Clearway Energy

What Clearway Energy does

Clearway Energy, Inc. (NYSE: CWEN) is a publicly traded clean energy infrastructure company that owns and operates approximately 13.6 GW of gross generation capacity across 27 U.S. states. The portfolio comprises approximately 10.8 GW of utility-scale wind, solar, and battery energy storage systems (BESS) plus approximately 2.8 GW of flexible dispatchable power generation providing critical grid reliability services. The company was formed in 2013 as NRG Yield, Inc., rebranded to Clearway Energy in 2018 following a spin-out from NRG Energy Inc.'s clean energy businesses, and is sponsored/controlled by Clearway Energy Group LLC (itself backed by BlackRock's Global Infrastructure Partners and TotalEnergies).

The company's core technology is a portfolio of utility-scale generation assets: wind farms, solar installations (some paired with storage), standalone battery energy storage systems (including the 320 MW Honeycomb Portfolio in Utah), and flexible dispatchable generation. Assets are monetized exclusively through long-term power purchase agreements (PPAs) and tolling agreements — averaging 13+ years with inflation-linked or fixed pricing — with investment-grade utilities, hyperscalers (Google, Microsoft), and municipal utilities. Notable contracted assets include Swan Solar (650 MW, 20-year PPA with Google), Catamount Wind (20-year PPA with Google), Goat Mountain repower (15-year PPA with Google), and Royal Slope solar plus storage (520 MW, 20-year PPA with a Washington state municipal utility).

The business model is a contracted yieldco: revenue is recurring and asset-backed, with FY2025 revenue of $1,429M (+19% YoY) and Q1 2026 revenue of $354M. Revenue streams flow through (1) electricity generation and sales under PPAs and (2) capacity and grid services from dispatchable generation and storage. Profits are distributed primarily via a quarterly dividend (~$1.84/share annualized, ~4.5% yield), raised for six consecutive years, targeting $2.90-$3.10/share CAFD by 2030. The company runs a lean headcount of 51-100 employees in Princeton, NJ, with asset management services provided by the parent sponsor under a master services agreement, and pursues growth via a 12.7 GW late-stage sponsor development pipeline and programmatic M&A (e.g., Cardinal/Deriva $324M, Fengate JV, Quanta co-development framework).

Name

Clearway Energy

Legal name

Clearway Energy, Inc.

Website

https://investor.clearwayenergy.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Clearway Energy is a publicly traded U.S. clean energy yieldco owning approximately 13.6 GW of wind, solar, battery storage, and dispatchable generation across 27 states, selling electricity under long-term PPAs to investment-grade utilities and hyperscalers like Google and Microsoft to generate contracted dividend income.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Utility-Scale BESS Project Development & Ownership (IPP/Developer) (EUAFAAAA)

akta.pro secondary industries

Utility-Scale Power Generation Asset Management (EUAEAMAA), Renewable Energy Infrastructure (FSAAAKAG), Real Assets — Energy & Power Infrastructure (Renewables, Conventional, Storage) (FSAHAIAD)

Keywords

• Renewable energy generation
• Power purchase agreements
• Utility-scale wind solar
• Battery energy storage
• Clean energy infrastructure

Headquarters

HQ city

Princeton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Electricity Generation and Sales: Clearway Energy generates electricity from its portfolio of wind, solar, and battery storage assets and sells it under long-term power purchase agreements (PPAs) to utilities, corporations, and municipal utilities. Revenue is driven by contracted capacity and energy production, with pricing typically fixed or inflation-linked over contract terms averaging 13+ years.
2. Capacity and Grid Services: Flexible dispatchable generation assets provide grid reliability services, earning capacity payments and ancillary services revenue from grid operators.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Clearway Energy owns and operates a diversified portfolio of clean energy generation assets totaling approximately 13.6 GW of gross capacity across 27 U.S. states, including roughly 10.8 GW of wind, solar, and battery energy storage systems (BESS), plus approximately 2.8 GW of flexible dispatchable power generation. The company sells the electricity produced from these assets under long-term fixed-rate power purchase agreements (PPAs), typically 15-20 years, to utilities, hyperscalers/corporations, and municipal utilities.

Product overview

Clearway Energy operates a diversified portfolio of clean energy generation assets totaling approximately 13.6 GW of gross capacity across 27 U.S. states. The company's core offerings consist of utility-scale wind farms and solar installations (approximately 10.8 GW combined), battery energy storage systems (BESS), and flexible dispatchable power generation (approximately 2.8 GW). All generation assets operate under long-term fixed-rate power purchase agreements (PPAs) with utilities, corporations, and hyperscalers. The company sells electricity to generate stable, contract-driven cash flows that support dividend payments to investors. This is a single-entity asset portfolio rather than a platform-plus-modules software architecture.

Differentiator

Problem solved

Functional benefit

Products and services

• Wind Generation Assets
• Solar Generation Assets
• Battery Energy Storage Systems (BESS)
• Flexible Dispatchable Power Generation

Quantifiable outcome

• 5-8%+ annual cash flow per share growth through 2030
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and flagship.

• Fengate Asset ManagementcoreStrategic or Co-development Partner · 31 March 2026Fengate Asset Management acquired a 50% interest in a 227 MWac portfolio of 12 operating solar projects in the western United States through a 50/50 joint venture with Clearway Energy. The transaction supports Fengate's energy transition strategy and represents a second renewables investment partnership with Clearway.
• Clearway Energy Group LLCflagshipStrategic or Co-development Partner · 25 March 2026Clearway Energy Inc. is sponsored by its controlling investor Clearway Energy Group LLC, which provides a sponsor-enabled growth pipeline of 12.7 GW in late-stage opportunities. The parent company has established joint development frameworks and dropdown opportunities for the company including Royal Slope Solar Plus Storage (520 MW) and Swan Solar (650 MW).
• Quanta ServicescoreStrategic or Co-development Partner · 15 January 2026Clearway Energy Group established a joint development framework with Quanta Services for co-located energy and data centers, representing over $1 billion in potential drop-down acquisition opportunities by 2030. Quanta/Blattner has been established as a delivery partnership for generation equipment purchases.
• Deriva EnergycoreStrategic or Co-development Partner · 1 October 2025Clearway Energy signed a binding agreement to acquire an 833MWdc (613MWac) operational solar portfolio from Deriva Energy. The Cardinal Portfolio acquisition (formerly Deriva) closed in March 2026 for total cash consideration of $324 million.
• GoogleflagshipStrategic or Co-development Partner · 15 January 2025Clearway signed a portfolio of power purchase agreements with Google totaling nearly 1.2 GW across Missouri, Texas, and West Virginia, representing one of the largest corporate clean energy deals. The agreements cover Goat Mountain repower (15-year PPA), Swan Solar (20-year PPA, 650 MW), and Catamount Wind (20-year PPA) projects.
• MicrosoftcoreStrategic or Co-development Partner · 15 January 2025Clearway Energy signed a 335 MW Power Purchase Agreement with Microsoft for renewable energy supply.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• NextEra Energy Partners: Yieldco structured similarly to Clearway, focused on contracted renewable energy assets with long-term PPAs; direct comparability in business model, contracted cash flow profile, and dividend growth thesis.
• Brookfield Renewable Partners: One of the largest publicly traded renewable power platforms globally, operating utility-scale wind, solar, and storage under long-term contracts; matches Clearway's IPP/owner-operator model and yield-oriented investor base.
• Atlantica Sustainable Infrastructure: Owns and operates contracted renewable energy and efficient natural gas assets with long-term cash flows; comparable scale, contract structure, and yieldco business model.
• Pattern Energy Group: IPP owning utility-scale wind and solar generation under long-term PPAs; comparable asset base and contract-driven revenue model before its take-private.
• Hannon Armstrong Sustainable Infrastructure Capital: Finances and owns climate solutions including renewable energy assets under long-term contracts; overlapping customer base (utilities, corporates) and contracted cash flow orientation.
• Innergex Renewable Energy: Canadian-listed renewable IPP owning hydro, wind, and solar assets under long-term PPAs; comparable contracted-asset business model and dividend growth orientation.

Broad incumbents

• AES Corporation: Large global utility and IPP with significant renewable and BESS development; broader portfolio but overlapping in utility-scale renewables, storage, and hyperscaler/data-center PPAs.
• NextEra Energy: Parent of NextEra Energy Partners and the largest U.S. renewable developer; comparable wind/solar/storage asset development capability and hyperscaler PPA origination.

Others

• Clearway Energy Group LLC: Controlling sponsor and primary developer/owner of assets that drop down into Clearway Energy; provides the 12.7 GW pipeline and shares operating/investor DNA with the public company.

Regional players

• TransAlta Renewables: Canadian renewable IPP focused on wind, solar, and hydro under long-term contracts; similar asset mix and PPA-based revenue model, but primarily serves Canadian markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/clearwayenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Clearway Energy