Clearway Energy reported third-quarter 2026 net income of $123 million, Adjusted EBITDA of $435 million, cash from operating activities of $324 million and Cash Available for Distribution (CAFD) of $173 million. The company also outlined progress on fleet upgrades and long-term contracted revenue, committed to two investments from its sponsor, and set an initial 2031 CAFD-per-share target.
Clearway reaffirmed its 2026 financial guidance and introduced 2027 guidance, though the specific ranges were not included in the results details provided. It also said its growing investment pipeline supports its long-term growth plans.
Key details
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Third-quarter results improved year over year. Net income was $123 million, compared with $60 million in the third quarter of 2025. Adjusted EBITDA was $435 million, cash from operating activities was $324 million and CAFD was $173 million. Adjusted EBITDA and CAFD are non-GAAP measures.
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Renewables and storage drove the increase in segment net income. That segment reported $167 million of net income for the quarter, up from $31 million a year earlier. Flexible Generation contributed $15 million, compared with $39 million; corporate costs were $59 million, versus $10 million a year earlier.
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Nine-month net income was $85 million, compared with a $32 million loss in the first nine months of 2025. Renewables and Storage reported $207 million of net income, up from $24 million, while Flexible Generation reported $35 million, compared with $30 million. Corporate costs rose to $157 million from $86 million.
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The Flexible Generation fleet is getting upgrades and longer-term contracts. Clearway said its fleet-enhancement program has advanced more than 600 megawatts of repowerings. It also secured 774 MW of new awarded and signed capacity contracts, with terms of eight to 10 years.
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Two sponsor-related investments are now committed. Clearway said it committed to investments in Swan Solar and Honeycomb 2, both developed by its sponsor, Clearway Energy Group. The company also received an offer for the Heartland Solar Plus Storage complex; the announcement did not say that transaction had been completed.
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The sponsor-developed investment pipeline has grown to about 16 gigawatts. More than 6 GW consists of committed and identified opportunities for potential investment through 2030. Clearway said those opportunities have more than doubled since the start of the year.
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Clearway set an initial 2031 CAFD-per-share target of $3.20 to $3.40. The range represents a projected annual growth rate of 7% to 8% from the company’s 2025 baseline. Management said the committed and identified investment opportunities support a path to the top end or better of its 2030 CAFD-per-share target, but the 2030 target amount was not specified in the results details provided.
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Co-located digital infrastructure projects are part of the longer-term growth plan. Clearway said its pipeline of these projects could provide a route to growth above its stated goals. Its first complex projects are targeted for completion in 2029–2030.
The announcements point to two strands of Clearway’s growth plan: upgrading existing generation assets and adding investments sourced through its sponsor. The longer-term targets depend in part on converting the identified pipeline into investments and advancing the digital-infrastructure projects; the company said its near-term execution remains on track.