Clearway Energy sees Q2 revenue decreasing $25M-$30M from lower wind production

Clearway Energy announced that wind production for its fleet in Q2 was approximately 25% below internal median production estimates, which was inclusive of the Alta Wind Complex’s wind production at approximately 20% below internal expectations. This deviation in the company’s wind production index represented the lowest quarterly production reading in the company’s history and resulted in an estimated decrease to Q2 revenue of $25M-$30M. “Despite the abnormally low wind resource in Q2, we continue to have confidence that our long-term outlook remains intact based on historical trends for resource across our asset portfolio,” said CEO Christopher Sotos. “Clearway is reiterating its target to achieve the upper range of its 5%-8% annual dividend growth objective through at least 2026 while maintaining an 80-85% long-term payout ratio. We continue to plan to meet this target without needing to issue external equity while adhering to our balance sheet objectives.”