax | |||
Unrealized gain on derivatives, net of income tax (expense) benefit of $(3), $— and $1 | 19 | 1 | 7 |
Other comprehensive income | 19 | 1 | 7 |
Comprehensive Loss | (56) | (61) | (89) |
Less: Comprehensive loss attributable to noncontrolling interests | (115) | (87) | (81) |
Comprehensive Income (Loss) Attributable to Clearway Energy, Inc. | $ 59 | $ 26 | $ (8) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain on derivatives, income tax expense | $ (3) | $ 0 | $ 1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 179 | $ 268 |
Restricted cash | 475 | 197 |
Accounts receivable — trade | 144 | 143 |
Inventory | 37 | 42 |
Current assets held-for-sale | 631 | 0 |
Prepayments and other current assets | 65 | 58 |
Total current assets | 1,531 | 708 |
Property, plant and equipment, net | 7,650 | 7,217 |
Other Assets | ||
Equity investments in affiliates | 381 | 741 |
Intangible assets for power purchase agreements, net | 2,419 | 1,230 |
Other intangible assets, net | 80 | 140 |
Deferred income taxes | 95 | 104 |
Derivative instruments | 6 | 1 |
Right-of-use assets, net | 550 | 337 |
Other non-current assets | 101 | 114 |
Total other assets | 3,632 | 2,667 |
Total Assets | 12,813 | 10,592 |
Current Liabilities | ||
Current portion of long-term debt | 772 | 384 |
Accounts payable — trade | 74 | 72 |
Accounts payable — affiliates | 107 | 17 |
Derivative instruments | 46 | 38 |
Accrued interest expense | 54 | 44 |
Current liabilities held-for-sale | 494 | 0 |
Accrued expenses and other current liabilities | 84 | 79 |
Total current liabilities | 1,631 | 634 |
Other Liabilities | ||
Long-term debt | 6,939 | 6,585 |
Deferred income taxes | 13 | 0 |
Derivative instruments | 196 | 135 |
Long-term lease liabilities | 561 | 345 |
Other non-current liabilities | 173 | 178 |
Total other liabilities | 7,882 | 7,243 |
Total Liabilities | 9,513 | 7,877 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | 0 | 0 |
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 201,856,166 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,779,021, Class D 42,738,750) at December 31, 2021 and 201,635,990 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,558,845, Class D 42,738,750) at December 31, 2020 | 1 | 1 |
Additional paid-in capital | 1,872 | 1,922 |
Accumulated deficit | (33) | (84) |
Accumulated other comprehensive loss | (6) | (14) |
Noncontrolling interest | 1,466 | 890 |
Total Stockholders' Equity | 3,300 | 2,715 |
Total Liabilities and Stockholders' Equity | $ 12,813 | $ 10,592 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Par value - preferred stock (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued (in shares) | 201,856,166 | 201,635,990 |
Common stock, shares outstanding (in shares) | 201,856,166 | 201,635,990 |
Common Class A | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | |
Common stock, shares issued (in shares) | 34,599,645 | 34,599,645 |
Common stock, shares outstanding (in shares) | 34,599,645 | 34,599,645 |
Common Class B | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | |
Common stock, shares issued (in shares) | 42,738,750 | 42,738,750 |
Common stock, shares outstanding (in shares) | 42,738,750 | 42,738,750 |
Common Class C | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | |
Common stock, shares issued (in shares) | 81,779,021 | 81,558,845 |
Common stock, shares outstanding (in shares) | 81,779,021 | 81,558,845 |
Common Class D | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | |
Common stock, shares issued (in shares) | 42,738,750 | 42,738,750 |
Common stock, shares outstanding (in shares) | 42,738,750 | 42,738,750 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ (75) | $ (62) | $ (96) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Equity in earnings of unconsolidated affiliates | (32) | (7) | (83) |
Distributions from unconsolidated affiliates | 38 | 61 | 34 |
Depreciation, amortization and accretion | 509 | 428 | 401 |
Amortization of financing costs and debt discounts | 14 | 15 | 17 |
Amortization of intangibles and out-of-market contracts | 146 | 90 | 71 |
Loss on debt extinguishment | 53 | 24 | 16 |
Reduction in carrying amount of right-of-use assets | 11 | 4 | 7 |
Gain on sale of unconsolidated affiliate | 0 | (49) | 0 |
Impairment losses | 6 | 32 | 33 |
Change in deferred income taxes | 12 | 8 | (8) |
Changes in derivative instruments | 28 | 44 | 85 |
Loss on disposal of asset components | 3 | 9 | |
Changes in prepaid and accrued liabilities for tolling agreements | 5 | (1) | 1 |
Changes in other working capital | (14) | (45) | (10) |
Net Cash Provided by Operating Activities | 701 | 545 | 477 |
Cash Flows from Investing Activities | |||
Acquisitions, net of cash acquired | (533) | 0 | (100) |
Partnership interest acquisition | 0 | 0 | (29) |
Acquisition of Drop Down Assets, net of cash acquired | (229) | (122) | (161) |
Buyout of Wind TE Holdco noncontrolling interest | 0 | 0 | (19) |
Capital expenditures | (151) | (124) | (228) |
Asset purchase from affiliate | (21) | 0 | 0 |
Return of investment from unconsolidated affiliates | 47 | 79 | 56 |
Investments in unconsolidated affiliates | 0 | (11) | (13) |
Proceeds from sale of assets | 0 | 90 | 20 |
Consolidation of DGPV Holdco 3 LLC | 0 | 17 | 0 |
Other | 22 | 9 | 6 |
Net Cash Provided by (Used in) Investing Activities | (865) | (62) | (468) |
Cash Flows from Financing Activities | |||
Contributions from noncontrolling interests, net of distributions | 967 | 247 | 174 |
Buyout of Repowering Partnership II LLC noncontrolling interest | 0 | (70) | 0 |
Proceeds from the issuance of common stock | 0 | 62 | 100 |
Payments of dividends and distributions | (268) | (211) | (155) |
Proceeds from the revolving credit facility | 622 | 265 | 152 |
Payments for the revolving credit facility | (377) | (265) | (152) |
Proceeds from issuance of long-term debt | 1,728 | 1,084 | 1,215 |
Payments of debt issuance costs | (20) | (20) | (25) |
Payments for long-term debt | (2,292) | (1,527) | (1,484) |
Other | 7 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 367 | (435) | (175) |
Reclassification of Cash to Assets Held-for-Sale | (14) | 0 | 0 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 189 | 48 | (166) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 465 | 417 | 583 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 654 | 465 | 417 |
Supplemental Disclosures | |||
Interest paid, net of amount capitalized | (337) | (325) | (313) |
Non-cash investing and financing activities: | |||
Reductions to fixed assets for accrued capital expenditures | (32) | (18) | (2) |
Non-cash adjustment for change in tax basis | (7) | 21 | 28 |
Non-cash contributions from CEG, net of distributions | $ 31 | $ 6 | $ 36 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | DGPV Holdco 3 | Mesquite Star HoldCo LLC | Langford | Rosamond Central | Repowering Partnership II LLC | Aqua Acquisition | Rattlesnake TE Holdco LLC | Black Rock Drop Down | Tax Equity Investors | CEG | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Non-controlling Interest | Non-controlling InterestCumulative Effect, Period of Adoption, Adjustment | Non-controlling InterestDGPV Holdco 3 | Non-controlling InterestMesquite Star HoldCo LLC | Non-controlling InterestLangford | Non-controlling InterestRosamond Central | Non-controlling InterestRepowering Partnership II LLC | Non-controlling InterestAqua Acquisition | Non-controlling InterestRattlesnake TE Holdco LLC | Non-controlling InterestBlack Rock Drop Down | Non-controlling InterestTax Equity Investors | Non-controlling InterestCEG |
Beginning balance at Dec. 31, 2018 | $ 2,224 | $ (3) | $ 0 | $ 1 | $ 1,897 | $ (58) | $ (2) | $ (18) | $ 402 | $ (1) | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||
Net income (loss) | (96) | (11) | (85) | |||||||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | 7 | 3 | 4 | |||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | $ 242 | $ 242 | ||||||||||||||||||||||||||||
Payment for interests | (19) | (5) | (14) | |||||||||||||||||||||||||||
Drop Down Assets contingent consideration | (35) | (35) | ||||||||||||||||||||||||||||
Distributions and returns of capital to CEG, NRG, net of contributions, cash | (68) | (68) | ||||||||||||||||||||||||||||
Contributions from CEG, NRG, net of distributions, non-cash | 36 | 36 | ||||||||||||||||||||||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 2 | 3 | (1) | |||||||||||||||||||||||||||
Proceeds from issuance of common stock | 100 | 100 | ||||||||||||||||||||||||||||
Non-cash adjustment for change in tax basis | 28 | 28 | ||||||||||||||||||||||||||||
Dividends, Common Stock | (155) | (87) | (68) | |||||||||||||||||||||||||||
Ending balance at Dec. 31, 2019 | 2,263 | 0 | 1 | 1,936 | (72) | (15) | 413 | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||
Net income (loss) | (62) | 25 | (87) | |||||||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | 1 | 1 | ||||||||||||||||||||||||||||
Contributions from CEG, net of distributions, non-cash | $ 6 | $ 6 | ||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | 240 | 6 | 240 | 6 | ||||||||||||||||||||||||||
Distributions to noncontrolling interests, non-cash | (2) | (2) | ||||||||||||||||||||||||||||
Payment for interests | $ (20) | $ 361 | $ 76 | $ 57 | $ (70) | $ (20) | $ 361 | $ 76 | $ 57 | $ (70) | ||||||||||||||||||||
Lighthouse Partnership Yield Protection Agreement | (15) | (15) | ||||||||||||||||||||||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 2 | 2 | ||||||||||||||||||||||||||||
Proceeds from issuance of common stock | 62 | 62 | ||||||||||||||||||||||||||||
Non-cash adjustment for change in tax basis | 21 | 21 | ||||||||||||||||||||||||||||
Dividends, Common Stock | (211) | (84) | (37) | (90) | ||||||||||||||||||||||||||
Ending balance at Dec. 31, 2020 | 2,715 | 0 | 1 | 1,922 | (84) | (14) | 890 | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||
Net income (loss) | (75) | |||||||||||||||||||||||||||||
Net income (loss) | (79) | 51 | (130) | |||||||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | 19 | 8 | 11 | |||||||||||||||||||||||||||
Contributions from CEG, net of distributions, non-cash | 31 | 31 | ||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | $ 676 | $ 296 | $ 676 | $ 296 | ||||||||||||||||||||||||||
Payment for interests | $ (120) | $ (117) | $ (137) | $ (198) | $ (117) | $ (153) | ||||||||||||||||||||||||
Lighthouse Partnership Yield Protection Agreement | 15 | 15 | ||||||||||||||||||||||||||||
Agua Acquisition | $ 273 | $ 273 | ||||||||||||||||||||||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 3 | 3 | ||||||||||||||||||||||||||||
Non-cash adjustment for change in tax basis | (7) | (7) | ||||||||||||||||||||||||||||
Dividends, Common Stock | (268) | (155) | (113) | |||||||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | $ 3,300 | $ 0 | $ 1 | $ 1,872 | $ (33) | $ (6) | $ 1,466 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of business | Nature of Business Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor in and owner of modern, sustainable and long-term contracted assets across North America. The Company is indirectly owned by Global Infrastructure Partners, or GIP. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. The Company is sponsored by GIP through GIP's portfolio company, Clearway Energy Group LLC, or CEG. The Company is one of the largest renewable energy owners in the U.S. with over 5,000 net MW of installed wind and solar generation projects. The Company's over 9,000 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas-fired generation facilities as well as the Thermal Business. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. Substantially all of the Company's generation assets are under long-term contractual arrangements for the output or capacity from these assets. On October 22, 2021, Clearway Energy Operating LLC entered into a binding agreement to sell the Thermal Business to KKR, or the Thermal Disposition. For further details of the Thermal Disposition, refer to Note 3, Acquisitions and Dispositions . The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG's interest shown as non-controlling interest in the consolidated financial statements. The holders of the Company's outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from Clearway Energy LLC through its ownership of Clearway Energy LLC Class B and Class D units. From time to time, CEG may also hold shares of the Company's Class A and/or Class C common stock. As of December 31, 2021, the Company owned 57.65% of the economic interests of Clearway Energy LLC, with CEG owning 42.35% of the economic interests of Clearway Energy LLC. For further discussion, see Note 12, Stockholders' Equity. The following table represents the structure of the Company as of December 31, 2021: |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company's consolidated financial statements have been prepared in accordance with GAAP. The FASB ASC is the source of authoritative GAAP to be applied by nongovernmental entities. In addition, the rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. The consolidated financial statements include the Company's accounts and operations and those of its subsidiaries in which it has a controlling interest. All significant intercompany transactions and balances have been eliminated in consolidation. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests. As such, the Company applies the guidance of ASC 810, Consolidations, or ASC 810, to determine when an entity that is insufficiently capitalized or not controlled through its voting interests, referred to as a variable interest entity, or VIE, should be consolidated. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at project subsidiaries was $146 million and $149 million as of December 31, 2021 and 2020, respectively. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: Year ended December 31, 2021 2020 (In millions) Cash and cash equivalents $ 179 $ 268 Restricted cash 475 197 Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 654 $ 465 Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. As of December 31, 2021, these restricted funds comprised of $246 million designated to fund operating expenses, approximately $34 million designated for current debt service payments and $131 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $64 million is held in distributions reserve accounts. In 2020, the members of the partnerships holding the Oahu Solar and Kawailoa Solar projects submitted applications to the state of Hawaii for refundable tax credits based on the cost of construction of the projects. In April 2021, the members of the partnerships contributed their respective portions of the tax credits in the amount of $49 million to the Oahu Solar and Kawailoa project companies, which was recorded to restricted cash on the Company's consolidated balance sheet with an offsetting adjustment to noncontrolling interests. In accordance with the projects' related agreements, the cash is held in a restricted account and utilized to offset invoiced amounts under the projects' PPAs. As of December 31, 2021, $20 million of the $49 million has been utilized to offset invoiced amounts under the projects' PPAs. Accounts Receivable — Trade and Allowance for Credit Losses Accounts receivable — trade are reported on the consolidated balance sheet at the invoiced amount adjusted for any write-offs and the allowance for credit losses. The allowance for credit losses is reviewed periodically based on amounts past due and significance. The allowance for credit losses was immaterial as of December 31, 2021 and 2020. Inventory Inventory consists principally of spare parts and fuel oil. Spare parts inventory is valued at weighted average cost, unless evidence indicates that the weighted average cost will not be recovered with a normal profit in the ordinary course of business. Fuel oil inventory is valued at the lower of weighted average cost or market. The Company removes fuel inventories as they are used in the production of steam, chilled water or electricity. Spare parts inventory is removed when used for repairs, maintenance or capital projects. Property, Plant and Equipment Property, plant and equipment are stated at cost; however impairment adjustments are recorded whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Significant additions or improvements extending asset lives are capitalized as incurred, while repairs and maintenance that do not improve or extend the life of the respective asset are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives. Certain assets and their related accumulated depreciation amounts are adjusted for asset retirements and disposals with the resulting gain or loss included in cost of operations in the consolidated statements of operations. For further discussion of the Company's property, plant and equipment refer to Note 4, Property, Plant and Equipment . Construction in-progress represents cumulative construction costs, including the costs incurred for the purchase of major equipment and engineering costs and capitalized interest. Once the project achieves commercial operation, the Company reclassifies the amounts recorded in construction in progress to facilities and equipment. Development costs include project development costs, which are expensed in the preliminary stages of a project and capitalized when the project is deemed to be commercially viable. Commercial viability is determined by one or a series of actions including, among others, Board of Director approval pursuant to a formal project plan that subjects the Company to significant future obligations that can only be discharged by the use of a Company asset. When a project is available for operations, capitalized interest and capitalized project development costs are reclassified to property, plant and equipment and depreciated on a straight-line basis over the estimated useful life of the project's related assets. Capitalized costs are charged to expense if a project is abandoned or management otherwise determines the costs to be unrecoverable. Asset Impairments Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate their carrying values may not be recoverable. Such reviews are performed in accordance with ASC 360, Property, Plant and Equipment . An impairment loss is indicated if the total future estimated undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured as the excess of an asset's carrying amount over its fair value with the difference recorded in operating costs and expenses in the consolidated statements of operations. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques. For further discussion of the Company's long-lived asset impairments, refer to Note 9, Asset Impairments . Investments accounted for by the equity method are reviewed for impairment in accordance with ASC 323, Investments-Equity Method and Joint Ventures , which requires that a loss in value of an investment that is an other-than-temporary decline should be recognized. The Company identifies and measures losses in the value of equity method investments based upon a comparison of fair value to carrying value. Debt Issuance Costs Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt. Debt issuance costs related to the long-term debt are presented as a direct deduction from the carrying amount of the related debt. Debt issuance costs related to the senior secured revolving credit facility line of credit are recorded as a non-current asset on the consolidated balance sheet and are amortized over the term of the credit facility. Intangible Assets Intangible assets represent contractual rights held by the Company. The Company recognizes specifically identifiable intangible assets including power purchase agreements, leasehold rights, customer relationships, customer contracts, emission allowances, RECs and development rights when specific rights and contracts are acquired. These intangible assets are amortized primarily on a straight-line basis. For further discussion of the Company's intangible assets, refer to Note 8, Intangible Assets . Revenue Recognition Revenue from Contracts with Customers The Company applies the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, when recognizing revenue associated with its contracts with customers. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Thermal Revenues Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month, and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the consolidated statements of operations. As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the Company cannot accurately estimate the amount of its unsatisfied performance obligations as it will vary based on customer usage, which will depend on factors such as weather and customer activity. On October 22, 2021, Clearway Energy Operating LLC entered into a binding agreement to sell the Thermal Business to KKR. For further details of the Thermal Disposition, refer to Note 3, Acquisitions and Dispositions . Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or similar contractual agreements. Energy, capacity and, where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as operating leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842, Leases . ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Certain of these leases have no minimum lease payments and all of the lease revenue derived from these leases is recorded as contingent rent on an actual basis when the electricity is delivered. The contingent lease revenue recognized in the years ended December 31, 2021, 2020 and 2019 was $741 million, $589 million and $537 million, respectively. See Note 17, Leases for additional information related to the Company's PPAs accounted for as leases. Renewable Energy Credits, or RECs As stated above, renewable energy credits, or RECs, are usually sold through long-term PPAs or through REC contracts with counterparties. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. Disaggregated Revenues The following tables represent the Company’s disaggregation of revenue from contracts with customers for the year ended December 31, 2021, along with the reportable segment for each category: Year ended December 31, 2021 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 9 $ 784 $ 122 $ 915 Capacity revenue (a) 455 2 53 510 Other revenues — 60 32 92 Contract amortization (23) (118) (3) (144) Mark-to-market for economic hedges — (87) — (87) Total operating revenue 441 641 204 1,286 Less: Lease revenue (464) (716) (2) (1,182) Less: Contract amortization 23 118 3 144 Total revenue from contracts with customers $ — $ 43 $ 205 $ 248 (a) See Note 17, Leases, for the amounts of energy and capacity revenue that relate to leases and are accounted for under ASC 842. The following tables represent the Company’s disaggregation of revenue from contracts with customers for the year ended December 31, 2020, along with the reportable segment for each category: Year ended December 31, 2020 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 10 $ 609 $ 101 $ 720 Capacity revenue (a) 451 — 63 514 Other revenues — 21 32 53 Contract amortization (24) (61) (3) (88) Total operating revenue 437 569 193 1,199 Less: Lease revenue (461) (554) (2) (1,017) Less: Contract amortization 24 61 3 88 Total revenue from contracts with customers $ — $ 76 $ 194 $ 270 (a) See Note 17, Leases , for the amounts of energy and capacity revenue that relate to leases and are accounted for under ASC 842. The following tables represent the Company’s disaggregation of revenue from contracts with customers for the year ended December 31, 2019, along with the reportable segment for each category: Year ended December 31, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 5 $ 545 $ 120 $ 670 Capacity revenue (a) 348 — 54 402 Other revenues — 10 30 40 Contract amortization (7) (61) (3) (71) Mark-to-market for economic hedges — (9) — (9) Total operating revenue 346 485 201 1,032 Less: Lease revenue (353) (509) (2) (864) Less: Contract amortization 7 61 3 71 Total revenue from contracts with customers $ — $ 37 $ 202 $ 239 (a) See Note 17, Leases , for the amounts of energy and capacity revenue that relate to leases and are accounted for under ASC 842. Contract Amortization Assets and liabilities recognized from power sales agreements assumed through acquisitions relating to the sale of electric capacity and energy in future periods arising from differences in contract and market prices are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable. Contract Balances The following table reflects the net amount of contract assets and liabilities included on the Company’s consolidated balance sheets as of December 31, 2021 and December 31, 2020: (In millions) December 31, 2021 December 31, 2020 Accounts receivable, net - Contracts with customers $ 44 $ 57 Accounts receivable, net - Leases 100 86 Total accounts receivable, net $ 144 $ 143 Derivative Financial Instruments The Company accounts for derivative financial instruments under ASC 815, Derivatives and Hedging , or ASC 815, which requires the Company to record all derivatives on the balance sheet at fair value unless they qualify for a NPNS exception. Changes in the fair value of non-hedge derivatives are immediately recognized in earnings. Changes in the fair value of derivatives accounted for as hedges, if elected for hedge accounting, are either: • Recognized in earnings as an offset to the changes in the fair value of the related hedged assets, liabilities and firm commitments; or • Deferred and recorded as a component of accumulated OCI until the hedged transactions occur and are recognized in earnings. The Company's primary derivative instruments are interest rate instruments used to mitigate variability in earnings due to fluctuations in interest rates, power purchase or sale contracts used to mitigate variability in earnings due to fluctuations in market prices and commodity purchase contracts used to control customer reimbursable fuel cost. On an ongoing basis, the Company qualitatively assesses the effectiveness of its derivatives that are designated as hedges for accounting purposes in order to determine that each derivative continues to be highly effective in offsetting changes in cash flows of hedged items. If necessary, the Company will perform an analysis to measure the statistical correlation between the derivative and the associated hedged item to determine the effectiveness of such a contract designated as a hedge. The Company will discontinue hedge accounting if it is determined that the hedge is no longer effective. In this case, the gain or loss previously deferred in accumulated OCI would be frozen until the underlying hedged item is delivered unless the transaction being hedged is no longer probable of occurring in which case the amount in accumulated OCI would be immediately reclassified into earnings. If the derivative instrument is terminated, the effective portion of this derivative deferred in accumulated OCI will be frozen until the underlying hedged item is delivered. Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered. While these contracts are considered derivative financial instruments under ASC 815, they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings. Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable — trade and derivative instruments, which are concentrated within entities engaged in the energy and financial industries. These industry concentrations may impact the overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. In addition, many of the Company's projects have only one customer. See Item 1A, Risk Factors, Risks related to the Company's Business, for a discussion on the Company’s dependence on major customers . See Note 6, Fair Value of Financial Instruments, for a further discussion of derivative concentrations and Note 13, Segment Reporting , for concentration of counterparties. Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, restricted cash, accounts receivable — trade, accounts payable — trade, account payable — affiliate and accrued expenses and other current liabilities approximate fair value because of the short-term maturity of these instruments. See Note 6, Fair Value of Financial Instruments, for a further discussion of fair value of financial instruments. Asset Retirement Obligations Asset retirement obligations, or AROs, are accounted for in accordance with ASC 410-20, Asset Retirement Obligations, or ASC 410-20. Retirement obligations associated with long-lived assets included within the scope of ASC 410-20 are those for which a legal obligation exists under enacted laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing and/or method of settlement may be conditional on a future event. ASC 410-20 requires an entity to recognize the fair value of a liability for an ARO in the period in which it is incurred and a reasonable estimate of fair value can be made. Upon initial recognition of a liability for an ARO, other than when an ARO is assumed in an acquisition of the related long-lived asset, the asset retirement cost is capitalized by increasing the carrying amount of the related long-lived asset by the same amount. Over time, the liability is accreted to its future value, while the capitalized cost is depreciated over the useful life of the related asset. The Company's AROs are primarily related to the future dismantlement of equipment on leased property and environmental obligations related to site closures and fuel storage facilities. The Company records AROs as part of other non-current liabilities on its consolidated balance sheet. The following table represents the balance of ARO obligations as of December 31, 2021 and 2020, along with the additions and accretion related to the Company's ARO obligations for the year ended December 31, 2021: (In millions) Balance as of December 31, 2020 $ 117 Thermal Business AROs reclassified to held for sale (1) Revisions in estimates for current obligations 2 Additions 19 Accretion — expense 9 Balance as of December 31, 2021 $ 146 Guarantees The Company enters into various contracts that include indemnification and guarantee provisions as a routine part of its business activities. Examples of these contracts include operation and maintenance agreements, service agreements, commercial sales arrangements and other types of contractual agreements with vendors and other third parties as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters as well as breaches of representations, warranties and covenants set forth in these agreements. Because many of the guarantees and indemnities the Company issues to third parties and affiliates do not limit the amount or duration of its obligations to perform under them, there exists a risk that the Company may have obligations in excess of the amounts agreed upon in the contracts mentioned above. For those guarantees and indemnities that do not limit the liability exposure, the Company may not be able to estimate what the liability would be, until a claim is made for payment or performance, due to the contingent nature of these contracts. Investments Accounted for by the Equity Method The Company has investments in various energy projects accounted for by the equity method, several of which are VIEs, where the Company is not a primary beneficiary, as described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities . The equity method of accounting is applied to these investments in affiliates because the ownership structure prevents the Company from exercising a controlling influence over the operating and financial policies of the projects. Under this method, equity in pre-tax income or losses of the investments is reflected as equity in earnings of unconsolidated affiliates. Distributions from equity method investments that represent earnings on the Company's investment are included within cash flows from operating activities and distributions from equity method investments that represent a return of the Company's investment are included within cash flows from investing activities. Sale-Leaseback Arrangements The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. In accordance with ASC 840-40, Sale-Leaseback Transactions , if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of continuing involvement would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in most of the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings. Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company’s incremental borrowing rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded either at the end of or over the lease term. Stock-Based Compensation The Company accounts for its stock-based compensation in accordance with ASC 718, Compensation — Stoc k Compensation, or ASC 718. The fair value of the Company's relative performance stock units, or RPSUs, are estimated on the date of grant using the Monte Carlo valuation model. The Company uses the Class A and Class C common stock price on the date of grant as the fair value of the Company's restricted stock units, or RSUs. Forfeiture rates are estimated based on an analysis of the Company's historical forfeitures, employment turnover, and expected future behavior. The Company recognizes compensation expense for both graded and cliff vesting awards on a straight-line basis over the requisite service period for the entire award. The Company incurred total stock compensation expense of $4 million, $3 million and $4 million for the years ended December 31, 2021, 2020 and 2019, respectively, which was primarily recorded in general and administrative expense on the Company's consolidated statements of operations. Income Taxes The Company accounts for income taxes using the liability method in accordance with ASC 740, Income Taxes , or ASC 740, which requires that the Company use the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. The Company has two categories of income tax expense or benefit — current and deferred, as follows: • Current income tax expense or benefit consists solely of current taxes payable less applicable tax credits, and • Deferred income tax expense or benefit is the change in the net deferred income tax asset or liability, excluding amounts charged or credited to accumulated other comprehensive loss. The Company reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between the Company's financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in the Company's consolidated balance sheets. The Company measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income which includes the future reversal of existing taxable temporary differences to realize deferred tax assets, net of valuation allowances. In arriving at this conclusion to utilize projections of future profit before tax in its estimate of future taxable income, the Company considered the profit before tax generated in recent years. A valuation allowance is recorded to reduce the net deferred tax assets to an amount that is more-likely-than-not to be realized. The Company accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. In accordance with ASC 740 and as discussed further in Note 14, Income Taxes , changes to existing net deferred tax assets, valuation allowances, or changes to uncertain tax benefits, are recorded to income tax expense. Business and Asset Acquisitions The Company accounts for its acquisitions in accordance with ASC 805, Business Combinations, or ASC 805. For third-party acquisitions, ASC 805 requires an acquirer to recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at fair value at the acquisition date. It also recognizes and measures the goodwill acquired or a gain from a bargain purchase in the business combination and determines what information to disclose to enable users of an entity's financial statements to evaluate the nature and financial effects of the business combination. In addition, for business combinations, transaction costs are expensed as incurred. For asset acquisitions, identifiable assets acquired and liabilities assumed are recorded at acquisition date fair value. No goodwill is recognized and excess purchase price or negative goodwill are allocated to the acquired assets on a relative fair value basis. For acquisitions that relate to entities under common control, ASC 805 requires retrospective combination of the entities for all annual periods presented as if the combination has been in effect from the beginning of the earliest financial statement period presented or from the date the entities were under common control (if later than the beginning of the earliest financial statement period). The difference between the cash paid and historical value of the entities' equity is recorded as a distribution/contribution from/to CEG with the offset to noncontrolling interest. Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amounts of net earnings during the reporting periods. Actual results could be different from these estimates. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions, uncollectible accounts, AROs, acquisition accounting and legal costs incurred in connection with recorded loss contingencies, among others. In addition, estimates are used to test long-lived assets for impairment and to determine the fair value of impaired assets. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. Tax Equity Arrangements Certain portions of the Company's noncontrolling interests in subsidiaries represent third-party interests in the net assets under certain tax equity arrangements, which are consolidated by the Company, that have been entered into to finance the cost of solar and wind facilities eligible for certain tax credits. Additionally, certain portions of the Company's investments in unconsolidated affiliates reflect the Company's interests in tax equity arrangements, |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions Black Rock Drop Down — On December 29, 2021, the Company, through its indirect subsidiary Lighthouse Renewable Holding Sub LLC, acquired the Class B membership interests in Black Rock Wind Holding LLC from Clearway Renew LLC, a subsidiary of CEG, for $60 million in cash consideration, $37 million of which was paid on December 29, 2021 with the remaining $23 million paid in February 2022 after all remaining turbines were operational. Lighthouse Renewable Holding Sub LLC is a wholly-owned subsidiary of Lighthouse Renewable Holdco LLC, which is a partnership between the Company and a third-party investor. The third-party investor also contributed cash consideration utilized to acquire their portion of the Class B membership interests. The Class A membership interests in Black Rock Wind Holding LLC were acquired by another third-party investor in 2020. Black Rock Wind Holding LLC, through its wholly-owned subsidiary, Black Rock Class B Holdco LLC, is the primary beneficiary and consolidates its interests in a tax equity fund, Black Rock TE Holdco LLC, that holds the Black Rock wind project, a 115 MW utility scale wind project located in Mineral County and Grant County, West Virginia, which achieved commercial operations in December 2021, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities . As of December 31, 2021, 70 MW of the 115 MW rated capacity were operational, representing fourteen of the twenty-three wind turbines, and the remaining 45 MW rated capacity became operational in January 2022. A majority of the project’s output is backed by contracts with investment-grade counterparties with a 15-year weighted average contract life. The Black Rock operations are reflected in the Company's Renewables segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and not a business combination, therefore the Company consolidated the financial information for Black Rock on a prospective basis. The assets and liabilities transferred to the Company relate to interests under common control by GIP and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid of $60 million and the historical cost of the Company's acquired interests of $19 million was recorded as an adjustment to CEG's noncontrolling interest balance. In addition, the Company reflected additional contributions paid by CEG and the portion of the Company’s purchase price utilized to repay long-term debt, totaling $133 million, as contributions from CEG in the statement of stockholders’ equity, and as an impact of the Black Rock Drop Down in noncontrolling interest. The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 29, 2021: (In millions) Black Rock Current assets (a) $ 36 Property, plant and equipment 178 Right-of-use-assets 7 Other non-current assets 2 Total assets acquired 223 Long-term debt (b) 186 Long-term lease liabilities 7 Other current and non-current liabilities 11 Total liabilities assumed (c) 204 Net assets acquired $ 19 (a) Includes $35 million reserved for project completion costs included in restricted cash on the Company's balance sheet at acquisition date, which is included within the $133 million contributed by CEG described above. (b) Repaid at acquisition date utilizing $56 million contributed by the tax equity investor, $36 million from the cash equity investor and $61 million contributed by CEG, all recorded as contributions in noncontrolling interest, as well as $37 million of the Company's acquisition price. Of the $190 million contributed, $186 million was utilized to pay down the acquired debt and $4 million was utilized to pay associated fees. The $61 million contributed by CEG and the Company’s initial acquisition price of $37 million are also included within the $133 million contributed by CEG described above. (c) Total liabilities assumed excludes amounts due to CEG as of December 31, 2021 for the remaining turbines that became operational in January 2022. The liabilities totaled $83 million, of which $59 million was received from the tax equity and cash equity investors and was held in escrow accounts as of December 31, 2021. Mesquite Sky Drop Down — On December 17, 2021, the Company, through its indirect subsidiary Lighthouse Renewable Holdco 2 LLC, acquired the Class B membership interests of Mesquite Sky Holding LLC from Clearway Renew LLC, a subsidiary of CEG, for $61 million in cash consideration. Lighthouse Renewable Holdco 2 LLC is a partnership between the Company and a third-party investor. The third-party investor also contributed cash consideration utilized to acquire their portion of the Class B membership interests. The Class A membership interests of Mesquite Sky Holding LLC were acquired by another third-party investor in 2020. Mesquite Sky Holding LLC, through its wholly-owned subsidiary, Mesquite Sky Class B Holdco LLC, is the primary beneficiary and consolidates its interests in a tax equity fund, Mesquite Sky TE Holdco LLC, that holds the Mesquite Sky wind project, a 340 MW utility scale wind project located in Callahan County, Texas, which achieved commercial operations in December 2021, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities . A majority of the project’s output is backed by contracts with investment-grade counterparties with a 12-year weighted average contract life. The Mesquite Sky operations are reflected in the Company's Renewables segment and the acquisition was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and not a business combination, therefore the Company consolidated the financial information for Mesquite Sky on a prospective basis. The assets and liabilities transferred to the Company relate to interests under common control by GIP and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The sum of the cash paid of $61 million and the historical cost of the Company's net liabilities assumed of $7 million was recorded as an adjustment to CEG's noncontrolling interest balance. The difference between cash paid, interests acquired, and the balance in equity is capital reserved for project completion. In addition, the Company reflected additional contributions paid by CEG and the portion of the Company’s purchase price utilized to repay long-term debt, totaling $52 million, as contributions from CEG in the statement of stockholders’ equity, and as an impact of the Mesquite Sky drop down in noncontrolling interest. The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 17, 2021: (In millions) Mesquite Sky Current assets (a) $ 46 Property, plant and equipment 377 Right-of use assets 45 Other non-current assets 7 Total assets acquired 475 Long-term debt (b) 355 Long-term lease liabilities 45 Derivative liabilities 43 Other current and non-current liabilities 39 Total liabilities assumed (c) 482 Net liabilities assumed $ (7) (a) Includes $44 million reserved for project completion costs included in restricted cash on the Company's balance sheet at acquisition date, which is included within the $52 million contributed by CEG described above. (b) Repaid at acquisition date utilizing $241 million contributed by the tax equity investor and $107 million contributed by the cash equity investor, both recorded as contributions in noncontrolling interest, as well as the Company's $61 million acquisition price. Of the $409 million contributed, $355 million was utilized to pay down the acquired debt and $1 million was utilized to pay associated fees. The remaining $53 million was distributed to CEG for the acquisition. The net of the Company’s $61 million acquisition price and the distribution to CEG of $53 million are included within the $52 million contributed by CEG described above. (c) Total liabilities assumed excludes amounts due to CEG as of December 31, 2021 of $6 million, of which $5 million was received from the tax equity and cash equity investors and was held in escrow accounts as of December 31, 2021. Utah Solar Portfolio Acquisition — On December 1, 2021, the Company acquired the remaining 50% equity interest in the Utah Solar Portfolio from Dominion Solar Projects III, Inc., for approximately $335 million before working capital and purchase price adjustments in the net amount of $5 million, representing total net consideration of $330 million. The Utah Solar Portfolio consists of seven utility-scale solar farms located in Utah, representing 530 MW of capacity. The assets within the portfolio sell power subject to 20-year PPAs with PacifiCorp that have approximately 15 years remaining under the agreements. Following the close of the transaction, the Company owns 100% of the membership interests in the Utah Solar Portfolio and consolidates the Utah Solar Portfolio. The Utah Solar Portfolio operations are included in the Company's Renewables segment. The acquisition was determined to be an asset acquisition and the cash consideration of $330 million, net of restricted cash acquired of $8 million, represented a net cash outflow of $322 million, which was allocated to the fair value of the assets acquired and liabilities assumed on the acquisition date. The acquisition was funded with the borrowings under the Bridge Loan Agreement, as described in Note 10, Long-term Debt. The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 1, 2021: (In millions) Utah Solar Portfolio Current assets $ 20 Property, plant and equipment 258 Intangible assets for power purchase agreement 302 Other intangible assets 4 Right-of use assets 163 Total assets acquired 747 Long-term lease liabilities 163 Other current and non-current liabilities 24 Total liabilities assumed 187 Equity method investment removed (230) Net assets acquired $ 330 Mt. Storm Wind Acquisition — On April 23, 2021, the Company acquired 100% of the equity interests in NedPower Mount Storm LLC, or Mt. Storm, from Castleton Commodities International for approximately $96 million before working capital and purchase price adjustments in the net amount of $4 million, representing a total net consideration of $100 million. Mt. Storm is a 264 MW wind project located in Grant County, West Virginia. Mt. Storm has a 10-year energy hedge with an investment-grade counterparty. The acquisition was determined to be an asset acquisition and the purchase price was allocated to the fair value of the assets acquired and liabilities assumed on the acquisition date as follows: (In millions) Mt. Storm Current assets $ 3 Property, plant and equipment 108 Other non-current assets 2 Total assets acquired 113 Derivative instruments 9 Other current and non-current liabilities 4 Total liabilities assumed 13 Net assets acquired $ 100 Agua Caliente Acquisition — On February 3, 2021, the Company acquired an additional 35% equity interest in the Agua Caliente solar project from NRG Energy, Inc. for $202 million. Agua Caliente is a 290 MW solar project located in Dateland, Arizona in which Clearway previously owned a 16% equity interest. The project has a 25-year PPA with PG&E, with approximately 17 years remaining under the agreement. Following the close of the transaction, the Company owns a 51% equity interest in Agua Caliente. The Agua Caliente operations are included in the Company's Renewables segment. The acquisition was determined to be an asset acquisition and the cash consideration of $202 million, net of restricted cash acquired of $91 million, represented a net cash outflow of $111 million, which was allocated to the fair value of the assets acquired and liabilities assumed on the acquisition date. A third-party investor holds the remaining 49% equity interest in Agua Caliente, which is reflected in noncontrolling interest at fair value at the acquisition date. The following is a summary of assets and liabilities obtained in connection with the acquisition as of February 3, 2021: (In millions) Agua Caliente Restricted cash $ 91 Property, plant and equipment 154 Intangible asset for power purchase agreement 1,022 Other current assets 9 Total assets acquired 1,276 Long-term debt 716 Other current and non-current liabilities 5 Total liabilities assumed 721 Noncontrolling interest 273 Equity method investment removed (80) Net assets acquired less noncontrolling interest $ 202 Rattlesnake Drop Down — On January 12, 2021, the Company acquired CEG's equity interest and a third-party investor's minority interest in CWSP Rattlesnake Holding, LLC for $132 million in cash consideration. CWSP Rattlesnake Holding LLC indirectly consolidates the Rattlesnake wind project, a 160 MW wind facility with 144 MW of deliverable capacity in Adams County, Washington, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The project has a 20-year PPA with Avista Corporation, which began when the facility reached commercial operations in December 2020. The Rattlesnake operations are included in the Company's Renewables segment. The acquisition was determined to be an asset acquisition and not a business combination, therefore, the Company consolidated the financial information for Rattlesnake on a prospective basis. The assets and liabilities transferred to the Company relate to interests under common control by GIP and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid of $132 million and the historical cost of the Company's acquired interests of $14 million was recorded as an adjustment to CEG's noncontrolling interest balance. The following is a summary of assets and liabilities transferred in connection with the acquisition as of January 12, 2021: (In millions) Rattlesnake Current assets $ 8 Property, plant and equipment 200 Right-of-use assets 12 Total assets acquired 220 Long-term debt (a) 176 Long-term lease liabilities 12 Other current and non-current liabilities 18 Total liabilities assumed 206 Net assets acquired $ 14 (a) Repaid at acquisition date utilizing $107 million contributed by tax equity investor and $103 million contributed by CEG, both recorded as contributions in noncontrolling interest. Of the $210 million contributed, $176 million was utilized to pay down the acquired debt, $29 million was utilized to fund project reserve accounts and $5 million was utilized to pay associated fees. Langford Drop Down — On November 20, 2020, the Company acquired 100% of the Class B membership interest in Langford Holding LLC from CEG for $55 million as well as a minority interest from a third-party investor for $9 million. Langford Holding LLC indirectly consolidates its interest in the Langford wind project as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The Langford project is a 160 MW wind project located in West Texas which achieved repowering commercial operations in November 2020. The Langford operations are included in the Company's Renewables segment and the acquisition was funded with cash on hand. The acquisition was determined to be an asset acquisition and not a business combination, therefore the Company consolidated the financial information for Langford on a prospective basis. The assets and liabilities transferred to the Company relate to interests under common control by GIP and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid of $64 million and the historical value of the Company's acquired interests of $21 million was recorded as an adjustment to noncontrolling interest. The following is a summary of assets and liabilities transferred in connection with the acquisition as of November 20, 2020: (In millions) Langford Current assets $ 4 Property, plant and equipment 138 Other non-current assets 15 Total assets acquired 157 Other current and non-current liabilities 17 Total liabilities assumed 17 Noncontrolling interests 119 Net assets acquired less noncontrolling interests $ 21 Rosamond Central Drop Down — On December 21, 2020, Rosamond Solar Investment LLC, a subsidiary of the Company, acquired 100% of the Class A membership interests of Rosie TargetCo LLC from Renew Development HoldCo LLC, a subsidiary of CEG, for $23 million in cash consideration and an additional $1 million adjustment concurrent with the tax equity investor's final funding which was paid in January 2021. Rosie Target Co LLC is the primary beneficiary and consolidates its interest in a tax equity fund that owns the 192 MW Rosamond Central solar project, located in Kern County, California as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities . The Rosamond Central operations are included in the Company's Renewables segment. The acquisition was determined to be an asset acquisition and not a business combination, and therefore, the Company consolidated the financial information for Rosamond Central on a prospective basis. The assets and liabilities transferred to the Company relate to interests under common control by GIP and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid of $24 million and the historical value of the Company's acquired interests of $28 million was recorded as an adjustment to noncontrolling interest. The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 21, 2020: (In millions) Rosamond Central Current assets $ 49 Property, plant and equipment 246 Other non-current assets 1 Total assets acquired 296 Long-term debt 205 Other current and non-current liabilities 11 Total liabilities assumed 216 Noncontrolling interests 52 Net assets acquired less noncontrolling interests $ 28 Mesquite Star Drop Down — On September 1, 2020, the Company, through its indirect subsidiary Lighthouse Renewable Class A LLC, acquired the Class A membership interests in Lighthouse Renewable Holdco LLC (formerly Mesquite Star Pledgor LLC) from Clearway Renew LLC, a subsidiary of CEG, for $74 million in cash consideration inclusive of a purchase price adjustment received in the fourth quarter of 2020 concurrent with the partnership amendment referenced below. Lighthouse Renewable Holdco LLC indirectly owns 100% of the Class B membership interests in Mesquite Star Tax Equity Holdco LLC, a tax equity partnership that it consolidates as the primary beneficiary, and owns the Mesquite Star wind project, a 419 MW utility scale wind project located in Fisher County, Texas. A majority of the project's output is backed by contracts with investment-grade counterparties with a 12 year weighted average contract life. The Mesquite Star operations are reflected in the Company's Renewables segment and the acquisition was funded with cash on hand. The Company initially recorded its interest in Lighthouse Renewable Class A LLC as an equity method investment. The assets and liabilities transferred to the Company relate to interests under common control by GIP and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the $74 million cash paid and the historical value of the Company's acquired interests of $83 million was recorded as an adjustment to noncontrolling interest. On December 21, 2020, Clearway Renew LLC sold the Class B membership interest in Lighthouse Renewable Holdco LLC to a third-party investor as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. The investor and the Company amended the terms of the related partnership and as a result, the Company now consolidates its interest in the Mesquite Star wind project, through its consolidation of Lighthouse Renewable Holdco LLC. The membership interests acquired by the Company relate to interests under common control by GIP and were recorded at historical cost. The difference between the carrying value of the Company's equity method investment of $58 million and the historical value of the net assets consolidated for Mesquite Star of $63 million was recorded as an adjustment to noncontrolling interest. The following table shows the balances that were consolidated effective on December 21, 2020: (In millions) Mesquite Star Current assets $ 22 Property, plant and equipment 443 Other non-current assets 31 Total assets acquired 496 Other current and non-current liabilities 87 Total liabilities assumed 87 Noncontrolling interests and redeemable noncontrolling interests 346 Net assets acquired less noncontrolling interests $ 63 DG Residual Interest and SREC Contract Drop Down — On November 2, 2020, the Company acquired the Class B membership interests in DGPV Holdco 1, DGPV Holdco 2 and DGPV Holdco 3, or DGPV Holdco Entities, from Renew DG Holdings LLC, a subsidiary of CEG, for approximately $20 million in cash consideration and an SREC contract for approximately $24 million in cash consideration. The Company previously held the Class A membership interests in the DGPV Holdco Entities and accounted for its interests in DGPV Holdco 1 and DGPV Holdco 2 as equity method investments, while DGPV Holdco 3 was consolidated by the Company effective May 29, 2020 as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities . Subsequent to the acquisition of the remaining interests in the DGPV Holdco Entities, the Company transferred its interests to DG-CS Master Borrower LLC, and issued debt that was utilized to repay existing project-level debt outstanding and unwind interest rate swaps for certain of the tax equity arrangements related to the underlying project funds, as further described in Note 10, Long-term Debt . The acquired SREC contract is a contract to receive incremental cash flows related to renewable energy credits from certain underlying solar projects. The assets and liabilities transferred to the Company relate to interests under common control by GIP and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid for the residual interest of the DGPV Holdco Entities and the historical value of the net assets consolidated less the carrying value of the equity method investments was recorded as an adjustment to noncontrolling interest. The following table shows the balances that were consolidated: November 2, 2020 May 29, 2020 (In millions) DGPV Holdco 1 and 2 (a) DGPV Holdco 3 (b) Current assets $ 29 $ 32 Property, plant and equipment, net 324 331 Intangible assets, net 19 1 Other non-current assets 52 37 Total assets acquired 424 401 Long-term debt 160 206 Other current and non-current liabilities 54 84 Total liabilities assumed 214 290 Noncontrolling interests and redeemable noncontrolling interests 5 6 Net assets acquired less noncontrolling interests $ 205 $ 105 (a) Includes DGPV 1, LLC, DGPV 2, LLC, CA Fund, LLC, DGPV 4 Borrower LLC and Puma Class B LLC (b) I ncludes Renew Solar CS4 Fund LLC and Chestnut Fund LLC The fair value of property, plant and equipment determined at GIP's acquisition date was determined primarily based on an income method using discounted cash flows and validated using a cost approach based on the replacement cost of the assets less economic depreciation. This methodology was utilized as the forecasted cash flows incorporate specific attributes of each asset including age, useful life, equipment condition and technology. The fair value of intangible assets was determined utilizing a variation of the income approach determined by discounting incremental cash flows associated with the contracts to present value. Primary assumptions utilized included estimates of generation, contractual prices, operating expenses and the weighted average cost of capital reflective of a market participant. These assumptions are considered to be a Level 3 measurement as defined in ASC 820, as they utilize inputs that are not observable in the market. Dispositions Thermal Disposition — On October 22, 2021, Clearway Energy Operating LLC entered into a binding agreement to sell the Thermal Business to KKR for total consideration of $1.9 billion, subject to customary closing adjustments. The closing of the transaction is subject to various customary closing conditions, approvals and consents and is expected to close in the first half of 2022. Effective with the approval by the Board of Directors and signing of the agreement to sell the Thermal Business, the Company concluded that all entities that are included within the Thermal Business will be treated as held for sale on a prospective basis, resulting in the assets and liabilities being reported as separate held for sale line items on the Company’s consolidated balance sheet as of December 31, 2021. Property, plant and equipment represents 78% and intangible assets represents 9% of assets classified as held for sale while long-term debt represents 85% of liabilities classified as held for sale. The Company expects to recognize a gain upon the completion of the Thermal Disposition. The Company's Thermal segment is comprised solely of the Thermal Business's results of operations. Sale of RPV Holdco 1 LLC — On May 14, 2020, the Company sold its interests in RPV Holdco 1 LLC, or RPV Holdco, to Spruce Power for net proceeds of approximately $75 million. The Company previously accounted for its interest in RPV Holdco as an equity method investment. The sale of the investment resulted in a gain of approximately $49 million. Sale of Energy Center Dover LLC and Energy Center Smyrna LLC Assets — On March 3, 2020, the Company, through Clearway Thermal LLC, sold 100% of its interests in Energy Center Dover LLC and Energy Center Smyrna LLC to DB Energy Assets, LLC for cash proceeds of approximately $15 million. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, Plant and Equipment The Company's major classes of property, plant, and equipment were as follows: December 31, 2021 December 31, 2020 Depreciable Lives (In millions) Facilities and equipment $ 9,747 $ 9,254 2 - 40 Years Land and improvements 320 224 Construction in progress (a) 84 62 Total property, plant and equipment 10,151 9,540 Accumulated depreciation (2,501) (2,323) Net property, plant and equipment $ 7,650 $ 7,217 (a) As of December 31, 2021 and 2020, construction in progress includes $17 million and $14 million, respectively, of capital expenditures that relate to prepaid long-term service agreements in the Conventional segment. Depreciation expense related to property, plant and equipment during the years ended December 31, 2021, 2020 and 2019 was $499 million, $420 million and $395 million, respectively. The Company accelerated depreciation of the Pinnacle wind project in connection with the repowering project, which resulted in additional depreciation expense in the amount of $34 million in 2021 and $9 million in 2020. The Company recorded long-lived asset impairments during each of the years ended December 31, 2021 and December 31, 2020, as further described in Note 9, Asset Impairments. |
Investments Accounted for by th
Investments Accounted for by the Equity Method and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments accounted for by the equity method and variable interest entities | Investments Accounted for by the Equity Method and Variable Interest Entities Equity Method Investments The Company's maximum exposure to loss as of December 31, 2021 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below: Name Economic Interest Investment Balance (In millions) Avenal 50% $ 4 Desert Sunlight 25% 239 Elkhorn Ridge 66.7% 29 GenConn (a) 50% 86 San Juan Mesa 75% 23 $ 381 (a) GenConn is a variable interest entity. As of December 31, 2021 and 2020, the Company had $14 million and $10 million, respectively, of undistributed earnings from its equity method investments. The Company acquired its interest in Desert Sunlight on June 30, 2015, for $285 million, which resulted in a difference between the purchase price and the basis of the acquired assets and liabilities of $171 million. The difference is attributable to the fair value of the property, plant and equipment and power purchase agreements. The Company is amortizing the related basis differences to equity in earnings of unconsolidated subsidiaries over the related useful life of the underlying assets acquired. The Company's pro-rata share of non-recourse debt held by unconsolidated affiliates was $345 million as of December 31, 2021. The following tables present summarized financial information for the Company's equity method investments: Year Ended December 31, 2021 2020 2019 Income Statement Data: (In millions) GenConn Operating revenues $ 55 $ 60 $ 60 Operating income 22 26 27 Net income 13 17 17 Desert Sunlight Operating revenues 205 209 205 Operating income 146 142 123 Net income 112 88 58 Other (a) (b) Operating revenues 49 299 318 Operating income 16 138 110 Net income 13 60 50 As of December 31, 2021 2020 Balance Sheet Data: (In millions) GenConn Current assets $ 38 $ 40 Non-current assets 328 344 Current liabilities 15 17 Non-current liabilities 178 185 Desert Sunlight Current assets 131 132 Non-current assets 1,228 1,244 Current liabilities 64 71 Non-current liabilities 904 921 Other (a) (b) Current assets 26 177 Non-current assets 172 2,201 Current liabilities 24 114 Non-current liabilities 98 700 (a) Includes Avenal, Elkhorn Ridge, San Juan Mesa, DGPV Holdco 1, DGPV Holdco 2 and DGPV Holdco 3. DGPV Holdco 1, DGPV Holdco 2 and DGPV Holdco 3 were consolidated by the Company during 2020 and are therefore excluded from the summarized balance sheet data as of December 31, 2020. (b) On February 3, 2021, the Company acquired an additional 35% equity interest in Agua Caliente and removed its equity investment in Agua Caliente and, on December 1, 2021, the Company acquired the remaining 50% equity investment in the Utah Solar Portfolio and removed its equity investment in the Utah Solar Portfolio. As a result, both Agua Caliente and the Utah Solar Portfolio are excluded from the summarized balance sheet data as of December 31, 2021 and from the summarized income statement data for the year ended December 31, 2021. Variable Interest Entities, or VIEs Entities that are Consolidated The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind and solar facilities and are further described below. Summarized financial information for the Company's consolidated VIEs consisted of the following as of December 31, 2021: (In millions) Alta TE Holdco Buckthorn Renewables, LLC DGPV Funds (a) Kawailoa Partnership Langford TE Partnership LLC Lighthouse Renewable Holdco LLC (b) Lighthouse Renewable Holdco 2 LLC (c) Other current and non-current assets $ 53 $ 4 $ 104 $ 40 $ 17 $ 84 $ 83 Property, plant and equipment 331 202 592 135 132 605 377 Intangible assets 212 — 16 — 2 — — Total assets 596 206 712 175 151 689 460 Current and non-current liabilities 40 10 76 103 18 150 118 Total liabilities 40 10 76 103 18 150 118 Noncontrolling interest 13 44 6 48 66 416 239 Net assets less noncontrolling interests $ 543 $ 152 $ 630 $ 24 $ 67 $ 123 $ 103 (a) DGPV Funds is comprised of DGPV Fund 2 LLC, Clearway & EFS Distributed Solar LLC, DGPV Fund 4 LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC. (b) Lighthouse Renewable Holdco LLC consolidates Mesquite Star Tax Equity Holdco LLC and Black Rock TE Holdco LLC, which are also consolidated VIEs. (c) Lighthouse Renewable Holdco 2 LLC consolidates Mesquite Sky TE Holdco LLC, which is also a consolidated VIE. (In millions) Oahu Pinnacle Repowering Partnership LLC Rattlesnake TE Holdco LLC Rosie Target Co LLC Wildorado TE Holdco Other (a) Other current and non-current assets $ 47 $ 12 $ 30 $ 26 $ 21 $ 16 Property, plant and equipment 172 108 194 251 225 168 Intangible assets — 18 — — — 1 Total assets 219 138 224 277 246 185 Current and non-current liabilities 114 6 23 100 18 44 Total liabilities 114 6 23 100 18 44 Noncontrolling interest 31 78 98 140 121 84 Net assets less noncontrolling interests $ 74 $ 54 $ 103 $ 37 $ 107 $ 57 (a) Other is comprised of Crosswind Transmission, LLC, Hardin Hilltop Wind LLC, Elbow Creek TE Holdco and Spring Canyon TE Holdco projects. Pinnacle Repowering Partnership LLC — On February 26, 2021, the Company entered into an amended agreement with CWSP Pinnacle Holding LLC, an indirect subsidiary of CEG, with respect to Pinnacle Repowering Partnership LLC in order to facilitate the repowering of the Pinnacle wind project, a 54 MW wind facility located in Mineral County, West Virginia. On March 10, 2021, the Company contributed its interest in the Pinnacle wind project to Pinnacle Repowering Partnership LLC concurrent with entering into a financing agreement as further described in Note 7, Long-term Debt . The Company owns 100% of the Class A membership interests in Pinnacle Repowering Partnership LLC, which is a VIE, and the Company consolidates its interest as the primary beneficiary and managing member. CWSP Pinnacle Holding LLC owns 100% of the Class B membership interests in Pinnacle Repowering Partnership LLC and is entitled to allocations of 15% of the cash distributions from the partnership. On March 10, 2021, CWSP Pinnacle Holding LLC contributed $27 million in equipment to the partnership, which was a transfer of assets under common control and recorded at historical cost in property, plant and equipment, with a corresponding non-cash contribution in Pinnacle Repowering Partnership LLC's noncontrolling interests. Additionally, on March 10, 2021, the Pinnacle wind project acquired equipment from CEG for $21 million in cash consideration. On December 15, 2021, in connection with the completion of the repowering of the project, a third-party tax equity investor acquired the Class A membership interests in Pinnacle Tax Equity Holdco LLC, which is a tax equity fund, and the holder of the Pinnacle wind project, for $48 million. The Company consolidates Pinnacle Tax Equity Holdco LLC, as primary beneficiary through its consolidated subsidiary Pinnacle Repowering Partnership LLC, who acts as managing member. In addition, upon completion of the repowering, the Company made a payment of $64 million, which was utilized along with the proceeds of the tax equity investment to repay the outstanding debt under the financing agreement referenced above. The Company utilizes the HLBV method to determine the net income or loss allocated to tax equity noncontrolling interest. Rattlesnake TE Holdco LLC — As described in Note 3, Acquisitions and Dispositions , on January 12, 2021, the Company acquired CEG's equity interest and a third-party investor's minority interest in CWSP Rattlesnake Holding LLC for $132 million. CWSP Rattlesnake Holding LLC owns Rattlesnake Class B LLC, which owns the Class B membership interests in Rattlesnake TE Holdco LLC, which is a VIE. Rattlesnake Class B LLC is the primary beneficiary and managing member and consolidates its interest in Rattlesnake TE Holdco LLC, which owns the Rattlesnake wind project. Subsequent to the acquisition, on January 12, 2021 the third-party tax equity investor contributed $107 million into Rattlesnake TE Holdco LLC in exchange for the Class A membership interests. The proceeds from the tax equity contribution along with cash contributed by CEG were used to repay a portion of the $176 million of the outstanding principal under the Rattlesnake Class B LLC credit facility. The Company utilizes the HLBV method to determine the net income or loss allocated to tax equity noncontrolling interest. DGPV Holdco 3 Consolidation — DGPV Holdco 3 LLC or DGPV Holdco 3 owned approximately 113 MW of Distributed Solar capacity, based on cash to be distributed, with a weighted average remaining contract life of approximately 21 years. On May 29, 2020, the final construction projects for DGPV Holdco 3 were placed in service which resulted in a reconsideration event for consolidation of the entity. Upon the reconsideration event, the Company determined that it was the primary beneficiary of DGPV Holdco 3, as it is entitled to 99% of allocations of income and cash distributions from the entity. As such, effective on May 29, 2020, the Company consolidates DGPV Holdco 3, and records the interest owned by CEG as noncontrolling interest. DGPV Holdco 3 owns an interest in two tax equity funds with tax equity investors, both of which are consolidated by DGPV Holdco 3, and the interests owned by the tax equity investors are shown as noncontrolling interests. The Company removed its equity method investment in DGPV Holdco 3 of $155 million as of May 29, 2020 and recorded the difference between the net assets consolidated and the investment balance as a reduction to noncontrolling interests. The Company acquired CEG's interest in DGPV Holdco 3 on November 2, 2020 as further described in Note 3, Acquisitions and Dispositions and below . Prior to the reconsideration event described above, the Company invested $10 million of cash in DGPV Holdco 3 during the first half of 2020. DGPV Tax Equity Funds — As described in Note 3, Acquisitions and Dispositions , on November 2, 2020, the Company acquired the Class B membership interests in DGPV Holdco 1, DGPV Holdco 2 and DGPV Holdco 3, or the DGPV Holdco Entities, from Renew DG Holdings LLC, a subsidiary of CEG. The Company previously held the Class A membership interests in the DGPV Holdco Entities and accounted for its interests in DGPV Holdco 1 and DGPV Holdco 2 as equity method investments, while DGPV Holdco 3 was consolidated by the Company effective May 29, 2020 as further described above. Concurrent with the acquisition, the Company transferred its interests to DG-CS Master Borrower LLC. Effective with the acquisition of the Class B membership interests of the DGPV Holdco Entities, the Company consolidates all of the DGPV Holdco Entities, including DG-CS Master Borrower LLC, and its subsidiaries, which consist of seven projects including six tax equity funds that collectively own approximately 172 distributed solar projects with a combined 286 MW of capacity. Each of the six tax equity funds is a VIE, where the Company is the primary beneficiary and consolidates the fund, with the tax equity investor's interest shown as noncontrolling interest or redeemable noncontrolling interest. The Company utilizes the HLBV method to determine its share of the income or losses in the investees. The Company removed its equity method investments in DGPV Holdco 1 and DGPV Holdco 2 of $144 million as of November 2, 2020 and recorded the difference between the net assets consolidated and the investment balance as a reduction to noncontrolling interests. Langford Tax Equity Partnership, LLC — As described in Note 3, Acquisitions and Dispositions , on November 20, 2020, the Company acquired 100% of the Class B membership interest in Langford Holding LLC from CEG for $55 million as well as 100% of the Class A membership interests in Langford Holding LLC from a third-party investor for $9 million. Langford Holding LLC owns 100% of the membership interests in Langford Class B Holdco LLC, which owns 100% of the Class B interest in Langford Tax Equity Partnership LLC, which indirectly owns 100% of the interest in a 160 MW wind project. Langford Tax Equity Partnership LLC is a variable interest entity. The Company is the primary beneficiary, through its position as managing member, and indirectly consolidates Langford Tax Equity Partnership LLC, through Langford Class B Holdco LLC. The Class A member is a tax equity investor whose interest is reflected as noncontrolling interest on the Company's consolidated balance sheet. The project achieved repowering COD in November 2020. The Company utilizes the HLBV method for income or loss allocation to the tax equity investor's noncontrolling interest. Lighthouse Partnership Arrangements Lighthouse Renewable Holdco LLC — As described in Note 3 , Acquisitions and Dispositions , on September 1, 2020, the Company, through its indirect subsidiary Lighthouse Renewable Class A LLC, acquired the Class A membership interests in Lighthouse Renewable Holdco LLC (formerly Mesquite Star Pledgor LLC) from Clearway Renew LLC, a subsidiary of CEG. Lighthouse Renewable Holdco LLC is a VIE and at the time of the acquisition the Company was not the primary beneficiary. Accordingly, the Company recorded the acquired interest as an equity method investment. On December 21, 2020, CEG sold its Class B membership interest in Lighthouse Renewable Holdco LLC to a third-party investor which resulted in a reconsideration event for consolidation of the entity. Upon the reconsideration event, the Company determined that it was the primary beneficiary of Lighthouse Renewable Holdco LLC. As such, effective on December 21, 2020, the Company consolidates Lighthouse Renewable Holdco LLC, and shows the Class B interests owned by the third-party investor as noncontrolling interests on the Company’s consolidated balance sheet. Through its Class A membership interests, the Company receives 50.01% of income and distributable cash. In addition, Lighthouse Renewable Holdco LLC holds the Class B interests in a tax equity fund, Mesquite Star Tax Equity Holdco LLC, that holds the Mesquite Star project. The tax equity investor's interest is shown as noncontrolling interest. The HLBV method is utilized to allocate the income or losses of Mesquite Star Tax Equity Holdco LLC. As described in Note 3, Acquisitions and Dispositions , on December 29, 2021, Lighthouse Renewable Holdco LLC, through its indirect wholly-owned subsidiary, Lighthouse Renewable Holding Sub LLC, acquired the Class B interests in a partnership, Black Rock Wind Holding LLC, which consolidates, as the direct owner of the primary beneficiary, a tax equity fund, Black Rock TE Holdco LLC, that holds the Black Rock wind project. The tax equity investor’s interest is shown as noncontrolling interest and the HLBV method is utilized to allocate the income or losses of Black Rock TE Holdco LLC. As described in Note 3, Acquisitions and Dispositions , the third-party investor in Lighthouse Renewable Holdco LLC also acquired and contributed an interest in Black Rock Wind Holding LLC to Lighthouse Renewable Holdco LLC. The Company recorded the related noncontrolling interest at historical carrying amount, with the offset to additional paid-in capital. Lighthouse Renewable Holdco 2 LLC — On December 17, 2021, the Company formed Lighthouse Renewable Holdco 2 LLC, a partnership between the Company and a third-party investor. Lighthouse Renewable Holdco 2 LLC is a VIE and the Company is the primary beneficiary, through its role as managing member. As described in Note 3, Acquisitions and Dispositions , on December 17, 2021, Lighthouse Renewable Holdco 2 LLC acquired the Class B interests in a partnership, Mesquite Sky Holding LLC, which consolidates, as the direct owner of the primary beneficiary, a tax equity fund, Mesquite Sky TE Holdco LLC, that holds the Mesquite Sky wind project. The tax equity investor’s interest is shown as noncontrolling interest and the HLBV method is utilized to allocate the income or losses of Mesquite Sky TE Holdco LLC. As described in Note 3, Acquisitions and Dispositions , the third-party investor in Lighthouse Renewable Holdco 2 LLC also acquired and contributed an interest in Mesquite Sky Holding LLC to Lighthouse Renewable Holdco 2 LLC. The Company recorded the related noncontrolling interest at historical carrying amount, with the offset to additional paid-in capital. Rosie TargetCo LLC — As described in Note 3, Acquisitions and Dispositions , on December 21, 2020, the Company acquired 100% of CEG's Class A membership interests of Rosie TargetCo LLC which owns 100% interest in Rosie Class B LLC, which in turn owns 100% of the Class B membership interest of Rosie TE Holdco LLC. The Company consolidates Rosie TargetCo LLC as a VIE as the Company is the primary beneficiary, through its role as managing member. The Class B membership interest of Rosie TargetCo LLC is owned by a third-party investor and is reflected as noncontrolling interest on the Company’s consolidated balance sheet. Through its Class A membership interests in Rosie TargetCo LLC, the Company receives 50% of income and distributable cash. Rosie TargetCo indirectly consolidates Rosie TE Holdco LLC, which is also a VIE. The tax equity investor's interest is shown as noncontrolling interest. The HLBV method is utilized to allocate the income or losses of Rosie TE Holdco LLC. Kawailoa Partnership — On August 31, 2018, the Company entered into an agreement with Clearway Renew LLC, a subsidiary of CEG, to acquire the Class A membership interests in the Kawailoa Solar Partnership LLC, or Kawailoa Partnership, for $9 million in cash consideration. The purpose of the partnership is to own, finance, operate, and maintain the Kawailoa Solar project, a 49 MW utility-scale solar generation project, an indirect subsidiary of the Kawailoa Partnership, located in Oahu, Hawaii. The Kawailoa Solar project is contracted to sell power under a 22-year PPA with Hawaiian Electric Company, or HECO. The Kawailoa Solar project is 51% owned by the Kawailoa Partnership, with the remaining 49% owned by a third-party investor. The Kawailoa Partnership consolidates the Kawailoa Solar project through its controlling majority interest. On May 7, 2019, the Company made an initial capital contribution of $2 million, which represents 20% of its total anticipated capital contributions. The Company assumed non-recourse debt of $120 million, as further described in Note 10 , Long-term Debt, and non-controlling interests attributable to third parties in the amount of $21 million. Effective May 1, 2019, the Company, as a Class A member, is the primary beneficiary through its position as managing member and consolidates Kawailoa Partnership. Allocations of income and taxable items are equal to the distributions of available cash, which is currently 95% to the Company and 5% to Clearway Renew LLC. The Company's acquisition of the Class A membership interests in the Kawailoa Partnership was accounted for as a transfer of assets under common control and was recorded at historical cost in accordance with ASC 805-50, Business Combinations — Related Issues . The difference between the cash paid and payable recorded and the historical value of the assets was recorded as a distribution to CEG and decreased the balance of its noncontrolling interest. Upon reaching COD in November of 2019, the Kawailoa Solar project's fixed assets were placed in service and began to depreciate. On December 22, 2019, Kawailoa Solar Holdings LLC, a tax equity fund, received its final equity contribution of $61 million. The proceeds were utilized to repay the ITC bridge loan in the amount of $57 million, and the construction debt was converted to term debt (and upsized, with an additional $5 million drawn). Distributions were paid to the third-party investor and Clearway Renew LLC, funded by the excess of the tax equity investment and the term loan upsizing above the amount of the bridge loan repayment and related fees. On December 27, 2019, the Company made its substantial completion contribution of $7 million into the Kawailoa Partnership, which was also utilized to make a distribution to Clearway Renew LLC. In addition, the Company started applying HLBV to allocate income attributable to the tax equity investor during the fourth quarter of 2019. Oahu Partnership — On August 31, 2018, the Company entered into an agreement with Clearway Renew LLC, a subsidiary of CEG, to acquire the Class A membership interests in the Zephyr Oahu Partnership LLC, or Oahu Partnership, for $20 million in cash consideration. The purpose of the partnership is to own, finance, operate, and maintain the Oahu Solar projects, which consist of Lanikuhana and Waipio, utility-scale solar generation projects with rated capacity of 15 MW and 46 MW, respectively, the indirect subsidiaries of the Oahu Partnership, located in Oahu, Hawaii. The Oahu Solar projects are contracted to sell power under a 22-year PPA with HECO. The Oahu Partnership consolidates the Oahu Solar projects through its controlling majority interest. On March 8, 2019, the Company made an initial capital contribution of $4 million, which represents 20% of its total anticipated capital contributions. The Company also assumed non-recourse debt of $143 million, as further described in Note 10 , Long-term Debt , and $18 million of non-controlling interest attributable to a tax equity investor's initial contribution. Effective March 8, 2019, the Company, as a Class A member, is the primary beneficiary through its position as managing member and consolidates Oahu Partnership. Allocations of income and taxable items are equal to the distributions of available cash, which is currently 95% to the Company and 5% to Clearway Renew LLC. The Company's acquisition of the Class A membership interests in the Oahu Partnership was accounted for as a transfer of assets under common control and was recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid and payable recorded and the historical value of the assets was recorded as a contribution from CEG and increased the balance of its noncontrolling interest. Upon reaching COD in September 2019, the Oahu Solar projects' fixed assets were placed in service and began to depreciate. On November 12, 2019, the tax equity investor made its final tax-equity contribution of $71 million and the proceeds were utilized to repay the related ITC bridge loan in the amount of $67 million, and the construction loan was converted to term debt. The Company paid the remaining 80% of the equity commitment in the amount of $16 million to Clearway Renew LLC when the Oahu Solar projects reached certain milestones in December 2019. In addition, the Company started applying HLBV to allocate income attributable to the tax equity investor during the third quarter of 2019. Repowering Partnership II LLC — On August 30, 2018, Wind TE Holdco, an indirect subsidiary of the Company, formed Repowering Partnership LLC with Clearway Renew LLC, an indirect subsidiary of CEG, in order to facilitate the repowering of wind facilities of two of its indirect subsidiaries, Elbow Creek Wind Project LLC, or Elbow Creek, and Wildorado Wind LLC, or Wildorado Wind. Wind TE Holdco contributed its interests in the two facilities and Clearway Renew LLC contributed a turbine supply agreement, including title to certain components that qualify for production tax credits. Wind TE Holdco is the managing member of the partnership and consolidates the entity, which is a VIE. Clearway Renew LLC is initially entitled to allocations of 21% of income, which is reflected in Wind TE Holdco’s noncontrolling interests. On June 14, 2019, Repowering Partnership LLC was replaced with Repowering Partnership II LLC as the owner of the Elbow Creek and Wildorado Wind projects as well as Repowering Partnership Holdco LLC, which concurrently entered into a financing agreement for construction debt commitment totaling $352 million, as further described in Note 10, Long-term Debt . Repowering of the Elbow Creek project was completed and on November 26, 2019, a third-party tax equity investor purchased 100% of the Class A membership interests in Elbow Creek Repowering Tax Equity Holdco LLC, or Elbow TE Holdco for $89 million pursuant to a membership interest purchase agreement dated June 14, 2019. The Company also contributed $4 million. In connection with the completion of the Elbow Creek repowering, the construction loan of $93 million was repaid with the proceeds from the combined proceeds from the tax equity investor and the Company. The Company began applying HLBV during the fourth quarter to allocate income between the partners of Elbow TE Holdco. In connection with the closing, the allocations of income at Repowering Partnership II LLC (which indirectly consolidates both projects) changed to 59.63% for Wind TE Holdco LLC (the Company member) and 40.37% for CWSP Wildorado Elbow Holding LLC (the CEG member). In addition, approximately half of the repowered Wildorado equipment was placed in service in December 2019, with the remaining equipment being placed in service in January of 2020. In connection with repowering of the projects, the Company revised the remaining useful life of the property, plant and equipment that was replaced, resulting in additional expense of $54 million during the year ended December 31, 2019 related to accelerated depreciation. On February 7, 2020, a third-party tax equity investor purchased 100% of the Class A membership interests in Wildorado TE Holdco, for $148 million. In addition, the Company contributed $112 million to Wildorado TE Holdco. The combined proceeds were used to repay construction debt under the Repowering Partnership Holdco credit agreement, as described in Note 10, Long-term Debt . The third-party tax equity investor, or Wildorado Investor, will receive 99% of allocations of taxable income and other items until the Wildorado Investor obtains a specified return on its initial investment, or the last day of the PTC period, whichever occurs sooner. At such time, the allocations to the Wildorado Investor will change to 5%. Until such time, the Wildorado Investor will receive a variable percentage of cash distributions. Wildorado TE Holdco is a VIE and the Repowering Partnership II LLC is the primary beneficiary through its position as managing member. As a result, the Company consolidates Wildorado TE Holdco, with the Wildorado Investor's interest shown as noncontrolling interest. In connection with the Wildorado TE Holdco closing, the allocations of income at Repowering Partnership II LLC changed to 60.14% for Wind TE Holdco LLC (the Company member) and 39.86% for CWSP Wildorado Elbow Holding LLC (the CEG member). On May 11, 2020, the Company acquired CEG's interest in Repowering Partnership II LLC, for cash consideration of $70 million. Repowering Partnership II LLC is no longer a VIE and subsequent to the acquisition, is a wholly-owned subsidiary of the Company. Repowering Partnership II LLC continues to own interests in two VIEs, Wildorado Repowering Tax Equity Holdco LLC, or Wildorado TE Holdco, and Elbow Creek Repowering Tax Equity Holdco LLC, or Elbow Creek TE Holdco. The Company removed the related noncontrolling interest balance of $8 million and recorded the difference between the cash paid and the noncontrolling interest balance removed as a reduction to noncontrolling interests. The Company utilizes the HLBV method to determine the net income or loss allocated to tax equity noncontrolling interest. Alta TE Holdco — On June 30, 2015, the Company sold an economic interest in Alta TE Holdco to a financial institution in order to monetize certain cash and tax attributes, primarily PTCs. The financial institution, or Alta Investor, receives 99% of allocations of taxable income and other items until the flip point, which occurs when the Alta Investor obtains a specified return on its initial investment, at which time the allocations to the Alta Investor change to 5%. The Company receives 94.34% until the flip point, at which time the allocations to the Company of distributable cash will change to 97.12%, unless the flip point will not have occurred by a specified date, which would result in 100% of distributable cash allocated to the Alta Investor until the flip point occurs. Alta TE Holdco is a VIE and the Company is the primary beneficiary through its position as managing member, and therefore consolidates Alta TE Holdco, with the Alta Investor's interest shown as noncontrolling interest. The Company utilizes the HLBV method to determine the net income or loss allocated to the noncontrolling interest. Spring Canyon — The Company holds 90.1% of the Class B interests in Spring Canyon II, a 32 MW wind facility, and Spring Canyon III, a 28 MW wind facility, each located in Logan County, Colorado, and Invenergy Wind Global LLC owns 9.9% of the Class B interests. The projects are financed with a partnership flip tax-equity structure with a financial institution, who owns the Class A interests, to monetize certain cash and tax attributes, primarily PTCs. Until the flip point, the Class A member receives a variable percentage of cash distributions based on the projects’ production level during the prior year. After the flip point, cash distributions are allocated 5% to the Class A member and 95% to the Company and Invenergy. Spring Canyon is a VIE and the Company is the primary beneficiary through its position as managing member, and therefore consolidates Spring Canyon. The Class A member and Invenergy's interests are shown as noncontrolling interest. The Company utilizes the HLBV method to determine the net income or loss allocated to the Class A member. Net income or loss attributable to the Class B interests is allocated to Invenergy's noncontrolling interest based on its 9.9% ownership interest. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | Fair Value of Financial Instruments Fair Value Accounting under ASC 820 ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: • Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. • Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • Level 3—unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. In accordance with ASC 820, the Company determines the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement. For cash and cash equivalents, restricted cash, accounts receivable — trade, accounts payable — trade, accounts payable — affiliates and accrued expenses and current other liabilities, the carrying amounts approximates fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy. The carrying amounts and estimated fair values of the Company’s recorded financial instruments not carried at fair market value or that do not approximate fair value are as follows: As of December 31, 2021 As of December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Liabilities: Long-term debt, including current portion (a) $ 7,782 $ 7,997 $ 7,048 $ 7,020 (a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of December 31, 2021 and 2020: As of December 31, 2021 As of December 31, 2020 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ 2,159 $ 5,838 $ 1,905 $ 5,115 Recurring Fair Value Measurements The Company records its derivative assets and liabilities at fair market value on its consolidated balance sheets. The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of December 31, 2021 As of December 31, 2020 Fair Value Fair Value (a) Fair Value Fair Value (a) (In millions) Level 2 Level 3 Level 2 Level 3 Derivative assets Interest rate contracts $ 6 $ — $ 1 $ — Other financial instruments (b) — 25 — 29 Total assets $ 6 $ 25 $ 1 $ 29 Derivative liabilities Commodity contracts $ — $ 179 $ — $ 44 Interest rate contracts 63 — 129 — Total liabilities $ 63 $ 179 $ 129 $ 44 (a) There were no derivative assets classified as Level 1 or Level 3 and no liabilities classified as Level 1 as of December 31, 2021 and December 31, 2020. (b) SREC contract acquired on November 2, 2020. The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the consolidated financial statements using significant unobservable inputs: Year ended December 31, 2021 2020 (In millions) Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Beginning balance $ (15) $ (9) Total losses for the period included in earnings (93) — Contracts acquired (52) (6) Settlements 6 — Ending balance $ (154) $ (15) Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31, $ (93) $ 1 Derivative and Financial Instruments Fair Value Measurements The Company's contracts are non-exchange-traded and valued using prices provided by external sources. The Company uses quoted observable forward prices to value its energy contracts. To the extent that observable forward prices are not available, the quoted prices reflect the average of the forward prices from the prior year, adjusted for inflation. As of December 31, 2021, contracts valued with prices provided by models and other valuation techniques make up 74% of derivative liabilities and 100% of other financial instruments. The Company’s significant positions classified as Level 3 include physical commodity contracts executed in illiquid markets. The significant unobservable inputs used in developing fair value include illiquid power tenors and location pricing, which is derived by extrapolating pricing as a basis to liquid locations. The tenor pricing and basis spread are based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available. The following table quantifies the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of December 31, 2021: December 31, 2021 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Commodity Contracts $ — $ (179) Discounted Cash Flow Forward Market Price (per MWh) $ 13.93 $ 56.06 $ 27.46 Other Financial Instruments 25 — Discounted Cash Flow Forecast annual generation levels of certain DG solar facilities 80,872 MWh 129,913 MWh 124,783 MWh The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of December 31, 2021: Significant Observable Input Position Change In Input Impact on Fair Value Measurement Forward Market Price Power Buy Increase/(Decrease) Higher/(Lower) Forward Market Price Power Sell Increase/(Decrease) Lower/(Higher) Forecast Generation Levels Sell Increase/(Decrease) Higher/(Lower) The fair value of each contract is discounted using a risk-free interest rate. In addition, a credit reserve is applied to reflect credit risk, which is, for interest rate swaps, calculated based on credit default swaps using the bilateral method. For commodities, to the extent that the Net Exposure under a specific master agreement is an asset, the Company uses the counterparty’s default swap rate. If the Net Exposure under a specific master agreement is a liability, the Company uses a proxy of its own default swap rate. For interest rate swaps and commodities, the credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the liabilities or that a market participant would be willing to pay for the assets. As of December 31, 2021, the non-performance reserve was a $17 million gain recorded primarily to total operating revenues in the consolidated statement of operations. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material. Concentration of Credit Risk In addition to the credit risk discussion as disclosed in Note 2, Summary of Significant Accounting Policies , the following item is a discussion of the concentration of credit risk for the Company's financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) monitoring of counterparties' credit limits on as needed basis; (iii) as applicable, the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties. |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Accounting for derivative instruments and hedging activities | Accounting for Derivative Instruments and Hedging Activities ASC 815 requires the Company to recognize all derivative instruments on the balance sheet as either assets or liabilities and to measure them at fair value each reporting period unless they qualify for a NPNS exception. The Company may elect to designate certain derivatives as cash flow hedges, if certain conditions are met, and defer the change in fair value of the derivatives to accumulated OCI/OCL, until the hedged transactions occur and are recognized in earnings. For derivatives that are not designated as cash flow hedges or do not qualify for hedge accounting treatment, the changes in the fair value will be immediately recognized in earnings. Certain derivative instruments may qualify for the NPNS exception and are therefore exempt from fair value accounting treatment. ASC 815 applies to the Company's energy related commodity contracts and interest rate swaps. Interest Rate Swaps The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments. As of December 31, 2021, the Company had interest rate derivative instruments on non-recourse debt extending through 2031, a portion of which were designated as cash flow hedges. Under the interest rate swap agreements, the Company pays a fixed rate and the counterparties to the agreements pay a variable interest rate. Energy Related Commodities As of December 31, 2021, the Company had energy-related derivative instruments extending through 2033. At December 31, 2021, these contracts were not designated as cash flow or fair value hedges. Volumetric Underlying Derivative Transactions The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of December 31, 2021 and 2020: Total Volume December 31, 2021 December 31, 2020 Commodity Units (In millions) Natural Gas MMBtu 2 1 Power MWh (17) (8) Interest Dollars $ 1,326 $ 1,600 Fair Value of Derivative Instruments The following table summarizes the fair value within the derivative instrument valuation on the consolidated balance sheets: Fair Value Derivative Assets Derivative Liabilities December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ — $ — $ 5 $ 8 Interest rate contracts long-term 2 — 3 15 Total Derivatives Designated as Cash Flow Hedges $ 2 $ — $ 8 $ 23 Derivatives Not Designated as Cash Flow Hedges: Interest rate contracts current $ — $ — $ 17 $ 25 Interest rate contracts long-term 4 1 38 81 Commodity contracts current — — 24 5 Commodity contracts long-term — — 155 39 Total Derivatives Not Designated as Cash Flow Hedges $ 4 $ 1 $ 234 $ 150 Total Derivatives $ 6 $ 1 $ 242 $ 173 The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty level. As of December 31, 2021 and 2020, there was no outstanding collateral paid or received. The following tables summarize the offsetting of derivatives by counterparty: Gross Amounts Not Offset in the Statement of Financial Position As of December 31, 2021 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts (In millions) Derivative liabilities $ (179) $ — $ (179) Total commodity contracts $ (179) $ — $ (179) Interest rate contracts Derivative assets $ 6 $ (5) $ 1 Derivative liabilities (63) 5 (58) Total interest rate contracts $ (57) $ — $ (57) Total derivative instruments $ (236) $ — $ (236) Gross Amounts Not Offset in the Statement of Financial Position As of December 31, 2020 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts (In millions) Derivative liabilities $ (44) $ — $ (44) Total commodity contracts $ (44) $ — $ (44) Interest rate contracts Derivative assets $ 1 $ — $ 1 Derivative liabilities (129) — (129) Total interest rate contracts $ (128) $ — $ (128) Total derivative instruments $ (172) $ — $ (172) Accumulated Other Comprehensive Loss The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax: Year ended December 31, 2021 2020 2019 (In millions) Accumulated OCL beginning balance $ (30) $ (31) $ (38) Reclassified from accumulated OCL to income due to realization of previously deferred amounts 8 8 16 Mark-to-market of cash flow hedge accounting contracts 11 (7) (9) Accumulated OCL ending balance, net of income tax benefit of $2, $5 and $6, respectively (11) (30) (31) Accumulated OCL attributable to noncontrolling interests (5) (16) (16) Accumulated OCL attributable to Clearway Energy, Inc. $ (6) $ (14) $ (15) Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $2 $ (7) Amounts reclassified from accumulated OCL into income are recorded to interest expense. Impact of Derivative Instruments on the Consolidated Statements of Operations Mark-to-market gains and losses related to the Company's derivatives are recorded in the consolidated statements of operations as follows: Year ended December 31, 2021 2020 2019 (In millions) Interest Rate Contracts (Mark-to-market interest expense) $ 53 $ (38) $ (65) Commodity Contracts (Mark-to-market for economic hedging activities) (a) (83) (4) (9) (a) Relates to long-term commodity contracts at Elbow Creek Wind Project LLC, or Elbow Creek, Mesquite Star, Mt. Storm and Mesquite Sky and gains or losses are recognized in operating revenues. A portion of the Company’s derivative commodity contracts relates to its Thermal Business for the purchase of fuel/electricity commodities based on the forecasted usage of the thermal district energy centers. Realized gains and losses on these contracts are reflected in the fuel costs that are permitted to be billed to customers through the related customer contracts or tariffs and, accordingly, no gains or losses are reflected in the consolidated statements of operations for these contracts. See Note 6, Fair Value of Financial Instruments , for a discussion regarding concentration of credit risk. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Intangible Assets Intangible Assets — The Company's intangible assets as of December 31, 2021 and 2020 primarily reflect intangible assets established from its business acquisitions and are comprised of the following: • PPAs — Established predominantly with the acquisitions of the Alta Wind Portfolio, Walnut Creek, Tapestry, Laredo Ridge, Carlsbad Energy Center, Agua Caliente and the Utah Solar Portfolio. These represent the fair value of the PPAs acquired. These are amortized on a straight-line basis, over the term of the PPA. • Leasehold Rights — Established with the acquisition of the Alta Wind Portfolio, this represents the fair value of contractual rights to receive royalty payments equal to a percentage of PPA revenue from certain projects. These are amortized as a reduction to operating revenue on a straight-line basis over the term of the PPAs. • Customer relationships — Established with the acquisition of Energy Center Omaha and Energy Center Phoenix, these intangibles represent the fair value at the acquisition date of the businesses' customer base. The customer relationships related to Energy Center Omaha are amortized as a reduction to operating revenue, which approximates the expected discounted future net cash flows by year. These intangible assets are included in the Thermal Business and were reclassified to held for sale during the fourth quarter of 2021. • Customer contracts — Established with the acquisition of Energy Center Phoenix, these intangibles represent the fair value at the acquisition date of contracts that primarily provide chilled water, steam and electricity to its customers. These contracts are amortized to revenues based on expected volumes. These intangible assets are included in the Thermal Business and were reclassified to held for sale during the fourth quarter of 2021. • Emission Allowances — These intangibles primarily consist of SO 2 and NO x emission allowances established with the El Segundo, Walnut Creek and Carlsbad Energy Center acquisitions. These emission allowances are held-for-use and are amortized to cost of operations, with NO x allowances amortized on a straight-line basis and SO 2 allowances amortized based on units of production. • Other — Consists of a) the acquisition date fair value of the contractual rights to a ground lease for South Trent and to utilize certain interconnection facilities for Blythe as well as land rights acquired in connection with the acquisition of Elbow Creek and Langford Wind; b) development rights related to certain solar business acquisitions; c) RECs acquired in connection with the acquisition of the Utah Solar Portfolio; and d) favorable leases acquired in connection with the acquisition of the Utah Star Portfolio. The following tables summarize the components of intangible assets subject to amortization: Year ended December 31, 2021 PPAs Leasehold Rights Customer Customer Contracts Emission Allowances Other Total (In millions) January 1, 2021 $ 1,661 $ 86 $ 66 $ 15 $ 17 $ 12 $ 1,857 Acquisitions (a) 1,324 — — — — 4 1,328 Reclassified to held for sale (b) — — (66) (15) — — (81) December 31, 2021 2,985 86 — — 17 16 3,104 Less accumulated amortization (566) (30) — — (3) (6) (605) Net carrying amount $ 2,419 $ 56 $ — $ — $ 14 $ 10 $ 2,499 (a) The weighted average life of acquired intangibles was 17 years for PPAs, 15 years for RECs and 15 years for favorable leases. (b) Thermal Business intangible assets were reclassified to held for sale during the fourth quarter of 2021. Year ended December 31, 2020 PPAs Leasehold Rights Customer Relationships Customer Contracts Emission Other Total (In millions) January 1, 2020 $ 1,630 $ 86 $ 66 $ 15 $ 17 $ 8 $ 1,822 Consolidation of DGPV Holdco Entities 23 — — — — — 23 Other 8 — — — — 4 12 December 31, 2020 1,661 86 66 15 17 12 1,857 Less accumulated amortization (431) (26) (11) (11) (3) (5) (487) Net carrying amount $ 1,230 $ 60 $ 55 $ 4 $ 14 $ 7 $ 1,370 The Company recorded amortization expense of $143 million during the year ended December 31, 2021, $91 million for the year ended December 31, 2020 and $73 million for the year ended December 31, 2019. Of these amounts, $135 million for the year ended December 31, 2021, $88 million for the year ended December 31, 2020 and $72 million for the year ended December 31, 2019, were related to the amortization of intangible assets for power purchase agreements and were recorded to contract amortization expense, which reduced operating revenues in the consolidated statements of operations. The Company estimates the future amortization expense for its intangibles for the next five years as follows: (In millions) 2022 $ 158 2023 155 2024 153 2025 153 2026 153 |
Asset Impairments
Asset Impairments | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Asset impairments | Asset Impairments 2021 Impairment Losses During the fourth quarter of 2021 in preparation and review of its annual budget, the Company updated its long-term estimates of operating and capital expenditures and revised its assessment of long-term merchant power prices, which was primarily informed by present conditions and did not contemplate future policy changes, which could impact renewable energy power prices. The annual budget process coincides with the Company's annual impairment analysis of long-lived assets. The impairment analysis reviews certain qualitative factors as well as the fair value of the facilities against its carrying value to determine if impairment indicators are present. The impairment analysis indicated that the projected future cash flows for several wind projects within the Renewables segment no longer supported the recoverability of the carrying value of the related long-lived assets. As such, the Company recorded an impairment loss of $6 million, which primarily related to property, plant, and equipment to reflect the assets at fair market value. The fair value of the facilities was determined using an income approach by applying a discounted cash flow methodology to the updated long-term budgets for each respective plant. The income approach included key inputs such as forecasted merchant power prices, operations and maintenance expense, and discount rates. The resulting fair value is a Level 3 fair value measurement. 2020 Impairment Losses During the fourth quarter of 2020 in preparation and review of its annual budget, the Company updated its long-term estimates of operating and capital expenditures and revised its assessment of long-term merchant power prices, which was primarily informed by present conditions and did not contemplate future policy changes, which could impact renewable energy power prices. The annual budget process coincides with the Company's annual impairment analysis of long-lived assets. The impairment analysis reviews certain qualitative factors as well as the fair value of the facilities against its carrying value to determine if impairment indicators are present. The impairment analysis indicated that the projected future cash flows for several wind projects within the Renewables segment no longer supported the recoverability of the carrying value of the related long-lived assets. As such, the Company recorded an impairment loss of $24 million, which primarily related to property, plant, and equipment to reflect the assets at fair market value. The fair value of the facilities was determined using an income approach by applying a discounted cash flow methodology to the updated long-term budgets for each respective plant. The income approach included key inputs such as forecasted merchant power prices, operations and maintenance expense, and discount rates. The resulting fair value is a Level 3 fair value measurement. Additionally, during the fourth quarter of 2020, as the Company updated its estimated cash flows in connection with the preparation and review of the Company's annual budget, the Company determined that there was a significant decrease in the estimated future cash flows for its equity method investment in San Juan Mesa, a facility in the Renewables segment located in Elida, New Mexico. The decrease in the forecasted cash flows which was primarily driven by a decline in forecasted revenue in future merchant periods, was significant enough to be considered an indication of a decline in value of the investment that was not temporary. The Company concluded there was an other-than-temporary impairment of its investment and recorded an impairment loss of $8 million to reflect the investment at fair market value. The resulting fair value is a Level 3 fair value measurement. 2019 Impairment Losses The Company recorded an impairment loss of $19 million related to a facility in the Thermal segment during the second quarter of 2019. The impairment was triggered by a potential sale negotiation with a third-party, which resulted in signing the purchase and sale agreement in September 2019, as further described in Note 3, Acquisitions and Dispositions . The fair value of the facility was determined using an income approach by applying a discounted cash flow methodology to the long-term budgets for each respective plant. The income approach utilized estimates of discounted future cash flows, which were Level 3 fair value measurement and include key inputs, such as forecasted power prices, operations and maintenance expense, and discount rates. The Company measured the impairment loss as the difference between the carrying amount and the fair value of the assets. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt The Company's borrowings, including short-term and long-term portions consisted of the following: December 31, 2021 December 31, 2020 Interest rate % (a) Letters of Credit Outstanding at December 31, 2021 (In millions, except rates) 2025 Senior Notes $ — $ 600 5.750 2026 Senior Notes — 350 5.000 2028 Senior Notes 850 850 4.750 2031 Senior Notes 925 — 3.750 2032 Senior Notes 350 — 3.750 Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) 245 — 1.750 $ 83 Bridge Loan, due 2022 (c) 335 — S+1.000 Project-level debt: Agua Caliente Solar LLC, due 2037 684 — 2.395 - 3.633 45 Alta Wind Asset Management LLC, due 2031 13 14 L+2.625 — Alta Wind I-V lease financing arrangements, due 2034 and 2035 756 800 5.696 - 7.015 34 Alta Wind Realty Investments LLC, due 2031 24 25 7.000 — Borrego, due 2024 and 2038 54 57 Various — Buckthorn Solar, due 2025 123 126 L+1.750 21 Carlsbad Energy Holdings LLC, due 2027 136 156 L+1.625 62 Carlsbad Energy Holdings LLC, due 2038 407 407 4.120 — Carlsbad Holdco, due 2038 205 210 4.210 6 CVSR, due 2037 652 675 2.339 -3.775 — CVSR Holdco Notes, due 2037 169 176 4.680 13 DG-CS Master Borrower LLC, due 2040 441 467 3.510 30 Duquesne, due 2059 (d) — 95 4.620 — El Segundo Energy Center, due 2023 193 250 L+1.875 - L+2.500 138 Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 (d) — 327 Various — Kawailoa Solar Portfolio LLC, due 2026 78 81 L+1.375 14 Laredo Ridge, due 2028 72 78 L+2.125 3 Marsh Landing, due 2023 84 146 L+2.375 46 NIMH Solar, due 2024 176 191 L+2.000 10 Oahu Solar Holdings LLC, due 2026 86 89 L+1.375 10 Rosie Class B LLC, due 2027 78 80 L+1.750 17 Tapestry, due 2031 85 143 L+1.375 12 Utah Solar Holdings, due 2036 273 290 3.590 10 Walnut Creek, due 2023 74 126 L+1.750 116 WCEP Holdings, LLC, due 2023 30 35 L+3.000 — Other 180 199 Various 201 Subtotal project-level debt 5,073 5,243 Total debt 7,778 7,043 Less current maturities (772) (384) Less net debt issuance costs (71) (79) Add premiums (e) 4 5 Total long-term debt $ 6,939 $ 6,585 (a) As of December 31, 2021, L+ equals 3 month LIBOR plus x%, except Clearway Energy Operating LLC Revolving Credit Facility, due 2023, Marsh Landing, due 2023, and Walnut Creek, due 2023, where L+ equals 1 month LIBOR plus x% (b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement (c) S+ equals SOFR, plus x% (d) Thermal Business long-term debt reclassified to held for sale in the fourth quarter of 2021 (e) Premiums relate to the 2028 Senior Notes The financing arrangements listed above contain certain covenants, including financial covenants that the Company is required to be in compliance with during the term of the respective arrangement. As of December 31, 2021, the Company was in compliance with all of the required principal, interest, sinking fund and redemption covenants. Bridge Loan Agreement On November 30, 2021, Clearway Energy Operating LLC entered into a senior secured bridge credit agreement, or the Bridge Loan Agreement. The Bridge Loan Agreement provides for a senior secured term loan facility in an aggregate principal amount of $335 million. Borrowings under the term loan facility bear interest, at Clearway Energy Operating LLC’s option, at a rate per annum equal to either (a) term SOFR, plus a SOFR adjustment and a margin equal to 1.00% during the period from December 1, 2021 through May 31, 2022, and 1.25% thereafter or (b) a base rate plus a margin equal to 0.00% during the period from December 1, 2021 through May 31, 2022, and 0.25% thereafter. The Bridge Loan Agreement will mature no later than November 29, 2022 and the Company intends to use the proceeds from the Thermal Disposition to repay the outstanding principal balance of the term loans under the Bridge Loan Agreement. Borrowings under the Bridge Loan Agreement are guaranteed by Clearway Energy LLC and certain subsidiaries of Clearway Operating LLC, other than subsidiaries that are excluded project companies, and are secured by substantially all of the assets of Clearway Energy Operating LLC and its guarantor subsidiaries. The borrowings under the term loan facility were used to acquire the Utah Solar Portfolio on December 1, 2021, as further described in Note 3, Acquisitions and Dispositions . Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility On November 30, 2021, Clearway Energy Operating LLC entered into the Sixth Amendment to Amended and Restated Credit Agreement, which amended the Company’s revolving credit facility to provide for an increase of the maximum permitted Borrower Leverage Ratio (as defined in the credit agreement governing the Company’s revolving credit facility) to 6.00 to 1.00 during the period commencing on November 30, 2021 and ending on the date which is the earliest of (i) two business days following the consummation of the Thermal Disposition, (ii) 120 days following the termination or expiration of the agreement entered into with KKR to sell the Thermal Business and (iii) the maturity date of the Bridge Loan Agreement, or the Leverage Period Termination Date. The Sixth Amendment also (i) permits the incurrence of the term loan facility under the Bridge Loan Agreement, (ii) permits the incurrence of hedging obligations, subject to certain conditions, and provides for a $40 million basket for cash collateral which may be provided to secure hedging obligations (iii) permits the prepayment of unsecured, junior or subordinated indebtedness at any time following the Leverage Period Termination Date, subject to certain conditions, including that, after giving effect to such payment, the Borrower Leverage Ratio would not be greater than 5.50 to 1.00 and the Borrower Interest Coverage Ratio (as defined in the credit agreement governing the Company's revolving credit facility) would not be less than 1.75 to 1.00 and (iv) implements certain other technical modifications. As of December 31, 2021, the Company had $245 million in outstanding borrowings under the revolving credit facility and $83 million in letters of credit outstanding. During the year ended December 31, 2021, the Company borrowed $622 million under the revolving credit facility, and subsequently repaid $377 million utilizing cash on hand and proceeds from the issuance of the 2031 Senior Notes, as described below. 2032 Senior Notes On October 1, 2021, Clearway Energy Operating LLC completed the sale of $350 million of senior unsecured notes due 2032, or the 2032 Senior Notes. The 2032 Senior Notes bear interest at 3.750% and mature on January 15, 2032. Interest on the 2032 Senior Notes is payable semi-annually on January 15 and July 15 of each year. The 2032 Senior Notes are unsecured obligations of Clearway Energy Operating LLC and are guaranteed by Clearway Energy LLC and by certain of Clearway Energy Operating LLC's wholly-owned current and future subsidiaries. The net proceeds from the 2032 Senior Notes were used, together with existing corporate liquidity, to repurchase the 2026 Senior Notes, as described below. 2026 Senior Notes Tender Offer and Redemption In October 2021, the Company repurchased and redeemed an aggregate principal amount of $350 million of the 2026 Senior Notes, through the cash tender offer announced on September 24, 2021 and the redemption of the remaining principal amount of $227 million on October 25, 2021. The 2026 Senior Notes repurchased and redeemed in October 2021 were effectuated at a premium of approximately 103% for total consideration of $359 million and, as a result, the Company recorded a loss on extinguishment in the amount of $9 million. The Company recorded an additional $3 million loss on extinguishment to write off the remaining unamortized deferred financing fees related to the 2026 Senior Notes. 2031 Senior Notes On March 9, 2021, Clearway Energy Operating LLC completed the sale of $925 million of senior unsecured notes due 2031, or the 2031 Senior Notes. The 2031 Senior Notes bear interest at 3.750% and mature on February 15, 2031. Interest on the 2031 Senior Notes is payable semi-annually on February 15 and August 15 of each year. The 2031 Senior Notes are unsecured obligations of Clearway Energy Operating LLC and are guaranteed by Clearway Energy LLC and by certain of Clearway Energy Operating LLC's wholly-owned current and future subsidiaries. The net proceeds from the 2031 Senior Notes were used to repurchase the 2025 Senior Notes, as described below, as well as to repay amounts outstanding under the Company’s revolving credit facility and for general corporate purposes. 2025 Senior Notes Tender Offer and Redemption In March 2021, the Company repurchased and redeemed an aggregate principal amount of $600 million of the 2025 Senior Notes, through the cash tender offer announced on March 2, 2021 and the redemption of the remaining principal amount of $183 million on March 17, 2021. The 2025 Senior Notes repurchased and redeemed in March 2021 were effectuated at a premium of approximately 106% for total consideration of $636 million and, as a result, the Company recorded a loss on extinguishment in the amount of $36 million. The Company recorded an additional $5 million loss on extinguishment to write off the remaining unamortized deferred financing fees related to the 2025 Senior Notes. 2020 Convertible Notes The 2020 Convertible Notes matured on June 1, 2020 and the Company repaid the outstanding principal amount of $45 million. The repayment was funded by the issuance of the 2028 Senior Notes. 2028 Senior Notes On May 21, 2020, the Company completed the issuance of an additional $250 million in aggregate principal amount of its 4.750% Senior Notes due 2028. The 2028 Senior Notes bear interest at 4.75% and mature on March 15, 2028. Interest on the 2028 Senior Notes is payable semi-annually on March 15 and September 15 of each year. The 2028 Senior Notes are unsecured obligations of Clearway Energy Operating, LLC and are guaranteed by Clearway Energy, LLC and by certain of Clearway Energy Operating LLC’s wholly-owned current and future subsidiaries. The notes were issued at a price of 102% of par plus accrued interest from December 11, 2019. The net proceeds were utilized to repay the $45 million outstanding principal amount of the Company's 2020 Convertible Notes on June 1, 2020, as well as to repay amounts outstanding under the Company’s revolving credit facility and for general corporate purposes. 2024 Senior Notes Redemption On January 3, 2020, the Company redeemed the $88 million aggregate principal amount of the 2024 Senior Notes that remained outstanding following the Company's tender offer for the 2024 Senior Notes in December 2019. The redemption was effectuated at a premium of 102.7% for a total consideration of $90 million and as a result, the Company recorded a loss on debt extinguishment in the amount of $3 million, which also included the write off of previously deferred financing fees related to the 2024 Senior Notes. Project level Debt Agua Caliente Solar LLC As part of the acquisition of Agua Caliente Borrower 1 LLC and the consolidation of Agua Caliente, as further described in Note 3, Acquisitions and Dispositions , the Company consolidated non-recourse debt of $716 million related to Agua Caliente Solar, LLC on February 3, 2021. The debt consists of a credit agreement with the Federal Financing Bank and accrues interest at fixed rates between 2.395% and 3.633%, which matures in 2037. Pinnacle Repowering Partnership HoldCo LLC On March 10, 2021, the Company entered into a financing agreement for non-recourse debt for a total commitment of $126 million related to the repowering of the Pinnacle wind project. The debt consists of a construction loan at an interest rate of LIBOR plus 1.00%. The Company's initial borrowings of $79 million were utilized to repay $53 million of the outstanding balance under the Tapestry Wind LLC financing agreement, which related to the Pinnacle wind project, to pay vendor invoices and fees and to acquire certain equipment from Clearway Renew LLC to be utilized in the repowering project. On December 15, 2021, the Company repaid the outstanding principal amount of $117 million. Rosamond Central (Rosie Class B LLC) On December 21, 2020, as part of the acquisition of Rosie TargetCo LLC, as further descried in Note 3, Acquisitions and Dispositions , the Company assumed the Amended and Restated Financing Agreement, which provided for a construction loan of up to $91 million, a cash equity bridge loan of up to $24 million and an investment tax credit loan of up to $132 million. On December 31, 2020, Rosie Class B, LLC converted the construction loan to a $80 million term loan and repaid the investment tax credit loan of $130 million, utilizing tax equity funding. The term loan bears annual interest at a rate of LIBOR plus an applicable margin, which is 1.75% per annum through the third anniversary of the term conversion, and 2.00% per annum thereafter through the maturity date of December 31, 2027. In addition, Rosie Class B LLC is party to several letter of credit facility agreements, not to exceed $23 million. As of December 31, 2021, a total of $17 million in letters of credit were outstanding. Consolidation of DGPV Holdco 3 Upon consolidation of DGPV Holdco 3, as described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, the Company consolidates additional non-recourse debt for certain subsidiaries as further described below. Renew CS4 Borrower LLC, or CS4 Borrower, a consolidated subsidiary of DGPV Holdco 3, is party to a credit agreement for construction loans up to $97 million, an investment tax credit bridge loan, or ITC bridge loan, for up to $90 million and letter of credit facilities up to $5 million. The construction loan and the ITC bridge loan both have an interest rate of LIBOR plus an applicable margin of 2.00% per annum. As of June 30, 2020, all construction loans were converted to term loans and the ITC bridge loans were repaid in connection with tax equity funding. The term loan was repaid on November 2, 2020 with the proceeds of the term loan issued by DG-CS Master Borrower LLC, as described below. Chestnut Borrower LLC, a consolidated subsidiary of DGPV Holdco 3, is party to a credit agreement for term loans of up to $120 million and letters of credit of up to $8 million. The loans were repaid on November 2, 2020 with the proceeds of the term loan issued by DG-CS Master Borrower LLC, as described below DG-CS Master Borrower LLC On November 2, 2020, DG-CS Master Borrower LLC, a wholly-owned subsidiary of Clearway Energy Operating LLC, entered into a financing arrangement, which included the issuance of a $467 million term loan, as well as $30 million in letters of credit in support of debt service. The term loan bears interest at 3.51% and matures on September 30, 2040. The proceeds from the loan were utilized to repay existing project-level debt outstanding for Chestnut Borrower LLC, Renew Solar CS 4 Borrower LLC, DGPV 4 Borrower LLC and Puma Class B LLC of $107 million, $102 million, $92 million and $73 million, respectively and unwind related interest rate swaps in the amount of $42 million. The remaining proceeds were utilized to pay related fees and expenses and in part to acquire the Class B membership interests in the DGPV Holdco Entities and an SREC contract from CEG as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. Concurrent with the refinancing, the projects were transferred under DG-CS Master Borrower LLC and the obligations under the financing arrangement are supported by the Company's interest in the projects. Utah Solar Holdings, LLC On September 1, 2020, Utah Solar Holdings, LLC, or Utah Solar, entered into a financing arrangement, which included the issuance of approximately $296 million in senior secured notes supported by the Company’s interest in the Utah projects (Four Brothers, Granite Mountain and Iron Springs, previously defined as the Utah Solar Portfolio), as well as $16 million in letters of credit in support of debt service obligations. The notes bear interest at 3.59% per annum and mature on December 31, 2036. The proceeds from the issuance were utilized to repay existing debt outstanding of approximately $247 million for the Utah projects and to unwind the related interest rate swaps in the amount of $33 million. The remaining proceeds were utilized to pay related fees and expenses, with the remaining $9 million distributed to Clearway Energy Operating LLC. NIMH Solar LLC On September 30, 2020, the Alpine, Blythe and Roadrunner projects were transferred under NIMH Solar LLC, a wholly-owned subsidiary of Clearway Energy Operating LLC. Concurrently, total project-level debt outstanding for Alpine, Blythe and Roadrunner of $158 million was assigned to NIMH Solar LLC. The consolidated facility was amended to a term loan for $193 million, as well as $16 million in letters of credit in support of debt service and project obligations. The term loan bears interest at an annual rate of LIBOR, plus an applicable margin, which is 2.00% per annum through the third anniversary of closing, and 2.125% per annum thereafter through the maturity date in September 2024. As a result of the amendment the Company received $35 million, which was utilized to pay related fees and expenses and along with existing project level cash, provided a distribution to Clearway Energy Operating LLC of $45 million. The obligations under the financing arrangement are supported by the Company’s interests in the projects. Interest Rate Swaps — Project Financings Many of the Company's project subsidiaries entered into interest rate swaps, intended to hedge the risks associated with interest rates on non-recourse project level debt. These swaps amortize in proportion to their respective loans and are floating for a fixed rate where the project subsidiary pays its counterparty the equivalent of a fixed interest payment on a predetermined notional value and will receive quarterly the equivalent of a floating interest payment based on the same notional value. All interest rate swap payments by the project subsidiary and its counterparty are made quarterly and the LIBOR is determined in advance of each interest period. The following table summarizes the swaps, some of which are forward starting as indicated, related to the Company's project level debt as of December 31, 2021: % of Principal Fixed Interest Rate Floating Interest Rate Notional Amount at December 31, 2021 (In millions) Effective Date Maturity Date Avra Valley 88 % 2.33 % 3-Month LIBOR $ 35 November 30, 2012 November 30, 2030 Alta Wind Asset Management 100 % 2.47 % 3-Month LIBOR 13 May 22, 2013 May 15, 2031 Borrego 100 % 0.476 % 3-Month LIBOR 10 June 30, 2020 December 31, 2024 Buckthorn Solar 81 % Various 3-Month LIBOR 100 February 28, 2018 December 31, 2041 Carlsbad 100 % Various 3-Month LIBOR 136 Various September 30, 2027 El Segundo 100 % Various 3-Month LIBOR 193 Various Various Kansas South 75 % 2.368 % 6-Month LIBOR 15 June 28, 2013 December 31, 2030 Kawailoa Solar 94 % Various 3-Month LIBOR 74 November 30, 2019 October 31, 2040 Laredo Ridge 100 % Various 3-Month LIBOR 72 December 17, 2014 December 31, 2028 Marsh Landing 100 % Various 3-Month LIBOR 84 June 28, 2013 June 30, 2023 NIMH Solar LLC 100 % Various 3-Month LIBOR 176 September 30, 2020 Various Oahu Solar 96 % Various 3-Month LIBOR 83 November 30, 2019 October 31, 2040 Rosie Class B 95 % 1.446 % 3-Month LIBOR 74 December 31, 2020 Various South Trent 90 % 3.847 % 3-Month LIBOR 31 June 14, 2019 June 30, 2028 Tapestry 100 % Various 3-Month LIBOR 85 Various Various Viento Funding II 100 % 3.03 % 6-Month LIBOR 29 Various Various Viento Funding II 100 % 4.985 % 6-Month LIBOR 21 July 11, 2023 June 30, 2028 Walnut Creek Energy 90 % 3.543 % 3-Month LIBOR 66 June 28, 2013 May 31, 2023 WCEP Holdings 97 % 4.003 % 3-Month LIBOR 29 June 28, 2013 May 31, 2023 Total $ 1,326 Annual Maturities Annual payments based on the maturities of the Company's debt, for the years ending after December 31, 2021, are as follows: (In millions) 2022 $ 772 2023 709 2024 392 2025 (a) 369 2026 (a) 422 Thereafter (a) 5,537 Total $ 8,201 (a) Annual payments based on the maturities of Thermal Business long-term debt reclassified to held for sale in the fourth quarter of 2021 are $4 million, $15 million and $404 million due in 2025, 2026 and thereafter, respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Shares issued during the year are weighted for the portion of the year that they were outstanding. Diluted earnings per share is computed in a manner consistent with that of basic earnings per share while giving effect to all potentially dilutive common shares that were outstanding during the period. The reconciliation of the Company's basic and diluted earnings (loss) per share is shown in the following table: Year Ended December 31, 2021 2020 2019 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Common Class A Common Class C Basic and diluted earnings (loss) per share attributable to Clearway Energy, Inc. common stockholders Net income (loss) attributable to Clearway Energy, Inc. $ 15 $ 36 $ 7 $ 18 $ (4) $ (7) Weighted average number of common shares outstanding — basic 35 82 35 80 35 74 Weighted average number of common shares outstanding — diluted 35 82 35 81 35 74 Earnings (loss) per weighted average common share — basic and diluted $ 0.44 $ 0.44 $ 0.22 $ 0.22 $ (0.10) $ (0.10) (a) Net income (loss) attributable to Clearway Energy, Inc. and basic and diluted earnings (loss) per share might not recalculate due to presenting values in millions rather than whole dollars. The Company had 2 million Common Class C shares related to the outstanding 2020 Convertible Notes that were anti-dilutive and were not included in the computation of the Company's diluted earnings per share for the year ended December 31, 2019. The 2020 Convertible Notes were repaid on June 1, 2020. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | Stockholders' Equity At-the-Market Equity Offering Program, or the ATM Programs On August 6, 2020, Clearway Energy, Inc. entered into an equity distribution agreement with Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and UBS Securities LLC, as sales agents. Pursuant to the terms of the equity distribution agreement, Clearway Energy, Inc. may offer and sell shares of its Class C common stock from time to time through the sales agents up to an aggregate sales price of $150 million through an at-the-market equity offering program, or the 2020 ATM Program. On August 9, 2016, Clearway Energy, Inc. entered into an equity distribution agreement, or EDA, with Barclays Capital Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC, as sales agents. Pursuant to the terms of the equity distribution agreement Clearway Energy, Inc., offered and sold shares of its Class C common stock from time to time through the sales agents up to an aggregate sales price of $150 million through an at-the-market equity offering program, or the 2016 ATM Program. As of June 30, 2020, the Company had completed the issuance of shares of Class C common stock totaling $150 million in gross proceeds under the 2016 ATM Program. The following table summarizes Class C common stock shares sold under the ATM Programs during the year ended December 31, 2020: Number of shares Gross Proceeds from the sale of shares (a) (in millions) 2020 ATM Program 940,790 $ 24 2016 ATM Program 1,749,665 39 Total Class C common stock sold during the year ended December 31, 2020 2,690,455 $ 63 (a) The Company incurred commission fees of $0.6 million during the year ended December 31, 2020. As of December 31, 2021, approximately $126 million of Class C common stock remains available for issuance under the 2020 ATM Program. Through December 31, 2020, the Company utilized the proceeds of the sales under the ATM Programs to acquire 2,690,455 Class C units of Clearway Energy LLC and, as a result, as of December 31, 2021, the Company owned 57.65% of the economic interests of Clearway Energy LLC, with CEG owning 42.35% of the economic interests of Clearway Energy LLC. Dividends to Class A and Class C common stockholders The following table lists the dividends paid on the Company's Class A and Class C common stock during the year ended December 31, 2021: Fourth Quarter 2021 Third Quarter 2021 Second Quarter 2021 First Quarter 2021 Dividends per Class A share $ 0.3400 $ 0.3345 $ 0.3290 $ 0.3240 Dividends per Class C share 0.3400 0.3345 0.3290 0.3240 Dividends on the Class A and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future. On February 17, 2022, the Company declared a quarterly dividend on its Class A and Class C common stock of $0.3468 per share payable on March 15, 2022, to stockholders of record as of March 1, 2022. The Company has also authorized 10,000,000 shares of preferred stock, par value $0.01 per share. None of the shares of preferred stock have been issued. Distributions to CEG The following table lists the distributions paid to CEG during the year ended December 31, 2021 on Clearway Energy LLC's Class B and D units: Fourth Quarter 2021 Third Quarter 2021 Second Quarter 2021 First Quarter 2021 Distributions per Class B unit $ 0.3400 $ 0.3345 $ 0.3290 $ 0.3240 Distributions per Class D unit 0.3400 0.3345 0.3290 0.3240 The portion of the distributions paid by Clearway Energy LLC to CEG is recorded as a reduction to the Company's noncontrolling interest balance. The portion of the distributions paid by Clearway Energy LLC to the Company was utilized to fund the dividends to the Class A and Class C common stockholders described above. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company’s segment structure reflects how management currently operates and allocates resources. The Company's businesses are segregated based on conventional power generation, renewable businesses, which consist of solar and wind, and the Thermal Business, which is held for sale as of December 31, 2021. The Corporate segment reflects the Company's corporate costs and includes eliminating entries. The Company's chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA and CAFD, as well as net income (loss). The Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Customer Conventional Renewables Conventional Renewables Conventional Renewables SCE 17% 16% 18% 16% 21% 19% PG&E 10% 13% 10% 8% 12% 10% Year ended December 31, 2021 (In millions) Conventional Generation Renewables Thermal Corporate (a) Total Operating revenues $ 441 $ 641 $ 204 $ — $ 1,286 Cost of operations, exclusive of depreciation, amortization and accretion shown separately below 90 229 134 (2) 451 Depreciation, amortization and accretion 132 354 23 — 509 Impairment losses — 6 — — 6 General and administrative — — 4 36 40 Transaction and integration costs — — — 7 7 Development costs — — 4 2 6 Operating income (loss) 219 52 39 (43) 267 Equity in earnings of unconsolidated affiliates 6 26 — — 32 Other income, net — 2 1 — 3 Loss on debt extinguishment — (1) — (52) (53) Interest expense, net (53) (142) (18) (99) (312) Income (loss) before income taxes 172 (63) 22 (194) (63) Income tax expense — 2 — 10 12 Net Income (Loss) 172 (65) 22 (204) (75) Net Income (Loss) Attributable to Clearway Energy, Inc. $ 172 $ 109 $ 22 $ (252) $ 51 Balance Sheet Equity investment in affiliates $ 86 $ 295 $ — $ — $ 381 Capital expenditures (b) 12 77 29 1 119 Total Assets (c) $ 2,442 $ 9,603 $ 631 $ 137 12,813 (a) Includes eliminations (b) Includes accruals (c) Thermal Business assets were reclassified to held for sale during the fourth quarter of 2021. Year ended December 31, 2020 (In millions) Conventional Generation Renewables Thermal Corporate (a) Total Operating revenues $ 437 $ 569 $ 193 $ — $ 1,199 Cost of operations, exclusive of depreciation, amortization and accretion shown separately below 90 147 131 (2) 366 Depreciation, amortization and accretion 132 264 32 — 428 Impairment losses — 24 — — 24 General and administrative — — 3 31 34 Transaction and integration costs — — — 9 9 Development costs — — 5 — 5 Operating income (loss) 215 134 22 (38) 333 Equity in earnings (losses) of unconsolidated affiliates 8 (1) — — 7 Impairment loss on investment — (8) — — (8) Gain on sale of unconsolidated affiliates — — — 49 49 Other income, net 1 3 — — 4 Loss on debt extinguishment — (21) — (3) (24) Interest expense, net (84) (216) (19) (96) (415) Income (loss) before income taxes 140 (109) 3 (88) (54) Income tax expense — — — 8 8 Net Income (Loss) 140 (109) 3 (96) (62) Net Income (Loss) Attributable to Clearway Energy, Inc. $ 140 $ 3 $ 3 $ (121) $ 25 Balance Sheet Equity investments in affiliates $ 90 $ 651 $ — $ — $ 741 Capital expenditures (b) 12 44 50 — 106 Total Assets $ 2,575 $ 7,157 $ 627 $ 233 $ 10,592 (a) Includes eliminations (b) Includes accruals Year ended December 31, 2019 (In millions) Conventional Generation Renewables Thermal Corporate (a) Total Operating revenues $ 346 $ 485 $ 201 $ — $ 1,032 Cost of operations, exclusive of depreciation, amortization and accretion shown separately below 60 143 134 — 337 Depreciation, amortization and accretion 103 271 27 — 401 Impairment losses — 14 19 — 33 General and administrative — 1 3 25 29 Transaction and integration costs — — — 3 3 Development costs — — 5 — 5 Operating income (loss) 183 56 13 (28) 224 Equity in earnings of unconsolidated affiliates 9 74 — — 83 Other income, net 2 6 — 1 9 Loss on debt extinguishment — (1) — (15) (16) Interest expense, net (59) (239) (18) (88) (404) Income (loss) before income taxes 135 (104) (5) (130) (104) Income tax benefit — — — (8) (8) Net Income (Loss) 135 (104) (5) (122) (96) Net Income (Loss) Attributable to Clearway Energy, Inc. $ 135 $ (33) $ (5) $ (108) $ (11) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Tax Rate The income tax provision consisted of the following amounts: Year Ended December 31, 2021 2020 2019 (In millions) Deferred U.S. Federal $ (2) $ 7 $ (4) State 14 1 (4) Total — deferred 12 8 (8) Total income tax expense (benefit) $ 12 $ 8 $ (8) A reconciliation of the U.S. federal statutory rate of 21% to the Company's effective rate is as follows: Year Ended December 31, 2021 2020 2019 (In millions, except percentages) Income Before Income Taxes $ (63) $ (54) $ (104) Tax at 21% (13) (11) (22) State taxes, net of federal benefit (4) (4) (7) Impact of non-taxable equity earnings 34 24 24 Valuation allowance (14) — — Investment tax credits — — (1) Production tax credits, including prior year true-up (1) (1) (1) Rate Change (2) 2 — Partnership state basis 8 — — State taxes assessed at subsidiaries 2 — — Other 2 (2) (1) Income tax expense (benefit) $ 12 $ 8 $ (8) Effective income tax rate (19.0) % (14.8) % 7.7 % For the years ended December 31, 2021, 2020 and 2019, the overall effective tax rate was different than the statutory rate of 21% primarily due to the taxable earnings and losses allocated to partners’ interest in Clearway Energy LLC, which includes the effects of applying the HLBV method of accounting for book purposes of certain partnerships. For tax purposes, Clearway Energy LLC is treated as a partnership; therefore, the Company and CEG each record their respective share of taxable income or loss. The temporary differences, which gave rise to the Company's deferred tax assets, consisted of the following: As of December 31, 2021 2020 (In millions) Deferred tax liabilities: Investment in projects $ 267 $ 226 Total deferred tax liabilities 267 226 Deferred tax assets: Interest expense disallowance carryforward - Investment in Projects 7 11 Production tax credits 10 9 Investment tax credits 5 5 U.S. Federal net operating loss carryforwards 277 260 Capital loss carryforwards — 12 State net operating loss carryforwards 51 48 Total deferred tax assets 350 345 Valuation allowance (1) (15) Total deferred tax assets, net of valuation allowance 349 330 Net deferred noncurrent tax asset $ 82 $ 104 Tax Receivable and Payable As of December 31, 2021, the Company has no current or long-term tax receivable or payable to be recorded. Deferred Tax Assets and Valuation Allowance Net deferred tax balance — As of December 31, 2021 and 2020, the Company recorded a net deferred tax asset of $82 million and $104 million, respectively. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income which includes the future reversal of existing taxable temporary differences to realize deferred tax assets. The Company considered the profit before tax generated in recent years as well as projections of future earnings and estimates of taxable income in arriving at this conclusion. The Company believes that $1 million of existing state NOLs, based on forecasted future earnings and estimated taxable income, will expire unutilized, resulting in the recording of a valuation allowance. NOL carryforwards — As of December 31, 2021, the Company had domestic NOLs carryforwards for federal income tax purposes of $277 million and cumulative state NOLs of $51 million tax-effected. Interest disallowance carryforward — As of December 31, 2021, the Company has a deferred tax asset of $7 million related to disallowed interest expense under the proposed IRC §163(j) regulation. The disallowed interest deduction has an indefinite carry forward period and any limitations on the utilization of this carryforward have been factored into the valuation allowance analysis. Uncertain Tax Positions |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In addition to the transactions and relationships described elsewhere in the notes to the consolidated financial statements, certain subsidiaries of CEG provide services to the Company and its project entities. Amounts due to CEG subsidiaries are recorded as accounts payable — affiliates and amounts due to the Company from CEG subsidiaries are recorded as accounts receivable — affiliates in the Company's consolidated balance sheet. The disclosures below summarize the Company's material related party transactions with CEG and its subsidiaries that are included in the Company's operating costs. O&M Services Agreements by and between the Company and Clearway Renewable Operation & Maintenance LLC Various wholly-owned subsidiaries of the Company in the Renewables segment are party to services agreements with Clearway Renewable Operation & Maintenance LLC, or RENOM, a wholly-owned subsidiary of CEG, which provides operation and maintenance, or O&M, services to these subsidiaries. The Company incurred total expenses for these services of $56 million, $37 million and $31 million for the years ended December 31, 2021, 2020 and 2019, respectively. There was a balance of $9 million and $10 million due to RENOM as of December 31, 2021 and 2020, respectively. Administrative Services Agreements by and between the Company and CEG Various wholly-owned subsidiaries of the Company are parties to services agreements with Clearway Asset Services LLC and Clearway Solar Asset Management LLC, two wholly-owned subsidiaries of CEG, which provide various administrative services to the Company's subsidiaries. The Company incurred expenses under these agreements of $14 million, $10 million and $7 million for the years ended December 31, 2021, 2020 and 2019, respectively. There was a balance of $2 million due to CEG as of both December 31, 2021 and 2020. CEG Master Services Agreements The Company is a party to Master Services Agreements with CEG, or MSAs, pursuant to which CEG and certain of its affiliates or third-party service providers provide certain services to the Company, including operational and administrative services, which include human resources, information systems, external affairs, accounting, procurement and risk management services, and the Company provides certain services to CEG, including accounting, internal audit, tax and treasury services, in exchange for the payment of fees in respect of such services. The Company incurred net expenses of $4 million, $2 million and $1 million under these agreements for the years ended December 31, 2021, 2020 and 2019, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Gas and Transportation Commitments The Company has entered into contractual arrangements to procure power, fuel and associated transportation services for the Thermal Business. For the years ended December 31, 2021, 2020 and 2019, the Company purchased $40 million, $32 million, and $38 million, respectively, under such arrangements. As of December 31, 2021, the Company's future minimum commitments under such outstanding agreements are estimated as follows: (In millions) 2022 $ 7 2023 1 2024 — 2025 — 2026 — Thereafter — Total $ 8 Contingencies The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. The Company records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company has established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management assesses such matters based on current information and makes a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought and the probability of success. The Company is unable to predict the outcome of the legal proceedings below or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. In addition to the legal proceedings noted below, the Company and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect the Company's consolidated financial position, results of operations, or cash flows. Nebraska Public Power District Litigation On January 11, 2019, Nebraska Public Power District, or NPPD, sent written notice to certain of the Company's subsidiaries which own the Laredo Ridge and Elkhorn Ridge wind projects alleging an event of default under each of the PPAs between NPPD and the projects. NPPD alleges that the Company moved forward with certain transactions without obtaining the consent of NPPD. NPPD threatened to terminate the applicable PPAs by February 11, 2019 if the alleged default was not cured. The Company filed a motion for a temporary restraining order and preliminary injunction in the U.S. District Court for the District of Nebraska relating to the Laredo Ridge project, and a similar motion in the District Court of Knox County, Nebraska for the Elkhorn Ridge project, to enjoin NPPD from taking any actions related to the PPAs. On February 19, 2019, the U.S. District Court in the Laredo Ridge matter approved a stipulation between the parties to provide for an injunction preventing NPPD from terminating the PPA pending disposition of the litigation. On February 26, 2019, the Knox County District Court approved a similar stipulation relating to the Elkhorn Ridge project. On April 13, 2020, the U.S. District Court granted the wind projects' motion for summary judgment and permanently enjoined NPPD from terminating the PPAs in reliance on the alleged events of default. The U.S. District Court decision was appealed by NPPD on May 11, 2020. On August 24, 2021, the U.S. Court of Appeals for the Eighth Circuit affirmed the U.S. District Court decision granting summary judgment. On October 18, 2021, the Appeals Court denied a petition by NPPD for rehearing and a request that the case be heard by the full Appeals Court. On November 2, 2021, the Knox County District Court issued an order dismissing the case with respect to the Elkhorn Ridge project. Accordingly, the federal case and the state case are now concluded. Buckthorn Solar Litigation On October 8, 2019, the City of Georgetown, Texas, or Georgetown, filed a petition in the District Court of Williamson County, Texas naming Buckthorn Westex, LLC, the Company’s subsidiary that owns the Buckthorn Westex solar project, as the defendant, alleging fraud by nondisclosure and breach of contract in connection with the project and the PPA, and seeking (i) rescission and/or cancellation of the PPA, (ii) declaratory judgment that the alleged breaches constitute an event of default under the PPA entitling Georgetown to terminate, and (iii) recovery of all damages, costs of court, and attorneys’ fees. On November 15, 2019, Buckthorn Westex filed an original answer and counterclaims (i) denying Georgetown’s claims, (ii) alleging Georgetown has breached its contracts with Buckthorn Westex by failing to pay amounts due, and (iii) seeking relief in the form of (x) declaratory judgment that Georgetown’s alleged failure to pay amounts due constitute breaches of and an event of default under the PPA and that Buckthorn did not commit any events of default under the PPA, (y) recovery of costs, expenses, interest, and attorneys’ fees, and (z) such other relief to which it is entitled at law or in equity. Buckthorn Westex believes the allegations of Georgetown are meritless, and Buckthorn Westex is vigorously defending its rights under the PPA. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases Accounting for Leases The Company evaluates each arrangement at inception to determine if it contains a lease. Substantially all of the Company’s leases are operating leases. Lessee The Company records its operating lease liabilities at the present value of the lease payments over the lease term at lease commencement date. Lease payments include fixed payment amounts as well as variable rate payments based on an index initially measured at lease commencement date. Variable payments, including payments based on future performance and based on index changes, are recorded as the expense is incurred. The Company determines the relevant lease term by evaluating whether renewal and termination options are reasonably certain to be exercised. The Company uses its incremental borrowing rate to calculate the present value of the lease payments, based on information available at the lease commencement date. The Company’s leases consist of land leases for numerous operating asset locations, real estate leases and equipment leases. The terms and conditions for these leases vary by the type of underlying asset. Lease expense for the years ended December 31, 2021, 2020 and 2019 was comprised of the following: (In millions) December 31, 2021 December 31, 2020 December 31, 2019 Operating lease cost - Fixed $ 27 $ 19 $ 13 Operating lease cost - Variable 15 9 8 Total lease cost $ 42 $ 28 $ 21 Operating lease information as of December 31, 2021 and 2020 was as follows: (In millions, except term and rate) December 31, 2021 December 31, 2020 Right-of-use assets - operating leases, net (a) (b) $ 550 $ 337 Short-term lease liability - operating leases (c) $ 8 $ 8 Long-term lease liability - operating leases 561 345 Total lease liabilities (a) (b) $ 569 $ 353 Weighted average remaining lease term (in years) 28 25 Weighted average discount rate 3.5 % 4.3 % Cash paid for operating leases $ 26 $ 19 (a) Increases in right-of-use assets and total lease liabilities are primarily due to third-party and drop down asset acquisitions, as further described in Note 3, Acquisitions and Dispositions . (b) Thermal Business right-of-use assets and lease liabilities were reclassified to held for sale during the fourth quarter of 2021. (c) Short-term lease liability balances are included within the accrued expenses and other current liabilities line item of the consolidated balance sheets as of December 31, 2021 and 2020. Minimum future rental payments of operating lease liabilities as of December 31, 2021 are as follows: (In millions) 2022 $ 28 2023 28 2024 28 2025 28 2026 29 Thereafter 801 Total lease payments (a) 942 Less imputed interest (352) Total lease liability - operating leases $ 590 (a) Minimum future rental payments of the Thermal Business operating lease liabilities classified as held for sale are $1 million for each of 2022, 2023, 2024, 2025 and 2026, with $31 million due thereafter. Oahu Solar Lease Agreements The Oahu Solar projects are party to various land lease agreements with a wholly-owned subsidiary of CEG. The projects are leasing the land for a period of 35 years, with the ability to renew the lease for two additional five-year periods. The Company has a lease liability of $20 million as of both December 31, 2021 and 2020 and corresponding right-of-use asset of $18 million related to the lease as of both December 31, 2021 and 2020. Rosamond Lease Agreement The Rosamond Central project is party to a land lease agreement with a wholly-owned subsidiary of CEG. The project is leasing the land for a period of 35 years, with the ability to renew the lease for two additional five-year periods. The Company has a lease liability of $12 million as of both December 31, 2021 and 2020 and corresponding right-of-use asset of $11 million related to the lease as of both December 31, 2021 and 2020. Lessor The majority of the Company’s revenue is obtained through PPAs or other contractual agreements that are accounted for as leases. These leases are comprised of both fixed payments and variable payments contingent upon volumes or performance metrics. The terms of the leases are further described in Item 2 — Properties of this Form 10-K. Many of the leases have renewal options at the end of the lease term. Termination may be allowed under specific circumstances in the lease arrangements, such as under an event of default. All but one of the Company’s leases are operating leases. The remaining lease met the criteria of a s ales-type lease and the impact of this sales-type lease to the consolidated financial statements was immaterial. Certain of these leases have both lease and non-lease components, and the Company allocates the transaction price to the components based on standalone selling prices. The following amounts of energy and capacity revenue are related to the Company’s operating leases: Conventional Generation Renewables Thermal Total December 31, 2021 (In millions) Energy revenue $ 9 $ 716 $ 2 $ 727 Capacity revenue 455 — — 455 Operating revenue $ 464 $ 716 $ 2 $ 1,182 Conventional Generation Renewables Thermal Total December 31, 2020 (In millions) Energy revenue $ 10 $ 554 $ 2 $ 566 Capacity revenue 451 — — 451 Operating revenue $ 461 $ 554 $ 2 $ 1,017 Conventional Generation Renewables Thermal Total December 31, 2019 (In millions) Energy revenue $ 5 $ 509 $ 2 $ 516 Capacity revenue 348 — — 348 Operating revenue $ 353 $ 509 $ 2 $ 864 Minimum future rent payments for the remaining periods related to the Conventional segment operating leases as of December 31, 2021 were as follows: (In millions) 2022 $ 453 2023 261 2024 106 2025 107 2026 108 Thereafter 1,390 Total lease payments $ 2,425 Property, plant and equipment, net related to the Company’s operating leases were as follows: (In millions) December 31, 2021 December 31, 2020 Property, plant and equipment $ 8,981 $ 7,201 Accumulated depreciation (2,827) (1,964) Net property, plant and equipment $ 6,154 $ 5,237 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Registrant | Clearway Energy, Inc. (Parent) Condensed Financial Information of Registrant Condensed Statements of Operations Year ended December 31, (In millions) 2021 2020 2019 Total operating costs and expenses $ 2 $ 2 $ 2 Equity in losses of consolidated subsidiaries (63) (52) (101) Interest expense — — (1) Total other expense, net (63) (52) (102) Loss Before Income Taxes (65) (54) (104) Income tax expense (benefit) 10 8 (8) Net Loss (75) (62) (96) Less: Net loss attributable to noncontrolling interests (126) (87) (85) Net Income (Loss) Attributable to Clearway Energy, Inc. $ 51 $ 25 $ (11) Clearway Energy, Inc. (Parent) Condensed Balance Sheets December 31, December 31, 2021 2020 ASSETS (In millions) Current Assets Accounts receivable — affiliates $ 3 $ 3 Note receivable — Clearway Energy Operating LLC 1 1 Other Assets Investment in consolidated subsidiaries 3,217 2,612 Deferred income taxes 95 104 Total Assets $ 3,316 $ 2,720 LIABILITIES AND STOCKHOLDERS' EQUITY Other Liabilities Deferred income taxes $ 11 $ — Other non-current liabilities 5 5 Total Liabilities $ 16 $ 5 Stockholders' Equity Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued — — Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 201,856,166 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,779,021 Class D 42,738,750) at December 31, 2021 and 201,635,990 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,558,845, Class D 42,738,750) at December 31, 2020 1 1 Additional paid-in capital 1,872 1,922 Accumulated deficit (33) (84) Accumulated other comprehensive loss (6) (14) Noncontrolling interest 1,466 890 Total Stockholders' Equity 3,300 2,715 Total Liabilities and Stockholders' Equity $ 3,316 $ 2,720 Clearway Energy, Inc. (Parent) Condensed Statements of Cash Flows Year ended December 31, 2021 2020 2019 (In millions) Net Cash Used in Operating Activities $ (2) $ (3) $ (5) Cash Flows from Investing Activities Investments in consolidated affiliates 2 (59) (87) Cash advances for notes receivable — affiliate (2) (3) — Cash received from notes receivable — affiliate 2 45 215 Net Cash Provided by (Used in) Investing Activities 2 (17) 128 Cash Flows from Financing Activities Payments for long-term debt — (45) (220) Proceeds from the issuance of common stock — 62 100 Cash received from Clearway Energy LLC for the payment of dividends 155 121 87 Payment of dividends (155) (121) (87) Net Cash Provided by (Used in) Financing Activities — 17 (120) Net (Decrease) Increase in Cash and Cash Equivalents — (3) 3 Cash and Cash Equivalents at Beginning of Period — 3 — Cash and Cash Equivalents at End of Period $ — $ — $ 3 Background Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor in and owner of modern, sustainable and long-term contracted assets across North America. The Company is indirectly owned by Global Infrastructure Partners, or GIP. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. The Company is sponsored by GIP through GIP's portfolio company, Clearway Energy Group LLC, or CEG. The Company is one of the largest renewable energy owners in the U.S. with over 5,000 net MW of installed wind and solar generation projects. The Company's over 9,000 net MW of assets includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas-fired generation facilities as well as the Thermal Business. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. Substantially all of the Company's generation assets are under long-term contractual arrangements for the output or capacity from these assets. The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG's interest shown as non-controlling interest in the financial statements. The holders of the Company's outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from Clearway Energy LLC through its ownership of Clearway Energy LLC Class B and Class D units. From time to time, CEG may also hold shares of the Company's Class A and/or Class C common stock. As of December 31, 2021, the Company owned 57.65% of the economic interests of Clearway Energy LLC, with CEG owning 42.35% of the economic interests of Clearway Energy LLC. Basis of Presentation The condensed parent-only company financial statements have been prepared in accordance with Rule 12-04 of Regulation S-X, as the restricted net assets of Clearway Energy, Inc.’s subsidiaries exceed 25% of the consolidated net assets of Clearway Energy, Inc. The parent's 100% investment in its subsidiaries has been recorded using the equity basis of accounting in the accompanying condensed parent-only financial statements. These statements should be read in conjunction with the consolidated financial statements and notes thereto of Clearway Energy, Inc. Note 2 — Long-Term Debt For a discussion of Clearway Energy, Inc.’s financing arrangements, see Note 10, Long-term Debt, to the Company's consolidated financial statements. Note 3 — Commitments, Contingencies and Guarantees See Note 14, Income Taxes, and Note 16, Commitments and Contingencies, to the Company's consolidated financial statements for a detailed discussion of Clearway Energy, Inc.’s commitments and contingencies. Note 4 — Dividends |
Schedule II VALUATION AND QUALI
Schedule II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2021, 2020, and 2019 (In millions) Balance at Charged to Charged to Balance at Income tax valuation allowance, deducted from deferred tax assets Year Ended December 31, 2021 $ 15 $ (14) $ — $ 1 Year Ended December 31, 2020 15 — — 15 Year Ended December 31, 2019 15 — — 15 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The Company's consolidated financial statements have been prepared in accordance with GAAP. The FASB ASC is the source of authoritative GAAP to be applied by nongovernmental entities. In addition, the rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. |
Principles of Consolidation | The consolidated financial statements include the Company's accounts and operations and those of its subsidiaries in which it has a controlling interest. All significant intercompany transactions and balances have been eliminated in consolidation. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests. As such, the Company applies the guidance of ASC 810, Consolidations, or ASC 810, to determine when an entity that is insufficiently capitalized or not controlled through its voting interests, referred to as a variable interest entity, or VIE, should be consolidated. |
Cash and Cash Equivalents | Cash, Cash Equivalents and Restricted CashCash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. |
Restricted Cash | Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. |
Trade Receivables and Allowance for Doubtful Accounts | Accounts Receivable — Trade and Allowance for Credit LossesAccounts receivable — trade are reported on the consolidated balance sheet at the invoiced amount adjusted for any write-offs and the allowance for credit losses. The allowance for credit losses is reviewed periodically based on amounts past due and significance. |
Inventory | Inventory Inventory consists principally of spare parts and fuel oil. Spare parts inventory is valued at weighted average cost, unless evidence indicates that the weighted average cost will not be recovered with a normal profit in the ordinary course of business. Fuel oil inventory is valued at the lower of weighted average cost or market. The Company removes fuel inventories as they are used in the production of steam, chilled water or electricity. Spare parts inventory is removed when used for repairs, maintenance or capital projects. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost; however impairment adjustments are recorded whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Significant additions or improvements extending asset lives are capitalized as incurred, while repairs and maintenance that do not improve or extend the life of the respective asset are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives. Certain assets and their related accumulated depreciation amounts are adjusted for asset retirements and disposals with the resulting gain or loss included in cost of operations in the consolidated statements of operations. For further discussion of the Company's property, plant and equipment refer to Note 4, Property, Plant and Equipment . Construction in-progress represents cumulative construction costs, including the costs incurred for the purchase of major equipment and engineering costs and capitalized interest. Once the project achieves commercial operation, the Company reclassifies the amounts recorded in construction in progress to facilities and equipment. |
Asset Impairments | Asset Impairments Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate their carrying values may not be recoverable. Such reviews are performed in accordance with ASC 360, Property, Plant and Equipment . An impairment loss is indicated if the total future estimated undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured as the excess of an asset's carrying amount over its fair value with the difference recorded in operating costs and expenses in the consolidated statements of operations. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques. For further discussion of the Company's long-lived asset impairments, refer to Note 9, Asset Impairments . Investments accounted for by the equity method are reviewed for impairment in accordance with ASC 323, Investments-Equity Method and Joint Ventures , which requires that a loss in value of an investment that is an other-than-temporary decline should be recognized. The Company identifies and measures losses in the value of equity method investments based upon a comparison of fair value to carrying value. |
Debt Issuance Costs | Debt Issuance CostsDebt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt. Debt issuance costs related to the long-term debt are presented as a direct deduction from the carrying amount of the related debt. Debt issuance costs related to the senior secured revolving credit facility line of credit are recorded as a non-current asset on the consolidated balance sheet and are amortized over the term of the credit facility. |
Intangible Assets | Intangible AssetsIntangible assets represent contractual rights held by the Company. The Company recognizes specifically identifiable intangible assets including power purchase agreements, leasehold rights, customer relationships, customer contracts, emission allowances, RECs and development rights when specific rights and contracts are acquired. These intangible assets are amortized primarily on a straight-line basis. |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers The Company applies the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, when recognizing revenue associated with its contracts with customers. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer. Thermal Revenues Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month, and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the consolidated statements of operations. As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the Company cannot accurately estimate the amount of its unsatisfied performance obligations as it will vary based on customer usage, which will depend on factors such as weather and customer activity. On October 22, 2021, Clearway Energy Operating LLC entered into a binding agreement to sell the Thermal Business to KKR. For further details of the Thermal Disposition, refer to Note 3, Acquisitions and Dispositions . Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or similar contractual agreements. Energy, capacity and, where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as operating leases as the Company retained its historical lease assessments and classification upon adoption of ASC 842, Leases . ASC 842 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Certain of these leases have no minimum lease payments and all of the lease revenue derived from these leases is recorded as contingent rent on an actual basis when the electricity is delivered. The contingent lease revenue recognized in the years ended December 31, 2021, 2020 and 2019 was $741 million, $589 million and $537 million, respectively. See Note 17, Leases for additional information related to the Company's PPAs accounted for as leases. Renewable Energy Credits, or RECs As stated above, renewable energy credits, or RECs, are usually sold through long-term PPAs or through REC contracts with counterparties. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory. In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations. Contract Amortization Assets and liabilities recognized from power sales agreements assumed through acquisitions relating to the sale of electric capacity and energy in future periods arising from differences in contract and market prices are amortized to revenue over the term of each underlying contract based on actual generation and/or contracted volumes or on a straight-line basis, where applicable. |
Derivative Financial Instruments | Derivative Financial Instruments The Company accounts for derivative financial instruments under ASC 815, Derivatives and Hedging , or ASC 815, which requires the Company to record all derivatives on the balance sheet at fair value unless they qualify for a NPNS exception. Changes in the fair value of non-hedge derivatives are immediately recognized in earnings. Changes in the fair value of derivatives accounted for as hedges, if elected for hedge accounting, are either: • Recognized in earnings as an offset to the changes in the fair value of the related hedged assets, liabilities and firm commitments; or • Deferred and recorded as a component of accumulated OCI until the hedged transactions occur and are recognized in earnings. The Company's primary derivative instruments are interest rate instruments used to mitigate variability in earnings due to fluctuations in interest rates, power purchase or sale contracts used to mitigate variability in earnings due to fluctuations in market prices and commodity purchase contracts used to control customer reimbursable fuel cost. On an ongoing basis, the Company qualitatively assesses the effectiveness of its derivatives that are designated as hedges for accounting purposes in order to determine that each derivative continues to be highly effective in offsetting changes in cash flows of hedged items. If necessary, the Company will perform an analysis to measure the statistical correlation between the derivative and the associated hedged item to determine the effectiveness of such a contract designated as a hedge. The Company will discontinue hedge accounting if it is determined that the hedge is no longer effective. In this case, the gain or loss previously deferred in accumulated OCI would be frozen until the underlying hedged item is delivered unless the transaction being hedged is no longer probable of occurring in which case the amount in accumulated OCI would be immediately reclassified into earnings. If the derivative instrument is terminated, the effective portion of this derivative deferred in accumulated OCI will be frozen until the underlying hedged item is delivered. Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered. While these contracts are considered derivative financial instruments under ASC 815, they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable — trade and derivative instruments, which are concentrated within entities engaged in the energy and financial industries. These industry concentrations may impact the overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. In addition, many of the Company's projects have only one customer. See Item 1A, Risk Factors, Risks related to the Company's Business, for a discussion on the Company’s dependence on major customers . |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsThe carrying amount of cash and cash equivalents, restricted cash, accounts receivable — trade, accounts payable — trade, account payable — affiliate and accrued expenses and other current liabilities approximate fair value because of the short-term maturity of these instruments. |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations, or AROs, are accounted for in accordance with ASC 410-20, Asset Retirement Obligations, or ASC 410-20. Retirement obligations associated with long-lived assets included within the scope of ASC 410-20 are those for which a legal obligation exists under enacted laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing and/or method of settlement may be conditional on a future event. ASC 410-20 requires an entity to recognize the fair value of a liability for an ARO in the period in which it is incurred and a reasonable estimate of fair value can be made. Upon initial recognition of a liability for an ARO, other than when an ARO is assumed in an acquisition of the related long-lived asset, the asset retirement cost is capitalized by increasing the carrying amount of the related long-lived asset by the same amount. Over time, the liability is accreted to its future value, while the capitalized cost is depreciated over the useful life of the related asset. The Company's AROs are primarily related to the future dismantlement of equipment on leased property and environmental obligations related to site closures and fuel storage facilities. The Company records AROs as part of other non-current liabilities on its consolidated balance sheet. |
Guarantees | Guarantees The Company enters into various contracts that include indemnification and guarantee provisions as a routine part of its business activities. Examples of these contracts include operation and maintenance agreements, service agreements, commercial sales arrangements and other types of contractual agreements with vendors and other third parties as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters as well as breaches of representations, warranties and covenants set forth in these agreements. Because many of the guarantees and indemnities the Company issues to third parties and affiliates do not limit the amount or duration of its obligations to perform under them, there exists a risk that the Company may have obligations in excess of the amounts agreed upon in the contracts mentioned above. For those guarantees and indemnities that do not limit the liability exposure, the Company may not be able to estimate what the liability would be, until a claim is made for payment or performance, due to the contingent nature of these contracts. |
Investments Accounted for by the Equity Method | Investments Accounted for by the Equity Method The Company has investments in various energy projects accounted for by the equity method, several of which are VIEs, where the Company is not a primary beneficiary, as described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities |
Sale-Leaseback Arrangements | Sale-Leaseback Arrangements The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. In accordance with ASC 840-40, Sale-Leaseback Transactions , if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of continuing involvement would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in most of the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings. Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company’s incremental borrowing rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded either at the end of or over the lease term. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for its stock-based compensation in accordance with ASC 718, Compensation — Stoc k Compensation, |
Income Taxes | Income Taxes The Company accounts for income taxes using the liability method in accordance with ASC 740, Income Taxes , or ASC 740, which requires that the Company use the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. The Company has two categories of income tax expense or benefit — current and deferred, as follows: • Current income tax expense or benefit consists solely of current taxes payable less applicable tax credits, and • Deferred income tax expense or benefit is the change in the net deferred income tax asset or liability, excluding amounts charged or credited to accumulated other comprehensive loss. The Company reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between the Company's financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in the Company's consolidated balance sheets. The Company measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income which includes the future reversal of existing taxable temporary differences to realize deferred tax assets, net of valuation allowances. In arriving at this conclusion to utilize projections of future profit before tax in its estimate of future taxable income, the Company considered the profit before tax generated in recent years. A valuation allowance is recorded to reduce the net deferred tax assets to an amount that is more-likely-than-not to be realized. The Company accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. In accordance with ASC 740 and as discussed further in Note 14, Income Taxes , changes to existing net deferred tax assets, valuation allowances, or changes to uncertain tax benefits, are recorded to income tax expense. |
Business and Asset Acquisitions | Business and Asset Acquisitions The Company accounts for its acquisitions in accordance with ASC 805, Business Combinations, or ASC 805. For third-party acquisitions, ASC 805 requires an acquirer to recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at fair value at the acquisition date. It also recognizes and measures the goodwill acquired or a gain from a bargain purchase in the business combination and determines what information to disclose to enable users of an entity's financial statements to evaluate the nature and financial effects of the business combination. In addition, for business combinations, transaction costs are expensed as incurred. For asset acquisitions, identifiable assets acquired and liabilities assumed are recorded at acquisition date fair value. No goodwill is recognized and excess purchase price or negative goodwill are allocated to the acquired assets on a relative fair value basis. For acquisitions that relate to entities under common control, ASC 805 requires retrospective combination of the entities for all annual periods presented as if the combination has been in effect from the beginning of the earliest financial statement period presented or from the date the entities were under common control (if later than the beginning of the earliest financial statement period). The difference between the cash paid and historical value of the entities' equity is recorded as a distribution/contribution from/to CEG with the offset to noncontrolling interest. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amounts of net earnings during the reporting periods. Actual results could be different from these estimates. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions, uncollectible accounts, AROs, acquisition accounting and legal costs incurred in connection with recorded loss contingencies, among others. In addition, estimates are used to test long-lived assets for impairment and to determine the fair value of impaired assets. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. |
Tax Equity Arrangements | Tax Equity Arrangements Certain portions of the Company's noncontrolling interests in subsidiaries represent third-party interests in the net assets under certain tax equity arrangements, which are consolidated by the Company, that have been entered into to finance the cost of solar and wind facilities eligible for certain tax credits. Additionally, certain portions of the Company's investments in unconsolidated affiliates reflect the Company's interests in tax equity arrangements, that are not consolidated by the Company, that have been entered into to finance the cost of solar energy systems, under operating leases or PPAs, that are eligible for certain tax credits. The Company has determined that the provisions in the contractual agreements of these structures represent substantive profit sharing arrangements. Further, the Company has determined that the appropriate methodology for calculating the noncontrolling interest and investment in unconsolidated affiliates that reflects the substantive profit sharing arrangements is a balance sheet approach utilizing the hypothetical liquidation at book value, or HLBV, method. Under the HLBV method, the amounts reported as noncontrolling interests and investment in unconsolidated affiliates represent the amounts the investors to the tax equity arrangements would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreements, assuming the net assets of the funding structures were liquidated at their recorded amounts determined in accordance with GAAP. The investors' interests in the results of operations of the funding structures are determined as the difference in noncontrolling interests and investment in unconsolidated affiliates at the start and end of each reporting period, after taking into account any capital transactions between the structures and the funds' investors. The calculations utilized to apply the HLBV method include estimated calculations of taxable income or losses for each reporting period. In addition, in certain circumstances, the Company and its partners in the tax equity arrangements agree that certain tax benefits are to be utilized outside of the tax equity arrangements, which may result in differences in the amount an investor would hypothetically receive at the initial balance sheet date calculated strictly in accordance with related contractual agreements. These differences are recognized in the consolidated statement of operations using a systematic and rational method over the period during which the investor is expected to achieve its target return. |
Reclassification | Reclassification Certain prior year amounts have been reclassified for comparative purposes. |
Recent Accounting Developments | Recently Adopted Accounting Standards In March 2020, the FASB issued ASU No. 2020-4, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide for optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, which affects certain of the Company's debt and interest rate swap agreements. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. As of December 31, 2021, the Company has applied the amendments to all its eligible contract modifications, where applicable, during the reference rate reform period. Additionally, the Company has not elected any optional expedients provided in the standard. Effective January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. Adoption of the new standard did not have a material impact on the Company's consolidated financial statements. |
Nature of Business (Tables)
Nature of Business (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company organization chart | The following table represents the structure of the Company as of December 31, 2021: |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: Year ended December 31, 2021 2020 (In millions) Cash and cash equivalents $ 179 $ 268 Restricted cash 475 197 Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 654 $ 465 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: Year ended December 31, 2021 2020 (In millions) Cash and cash equivalents $ 179 $ 268 Restricted cash 475 197 Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 654 $ 465 |
Disaggregation of Revenue | The following tables represent the Company’s disaggregation of revenue from contracts with customers for the year ended December 31, 2021, along with the reportable segment for each category: Year ended December 31, 2021 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 9 $ 784 $ 122 $ 915 Capacity revenue (a) 455 2 53 510 Other revenues — 60 32 92 Contract amortization (23) (118) (3) (144) Mark-to-market for economic hedges — (87) — (87) Total operating revenue 441 641 204 1,286 Less: Lease revenue (464) (716) (2) (1,182) Less: Contract amortization 23 118 3 144 Total revenue from contracts with customers $ — $ 43 $ 205 $ 248 (a) See Note 17, Leases, for the amounts of energy and capacity revenue that relate to leases and are accounted for under ASC 842. The following tables represent the Company’s disaggregation of revenue from contracts with customers for the year ended December 31, 2020, along with the reportable segment for each category: Year ended December 31, 2020 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 10 $ 609 $ 101 $ 720 Capacity revenue (a) 451 — 63 514 Other revenues — 21 32 53 Contract amortization (24) (61) (3) (88) Total operating revenue 437 569 193 1,199 Less: Lease revenue (461) (554) (2) (1,017) Less: Contract amortization 24 61 3 88 Total revenue from contracts with customers $ — $ 76 $ 194 $ 270 (a) See Note 17, Leases , for the amounts of energy and capacity revenue that relate to leases and are accounted for under ASC 842. The following tables represent the Company’s disaggregation of revenue from contracts with customers for the year ended December 31, 2019, along with the reportable segment for each category: Year ended December 31, 2019 (In millions) Conventional Generation Renewables Thermal Total Energy revenue (a) $ 5 $ 545 $ 120 $ 670 Capacity revenue (a) 348 — 54 402 Other revenues — 10 30 40 Contract amortization (7) (61) (3) (71) Mark-to-market for economic hedges — (9) — (9) Total operating revenue 346 485 201 1,032 Less: Lease revenue (353) (509) (2) (864) Less: Contract amortization 7 61 3 71 Total revenue from contracts with customers $ — $ 37 $ 202 $ 239 (a) See Note 17, Leases , for the amounts of energy and capacity revenue that relate to leases and are accounted for under ASC 842. |
Schedule of Contract balances | The following table reflects the net amount of contract assets and liabilities included on the Company’s consolidated balance sheets as of December 31, 2021 and December 31, 2020: (In millions) December 31, 2021 December 31, 2020 Accounts receivable, net - Contracts with customers $ 44 $ 57 Accounts receivable, net - Leases 100 86 Total accounts receivable, net $ 144 $ 143 |
Schedule of Changes in Asset Retirement Obligation | The following table represents the balance of ARO obligations as of December 31, 2021 and 2020, along with the additions and accretion related to the Company's ARO obligations for the year ended December 31, 2021: (In millions) Balance as of December 31, 2020 $ 117 Thermal Business AROs reclassified to held for sale (1) Revisions in estimates for current obligations 2 Additions 19 Accretion — expense 9 Balance as of December 31, 2021 $ 146 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 29, 2021: (In millions) Black Rock Current assets (a) $ 36 Property, plant and equipment 178 Right-of-use-assets 7 Other non-current assets 2 Total assets acquired 223 Long-term debt (b) 186 Long-term lease liabilities 7 Other current and non-current liabilities 11 Total liabilities assumed (c) 204 Net assets acquired $ 19 (a) Includes $35 million reserved for project completion costs included in restricted cash on the Company's balance sheet at acquisition date, which is included within the $133 million contributed by CEG described above. (b) Repaid at acquisition date utilizing $56 million contributed by the tax equity investor, $36 million from the cash equity investor and $61 million contributed by CEG, all recorded as contributions in noncontrolling interest, as well as $37 million of the Company's acquisition price. Of the $190 million contributed, $186 million was utilized to pay down the acquired debt and $4 million was utilized to pay associated fees. The $61 million contributed by CEG and the Company’s initial acquisition price of $37 million are also included within the $133 million contributed by CEG described above. (c) Total liabilities assumed excludes amounts due to CEG as of December 31, 2021 for the remaining turbines that became operational in January 2022. The liabilities totaled $83 million, of which $59 million was received from the tax equity and cash equity investors and was held in escrow accounts as of December 31, 2021. The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 17, 2021: (In millions) Mesquite Sky Current assets (a) $ 46 Property, plant and equipment 377 Right-of use assets 45 Other non-current assets 7 Total assets acquired 475 Long-term debt (b) 355 Long-term lease liabilities 45 Derivative liabilities 43 Other current and non-current liabilities 39 Total liabilities assumed (c) 482 Net liabilities assumed $ (7) (a) Includes $44 million reserved for project completion costs included in restricted cash on the Company's balance sheet at acquisition date, which is included within the $52 million contributed by CEG described above. (b) Repaid at acquisition date utilizing $241 million contributed by the tax equity investor and $107 million contributed by the cash equity investor, both recorded as contributions in noncontrolling interest, as well as the Company's $61 million acquisition price. Of the $409 million contributed, $355 million was utilized to pay down the acquired debt and $1 million was utilized to pay associated fees. The remaining $53 million was distributed to CEG for the acquisition. The net of the Company’s $61 million acquisition price and the distribution to CEG of $53 million are included within the $52 million contributed by CEG described above. (c) Total liabilities assumed excludes amounts due to CEG as of December 31, 2021 of $6 million, of which $5 million was received from the tax equity and cash equity investors and was held in escrow accounts as of December 31, 2021. The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 1, 2021: (In millions) Utah Solar Portfolio Current assets $ 20 Property, plant and equipment 258 Intangible assets for power purchase agreement 302 Other intangible assets 4 Right-of use assets 163 Total assets acquired 747 Long-term lease liabilities 163 Other current and non-current liabilities 24 Total liabilities assumed 187 Equity method investment removed (230) Net assets acquired $ 330 (In millions) Mt. Storm Current assets $ 3 Property, plant and equipment 108 Other non-current assets 2 Total assets acquired 113 Derivative instruments 9 Other current and non-current liabilities 4 Total liabilities assumed 13 Net assets acquired $ 100 The following is a summary of assets and liabilities obtained in connection with the acquisition as of February 3, 2021: (In millions) Agua Caliente Restricted cash $ 91 Property, plant and equipment 154 Intangible asset for power purchase agreement 1,022 Other current assets 9 Total assets acquired 1,276 Long-term debt 716 Other current and non-current liabilities 5 Total liabilities assumed 721 Noncontrolling interest 273 Equity method investment removed (80) Net assets acquired less noncontrolling interest $ 202 The following is a summary of assets and liabilities transferred in connection with the acquisition as of January 12, 2021: (In millions) Rattlesnake Current assets $ 8 Property, plant and equipment 200 Right-of-use assets 12 Total assets acquired 220 Long-term debt (a) 176 Long-term lease liabilities 12 Other current and non-current liabilities 18 Total liabilities assumed 206 Net assets acquired $ 14 (a) Repaid at acquisition date utilizing $107 million contributed by tax equity investor and $103 million contributed by CEG, both recorded as contributions in noncontrolling interest. Of the $210 million contributed, $176 million was utilized to pay down the acquired debt, $29 million was utilized to fund project reserve accounts and $5 million was utilized to pay associated fees. The following is a summary of assets and liabilities transferred in connection with the acquisition as of November 20, 2020: (In millions) Langford Current assets $ 4 Property, plant and equipment 138 Other non-current assets 15 Total assets acquired 157 Other current and non-current liabilities 17 Total liabilities assumed 17 Noncontrolling interests 119 Net assets acquired less noncontrolling interests $ 21 The following is a summary of assets and liabilities transferred in connection with the acquisition as of December 21, 2020: (In millions) Rosamond Central Current assets $ 49 Property, plant and equipment 246 Other non-current assets 1 Total assets acquired 296 Long-term debt 205 Other current and non-current liabilities 11 Total liabilities assumed 216 Noncontrolling interests 52 Net assets acquired less noncontrolling interests $ 28 The following table shows the balances that were consolidated effective on December 21, 2020: (In millions) Mesquite Star Current assets $ 22 Property, plant and equipment 443 Other non-current assets 31 Total assets acquired 496 Other current and non-current liabilities 87 Total liabilities assumed 87 Noncontrolling interests and redeemable noncontrolling interests 346 Net assets acquired less noncontrolling interests $ 63 The following table shows the balances that were consolidated: November 2, 2020 May 29, 2020 (In millions) DGPV Holdco 1 and 2 (a) DGPV Holdco 3 (b) Current assets $ 29 $ 32 Property, plant and equipment, net 324 331 Intangible assets, net 19 1 Other non-current assets 52 37 Total assets acquired 424 401 Long-term debt 160 206 Other current and non-current liabilities 54 84 Total liabilities assumed 214 290 Noncontrolling interests and redeemable noncontrolling interests 5 6 Net assets acquired less noncontrolling interests $ 205 $ 105 (a) Includes DGPV 1, LLC, DGPV 2, LLC, CA Fund, LLC, DGPV 4 Borrower LLC and Puma Class B LLC (b) I ncludes Renew Solar CS4 Fund LLC and Chestnut Fund LLC |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | The Company's major classes of property, plant, and equipment were as follows: December 31, 2021 December 31, 2020 Depreciable Lives (In millions) Facilities and equipment $ 9,747 $ 9,254 2 - 40 Years Land and improvements 320 224 Construction in progress (a) 84 62 Total property, plant and equipment 10,151 9,540 Accumulated depreciation (2,501) (2,323) Net property, plant and equipment $ 7,650 $ 7,217 (a) As of December 31, 2021 and 2020, construction in progress includes $17 million and $14 million, respectively, of capital expenditures that relate to prepaid long-term service agreements in the Conventional segment. |
Investments Accounted for by _2
Investments Accounted for by the Equity Method and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity method investments | The Company's maximum exposure to loss as of December 31, 2021 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below: Name Economic Interest Investment Balance (In millions) Avenal 50% $ 4 Desert Sunlight 25% 239 Elkhorn Ridge 66.7% 29 GenConn (a) 50% 86 San Juan Mesa 75% 23 $ 381 (a) GenConn is a variable interest entity. The following tables present summarized financial information for the Company's equity method investments: Year Ended December 31, 2021 2020 2019 Income Statement Data: (In millions) GenConn Operating revenues $ 55 $ 60 $ 60 Operating income 22 26 27 Net income 13 17 17 Desert Sunlight Operating revenues 205 209 205 Operating income 146 142 123 Net income 112 88 58 Other (a) (b) Operating revenues 49 299 318 Operating income 16 138 110 Net income 13 60 50 As of December 31, 2021 2020 Balance Sheet Data: (In millions) GenConn Current assets $ 38 $ 40 Non-current assets 328 344 Current liabilities 15 17 Non-current liabilities 178 185 Desert Sunlight Current assets 131 132 Non-current assets 1,228 1,244 Current liabilities 64 71 Non-current liabilities 904 921 Other (a) (b) Current assets 26 177 Non-current assets 172 2,201 Current liabilities 24 114 Non-current liabilities 98 700 (a) Includes Avenal, Elkhorn Ridge, San Juan Mesa, DGPV Holdco 1, DGPV Holdco 2 and DGPV Holdco 3. DGPV Holdco 1, DGPV Holdco 2 and DGPV Holdco 3 were consolidated by the Company during 2020 and are therefore excluded from the summarized balance sheet data as of December 31, 2020. (b) On February 3, 2021, the Company acquired an additional 35% equity interest in Agua Caliente and removed its equity investment in Agua Caliente and, on December 1, 2021, the Company acquired the remaining 50% equity investment in the Utah Solar Portfolio and removed its equity investment in the Utah Solar Portfolio. As a result, both Agua Caliente and the Utah Solar Portfolio are excluded from the summarized balance sheet data as of December 31, 2021 and from the summarized income statement data for the year ended December 31, 2021. |
Schedule of variable interest entities | Summarized financial information for the Company's consolidated VIEs consisted of the following as of December 31, 2021: (In millions) Alta TE Holdco Buckthorn Renewables, LLC DGPV Funds (a) Kawailoa Partnership Langford TE Partnership LLC Lighthouse Renewable Holdco LLC (b) Lighthouse Renewable Holdco 2 LLC (c) Other current and non-current assets $ 53 $ 4 $ 104 $ 40 $ 17 $ 84 $ 83 Property, plant and equipment 331 202 592 135 132 605 377 Intangible assets 212 — 16 — 2 — — Total assets 596 206 712 175 151 689 460 Current and non-current liabilities 40 10 76 103 18 150 118 Total liabilities 40 10 76 103 18 150 118 Noncontrolling interest 13 44 6 48 66 416 239 Net assets less noncontrolling interests $ 543 $ 152 $ 630 $ 24 $ 67 $ 123 $ 103 (a) DGPV Funds is comprised of DGPV Fund 2 LLC, Clearway & EFS Distributed Solar LLC, DGPV Fund 4 LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC. (b) Lighthouse Renewable Holdco LLC consolidates Mesquite Star Tax Equity Holdco LLC and Black Rock TE Holdco LLC, which are also consolidated VIEs. (c) Lighthouse Renewable Holdco 2 LLC consolidates Mesquite Sky TE Holdco LLC, which is also a consolidated VIE. (In millions) Oahu Pinnacle Repowering Partnership LLC Rattlesnake TE Holdco LLC Rosie Target Co LLC Wildorado TE Holdco Other (a) Other current and non-current assets $ 47 $ 12 $ 30 $ 26 $ 21 $ 16 Property, plant and equipment 172 108 194 251 225 168 Intangible assets — 18 — — — 1 Total assets 219 138 224 277 246 185 Current and non-current liabilities 114 6 23 100 18 44 Total liabilities 114 6 23 100 18 44 Noncontrolling interest 31 78 98 140 121 84 Net assets less noncontrolling interests $ 74 $ 54 $ 103 $ 37 $ 107 $ 57 (a) Other is comprised of Crosswind Transmission, LLC, Hardin Hilltop Wind LLC, Elbow Creek TE Holdco and Spring Canyon TE Holdco projects. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated carrying amounts and fair values | The carrying amounts and estimated fair values of the Company’s recorded financial instruments not carried at fair market value or that do not approximate fair value are as follows: As of December 31, 2021 As of December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Liabilities: Long-term debt, including current portion (a) $ 7,782 $ 7,997 $ 7,048 $ 7,020 (a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. |
Level within fair value hierarchy | The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of December 31, 2021 and 2020: As of December 31, 2021 As of December 31, 2020 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ 2,159 $ 5,838 $ 1,905 $ 5,115 |
Assets and liabilities measured and recorded at fair value | The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of December 31, 2021 As of December 31, 2020 Fair Value Fair Value (a) Fair Value Fair Value (a) (In millions) Level 2 Level 3 Level 2 Level 3 Derivative assets Interest rate contracts $ 6 $ — $ 1 $ — Other financial instruments (b) — 25 — 29 Total assets $ 6 $ 25 $ 1 $ 29 Derivative liabilities Commodity contracts $ — $ 179 $ — $ 44 Interest rate contracts 63 — 129 — Total liabilities $ 63 $ 179 $ 129 $ 44 (a) There were no derivative assets classified as Level 1 or Level 3 and no liabilities classified as Level 1 as of December 31, 2021 and December 31, 2020. (b) SREC contract acquired on November 2, 2020. The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the consolidated financial statements using significant unobservable inputs: Year ended December 31, 2021 2020 (In millions) Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Beginning balance $ (15) $ (9) Total losses for the period included in earnings (93) — Contracts acquired (52) (6) Settlements 6 — Ending balance $ (154) $ (15) Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31, $ (93) $ 1 The following table quantifies the significant unobservable inputs used in developing the fair value of the Company's Level 3 positions as of December 31, 2021: December 31, 2021 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Commodity Contracts $ — $ (179) Discounted Cash Flow Forward Market Price (per MWh) $ 13.93 $ 56.06 $ 27.46 Other Financial Instruments 25 — Discounted Cash Flow Forecast annual generation levels of certain DG solar facilities 80,872 MWh 129,913 MWh 124,783 MWh The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of December 31, 2021: Significant Observable Input Position Change In Input Impact on Fair Value Measurement Forward Market Price Power Buy Increase/(Decrease) Higher/(Lower) Forward Market Price Power Sell Increase/(Decrease) Lower/(Higher) Forecast Generation Levels Sell Increase/(Decrease) Higher/(Lower) |
Accounting for Derivative Ins_2
Accounting for Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net notional volume buy/(sell) of NRG Yield's open derivative transactions broken out by commodity | The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of December 31, 2021 and 2020: Total Volume December 31, 2021 December 31, 2020 Commodity Units (In millions) Natural Gas MMBtu 2 1 Power MWh (17) (8) Interest Dollars $ 1,326 $ 1,600 |
Fair value within the derivative instrument valuation on the balance sheets | The following table summarizes the fair value within the derivative instrument valuation on the consolidated balance sheets: Fair Value Derivative Assets Derivative Liabilities December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ — $ — $ 5 $ 8 Interest rate contracts long-term 2 — 3 15 Total Derivatives Designated as Cash Flow Hedges $ 2 $ — $ 8 $ 23 Derivatives Not Designated as Cash Flow Hedges: Interest rate contracts current $ — $ — $ 17 $ 25 Interest rate contracts long-term 4 1 38 81 Commodity contracts current — — 24 5 Commodity contracts long-term — — 155 39 Total Derivatives Not Designated as Cash Flow Hedges $ 4 $ 1 $ 234 $ 150 Total Derivatives $ 6 $ 1 $ 242 $ 173 |
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | The following tables summarize the offsetting of derivatives by counterparty: Gross Amounts Not Offset in the Statement of Financial Position As of December 31, 2021 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts (In millions) Derivative liabilities $ (179) $ — $ (179) Total commodity contracts $ (179) $ — $ (179) Interest rate contracts Derivative assets $ 6 $ (5) $ 1 Derivative liabilities (63) 5 (58) Total interest rate contracts $ (57) $ — $ (57) Total derivative instruments $ (236) $ — $ (236) Gross Amounts Not Offset in the Statement of Financial Position As of December 31, 2020 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts (In millions) Derivative liabilities $ (44) $ — $ (44) Total commodity contracts $ (44) $ — $ (44) Interest rate contracts Derivative assets $ 1 $ — $ 1 Derivative liabilities (129) — (129) Total interest rate contracts $ (128) $ — $ (128) Total derivative instruments $ (172) $ — $ (172) |
Effects of NRG Yield's accumulated OCI balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax | The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax: Year ended December 31, 2021 2020 2019 (In millions) Accumulated OCL beginning balance $ (30) $ (31) $ (38) Reclassified from accumulated OCL to income due to realization of previously deferred amounts 8 8 16 Mark-to-market of cash flow hedge accounting contracts 11 (7) (9) Accumulated OCL ending balance, net of income tax benefit of $2, $5 and $6, respectively (11) (30) (31) Accumulated OCL attributable to noncontrolling interests (5) (16) (16) Accumulated OCL attributable to Clearway Energy, Inc. $ (6) $ (14) $ (15) Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $2 $ (7) |
Schedule of gains and losses related to Company's derivatives | ains and losses related to the Company's derivatives are recorded in the consolidated statements of operations as follows: Year ended December 31, 2021 2020 2019 (In millions) Interest Rate Contracts (Mark-to-market interest expense) $ 53 $ (38) $ (65) Commodity Contracts (Mark-to-market for economic hedging activities) (a) (83) (4) (9) (a) Relates to long-term commodity contracts at Elbow Creek Wind Project LLC, or Elbow Creek, Mesquite Star, Mt. Storm and Mesquite Sky and gains or losses are recognized in operating revenues. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of the components of the Company's intangible assets subject to amortization | The following tables summarize the components of intangible assets subject to amortization: Year ended December 31, 2021 PPAs Leasehold Rights Customer Customer Contracts Emission Allowances Other Total (In millions) January 1, 2021 $ 1,661 $ 86 $ 66 $ 15 $ 17 $ 12 $ 1,857 Acquisitions (a) 1,324 — — — — 4 1,328 Reclassified to held for sale (b) — — (66) (15) — — (81) December 31, 2021 2,985 86 — — 17 16 3,104 Less accumulated amortization (566) (30) — — (3) (6) (605) Net carrying amount $ 2,419 $ 56 $ — $ — $ 14 $ 10 $ 2,499 (a) The weighted average life of acquired intangibles was 17 years for PPAs, 15 years for RECs and 15 years for favorable leases. (b) Thermal Business intangible assets were reclassified to held for sale during the fourth quarter of 2021. Year ended December 31, 2020 PPAs Leasehold Rights Customer Relationships Customer Contracts Emission Other Total (In millions) January 1, 2020 $ 1,630 $ 86 $ 66 $ 15 $ 17 $ 8 $ 1,822 Consolidation of DGPV Holdco Entities 23 — — — — — 23 Other 8 — — — — 4 12 December 31, 2020 1,661 86 66 15 17 12 1,857 Less accumulated amortization (431) (26) (11) (11) (3) (5) (487) Net carrying amount $ 1,230 $ 60 $ 55 $ 4 $ 14 $ 7 $ 1,370 |
Schedule future amortization expense for intangibles | The Company estimates the future amortization expense for its intangibles for the next five years as follows: (In millions) 2022 $ 158 2023 155 2024 153 2025 153 2026 153 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | The Company's borrowings, including short-term and long-term portions consisted of the following: December 31, 2021 December 31, 2020 Interest rate % (a) Letters of Credit Outstanding at December 31, 2021 (In millions, except rates) 2025 Senior Notes $ — $ 600 5.750 2026 Senior Notes — 350 5.000 2028 Senior Notes 850 850 4.750 2031 Senior Notes 925 — 3.750 2032 Senior Notes 350 — 3.750 Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) 245 — 1.750 $ 83 Bridge Loan, due 2022 (c) 335 — S+1.000 Project-level debt: Agua Caliente Solar LLC, due 2037 684 — 2.395 - 3.633 45 Alta Wind Asset Management LLC, due 2031 13 14 L+2.625 — Alta Wind I-V lease financing arrangements, due 2034 and 2035 756 800 5.696 - 7.015 34 Alta Wind Realty Investments LLC, due 2031 24 25 7.000 — Borrego, due 2024 and 2038 54 57 Various — Buckthorn Solar, due 2025 123 126 L+1.750 21 Carlsbad Energy Holdings LLC, due 2027 136 156 L+1.625 62 Carlsbad Energy Holdings LLC, due 2038 407 407 4.120 — Carlsbad Holdco, due 2038 205 210 4.210 6 CVSR, due 2037 652 675 2.339 -3.775 — CVSR Holdco Notes, due 2037 169 176 4.680 13 DG-CS Master Borrower LLC, due 2040 441 467 3.510 30 Duquesne, due 2059 (d) — 95 4.620 — El Segundo Energy Center, due 2023 193 250 L+1.875 - L+2.500 138 Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 (d) — 327 Various — Kawailoa Solar Portfolio LLC, due 2026 78 81 L+1.375 14 Laredo Ridge, due 2028 72 78 L+2.125 3 Marsh Landing, due 2023 84 146 L+2.375 46 NIMH Solar, due 2024 176 191 L+2.000 10 Oahu Solar Holdings LLC, due 2026 86 89 L+1.375 10 Rosie Class B LLC, due 2027 78 80 L+1.750 17 Tapestry, due 2031 85 143 L+1.375 12 Utah Solar Holdings, due 2036 273 290 3.590 10 Walnut Creek, due 2023 74 126 L+1.750 116 WCEP Holdings, LLC, due 2023 30 35 L+3.000 — Other 180 199 Various 201 Subtotal project-level debt 5,073 5,243 Total debt 7,778 7,043 Less current maturities (772) (384) Less net debt issuance costs (71) (79) Add premiums (e) 4 5 Total long-term debt $ 6,939 $ 6,585 (a) As of December 31, 2021, L+ equals 3 month LIBOR plus x%, except Clearway Energy Operating LLC Revolving Credit Facility, due 2023, Marsh Landing, due 2023, and Walnut Creek, due 2023, where L+ equals 1 month LIBOR plus x% (b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement (c) S+ equals SOFR, plus x% (d) Thermal Business long-term debt reclassified to held for sale in the fourth quarter of 2021 (e) Premiums relate to the 2028 Senior Notes |
Summary of swaps related to the Company's project level debt | The following table summarizes the swaps, some of which are forward starting as indicated, related to the Company's project level debt as of December 31, 2021: % of Principal Fixed Interest Rate Floating Interest Rate Notional Amount at December 31, 2021 (In millions) Effective Date Maturity Date Avra Valley 88 % 2.33 % 3-Month LIBOR $ 35 November 30, 2012 November 30, 2030 Alta Wind Asset Management 100 % 2.47 % 3-Month LIBOR 13 May 22, 2013 May 15, 2031 Borrego 100 % 0.476 % 3-Month LIBOR 10 June 30, 2020 December 31, 2024 Buckthorn Solar 81 % Various 3-Month LIBOR 100 February 28, 2018 December 31, 2041 Carlsbad 100 % Various 3-Month LIBOR 136 Various September 30, 2027 El Segundo 100 % Various 3-Month LIBOR 193 Various Various Kansas South 75 % 2.368 % 6-Month LIBOR 15 June 28, 2013 December 31, 2030 Kawailoa Solar 94 % Various 3-Month LIBOR 74 November 30, 2019 October 31, 2040 Laredo Ridge 100 % Various 3-Month LIBOR 72 December 17, 2014 December 31, 2028 Marsh Landing 100 % Various 3-Month LIBOR 84 June 28, 2013 June 30, 2023 NIMH Solar LLC 100 % Various 3-Month LIBOR 176 September 30, 2020 Various Oahu Solar 96 % Various 3-Month LIBOR 83 November 30, 2019 October 31, 2040 Rosie Class B 95 % 1.446 % 3-Month LIBOR 74 December 31, 2020 Various South Trent 90 % 3.847 % 3-Month LIBOR 31 June 14, 2019 June 30, 2028 Tapestry 100 % Various 3-Month LIBOR 85 Various Various Viento Funding II 100 % 3.03 % 6-Month LIBOR 29 Various Various Viento Funding II 100 % 4.985 % 6-Month LIBOR 21 July 11, 2023 June 30, 2028 Walnut Creek Energy 90 % 3.543 % 3-Month LIBOR 66 June 28, 2013 May 31, 2023 WCEP Holdings 97 % 4.003 % 3-Month LIBOR 29 June 28, 2013 May 31, 2023 Total $ 1,326 |
Schedule of annual payments based on the maturities of NRG Yield's debt | Annual payments based on the maturities of the Company's debt, for the years ending after December 31, 2021, are as follows: (In millions) 2022 $ 772 2023 709 2024 392 2025 (a) 369 2026 (a) 422 Thereafter (a) 5,537 Total $ 8,201 (a) Annual payments based on the maturities of Thermal Business long-term debt reclassified to held for sale in the fourth quarter of 2021 are $4 million, $15 million and $404 million due in 2025, 2026 and thereafter, respectively. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Company's basic (loss) earnings per share to diluted earnings per share | The reconciliation of the Company's basic and diluted earnings (loss) per share is shown in the following table: Year Ended December 31, 2021 2020 2019 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Common Class A Common Class C Basic and diluted earnings (loss) per share attributable to Clearway Energy, Inc. common stockholders Net income (loss) attributable to Clearway Energy, Inc. $ 15 $ 36 $ 7 $ 18 $ (4) $ (7) Weighted average number of common shares outstanding — basic 35 82 35 80 35 74 Weighted average number of common shares outstanding — diluted 35 82 35 81 35 74 Earnings (loss) per weighted average common share — basic and diluted $ 0.44 $ 0.44 $ 0.22 $ 0.22 $ (0.10) $ (0.10) (a) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Schedule of shares sold under the ATM programs | The following table summarizes Class C common stock shares sold under the ATM Programs during the year ended December 31, 2020: Number of shares Gross Proceeds from the sale of shares (a) (in millions) 2020 ATM Program 940,790 $ 24 2016 ATM Program 1,749,665 39 Total Class C common stock sold during the year ended December 31, 2020 2,690,455 $ 63 (a) The Company incurred commission fees of $0.6 million during the year ended December 31, 2020. |
Schedule of dividends paid | The following table lists the dividends paid on the Company's Class A and Class C common stock during the year ended December 31, 2021: Fourth Quarter 2021 Third Quarter 2021 Second Quarter 2021 First Quarter 2021 Dividends per Class A share $ 0.3400 $ 0.3345 $ 0.3290 $ 0.3240 Dividends per Class C share 0.3400 0.3345 0.3290 0.3240 |
Schedule of distributions paid | The following table lists the distributions paid to CEG during the year ended December 31, 2021 on Clearway Energy LLC's Class B and D units: Fourth Quarter 2021 Third Quarter 2021 Second Quarter 2021 First Quarter 2021 Distributions per Class B unit $ 0.3400 $ 0.3345 $ 0.3290 $ 0.3240 Distributions per Class D unit 0.3400 0.3345 0.3290 0.3240 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Customers accounting for more than 10% of revenue | The Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Customer Conventional Renewables Conventional Renewables Conventional Renewables SCE 17% 16% 18% 16% 21% 19% PG&E 10% 13% 10% 8% 12% 10% |
Segment reporting information | Year ended December 31, 2021 (In millions) Conventional Generation Renewables Thermal Corporate (a) Total Operating revenues $ 441 $ 641 $ 204 $ — $ 1,286 Cost of operations, exclusive of depreciation, amortization and accretion shown separately below 90 229 134 (2) 451 Depreciation, amortization and accretion 132 354 23 — 509 Impairment losses — 6 — — 6 General and administrative — — 4 36 40 Transaction and integration costs — — — 7 7 Development costs — — 4 2 6 Operating income (loss) 219 52 39 (43) 267 Equity in earnings of unconsolidated affiliates 6 26 — — 32 Other income, net — 2 1 — 3 Loss on debt extinguishment — (1) — (52) (53) Interest expense, net (53) (142) (18) (99) (312) Income (loss) before income taxes 172 (63) 22 (194) (63) Income tax expense — 2 — 10 12 Net Income (Loss) 172 (65) 22 (204) (75) Net Income (Loss) Attributable to Clearway Energy, Inc. $ 172 $ 109 $ 22 $ (252) $ 51 Balance Sheet Equity investment in affiliates $ 86 $ 295 $ — $ — $ 381 Capital expenditures (b) 12 77 29 1 119 Total Assets (c) $ 2,442 $ 9,603 $ 631 $ 137 12,813 (a) Includes eliminations (b) Includes accruals (c) Thermal Business assets were reclassified to held for sale during the fourth quarter of 2021. Year ended December 31, 2020 (In millions) Conventional Generation Renewables Thermal Corporate (a) Total Operating revenues $ 437 $ 569 $ 193 $ — $ 1,199 Cost of operations, exclusive of depreciation, amortization and accretion shown separately below 90 147 131 (2) 366 Depreciation, amortization and accretion 132 264 32 — 428 Impairment losses — 24 — — 24 General and administrative — — 3 31 34 Transaction and integration costs — — — 9 9 Development costs — — 5 — 5 Operating income (loss) 215 134 22 (38) 333 Equity in earnings (losses) of unconsolidated affiliates 8 (1) — — 7 Impairment loss on investment — (8) — — (8) Gain on sale of unconsolidated affiliates — — — 49 49 Other income, net 1 3 — — 4 Loss on debt extinguishment — (21) — (3) (24) Interest expense, net (84) (216) (19) (96) (415) Income (loss) before income taxes 140 (109) 3 (88) (54) Income tax expense — — — 8 8 Net Income (Loss) 140 (109) 3 (96) (62) Net Income (Loss) Attributable to Clearway Energy, Inc. $ 140 $ 3 $ 3 $ (121) $ 25 Balance Sheet Equity investments in affiliates $ 90 $ 651 $ — $ — $ 741 Capital expenditures (b) 12 44 50 — 106 Total Assets $ 2,575 $ 7,157 $ 627 $ 233 $ 10,592 (a) Includes eliminations (b) Includes accruals Year ended December 31, 2019 (In millions) Conventional Generation Renewables Thermal Corporate (a) Total Operating revenues $ 346 $ 485 $ 201 $ — $ 1,032 Cost of operations, exclusive of depreciation, amortization and accretion shown separately below 60 143 134 — 337 Depreciation, amortization and accretion 103 271 27 — 401 Impairment losses — 14 19 — 33 General and administrative — 1 3 25 29 Transaction and integration costs — — — 3 3 Development costs — — 5 — 5 Operating income (loss) 183 56 13 (28) 224 Equity in earnings of unconsolidated affiliates 9 74 — — 83 Other income, net 2 6 — 1 9 Loss on debt extinguishment — (1) — (15) (16) Interest expense, net (59) (239) (18) (88) (404) Income (loss) before income taxes 135 (104) (5) (130) (104) Income tax benefit — — — (8) (8) Net Income (Loss) 135 (104) (5) (122) (96) Net Income (Loss) Attributable to Clearway Energy, Inc. $ 135 $ (33) $ (5) $ (108) $ (11) (a) Includes eliminations |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income tax provision from continuing operations | The income tax provision consisted of the following amounts: Year Ended December 31, 2021 2020 2019 (In millions) Deferred U.S. Federal $ (2) $ 7 $ (4) State 14 1 (4) Total — deferred 12 8 (8) Total income tax expense (benefit) $ 12 $ 8 $ (8) |
Reconciliation of the U.S. federal statutory rate to the Company's effective rate | A reconciliation of the U.S. federal statutory rate of 21% to the Company's effective rate is as follows: Year Ended December 31, 2021 2020 2019 (In millions, except percentages) Income Before Income Taxes $ (63) $ (54) $ (104) Tax at 21% (13) (11) (22) State taxes, net of federal benefit (4) (4) (7) Impact of non-taxable equity earnings 34 24 24 Valuation allowance (14) — — Investment tax credits — — (1) Production tax credits, including prior year true-up (1) (1) (1) Rate Change (2) 2 — Partnership state basis 8 — — State taxes assessed at subsidiaries 2 — — Other 2 (2) (1) Income tax expense (benefit) $ 12 $ 8 $ (8) Effective income tax rate (19.0) % (14.8) % 7.7 % |
Company's deferred tax assets and liabilities | The temporary differences, which gave rise to the Company's deferred tax assets, consisted of the following: As of December 31, 2021 2020 (In millions) Deferred tax liabilities: Investment in projects $ 267 $ 226 Total deferred tax liabilities 267 226 Deferred tax assets: Interest expense disallowance carryforward - Investment in Projects 7 11 Production tax credits 10 9 Investment tax credits 5 5 U.S. Federal net operating loss carryforwards 277 260 Capital loss carryforwards — 12 State net operating loss carryforwards 51 48 Total deferred tax assets 350 345 Valuation allowance (1) (15) Total deferred tax assets, net of valuation allowance 349 330 Net deferred noncurrent tax asset $ 82 $ 104 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term purchase commitment | As of December 31, 2021, the Company's future minimum commitments under such outstanding agreements are estimated as follows: (In millions) 2022 $ 7 2023 1 2024 — 2025 — 2026 — Thereafter — Total $ 8 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Lease Information and Expense | Lease expense for the years ended December 31, 2021, 2020 and 2019 was comprised of the following: (In millions) December 31, 2021 December 31, 2020 December 31, 2019 Operating lease cost - Fixed $ 27 $ 19 $ 13 Operating lease cost - Variable 15 9 8 Total lease cost $ 42 $ 28 $ 21 Operating lease information as of December 31, 2021 and 2020 was as follows: (In millions, except term and rate) December 31, 2021 December 31, 2020 Right-of-use assets - operating leases, net (a) (b) $ 550 $ 337 Short-term lease liability - operating leases (c) $ 8 $ 8 Long-term lease liability - operating leases 561 345 Total lease liabilities (a) (b) $ 569 $ 353 Weighted average remaining lease term (in years) 28 25 Weighted average discount rate 3.5 % 4.3 % Cash paid for operating leases $ 26 $ 19 (a) Increases in right-of-use assets and total lease liabilities are primarily due to third-party and drop down asset acquisitions, as further described in Note 3, Acquisitions and Dispositions . (b) Thermal Business right-of-use assets and lease liabilities were reclassified to held for sale during the fourth quarter of 2021. (c) Short-term lease liability balances are included within the accrued expenses and other current liabilities line item of the consolidated balance sheets as of December 31, 2021 and 2020. |
Maturities of Operating Lease Liabilities | Minimum future rental payments of operating lease liabilities as of December 31, 2021 are as follows: (In millions) 2022 $ 28 2023 28 2024 28 2025 28 2026 29 Thereafter 801 Total lease payments (a) 942 Less imputed interest (352) Total lease liability - operating leases $ 590 (a) Minimum future rental payments of the Thermal Business operating lease liabilities classified as held for sale are $1 million for each of 2022, 2023, 2024, 2025 and 2026, with $31 million due thereafter. |
Energy and Capacity Revenue | The following amounts of energy and capacity revenue are related to the Company’s operating leases: Conventional Generation Renewables Thermal Total December 31, 2021 (In millions) Energy revenue $ 9 $ 716 $ 2 $ 727 Capacity revenue 455 — — 455 Operating revenue $ 464 $ 716 $ 2 $ 1,182 Conventional Generation Renewables Thermal Total December 31, 2020 (In millions) Energy revenue $ 10 $ 554 $ 2 $ 566 Capacity revenue 451 — — 451 Operating revenue $ 461 $ 554 $ 2 $ 1,017 Conventional Generation Renewables Thermal Total December 31, 2019 (In millions) Energy revenue $ 5 $ 509 $ 2 $ 516 Capacity revenue 348 — — 348 Operating revenue $ 353 $ 509 $ 2 $ 864 |
Minimum Future Rent Payments Under the Operating Leases | Minimum future rent payments for the remaining periods related to the Conventional segment operating leases as of December 31, 2021 were as follows: (In millions) 2022 $ 453 2023 261 2024 106 2025 107 2026 108 Thereafter 1,390 Total lease payments $ 2,425 |
Property, Plant, and Equipment Net | Property, plant and equipment, net related to the Company’s operating leases were as follows: (In millions) December 31, 2021 December 31, 2020 Property, plant and equipment $ 8,981 $ 7,201 Accumulated depreciation (2,827) (1,964) Net property, plant and equipment $ 6,154 $ 5,237 |
Nature of Business - Narrative
Nature of Business - Narrative (Details) $ in Billions | 12 Months Ended | |
Dec. 31, 2021MW | Oct. 22, 2021USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Power generation capacity, megawatts | 9,000 | |
Discontinued Operations, Disposed of by Sale | Thermal | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Proceeds from sale of business | $ | $ 1.9 | |
Clearway Energy LLC | Clearway Energy, Inc. | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Limited liability company or limited partnership, members or limited partners, ownership interest | 57.65% | |
Clearway Energy LLC | Clearway Energy LLC | CEG | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Limited liability company or limited partnership, members or limited partners, ownership interest | 42.35% | |
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Power generation capacity, megawatts | 5,000 | |
Generational Facilities and District Energy Systems | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Power generation capacity, megawatts | 2,500 | |
GIP | Clearway Energy LLC | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Limited liability company or limited partnership, members or limited partners, ownership interest | 57.65% | |
Limited liability company (LLC) or limited partnership (LP), members or limited partners, voting interest | 45.07% | |
Shareholders | Clearway Energy LLC | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Limited liability company or limited partnership, members or limited partners, ownership interest | 42.35% | |
Limited liability company (LLC) or limited partnership (LP), members or limited partners, voting interest | 54.93% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2021 | |
Summary of Significant Accounting Policies [Line Items] | ||||
Restricted cash | $ 475 | $ 197 | ||
Contingent rental income | 741 | 589 | $ 537 | |
General and administrative | $ 4 | 3 | 4 | |
Income tax benefit threshold | 50.00% | |||
Prepaid Expenses and Other Current Assets | State and Local Jurisdiction | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Refundable tax credit receivable | $ 49 | |||
PPA, refundable tax credit, aggregate amount utilized | $ 20 | |||
Operating Segments | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Contingent rental income | 1,182 | 1,017 | 864 | |
Operating Segments | Conventional Generation | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Contingent rental income | 464 | 461 | 353 | |
Operating Segments | Renewables | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Contingent rental income | 716 | 554 | 509 | |
Operating Segments | Thermal | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Contingent rental income | 2 | 2 | $ 2 | |
Long-Term Debt, Current | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Restricted cash | 34 | |||
Debt Service Obligations | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Restricted cash | 131 | |||
Cash Distribution | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Restricted cash | 64 | |||
Operating Funds | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Restricted cash | 246 | |||
Project Level Subsidiaries | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents held at project subsidiaries | $ 146 | $ 149 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Cash and Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 179 | $ 268 | ||
Restricted cash | 475 | 197 | ||
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 654 | $ 465 | $ 417 | $ 583 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Disaggregated Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | $ 1,286 | $ 1,199 | $ 1,032 |
Mark-to-market for economic hedges | 87 | ||
Less: Lease revenue | (741) | (589) | (537) |
Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Less: Lease revenue | (727) | (566) | (516) |
Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Less: Lease revenue | (455) | (451) | (348) |
Conventional Generation | Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Less: Lease revenue | (9) | (10) | (5) |
Conventional Generation | Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Less: Lease revenue | (455) | (451) | (348) |
Renewables | Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Less: Lease revenue | (716) | (554) | (509) |
Renewables | Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Less: Lease revenue | 0 | 0 | 0 |
Thermal | Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Less: Lease revenue | (2) | (2) | (2) |
Thermal | Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Less: Lease revenue | 0 | 0 | 0 |
Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 1,286 | 1,199 | 1,032 |
Less: Contract amortization | (144) | (88) | (71) |
Mark-to-market for economic hedges | (9) | ||
Less: Lease revenue | (1,182) | (1,017) | (864) |
Total revenue from contracts with customers | 248 | 270 | 239 |
Operating Segments | Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 915 | 720 | 670 |
Operating Segments | Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 510 | 514 | 402 |
Operating Segments | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 92 | 53 | 40 |
Operating Segments | Conventional Generation | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 441 | 437 | 346 |
Less: Contract amortization | (23) | (24) | (7) |
Mark-to-market for economic hedges | 0 | 0 | |
Less: Lease revenue | (464) | (461) | (353) |
Total revenue from contracts with customers | 0 | 0 | 0 |
Operating Segments | Conventional Generation | Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 9 | 10 | 5 |
Operating Segments | Conventional Generation | Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 455 | 451 | 348 |
Operating Segments | Conventional Generation | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 0 | 0 | 0 |
Operating Segments | Renewables | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 641 | 569 | 485 |
Less: Contract amortization | (118) | (61) | (61) |
Mark-to-market for economic hedges | 87 | (9) | |
Less: Lease revenue | (716) | (554) | (509) |
Total revenue from contracts with customers | 43 | 76 | 37 |
Operating Segments | Renewables | Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 784 | 609 | 545 |
Operating Segments | Renewables | Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 2 | 0 | 0 |
Operating Segments | Renewables | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 60 | 21 | 10 |
Operating Segments | Thermal | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 204 | 193 | 201 |
Less: Contract amortization | (3) | (3) | (3) |
Mark-to-market for economic hedges | 0 | 0 | |
Less: Lease revenue | (2) | (2) | (2) |
Total revenue from contracts with customers | 205 | 194 | 202 |
Operating Segments | Thermal | Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 122 | 101 | 120 |
Operating Segments | Thermal | Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | 53 | 63 | 54 |
Operating Segments | Thermal | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenue | $ 32 | $ 32 | $ 30 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Contract Balances (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 144 | $ 143 |
Customer Contracts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 44 | 57 |
Lease Agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 100 | $ 86 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Asset Retirement Obligation (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance as of December 31, 2020 | $ 117 |
Thermal Business AROs reclassified to held for sale | (1) |
Revisions in estimates for current obligations | 2 |
Additions | 19 |
Accretion — expense | 9 |
Balance as of December 31, 2021 | $ 146 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Narrative (Details) $ in Millions | Dec. 29, 2021USD ($)MW | Dec. 17, 2021USD ($)MW | Dec. 01, 2021USD ($)farmMW | Apr. 23, 2021USD ($)MW | Feb. 03, 2021USD ($)MW | Jan. 12, 2021USD ($)MW | Dec. 21, 2020USD ($)MW | Nov. 20, 2020USD ($)MW | Nov. 02, 2020USD ($) | Sep. 01, 2020USD ($)MW | May 14, 2020USD ($) | Mar. 03, 2020USD ($) | Feb. 28, 2022USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2021USD ($) | Dec. 31, 2021USD ($)MW | Dec. 31, 2021USD ($)MW | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 22, 2021USD ($) | Feb. 02, 2021 |
Business Acquisition [Line Items] | |||||||||||||||||||||
Power generation capacity, megawatts | MW | 9,000 | 9,000 | |||||||||||||||||||
Payments to acquire equity method investments | $ 0 | $ 11 | $ 13 | ||||||||||||||||||
Investment Balance | $ 381 | 381 | 741 | ||||||||||||||||||
Mesquite Star HoldCo LLC | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Power generation capacity, megawatts | MW | 419 | ||||||||||||||||||||
Payments to acquire equity method investments | $ 74 | ||||||||||||||||||||
Remaining lease term (in years) | 12 years | ||||||||||||||||||||
Adjustment to noncontrolling interest | $ 83 | ||||||||||||||||||||
Mesquite Star HoldCo LLC | Mesquite Star | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Investment Balance | $ 58 | ||||||||||||||||||||
Net assets acquired less noncontrolling interests | 63 | ||||||||||||||||||||
Renew DG Holdings LLC | Affiliated Entity | DGPV Funds | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Payments to acquire equity method investments | $ 20 | ||||||||||||||||||||
SERC | DGPV Funds | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Payments to acquire equity method investments | $ 24 | ||||||||||||||||||||
CEG | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Contributions from CEG, net of distributions, non-cash | 31 | 6 | |||||||||||||||||||
CEG | Non-controlling Interest | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Contributions from CEG, net of distributions, non-cash | $ 31 | $ 6 | |||||||||||||||||||
RPV Holdco 1 LLC | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Net proceeds from disposition | $ 75 | ||||||||||||||||||||
Gain (loss) on disposition | $ 49 | ||||||||||||||||||||
Energy Center Dover | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Net proceeds from disposition | $ 15 | ||||||||||||||||||||
Sale of assets, percentage of ownership interest sold | 100.00% | ||||||||||||||||||||
Thermal | Discontinued Operations, Disposed of by Sale | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Proceeds from sale of business | $ 1,900 | ||||||||||||||||||||
Disposition, property, plant and equipment, percent | 78.00% | 78.00% | |||||||||||||||||||
Disposition, intangible assets, percent | 9.00% | 9.00% | |||||||||||||||||||
Disposition, liabilities held for sale, percent | 85.00% | 85.00% | |||||||||||||||||||
Lighthouse Renewable Holdco LLC | Mesquite Star Tax Equity Holdco LLC | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Ownership interest | 100.00% | ||||||||||||||||||||
Black Rock Drop Down | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Asset acquisition consideration | $ 60 | ||||||||||||||||||||
Power generation capacity, megawatts | MW | 115 | ||||||||||||||||||||
Power purchase agreement period (in years) | 15 years | ||||||||||||||||||||
Net assets acquired less noncontrolling interest | $ 19 | ||||||||||||||||||||
Payments to acquire productive assets | $ 37 | ||||||||||||||||||||
Black Rock Drop Down | Subsequent Event | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Payments to acquire productive assets | $ 23 | ||||||||||||||||||||
Black Rock Drop Down | CEG | Non-controlling Interest | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Contributions from CEG, net of distributions, non-cash | $ 133 | ||||||||||||||||||||
Mesquite Sky | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Asset acquisition consideration | $ 61 | ||||||||||||||||||||
Power purchase agreement period (in years) | 12 years | ||||||||||||||||||||
Net assets acquired less noncontrolling interest | $ 7 | ||||||||||||||||||||
Mesquite Sky | CEG | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Net assets acquired less noncontrolling interest | $ 53 | ||||||||||||||||||||
Mesquite Sky | CEG | Non-controlling Interest | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Contributions from CEG, net of distributions, non-cash | $ 52 | ||||||||||||||||||||
Mesquite Sky | Wind Power Generation | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Power generation capacity, megawatts | MW | 340 | ||||||||||||||||||||
Utah Solar Portfolio | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Asset acquisition consideration | $ 335 | ||||||||||||||||||||
Power generation capacity, megawatts | MW | 530 | ||||||||||||||||||||
Power purchase agreement period (in years) | 20 years | ||||||||||||||||||||
Net assets acquired less noncontrolling interest | $ 330 | ||||||||||||||||||||
Percentage equity interests acquired | 50.00% | ||||||||||||||||||||
Payments for asset acquisition, net of purchase price adjustments | $ 330 | ||||||||||||||||||||
Asset acquisition, purchase price adjustments, amount | $ 5 | ||||||||||||||||||||
Number of utility-scale solar farms | farm | 7 | ||||||||||||||||||||
Cash acquired from acquisition | $ 8 | ||||||||||||||||||||
Asset acquisition, net cash outlfow | $ 322 | ||||||||||||||||||||
Utah Solar Portfolio | PacifiCorp | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Power purchase remaining agreement period | 15 years | ||||||||||||||||||||
Utah Solar Portfolio | Clearway Energy, Inc. | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Ownership interest | 100.00% | ||||||||||||||||||||
Mount Storm Wind Acquisition | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Net assets acquired less noncontrolling interest | $ 100 | ||||||||||||||||||||
Percentage equity interests acquired | 100.00% | ||||||||||||||||||||
Power purchase remaining agreement period | 10 years | ||||||||||||||||||||
Gross consideration for asset acquisition | $ 96 | ||||||||||||||||||||
Asset acquisition, consideration transferred, working capital and purchase price adjustments | 4 | ||||||||||||||||||||
Payments to acquire productive assets | $ 100 | ||||||||||||||||||||
Mount Storm Wind Acquisition | Wind Power Generation | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Power generation capacity, megawatts | MW | 264 | ||||||||||||||||||||
Agua Caliente Acquisition | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Asset acquisition consideration | $ 202 | ||||||||||||||||||||
Power generation capacity, megawatts | MW | 290 | ||||||||||||||||||||
Power purchase agreement period (in years) | 25 years | ||||||||||||||||||||
Net assets acquired less noncontrolling interest | $ 202 | ||||||||||||||||||||
Percentage equity interests acquired | 35.00% | ||||||||||||||||||||
Power purchase remaining agreement period | 17 years | ||||||||||||||||||||
Asset acquisition, cash and cash equivalents and restricted Cash | $ 91 | ||||||||||||||||||||
Payments for asset acquisition, net cash outflow | $ 111 | ||||||||||||||||||||
Agua Caliente Acquisition | Clearway Energy, Inc. | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Ownership interest | 51.00% | ||||||||||||||||||||
Equity interest (percent) | 16.00% | ||||||||||||||||||||
Agua Caliente Acquisition | Third Party Investor | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Third party ownership interest (percent) | 49.00% | 49.00% | |||||||||||||||||||
Rattlesnake Drop Down | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Asset acquisition consideration | $ 132 | $ 132 | |||||||||||||||||||
Power purchase agreement period (in years) | 20 years | ||||||||||||||||||||
Net assets acquired less noncontrolling interest | $ 14 | ||||||||||||||||||||
Rattlesnake Drop Down | Wind Power Generation | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Power generation capacity, megawatts | MW | 160 | ||||||||||||||||||||
Power generation capacity, deliverable, megawatts | MW | 144 | ||||||||||||||||||||
Langford Holding LLC | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Asset acquisition consideration | $ 64 | ||||||||||||||||||||
Power generation capacity, megawatts | MW | 160 | ||||||||||||||||||||
Net assets acquired less noncontrolling interest | $ 21 | ||||||||||||||||||||
Percentage equity interests acquired | 100.00% | ||||||||||||||||||||
Langford Holding LLC | CEG | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Asset acquisition consideration | $ 55 | ||||||||||||||||||||
Langford Holding LLC | Third Party Investor | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Asset acquisition consideration | $ 9 | ||||||||||||||||||||
Rosamond Central | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Asset acquisition consideration | $ 23 | $ 1 | $ 24 | ||||||||||||||||||
Power generation capacity, megawatts | MW | 192 | ||||||||||||||||||||
Net assets acquired less noncontrolling interest | $ 28 | ||||||||||||||||||||
Percentage equity interests acquired | 100.00% |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Summary of Assets and Liabilities Transferred (Details) - USD ($) $ in Millions | Dec. 29, 2021 | Dec. 17, 2021 | Dec. 01, 2021 | Apr. 23, 2021 | Feb. 03, 2021 | Jan. 12, 2021 | Dec. 21, 2020 | Nov. 20, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||||||||
Other non-current assets | $ 23 | ||||||||||
Contributions from noncontrolling interests, net of distributions | $ 967 | $ 247 | $ 174 | ||||||||
Payments to fund project reserve accounts | $ 29 | ||||||||||
Payments for other fees | 5 | ||||||||||
Tax Equity Investors | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contributions from noncontrolling interests, net of distributions | 107 | ||||||||||
CEG | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contributions from noncontrolling interests, net of distributions | 103 | ||||||||||
Black Rock Drop Down | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Current assets | $ 36 | ||||||||||
Restricted cash | 35 | ||||||||||
Property, plant and equipment | 178 | ||||||||||
Other non-current assets | 2 | ||||||||||
Right-of-use assets | 7 | ||||||||||
Total assets acquired | 223 | ||||||||||
Long-term debt | 186 | ||||||||||
Long-term lease liabilities | 7 | ||||||||||
Other current and non-current liabilities | 11 | ||||||||||
Total liabilities assumed | 204 | ||||||||||
Net assets acquired less noncontrolling interest | (19) | ||||||||||
Contributions from noncontrolling interests, net of distributions | 190 | ||||||||||
Repayment of debt, acquired in asset acquisition | 186 | ||||||||||
Payments to fund project reserve accounts | 37 | ||||||||||
Payments for other fees | 4 | ||||||||||
Black Rock Drop Down | Tax Equity and Cash Equity Investors | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Escrow amount | 59 | ||||||||||
Black Rock Drop Down | Tax Equity Investors | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contributions from noncontrolling interests, net of distributions | 56 | ||||||||||
Black Rock Drop Down | Cash Equity Investor | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contributions from noncontrolling interests, net of distributions | 36 | ||||||||||
Black Rock Drop Down | CEG | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total liabilities assumed | 83 | ||||||||||
Contributions from noncontrolling interests, net of distributions | 61 | ||||||||||
Mesquite Sky | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Current assets | $ 46 | ||||||||||
Restricted cash | 44 | ||||||||||
Property, plant and equipment | 377 | ||||||||||
Other non-current assets | 7 | ||||||||||
Right-of-use assets | 45 | ||||||||||
Total assets acquired | 475 | ||||||||||
Long-term debt | 355 | ||||||||||
Long-term lease liabilities | 45 | ||||||||||
Derivative instruments | 43 | ||||||||||
Other current and non-current liabilities | 39 | ||||||||||
Total liabilities assumed | 482 | ||||||||||
Net assets acquired less noncontrolling interest | (7) | ||||||||||
Contributions from noncontrolling interests, net of distributions | 409 | ||||||||||
Repayment of debt, acquired in asset acquisition | 355 | ||||||||||
Payments to fund project reserve accounts | 61 | ||||||||||
Payments for other fees | 1 | ||||||||||
Mesquite Sky | Tax Equity and Cash Equity Investors | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Escrow amount | $ 5 | ||||||||||
Mesquite Sky | Tax Equity Investors | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contributions from noncontrolling interests, net of distributions | 241 | ||||||||||
Mesquite Sky | Cash Equity Investor | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contributions from noncontrolling interests, net of distributions | 107 | ||||||||||
Mesquite Sky | CEG | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total liabilities assumed | $ 6 | ||||||||||
Net assets acquired less noncontrolling interest | $ (53) | ||||||||||
Utah Solar Portfolio | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Current assets | $ 20 | ||||||||||
Property, plant and equipment | 258 | ||||||||||
Intangible assets for power purchase agreement | 302 | ||||||||||
Other non-current assets | 4 | ||||||||||
Right-of-use assets | 163 | ||||||||||
Total assets acquired | 747 | ||||||||||
Other current and non-current liabilities | 24 | ||||||||||
Long-term lease liabilities | 163 | ||||||||||
Total liabilities assumed | 187 | ||||||||||
Equity method investment removed | (230) | ||||||||||
Net assets acquired less noncontrolling interest | $ (330) | ||||||||||
Mount Storm Wind Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Current assets | $ 3 | ||||||||||
Property, plant and equipment | 108 | ||||||||||
Other non-current assets | 2 | ||||||||||
Total assets acquired | 113 | ||||||||||
Other current and non-current liabilities | 4 | ||||||||||
Derivative instruments | 9 | ||||||||||
Total liabilities assumed | 13 | ||||||||||
Net assets acquired less noncontrolling interest | $ (100) | ||||||||||
Agua Caliente Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Restricted cash | $ 91 | ||||||||||
Property, plant and equipment | 154 | ||||||||||
Other current assets | 9 | ||||||||||
Other non-current assets | 1,022 | ||||||||||
Total assets acquired | 1,276 | ||||||||||
Long-term debt | 5 | ||||||||||
Other current and non-current liabilities | 716 | ||||||||||
Total liabilities assumed | 721 | ||||||||||
Noncontrolling interest | 273 | ||||||||||
Equity method investment removed | (80) | ||||||||||
Net assets acquired less noncontrolling interest | $ (202) | ||||||||||
Rosamond Central | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Current assets | $ 49 | ||||||||||
Property, plant and equipment | 246 | ||||||||||
Other current assets | 1 | ||||||||||
Total assets acquired | 296 | ||||||||||
Long-term debt | 205 | ||||||||||
Other current and non-current liabilities | 11 | ||||||||||
Total liabilities assumed | 216 | ||||||||||
Noncontrolling interest | 52 | ||||||||||
Net assets acquired less noncontrolling interest | $ (28) | ||||||||||
Langford Holding LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Current assets | $ 4 | ||||||||||
Property, plant and equipment | 138 | ||||||||||
Other current assets | 15 | ||||||||||
Total assets acquired | 157 | ||||||||||
Other current and non-current liabilities | 17 | ||||||||||
Total liabilities assumed | 17 | ||||||||||
Noncontrolling interest | 119 | ||||||||||
Net assets acquired less noncontrolling interest | $ (21) | ||||||||||
Rattlesnake Drop Down | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Current assets | 8 | ||||||||||
Property, plant and equipment | 200 | ||||||||||
Right-of-use assets | 12 | ||||||||||
Total assets acquired | 220 | ||||||||||
Long-term debt | 176 | ||||||||||
Long-term lease liabilities | 12 | ||||||||||
Other current and non-current liabilities | 18 | ||||||||||
Total liabilities assumed | 206 | ||||||||||
Net assets acquired less noncontrolling interest | (14) | ||||||||||
Contributions from noncontrolling interests, net of distributions | 210 | ||||||||||
Repayment of debt, acquired in asset acquisition | $ 176 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Equity Method Investments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 21, 2020 | Nov. 02, 2020 | May 29, 2020 |
Subsidiary or Equity Method Investee [Line Items] | |||||
Current assets | $ 1,531 | $ 708 | |||
Property, plant and equipment | 7,650 | 7,217 | |||
Other non-current assets | 101 | 114 | |||
Total Assets | 12,813 | 10,592 | |||
Long-term debt | 8,201 | ||||
Liabilities | 9,513 | $ 7,877 | |||
DGPV Holdco 3 | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Property, plant and equipment | 592 | ||||
Total Assets | 712 | ||||
Liabilities | 76 | ||||
Noncontrolling interest | $ 6 | ||||
DGPV Funds | DGPV Holdco 1 and 2 | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Current assets | $ 29 | ||||
Property, plant and equipment | 324 | ||||
Intangible assets, net | 19 | ||||
Other non-current assets | 52 | ||||
Total Assets | 424 | ||||
Long-term debt | 160 | ||||
Other current and non-current liabilities | 54 | ||||
Liabilities | 214 | ||||
Noncontrolling interest | 5 | ||||
Net assets acquired less noncontrolling interests | $ 205 | ||||
DGPV Funds | DGPV Holdco 3 | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Current assets | $ 32 | ||||
Property, plant and equipment | 331 | ||||
Intangible assets, net | 1 | ||||
Other non-current assets | 37 | ||||
Total Assets | 401 | ||||
Long-term debt | 206 | ||||
Other current and non-current liabilities | 84 | ||||
Liabilities | 290 | ||||
Noncontrolling interest | 6 | ||||
Net assets acquired less noncontrolling interests | $ 105 | ||||
Mesquite Star HoldCo LLC | Mesquite Star | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Current assets | $ 22 | ||||
Property, plant and equipment | 443 | ||||
Other non-current assets | 31 | ||||
Total Assets | 496 | ||||
Other current and non-current liabilities | 87 | ||||
Liabilities | 87 | ||||
Noncontrolling interest | 346 | ||||
Net assets acquired less noncontrolling interests | $ 63 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 10,151 | $ 9,540 | |
Accumulated depreciation | (2,501) | (2,323) | |
Net property, plant and equipment | 7,650 | 7,217 | |
Prepaid long term service agreement | 17 | 14 | |
Depreciation expense | 499 | 420 | $ 395 |
Facilities and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 9,747 | 9,254 | |
Facilities and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 2 years | ||
Facilities and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Land and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 320 | 224 | |
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 84 | 62 | |
Repowering Partnership LLC | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 34 | $ 9 |
Investments Accounted for by _3
Investments Accounted for by the Equity Method and Variable Interest Entities - Maximum Exposure to Loss Limited to Equity method investments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Investment Balance | $ 381 | $ 741 |
Avenal | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic Interest | 50.00% | |
Investment Balance | $ 4 | |
Desert Sunlight | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic Interest | 25.00% | |
Investment Balance | $ 239 | |
Elkhorn Ridge | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic Interest | 66.70% | |
Investment Balance | $ 29 | |
Gen Conn | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic Interest | 50.00% | |
Investment Balance | $ 86 | |
San Juan Mesa | ||
Schedule of Equity Method Investments [Line Items] | ||
Economic Interest | 75.00% | |
Investment Balance | $ 23 |
Investments Accounted for by _4
Investments Accounted for by the Equity Method and Variable Interest Entities - Summarized Financial Information of Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 01, 2021 | Feb. 03, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||
Total operating revenue | $ 1,286 | $ 1,199 | $ 1,032 | ||
Operating income (loss) | 267 | 333 | 224 | ||
Net income (loss) | (75) | (62) | (96) | ||
Current assets | 1,531 | 708 | |||
Current liabilities | 1,631 | 634 | |||
Non-current liabilities | 7,882 | 7,243 | |||
GenConn | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total operating revenue | 55 | 60 | 60 | ||
Operating income (loss) | 22 | 26 | 27 | ||
Net income (loss) | 13 | 17 | 17 | ||
Current assets | 38 | 40 | |||
Non-current assets | 328 | 344 | |||
Current liabilities | 15 | 17 | |||
Non-current liabilities | 178 | 185 | |||
Desert Sunlight | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total operating revenue | 205 | 209 | 205 | ||
Operating income (loss) | 146 | 142 | 123 | ||
Net income (loss) | 112 | 88 | 58 | ||
Current assets | 131 | 132 | |||
Non-current assets | 1,228 | 1,244 | |||
Current liabilities | 64 | 71 | |||
Non-current liabilities | 904 | 921 | |||
Other | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total operating revenue | 49 | 299 | 318 | ||
Operating income (loss) | 16 | 138 | 110 | ||
Net income (loss) | 13 | 60 | $ 50 | ||
Current assets | 26 | 177 | |||
Non-current assets | 172 | 2,201 | |||
Current liabilities | 24 | 114 | |||
Non-current liabilities | $ 98 | $ 700 | |||
Agua Caliente Acquisition | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Additional equity method investment interests acquired | 35.00% | ||||
Utah Solar Portfolio | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Additional equity method investment interests acquired | 50.00% |
Investments Accounted for by _5
Investments Accounted for by the Equity Method and Variable Interest Entities - VIEs that are Consolidated (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | $ 3,632 | $ 2,667 |
Property, plant and equipment | 7,650 | 7,217 |
Intangible assets | 2,499 | 1,370 |
Total Assets | 12,813 | 10,592 |
Liabilities | 9,513 | $ 7,877 |
Alta TE Holdco | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 53 | |
Property, plant and equipment | 331 | |
Intangible assets | 212 | |
Total Assets | 596 | |
Liabilities | 40 | |
Noncontrolling interest | 13 | |
Net assets less noncontrolling interests | 543 | |
Buckthorn Renewables, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 4 | |
Property, plant and equipment | 202 | |
Intangible assets | 0 | |
Total Assets | 206 | |
Liabilities | 10 | |
Noncontrolling interest | 44 | |
Net assets less noncontrolling interests | 152 | |
DGPV Holdco 3 | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 104 | |
Property, plant and equipment | 592 | |
Intangible assets | 16 | |
Total Assets | 712 | |
Liabilities | 76 | |
Noncontrolling interest | 6 | |
Net assets less noncontrolling interests | 630 | |
Kawailoa Partnership | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 40 | |
Property, plant and equipment | 135 | |
Intangible assets | 0 | |
Total Assets | 175 | |
Liabilities | 103 | |
Noncontrolling interest | 48 | |
Net assets less noncontrolling interests | 24 | |
Langford TE Partnership LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 17 | |
Property, plant and equipment | 132 | |
Intangible assets | 2 | |
Total Assets | 151 | |
Liabilities | 18 | |
Noncontrolling interest | 66 | |
Net assets less noncontrolling interests | 67 | |
Lighthouse Renewable Holdco LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 84 | |
Property, plant and equipment | 605 | |
Intangible assets | 0 | |
Total Assets | 689 | |
Liabilities | 150 | |
Noncontrolling interest | 416 | |
Net assets less noncontrolling interests | 123 | |
Lighthouse Renewable Holdco 2 LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 83 | |
Property, plant and equipment | 377 | |
Intangible assets | 0 | |
Total Assets | 460 | |
Liabilities | 118 | |
Noncontrolling interest | 239 | |
Net assets less noncontrolling interests | 103 | |
Oahu Solar Partnership | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 47 | |
Property, plant and equipment | 172 | |
Intangible assets | 0 | |
Total Assets | 219 | |
Liabilities | 114 | |
Noncontrolling interest | 31 | |
Net assets less noncontrolling interests | 74 | |
Pinnacle Repowering Partnership LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 12 | |
Property, plant and equipment | 108 | |
Intangible assets | 18 | |
Total Assets | 138 | |
Liabilities | 6 | |
Noncontrolling interest | 78 | |
Net assets less noncontrolling interests | 54 | |
Rattlesnake TE Holdco LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 30 | |
Property, plant and equipment | 194 | |
Intangible assets | 0 | |
Total Assets | 224 | |
Liabilities | 23 | |
Noncontrolling interest | 98 | |
Net assets less noncontrolling interests | 103 | |
Rosie Target Co LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 26 | |
Property, plant and equipment | 251 | |
Intangible assets | 0 | |
Total Assets | 277 | |
Liabilities | 100 | |
Noncontrolling interest | 140 | |
Net assets less noncontrolling interests | 37 | |
Wildorado TE Holdco | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 21 | |
Property, plant and equipment | 225 | |
Intangible assets | 0 | |
Total Assets | 246 | |
Liabilities | 18 | |
Noncontrolling interest | 121 | |
Net assets less noncontrolling interests | 107 | |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Other current and non-current assets | 16 | |
Property, plant and equipment | 168 | |
Intangible assets | 1 | |
Total Assets | 185 | |
Liabilities | 44 | |
Noncontrolling interest | 84 | |
Net assets less noncontrolling interests | $ 57 |
Investments Accounted for by _6
Investments Accounted for by the Equity Method and Variable Interest Entities - Narrative (Details) $ in Millions | Dec. 15, 2021USD ($) | Mar. 10, 2021USD ($) | Jan. 12, 2021USD ($) | Nov. 20, 2020USD ($)MW | Nov. 02, 2020USD ($) | May 11, 2020USD ($) | Dec. 22, 2019USD ($) | Nov. 26, 2019USD ($) | Nov. 12, 2019USD ($) | Aug. 31, 2018USD ($)MW | Jun. 30, 2015USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2021USD ($)MW | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 26, 2021MW | Dec. 21, 2020 | May 29, 2020renewalOptionprojectMW | May 28, 2020USD ($) | Feb. 07, 2020USD ($) | Dec. 27, 2019USD ($) | May 07, 2019USD ($) | Mar. 08, 2019USD ($) | Aug. 30, 2018 |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Retained earnings, undistributed earnings from equity method investees | $ 14 | $ 10 | |||||||||||||||||||||||
Payments to acquire equity method investments | $ 0 | 11 | $ 13 | ||||||||||||||||||||||
Power generation capacity, megawatts | MW | 9,000 | ||||||||||||||||||||||||
Equity investments in affiliates | $ 381 | 741 | |||||||||||||||||||||||
Noncontrolling interest | $ 1,466 | 890 | |||||||||||||||||||||||
Percentage of cash available for distributions | 95.00% | ||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions | $ 967 | 247 | 174 | ||||||||||||||||||||||
Taxable income allocation, pre-flip | 99.00% | ||||||||||||||||||||||||
Long-term debt | 8,201 | ||||||||||||||||||||||||
Removed related noncontrolling interest balance | $ 8 | 19 | |||||||||||||||||||||||
Depreciation | $ 499 | 420 | 395 | ||||||||||||||||||||||
Rattlesnake TE Holdco LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Payments for asset acquisition | $ 132 | ||||||||||||||||||||||||
Langford Holding LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Power generation capacity, megawatts | MW | 160 | ||||||||||||||||||||||||
Asset acquisition consideration | $ 64 | ||||||||||||||||||||||||
Non-controlling Interest | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Removed related noncontrolling interest balance | 14 | ||||||||||||||||||||||||
DGPV Funds | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Power generation capacity, megawatts | MW | 113 | 286 | |||||||||||||||||||||||
Remaining lease term (in years) | 21 years | ||||||||||||||||||||||||
Income allocation percentage | 99.00% | ||||||||||||||||||||||||
Equity investments in affiliates | $ (155) | ||||||||||||||||||||||||
Investment in consolidated entity | $ 10 | ||||||||||||||||||||||||
Number of projects | project | 7 | ||||||||||||||||||||||||
Number of tax equity funds | renewalOption | 6 | ||||||||||||||||||||||||
Number of solar projects | renewalOption | 172 | ||||||||||||||||||||||||
Removed related noncontrolling interest balance | 20 | ||||||||||||||||||||||||
DGPV Funds | Non-controlling Interest | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Removed related noncontrolling interest balance | 20 | ||||||||||||||||||||||||
DGPV Holdco 1 and 2 | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Adjustment to noncontrolling interest | $ 144 | ||||||||||||||||||||||||
Lighthouse Renewable Holdco LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Income allocation percentage | 50.01% | ||||||||||||||||||||||||
Rosie Target Co LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Income allocation percentage | 50.00% | ||||||||||||||||||||||||
Repowering Partnership II LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Cash consideration to acquire interest joint venture | $ 70 | ||||||||||||||||||||||||
Depreciation | 54 | ||||||||||||||||||||||||
Desert Sunlight | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Payments to acquire equity method investments | $ 285 | ||||||||||||||||||||||||
Business acquisition, consideration transferred, working capital | $ 171 | ||||||||||||||||||||||||
Equity investments in affiliates | $ 239 | ||||||||||||||||||||||||
Long-term debt | $ 345 | ||||||||||||||||||||||||
Economic Interest | 25.00% | ||||||||||||||||||||||||
Avenal | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Equity investments in affiliates | $ 4 | ||||||||||||||||||||||||
Economic Interest | 50.00% | ||||||||||||||||||||||||
Kawailoa Solar Holdings LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Acquisition of noncontrolling interest | $ 61 | $ 7 | |||||||||||||||||||||||
Oahu Solar, Lanikuhana | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Power generation capacity, megawatts | MW | 15 | ||||||||||||||||||||||||
Power purchase agreement period (in years) | 22 years | ||||||||||||||||||||||||
Oahu Solar, Waipio | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Power generation capacity, megawatts | MW | 46 | ||||||||||||||||||||||||
Repowering Partnership LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Economic Interest | 21.00% | ||||||||||||||||||||||||
Depreciation | $ 34 | 9 | |||||||||||||||||||||||
Elbow TE Holdco | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Cash considerations | $ 4 | ||||||||||||||||||||||||
Wildorado TE Holdco | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Income allocation percentage | 5.00% | ||||||||||||||||||||||||
Cash considerations | $ 112 | ||||||||||||||||||||||||
Pinnacle Repowering Partnership LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Power generation capacity, megawatts | MW | 54 | ||||||||||||||||||||||||
Kawailoa Partnership | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Power generation capacity, megawatts | MW | 49 | ||||||||||||||||||||||||
Payments to acquire businesses, gross | $ 9 | ||||||||||||||||||||||||
Power purchase agreement period (in years) | 22 years | ||||||||||||||||||||||||
Capital contribution, percent | 20.00% | ||||||||||||||||||||||||
Acquisition of noncontrolling interest | $ 2 | ||||||||||||||||||||||||
Outstanding debt at time of acquisition | 120 | ||||||||||||||||||||||||
Noncontrolling interest | $ 21 | ||||||||||||||||||||||||
Zephyr Oahu Partnership LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Capital contribution, percent | 20.00% | ||||||||||||||||||||||||
Acquisition of noncontrolling interest | $ 4 | ||||||||||||||||||||||||
Outstanding debt at time of acquisition | 143 | ||||||||||||||||||||||||
Zephyr Oahu Partnership LLC | Oahu Solar Partnership | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Payments to acquire businesses, gross | $ 20 | ||||||||||||||||||||||||
Wind TE Holdco | Repowering Partnership II LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Income allocation percentage | 59.63% | ||||||||||||||||||||||||
CWSP Wildorado Elbow Holding LLC | Repowering Partnership II LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Income allocation percentage | 40.37% | ||||||||||||||||||||||||
Alta TE Holdco | Financial Institutions | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Taxable income allocation, pre-flip | 99.00% | ||||||||||||||||||||||||
Taxable income allocation, post-flip | 5.00% | ||||||||||||||||||||||||
Repowering Partnership II LLC | CWSP Wildorado Elbow Holding LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Income allocation percentage | 39.86% | ||||||||||||||||||||||||
Repowering Partnership II LLC | Wind TE Holdco LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Income allocation percentage | 60.14% | ||||||||||||||||||||||||
Langford Wind Project | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Power generation capacity, megawatts | MW | 160 | ||||||||||||||||||||||||
Tax Equity Investors | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions | 107 | ||||||||||||||||||||||||
Decrease from distributions to noncontrolling interest holders | 2 | ||||||||||||||||||||||||
Tax Equity Investors | Non-controlling Interest | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Decrease from distributions to noncontrolling interest holders | 2 | ||||||||||||||||||||||||
Tax Equity Investors | Oahu Solar Partnership | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions | $ 71 | ||||||||||||||||||||||||
Tax Equity Investors | Zephyr Oahu Partnership LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Noncontrolling interest | $ 18 | ||||||||||||||||||||||||
CEG | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions | 103 | ||||||||||||||||||||||||
Contributions from CEG, net of distributions, non-cash | $ 31 | 6 | |||||||||||||||||||||||
Decrease from distributions to noncontrolling interest holders | $ 64 | ||||||||||||||||||||||||
CEG | Langford Holding LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Asset acquisition consideration | $ 55 | ||||||||||||||||||||||||
CEG | Non-controlling Interest | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Contributions from CEG, net of distributions, non-cash | $ 31 | $ 6 | |||||||||||||||||||||||
CEG | Pinnacle Repowering Partnership LLC | Non-controlling Interest | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Income allocation percentage | 15.00% | ||||||||||||||||||||||||
Contributions from CEG, net of distributions, non-cash | $ 27 | ||||||||||||||||||||||||
Payments to acquire productive assets | $ 21 | ||||||||||||||||||||||||
CEG | Rosie Target Co LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||||
CEG | Langford Holding LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||||
Third Party Investor | Langford Holding LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Asset acquisition consideration | $ 9 | ||||||||||||||||||||||||
Third Party Investor | Langford Holding LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||||
Second Year through Flip Point | Alta TE Holdco | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of cash available for distributions | 94.34% | ||||||||||||||||||||||||
Post-Flip Point | Alta TE Holdco | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of cash available for distributions | 97.12% | ||||||||||||||||||||||||
Post-Flip Point | Spring Canyon | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of cash available for distributions | 95.00% | ||||||||||||||||||||||||
Post-Flip Point | Spring Canyon | Financial Institutions | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of cash available for distributions | 5.00% | ||||||||||||||||||||||||
Pre-determined Date Through Flip Point If Flip Has Not Occured | Alta TE Holdco | Financial Institutions | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of cash available for distributions | 100.00% | ||||||||||||||||||||||||
Wind Farms | Spring Canyon II | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Power generation capacity, megawatts | MW | 32 | ||||||||||||||||||||||||
Percentage of voting interests acquired | 90.10% | ||||||||||||||||||||||||
Wind Farms | Spring Canyon III | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Power generation capacity, megawatts | MW | 28 | ||||||||||||||||||||||||
Capital Unit, Class A | Pinnacle Repowering Partnership LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Economic Interest | 100.00% | ||||||||||||||||||||||||
Capital Unit, Class A | Third Party Investor | Rattlesnake TE Holdco LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Membership interest | 107 | ||||||||||||||||||||||||
Capital Unit, Class B | Pinnacle Repowering Partnership LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Economic Interest | 100.00% | ||||||||||||||||||||||||
Kawailoa Partnership | Kawailoa Solar Project | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Ownership interest | 51.00% | ||||||||||||||||||||||||
Third Party Investor | Kawailoa Solar Project | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Ownership interest | 49.00% | ||||||||||||||||||||||||
Third Party Investor | Capital Unit, Class A | Elbow TE Holdco | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Membership interest | $ 89 | ||||||||||||||||||||||||
Third Party Investor | Capital Unit, Class A | Wildorado TE Holdco | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Membership interest | $ 148 | ||||||||||||||||||||||||
Third Party Investor | Capital Unit, Class A | Elbow TE Holdco | Elbow TE Holdco | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||||
Third Party Investor | Capital Unit, Class A | Wildorado TE Holdco | Wildorado TE Holdco | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||||
Wind Global LLC | Wind Farms | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 9.90% | ||||||||||||||||||||||||
Rosie Class B LLC | Rosie Target Co LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of ownership | 100.00% | ||||||||||||||||||||||||
Rosie TE Holdco LLC | Rosie Class B LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of ownership | 100.00% | ||||||||||||||||||||||||
Langford Tax Equity Partnership LLC | Langford Class B Holdco LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Ownership interest | 100.00% | ||||||||||||||||||||||||
Langford Class B Holdco LLC | Langford Holding LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Ownership interest | 100.00% | ||||||||||||||||||||||||
Langford Wind Project | Langford Tax Equity Partnership LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Ownership interest | 100.00% | ||||||||||||||||||||||||
Third-Party Tax Equity Investor | Capital Unit, Class B | Pinnacle Repowering Partnership LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Payments to acquire businesses, gross | $ 48 | ||||||||||||||||||||||||
ITC Bridge Loan | Kawailoa Solar Holdings LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Repayments of debt | 57 | ||||||||||||||||||||||||
ITC Bridge Loan | Oahu Solar Partnership | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Repayments of debt | $ 67 | ||||||||||||||||||||||||
Term Debt | Kawailoa Solar Holdings LLC | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Proceeds from debt | $ 5 | ||||||||||||||||||||||||
Construction Loan | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Long-term debt | $ 93 | ||||||||||||||||||||||||
Repowering Partnership Holdco LLC, due 2020 | Variable Interest Entity, Primary Beneficiary | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Debt instrument, face amount | $ 352 | ||||||||||||||||||||||||
Rattlesnake Class B LLC Credit Facility | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Repayments of debt | $ 176 | ||||||||||||||||||||||||
Affiliated Entity | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Percentage of cash available for distributions | 5.00% | ||||||||||||||||||||||||
Affiliated Entity | Clearway Renew LLC | Oahu Solar Partnership | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Noncontrolling interest | $ 16 | ||||||||||||||||||||||||
Percentage of ownership | 80.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Reported Value Measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 7,782 | $ 7,048 |
Estimate of Fair Value Measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | 7,997 | 7,020 |
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | 2,159 | 1,905 |
Fair Value, Inputs, Level 3 | Estimate of Fair Value Measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 5,838 | $ 5,115 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $ 6 | $ 1 | |
Derivative liabilities | 242 | 173 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31, | 19 | 1 | $ 7 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other financial instruments | 0 | 0 | |
Total assets | 6 | 1 | |
Derivative liabilities | 63 | 129 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other financial instruments | 25 | 29 | |
Total assets | 25 | 29 | |
Derivative liabilities | 179 | 44 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Beginning balance | (15) | (9) | |
Total losses for the period included in earnings | (93) | 0 | |
Contracts acquired | (52) | (6) | |
Settlements | 6 | 0 | |
Ending balance | (154) | (15) | (9) |
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31, | (93) | 1 | |
Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 179 | 44 | |
Commodity contracts | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Commodity contracts | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 179 | 44 | |
Interest Rate Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 6 | 1 | |
Derivative liabilities | 63 | 129 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31, | 53 | (38) | $ (65) |
Interest Rate Contract | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 6 | 1 | |
Derivative liabilities | 63 | 129 | |
Interest Rate Contract | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | $ 0 | $ 0 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)MWh$ / MWh | Dec. 31, 2020USD ($) | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial instruments | $ | $ 25 | $ 29 |
Commodity Contracts | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ | $ (179) | |
Minimum | Forecast Annual Generation Levels of Certain DG Solar Facilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial instruments, measurement input | MWh | 80,872 | |
Minimum | Commodity Contracts | Measurement Input, Commodity Forward Price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | $ / MWh | 13.93 | |
Maximum | Forecast Annual Generation Levels of Certain DG Solar Facilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial instruments, measurement input | MWh | 129,913 | |
Maximum | Commodity Contracts | Measurement Input, Commodity Forward Price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | $ / MWh | 56.06 | |
Weighted Average | Forecast Annual Generation Levels of Certain DG Solar Facilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial instruments, measurement input | MWh | 124,783 | |
Weighted Average | Commodity Contracts | Measurement Input, Commodity Forward Price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | $ / MWh | 27.46 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Narrative (Details) $ in Millions | Dec. 31, 2021USD ($) |
Nature of Business [Line Items] | |
Fair value assets, measured on recurring basis, valuation techniques, impact of credit reserve to fair value | $ 17 |
Commodity Contracts | |
Nature of Business [Line Items] | |
Percent of financial instruments using level 3 fair value inputs | 74.00% |
Other Financial Instrument | |
Nature of Business [Line Items] | |
Percent of financial instruments using level 3 fair value inputs | 100.00% |
Accounting for Derivative Ins_3
Accounting for Derivative Instruments and Hedging Activities - Volume Buy/Sell of Company's Open Derivative Transactions (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)MWhMMBTU | Dec. 31, 2020USD ($)MMBTUMWh | |
Natural Gas | ||
Derivative [Line Items] | ||
Notional amount, energy measure | MMBTU | (2) | (1) |
Power | ||
Derivative [Line Items] | ||
Notional amount, energy measure | MWh | (17) | (8) |
Interest | ||
Derivative [Line Items] | ||
Notional amount | $ | $ 1,326 | $ 1,600 |
Accounting for Derivative Ins_4
Accounting for Derivative Instruments and Hedging Activities - FV of Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative assets | $ 6 | $ 1 |
Derivative liabilities | 242 | 173 |
Derivatives Designated as Cash Flow Hedges: | ||
Derivative [Line Items] | ||
Derivative assets | 2 | 0 |
Derivative liabilities | 8 | 23 |
Derivatives Not Designated as Cash Flow Hedges: | ||
Derivative [Line Items] | ||
Derivative assets | 4 | 1 |
Derivative liabilities | 234 | 150 |
Interest rate contracts current | Derivatives Designated as Cash Flow Hedges: | ||
Derivative [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 5 | 8 |
Interest rate contracts current | Derivatives Not Designated as Cash Flow Hedges: | ||
Derivative [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 17 | 25 |
Interest rate contracts long-term | Derivatives Designated as Cash Flow Hedges: | ||
Derivative [Line Items] | ||
Derivative assets | 2 | 0 |
Derivative liabilities | 3 | 15 |
Interest rate contracts long-term | Derivatives Not Designated as Cash Flow Hedges: | ||
Derivative [Line Items] | ||
Derivative assets | 4 | 1 |
Derivative liabilities | 38 | 81 |
Commodity contracts current | Derivatives Not Designated as Cash Flow Hedges: | ||
Derivative [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 24 | 5 |
Commodity contracts long-term | Derivatives Not Designated as Cash Flow Hedges: | ||
Derivative [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | $ 155 | $ 39 |
Accounting for Derivative Ins_5
Accounting for Derivative Instruments and Hedging Activities - Offsetting Derivatives by Counterparty Master Agreement Level (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative liabilities, gross | $ (242) | $ (173) |
Derivative assets, gross | 6 | 1 |
Fair value of gross derivative assets/(liabilities), net | (236) | (172) |
Derivative instruments | 0 | 0 |
Net amount | (236) | (172) |
Commodity contracts | ||
Derivative [Line Items] | ||
Derivative liabilities, gross | (179) | (44) |
Derivative instruments, liabilities | 0 | 0 |
Derivative Liabilities, Net Amount | (179) | (44) |
Fair value of gross derivative assets/(liabilities), net | (179) | (44) |
Derivative instruments | 0 | 0 |
Net amount | (179) | (44) |
Interest Rate Contract | ||
Derivative [Line Items] | ||
Derivative liabilities, gross | (63) | (129) |
Derivative instruments, liabilities | 5 | 0 |
Derivative Liabilities, Net Amount | (58) | (129) |
Derivative assets, gross | 6 | 1 |
Derivative instruments, assets | (5) | |
Net amount | 1 | 1 |
Fair value of gross derivative assets/(liabilities), net | (57) | (128) |
Derivative instruments | 0 | 0 |
Net amount | $ (57) | $ (128) |
Accounting for Derivative Ins_6
Accounting for Derivative Instruments and Hedging Activities - AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward] | |||
Beginning balance | $ 2,715 | $ 2,263 | $ 2,224 |
Mark-to-market of cash flow hedge accounting contracts | 19 | 1 | 7 |
Ending balance | 3,300 | 2,715 | 2,263 |
Accumulated other comprehensive loss | (6) | (14) | |
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $2 | (7) | ||
Accumulated OCL ending balance, income tax benefit | 2 | 5 | 6 |
Losses expected to be realized from OCL during the next 12 months, income tax benefit | 2 | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward] | |||
Beginning balance | (30) | (31) | (38) |
Ending balance | (11) | (30) | (31) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | |||
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward] | |||
Reclassified from accumulated OCL to income due to realization of previously deferred amounts | 8 | 8 | 16 |
Mark-to-market of cash flow hedge accounting contracts | 11 | (7) | (9) |
Non-controlling Interest | |||
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward] | |||
Beginning balance | 890 | 413 | 402 |
Ending balance | 1,466 | 890 | 413 |
Accumulated other comprehensive loss | (5) | (16) | (16) |
AOCI Attributable to Parent | |||
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward] | |||
Beginning balance | (14) | (15) | (18) |
Ending balance | (6) | (14) | (15) |
Accumulated other comprehensive loss | $ (6) | $ (14) | $ (15) |
Accounting for Derivative Ins_7
Accounting for Derivative Instruments and Hedging Activities - Impact of Statement of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives, net of tax | $ 19 | $ 1 | $ 7 |
Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives, net of tax | 53 | (38) | (65) |
Commodity Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives, net of tax | $ (83) | $ (4) | $ (9) |
Intangible Assets - Components
Intangible Assets - Components Subject to Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Net carrying amount beginning balance | $ 3,104 | $ 1,857 | $ 1,822 |
Finite-lived Intangible Assets Acquired | 23 | ||
Net carrying amount ending balance | 3,104 | 1,857 | 1,822 |
Less accumulated amortization | (605) | (487) | |
Ending balance | 2,499 | 1,370 | |
Acquisitions | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 1,328 | ||
Reclassified to held for sale | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | (81) | ||
Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 12 | ||
PPAs | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Net carrying amount beginning balance | 2,985 | 1,661 | 1,630 |
Finite-lived Intangible Assets Acquired | 23 | ||
Net carrying amount ending balance | 2,985 | 1,661 | 1,630 |
Less accumulated amortization | (566) | (431) | |
Ending balance | 2,419 | 1,230 | |
PPAs | Acquisitions | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 1,324 | ||
PPAs | Reclassified to held for sale | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 0 | ||
PPAs | Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 8 | ||
Leasehold Rights | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Net carrying amount beginning balance | 86 | 86 | 86 |
Finite-lived Intangible Assets Acquired | 0 | ||
Net carrying amount ending balance | 86 | 86 | 86 |
Less accumulated amortization | (30) | (26) | |
Ending balance | 56 | 60 | |
Leasehold Rights | Acquisitions | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 0 | ||
Leasehold Rights | Reclassified to held for sale | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 0 | ||
Leasehold Rights | Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 0 | ||
Customer Relationships | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Net carrying amount beginning balance | 0 | 66 | 66 |
Finite-lived Intangible Assets Acquired | 0 | ||
Net carrying amount ending balance | 0 | 66 | 66 |
Less accumulated amortization | 0 | (11) | |
Ending balance | 0 | 55 | |
Customer Relationships | Acquisitions | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 0 | ||
Customer Relationships | Reclassified to held for sale | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | (66) | ||
Customer Relationships | Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 0 | ||
Customer Contracts | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Net carrying amount beginning balance | 0 | 15 | 15 |
Finite-lived Intangible Assets Acquired | 0 | ||
Net carrying amount ending balance | 0 | 15 | 15 |
Less accumulated amortization | 0 | (11) | |
Ending balance | 0 | 4 | |
Customer Contracts | Acquisitions | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 0 | ||
Customer Contracts | Reclassified to held for sale | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | (15) | ||
Customer Contracts | Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 0 | ||
Emission Allowances | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Net carrying amount beginning balance | 17 | 17 | 17 |
Finite-lived Intangible Assets Acquired | 0 | ||
Net carrying amount ending balance | 17 | 17 | 17 |
Less accumulated amortization | (3) | (3) | |
Ending balance | 14 | 14 | |
Emission Allowances | Acquisitions | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 0 | ||
Emission Allowances | Reclassified to held for sale | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 0 | ||
Emission Allowances | Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 0 | ||
Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Net carrying amount beginning balance | 16 | 12 | 8 |
Finite-lived Intangible Assets Acquired | 0 | ||
Net carrying amount ending balance | 16 | 12 | $ 8 |
Less accumulated amortization | (6) | (5) | |
Ending balance | 10 | 7 | |
Other | Acquisitions | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | 4 | ||
Other | Reclassified to held for sale | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | $ 0 | ||
Other | Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived Intangible Assets Acquired | $ 4 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 143 | $ 91 | $ 73 |
Contract amortization expense | 135 | $ 88 | $ 72 |
2022 | 158 | ||
2023 | 155 | ||
2024 | 153 | ||
2025 | 153 | ||
2026 | $ 153 |
Asset Impairments (Details)
Asset Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment losses | $ 6 | $ 24 | $ 33 | |||
Other-than-temporary impairment loss on investment | 0 | 8 | $ 0 | |||
Property, Plant and Equipment | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment losses | $ 6 | $ 24 | ||||
Thermal | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment losses | $ 19 | |||||
Renewables | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment losses | $ 14 | |||||
Other-than-temporary impairment loss on investment | $ 8 |
Long-term Debt - Short and Long
Long-term Debt - Short and Long-term Borrowings (Details) - USD ($) | 4 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Oct. 01, 2021 | Mar. 09, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 7,778,000,000 | $ 7,043,000,000 | ||||||
Less current maturities | (772,000,000) | (384,000,000) | ||||||
Less net debt issuance costs | (71,000,000) | (79,000,000) | ||||||
Less discounts | (4,000,000) | (5,000,000) | ||||||
Total long-term debt | 6,939,000,000 | 6,585,000,000 | ||||||
2025 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 0 | 600,000,000 | ||||||
Interest rate, percentage | 5.75% | |||||||
2026 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 0 | 350,000,000 | ||||||
Interest rate, percentage | 5.00% | |||||||
2028 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 850,000,000 | 850,000,000 | ||||||
Interest rate, percentage | 4.75% | |||||||
2031 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 925,000,000 | 0 | ||||||
Interest rate, percentage | 375.00% | 375.00% | ||||||
2032 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 350,000,000 | 0 | ||||||
Interest rate, percentage | 375.00% | 3.75% | ||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, percentage | 1.75% | |||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 245,000,000 | 0 | ||||||
Bridge Loan, Due 2022 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 335,000,000 | $ 335,000,000 | 0 | |||||
Basis spread on variable rate | 1.00% | |||||||
Bridge Loan, Due 2022 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.25% | |||||||
Bridge Loan, Due 2022 | Base Rate | Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.00% | 0.25% | ||||||
Agua Caliente Solar LLC, due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 684,000,000 | 0 | ||||||
Alta Wind Asset Management LLC, due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 13,000,000 | 14,000,000 | ||||||
Alta Wind Asset Management LLC, due 2031 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.625% | |||||||
Alta Wind I-V lease financing arrangements, due 2034 and 2035 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 756,000,000 | 800,000,000 | ||||||
Alta Wind Realty Investments LLC, due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 24,000,000 | 25,000,000 | ||||||
Interest rate, percentage | 700.00% | |||||||
Borrego, due 2024 and 2038 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 54,000,000 | 57,000,000 | ||||||
Buckthorn Solar, due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 123,000,000 | 126,000,000 | ||||||
Buckthorn Solar, due 2025 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
Carlsbad Energy Holdings LLC, due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 136,000,000 | 156,000,000 | ||||||
Carlsbad Energy Holdings LLC, due 2027 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.625% | |||||||
Carlsbad Energy Holdings LLC, due 2038 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 407,000,000 | 407,000,000 | ||||||
Interest rate, percentage | 412.00% | |||||||
Carlsbad Holdco, due 2038 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 205,000,000 | 210,000,000 | ||||||
Interest rate, percentage | 4.21% | |||||||
CVSR, due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 652,000,000 | 675,000,000 | ||||||
CVSR Holdco Notes, due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 169,000,000 | 176,000,000 | ||||||
Interest rate, percentage | 4.68% | |||||||
DG-CS Master Borrower LLC, due 2040 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 441,000,000 | 467,000,000 | ||||||
Interest rate, percentage | 3.51% | |||||||
Duquesne, due 2059 (d) | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 0 | 95,000,000 | ||||||
Interest rate, percentage | 4.62% | |||||||
El Segundo Energy Center, due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 193,000,000 | 250,000,000 | ||||||
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 (d) | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 0 | 327,000,000 | ||||||
Kawailoa Solar Portfolio LLC, due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 78,000,000 | 81,000,000 | ||||||
Kawailoa Solar Portfolio LLC, due 2026 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.375% | |||||||
Laredo Ridge, due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 72,000,000 | 78,000,000 | ||||||
Laredo Ridge, due 2028 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.125% | |||||||
Marsh Landing, due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 84,000,000 | 146,000,000 | ||||||
Marsh Landing, due 2023 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.375% | |||||||
NIMH Solar, due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 176,000,000 | 191,000,000 | ||||||
NIMH Solar, due 2024 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.00% | |||||||
Oahu Solar Holdings LLC, due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 86,000,000 | 89,000,000 | ||||||
Oahu Solar Holdings LLC, due 2026 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.375% | |||||||
Rosie Class B LLC, due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 78,000,000 | 80,000,000 | ||||||
Rosie Class B LLC, due 2027 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
Tapestry, due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 85,000,000 | 143,000,000 | ||||||
Tapestry, due 2031 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.375% | |||||||
Utah Solar Holdings, due 2036 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 273,000,000 | 290,000,000 | ||||||
Interest rate, percentage | 3.59% | |||||||
Walnut Creek, due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 74,000,000 | 126,000,000 | ||||||
Walnut Creek, due 2023 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
WCEP Holdings, LLC, due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 30,000,000 | 35,000,000 | ||||||
WCEP Holdings, LLC, due 2023 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 3.00% | |||||||
Other | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 180,000,000 | $ 199,000,000 | ||||||
Letter of Credit | Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 83,000,000 | |||||||
Letter of Credit | Agua Caliente Solar LLC, due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 45,000,000 | |||||||
Letter of Credit | Alta Wind Asset Management LLC, due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 0 | |||||||
Letter of Credit | Alta Wind I-V lease financing arrangements, due 2034 and 2035 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 34,000,000 | |||||||
Letter of Credit | Alta Wind Realty Investments LLC, due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 0 | |||||||
Letter of Credit | Borrego, due 2024 and 2038 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 0 | |||||||
Letter of Credit | Buckthorn Solar, due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 21,000,000 | |||||||
Letter of Credit | Carlsbad Energy Holdings LLC, due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 62,000,000 | |||||||
Letter of Credit | Carlsbad Energy Holdings LLC, due 2038 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 0 | |||||||
Letter of Credit | Carlsbad Holdco, due 2038 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 6,000,000 | |||||||
Letter of Credit | CVSR, due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 0 | |||||||
Letter of Credit | CVSR Holdco Notes, due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 13,000,000 | |||||||
Letter of Credit | DG-CS Master Borrower LLC, due 2040 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 30,000,000 | |||||||
Letter of Credit | Duquesne, due 2059 (d) | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 0 | |||||||
Letter of Credit | El Segundo Energy Center, due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 138,000,000 | |||||||
Letter of Credit | Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 (d) | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 0 | |||||||
Letter of Credit | Kawailoa Solar Portfolio LLC, due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 14,000,000 | |||||||
Letter of Credit | Laredo Ridge, due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 3,000,000 | |||||||
Letter of Credit | Marsh Landing, due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 46,000,000 | |||||||
Letter of Credit | NIMH Solar, due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 10,000,000 | |||||||
Letter of Credit | Oahu Solar Holdings LLC, due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 10,000,000 | |||||||
Letter of Credit | Rosie Class B LLC, due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 17,000,000 | |||||||
Letter of Credit | Tapestry, due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 12,000,000 | |||||||
Letter of Credit | Utah Solar Holdings, due 2036 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 10,000,000 | |||||||
Letter of Credit | Walnut Creek, due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 116,000,000 | |||||||
Letter of Credit | WCEP Holdings, LLC, due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | 0 | |||||||
Letter of Credit | Other | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | $ 201,000,000 | |||||||
Minimum | Agua Caliente Solar LLC, due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, percentage | 239.50% | |||||||
Minimum | Alta Wind I-V lease financing arrangements, due 2034 and 2035 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, percentage | 5.696% | |||||||
Minimum | CVSR, due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, percentage | 2.339% | |||||||
Minimum | El Segundo Energy Center, due 2023 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.875% | |||||||
Maximum | Agua Caliente Solar LLC, due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, percentage | 363.30% | |||||||
Maximum | Alta Wind I-V lease financing arrangements, due 2034 and 2035 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, percentage | 7.015% | |||||||
Maximum | CVSR, due 2037 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, percentage | 3.775% | |||||||
Maximum | El Segundo Energy Center, due 2023 | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.50% |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) | Dec. 15, 2021USD ($) | Mar. 10, 2021USD ($) | Nov. 02, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 01, 2020USD ($) | Jun. 01, 2020USD ($) | May 21, 2020USD ($) | Jan. 03, 2020USD ($) | Dec. 20, 2019USD ($) | Oct. 31, 2021USD ($) | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2027 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2021USD ($) | Oct. 01, 2021USD ($) | Mar. 11, 2021USD ($) | Mar. 09, 2021USD ($) | Feb. 03, 2021USD ($) | Dec. 21, 2020USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 7,778,000,000 | $ 7,043,000,000 | |||||||||||||||||||||
Proceeds from the revolving credit facility | 622,000,000 | 265,000,000 | $ 152,000,000 | ||||||||||||||||||||
Payments for the revolving credit facility | 377,000,000 | 265,000,000 | 152,000,000 | ||||||||||||||||||||
Loss on debt extinguishment | 53,000,000 | 24,000,000 | 16,000,000 | ||||||||||||||||||||
Long-term debt | 8,201,000,000 | ||||||||||||||||||||||
Payments for long-term debt | 2,292,000,000 | 1,527,000,000 | $ 1,484,000,000 | ||||||||||||||||||||
DG-CS Master Borrower LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Derivative liabilities | $ 42,000,000 | ||||||||||||||||||||||
CS4 Borrower | Construction Loans | Renew CS4 Borrower LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | 97,000,000 | ||||||||||||||||||||||
CS4 Borrower | Bridge Loan | Renew CS4 Borrower LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | 90,000,000 | ||||||||||||||||||||||
CS4 Borrower | Letter of Credit | Renew CS4 Borrower LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 5,000,000 | ||||||||||||||||||||||
CS4 Borrower | London Interbank Offered Rate (LIBOR) | Renew CS4 Borrower LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||||||||||||
Chestnut Borrower Credit Agreement | Letter of Credit | Chestnut Borrower, LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 8,000,000 | ||||||||||||||||||||||
Chestnut Borrower Credit Agreement | Loans Payable | Chestnut Borrower, LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | 120,000,000 | ||||||||||||||||||||||
DG-CS Master Borrower LLC Financing Arrangement | DG-CS Master Borrower LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Interest rate, percentage | 3.51% | ||||||||||||||||||||||
DG-CS Master Borrower LLC Financing Arrangement | Letter of Credit | DG-CS Master Borrower LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from the revolving credit facility | $ 30,000,000 | ||||||||||||||||||||||
DG-CS Master Borrower LLC Financing Arrangement | Loans Payable | DG-CS Master Borrower LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from the revolving credit facility | 467,000,000 | ||||||||||||||||||||||
Chestnut Borrower, LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount repurchased | 107,000,000 | ||||||||||||||||||||||
Renew Solar CS 4 Borrower LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount repurchased | 102,000,000 | ||||||||||||||||||||||
DGPV 4 Borrower LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount repurchased | 92,000,000 | ||||||||||||||||||||||
Puma Class B LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount repurchased | $ 73,000,000 | ||||||||||||||||||||||
Utah Solar Holdings, due 2036 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 273,000,000 | 290,000,000 | |||||||||||||||||||||
Interest rate, percentage | 3.59% | ||||||||||||||||||||||
Utah Solar Holdings, due 2036 | Letter of Credit | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of credit outstanding | $ 10,000,000 | ||||||||||||||||||||||
Utah Solar Holdings, due 2036 | Letter of Credit | Utah Solar Holdings, LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from the revolving credit facility | $ 16,000,000 | ||||||||||||||||||||||
Utah Solar Holdings, due 2036 | Notes Payable, Other Payables | Utah Solar Holdings, LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from the revolving credit facility | $ 296,000,000 | ||||||||||||||||||||||
Interest rate, percentage | 3.59% | ||||||||||||||||||||||
Aggregate principal amount repurchased | $ 247,000,000 | ||||||||||||||||||||||
Derivative liabilities | 33,000,000 | ||||||||||||||||||||||
Utah Solar Holdings, due 2036 | Notes Payable, Other Payables | Utah Solar Holdings, LLC | Clearway Energy Operating LLC | Affiliated Entity | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Decrease from distributions to noncontrolling interest holders | $ 9,000,000 | ||||||||||||||||||||||
NIMH Solar LLC Financing Arrangement | Letter of Credit | NIMH Solar LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from the revolving credit facility | $ 16,000,000 | ||||||||||||||||||||||
NIMH Solar LLC Financing Arrangement | Loans Payable | Clearway Energy Operating LLC | Affiliated Entity | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Decrease from distributions to noncontrolling interest holders | 45,000,000 | ||||||||||||||||||||||
NIMH Solar LLC Financing Arrangement | Loans Payable | NIMH Solar LLC | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from the revolving credit facility | 193,000,000 | ||||||||||||||||||||||
Proceeds from energy center notes | 35,000,000 | ||||||||||||||||||||||
NIMH Solar LLC Financing Arrangement | London Interbank Offered Rate (LIBOR) | Loans Payable | Through Third Party Anniversary of Closing | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Interest rate, percentage | 2.00% | ||||||||||||||||||||||
NIMH Solar LLC Financing Arrangement | London Interbank Offered Rate (LIBOR) | Loans Payable | After Third Party Anniversary of Closing | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Interest rate, percentage | 2.125% | ||||||||||||||||||||||
Subtotal project-level debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 5,073,000,000 | 5,243,000,000 | |||||||||||||||||||||
Subtotal project-level debt | Loans Payable | Alpine | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount repurchased | 158,000,000 | ||||||||||||||||||||||
Subtotal project-level debt | Loans Payable | Blythe | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount repurchased | 158,000,000 | ||||||||||||||||||||||
Subtotal project-level debt | Loans Payable | Roadrunner | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Aggregate principal amount repurchased | $ 158,000,000 | ||||||||||||||||||||||
Duquesne, due 2059 (d) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 0 | 95,000,000 | |||||||||||||||||||||
Interest rate, percentage | 4.62% | ||||||||||||||||||||||
Duquesne, due 2059 (d) | Letter of Credit | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of credit outstanding | $ 0 | ||||||||||||||||||||||
Oahu Solar Holdings LLC, due 2026 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | 86,000,000 | 89,000,000 | |||||||||||||||||||||
Oahu Solar Holdings LLC, due 2026 | Letter of Credit | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of credit outstanding | $ 10,000,000 | ||||||||||||||||||||||
Oahu Solar Holdings LLC, due 2026 | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.375% | ||||||||||||||||||||||
Kawailoa Solar Portfolio LLC, due 2026 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 78,000,000 | 81,000,000 | |||||||||||||||||||||
Kawailoa Solar Portfolio LLC, due 2026 | Letter of Credit | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of credit outstanding | $ 14,000,000 | ||||||||||||||||||||||
Kawailoa Solar Portfolio LLC, due 2026 | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.375% | ||||||||||||||||||||||
Tapestry, due 2031 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 85,000,000 | 143,000,000 | |||||||||||||||||||||
Aggregate principal amount repurchased | $ 53,000,000 | ||||||||||||||||||||||
Tapestry, due 2031 | Letter of Credit | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of credit outstanding | $ 12,000,000 | ||||||||||||||||||||||
Tapestry, due 2031 | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.375% | ||||||||||||||||||||||
Carlsbad Energy Holdings LLC, due 2038 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 407,000,000 | 407,000,000 | |||||||||||||||||||||
Interest rate, percentage | 412.00% | ||||||||||||||||||||||
Carlsbad Energy Holdings LLC, due 2038 | Letter of Credit | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of credit outstanding | $ 0 | ||||||||||||||||||||||
Rosie Class B LLC 2027 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | 80,000,000 | ||||||||||||||||||||||
Rosie Class B LLC 2027 | Letter of Credit | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of credit outstanding | 17,000,000 | ||||||||||||||||||||||
Bridge credit agreement, borrowing amount | $ 23,000,000 | ||||||||||||||||||||||
Rosie Class B LLC 2027 | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.75% | ||||||||||||||||||||||
Rosie Class B LLC 2027 | London Interbank Offered Rate (LIBOR) | Forecast | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||||||||||||
Rosie TargetCo LLC Construction Loan | Construction Loans | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Bridge credit agreement, borrowing amount | $ 91,000,000 | ||||||||||||||||||||||
Rosie TargetCo LLC Construction Loan | Bridge Loan | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Bridge credit agreement, borrowing amount | 24,000,000 | ||||||||||||||||||||||
Rosie TargetCo LLC Construction Loan | Investment Tax Credit Loan | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Bridge credit agreement, borrowing amount | $ 132,000,000 | ||||||||||||||||||||||
Payments for long-term debt | $ 130,000,000 | ||||||||||||||||||||||
Bridge Loan, Due 2022 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 335,000,000 | $ 0 | $ 335,000,000 | ||||||||||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||||||||||||
Bridge Loan, Due 2022 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Forecast | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.25% | ||||||||||||||||||||||
Bridge Loan, Due 2022 | Base Rate | Forecast | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 0.00% | 0.25% | |||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Outstanding borrowings | $ 245,000,000 | ||||||||||||||||||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Leverage ratio | 6 | ||||||||||||||||||||||
Collateral Amount | $ 40,000,000 | ||||||||||||||||||||||
Borrower leverage ratio | 5.50 | ||||||||||||||||||||||
Covenant borrower interest coverage ratio | 175.00% | ||||||||||||||||||||||
Proceeds from the revolving credit facility | $ 622,000,000 | ||||||||||||||||||||||
Payments for the revolving credit facility | $ 377,000,000 | ||||||||||||||||||||||
Interest rate, percentage | 1.75% | ||||||||||||||||||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility | Letter of Credit | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of credit outstanding | $ 83,000,000 | ||||||||||||||||||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | 245,000,000 | 0 | |||||||||||||||||||||
3.25% Convertible Notes due 2020 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Repayments of convertible debt | $ 45,000,000 | ||||||||||||||||||||||
4.75% Senior Notes due in 2028 | Notes Payable, Other Payables | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Interest rate, percentage | 4.75% | ||||||||||||||||||||||
Debt instrument, repurchased face amount | $ 250,000,000 | ||||||||||||||||||||||
Debt instrument, redemption price, percentage | 102.00% | ||||||||||||||||||||||
Repayment of debt | $ 45,000,000 | ||||||||||||||||||||||
5.375% Senior Notes due in 2024 | Notes Payable, Other Payables | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, repurchased face amount | $ 88,000,000 | ||||||||||||||||||||||
Debt instrument, redemption price, percentage | 102.70% | ||||||||||||||||||||||
Debt instrument, repurchase amount | $ 90,000,000 | ||||||||||||||||||||||
Loss on debt extinguishment | $ (3,000,000) | ||||||||||||||||||||||
Pinnacle Repowering Partnership LLC | Construction Loans | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | 79,000,000 | ||||||||||||||||||||||
Debt instrument, face amount | $ 126,000,000 | ||||||||||||||||||||||
Aggregate principal amount repurchased | $ 117,000,000 | ||||||||||||||||||||||
Pinnacle Repowering Partnership LLC | London Interbank Offered Rate (LIBOR) | Construction Loans | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||||||||||||
2032 Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 350,000,000 | 0 | |||||||||||||||||||||
Due to affiliate, noncurrent | $ 350,000,000 | ||||||||||||||||||||||
Interest rate, percentage | 375.00% | 3.75% | |||||||||||||||||||||
2026 Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 0 | 350,000,000 | |||||||||||||||||||||
Interest rate, percentage | 5.00% | ||||||||||||||||||||||
Debt instrument, repurchased face amount | $ 350,000,000 | ||||||||||||||||||||||
Repurchased face amount, optionally exercised remaining principal, not validly tendered and purchased In tender offer | 227,000,000 | ||||||||||||||||||||||
Debt instrument, redemption price, percentage | 103.00% | ||||||||||||||||||||||
Debt instrument, repurchase amount | $ 359,000,000 | ||||||||||||||||||||||
Loss on debt extinguishment | $ 9,000,000 | ||||||||||||||||||||||
Write off of deferred debt issuance cost | $ 3,000,000 | ||||||||||||||||||||||
2031 Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 925,000,000 | 0 | |||||||||||||||||||||
Due to affiliate, noncurrent | $ 925,000,000 | ||||||||||||||||||||||
Interest rate, percentage | 375.00% | 375.00% | |||||||||||||||||||||
2025 Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt | $ 0 | $ 600,000,000 | |||||||||||||||||||||
Interest rate, percentage | 5.75% | ||||||||||||||||||||||
Debt instrument, repurchased face amount | $ 600,000,000 | ||||||||||||||||||||||
Repurchased face amount, optionally exercised remaining principal, not validly tendered and purchased In tender offer | $ 183,000,000 | ||||||||||||||||||||||
Debt instrument, redemption price, percentage | 106.00% | ||||||||||||||||||||||
Debt instrument, repurchase amount | $ 636,000,000 | ||||||||||||||||||||||
Loss on debt extinguishment | (36,000,000) | ||||||||||||||||||||||
Loss on extinguishment of deferred financing fees | $ 5,000,000 | ||||||||||||||||||||||
Agua Caliente Solar, LLC, Nonrecourse Credit Agreement, Federal Financing Bank, Due 2037 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $ 716,000,000 | ||||||||||||||||||||||
Agua Caliente Solar, LLC, Nonrecourse Credit Agreement, Federal Financing Bank, Due 2037 | Minimum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Interest rate, percentage | 2.395% | ||||||||||||||||||||||
Agua Caliente Solar, LLC, Nonrecourse Credit Agreement, Federal Financing Bank, Due 2037 | Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Interest rate, percentage | 3.633% |
Long-term Debt - Interest Rate
Long-term Debt - Interest Rate Swaps (Details) - Interest Rate Swap $ in Millions | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
Notional amount | $ 1,326 |
Avra Valley | Maturity - November 30, 2030 | |
Debt Instrument [Line Items] | |
Percentage of principal | 88.00% |
Fixed interest rate | 2.33% |
Notional amount | $ 35 |
AWAM | Maturity - May 15, 2031 | |
Debt Instrument [Line Items] | |
Percentage of principal | 100.00% |
Fixed interest rate | 2.47% |
Notional amount | $ 13 |
Borrego | Maturity - December 31, 2024 | |
Debt Instrument [Line Items] | |
Percentage of principal | 100.00% |
Fixed interest rate | 0.476% |
Notional amount | $ 10 |
Buckthorn Solar | Maturity - December 31, 2041 | |
Debt Instrument [Line Items] | |
Percentage of principal | 81.00% |
Notional amount | $ 100 |
Carlsbad Drop Down | Maturity - September 30, 2027 | |
Debt Instrument [Line Items] | |
Percentage of principal | 100.00% |
Notional amount | $ 136 |
El Segundo | |
Debt Instrument [Line Items] | |
Percentage of principal | 100.00% |
Notional amount | $ 193 |
Kansas South | Maturity - December 31, 2030 | |
Debt Instrument [Line Items] | |
Percentage of principal | 75.00% |
Fixed interest rate | 2.368% |
Notional amount | $ 15 |
Kawailoa Solar Holdings LLC Debt | Maturity - October 31, 2040 | |
Debt Instrument [Line Items] | |
Percentage of principal | 94.00% |
Notional amount | $ 74 |
Laredo Ridge | Maturity - December 21, 2028 | |
Debt Instrument [Line Items] | |
Percentage of principal | 100.00% |
Notional amount | $ 72 |
Marsh Landing | Maturity - June 30, 2023 | |
Debt Instrument [Line Items] | |
Percentage of principal | 100.00% |
Notional amount | $ 84 |
NIMH Solar LLC | |
Debt Instrument [Line Items] | |
Percentage of principal | 100.00% |
Notional amount | $ 176 |
Oahu Solar | Maturity - October 31, 2040 | |
Debt Instrument [Line Items] | |
Percentage of principal | 96.00% |
Notional amount | $ 83 |
Rosie Class B LLC 2027 | Maturity - July 29, 2044 | |
Debt Instrument [Line Items] | |
Percentage of principal | 95.00% |
Fixed interest rate | 1.446% |
Notional amount | $ 74 |
South Trent | Maturity - June 30, 2028 | |
Debt Instrument [Line Items] | |
Percentage of principal | 90.00% |
Fixed interest rate | 3.847% |
Notional amount | $ 31 |
Tapestry | |
Debt Instrument [Line Items] | |
Percentage of principal | 100.00% |
Notional amount | $ 85 |
Viento Funding II | |
Debt Instrument [Line Items] | |
Percentage of principal | 100.00% |
Fixed interest rate | 3.03% |
Notional amount | $ 29 |
Viento Funding II | Maturity - June 30, 2028 | |
Debt Instrument [Line Items] | |
Percentage of principal | 100.00% |
Fixed interest rate | 4.985% |
Notional amount | $ 21 |
Walnut Creek | Maturity - May 31, 2023 | |
Debt Instrument [Line Items] | |
Percentage of principal | 90.00% |
Fixed interest rate | 3.543% |
Notional amount | $ 66 |
WCEP Holdings | Maturity - May 31, 2023 | |
Debt Instrument [Line Items] | |
Percentage of principal | 97.00% |
Fixed interest rate | 4.003% |
Notional amount | $ 29 |
Long-term Debt - Annual Maturit
Long-term Debt - Annual Maturities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 772 |
2023 | 709 |
2024 | 392 |
2025 | 369 |
2026 | 422 |
Thereafter | 5,537 |
Total | 8,201 |
Thermal | |
Debt Instrument [Line Items] | |
2025 | 4 |
2026 | 15 |
Thereafter | $ 404 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Class A | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income (loss) attributable to Clearway Energy, Inc. | $ 15 | $ 7 | $ (4) |
Weighted average number of shares outstanding - basic (in shares) | 35 | 35 | 35 |
Weighted average number of common shares outstanding - diluted (in shares) | 35 | 35 | 35 |
Earnings per weighted average common share - diluted (in dollars per share) | $ 0.44 | $ 0.22 | $ (0.10) |
(Loss) Earnings per weighted average common share - basic and diluted (in dollars per share) | $ 0.44 | $ 0.22 | $ (0.10) |
Common Class C | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income (loss) attributable to Clearway Energy, Inc. | $ 36 | $ 18 | $ (7) |
Weighted average number of shares outstanding - basic (in shares) | 82 | 80 | 74 |
Weighted average number of common shares outstanding - diluted (in shares) | 82 | 81 | 74 |
Earnings per weighted average common share - diluted (in dollars per share) | $ 0.44 | $ 0.22 | $ (0.10) |
(Loss) Earnings per weighted average common share - basic and diluted (in dollars per share) | $ 0.44 | $ 0.22 | $ (0.10) |
Anti-dilutive equity instruments (in shares) | 2 | 2 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Feb. 17, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Aug. 06, 2020 | Aug. 09, 2016 |
Class of Stock | |||||||||||
Shares of common stock sold | 2,690,455 | ||||||||||
Proceeds from issuance or sale of equity | $ 63,000,000 | ||||||||||
Commission fees | 600,000 | ||||||||||
Available for issuance under ATM program | $ 126,000,000 | $ 126,000,000 | |||||||||
Shares of stock acquired (in shares) | 2,690,455 | ||||||||||
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||
Par value - preferred stock (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Common Class A | |||||||||||
Class of Stock | |||||||||||
Dividends per common share (in usd per share) | 1.33 | 1.05 | $ 0.80 | ||||||||
Common Class A | Subsequent Event | |||||||||||
Class of Stock | |||||||||||
Quarterly dividend, declared (in usd per share) | $ 0.3468 | ||||||||||
Common Class C | |||||||||||
Class of Stock | |||||||||||
Dividends per common share (in usd per share) | $ 1.33 | $ 1.05 | $ 0.80 | ||||||||
Common Class C | Subsequent Event | |||||||||||
Class of Stock | |||||||||||
Quarterly dividend, declared (in usd per share) | 0.3468 | ||||||||||
Common Class B | |||||||||||
Class of Stock | |||||||||||
Dividends per common share (in usd per share) | 0.3400 | $ 0.3345 | $ 0.3290 | $ 0.3240 | |||||||
Quarterly dividend, declared (in usd per share) | 0.3400 | 0.3345 | 0.3290 | 0.3240 | |||||||
Common Class B | Subsequent Event | |||||||||||
Class of Stock | |||||||||||
Quarterly dividend, declared (in usd per share) | 0.3468 | ||||||||||
Common Class D | |||||||||||
Class of Stock | |||||||||||
Dividends per common share (in usd per share) | 0.3400 | 0.3345 | 0.3290 | 0.3240 | |||||||
Quarterly dividend, declared (in usd per share) | $ 0.3400 | $ 0.3345 | $ 0.3290 | $ 0.3240 | |||||||
Common Class D | Subsequent Event | |||||||||||
Class of Stock | |||||||||||
Quarterly dividend, declared (in usd per share) | $ 0.3468 | ||||||||||
2020 ATM Program | |||||||||||
Class of Stock | |||||||||||
Shares of common stock sold | 940,790 | ||||||||||
Proceeds from issuance or sale of equity | $ 24,000,000 | ||||||||||
Aggregate sales price | $ 150,000,000 | ||||||||||
2016 ATM Program | |||||||||||
Class of Stock | |||||||||||
Shares of common stock sold | 1,749,665 | ||||||||||
Proceeds from issuance or sale of equity | $ 39,000,000 | $ 150,000,000 | |||||||||
Aggregate sales price | $ 150,000,000 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting | ||||||
Total operating revenues | $ 1,286 | $ 1,199 | $ 1,032 | |||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 451 | 366 | 337 | |||
Depreciation, amortization and accretion | 509 | 428 | 401 | |||
Impairment losses | 6 | 24 | 33 | |||
General and administrative | 40 | 34 | 29 | |||
Transaction and integration costs | 7 | 9 | 3 | |||
Development costs | 6 | 5 | 5 | |||
Operating income (loss) | 267 | 333 | 224 | |||
Equity in earnings of unconsolidated affiliates | 32 | 7 | 83 | |||
Impairment loss on investment | 0 | (8) | 0 | |||
Gain on sale of unconsolidated affiliate | 0 | 49 | 0 | |||
Other income, net | 3 | 4 | 9 | |||
Loss on debt extinguishment | (53) | (24) | (16) | |||
Interest expense, net | (312) | (415) | (404) | |||
Income Before Income Taxes | (63) | (54) | (104) | |||
Income tax expense (benefit) | 12 | 8 | (8) | |||
Net Loss | (75) | (62) | (96) | |||
Net Income (Loss) Attributable to Clearway Energy, Inc. | 51 | 25 | (11) | |||
Equity investments in affiliates | $ (741) | (381) | (741) | |||
Capital expenditures | 106 | 119 | 106 | |||
Total Assets | 10,592 | 12,813 | 10,592 | |||
Impairment losses | $ 6 | $ 32 | $ 33 | |||
Renewables | ||||||
Segment Reporting | ||||||
Impairment losses | $ 14 | |||||
Impairment loss on investment | (8) | |||||
Thermal | ||||||
Segment Reporting | ||||||
Impairment losses | $ 19 | |||||
Southern California Edison | Conventional Generation | ||||||
Segment Reporting | ||||||
Customer's percentage of total revenue | 17.00% | 18.00% | 21.00% | |||
Southern California Edison | Renewables | ||||||
Segment Reporting | ||||||
Customer's percentage of total revenue | 16.00% | 16.00% | 19.00% | |||
PG&E | Conventional Generation | ||||||
Segment Reporting | ||||||
Customer's percentage of total revenue | 10.00% | 10.00% | 12.00% | |||
PG&E | Renewables | ||||||
Segment Reporting | ||||||
Customer's percentage of total revenue | 13.00% | 8.00% | 10.00% | |||
Operating Segments | ||||||
Segment Reporting | ||||||
Total operating revenues | $ 1,286 | $ 1,199 | $ 1,032 | |||
Operating Segments | Conventional Generation | ||||||
Segment Reporting | ||||||
Total operating revenues | 441 | 437 | 346 | |||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 90 | 90 | 60 | |||
Depreciation, amortization and accretion | 132 | 132 | 103 | |||
Impairment losses | 0 | 0 | ||||
General and administrative | 0 | 0 | 0 | |||
Transaction and integration costs | 0 | 0 | 0 | |||
Development costs | 0 | 0 | 0 | |||
Operating income (loss) | 219 | 215 | 183 | |||
Equity in earnings of unconsolidated affiliates | 6 | 8 | 9 | |||
Impairment loss on investment | 0 | |||||
Gain on sale of unconsolidated affiliate | 0 | |||||
Other income, net | 0 | 1 | 2 | |||
Loss on debt extinguishment | 0 | 0 | 0 | |||
Interest expense, net | (53) | (84) | (59) | |||
Income Before Income Taxes | 172 | 140 | 135 | |||
Income tax expense (benefit) | 0 | 0 | 0 | |||
Net Loss | 172 | 140 | 135 | |||
Net Income (Loss) Attributable to Clearway Energy, Inc. | 172 | 140 | 135 | |||
Equity investments in affiliates | (90) | (86) | (90) | |||
Capital expenditures | 12 | 12 | 12 | |||
Total Assets | 2,575 | 2,442 | 2,575 | |||
Impairment losses | 0 | |||||
Operating Segments | Renewables | ||||||
Segment Reporting | ||||||
Total operating revenues | 641 | 569 | 485 | |||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 229 | 147 | 143 | |||
Depreciation, amortization and accretion | 354 | 264 | 271 | |||
Impairment losses | 6 | 24 | ||||
General and administrative | 0 | 0 | 1 | |||
Transaction and integration costs | 0 | 0 | 0 | |||
Development costs | 0 | 0 | 0 | |||
Operating income (loss) | 52 | 134 | 56 | |||
Equity in earnings of unconsolidated affiliates | 26 | (1) | 74 | |||
Impairment loss on investment | (8) | |||||
Gain on sale of unconsolidated affiliate | 0 | |||||
Other income, net | 2 | 3 | 6 | |||
Loss on debt extinguishment | (1) | (21) | (1) | |||
Interest expense, net | (142) | (216) | (239) | |||
Income Before Income Taxes | (63) | (109) | (104) | |||
Income tax expense (benefit) | 2 | 0 | 0 | |||
Net Loss | (65) | (109) | (104) | |||
Net Income (Loss) Attributable to Clearway Energy, Inc. | 109 | 3 | (33) | |||
Equity investments in affiliates | (651) | (295) | (651) | |||
Capital expenditures | 44 | 77 | 44 | |||
Total Assets | 7,157 | 9,603 | 7,157 | |||
Impairment losses | 14 | |||||
Operating Segments | Thermal | ||||||
Segment Reporting | ||||||
Total operating revenues | 204 | 193 | 201 | |||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 134 | 131 | 134 | |||
Depreciation, amortization and accretion | 23 | 32 | 27 | |||
Impairment losses | 0 | 0 | ||||
General and administrative | 4 | 3 | 3 | |||
Transaction and integration costs | 0 | 0 | 0 | |||
Development costs | 4 | 5 | 5 | |||
Operating income (loss) | 39 | 22 | 13 | |||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | |||
Impairment loss on investment | 0 | |||||
Gain on sale of unconsolidated affiliate | 0 | |||||
Other income, net | 1 | 0 | 0 | |||
Loss on debt extinguishment | 0 | 0 | 0 | |||
Interest expense, net | (18) | (19) | (18) | |||
Income Before Income Taxes | 22 | 3 | (5) | |||
Income tax expense (benefit) | 0 | 0 | 0 | |||
Net Loss | 22 | 3 | (5) | |||
Net Income (Loss) Attributable to Clearway Energy, Inc. | 22 | 3 | (5) | |||
Equity investments in affiliates | 0 | 0 | 0 | |||
Capital expenditures | 50 | 29 | 50 | |||
Total Assets | 627 | 631 | 627 | |||
Impairment losses | 19 | |||||
Corporate | ||||||
Segment Reporting | ||||||
Total operating revenues | 0 | 0 | 0 | |||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | (2) | (2) | 0 | |||
Depreciation, amortization and accretion | 0 | 0 | 0 | |||
Impairment losses | 0 | 0 | ||||
General and administrative | 36 | 31 | 25 | |||
Transaction and integration costs | 7 | 9 | 3 | |||
Development costs | 2 | 0 | 0 | |||
Operating income (loss) | (43) | (38) | (28) | |||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | |||
Impairment loss on investment | 0 | |||||
Gain on sale of unconsolidated affiliate | 49 | |||||
Other income, net | 0 | 0 | 1 | |||
Loss on debt extinguishment | (52) | (3) | (15) | |||
Interest expense, net | (99) | (96) | (88) | |||
Income Before Income Taxes | (194) | (88) | (130) | |||
Income tax expense (benefit) | 10 | 8 | (8) | |||
Net Loss | (204) | (96) | (122) | |||
Net Income (Loss) Attributable to Clearway Energy, Inc. | (252) | (121) | (108) | |||
Equity investments in affiliates | 0 | 0 | 0 | |||
Capital expenditures | 0 | 1 | 0 | |||
Total Assets | $ 233 | $ 137 | $ 233 | |||
Impairment losses | $ 0 |
Income Taxes (Provision) (Detai
Income Taxes (Provision) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred | |||
U.S. Federal | $ (2) | $ 7 | $ (4) |
State | 14 | 1 | (4) |
Total — deferred | 12 | 8 | (8) |
Reconciliation of the U.S. federal statutory rate to the Company's effective rate from continuing operations | |||
Income Before Income Taxes | (63) | (54) | (104) |
Tax at 21% | (13) | (11) | (22) |
State taxes, net of federal benefit | (4) | (4) | (7) |
Impact of non-taxable equity earnings | 34 | 24 | 24 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (14) | 0 | 0 |
Investment tax credits | 0 | 0 | (1) |
Production tax credits, including prior year true-up | (1) | (1) | (1) |
Rate Change | (2) | 2 | 0 |
Partnership state basis | 8 | 0 | 0 |
State taxes assessed at subsidiaries | 2 | 0 | 0 |
Other | 2 | (2) | (1) |
Income tax expense (benefit) | 12 | 8 | (8) |
Income tax expense (benefit) | $ 12 | $ 8 | $ (8) |
Effective income tax rate | (19.00%) | (14.80%) | 7.70% |
Income Taxes (Deferred) (Detail
Income Taxes (Deferred) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Total deferred tax assets, net of valuation allowance | $ 267 | $ 226 |
Total deferred tax liabilities | 267 | 226 |
Deferred Tax Assets, Gross [Abstract] | ||
Interest expense disallowance carryforward - Investment in Projects | 7 | 11 |
Production tax credits | 10 | 9 |
Investment tax credits | 5 | 5 |
U.S. Federal net operating loss carryforwards | 277 | 260 |
Capital loss carryforwards | 0 | 12 |
State net operating loss carryforwards | 51 | 48 |
Total deferred tax assets | 350 | 345 |
Valuation allowance | (1) | (15) |
Total deferred tax assets, net of valuation allowance | 349 | 330 |
Net deferred noncurrent tax asset | $ 82 | $ 104 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction | |||
General and administrative | $ 40 | $ 34 | $ 29 |
RENOM | |||
Related Party Transaction | |||
Incurred expenses for transactions with related party | 56 | 37 | 31 |
Due to related party | 9 | 10 | |
Affiliated Entity | |||
Related Party Transaction | |||
Due to related party | 2 | 2 | |
Affiliated Entity | Administrative Services Agreements | |||
Related Party Transaction | |||
Incurred expenses for transactions with related party | 14 | 10 | 7 |
CEG | |||
Related Party Transaction | |||
General and administrative | $ 4 | $ 2 | $ 1 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Power procurement arrangements | $ 40 | $ 32 | $ 38 |
2022 | 7 | ||
2023 | 1 | ||
2024 | 0 | ||
2025 | 0 | ||
2026 | 0 | ||
Thereafter | 0 | ||
Total | $ 8 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 27 | $ 19 | $ 13 |
Variable lease cost | 15 | 9 | 8 |
Total lease cost | 42 | 28 | $ 21 |
ASSETS | |||
Right-of-use assets, net | $ 550 | $ 337 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Long-term lease liabilities | Long-term lease liabilities | |
Liabilities [Abstract] | |||
Short-term lease liability - operating leases | $ 8 | $ 8 | |
Long-term lease liabilities | 561 | 345 | |
Total lease liabilities | $ 569 | $ 353 | |
Weighted average remaining lease term | 28 years | 25 years | |
Weighted average discount rate | 3.50% | 4.30% | |
Cash paid for operating leases | $ 26 | $ 19 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | Dec. 31, 2021USD ($)renewalOption | Dec. 31, 2020USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease liability | $ 590 | |
Right of use assets, net | $ 550 | $ 337 |
Weighted average discount rate | 3.50% | 4.30% |
Oahu Solar Partnership | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease liability | $ 20 | |
Right of use assets, net | $ 18 | |
Lease period | 35 years | |
Number of renewal options | renewalOption | 2 | |
Renewal period | 5 years | |
Rosamond Central | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease liability | $ 12 | |
Right of use assets, net | $ 11 | $ 11 |
Lease period | 35 years | |
Number of renewal options | renewalOption | 2 | |
Renewal period | 5 years |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
2022 | $ 28 |
2023 | 28 |
2024 | 28 |
2025 | 28 |
2026 | 29 |
Thereafter | 801 |
Total lease payments (a) | 942 |
Less imputed interest | (352) |
Lease liability | 590 |
Thermal | |
Lessee, Lease, Description [Line Items] | |
2022 | 1 |
2023 | 1 |
2024 | 1 |
2025 | 1 |
2026 | 1 |
Thereafter | $ 31 |
Leases - Revenue Related to Lea
Leases - Revenue Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Lease revenue | $ 741 | $ 589 | $ 537 |
Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 727 | 566 | 516 |
Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 455 | 451 | 348 |
Operating revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 1,182 | 1,017 | 864 |
Conventional Generation | Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 9 | 10 | 5 |
Conventional Generation | Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 455 | 451 | 348 |
Conventional Generation | Operating revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 464 | 461 | 353 |
Renewables | Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 716 | 554 | 509 |
Renewables | Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 0 | 0 | 0 |
Renewables | Operating revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 716 | 554 | 509 |
Thermal | Energy revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 2 | 2 | 2 |
Thermal | Capacity revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 0 | 0 | 0 |
Thermal | Operating revenue | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | $ 2 | $ 2 | $ 2 |
Leases - Lessor Minimum Future
Leases - Lessor Minimum Future Rent Payments Under Operating Leases (Details) - Conventional Generation $ in Millions | Dec. 31, 2021USD ($) |
Segment Reporting | |
2022 | $ 453 |
2023 | 261 |
2024 | 106 |
2025 | 107 |
2026 | 108 |
Thereafter | 1,390 |
Total lease payments | $ 2,425 |
Leases - Property, Plant and Eq
Leases - Property, Plant and Equipment Related to Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 10,151 | $ 9,540 |
Accumulated depreciation | (2,501) | (2,323) |
Property, plant and equipment | 7,650 | 7,217 |
Assets not related to the Companys' operating leases | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 8,981 | 7,201 |
Accumulated depreciation | (2,827) | (1,964) |
Property, plant and equipment | $ 6,154 | $ 5,237 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Registrant - P/L (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Interest expense | $ (312) | $ (415) | $ (404) |
Total other expense, net | (330) | (387) | (328) |
Income Before Income Taxes | (63) | (54) | (104) |
Income tax expense (benefit) | 12 | 8 | (8) |
Net Loss | (75) | (62) | (96) |
Less: Net loss attributable to noncontrolling interests | (126) | (87) | (85) |
Clearway Energy, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Total operating costs and expenses | 2 | 2 | 2 |
Equity in losses of consolidated subsidiaries | (63) | (52) | (101) |
Interest expense | 0 | 0 | (1) |
Total other expense, net | (63) | (52) | (102) |
Income Before Income Taxes | (65) | (54) | (104) |
Income tax expense (benefit) | 10 | 8 | (8) |
Net Loss | (75) | (62) | (96) |
Less: Net loss attributable to noncontrolling interests | (126) | (87) | (85) |
Net Income (Loss) Attributable to Clearway Energy, Inc. | $ 51 | $ 25 | $ (11) |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Registrant - B/S (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Deferred income taxes | $ 95 | $ 104 | ||
Total Assets | 12,813 | 10,592 | ||
Long-term debt | 8,201 | |||
Other non-current liabilities | 173 | 178 | ||
Liabilities | 9,513 | 7,877 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 201,856,166 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,779,021, Class D 42,738,750) at December 31, 2021 and 201,635,990 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,558,845, Class D 42,738,750) at December 31, 2020 | 1 | 1 | ||
Additional paid-in capital | 1,872 | 1,922 | ||
Accumulated deficit | (33) | (84) | ||
Accumulated other comprehensive loss | (6) | (14) | ||
Noncontrolling interest | 1,466 | 890 | ||
Total Stockholders' Equity | 3,300 | 2,715 | $ 2,263 | $ 2,224 |
Total Liabilities and Stockholders' Equity | 12,813 | 10,592 | ||
Clearway Energy, Inc. | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Accounts receivable — affiliates | 3 | 3 | ||
Note receivable — Clearway Energy Operating LLC | 1 | 1 | ||
Investment in consolidated subsidiaries | 3,217 | 2,612 | ||
Deferred income taxes | 95 | 104 | ||
Total Assets | 3,316 | 2,720 | ||
Long-term debt | 11 | 0 | ||
Other non-current liabilities | 5 | 5 | ||
Liabilities | 16 | 5 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 201,856,166 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,779,021, Class D 42,738,750) at December 31, 2021 and 201,635,990 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,558,845, Class D 42,738,750) at December 31, 2020 | 1 | 1 | ||
Additional paid-in capital | 1,872 | 1,922 | ||
Accumulated deficit | (33) | (84) | ||
Accumulated other comprehensive loss | (6) | (14) | ||
Noncontrolling interest | 1,466 | 890 | ||
Total Stockholders' Equity | 3,300 | 2,715 | ||
Total Liabilities and Stockholders' Equity | $ 3,316 | $ 2,720 |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of Registrant - B/S Parenthetical (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Financial Statements, Captions [Line Items] | ||
Par value - preferred stock (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued (in shares) | 201,856,166 | 201,635,990 |
Common stock, shares outstanding (in shares) | 201,856,166 | 201,635,990 |
Common Class A | ||
Condensed Financial Statements, Captions [Line Items] | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | |
Common stock, shares issued (in shares) | 34,599,645 | 34,599,645 |
Common stock, shares outstanding (in shares) | 34,599,645 | 34,599,645 |
Common Class B | ||
Condensed Financial Statements, Captions [Line Items] | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | |
Common stock, shares issued (in shares) | 42,738,750 | 42,738,750 |
Common stock, shares outstanding (in shares) | 42,738,750 | 42,738,750 |
Common Class C | ||
Condensed Financial Statements, Captions [Line Items] | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | |
Common stock, shares issued (in shares) | 81,779,021 | 81,558,845 |
Common stock, shares outstanding (in shares) | 81,779,021 | 81,558,845 |
Common Class D | ||
Condensed Financial Statements, Captions [Line Items] | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | |
Common stock, shares issued (in shares) | 42,738,750 | 42,738,750 |
Common stock, shares outstanding (in shares) | 42,738,750 | 42,738,750 |
Clearway Energy, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Par value - preferred stock (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued (in shares) | 201,856,166 | 201,635,990 |
Common stock, shares outstanding (in shares) | 201,856,166 | 201,635,990 |
Clearway Energy, Inc. | Common Class A | ||
Condensed Financial Statements, Captions [Line Items] | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | |
Common stock, shares issued (in shares) | 34,599,645 | 34,599,645 |
Common stock, shares outstanding (in shares) | 34,599,645 | 34,599,645 |
Clearway Energy, Inc. | Common Class B | ||
Condensed Financial Statements, Captions [Line Items] | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | |
Common stock, shares issued (in shares) | 42,738,750 | 42,738,750 |
Common stock, shares outstanding (in shares) | 42,738,750 | 42,738,750 |
Clearway Energy, Inc. | Common Class C | ||
Condensed Financial Statements, Captions [Line Items] | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | |
Common stock, shares issued (in shares) | 81,779,021 | 81,558,845 |
Common stock, shares outstanding (in shares) | 81,779,021 | 81,558,845 |
Clearway Energy, Inc. | Common Class D | ||
Condensed Financial Statements, Captions [Line Items] | ||
Par value - common stock (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | |
Common stock, shares issued (in shares) | 42,738,750 | 42,738,750 |
Common stock, shares outstanding (in shares) | 42,738,750 | 42,738,750 |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information of Registrant - CF (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Used in Operating Activities | $ 701 | $ 545 | $ 477 |
Net Cash Provided by (Used in) Investing Activities | (865) | (62) | (468) |
Payments for long-term debt | (2,292) | (1,527) | (1,484) |
Proceeds from the issuance of common stock | 0 | 62 | 100 |
Net Cash Provided by (Used in) Financing Activities | 367 | (435) | (175) |
Net (Decrease) Increase in Cash and Cash Equivalents | 189 | 48 | (166) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 465 | 417 | 583 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 654 | 465 | 417 |
Clearway Energy, Inc. | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Used in Operating Activities | (2) | (3) | (5) |
Investments in consolidated affiliates | 2 | (59) | (87) |
Cash advances for notes receivable — affiliate | (2) | (3) | 0 |
Cash received from notes receivable — affiliate | 2 | 45 | 215 |
Net Cash Provided by (Used in) Investing Activities | 2 | (17) | 128 |
Payments for long-term debt | 0 | (45) | (220) |
Proceeds from the issuance of common stock | 0 | 62 | 100 |
Cash received from Clearway Energy LLC for the payment of dividends | 155 | 121 | 87 |
Payment of dividends | (155) | (121) | (87) |
Net Cash Provided by (Used in) Financing Activities | 0 | 17 | (120) |
Net (Decrease) Increase in Cash and Cash Equivalents | 0 | (3) | 3 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 0 | 3 | 0 |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 0 | $ 0 | $ 3 |
Schedule I - Condensed Financ_6
Schedule I - Condensed Financial Information of Registrant - Footnotes (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)MW | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Power generation capacity, megawatts | 9,000 | ||
Cash distributions | $ | $ 155 | $ 121 | $ 87 |
Clearway Energy LLC | Clearway Energy, Inc. | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Limited liability company or limited partnership, members or limited partners, ownership interest | 57.65% | ||
Conventional Generation, Utility-Scale Solar, Distributed Solar, and Wind | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Power generation capacity, megawatts | 5,000 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 15 | $ 15 | $ 15 |
Charged to costs and expenses | (14) | 0 | 0 |
Charged to other accounts | 0 | 0 | 0 |
Balance at end of period | $ 1 | $ 15 | $ 15 |