Clearway Energy, Inc. reported a total operating revenue of $1.371 billion for the fiscal year ending December 31, 2024, marking an increase of 4.3% from $1.314 billion in 2023. The company's net loss for the year was $63 million, compared to a loss of $14 million in the previous year. This decline in profitability was attributed to increased operational costs, particularly in depreciation and amortization, which rose to $627 million from $526 million in 2023, largely due to recent acquisitions in the renewable energy sector.
The company experienced significant operational changes during the year, including the acquisition of several renewable energy assets. Notably, Clearway Energy entered into agreements to acquire the Tuolumne wind facility for approximately $219 million and the Honeycomb Portfolio, which includes four battery energy storage systems, for $78 million. These acquisitions are expected to enhance the company's capacity and operational efficiency, with the Tuolumne facility set to enter a 15-year power purchase agreement (PPA) with the seller. Additionally, Clearway Energy completed the acquisition of Dan’s Mountain, a 55 MW wind facility, for an initial cash consideration of $7 million, with further payments expected upon substantial completion.
In terms of operational metrics, Clearway Energy generated approximately 18.6 million MWh from its renewable assets in 2024, a significant increase from 14.8 million MWh in 2023. The company’s renewable energy generation accounted for 96% of its total output, reflecting its commitment to clean energy. The company also reported a weighted average capacity factor of 29.8% for solar facilities and 30.1% for wind facilities, indicating stable operational performance across its renewable portfolio.
Looking ahead, Clearway Energy anticipates continued growth driven by its strategic focus on renewable energy and battery storage solutions. The company plans to maintain its dividend policy, with a quarterly dividend of $0.4312 per share declared for March 2025, reflecting its commitment to providing stable returns to shareholders. However, the company also noted potential risks related to market conditions, regulatory changes, and the performance of its assets, which could impact future financial results.
About Clearway Energy, Inc.
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