CWEN - Earnings call transcript Q1 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and thank you for standing by. Welcome to the Clearway Energy, Inc.

First Quarter 2022 Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to your host today, Chris Sotos, President and CEO of Clearway Energy, Inc. ahead. go Please,

Christopher Sotos

Good morning.

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

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

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

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

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

X. to Turning page

a quarter which to basis sensitivity our and generation. for for payments generation our with which First smallest low full renewable CAFD the contributor year the is on historically million seasonal debt $X within timing results, of for quarter quarter, CAFD of range latest is the the due

in upper to of increased keeping on X% an the dividend to by annualized share, growth dividend us the per for year. we also deliver $X.XXX So, basis, or range the thereby our objectives $X.XXXX track on end

million closed Importantly, previously of committed of business sale capital which our of $X.XX to for the Clearway available $XXX million growth $XXX May billion after with with Xst in Thermal be expected leaves accounting net allocated. proceeds, investments,

fund these share supply million with planned. we will XXXX we some as $XXX previously to ClearWay want performance $XX renewable Clearway's development per projects million forma on $X.XX continue outlook out for to unallocated to Clearway's moment $XXX million In the XXXX concerns of previously. group track the advance Thermal than a CAFD with deployed. investments announced colleagues, and that address and working and pro we've As with with remain of regarding committed When guidance on be here at broader result for track to CAFD a on assets $XXX of commodities capital CODs or freight. the are put XXXX completed generally cost to supply our I is, take previously in revising CAFD sale, our of with remains in million. announced in the increasing to under risks. The market other labor, of the challenges course, our dislocations and for economy chain grappling country and less

shares market strategy fulfill sweet like of diversification, as the to is power these. has one policy to enterprise very ability dynamics well that a our in put in able capital complexities, Group during system in entire of growth This up able our business Inc, various enterprise confident no can to businesses provide to scale, have insulated to Clearway shareholders pipeline the when its Our here DPS looked address. and large hold Energy across financial together our with levels is XX us that will tremendous opportunities million as But those flex at the is that while during to fact projects, for builds amidst have the targeted Group like enough well. this, especially targeted to X% Uncertainties Clearway its as is strong electric upper a ours because CAFD capital be to the allows returns whole to the long-term. the leaving meet we integrated And its CWEN certainly such balancing generally, and conditions XXXX. first capital how the the of ownership these from invest investment and deployment enterprise as the X% through enough our accretion. of interest policy those in range from their this CWEN, we periods assure Clearway market Clearway scenarios. spot with which having needs see Clearway and diversified environment times Energy goal has also a power deployment different. we in have flexibility, that that add and of We that benefit industry very providing renewable pressures, is Inc The

today, strategies capital with supply investment project Energy drive substantial, parentage Group set pressure requirements bring resilient to when other proving capital those situations serving supply are stakeholders and reach, about GIP very surgical ability large global we work, requirements as deep now. chain of and choices sponsor a policy its understanding which led at are and the that that on Clearway and procurement able plans relatively need platform goals prioritization not be And enough to the complex has in to supply for so their or arise. great can't well demand right a our we developments been chains are also resilient that suppliers policy enable both in They So demand Inc chain. to the has but to and establish that That the meeting to deployment. a is redundant makes importantly, to sponsor us meet it are a

beat least capital CAFD in completely X.X% are million to As development start of announce of at a projects the pleased cap capital outlook $XXX the achieve share $X.XX an in and These confidence Groups to the to Inc when provide page from Thermal X. Clearway allocation Turn approximate to Energy sale proceeds deploy am projects, the of strong amount increase a to expect we giving deployed. $XXX excess to million per or I Clearway yield. development can this, it result relative the

how time Group's and as supports Clearway scale me reemphasizing spend whole. to approach some CWEN a Let development this

XX last it with development diversified an side battery can with among X since development. and scale a left X.X GW get solar increase the page, projects, Group's wind over On GWs the Clearway is of of late-stage quarter, of view development of you better GW

and positioned of and be could accelerated making execution from advanced Congress, through benefit tax While policy XXXX during trade pipeline the that the of enactment clean this status credits being the circumstances rational will currently million pipeline the facts planned are and is the we investment is X have time through X, GIP's used and in energy for deploy confident longer-term at $XX further, on committed decision to that for because XXXX who is in growth Those to capital make of in chain fulfill across than pipeline you times Clearway, larger it their Waiawa To Clearway investments. and Clearway investors elaborate are scenarios. spectrum being Daggett and can important Inc know policy Energy enable Group's and are on we a Solar because of projects. of robust into that is supply to Mililani construction us

the on of in and occurring and with petition projects being constructed are did their this those inquiries. into supply by year the now out the memo modules to inquiry. respect advancing to supply cells were the to risk use without made into issued and subject wafers in this received affirmed the earlier polysilicon And enable in Daggett, First the use supply of produced Department's of will not China. China the a all it which being Xnd the a that target week modules be wafers, panel step completed commissioning foremost, processing polysilicon, not a to fact stated Hawaii, US-made each prior for configuration. to respect chain of arising anticircumvention and projects investigation Department of with May commencement outside this to chain Commerce The designed the with of makes the second, project outside duties, of subject Commerce A of scope that

pleased CODs utilize. X X by to the chain, the phases extended which from supply the XXXX, we Daggett's While for be establish to able into the months extension been enabled have are

has also with Texas policy Moving in the risk, outside side manufacturing of are against the supplies now for we expansion, slide, The prove resilient. and and monitor we producers of of option the PJM, range subsequent ahead solar of believe Group invest expansion of country Commerce advancing defined. footprint Clearway looking portfolio community Department's that or next that use the whose our secured projects the options chain and providing it redundant to Keso, solar presently approach, in that should planning an already today technologies our Food REC includes modules of being projects to is similarly in that the has wave of diversification are investigation to are as make across scope fuller right and there's operational sponsor, funds supply planned both for constructed fully hold wind with we the and

of X.X% a X.X% will have contract at years will an deployment capital total investments average and CAF $XXX yield. As least noted, these of approximate and XX average million tenor and weighted CAFD

Group are majority of We with next forthcoming Clearway over of months for working the those months. arrange the financial closings planned X for with these to succession the drop-downs

on million ultimately tax Importantly, over in CAFD policy deployment the deploy reinforces optimistic time. the we strategy the they outlook CWEN confidence anticipate trade we the a holds CAFD new family -- are energy energy, In -- per and right summary, Clearway structures this into driving growth would and made on with projects growth to future. into the Groups flexibility core choices administration provides capital capital if met. generate for the by and to be and see to more be capital we with transparent substantially can what deploy of the are CWEN to increase scale development can of credits range shareholders. about $XXX our enacted? share flexibility And able projects corresponding ability goal And are able the clean

to the proceeds. X CAFD cash $X.XX deploy excess progress of by Turning million to share, are Page the updates we as page our per $XXX X. of project

see million least CAFD million proceeds latest that drop-downs allocated we of Given the Group. Clearway that foresee in of remaining. sight quarter still to that CAFD to per million XX $X.XX additional cents we $XXX from of with $XXX potential share now $XXX of million have when CAFD our increase or XX versus from We line million last of we presented at

the achieving With $X.XX by next Over this the Chad. forward and or of Chad? several over our turn look next to exceeding we to will capital deployment increasing that, I time quarters, year.

Chad Plotkin

slide an adjusted available to expected quarter turning company's cash range. amount and or CAFD Clearway of is of $X first within Chris, reporting for EBITDA in distribution Today, X. quarterly $XXX sensitivity you, million the Thank million,

the performed During the quarter, line in conventional company's segment with expectations.

For led production utility Solar X% overall to over performed portfolio well scale expectations. the conditions as renewables,

due that during were results target results. at offset CAFD the However, conditions the of impacted more the this sensitivity quarter Wind full-year results end range, generally we at quarterly the first note the first a which quarter. by is portfolio, quarter to lower while small to company's operational challenging our was of seasonality portfolio, our Overall, contributor

close, the the previously due uncertainty to thermal would was as of established As business discussed originally Thermal when XXXX an guidance CAFD if the for CWEN original owned the year. full transaction

$XXX With to now in longer updating Thermal our the sale from million, are beginning complete, expected guidance of which XXXX contribution year. the no Thermal this business in CAFD we the May factors

achievement XXXX which pro a As expected continues million committed in referenced and Chris does that full forma investments, existing informs earlier. the PXX growth of full-year renewable the in reminder, guidance factor not contribution CAFD CAFD, from performance, the to $XXX assume

the growth it investments, further of the to portfolio as timing section seasonality please and expectations expected our presentation. to the For of the realization CAFD of today's refer information, from appendix relates

we credit flexibility business core strategy as Turning fund the and due while needs. to growth capital Adhering require needed calls, sheet. to the to how sale, to of continues timing bridge the we to financing discussed to quarterly term expected our when finance growth metrics the the from temporary on investments, we be proceeds our to long when to committed to Thermal balance previous net receive overall relative our we maintaining company's

and sale acquisition the the Now the the borrowings at the under which first of complete, loan outstanding million of as have portfolio. included remaining fully Utah in million solar interest $XXX with quarter, to fund the million the we the used end bridge $XXX $XXX short-term the Thermal in revolver repaid the

interest line long-term with consolidated With pro in fixed with the the company virtually earliest revolver There our no the of no rate maturity as XXXX. cash these has exposure targets. metrics back is in repayments, forma XX% company's credit and borrowings corporate debt the long-term are now are under

also without our the access, maintaining of as our million excess its requiring strength the Thermal from achieved $XXX With flexibility market while capital to and growth CWEN targets. the balance proceeds sale, has now significant execute be sheet unprecedented balance long-term in can on objectives, sheet

back remarks. I'll the Chris closing Now to turn call for

Christopher Sotos

Thank you, Chad.

XX. Turning to page

for simple. are the Our year goals

operational our to commitments. financial and achieve First,

have the Thermal We transaction. closed

for and range long-term our we track our CAFD We increase X% intend the guidance hit to to of growth upper at target. revised are to our on DPS the dividend year, X%

during please capital providing to at hedge creative discussed our we we with on we've made a with and start Operator, first to Clearway really the the open natural in $X.XX share I forward lines and gas to of an are finally, questions. new the assets is I In access our conclusion, And great moving for plans. allocating overall our engage and growth we to [indiscernible]. think Group per continue execution our presentation, emphasis when assets year. one quarter focused discussions about the think As this to and visibility colleagues on And CAFD achievement in deployed. drop-down the

Operator

And Instructions]. the comes Bank America. from of question with of our line first Dumoulin-Smith [Operator Julien

Julien Dumoulin-Smith

here. questions Couple

First off, on Thermal sale here. the congrats

a how much impact that proceeds, at And curious, a can just mean, does operating just you elaborate to the hand. look think then brief the trade your activity, on more, that throw going does development the at about bit you curious wait? need I just to what etc. all at and got clarification. here? long other I'll like timeline, Just if you timeline And we little present? now are ability question, marketplace to assets the How already How cash impairments, on second are look that redeploying in

issues operational wind ago, a to the second you tie what that just were to and alluded Just Chad?

Christopher Sotos

million first questions, of unpack be Julien, take the first to one, timing one your Thanks, then will for conjunction Julien. projects. the Obviously, second. basically as in development in it spent usual, but, I'll let $XXX be and take couple Sure. I'll Chad the to part that question, pieces your with will a

I and over say would XXXX So XXXX, XXXX.

said, capital, terms we definitely working year say I conclusion, use a to of you When of to make frankly, all of I the sense to to previously, can would I this had now. to In kind we by we're deployment sure time, yes, really, come year. calls we then see how of us, it, that a found know, trying a for we've but deploy We'll the that deploy return But goes. for know, remainder shareholders. would of you that haven't that to want we next capital, after think make it,

But for capital second year I deploy view we So think about, where our to see question. end tend and the next Julien's for up. by this we Chad time

Chad Plotkin

was at Yes, the instances I'd in optimal our sure. expectations say where you Julien, resource Julien, data if the appendix, the what were in were. there look not quarter to certain some of

revenue and the in as impacted were also a would capture assets, of had February March, assets that early we We wind couple down the availability challenges availability and in the during pushed some items core some Those quarter. pushed then the Texas I when of in some which say the say had of at the obviously that Midwest down happened icing well.

Julien Dumoulin-Smith

make a sure ago, I flagged to And you that's, to Chris, might certainly words here. mouth. I back here, it to just there. Again, in I you that's just said going second year what want not to correct want you don't your the a right? expectation shareholders heard core put return Again, after

Christopher Sotos

capital it the think we in different the stock into But most is on hits might Julien, the set have the we $XX, is as view. the to possible. right goal deploy given focus redeploying assets. the other Depression and Great where If hits I now, way efficient a

Julien Dumoulin-Smith

evolving tad the and at any expectations further, of anything think wind you vs. as of looking early, energy setting focus, solar are guys about Got if it pushing classes at a within novel? litany asset curious risk other you transition? And it. Just more if

Christopher Sotos

proceeds a I think don't margin, would anything be at minimal, don't your Julien. that's Maybe those excess the particular would very in asset think. majority once question. in but And think I class, if I different of again, completely that's the

Operator

Grippin with question And the our William UBS. of line comes next from

William Grippin

just imports on a module rates, of Southeast end be would imports commerce that the question, up it any, if ultimately duty clarify Asian to think My first equal Do days the developers for applied China. company's appears now rate potentially enough to ago, memo kind on actually to of and you existing that couple being be gives imports from quantified? the clarity now that manufacturers restart risk can

Christopher Sotos

one, take you that position? why the best Craig, don't in you're

Craig Cornelius

Yes.

million with investments memo align advancing we're before. noted and same emphasize clarity the I upcoming committed for looking that that construction projects to think CWEN, just see $XX the that that into First, worth as we provided the were for to of

should the I unequivocally. more just question of our looking far company basis a projects gesture, landscape the to as with that duty was think industry over other ceiling is think context, Commerce a remains I commence but our perspective perspective couple understanding I an the that But create how our participants the high to as could could revisiting about memo so grateful same, course the the fundamental environment at prior focus to a potential something the needed So, state helpful, are for is a the people definition of precedent. the of to really the days, rate means also has that of what which look trying levels on load think that each in broader is for some as the wafer which it and decline kind the inconsistent and inquiry, the for the consulted unlawful. least collective because financing, is to produced producers and to might make the they last that we have the that corresponding no of that Commerce that's broader inquiry, for and of both go. the we're within is but scope of not structuring to to industry where negative projects, construction that, that of that to achieve remain solar really Department But economy don't focus really hit for potential Department with the industry's helpful also as I with concerned, future getting requires spectrum the for that's what do And helpful growth be in be is the duty Department, we modules by that think product because tariff of prompt, that And company-specific needs, fact believe industry that the the to Commerce believe in goals. needs order law to the cells be determination still

William Grippin

Understood.

know, target just what Okay. And my extent in the here X.X% last ongoing yield that conservative question reinvestment curious, million. on is vs. discussions rising environment? rate just, on the you assumptions, the the of I'm particularly perhaps $XXX to is on based light of here your

Christopher Sotos

Sure.

I rising don't think really has externally bid is marginal where it's for I may a translated assets, the precisely time. some take think rate that through environment,

that's think in boy, your into we to here CEG, projects in X.X% don't good your has them. if treasury a economics to seeing with development think a CAFD working you're short-term, question. much I that taken you're account the better going X.X%, where assumption. see to movements higher the very is, those elastic do really directly curve, translatable I should very, the especially if so are don't expect very The yields from question to the So and on speak, drop-downs the than of that's

Operator

Colton Bean the our And line with of comes question from Holt. Pickering, Tudor, next

Colton Bean

on you you update but just terms opportunity an appreciate can think guess we've that evaluations, there seeing the I remaining third-party for you're this $XXX the seen level It the in like set if sound touched evaluation would activity any. market, in broadly a just of you that for see and describe million? I but doesn't of Chris, M&A also impacts, shift

Christopher Sotos

Sure.

a assets of question, amount answer there to there. your think Colton, large is that out are I

sourcing our own basis. obviously, as bilateral on I we well do a think,

there, out bilateral. in We'll assets from for that it view, engage are in our so makes And where we'll sense. participate auctions also

I to think new have gone through in lot in to bidding your haven't terms to a move cheat your overall the the little out actually pricing be think remains we treasury, that the are seeing move that bit question I to to seen. speak, been question, assets. around of moved a in move paradigm? so see There lately have of of treasuries bids the if a and Not like

seen. I one But really of need the deployment. a as capital though little the So, with part nature. I X million, or our get can emphasize months be It's done to it's $XXX think not bit it that patient to be something think to in we is we remains in

for question in to I going that to assets make can some are to not as we we're get grow certain that our needing because flexibility think, to That's your we're time So, know, here kind tone sure appropriate others, we balance and assets going not the the to returns as you X-X in time of well we're quality have months take. that kind appropriate something to sheet. take our do really the of to that and make off the investing long-term, of the cash next, the

Colton Bean

your Are conversations otherwise you maybe just earlier long-lead and And any those in on would further then stage to than pipeline, items? change afield starting development looking Great. a approach earlier to bit have? securing the you projects

Christopher Sotos

Craig?

Craig Cornelius

we've Yes, that. done

life I we the we yes. cycle components to are think in major question understand earlier I the at then industry answer securing project's in be your and historically might juncture for a an have projects is

of the planned looking entitle represents capacity. sign at as are for the those project all for a for we worth the us that speaking, that required And to roughly project's for agreements that we've we're components past paradigm, contract not you see, a opportunities today, projects signing GW Generally revenue drop-down X for new that to of bulk industry case. the on we're projects the be major which example, the secured projects. same might the we're now in focused that referenced developing components the time today, So, the

And it's our will and in is interval was to earlier. and require that So that decide capital at that's think and of the for last predict XX-month feasible. assure and reached because cost we're best the decade a revenues environment us for other, what our for both on best in be, doing us evolution terms over to off-takers an also I and harder now than inflationary customers, that each that the designed project same to be for us projects time an agreement the we the to we've

So yes, we're level certainty. that I and Clearway procuring balance one of we in that greater enjoy at that parent could than parent, substantial have capital earlier upstream require. to our think a ultimate we ever we very Group is source enable the things is And sheet the really in of entity a

decisions during few certainty us, the make endure a going than help others to we when to kind is course can that think advantage with advance that. next And of more in that rational we the years. marketplace we're us the So doing we pipeline think, of that

Operator

And our the Goldman on comes Sachs. next question with Michael Lapides line of

Michael Lapides

there's the on chain uncertainty, overhang, much how were commerce with supply and the PPA in ago. I PPA PPA have that today change? solar and prices the are prices what to today they of and in trends, compare inflationary or broader department apologize storage were, are two looking of I know and the also obviously just big marketplace, and what for at much but PPA number for just one broadly XX are XX just I Question unrelated prices when other. are, curious, a utility and some contracts How just Like scale what them wind changing each that. how to kind marketplace? of contracts at speaking, the months you're prices is

Craig Cornelius

Craig. relative Yes. those prices, meet. Substantially, still course elevated PPA that think supply run but see trying what's range they're is continue to goals of have our to customers sources in long financial and decarbonization that of benefit I Sure, of interesting the to alternative

increases substantial. is in on think percentage the rates space of PPA I It's terms they're up the numbers deliveries mean, wind for some higher I battery contract in adequacy last the it, areas. that pricing over So, of near-term substantially sort in XX-XX% X than to put months values. of Resource to

for more those proposition those percentage I relative pretty recs. are supply the is, also For to between chain substantially of line that and a with for completion pay on to you Michael, than values. vintages XX% for what timelines solar increasing again, higher lead that think, they're for location, the alternatives, say converging favorable customers. and XX PPA to PPA the XX% as demand dislocations trends with idiosyncrasies than seen rates, higher We've fact upward that percentage during think recs prices even bottom and I but And variety months, a they energy still roughly that offer, value project values, appreciate renewable reflects course escalating products resource those can up is to but of there's come is project are next customers be the prepared XX

prices. So are renewable in in pretty we seeing escalation power total, significant a

across continue projects advanced relish require engage wants other that. forward, market to in see don't be I we're possible, customers still somebody as that with renewable who price fact conditions seeing are escalation, fuel prepared to us to as broadly As the accelerate sources to the relative fast the because that resource disinflationary. But even with projects the country

Michael Lapides

Got it.

super Okay. helpful. That's

little quiet any one, this a gas update The plants? the second on California unrelated topic, question, on

Christopher Sotos

a it. Michael, update. mean, to continue not work on we No, big I

bit is ISOs quarter. comes the the in most a you about I second think California of little talked know, procurement that, third we've and previously

probably but quarter-ish, along work we continually, more update them those lines. a So, that's significant with probably -- third we'll next is get

Michael Lapides

canyon, Diablo change the the you what of retirement assets thoughts any out would a press in of governor's some own? office, any And on one for what mean potential there's obviously been that of

Christopher Sotos

the talked needed over are I of Delta, of ever. today, assets so importance we're about years, think market seeing in I just if as assets a not [indiscernible] the in do we of, that more And what have. big as we those because the given the lot know, ways than

would affect to it but seen. think things don't So, really that I remains much, be

Operator

last Kaye with question the from And our of Oppenheimer. Noah line comes

Noah Kaye

of a push of Could situation? in you seeing the an can development? supply of that when give the us you terms delivery update project and battery you're increases there, more aspect cost on out bit are How you managing What dates.

Christopher Sotos

Craig.

Craig Cornelius

dynamic, Yes. factors different there that are converge. It's interesting so many an because

that hand seeing has some the storage automotive applications we strained push the tempered and expansions already one off of demand batteries the year. different the manufacturers, at this outs solar the taking of were planned use On accelerating that beginning US paired for in of escalation and but have projects by supply pricing were of

for as owner broader So global I upstream a very procure and engaging customers, with Clearway enjoy many of that engaging also, Group I recognize planning to Clearway or specifically, those for And also suppliers both next and GIP batteries are Energy, the investor X are worth think prioritization us, suppliers, our with footprint renewable as they're procured storage years. from completions a should Inc., But investments. GWh that our project is of during the we of of say, of family. they're global with because or have company

track. for project conversations able to those within to we're our keep and, schedules strategic those, with have and on them So

a of within of others ranges, look supply, for footprint we like manufacturing in industry see framework and on of here give also suppliers they employs with run and ourselves the And what we're types looking company industry and long might those whom and can framework the structure of forward, certainty those suppliers, how certainty evolution framework As with build like. that cost that are for tell establish with our type really I engaged of that the agreements the essential analogs to to our in policymakers manufacturing to America. citizens us agreements story those agreements America, think is it automotive look footprint

crafting customers we to we're build first as secure can So those framework agreements, we that resources so the supplies need that are here. adequate looking our

commitments looking developing establishment of establish good the so freight, footprint environment that establish the of and be chains for that to we're for in US, continental accelerate But looking a deployment that make in diminish batteries on Second, but that also policymakers will more kinds here corridor also allow looking can robust both us make battery projects. renewables. risk around for the to supply confident as to cost a to trade of third, and incentives they

Noah Kaye

I material growth that Craig. Great. around and table Possible if clarify full-year there's contribution XXXX. for committed a a XXXX give just helpful to how housekeeping the of, item, XXXX, quick or might a closed appendix be roughly CAFD what Thank for to us you, it And the is? basis in on can investments

Christopher Sotos

ahead. I Chad, take $XX that? Because go think why basically don't the but million, you it's

Chad Plotkin

the wasn't I maybe question. exactly Yes, following

are asking of just would in capital that much So come incremental you how XXXX?

Noah Kaye

of much the CAFD the in investments? closed How contribution No. XXXX from committed is growth

Chad Plotkin

perspective, I encapsulated would what our the last in of part the Oh. and it that's and X if timing contribution believe year, you're XXXX almost of the regards expectations. Daggett, Mililani anything would through to XX, forecast. I think entirely look say obviously early looking about at, Well I XXXX which then funded table, a from say in at at through Waiawa negligible a somewhat with of so you so if end year I that think this that's is BlackRock, really you so had slide

So to you we try on sense is, give as what to what you do can XX. I'd of those a do shape that materialize, the which ask see is slide

see the I of we would those we sizable assuming bump that a would it think targets our all year. CAFD, So is, way to the and is hit up about revenue and begin to CODs on next associated pretty expect basically starting generate

Noah Kaye

Right.

I year reflect done whatever And in this be would upside. if this year gets CAFD just terms projects could contribution of additional in is what's and any So for that done.

Chad Plotkin

think a it. to way about That is fair

Operator

the does today's session, and question this to answer would like turn I Chris back conclude for and to any conference further remarks. And over Sotos

Christopher Sotos

appreciate Thank you your I support the stay everyone Thank you. everyone for time. safe. and

Operator

participating. This conference Thank call. today's concludes for you

day. You may a disconnect. Everyone now have great

Clearway Energy (CWEN.A) 6 May 222022 Q1 Earnings call transcript