Clearway Energy, Inc.

CWENActive

CIK 1567683 · Renewables, RNG & Sustainability Infrastructure

Clearway Energy, Inc. is a public company in Renewable Utilities, tracked in the renewables, rng, circularity, and sustainability infrastructure sub-sector, with $1.5B TTM revenue and $878M TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, CWEN filings, SEC EDGAR

$7,841

Market cap ($MM)

$17,458

Enterprise value ($MM)

$1,485

Revenue · LTM ($MM)

$878

EBITDA · LTM ($MM)

59%

EBITDA margin

11.8x

EV / revenue

19.9x

EV / EBITDA

9.3x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01CWEN is a scaled public consolidator in Renewables & RNG, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is AMRC, NEE, BEP, BEPC, ORA, AMPS.

Balance sheet & capacity

Indicative capacity read: 9.3x net debt / EBITDA with EBITDA of $878MM.

$325

Cash & equiv. ($MM)

$8,504

Total debt ($MM)

$8,179

Net debt ($MM)

9.3x

Net debt / EBITDA

Valuation

Where it trades against its peer set

CWEN versus the scaled public Renewables, RNG & Sustainability Infrastructure comparables.

EV / EBITDA distribution · peer set

CWEN 19.9x

Indexed share-price performance

CWEN versus available Renewables, RNG & Sustainability Infrastructure peers and SPY.

+50%

CWEN

+6.3%

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Clearway Energy, Inc.	CWEN	$1,485	$878	59%	$7,841	$17,458	11.8x	19.9x	9.3x
Ameresco, Inc.	AMRC	$1,981	$238	12%	$1,586	$3,532	1.8x	14.9x	7.2x
Nextera Energy, Inc.	NEE	$28,187	$17,220	61%	$194,145	$296,550	10.5x	17.2x	5.9x
Brookfield Renewable Partners L.p.	BEP	$6,369	$4,686	74%	$10,413	$44,706	7.0x	9.5x	4.9x
Ormat Technologies, Inc.	ORA	$1,164	$398	34%	$7,477	$10,126	8.7x	25.4x	-1.4x
Altus Power, Inc.	AMPS	$196	$142	72%	$801	$1,078	5.5x	7.6x	NM
First Solar, Inc.	FSLR	$5,419	$2,348	43%	$23,634	$21,697	4.0x	9.2x	-0.9x
Sunrun Inc.	RUN	$3,175	$544	17%	$3,485	$17,656	5.6x	32.4x	25.2x
Renewables, RNG & Sustainability Infrastructure median		$2,578	$711	51%	$7,659	$17,557	6.3x	16.0x	5.4x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

CWEN's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

6.3

Acq. cash outflow ($MM)

N/A

Banker read

01CWEN reads as a programmatic acquirer: 82 disclosed acquisitions across 13 active years, or 6.3 per active year. The chart shows activity in 11 of the last 12 visible years.
02In the last three years, the file shows 20 acquisitions versus 13 in the prior three; recent activity is running above the prior three-year period.
03Spend changes the read: $5.0B of disclosed spend is concentrated in lumpy years, with FY14 the largest year at $1.3B. Recent spend is broadly steady.

Annual acquisitions + disclosed spend

count spend named deal

CWEN count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

20 / 13

Last three years is up 54% vs prior three.

Peak count year

FY25

8 disclosed acquisitions in the peak visible year.

Recent spend

$1.0B

is broadly steady vs prior three; peak FY14 at $1.3B.

Named evidence

6 rows

7.3% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Oct 22, 2021	Thermal Business	Renewables, RNG, circularity, and sustainability infrastructure	$1,900	On October 22, 2021, Clearway Energy Operating LLC entered into a binding agreement to sell the Thermal Business to KKR Thor Bidco, LLC, an affiliate of Kohlberg Kravis Roberts...	10-K^†
Aug 12, 2014	Alta Wind Portfolio Acquisition	Renewables, RNG, circularity, and sustainability infrastructure	$923	On August 12, 2014, the Company acquired 100% of the membership interests of Alta Wind Asset Management Holdings, LLC, Alta Wind Company, LLC, Alta Wind X Holding Company, LLC a...	10-K^†
Aug 12, 2014	Alta Wind Asset Management Holdings, LLC, Alta Wind Company, LLC, Alta Wind X Holding Company, LLC and Alta Wind XI Holding Company, LLC	Renewables, RNG, circularity, and sustainability infrastructure	$923	Alta Wind Portfolio Acquisition — On August 12, 2014, the Company acquired 100% of the membership interests of Alta Wind Asset Management Holdings, LLC, Alta Wind Company, LLC,...	10-K^†
2024	Drop Down Assets	Renewables, RNG, circularity, and sustainability infrastructure	$678	Acquisition of Drop Down Assets, net of cash acquired (678) (45) (71)	10-K^†
Jul 29, 2014	NRG Yield LLC	Renewables, RNG, circularity, and sustainability infrastructure	$630	On July 29, 2014, the Company issued 12,075,000 shares of Class A common stock for net proceeds, after underwriting discount and expenses, of $630 million. The Company utilized...	10-K^†
Nov 1, 2017	November 2017 Drop Down Assets	Renewables, RNG, circularity, and sustainability infrastructure	$74	November 2017 Drop Down Assets — On November 1, 2017, the Company acquired a 38 MW solar portfolio primarily comprised of assets from NRG's Solar Power Partners (SPP) funds and...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 12 SEC-backed facts across 7 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.12 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Feb 24, 2026	Annual M&A 10-K	quarantined (1 issue)	5	$324MM	$488MM	SEC filing
FY2024	Feb 25, 2025	Annual M&A 10-K	warning (1 warn)	N/A	$678MM	N/A	SEC filing
FY2023	Feb 22, 2024	Annual M&A 10-K	warning (1 warn)	6	$45.0MM	N/A	SEC filing
FY2022	Feb 23, 2023	Annual M&A 10-K	warning (1 warn)	4	$533MM	N/A	SEC filing
FY2021	Feb 28, 2022	Annual M&A 10-K	quarantined (1 issue)	5	$533MM	$886MM	SEC filing
FY2020	Mar 1, 2021	Annual M&A 10-K	warning (1 warn)	4	$122MM	N/A	SEC filing
FY2019	Mar 2, 2020	Annual M&A 10-K	warning (1 warn)	2	$190MM	N/A	SEC filing
FY2018	Feb 28, 2019	Annual M&A 10-K	warning (1 warn)	3	$179MM	N/A	SEC filing
FY2016	Feb 28, 2017	Annual M&A 10-K	accepted	1	$78.5MM	$78.5MM	SEC filing
FY2015	Feb 29, 2016	Annual M&A 10-K	accepted	3	$944MM	$944MM	SEC filing
FY2014	Feb 27, 2015	Annual M&A 10-K	quarantined (1 warn, 1 issue)	2	$901MM	$1.3B	SEC filing
FY2013	Feb 28, 2014	Annual M&A 10-K	accepted	1	$120MM	$120MM	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.6 rows+

Filing date	Form	Targets / topics	Support	Source
Feb 25, 2025	10-K	Drop Down Assets	Annual M&ANamed deals	SEC filing
Feb 28, 2022	10-K	Thermal Business	Annual M&ANamed deals	SEC filing
Feb 28, 2017	10-K	Alta Wind Portfolio Acquisition	Annual M&ANamed deals	SEC filing
Feb 29, 2016	10-K	NRG Yield LLC	Annual M&ANamed deals	SEC filing
Feb 27, 2015	10-K	Alta Wind Asset Management Holdings, LLC, Alta Wind Company, LLC, Alta Wind X Holding Company, LLC and Alta Wind XI Holding Company, LLC	Annual M&ANamed deals	SEC filing
Mar 1, 2018	10-K	November 2017 Drop Down Assets	Named deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+

Filing date	Form	Items	Description	Support	Source
May 8, 2026	10-Q	N/A	10-Q	FinancialsRecent SEC	SEC filing
May 7, 2026	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
May 1, 2026	8-K	1.01,3.03,5.03,5.07,7.01,9.01	FORM 8-K	Recent SEC	SEC filing
May 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Apr 16, 2026	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Apr 14, 2026	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Apr 10, 2026	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Apr 2, 2026	8-K	1.01,9.01	FORM 8-K	Recent SEC	SEC filing
Mar 30, 2026	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Mar 24, 2026	DEF 14A	N/A	DEF 14A	Recent SEC	SEC filing

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Thermal Disposition

10-K - Feb 28, 2022

Medium

On October 22, 2021, Clearway Energy Operating LLC entered into a binding agreement to sell the Thermal Business to KKR Thor Bidco, LLC, an affiliate of Kohlberg Kravis Roberts & Co. L.P., or KKR, for total consideratio…

SEC source

Alta Wind Portfolio Acquisition

10-K - Feb 28, 2017

Medium

On August 12, 2014, the Company acquired 100% of the membership interests of Alta Wind Asset Management Holdings, LLC, Alta Wind Company, LLC, Alta Wind X Holding Company, LLC and Alta Wind XI Holding Company, LLC, whic…

SEC source

Alta Wind Portfolio Acquisition

10-K - Feb 27, 2015

Medium

Alta Wind Portfolio Acquisition — On August 12, 2014, the Company acquired 100% of the membership interests of Alta Wind Asset Management Holdings, LLC, Alta Wind Company, LLC, Alta Wind X Holding Company, LLC and Alta…

SEC source

Drop Down Assets

10-K - Feb 25, 2025

Medium

Acquisition of Drop Down Assets, net of cash acquired (678) (45) (71)

SEC source

Acquisition of 12,075,000 additional Class A units of NRG Yield LLC

10-K - Feb 29, 2016

Medium

On July 29, 2014, the Company issued 12,075,000 shares of Class A common stock for net proceeds, after underwriting discount and expenses, of $630 million. The Company utilized the proceeds of the offering to acquire 12…

SEC source

November 2017 Drop Down Assets

10-K - Mar 1, 2018

Medium

November 2017 Drop Down Assets — On November 1, 2017, the Company acquired a 38 MW solar portfolio primarily comprised of assets from NRG's Solar Power Partners (SPP) funds and other projects devel...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive