CWEN - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing-by, and welcome to the Clearway Energy Inc.

Third Quarter 2019 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference to your speaker today Mr. Chris Sotos, President and CEO. Please go ahead sir.

Chris Sotos

morning. Good

thank the first today’s to for call. you me time taking join Let

morning our of Chad as me presentation. for is Joining this of portion Plotkin, Craig be Craig our President the Q&A Group. well Cornelius, Chief and Energy CEO Clearway will available as Officer; Financial

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

In GAAP and addition, both refer we to non-GAAP financial will measures.

refer measures reconciliations non-GAAP information most to our For please to today’s and regarding presentation. directly financial the measures, comparable GAAP

report will CAFD the guidance on more continued quarter happy Page that results to Chad us for his revised of I’m presentation. X. XXXX. competence provide Turning our of strong third around the detail section year to full give

continue The contracts impacted by to perform. PG&E

Our from and believe of we emergence the that of the projects continue PG&E recent wildfires impacted not in year is to June next problem. have bankruptcy by been

quarter, an Dover our into to sell facility. we the entered agreement During

XXXX of PJM flows. merchant aware, the many on the cash contracted fit focus a long-term does since As strategically became XXX-megawatt not gas beginning are facility that of Dover and you predominantly plant with CWEN’s

the sale the as XXXX. by to portfolio expect contracted the end close first Dover this to flows seeks of rationalize the quarter and constantly of efficient We to CWEN that deliver part sale would effort. of of cash

detail. more it upon expand will Chad As

PG&E forbearance from exposed on quarter, the projects. lenders its securing During to advanced efforts its CWEN

at key non-recourse CVSR. the able efforts, CWEN to non-recourse a the debt the resolution Holdco Agua the outstanding which repayment Holdco include Caliente As day, debt debt attaining projects, on forbearance Holdco related while obtain part agreement of DOE regarding of was these at at

as $X.XX same shareholders the bankruptcy its last aligned with consistent with ratio. PG&E be dividend target CWEN liquidity available share our announcing and our quarter. CWEN corporate until access per to at view around quarter dividends is full is a visibility fourth paid that should to the dividends has of payout Today, This additional the distributions, project obtains

of announce In the is Hawaii current growth project happy schedule. projects, we’re on terms executed online Phase that I Repowering our to Solar and is X.X

in Thermal signed agreement division our the addition with Four long-term the to great another addition, service platform. of thermal In Resort the energy Puerto a Seasons Cayo owner Rico, Largo

on acquiring As Star. going ROFO augment our half not I’ll remaining within a consistent robust Rather, the situation, will emergence explain focus eventually later continue Group bankruptcy to Clearway work that pipeline, given second anticipated committing on deployment to we the of of acquisition PG&E Carlsbad Group and closing projects pursue to due on need timeframe with notified require our with XXXX. to and prioritize we’ve in while that in existing continuing pipeline to the the with capital deployment are with capital we PG&E the materials also Clearway Mesquite the the

discussion given million year potential important the of CWEN capital be to of project. of Carlsbad. $XXX X.X.X% constraints million in the with fully much acquisition $XXX CAFD over GIP not could asset XX Carlsbad this the to cost XX%. current as as the makes non-recourse Turning grade partnered more accretive purchase to required yield capital from pleased before raising with well $XXX low This lowering investment adjustments by working of increasing growth capital economics approximately capital this manageable amount million more debt. to improvement amortizing in I CWEN’s

increase on of in to important guidance driver the to outlook $XXX is It forma outlook Carlsbad. of CAFD primary situation CAFD XXXX updating its the PG&E establishing its this million. outlook The forma is Clearway $XXX acquisition pipeline, of Next, other million the pro from the clears. including note pro that ROFO drop-downs excludes once any CAFD forma potential growth the is pro

Turning quality with unlevered we in emphasize made $X our and with growth at million five asset through year I XXXX new I a progress full the anticipated basis average existing initiatives Resort of additions Rico. want Four have in Page to thermal. $X.X to business Thermal continued highlight agreement since Largo X. Seasons to CAFD the over want Puerto million the the additional of

the these PG&E CWEN As during contracts Thermal long businesses a attractive yields carry expect prospects. constraints basis, invest to dated of growth given around continue CAFD or you our chart, can we see on the situation, assets especially in at levered see in pendency the capital very unlevered to our

purchase want I we formation Carlsbad perspective. highlight a To have profile. the facility manageable backstop as X. remind of contracted the GIP asset, an for on capital made to of a the with year improvements capital for much Carlsbad significant purchased CWEN XX very its capital owner to current facility. working Page was million to more a investors, CAFD for Turning yield to before situation, it XX.X% making $XXX the from from investment PG&E stepped NRG during the under Carlsbad anticipated structure a in our strong

more shareholders. requirement, and accretive CAFD spread Carlsbad financial attractive further GIP $XXX CAFD a for Carlsbad grade on manageable basis, XX% at in our of of of average million a $XXX completely Carlsbad to acquire very on Since amortizing rates the CWEN also This requiring over investment with to worked a in interest capital and significant have profile a back five amount strong on while basis the already basis XX a year even improves then, capital yield on facility CWEN achieving a our the years. only creating at much million partners lever

same the the terms at to project. hold highly future as a focused and GIP to Given reminder, project. we the conditions importance preserving acquire And in Carlsbad project are economics of seeking continues of the of the on this previously August ways Clearway, as through to XXXX CWEN’s

do that deployment to on CAFD structure want want period. relentless dilute a situation appropriate this simplicity significant to of this share we path during emphasize want our I to share asset the any recapitalized per X. guidance put that to of further per growth, the page with to ROFO Carlsbad, to importance. management assure I I for CAFD being half share not Turning of million, acquisition before current $XXX dropdowns can PG&E second of the challenging and capabilities. at XXXX our our Also, the of current mindful while other $X.XX CWEN sources XXXX CAFD see future one equating PG&E of $X.XX in the has constraints per potential on Page or capital capital growth. targeted pursuit CAFD investors an is despite to maintaining of CWEN

over turning to Now Chad.

Chad Plotkin

Chris. you, Thank

Turning for Clearway of to CAFD. distribution million Today, or $XXX cash reporting Slide is third Energy quarter X. and available million EBITDA adjusted $XXX of

now has $XXX Clearway adjusted EBITDA results, and CAFD these in With realized of $XXX million million year-to-date.

As Year-to-date, to to in perform, a include million making or continue projects restricted because reported this company’s million the unconsolidated reminder, CAFD, the from are investments all underlying includes distributions investments. related contracts that $XX the PG&E bankruptcy. $XX including to results due

and were significant median weakness expectations, half the diversified exceeded given year. first portfolio and as energy wind in at welcome in During the seasonality sensitivity production solar of Company’s performed of a respite ranges. results the our our observed quarter, the overall Both well the the top end the third quite quarter

The to agreement. as for and Company’s availability conventional due high assets and the bonuses provided tolling also start performance incremental performed well reliability based revenue, various underlying

the expenditures the and efforts continued Additionally, renewable thermal reducing successful its savings, capital which of deferral at cost realized and included O&M in containment, spend of in quarter. the and both while segments, cost cash reversing fourth some maintenance anticipate availability. This Company maintaining we the ongoing

move several quarter, transactions. third also the forward the rationalizing with we on During portfolio

upon Dover First, to the This into recycle mentioned, market closing operational the Chris Center. the energy with non-strategic to in company as an entered the merchant Company proceeds will a scale. allow megawatt sell limited a Energy XXX of asset disposition agreement

call sale PPA six Clearway the net modest solar with in of financing expense. exercise this for provision reduction lease to the in repurchase accounting After lease distributed a the a resulting off-taker associated non-recourse and the underlying the project a megawatt retired given proceeds in through from Next, transaction, allowing system, to the sale the closed solar the project. CAFD improvement Clearway option this

prudent effected non-recourse Clearway’s CVSR while projects, financing the the with In on In parties. lenders addition work to sheet. interest by ensuring balance actively PG&E we of or the also and includes performance the the all This these Clearway’s focused on bankruptcy both and continued and have Caliente. both at project effort Holdco to efforts asset dispositions, have maintaining continuity for corporate management impacted operational Agua back-leverage in solutions doing financial balanced of so,

the provided a year. bankruptcy, key assumption. and yield, of for Holdco crafted and to backdrop million, debt debt maintain reduction in us of Holdco to Agua attractive in for This the of of lenders $X.X the certainty interest. the a solution agreement for With while given service our financing, approximately the $XX of a forbearance exposure, of solution CAFD inclusive with PG&E allowing provide reduction per stability non-recourse that the Caliente Holdco repurchase a premium an lenders credit continuing incremental contract accrued investments million approximately the at CVSR the high-degree of outstanding included a We

PG&E the given debt the to from in fall event the limited place of manageable. this to size impact the of cured the investment, the liquidity non-recourse Further, the in related future debt benefit Importantly, reduction at and of realized. the credit time, and Company Company’s retains Caliente. option such services the Agua Until metrics is is the corporate the bankruptcy new

we performance is been Lastly, median certain CAFD the noted expected guidance the the deferred of on of year of estimates has spend and $XXX catch slide, up revised the ongoing of of PG&E in side projects production million. fourth right O&M maintaining quarter, are contribution the and This full committed investments, on the year-to-date. our growth PXX that as based the

Moving review Company’s update to CAFD to Slide the forma outlook. an and guidance CAFD XXXX pro to XX,

guidance $XXX For initiating is Clearway CAFD XXXX, of million.

CAFD on COD and growth energy Guidance median PG&E projects. Company’s expectations. on the also prior the impact slide includes The PXX As of $XX million renewable all based transactions noted, the production this achieved discussed committed is and in guidance schedule. to assumes attributed of

the estimate. to this Please section the underlying to for the refer sensitivities presentation appendix of

CAFD illustrative our timing approximates capital million While on corporate known fund basis. impact for impact of estimate the company a drivers various growth forward Carlsbad and critical expectations from portfolio, of as the the the in potential XXXX. flow formation the of forma just outlook to cash pro $XXX new to are The the

including growth, million includes and This the business XXXX. timing predicted which tax profile will enter from expected repowering of has project CAFD profile after the First, in for debt the the expected partnership. CAFD, $XX the of the portfolio amortization a around increase level of proceeds equity to

as $XX our Carlsbad with Next, investments. some discussed, for accretive the focused which required the on larger a annual a Chris permanently is of to the in million realizing transaction, opportunity capital potential company, that is CAFD completing, presents formation growth average highly finance very Company

illustrative present $XX term corporate in Repowering for rate. an X.X using This We our of and of permanent interest assumed X% target in is approximately credit annual Carlsbad. size metrics interest next long cost financing million and and consideration expense debt both results and

raised. this transaction funding while revolver investment to time X.X entirety that until the of such be as anticipate We Repowering For analysis, is the note still the the the is we illustrative of under permanent timing determined. financing Carlsbad

factoring for ROFO all accounting additional the of growth and not After items potential these pipeline. in from

outlook resolution. to $XXX growth the We process a the dividend pleased company that well million, or PG&E CAFD an positions expected pro upon bankruptcy amount future of for reaching its forma are present quite

back I’ll Chris. call turn to that, With the

Chris Sotos

Thank Chad. you,

Turning results year to pleased CAFD our I’m our Page XXXX. XX. third with for with guidance of the our quarter increased confidence very current that full

maintain we to XXXX, emergence has PG&E flexibility as balance sheet from our Chad towards during referring bankruptcy. continues As been this are working

to to with As this Agua Agua CVSR, amaze these Chad wholesale decisions lenders of a negotiation and valuable to and agree Holdco outstanding as CAFD bankruptcy at CVSR thereafter. lenders, at regarding to is to Agua part terms the able along regarding hold favorable debts the larger and discussed, flexibility repurchases well repurchase during CWEN the as for increased with forbearance as PG&E assets two debt

between continued XXXX. our Hawaii the of operations started growth operations XXXX, commercial highlight around XXXX Phase As schedule and phases has our November Solar we X.X to on for I Repowering approached with end given of constraints. of X full in want execution January

thermal Puerto continue accretive, our asset on growth focus We on to high highly quality opportunities under platform our with Rico. construction newest in

reduced have shareholders deployment the focus term. to investment this of the Carlsbad, capital the the asset half at due near our and financing the our more As economics credit increased for call, and will emphasized rated accretive by required in we in the be acquire to than capital

capital the with XXXX As assets current recording ROFO development funding in to GIP has discussed the the in previously, to and at of to the added dedicate our continues CEG that previously capital pipeline level align second beyond. and half constraints

manage is term our always, with ratings formation As please we lines capital Operator, long a target capabilities. growth that our our consistent preserve maintaining with Thank for questions. view to open the you.

Operator

Thank you. Instructions] Our of Bank [Operator Dumoulin-Smith from comes first Julien question with America.

Your line is open. now

Julien Dumoulin-Smith

team. two here. so Hey, questions Hey, different good morning,

to try I’ll be quick. So

late know of market sense doubling, years of First more bit of I’m RA curious, kilowatt at curious, I a talked if know, a pricing? in but on what I California off, of this Vistra at meeting or past, sense think number out assets, with us call. month I’m on can that discrete than little your at the I from your you yesterday is better few give you recontract, latest for little we’re comment a their all? your $X we’ve sort can about least sort through the

Chris Sotos

your your to But give Sure. RA question, I first think And specific I wait a don’t really second for out. question. pricing have to

to three liquid more years are in it market we is I think and out. than your point,

note I round is that think, to number summer kind versus of it’s peak. important a also year if number

in that order you’re the improved a I prices that perspective specific – premature. But continue my think it’s illustrating point give and big to. So from I the to significantly has bigger is number, think

Julien Dumoulin-Smith

many throw in ultimately, to in there’s puts it can this that – materially check of I the to acquisition, comment respect a if if just the $XX know, Can very separately, And corporate that and question turning granularly real number just With quickly? detail, then million make to kind that. the as equity releveraging involved into And bit little million. don’t then we the different the a Is another this a and bit you contributed more that a small mind understand Carlsbad correct? is ultimately squeeze not just it debt to want the relative is sure and $XXX back can seems transactions, them a employed? numbers Okay. some quickly, you I more and different us and you of give takes little of of about that?

Chris Sotos

some I’ll Chad want would of for make non-recourse of regarding I the on to project. a it’s kind you’re at let your corporate Sure. question. not answer detail your leveraging looking I releveraging, through go say, appropriately. of But second I question your it’s a can the kind third, sure

you debt Some and CVSR. structures of Holdco that the at saw Agua

project. about done perspective once working the our nothing, if require, corporate acquire terms et from So in would before, you of we again had capital before cetera, million capital, to $XXX

required to million it is was before, corporate bit a capital again, from $XXX view So with a might is versus of different above corporate non-recourse corporate Holdco significantly in about it little capital not once second a emphasize, question? I terms the level a kind it’s your perspective, that the leveraging disagree than investment-grade of $XXX million. Julien’s at project. the leveraging, But Chad,

Chad Plotkin

Yes, Julien, I to I your mean question. answer guess

I takes. think is put always there’s you it and the puts way

with the relative obviously service and in take, constraints side. reporting the we’re there’s up way obviously I So, to puts PG&E, on are I think reduction mean arrow in there the an I mean Agua debt under the

we the historical a some originally the information obviously, we on got assets. We predicted Dover talk in always you’ve some as about, recalibration gather impacts bit other disposition performance we a PXX as arrow do was wind on of down more think, expected little of what and I a for there.

a there’s adjustment bit little sort bundles mean, are. into where minor of So a of I in, it there. all we

things We’ve think would to I though been things CAFD’s equity, it forma project in think those way projects. how pro the of the dependent generally knowing is think some about outlook. expected timing amortization we’ve if prior of a presented there I five-year proceed shape sometimes the about tax presenting also for on our previously average of the using is shape And debt relative growth. and that, you

on So note if Page you XX.

call four because is, We how base that to it it. drivers, other appendix if you disclosed have it, of that’s But there call this of item. about attributed the in half consistent portfolio we’ve We actually with or that. look is

variable. So were you’re in factor kind that very if you close of we to where previously,

Julien Dumoulin-Smith

much. guys. on. pass it All right, I’ll Thank very you

Operator

Thank you.

with Rusch Colin from comes question next Oppenheimer. Our

now Your is line open.

Colin Rusch

the so Thanks you forward some of give guys of cash portfolio? is you term? sense looking pushing that you to could Can that something near it around something their under around this comfort forbearance you much. that take for this themselves dynamics repeat? us the were Is are Is more it a lenders in guys agreement? some considerations Or something of ease bit the

Chris Sotos

which get it’s Sure. probable Chad bankruptcy with with many think, all XXXX. June unique I’ll details. the in emergence what’s contracts of from dealing for think once PG&E situation both and is the you full under in into really freight of bankruptcy we’re in ways, But But have kind of its again counterpart, let with paying of kind I sides. benefit I it

So details? the of But understand the make so rules of to pendency we that speak, – I while everyone’s ongoing. of that think certain PG&E Chad to while the the road situation kind working any for is

Chad Plotkin

We’ve projects, sizing But thing, Yes, given And structurally other with Colin, don’t active dialogue here the the secured speaking, out the point unlike project. that we’re gone we in very I size Holdco lenders. in the underlying is our they one I why structurally I in debt. a would focused we’ve constructive think the got direct since Holdco through a speaking, of this. mean, how interest of on start and debt. think on have basis, Is the that the debt, some not I

it of that that naturally, a credit different are paper in is bit So investors are those And kind a different. little to overall. of view have some going of

to So that a of the create to a I try was of dialogue to bit balanced sort think part be win-win. of

underlying So – They of in feel their more a they make create committees were just ability of with think then some stable reduction given an paper end the the they purchase candidly, not credit the into position. so. we quite and wheels debt, And to mean, result. like attractive piece we get going I’m reprice agreements, a I that I within own represent of of little very and not the And sure et back of satisfied bit it risk. our in that ratios but action, irrespective was feel a can like platform. go we’re can the and stable more to manageable a it’s cetera they’re to

Colin Rusch

ROFO seeing thanks. can distress question Maybe onto of for areas decent over an maybe portfolio? about next, little bit the space? development little Okay, moving there’s sheets for running But then opportunity a where lot is aggregate and not that a amount to into the it understand necessarily months a pipeline is just now a And developers it you right partner unique of maybe been fair discussion sized XX more actively? the the growth in Craig. are I’d and to the that talk assets? of the call a XX and around we’re capacity reporting there here bit the development love to balance some opportunity certainly this numbers? leverage bit some and Could that Is the about on some a It’s dynamics liquidating

Chris Sotos

Craig, that? why Sure. Colin’s point, you take to don’t

Craig Cornelius

production correcting those value for down thoughts in capitalized noting Few a that opportunities controlled capabilities the the only advantages as as Colin. qualifying that I the projects well morning, the disclosures setting ITC, go period requirements we on under right that natural some own, that we credits project platform operating and But the of certainly on so that well JDAs Good do. And we our that, tax on. create you’re has control solar both make now. of are first, full the that of engaged we step into Sure. provide, think, a for acquisition development dynamics as we pipeline through for are and up construction disclosures some

dynamics suggesting, the CODs that you’re And it’s to that, opportunity think will I for and we’re pressing working XXXX the on there set us industry. for allow for moment XXXX solar most. the our we more add supplement matters wind in but in timeframe evaluating already, places in the the are As particular, the XXXX hope to front And where have there’s about feel pipeline are opportunity. we is it as selectively pretty greater that set up on think we good pretty regionally well those

bring those program the previously of substantial that to particular that opportunities we’ve Harbor we advantages the acquisition One investment bear disclosed. in Safe is

that’s megawatts So PTCs of that a valuable for with in have those M&A ITCs opportunity can more we situations. bear than qualify becoming we in to invested or X,XXX projects either increasingly XXXX, to worth that equipment bring through tool

over And whole the the months. so, mean enterprise yes, XX for of what can we’re next constructive that about the

Colin Rusch

helpful. incredibly guys. so Thanks much, That’s

Operator

Thank you.

comes question Fishman from with next Goldman Sachs. Our David

now is line Your open.

David Fishman

Good morning.

Chris Sotos

morning. Good

David Fishman

Just and the a about XXX%, the deck, you actually this it’s how XXX%, the about resource When the wind the in third reported from index down is XXXX that release, then year guys was thinking wind impacts kind wind at the quarter year-over-year. I but renewable looked on was year-over-year. of question

wondering there’s just was I So that? rebasing driving year-over-year or a what PXX the what’s of if

Chad Plotkin

the repowering we’re Creek their past and I at we’re included going not and Wildorado excluding I removal and think index the right because process look is because big construction. assets index Elbow because you that performance the the one in including chunk when Texas that thing there, now in is this you a in that of know, the we’re factored of through probably the as because quarter.

of during suspect on a actually Yes. the I offline, that the number are point. chunk those that’s period. it So big David

what probably that’s is So seeing a you’re overall there’s why variance. that

David Fishman

was. was some XXXX. number I you had out I guys think, the deferred wondering the on put I remarks that O&M heard magnitude of then And a what just there sense. makes that are That in if Okay. during stated

Chad Plotkin

Yes. number It things. was a of

the cost containment think, savings I we’re I very on across and working as constructively brought, obviously portfolio overall.

fall deferral it I in think couple to a piece tends buckets. of the of

On you’re begin on up. where you’re frequently wind issues that’ll facilities to not as where the turn, you some the – and And We pick millions on then didn’t spend have Thermal predictive this but it’s expected of hand, can having on to some the one of not spend around. you dollars on run maintenance things. differing It’s and spend city segment, fleet and like if talking within through maintenance millions depending on when the in cause because centers permitting have we’re the of we it dependent might that’ll the local here. give single a specific number, digit tens move

David Fishman

great. on you. Okay, quarter. Congrats I the appreciate. Thank

Operator

question from Gordon with Thank Greg next Instructions] you. Our comes [Operator Evercore.

is line open. now Your

Greg Gordon

Hey, good morning.

Chris Sotos

Good morning.

Greg Gordon

quarter of June associated much you Really with this parents, flow numbers. at you’re projects. CAFD you so of under – to XXXX. period time PG&E the rate of will back assuming from on that trapped is the before that is Congrats. level? redeployed? And exit AB can that it they just end run of know XXth annual How do that point deadline Can us, be trapped Over $XX million cash or that in the remind as cash what bankruptcy project I solid the deck out the currently

Chad Plotkin

Sure. it. handle I’ll Greg,

over restricted there’s is a basis, to assets. like balance on cash million. actually consolidated much think I That associated indicated release, if $XXX we PG&E how So in is you note total the so

had perspective. of roughly However, I call year-to-date is, it I that would reflective number prepared PG&E the what million that way projects. my the a we otherwise to distribution think be emphasize would excess cash is Perhaps a $XX not available from in CAFD about think at remarks, of I that generated simple

of the made I of excess of you excess is date event we – the if time. fourth at that So in relative that would at PG&E the the the able given that distributed end that default the distributed coupled then projects was fourth quarter, of cash me, excuse of the XXXX, of assumption not the the because had over candidly our distribution cash occurred timeframe And to had the of projects, at with of something we some get were get all effectively end situation. quarter which

the was if more in now capital. otherwise think million system I that that’s to number right to million holistically, I it I of So a look be between there’s mean, about. overtime, $XX cleared said there I not could call bad $XX if think cash

Greg Gordon

And that hopefully… will exit and to continue build until they

Chad Plotkin

Correct.

Chris Sotos

And then XXXX, nine the majority I vast question of June using to to second released. should be release, that speed about months, of six your would the within of think,

Greg Gordon

are CAFD rate in you to the Great. your matches back And doing projections your get what the isn’t contemplating of reality cut Board in terms that an conversation ongoing traps. around you once with dividend and untrapped actually run hair by the

Chris Sotos

Yes.

our but do the about the again, at talked we’ve years. how use of a that going that before, to XX%, ratio, we or cash forward, with is that it acquisitions versus special assess the basically something important indicated And to terms over in facts the once of ground time, on that think payout nature. acquire we’ve XX% of as trapped, we’d I any dividends consistent dividend

Greg Gordon

me. for Thank Great. you reminding Take care.

Operator

questions turn this time. not any at now Thank you. to remarks. Chris I the for I’m further showing would like any further Sotos call over to back

Chris Sotos

Thank you.

time. a strong good talking again, at you very I’m in wanting for everyone Thanks for to once accretive of forward everyone’s to And I’ll really thank quarter Clearway. So look and February. proud call. to opportunities And

Operator

call. for and today’s Thank conference you concludes Ladies participating. this gentlemen,

disconnect. now may You

Clearway Energy (CWEN) 6 Nov 192019 Q3 Earnings call transcript