Clearway Energy : Third Quarter 2022 Earnings Presentation

Clearway Energy, Inc.

Third Quarter 2022 Results Presentation

November 2, 2022

Safe Harbor

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as "expect," "estimate," "target," "anticipate," "forecast," "plan," "outlook," "believe" and similar terms. Such forward-looking statements include, but are not limited to, statements regarding the Company's dividend expectations and its operations, its facilities and its financial results, impacts related to COVID-19 (including any variant of the virus) or any other pandemic, statements regarding the anticipated consummation of the transactions described, the anticipated benefits, opportunities, and results with respect to the transactions, including the Company's future relationship and arrangements with Global Infrastructure Partners, TotalEnergies and Clearway Energy Group, as well as the Company's Net Income, Adjusted EBITDA, Cash from Operating Activities, Cash Available for Distribution, the Company's future revenues, income, indebtedness, capital structure, strategy, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.

Although Clearway Energy, Inc. believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, the Company's ability to maintain and grow its quarterly dividend, impacts related to COVID-19 (including any variant of the virus) or any other pandemic, risks relating to the Company's relationships with its sponsors, the failure to identify, execute or successfully implement acquisitions or dispositions (including receipt of third party consents and regulatory approvals), the Company's ability to acquire assets from its sponsors, the Company's ability to borrow additional funds and access capital markets due to its indebtedness, corporate structure, market conditions or otherwise, hazards customary in the power industry, weather conditions, including wind and solar performance, the Company's ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations, the willingness and ability of counterparties to the Company's offtake agreements to fulfill their obligations under such agreements, the Company's ability to enter into new contracts as existing contracts expire, changes in government regulations, operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of the Company and its subsidiaries, and cyber terrorism and inadequate cybersecurity. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations.

The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The adjusted EBITDA and cash available for distribution guidance are estimates as of November 2, 2022. These estimates are based on assumptions believed to be reasonable as of that date. The Company disclaims any current intention to update such guidance, except as required by law. Adjusted EBITDA and cash available for distribution are non-GAAP financial measures and are explained in

greater detail in the Appendix. The foregoing review of factors that could cause the Company's actual results to differ materially from those

contemplated in the forward-looking statements included in this presentation should be considered in connection with information regarding risks and uncertainties that may affect the Company 's future results included in the Company's filings with the Securities and Exchange Commission at www.sec.gov.

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Business Update

	▪ CAFD of $154 MM in 3Q22 and $328 MM YTD; results impacted by forced outages at
		Conventional
3Q22 and YTD Results	▪	Announcing dividend increase of 2.0% to $0.3672/share in 4Q22; $1.469/share annualized
	▪ Revising 2022 CAFD guidance from $365 MM to $350 MM to reflect the forced outages at
		Conventional
	▪ El Segundo capacity now fully contracted through 2026; 100% of the capacity for El Segundo,
Advancing Growth and		Marsh Landing, and Walnut Creek contracted through approximately 2026
Strategic Initiatives;	▪	Capistrano Portfolio acquisition now closed; corporate capital for Waiawa Solar funded
Updating Pro Forma CAFD Outlook	▪	Prior committed growth investments remain on track for COD in 2022/2023
	▪ Updating Pro Forma CAFD Outlook from $400 MM to $390 MM for budgetary adjustments
	▪ TotalEnergies closed acquisition of 50% interest in Clearway's sponsor from GIP
Enhanced Sponsorship	▪ Received offers from sponsor to invest in 1.4 GW of wind/solar/solar plus storage projects;
	~$410 MM expected corporate capital commitment; ~9.5% estimated asset CAFD yield
Continues to Position CWEN for
▪	Additional drop-down offers expected in 1H23; ~$220 MM expected corporate capital
Long-Term Growth
▪	Sponsor's development platform continues to grow; 26.8 GW pipeline, including 6.8 GW of
		late-stage projects expected to reach commercial operations in next three years
Long-Term CAFD Outlook Enhanced	▪	$750 MM of excess Thermal proceeds now fully allocated or identified; supports $2.15+ of
With Full Allocation of Thermal		CAFD per share
Proceeds	▪	Strong visibility to achieve the upper range of 5-8% DPS growth target through 2026

CWEN Remains on Track to Achieve its Long-Term Growth Objectives

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Financial Update

($ millions)

Financial Results

	3rd Quarter	YTD
Adjusted EBITDA	$322	$948
CAFD	$154	$328

• 3Q22 Financial Highlights
• • Conventional: Forced outages at El Segundo and Walnut Creek
  • Renewables: Portfolio wind and solar performance

•  Renewables: Timing of project-level debt service into Q4

• Continue to Maintain Balance Sheet Flexibility
  − No borrowings under the revolver as of 9/30/22 − Excess Thermal proceeds to fund next drop-downs − Pro Forma credit metrics in-line with target ratings
  − Nearly 99% of consolidated long-term debt interest cost fixed with earliest corporate maturity in 2028

Revising 2022 CAFD Guidance

Full Year

CAFD	$350

• Revised 2022 CAFD Guidance Continues to Factor In…
• • P50 median renewable energy production for full year
  • Expected timing of committed growth investments, including estimated project CODs
  • Closing of Thermal disposition on May 1, 2022
• …and Includes the Following Impacts During the Year:
• • Forced outages at Conventional
• Excludes the Timing of CAFD Realized from Committed Growth Investments Beyond 2022 that Informs the Pro Forma CAFD Outlook
• • Refer to appendix slide 15

2022 Guidance Revision Driven by Forced Outages at Conventional Segment.

Balance Sheet In-Line with Target Metrics with Continued Flexibility From Excess Thermal Sale Proceeds

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Initiating 2023 CAFD Guidance and Updating Pro Forma CAFD Outlook

($ millions)
 Updated budgetary projections at Renewables		 Timing of committed		 Merchant energy gross margins at
	growth investments after		conventional in '2H23' during high
 Inflationary impacts on broader portfolio
	20231		commodity price environment

~$400	~($10)	~$390	~($10)	~$10	~$20	~$410

2023 Guidance and

Pro Forma CAFD Outlook

Assumptions

2023 Guidance Assumptions

• P50 renewable production expectations
• New projects achieve COD based on current estimated timelines
• Merchant energy margins at Conventional above long-term projection due to higher merchant power prices in 2H23

Pro Forma CAFD Outlook Assumptions

• P50 renewable production expectations
• Merchant energy margins assumed to generate ~$1-1.50/kw-month in the long term at Conventional

Prior	Other Portfolio	Updated	Timing of	Timing of 4Q23	Energy Margin	2023
Pro Forma	Changes	Pro Forma	Growth	Capistrano	Upside in 2H23	CAFD Guidance 2
CAFD Outlook		CAFD Outlook	Investments	Debt Refinancing

2023 CAFD Guidance Factors in the Timing of Growth Investments As Well As Upside from Merchant Energy Margins

1 See Appendix slide 15 for expected cash flow changes; 2 2023 CAFD Guidance assumes the full repayment of all project level debt at El Segundo by 1/1/23

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