CWEN - Earnings call transcript Q2 2020

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Operator

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

Second Quarter 2020 Earnings Conference Call. At this time all participant lines are in a listen-only mode. After the speakers presentation there will be a question-and-answer session. [Operator Instructions]. to Sotos. conference like speaker to now Chris today, would hand over the your I you. Thank go Please sir. ahead,

Christopher S. Sotos

morning. Good

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

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

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

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

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

quarter of for of first $XX remain Page half X, of $XX Turning ranges. reliable expected COVID results teams safe operations time. To date, for immaterial, sensitivity and the million a million, this CAFD the through maintaining to XXXX, of effects XXXX. within are total difficult second our Clearway our with achieved the These in of

residential line are long-term consistent and the a objectives. announced, close commitments half, with in CWEN recycled has did on sale previously our the solar to that interest in After repowering am already million. for and remaining first from the that As the million, not financial portfolio year a and project that of closed $XX emerged with a the for our our recalibrating and for to we merely capital April X.X own, $XX Drop-Down we dividend PG&E note I bankruptcy, happy

line dividend XX% CAFD our increase are with guidance. XXXX which we payout in to is announcing company's today, So objectives ratio to share a annualized, relative $X.XX the to a

have, and Clearway at with the X% we already will of able Through deployment, being anticipates the projects. we the growth committed increase as allocate for to $XXX previously, dividend of investments. X% rate June, million PG&E-related this Inc. the to this there Energy end And our predictable we've cash of upper at binding indicated to agreements was in end long-term growth capital XXXX. place As in the

we In corporate million addition, growth objectives. sheet ATM authorized issued a during million fund The the green million and to program $XXX $XX to with has a Board $XXX ATM Clearway million the balance the in quarter, $XXX tack-on under raised bond capital, our as Energy XXXX program. new within also

behind to we constraints during the growth. from also quarter, now us, were the able PG&E With advance new

CWEN in cash we and of XXXX Star to of then predominantly flows XX.X% XX% First, flows it's wind while Mesquite merchant. is the interest project, predominantly agreed acquire through the with obtaining cash retaining thereafter XXX-megawatt project the an while contracted; middle the the of

of As you bankruptcy, in PG&E any had will recall, as initially Mesquite a Star. we the forego result investment to

project. We allow the to have continue colleagues retain solution period working to Group our through at Clearway to an interest to been find with CWEN this fortunate a in

merchant innovative relationship, ROFO in growth outside provides a an that and our strength approach structure for to the project our capital sponsor exposure ability in period Our the this pipeline. of minimized the to testament is

in all Marsh with COD Clearway parties In anticipated with start XXXX. addition, reached agreement at black services Landing regarding

capital, will the a an receive on, During of, in of exceptionally strong year pendency CWEN resulting CAF its return five and deal. the contract,

our highlight California market. of this is in the the importance continues investment electricity the of assets long, gas the contract important While duration not to

Rattlesnake Repowering continue quarter investments to remaining Wind Pinnacle CEG work last We track. additional on both on the announced with closing of with and

focused for with partnership in Group. Clearway and acutely are XXXX driving growth especially we Finally, on beyond,

while its those repowering, remaining of asset XXX% We Phase well Clearway Langford or CWEN's with Creek interest following structure Hawaii from I. in similar to given The offer in the assets already ERCOT. interest portfolio a Drop-Down and known Hawaii into hedge have projects for are provides the Group a an diversify in for received investments Solar previous to XXXX, Repowering Langford another opportunity Elbow in to participating and you, CWEN its ownership

we with a from addition, are In Clearway assets portfolio to operation structuring by in engaged a dates gigawatt development in X.X XXXX co-investment commercial renewable XXXX. under Group, of expected

growth which future. basis are average life stages will an sizeable of estimated this with will the XX-year Clearway on growth we provide dividend sustained in early for support Energy CAFD longer-term in per the the additional share, While portfolio process, weighted a Inc.'s

take Turning articulated to consistent we closed historically, deal want you our fall GIP of the including XXXX. objectives, will the which financial X, long-term in I are reaffirm what after with to Page a to moment see

agencies. Energy, the BAX reducing debt most average of on over Clearway X a maintaining and keeping as good affirmed the Page for as been payout recently project-level $XXX sensitivity are ratings, thereby objectives policies as the some XX% with the X% target by per of for growth self-funded have basis. rating by stability. years, Star this perspective, off credit we between been end From Mesquite believe distributed of we XX% at an still We flexibility balance X% creates a to messaging on capital shareholders, targeting well allows total, double-B annually, our range investment. dividend end stable growth long-term cushion our sustainable long-term of strategy portfolio when the ratio, the in Turing operate of amortize cash has our the projects combination overview high come to an to financial to the a rate, of to company to range, over continue XXXX. the Inc. for that at CAFD achievement This provides with which share In growth current to to within Consistent risk we a the return business which leverage a financial non-recourse million contract. the these believe

conclusion, of asset an Clearway investment with quarter, to allows diversify outside predominantly our period. source the the the major XXXX, had the XX% due of with to the reducing discussed an merchant which lifecycle, contracted we period will cash high-quality Group energy asset five forego to with criteria. to merchant excited amount during the unconstructed a that yield an to The this proportion strong return aligns will of of approximately a situation, year $X.X XX.X% during to Clearway structure who contributor resulting that estimated reducing our while to be period. renewable This economics this contracted As the average accretive acquisition contracted exposure this When California PG&E of asset to million, of provides middle CAFD predominantly dropping further while then are with flows structure we CAFD the well XX.X%. CAFD through In Mesquite's economic our innovative profile so procurement was CWEN's agree benefit the during XXXX, of the anticipated in CWEN are exposed able third the a period to be period. through most power of earlier, contracted in from on is corporates, closes,

with X, slide illustrates XXXX additional Page our this XXXX to color to from beyond. Turning growth

for use re-establish that CAFD we For XXXX. dividend share share will at XXXX, our have we per to $X.XX annualized a on $X.XX of basis an

a invest, dividend in with Looking by we to or per committed have the to our end ability the of resulting range X% the grow $X.XX to we our for high the to dividend already executed XXXX at CAFD per end X% XXXX, see what share, forward, target $X.XX given and of $X.XX anticipated share. of

end residual in our approval I, in dividend CAFD investment subject therefore, transactions to Group's which Hawaii per Phase have XXXX. of As by our offered also per Clearway momentum to Langford Clearway Repowering been share negotiation growth, works the these closing and we we independent target share maintain directors, and by the and interest the

the with beyond thereby at growth with Clearway Thermal we in to latter for the With Chad? also acquisitions, colleagues that, attractive is the longer-term and are and over are bankruptcy. for I'll gigawatt runway given potential share. creating These per which XXXX, Chad. X.X the of working PG&E Group now on development by Looking a company, in in third-party renewable efforts resolution assets in pass portfolio investing XXXX enhanced more XXXX, of to discussion the our efforts of CODs CAFD the our

Chad S. Plotkin

Thank you, Chris.

reporting adjusted to $XX adjusted of Turning quarter available today EBITDA of is Clearway CAFD, $XXX second and first million. million in half million cash to for These results $XX Slide CAFD EBITDA to million. X, $XXX distribution, or bring XXXX

key projects continued have While operate to that focus safely reliably. the across our say pleased are a COVID-XX we and enterprise, to remains

conditions the locations was the environment and at from view, portfolio. quarter, the materially the operating the additional pandemic. impact the during we quarter to notes, a were approved issuance from of indicated anticipated of median benefited of minimal interest May which as May segment, Alta June, the solar well were the financial which observed challenging sales business the primarily was the primary in conditions rain service company costs. debt Though payments. in from the expectations. $XXX issue April, with Thermal higher-than-normal renewable these first below reduction lower As impacts volumetric Consistent at of due a including deferral call, a was second million during to were the timing this on pandemic payments, wind Partially energy from due second This the by during results quarter as where XXXX at impacted offsetting significantly offset year-over-year, earnings

the is noted in to the guidance its from presentation. items, its our the end XXXX now the permanent of company. levels as due we range, continue CAFD maintain which corporate quarter these to section range, accretion second would raising million, in capital the continued and our emergence with at project CAFD the been sensitivity quarter, of success Appendix at by results the results Clearway supporting bankruptcy. unencumbered PG&E within lower of Excluding long-term sensitivity Overall, In in for $XXX have also

we attractive proceeds X.XX%. May corporate existing issued this The to financing all As green price million XXXX the levels, at which $XXX occurred XXX by a of financing an under an issuance used This mentioned, borrowings evidenced cash yield repay of were today. in as undrawn of bonds. or of additional remains the approximately revolver,

retire convertible due XXXX used million that the in $XX also of remaining outstanding to the notes proceeds We June. were

issuing program yield prices. at by issuance needs fund levels was efficient million program use of at CAFD ATM support issuance, Clearway's with implied just the $XX bond attractive During the growth in with to quarter, million also This equity tack-on sheet X%. Clearway equity initiatives demonstrated objectives. $XXX balance our the the over of equity significant to long-term raised further long-term existing an of this the Like efficacy ATM line completed of of portion also

program. ATM As Board company has to authorized the such, million on forward a move $XXX the new

Following with and these resolved, to is the company growth strong its within exceptionally liquidity bankruptcy now well the position objectives. and on financings, is balance PG&E positioned Clearway's execute sheet

revolver, In of up addition PG&E tied approximately that to cash million been $XXX restricted has fully-undrawn projects. Clearway the at has the

by We to The back company by both significant closing execute windows. factors have through for and $XX stable amount, will that, received long-term viewed on call is level also its and remarks Moody's. target million the of this I'll October, flexibility Clearway and Q&A. ratings S&P All the and with receive or the its these distribution afford balance to Chris And normal turn already plans. at

Christopher S. Sotos

Chad. you, Thank

want Page Turning to points. XX, a I of close on couple to

both resulting and in First, goals, are with with commitments stable financial agencies. CAFD line XXXX delivering our leverage we our from on ratings in

our and financial X% annualized PG&E the policies, for long-term at growth our our XXXX with with rate. dividend at resetting upper us, Second, targeted are line now anticipated third behind X% long-term $X.XX an quarter the basis, growth of with in dividend to end on we

our growth. are focused long-term share sustainable on we drive per to Third, growing CAFD dividend

on and X.X to in of increase XXXX. With investment with with engaging the continuing potential and assets, on XXXX CAFD per CODs in during opportunities last the to residual Langford we Star in further our XXXX terms, co-investment the Clearway CEG gigawatts announced the of their repowering attractive quarter, Hawaii, and the and acquisitions Mesquite new XXXX with -- Group in share interest with

The opportunity prouder free the the to into look and growth to built you. for constraints to CWEN and of how is a more our that challenged banks future, situation. take numerous I by with thank the has cannot demonstrated line forward for employees, on team in us questions. the half. Operator, situation responded the I platform. sticking to crisis Thank bondholders, ways. Finally, PG&E be organization and through please working us past of the I and year working resiliency wanted open the the shareholders, the the in of the

Operator

you. Instructions]. Bank of is from question Dumoulin-Smith [Operator And come first Thank America. Julien to our going from

open. is line now Your

Julien Dumoulin-Smith

morning good through hike and making Congratulations the on dividend to everything. Hey, you.

and guys you hope safe. So are well

Christopher S. Sotos

Absolutely.

Julien Dumoulin-Smith

A few up different morning. questions this coming

assets means terms little issue diversification from a otherwise, outside one, whatever First, of as parallel, in help of related, future versus a any renewables, but talk to that split, eventually conceptual with analog Do you other I a direct versus more some going respect portfolio be previous it's about here to counter-party? portfolio California see not and strategically? then the that And your the and gas to seeing you acquisition. Dominion California emphasized I'm utilities. a separately do or just renewable merits expansion, to the know to necessarily see you the And by latest la Thermal of CEG raise of bit de-emphasize

Christopher S. Sotos

I well. and Julien Thanks, your and safe you family are as hope Sure.

your don't from In want terms take of Dominion the to we question, view that portfolio entirely. take first out gas think that of necessarily I we the

is I of was talked see very think in Carlsbad investment, going I to question in provides do from near investment large the a investment, good time renewables do not forward years, as into terms term, time gas the if we lead in lot Obviously, against gas. necessarily. over see, a but than the and obviously, we that solar. we PXX a more see volatility much wind some hedge your

average. that portfolio CAFD So we would I'd be grow, natural to diluted terms as the say of a within continue in contributor gas

view we past and assets California So the for it's I But of how half, question as diversify. I in often we given won't California, a we of what to we see To that overall. second look your though kind if terms gas in can that's look think year tend did think, not occur to at anymore.

something IRRs limited CAFD that inside of for a two at have capital yield reason. that or same we'll prefer have outside we assets same risk California if level, versus of the So and amount the definitely California

Julien Dumoulin-Smith

dividend that And then I end assume could terms portfolio just would you that about of XXXX, follow-up would and growth XXXX subsequent if we in not this really X.X CAFD that growth should of such an growth that of largely hearing higher investments, of but CODs, outlook the gigawatt you that growth I cadence be into Excellent. just to XXXX, briefly -- XXXX very sounds here here, XXXX when it investment, sure some such talk the to talked back-stop if align would know growth the with COD make XXXX, end of like that you XXXX for that right, up investment? I'm you projects for on they more assume dividend the are be actually

Christopher S. Sotos

is simple answer yes your The question. answer to

the we CAFD X.X the at the question after to that with gives much XXXX projects come high XXXX. I because on and be guidance, X% gigawatts working the increase think would your that's for that those more to But to in the Group, able between what need looking line. for Clearway our around be to we're obviously, $X.XX end XXXX, at confidence dividend rate of us X% have

Julien Dumoulin-Smith

Okay, excellent.

of really your CAFD already of So large what here you visibility think out X.X of a be, line too gigs to loud, sight terms you provide were opportunity clarity when given to think view? just have you would in if you, how that but on much, or I about for kind push want does don't XXXX, you in what portfolio

Christopher S. Sotos

working and through Yes, the we're we Craig work said, didn't as really kind days disclose of team early CEG to in that, we with and with it.

But agreement, speculate. binding don't a to have then, announce we when that. until we'll obviously, want So

Julien Dumoulin-Smith

All Again, congrats. Fair guys much. you, best. enough. the Thank very

Operator

& our Company. And you. Colin Rusch And comes from from next Oppenheimer question thank

now is open. line Your

Colin Rusch

terms Thanks of now pretty project how assets, of feel some proactive so assets you, and Can a much be you market the seems these money you what be at terms, us capital guys. in opportunities you're of be terms of of new raise sense might level debt of seeing to markets to on some give cost some right liquid leveraging the specific? could this there it much in like the to of does

Christopher S. Sotos

Sure.

anything it financing hand pretty to see Chad if strong. mean as markets actually project we I'll add. But the I think I So there's to

normally available are I of banks think that they'd what the that know, add DSCRs say I'd leverage, to most good look are project for as Chad, once market. way a in again, to obviously, I there higher. terms with environment obviously, looking are don't projects. the similar at a But from the principal dollars perspective? financing of it tends be the the bit interest at rate little is, anything to

Chad S. Plotkin

Chris think relates raised I Colin, was the that as projects, Yeah obviously, point new it to accurate.

question if drive additional our say, over in portfolio opportunities or anything to back mining continue see I corporate as think at that other we think do we're the level, capital always, of the to seeing project your your I enterprise, you've But I that. not but perhaps the the just we're very as is the cost years, level. found refinance capital portfolio do corporate to the also for we'll markets, attractive overall, opportunities. And could in point, to look at at

Colin Rusch

services of Okay. something of market energy Is know And opportunity are as also way? meaningful That's technology but any different discussion guys of of [ph] selling into see some an in number sort some across portfolio seeing different in that the we with implemented around helpful. has CAPEX then on you portfolios. a the that terms incremental ancillary existing been there's ballpark lot storage, I

Christopher S. Sotos

to to Group a hand put of view, any good Clearway additional work we Sure, footprint. I may our constantly pretty with if and wide But do have color. it at what our see storage assets off has make then have colleagues say think Obviously, sense he on. Energy that from we start I'll we and to kind to Craig

think maybe, we So for to how your at to But Colin, maybe opportunities you're I'll sense. it all for turn over those the might on it the what time I side. make you question, look group at see answer Craig, looking

Craig Cornelius

will technologies been cases look Yes, Colin. other be that structures, investment to adequacy, because observation able sure. it's an opportunities over market around described, that to on we're When investment And underpin contract both revenue capital relatively or Group our Energy cash reliable ancillaries time, compress to we that a you've in Hi, rapidly. most can expect storage with a on of using focus stream Clearway at technology of deployment investment we flows can consistent we at like resource focused objectives. Clearway be and want Inc. our tolling-type produce

able where ancillaries been we and a energy fleet, for could one, a looking number arbitrage actually we relying revenue of chances to upon for we where might to we've So order be be focus retrofit contracted we're them investment a the but be storage, opportunities pretty the where around attractive the returns-enhancer, thesis. do not something and see could picture just to And in or underpin that. see be

Colin Rusch

Alright, the with now? you sense that and is big give how portfolio can opportunity us of a right

Craig Cornelius

matching function a entity load-serving appetite. with circumstances and It's project of facts

use as us right a we hear certainly commercial as the I that those megawatts. any are storage fleet, where merit is of opportunity your would opportunities many an by that question now retrofit. there's disclosure, then for in as assessing our think company point could be As reach make more. indicates, virtue certainly, able is as And that think we well of positioned opportunity and measured to positioning of the hundreds you a ripen you'll set certainly to of But transaction of a incumbent

Colin Rusch

Thanks guys. helpful, much. so That's Okay.

Operator

from to thank And Byrd Stanley. is next from our question going Morgan And you. come Stephen

now is open. line Your

Stephen Byrd

are Hey, doing morning. you I well. and all hope families good your

Christopher S. Sotos

you, yours Stephen. as Thank well

Christopher S. Sotos

thinking higher get about the back talk tax about blue extension, and rates, things potential And step I'm to would election sweep. credit asked wanted and often possibility just be a of guess the then and three I that I about carbon impacts, we regulation. tax corporate

you you as do assets as your about kind business? how your think level, about your growth both current of impacts opportunity, high a those business, well as think your to as Just

Christopher S. Sotos

concerned your tax NOL. as think rate, but a easy not I'll we Sure. generalization a it -- for not Well, corporate really because to question, as to I To of give we're similar answer a our as policy, think it, rate about the about minimize given answer. the

XX we're the the the materially the rate really basically near view years in So value our because the NOL, in tax corporate under a -- affects NOL. tax just from minimal taxpayer difference rate, federal of for the next

how increase, So the if then were tax with corporate necessarily convoluted once rate policy, of of nature on rates again create it itself, doesn't to tax intersects the again, tax something. federal depending

tax credits, renewal think helpful that once think because again, tax of I that as maintaining be I development obviously, that on size. terms of would a just NOL additional terms from area blue In credits beneficial that and incentivizing runway well at sweep perspective in are

little of well asset. gas and terms gas kind because because do lead Gen-Con view think regulatory platform lead convoluted tax as are But corporate is as exception to the that is is question the the renewable probably the first obviously to overall gas overall, I of and other speculate our there, with think our really tougher asked, would part as And I in our bit more in question it's Third, question, you the rate, a of gas, carbon given overall back us. the little policy. tax assets part our renewables or a percentage analog how than answered the of the positioned, ways enable a with different of given natural increasing think the regulation, was bit many behoove on versus lead is the meant is Dominion California, in I overall, that where fleet first in corporate

have of goals. California just somewhere as that really merit. sitting renewable peaker out runs though its part of reach kind It's upon based So as helping it's a not we there

where bit So our I depending gas type out. asset little its on a carbon legislation of come think may

Stephen Byrd

green separately, topic just days thinking helpful. hydrogen. is really these a And about popular then That's very

in you've of is long-term view, power is very siting your of really very a providing quite cheap of green see sites. of hydrogen, potentially Do at power that our of renewable One as hydrogen, any or about that? that some cheap early excellent potential of green terms sites got terms of and days and you in in the enablers key just electrolyzers sort for creation thinking

Christopher S. Sotos

over I'll Craig. to start it then and

one of part, those people think opportunities, when ill, think for long. the different is duration pretty our or I PPA good is

agree in cheap power, you I a negative with for, kind of already terms of question so the hydrogen, do to portfolio. that of So it's lot that? of that anything which with, a contracted just But Craig, terms in might

Craig Cornelius

Yes, we renewable a plants others, this the higher-value power long product see run. potential Like sure. end do for as in

Texas For for in the in chain the but in as the the that Texas in the will And total hydrogen market to run at, in provide some renewable-driven favorable. foundation which on in It's converge both a electrolysis higher market states, come addressable opportunity for point view contract's way it's point of than the I our hydrogen as conditions see electrolyzers advantaged see it's opportunity that in will currently required our competitively price at our different of California. assets time. supply time, for industrial we've touched over in and demand a hopefully operational higher both. think that's sold progression a the in with particular existing and been produce We applications for applications sizeable the for you'd footprint, category, automotive former evaluating and long assessment together evolution,

in think are time an the we right fleet. it we see see in this, opportunity, favorable it. the value long spend run, others the operating we terminal existing on to to we think be And could So

Stephen Byrd

sense. makes That

out you that So some as contract this expirations, sense think with contract understanding complements correctly? it Am I of opportunity at the of expirations, least. could sort actually, work cases, your like that some that about the it sounds in in

Craig Cornelius

positioned a of project probably your cost, low operating has our an well-understood could has in very contract solar to distribution or And them off latter decade. Texas, existing end that pretty like situation think hydrogen initial relatively resource a construction ideal fleet, that either in and with period like well close you operating kind project wind the Yes, this that its place gas being a of two project of use. of sort configuration of the and new half a rolled especially as infrastructure of looks for

Stephen Byrd

that's much. helpful. you Thank really Yes, so

Operator

next And thank our you. David Sachs. [Operator Fishman question comes from Instructions]. Goldman And from

open. now is line Your

David Fishman

congrats morning, on a normal return to here. Good

Christopher S. Sotos

appreciate long that. It's been a time,

David Fishman

So CAFD a of run dividends the from the of kind thinking question to I about as pro guidance of it and on have relates shape rates forma that. kind

lighter, little and first about shape are next it's timing So pro DPS $X.XX a XXXX CAFD trying low of Just quite years? two, but about my end. bit over understanding escalates the a kind that it just some bit but the of then guidance due couple to $X.XX it's of forma of to is the cash the year flow. Is these of it maybe seems So the share, on per to the like run rates about that little in the think pro the of or that the is $X.XX higher of the XX%, of escalation not simply forma?

Christopher S. Sotos

that's not the are so on X-X fully that it all also necessarily well. line January part of It's assets as XXXX,

David Fishman

Okay, timing so there.

Christopher S. Sotos

Yes.

David Fishman

. . . forma pro the And

Christopher S. Sotos

is -- that -- couple of it all first Also not the X-X-XX. sorry some point running to are and be are part the them second the operation. we'll of point, months in up of your of And new. assets Basically,

David Fishman

Got it.

well the Star pro that Mesquite as start potential That announced sense. then include Okay. makes acquisition as And so doesn't black announcement. the itself, number forma the

be be $XXX the of necessarily run potentially incremental those to So rate, that million pro to not for forma? would obviously, general, that'd incremental X-X-XX, in but

Christopher S. Sotos

Correct.

David Fishman

to bend? proportionately could looking Okay. target in raised growth the the should pro future, X% guidance the And more rate revise within to we be assume it is X% dividend or that to you whatever the might the forma

Christopher S. Sotos

to within objectives. try we our again, stay once Yep, long-term

X% if your comfortable lead the we of, X% to increase would we So of duration higher yields got that investments, have a dividend kind point, that think so the speak, to to increasing then I kind at and CAFD which able felt rate. to were

David Fishman

Okay. last Got question. just And the it.

the the Marsh coming process, does, for with the XXXX, the kind through On as counter-party? any start expect with or dialog the doesn't, does the asset for potential of for go do of you it re-contracting the And at so X kind broader of due if black in completion pickup? that XXXX that you of if with there about conversations accelerate the when it Landing, re-contracting contracts assets in kind the

Christopher S. Sotos

naturally, I Obviously, on that changes start, focused marginally. dynamic are think entities black the it probably the PPA those recontracting. or

X always is a of said I early with of consistent, little kind think false little just a bit years I've being precision. bit

those will really get I going in So XXXX. think conversations

David Fishman

And Okay. my those are you the sense. That and return obviously Thank normal. great congrats a quarter on and to questions. makes

Operator

you. thank now would to questions. to like for over management showing I'm turn call further back remarks. no And further the I And

Christopher S. Sotos

you. call. again, past thank and year our really for look everyone's the over in future. you forward Thank Once Appreciate half joining everyone to and support growth the

all thank time. your for So you Take care.

Operator

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

may now disconnect. You

Clearway Energy (CWEN) 9 Aug 202020 Q2 Earnings call transcript