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PRINCETON, N.J. - Clearway Energy (NYSE:CWENa), Inc. (NYSE:CWEN) reported full year 2024 financial results on Saturday, with net income of $88 million and revenue of $1.37 billion, up from $1.31 billion in 2023.
The renewable energy company reaffirmed its 2025 cash available for distribution (CAFD) guidance range of $400-$440 million.
Adjusted EBITDA for 2024 rose to $1.15 billion from $1.06 billion the previous year, driven by contributions from growth investments and improved renewable production compared to 2023. CAFD increased to $425 million from $342 million in 2023.
"Clearway’s full year 2024 results exceeded guidance with excellent performance across all technologies in our diverse operating fleet," said CEO Craig Cornelius. He noted the company made "meaningful progress" on growth initiatives, including finalizing dropdown commitments, a targeted third-party asset acquisition, and launching new project repowerings.
The company signed agreements to invest in 320 MW of storage hybridization and 335 MW of wind repowering projects. It also entered a binding agreement to acquire a 137 MW wind project.
Clearway increased its quarterly dividend by 1.7% to $0.4312 per share for the first quarter of 2025.
The company said it remains on track to deliver on its goal of $2.40 to $2.60 in CAFD per share by 2027. Management expressed confidence in meeting long-term financial targets beyond 2027 as well.
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