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SCOTTSDALE, Ariz. - TPI Composites, Inc. (NASDAQ:TPIC), a manufacturer of composite wind blades, announced the appointment of Jennifer Lowry to its board of directors. Effective November 13, 2024, Lowry will also serve on the company's Audit Committee.
Bringing a wealth of financial expertise from the electric power industry, Lowry's experience is expected to support TPI's long-term strategy. TPI's President and CEO, Bill Siwek, expressed enthusiasm for Lowry's addition to the board, citing the value of her industry knowledge.
Lowry's current roles include serving as an independent director for Clearway Energy (NYSE:CWENa), Inc. (NYSE:CWEN) and MYR Group Inc. (NASDAQ:MYRG). Her career highlights include executive positions at Exelon Corporation (NASDAQ:EXC) and Constellation Energy (NASDAQ:CEG), as well as over two decades in the energy sector.
With a background in electrical engineering from Dartmouth College and a Masters in Management from Northwestern (NASDAQ:NWE) University's Kellogg (NYSE:K) School of Management, Lowry's educational credentials align with TPI's focus on sustainable and innovative energy solutions.
TPI Composites, headquartered in Scottsdale, Arizona, operates on a global scale with factories and development centers across the United States, Mexico, Türkiye, India, Denmark, and Germany. The company's commitment to decarbonizing and electrifying the world is central to its operations, serving leading OEMs in the wind market.
This board appointment comes as TPI continues to expand its influence in the renewable energy sector, aiming to leverage Lowry's extensive experience to further its goals. The information is based on a press release statement.
In other recent news, Clearway (NYSE:CWEN) Energy Inc. has reported a strong Q3 2024 performance, surpassing expectations and introducing a promising long-term guidance. With a Cash Available for Distribution (CAFD) of $385 million year-to-date, Clearway Energy is on track to meet or exceed its full-year guidance. The company has also outlined ambitious growth plans for the coming years, including an increase in shareholder dividends and operational enhancements to improve safety records and plant availability.
Jefferies has updated its outlook on Clearway Energy, increasing the price target to $36 from $34 and maintaining a Buy rating on the stock. This adjustment follows the company's robust quarter and optimistic long-term outlook. Clearway Energy's 2025 CAFD guidance stands at a midpoint of $420 million, with a dividend target of $1.76 per share. By 2027, the company aims for a CAFD per share between $2.40 and $2.60, indicating a compounded annual growth rate of 7.5% to 12% from 2025.
These recent developments show that Clearway Energy is well-positioned for continued performance and growth in the market. The company plans to fund these investments primarily through retained cash flow and has substantial credit capacity, potentially allowing for over $300 million in excess corporate debt to support growth.
InvestingPro Insights
To complement the news of Jennifer Lowry's appointment to TPI Composites' board, it's worth examining some financial insights about Clearway Energy, Inc. (NYSE:CWEN), where Lowry serves as an independent director. This information can provide context to her expertise and the potential value she brings to TPI Composites.
According to InvestingPro data, Clearway Energy boasts a market capitalization of $5.61 billion, indicating a substantial presence in the renewable energy sector. The company's revenue for the last twelve months as of Q3 2024 stood at $1.36 billion, with a quarterly revenue growth of 31% in Q3 2024, showcasing strong financial performance.
An InvestingPro Tip highlights that Clearway Energy "has raised its dividend for 5 consecutive years." This consistent dividend growth aligns with another tip stating that the company "pays a significant dividend to shareholders," with a current dividend yield of 6.32%. These factors suggest a commitment to shareholder returns, which could be valuable knowledge Lowry brings to TPI Composites' board.
Another relevant InvestingPro Tip notes that Clearway Energy is "profitable over the last twelve months," with analysts predicting continued profitability this year. This financial health is crucial in the renewable energy sector, where long-term stability is essential for project development and expansion.
For investors interested in a deeper analysis, InvestingPro offers 8 additional tips for Clearway Energy, providing a more comprehensive view of the company's financial position and market performance.
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