Clearway Energy (CWEN)
Acquires and holds PPA-contracted US wind, solar, storage and gas generation via sponsor dropdowns.
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Owns roughly 12.9 GW of PPA-contracted US wind, solar, battery-storage and dispatchable-gas generation, acquired through dropdowns from private sponsor Clearway Energy Group rather than built in-house. Long-dated contracts with investment-grade utilities and a dividend geared to distributable cash flow define the model.
Owns roughly 12.9 GW of PPA-contracted US generation — wind, solar and battery storage alongside dispatchable natural gas — split into Renewables and Flexible Generation segments.
The plants are developed and built by a private sponsor, Clearway Energy Group, which drops completed, contracted assets down once they reach commercial operation. The public company's job is capital allocation: fund acquisitions, run the balance sheet, and pay a dividend tied to distributable cash flow.
Revenue depends on long-dated power-purchase agreements with investment-grade utilities, with the gas fleet concentrated among California counterparties. Sponsorship has passed from NRG Energy at the 2013 listing to Global Infrastructure Partners in 2018, now co-owned by BlackRock and TotalEnergies.
An April 2026 conversion collapsed the multi-class share structure into a single public share class, with the sponsor retaining majority voting control through a voting trust.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 4, 2026 | Jefferies | Reiterate | Rating: —Target: $35 | Target: $38 |
| Aug 18, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $60 | Target: $58 |
| Aug 17, 2026 | Evercore ISI | Reiterate | Rating: —Target: $34 | Target: $40 |
| Jul 17, 2026 | CIBC | Target | Target: $38 | Target: $42 |
| Jul 13, 2026 | Truist Financial | Target | Target: — | Target: $43 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $251.0M · Total debt $9.89B · Total assets $16.77B · Shareholders' equity $5.47B
- Revenue
- $481.0M
- Operating income
- $116.0M
- Net income
- $122.0M
HistoryDividendAnnual yield
| Institutions | 52.19% | 107.12M shares | |
|---|---|---|---|
| 492 holders · as of Jun 30, 2026 | |||
| Insiders | 0.28% | 573.5K shares | |
| 5 holders · as of Sep 3, 2026 | |||
| Strategic holders | 41.50% | 85.18M shares | |
| 1 holder · as of May 1, 2026 | |||
| Other | 6.03% | 12.40M shares | |
| remainder | |||
205.27M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This company has 3 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock Portfolio Management LLC1Strategic10 percent owner | 41.50% | 78,938 C | filed May 1, 2026 |
BlackRock, Inc.Institution | 8.96% | 18.40M C | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 3.55% | 7.29M C | as of Jun 30, 2026 |
Clearbridge Investments, LLCInstitution | 2.73% | 5.61M C | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 2.66% | 5.46M C | as of Jun 30, 2026 |
- The filed share classes (C, A) could not be matched to the company's, so no percentage.
Insider tradesForm 4
No open-market trades in the last 12 months.
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Clearway Energy | $30.50 | −0.49% | $6.30B | 40.3 | 68.6 | 4.0 | +22.7% |
| AES | $14.83 | +0.07% | $10.57B | 5.6 | 7.7 | 0.8 | +19.9% |
| Brookfield Renewable Partners | $29.48 | −1.01% | $9.11B | 64.7 | — | 1.4 | +1.1% |
| XPLR Infrastructure | $10.63 | −1.80% | $1.02B | 16.1 | 8.4 | 0.9 | +6.5% |
| Ormat Technologies | $96.81 | −0.48% | $5.98B | 47.9 | 51.3 | 5.0 | +10.6% |
| Bloom Energy | $275.19 | −0.48% | $81.45B | 365.9 | 75.3 | 26.2 | +165.5% |
| Median | 47.9 | 29.9 | 1.4 | +10.6% |