Earnings call transcript Q1 2023

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Operator

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

First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions]. today's being that advised be conference recorded. is Please

hand over, President, to would CEO. now host conference to like Sotos, I your the today, go ahead. Please and Chris

Chris Sotos

Good morning.

join for the you quarter thank first Inc.'s first me time Let to Clearway Energy call. taking

is Group, morning Director Marsh, will the available our Rubenstein, sponsor. this and and CEO Q&A of Cornelius, for our and Craig Craig me President Relations; presentation. portion of Sarah Akil Joining Investor CFO; Clearway of Energy be

quickly to note statements, date. to today's as Before discussion on forward-looking we like begin, this contain that which assumptions will I of that be based are we believe reasonable

Actual results today's risk in as may harbor the materially. differ factors in the filings. safe as SEC well review presentation, our Please

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

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

company CAFD X. renewable in soft Turning Coast. West resource The $X Clearway first growth upper in of an on X.XXXX the in target share is keeping to quarter. or driven of weak California the achieve annualized due quarter to dividend XXXX had to the heavy rainfall announcing million for was per second X.XXXX dividend us XXXX. X%, primarily the our on by the a its objectives increase for basis, Page range negative and quarter

million. also are $XXX CAFD our reaffirming of We guidance XXXX

on focus all enterprise. levels at its growth continues Clearway of the

million duration capital will a significantly the We'll GW couple including the the to deploy the Our value while to to detail late-state extending go sponsor’s over repowering approximately our next but slides, excited pipeline We're in X.X expected PPA the Hill of years. announce to Cedro has this GW, XX.X project COD XXXX, project. asset. four of de-risking to projects the more reach repowering in in grown $XX commitment in

commitments of starting will the CAFD create expect embedded in XXXX over a in $X.XX Focusing dropdown CAFD quarter. period Inc, the assumptions completed XXXX fully offers Clearway continues the when them on the of the the repowered. of beyond work October, creation the and by Energy yield end from on per have five-year share X%. Cedro to second to

into will addition, continue of has MW growth CAFD visibility in Group also now projects beyond the of that XXX the additional nearly per In future Clearway $X.XX share.

update, new our While considers to asset these early the there's to CAFD far along too for to enough deployment capital profile. editions, anticipate Clearway creation adding projects start and them growth

capital investors volatility capital to we have I per in enough our long-term Given target. our line of dropdowns $X.XX a sight that months, the to wanted share remind CAFD take to recent underpin fund our market moment that

from $XXX capacity as natural issuances $XXX LC creating to liquidity RA support uncertain California to liquidity, add generate of toward guidance, deployed at addition, source we investments well, that excess Particularly as increased we third-party internal or business. cash as gas revolver seek our approximately million an to million, acquisitions recently our In size our additional we assets. can in for the of million of XXXX business contracts, the dropdowns, be $XXX

need long-term additional for will liquidity by corporate strengthened leverage equity. the with This our targeted be be significant to a internal fact some debt is of that end there further before the capacity low additional at issue range our any corporate

and to to beyond through positioned growth XXXX. rate of to to continues per a so clearly share at this markets. profile, with the grow is range the with In access without well continue manage capital very liquidity combined strong growth summary, plan capital our the $X.XX well-positioned period its Clearway the CAFD internal are DPS upper of needing growth we feels volatility In trajectory execute market summary,

$XXX quarter. primarily available the results million Clearway more below Slide or the first CAFD expectations EBITDA of results results of are to quarter, in here reporting the and details the million. for of $X segment. Turning negative due cash were weaker In financial X, on distribution adjusted to is renewable

Our which lower to California production radiance below impacted thus in expectations. and above solar led coming by solar average were rainfall, assets

wind the lower experience than Additionally, expected portfolio quarter, our generation. impacted which for production CAFD

less to the period. the was summer A significant spring extended quarterly conventional from outages, the merchant maintenance ahead energy results and preventive driver fleets, of

power the generated critical provide We positioned as additional conventional to as revenue the continue to the to well half from second of well reliability XXXX. services, merchant believe fleet market grid in dispatching is

As objectives, and our strong sheet positioned achieve debt are drawn well or credit with issuance DPS execute equity discussed earlier, need balance on and growth metrics. significant our XXXX no to liquidity to on capacity, growth revolver

first the want and seasonality renewable to expected of remind on results quarter, for third our with both came second we results resources is and achievement that While highly the quarter the the highest. investors weighted in revenue is conventional full-year from typically below fleet contribution quarters, the

the conventional of half and one-fourth starting our in the dispatch reaffirming the of guidance complete, fleet are Given million. the seasonality $XXX the of the merchant portfolio, year we year XXXX only of second

I is for highlight assets the useful extending Cedro great Overall, Hill life, improving a CAFD growth profile. X, our and project. to our risk success Turn want Page driving its Repowering to this profile, repowering

production its new XX Hill by increasing the with MW annual repowering, of XX%. be and As Cedro has GE projected corporate will net approximately by technology, part capacity upgraded

providing opportunity to the to with XX remaining extend the pleased of certainty. PPA price years, work XX years existing are with We to our the customer and asset by have amend

that turbine very technically this value deploy locational a repowering and in will for customer Given technology the We'll list this elsewhere our of fleet. proven efficient outcome Clearway. been our both be resource, has win a for

repowering in which is of per in yield will the X% a projected a have assumptions average calf approximately seizure beginning to share. beyond XXXX, the the CAFD healthy of Importantly, creation create $X.XX embedded

record fleet, assets repowered today. our date XXX CWEN its half operation to successfully repowering Hill of track excess MW second XXXX our This in has of of strong anticipated wind by Cedro be reach generation. over the and Repowering commercial upgrading funded cash continues having

Page represents outlook CAFD of update of an inclusive The of Pass/Arica. dropdowns of discussed progress Victory from proforma the sponsor. previously our our X the left side provides page

powering We are CAFD relatively more the former Cedro not small. in and when CAFD pro have as more site currently comprehensively We'll the is later we line move committed. CAFD year including modify outlook of in our assets Hill

working of The by Clearway This Group of the remaining binding million of $XXX are dropdown expected would which into are approximately to turn that we then second million. represent on be currently anticipated by quarter. dropdown the with $XXX end the commitments next offer additional followed capital an deployment,

can total returns for so generate yield shareholders. accretive strong have continue to these a portfolio Importantly, assets clearly calf basis, our on a that

the additional deployment million line Our assets from and this share number these MW does CAFD for CAFD generation more of contribution $XXX dropdown we'll of CAFD capital roughly per of account XXX identified potential well-defined, update $X.XX to site any not growth. newly it's assets, when our of include

support previously. Page dates the beyond in assets Clearway’s of provide eventually X to them in additional additional list that MW Clearway and $X.XX employment growth to around share will offered. target funding that CAFD enough of XXX nearly XXXX and provides CAFD, These not development some have Group capital will the opportunities far add long-term be per have of first details enough discussed the half will present progressed while along assets we has and growth enough to confident advancement, are these to updates far projects feels that

highlighted extent that additional developed are provide projects tenants Group, The GW of being will in is the at that not are but growth. X full growth assets portfolio anchor Clearly a of diversified

powerings the and of storage we optimize the opportunities IRA, analyze all As existing to we opportunities work-through add to ways continue through to fleet to its facilities. will our

I discussed have optimization interest. is achieving previous As component this option a value calls, on customer of key for

in now provides of some X.X XXXX, XXXX. these fleet. evidence this of between sense opportunities markets with multiple across our The and seeing GW We scale approximately of are two

be will manages exercising way Clearway cognizant of value shareholders. formation As a capital always, that these for in options optimization and we

Turning to Page X.

drop-down commitments the continue growth by October second path end guidance, the continues and the our XXXX. to the for our well. dividend as on And of goals for receive on range the have work from execute our commitments CAFD not growth to through deliver upper quarter next our changed of further Our grow on XXXX at offers Clearway remaining of plan. XXXX our to continue objectives, of to offer

Clearway of CAFD visibility $X.XX in on to share the per demonstrating and XXXX is CAFD's objective. its focused beyond share growth long-term through

also We continuing originating Hill, California this to already RA as are and achieve at dropdowns beyond as contract by working to investing growth our the additional work such discussed extending repowering gas M&A, on natural third-party assets. well the or and as projects, with Cedro

ensure growth part Clearway summary, to focus lines and objectives growth meet for to in sponsor Energy Operator, support strong to has long-term due open its Inc prudent please In questions. continues on confidence the stability success. and Clearway us

Operator

Instructions]. [Operator

with Our Oppenheimer. first Kaye question comes from Noah

Noah Kaye

so for environment. of Can with Good on that of terms here? operating how to And just Thanks. of timing into a you Are check in flow morning. some the batteries? just some we are comment panels much. starting of what seeing Thanks Maybe and see to easing you these bottlenecks start on health the plays expectations drop-downs?

Chris Sotos

with the have of I'll taken the let to phenomenon obviously are that. in That has timings we drop-downs, you of Craig, appendix. into closer you speak Sure. kind been to our account that. But

Craig Cornelius

right has which I the been for and Noah. note for question, environment, really challenging with We're thanks pleased some. Yes, our the execution think to

projects over that the current reflects module those Daggett cluttered in the you growth Inc. that and for Clearway true some impacted have referencing success for projects we underpin deliveries, of both Pass/Erica. Victory policy had been for expectations the since in we Energy that's And schedule case are have others. committed So, time for for module that issues are on really have our of for execution deliveries ahead and we the

procurement have playing support to for with growth really have suppliers, and gotten we are we made, underpin the the quite from how out. CWEN have is pleased strategy we we the decisions our So, had

Noah Kaye

some great. then, the materialize. of And then opportunities great, it's and to expect start repowering see to Okay,

of into one. with the have out the What interest there this is the yet? high you identified? conviction you share opportunities a fleet. mean, cap similarly in? that all a kind on think couple like sharpened true Chris that had to I subset across Is you for broadly opportunities, it you that where us? mentioned of can I might that When you you seems your potential pencils opportunities of pencil yields GW over bucket Have

Chris Sotos

too to we pencil yield think or don't something it's wrong, and I the think I to do X% be get going anticipate. I they're But think Don't the say the that on. CAFD We've MW we're that in think that. frankly early gone stage it's and through I point we late the tried on early one to obviously pretty like, these early raise to are the too stage. XXX like the

of you performing all not like CAFD, Cedro on while in because that the So, want I set that's performing kind where to I've as of One Obviously, today. strong of and types will this talked high don't that like have it's be well other about really different kind of CAFD kind asset at them Hill calls, well asset's may repowering, level the like the generation, range. three of an improvement be right?

There's coming see a cashback not a maintenance type the the that asset kind second stage. further but because additional really basically significant at or that's an of have may performing it's In you and you O&M that's future where up degradation well, needed. or in volatility uplift maybe sense, has

one are third the on poorly. value The demonstrate assets to and is, are that easiest performing

so a I of get dealing on I have we're to lot to in asset the of reason it's individual is that -- the of of don't with. the out that don't uplift, category, want CAFD kind third really we think dependent circumstances don't want Fortunately, terms ahead

Noah Kaye

leverage little then additional capacity leverage? the a comfort and a level, seeking terms more, you what's the just upper bound of to clicking bit us the Maybe through need equity an walk point more you in project that through your at think thoughts Yes. just ‘XX. one you I just incrementally on growth don't double in level fund for Can around consolidated for

Chris Sotos

Sure.

So, questions a different couple there.

we In of pockets. non-recourse debt, of have terms kind certain

basis. non-recourse a on lever didn't we example, For

The basically got of Utah purchase, we our thermal other half proceeds.

the within kind elements might that the there's asset book. do I is before use like bigger So, depending that though, of that on debt. that the lever nature corporate exactly of we think the

between your corporate obviously $X.XXX I of guidance, the overall that to bonds And debt and in just $XXX $XX interest. got of finder, $XX billion of at you our million think have range we a is kind about million terms CAFD you've give corporate million

from X at So that least you range kind of gets the And X% X.X times ratio the minus. to is low about times agencies. -- rating upper plus

look they calc, but a at calc. on quick give that's focused rate like it's to rough the things FFO matters, interest metric, environment Obviously, one to you debt, just

Noah Kaye

Great. Helpful, thanks.

Operator

next Storozynski Seaport. with question comes Angie Our from

Angie Storozynski

morning. Good

about debt and First, more project cost. and one question its just level availability

for that you mean, allocation of assets. level finance show assumption to I there debt these but So, project being thermal obviously is is proceeds that growth, the of an I'm added assuming to

comment any you in your cost increase that debt could on these assets? from and how cash generation expected impacts that So, of the flow

Chris Sotos

your the significantly, cash maybe and because It expected those second corporate defined. I'll in question we're putting generation the doesn't answer after doesn't, first. that affect It obviously Sure. well costs, flow the capital is that's pretty before

to spreads much aren't really credit volatility. think your point; that I the showing

on don't debt. that we've the swap type seen of think, SOFR think in there, credit non-recourse may increase spread fix I it's phenomenon more significant to but a a increase I cost the

Craig Cornelius

we a for we major Angie, Angie. place I revenue we hedges will in become And that Chris, secure projects some same kind that, at growth for What is profile project. the for to time the and equipment as also do major the that practice, long-term contracts of part put of could see rate if interest business add when execute

all what it interest and have we a around project useful do supply flows expected simultaneously. chain not all can when it is years more the also been some we we've ago, those so that fix try a things And That stream that fix of to we environment complex observed more commercialized. practice for industry largely given rate to but cash complex environment, might find a

the us that in from share before and even a be given contribution commitment the that the certainly confident date by as of is allows to that asset do made commitment's for but we CAPI So, code, any made. yield the

Angie Storozynski

more any amortization the especially a even there, basis, debt probably, the Have financed. annual associated how of on assets? of mix the and with then debt substantial future, And you to so, about the costs years. think that anything certain scrutinizing and there comfortable a as you're financing? we in different And catch any, CAFD debt Like clearly next are I deferred see is about you quality with? Okay. project-level yield [indiscernible] non-amortizing importantly, between there couple increasingly it's pretty is California an could mean, I don't is that anything it up of also,

the short-term Some benefit rates we sort last had years. couple of low of that deferred over a of

Chris Sotos

questions different couple a So, there.

of principle. The nothing If is large don't in that. our really maturity we earliest XXXX, until is I quarter the once corporate point the million have swap that's aren't terms think that, to the what refinancing terms a there's requirements once about of and part next bond non-recourse and one, moving project happens corporate to then we'll bonds third like much, any not million, for XXXX the but of $XXX credit minimize and XXXX. financing, we look again, And to the in $XXX see spreads again, basis. XXXX, on

refinancing and non-recourse terms is XXXX, until also We're nothing having one in debt about that XXXX. I XX% old of is there locked down So, corporate our fixed, in XXXX think, swapped. really debt

not overall, XXXX quarter [ph] occur that AGI that repricing when non-recourse financing. a redo the in may that -- than other So third we this of lot

Angie Storozynski

metric when that you remind again, And to it what I'm parent hold or sure. to it again, credit within level you is fill that your targets, -- debt are four for call say the is CAFD, just times is trying me

Chris Sotos

and on X.X that's a last and went CAFD, Yes, through it's basically quarter. between X the little of the kind I bit

the bonds, corporate-level the by interest. total plus look that take divide you $X.XXX we corporate way your of corporate-level CAFD you billion at debt, So, is that

million XXX, ratio take think of it's, you and gets I a That XXX said, interest. million to I corporate like you add $XX the obviously between, overall that's range. end our of And you gives $XX XXX, of about four the guidance, between so, you, low that

we end range. So, that the at should of lower be

Looking at that's we metric that -- one to for. solve key the try

Angie Storozynski

very Thank much. you,

Operator

CIBC. Mark comes from question with Our next Jarvi

Mark Jarvi

morning. Good Thanks,

Just expect say, guess get out to this trickier out those is one figure in that quarters? all occasionally line done might subsequent together? a guess, is terms And that be bit to I of do the are the and you finish that pushed finalize across projects I there any quarter, commitment, of into

Chris Sotos

the the I the in is mean, exact Victory XX, the if what drop-down remaining terms we projects that's drop-down, And them to think timeline that million all assets they those kind same kind of signed terms timeline of is is come obviously, have We which -- with diligence first refer don't think on that of capital of associated are in asking. the different the what through time, Pass/Arica at be as go we I assets, think of appropriate of that's we speeds probable. them, $XXX as will that. you out necessarily in I of plus not

Pass/Erica obviously because was first, the We did Victory that furthest along.

your question, don't we the There be think And of is variety that assets. probably we done be lines two, along announcements currently. of to a have at So, different the to appendix coming the answer one expect out will our all time. them what in timing

Mark Jarvi

just that too given all that years get you potentially the couple give a terms storage over numbers you hard achieving Like, as or as contained success And back about it X.X to last do you the What of this XX% it to the would that? coming at in see through? power GW of frame Excellent. Okay. of projects. if to come thought rate of any just have is negotiations good and point,

Chris Sotos

you like one? would Craig, to take that

Craig Cornelius

very we just there, for a one those have the with, probably particular you in change for I now see right with that volume And meaningful of cases premature. is the picture existing this, is year probability over facilities. think active What say can most all we represented a and is customer Sure. Yes, you giving ago. the engagement

I assets from And be useful. in their a entities across load reflects located places energy country our transmission place the tend in grid, position clean that resource especially were the think is serving to recognition and their first deployed in that the where

are economic flexibility contract locational a with Act at there for existing and of locations us. that these Reduction and long-term substantial at to entities that other value attractive engagement structure very incentives and benefit strong our serving catalyst real of provide, customers to between resources the is Inflation And the a for the economics load fleet in for that

also, And supplement batteries. we or renewable it where be either resource size to increased where can to augment the try in expand or can them with

And so, what extend to contracts materially than now ability see longer periods we generally supported I the is for repowerings think before.

You see that the we in for the agreement reached Hill. duration extended Cedro of

structure for to without storage of before incentive storage structuring go allows the importantly that deploy And one to that those through us the passage. complexities locations at IRA's some had

of So, overtime that, I fleet, we're today. it's our just going of or to the just to represents pretty fraction page expand substantial when we get And are in feel hybridize able and what that conversations ones constructive we on pretty see repower, do you to a question where really active a be that.

Mark Jarvi

solar seeing you the could want that the then to to that or party. the around that before Is or wind opportunities Understood. existing storage co-located built been, pay partner utility on there just know any in storage asset conversations for be doesn't terms XX to that side? trying to see And around someone get get other of encounter and and a partner get upside willing little and to I've the have for you comments storage structure with you're

Craig Cornelius

if dispatch a transmission or own storage Meaning asset something want they they as the to

Mark Jarvi

there it's just swap in if financial or and time arbitrage merchant, kind way, to some of structure Or be like there's terms you if of you're that? like some sort do of on kind quasi could of is doing day of going

Craig Cornelius

behalf of can we're will assets on revenues regulated think, I a also be for commercially. they that storage market the real be how renaissance and obligations structured of markets, generate make power mean a I and How at be procurement or dawn designs and is financed, utilities, Yes. of useful kind resource. will where how these can

mandated viewed very kind as revenue And regulatory is as California combination by we central expected that think there profiles. direction with eventually codes either procurement commission. a of essential instructive, are yield assets generated that proposed were of a their with IRPs that compatible was or look at where being was pretty And can producing utilities by the I investment storage And that long-term storage resource. that structure was as resource, mandate a

you is starting And for in outside we're utilities think see you where the Where outside starting are sort there a surface -- utilities, IRPs you they're long-term some engaged And Yield majority look of to the hybridization resources those about California. procure if of that as move need Co. a see compatible now they resource opportunity to on are can, as we're east California. really renewables basis. contracting we're Actually, set identify to of is the under over resources the of system, storage from grows. those That's the what prepared to finding with referenced

may have we on do The I'd that ISOs that we move in as is X And start today last the merchant are recognize a that think make RTOs how years, storage expect we add over next X batteries the markets attributes lead years, contracted X would attributes monetize ultimately changes basis, do for likely will system. to of as in need you one. eastward, that thing to their years, they can on designed expect to a you will those and that that I monetize

Mark Jarvi

in of gives helpful. the levers catch hit you of just on you really the guidance the that you, some up can bit Was if your that you'll there up through question hope after pull for up to make the here That's guidance. catch year or quarter? buffering you to there Chris, you And here last lost balance some of be want regional

Chris Sotos

more just the waiting. I think it's

period It's renewable of follow a long us for low think the those I from weakest. for first is time, perspective. you always resource who of a quarter

critical to the getting with quarter second obviously, just it's us for merchant. that, quarter are and so, especially third And

up. though when quarter just unquote need it's get kind have sit to we generation a necessarily the main I third period. and more we know we'll not a quote catch to effort of second that, our as as through herculean as lot think those, CAFD So, we in

Operator

Julien Bank America. Our next with from Dumoulin-Smith of question comes

Julien Dumoulin-Smith

drops. wanted morning. to follow-up on good the Hey, MW potential so, XXX I additional of

the good have DPS. the that Just of XXX on, in a you about Listen, I incremental XXXX and MW pretty number being line I to understood all is XXX talk as this timeframe, sight the on prior best MW, contemplated think XXX already your commentary.

that, How do you extends to XXX, drop latitude as monastery think in the not it growth how repowering the you make that here? to the here, latitude just flow additional cetera, want you from continue rate about well. this if think gives should timing about to adding et the sure cash with combating do that think the Or we upside? coming conjunction I just and especially

Chris Sotos

Sure. I XXX. Hopefully, I more understood much your would extension of the question correctly. an it's say

XXXX, of would in year excuse come that year kind me, operation. point first of first of XXXX, online kind the year the I would be operation think of to be first would

So maybe CAFD not rate of kind number. run

really much it the beyond and necessarily to depending. I ‘XX, ‘XX XXXX impact adding So, toward in big and view timeframe more a than

reason said to it's be bit I a to tell. Julian, fair, little But too there's a early

I go way. you We think tied but to everything have a give just about through that directional, down. it We'll it,

Julien Dumoulin-Smith

fund mean, to cetera. can this need And some some et here what into do that How could fitting do MW this you do, there? at obviously XXX CAFD point. with the here about that? -- make we're idea some, needs You equity you out to I on creating equity some how back going come no assumptions about think think of external

Chris Sotos

on mean, depends size. I it Yep.

our about a for $XXX I the we generate guidance, it's of to flexibility. again point cetera, in about I XXXX, Julian, And at think million think once cash. excess et us, really

the a did and I of flexibility to over the we upsize, call we revolvers, if equity. determine have As we on little when bit our to a lot issue need past quarters, talked and

to bring would because bit point so capital want from like once there's have B, we capital the is balances thermal flow make cash reason C, early, A, flexibility internal didn't a the up yeah, But sale; it's except lot actual I the postings. for high generation; little of a to a again, is revolver speculate. an cash undrawn I LC But I with just too don't

Julien Dumoulin-Smith

I sharply just recent then timeframe mean, that when portfolio, move your mean I reopen RA higher ‘XX prices that since remind us, continue especially And does here to in I months. regarding in - here. mean California ‘XX just open up to organic we pan as with here portfolio about drive. as again in his the ‘XX ‘XX a and want about think I and talk improvement here exposure? continued the well latitude the ratio new

Chris Sotos

they're on you assets the basically three what rules are bidding of There's in XXXX. a allow basis, all So, different or can capacity bid that in open not.

bid others. strategy question, all for capacity on answer three So, but the not we in RA may in bid not, But yeah, your ‘XX. open bidding a public may some our we call in yeah, once again going to into is go to

Julien Dumoulin-Smith

just head relative further not forward today, And are. assessment there you where that It's latitude you imagine, this a months wherever head say would agree current to your is marks be the ago. would where few I

Chris Sotos

are we I a as Yeah, forward than generalization. marks say, higher would that hedge

don't also to I want ahead. get far too However, out

higher -- a that's where of You kind prices XXXX little RA look and are you are or between if had on But talking in to may about for previously. price period so RA basis, a trip is three-year been today's ’XX, -- a example, we've ‘XX your basis. from question, be general longer bit than a it at we hedged date how Julian a for strong three-year

Julien Dumoulin-Smith

luck Excellent. guys. it. appreciate Thank much. I you Good very

Operator

William UBS. with Grippin comes question next from Our

William Grippin

Great. Can very Thank me okay? you much. hear you

Chris Sotos

Will. good, All Yes.

William Grippin

Julien's at maybe here. question Awesome. just differently getting little Yes, a bit

faster, about growing without of How to X% more your the the growth upping leverage here? deals talked end possibly ability are thinking issue just given being funding you high about need You a to or at range, new equity. incremental to that X% the range from for traditional mix

Chris Sotos

Right.

kind don't rather time, always into give of we would period us, the we visibility of range. can grow I look to with increase For growth. much that investors the typically the which

if So, in to I'd an is X% as in let's or be question XXXX the a move general November to able X% rather say beyond. do is, That much say growth to example? through X% would no. What answer we the to demonstrate investors is

focused than are one that rate always a increasing extending years growth rate bit growth the get two on or more just ahead. we in at little runway So, the to much

William Grippin

it. me. right. for All Appreciate all That's

Operator

today's session. back closing to for turn concludes That like Sotos Chris question-and-answer the call remarks. I'd to

Chris Sotos

today. Thank you, for attending everyone,

out. it's reports understand, a day I As very busy coming terms in of

to look appreciate talking and forward everyone's August. to Thank you time you. So, in

Operator

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

You may now disconnect.

Clearway Energy (CWEN.A) 4 May 232023 Q1 Earnings call transcript