• It's like the power generation part of a big utility company (e.g., NextEra Energy), but entirely dedicated to owning and operating large-scale wind and solar farms.
• Consider it a real estate investment trust (REIT) for green energy infrastructure, providing steady income by owning and operating solar and wind power plants under long-term contracts.

• Renewable Energy Generation: Produces electricity primarily from wind and solar power facilities across various regions.
• Conventional Power Generation: Operates natural gas-fired power plants to generate electricity, often complementing its renewable portfolio.
• Electricity Sales: Sells the generated electricity to utilities, municipalities, and commercial customers, typically through long-term power purchase agreements.

Clearway Energy (CWEN) primarily sells electricity, capacity, and renewable energy credits under long-term contracts to other companies, rather than directly to individuals. Their major customers are typically utilities, large corporate off-takers, and other energy users who purchase power from Clearway Energy's diverse portfolio of generation facilities.

Based on their 2023 annual report (10-K filing), key customers that represented a significant portion of their consolidated revenues include:

• Pacific Gas and Electric Company (PG&E): A major investor-owned utility in California. This company operates under PG&E Corporation. Symbol: PCG
• Southern California Edison Company (SCE): A principal operating subsidiary of Edison International, serving a large portion of Southern California. Symbol: EIX
• San Diego Gas & Electric Company (SDG&E): An investor-owned utility and a subsidiary of Sempra, serving San Diego and Southern Orange counties. Symbol: SRE

These companies are large utilities that enter into Power Purchase Agreements (PPAs) with Clearway Energy to secure long-term electricity supply from its wind, solar, and natural gas-fired power plants.

• Fluence Energy (FLNC)

Craig Cornelius, President and Chief Executive Officer

Craig Cornelius has served as President and Chief Executive Officer of Clearway Energy, Inc. since July 2024. He has been the CEO of Clearway Energy Group since its formation in 2018 through a private-equity sponsored spin-out of NRG Energy Inc.'s clean energy businesses. Prior to that, he was President of NRG's renewables division, where he oversaw origination, development, engineering & construction, operations, and asset management across the company's wind and solar power businesses. Before joining NRG in 2013, Mr. Cornelius spent five years as a Principal and then a Managing Director in the solar investing practice at Hudson Clean Energy Partners, a private equity firm focused on renewable energy. He also previously served as the Program Manager of the U.S. Department of Energy's Solar Energy Technologies Program.

Sarah Rubenstein, Executive Vice President and Chief Financial Officer

Sarah Rubenstein has served as Executive Vice President and Chief Financial Officer for Clearway Energy, Inc. since April 2023. She previously held roles within the company as Chief Accounting Officer, and Vice President, Accounting and Controller since November 2020. Her tenure with the company also includes serving as Assistant Controller from August 2018 through November 2020. Prior to her time at Clearway, Ms. Rubenstein was a Director of Accounting Research and Financial Reporting at NRG, Director of Finance at EPV Solar, Inc., and Senior Director of Financial Reporting at Warner Music Group.

Kevin P. Malcarney, Executive Vice President, General Counsel and Corporate Secretary

Kevin P. Malcarney has served as Clearway Energy, Inc.'s General Counsel, Corporate Secretary, and Chief Compliance Officer since May 2018, and was promoted to Executive Vice President in January 2022. He previously held the position of Vice President and Deputy General Counsel at NRG Energy, Inc., where his responsibilities included new businesses, mergers & acquisitions, divestitures, and project financings. He has served in various roles at NRG since September 2008.

Max Gardner, Treasurer & Senior Vice President, Corporate Finance

Max Gardner serves as the Treasurer and Senior Vice President of Corporate Finance at Clearway Energy.

Alicia Stevenson, Senior Vice President, Business Operations & Strategy

Alicia Stevenson holds the position of Senior Vice President, Business Operations & Strategy at Clearway Energy.

The accelerated development and deployment of distributed energy resources (DERs), including rooftop solar, behind-the-meter battery storage, and advanced microgrid systems. This emerging trend enables consumers and businesses to generate, store, and manage their own power more effectively and independently, potentially reducing their reliance on large, centralized power generation and traditional utility-scale power purchase agreements (PPAs), which form the core of Clearway Energy's business model. If this trend continues to gain momentum and scale rapidly, it could diminish the long-term demand for Clearway Energy's utility-scale renewable assets and contracted energy.

Clearway Energy (CWEN) operates primarily in the United States, with its main products and services focused on renewable energy generation (wind and solar), energy storage, and conventional power generation (natural gas-fired power plants and thermal infrastructure). The addressable market sizes for these key areas in the U.S. are as follows:

U.S. Renewable Energy Market (Overall)

• The overall U.S. renewable energy market size was estimated at USD 237.2 billion in 2024. This market is projected to grow to USD 549.7 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 9.79% between 2025 and 2033.
• In terms of installed capacity, the U.S. renewable energy market is expected to grow from 507.67 gigawatts (GW) in 2025 to 737.37 GW by 2030, at a CAGR of 7.75%.

U.S. Solar Energy Market

• The U.S. solar power market was valued at USD 53.45 billion in 2024 and is forecast to reach USD 123.86 billion by 2032, growing at a CAGR of 11.19% from 2025 to 2032.
• In terms of installed capacity, the United States solar power market was 177 GW in 2024. It is estimated to reach 657.62 GW by 2033, with a CAGR of 14.2% from 2025 to 2033.
• Another estimate indicates the U.S. Solar Energy Market, in terms of installed base, is expected to grow from 203.85 GW in 2025 to 412 GW by 2030, at a CAGR of 15.11%.

U.S. Wind Energy Market

• The U.S. wind power market was valued at USD 18.2 billion in 2024 and is projected to reach USD 27.1 billion by 2032, with a CAGR of 5.3% during the 2025–2032 period.
• The market size of the Wind Power industry in the United States is approximately USD 50.5 billion in 2025.
• The U.S. wind turbine market size is expected to reach USD 100.88 billion by 2034, growing at a CAGR of 15.2%.
• The installed capacity of the U.S. Wind Turbine Market was 142,542 megawatts (MW) in 2024 and is projected to grow to 161,821 MW by 2030, at a CAGR of approximately 2.14%.

U.S. Energy Storage Market

• The U.S. energy storage market size is estimated at USD 3.68 billion in 2025 and is anticipated to reach USD 5.09 billion by 2030, at a CAGR of 6.7%.
• In terms of capacity, the U.S. energy storage market generated 48.3 GW in 2024 and is expected to increase to 120.3 GW by 2032, advancing at a CAGR of 12.2% from 2025 to 2032.
• The U.S. battery energy storage system market size was estimated at USD 711.9 million in 2023 and is expected to grow at a CAGR of 30.5% from 2024 to 2030, reaching USD 4.4 billion by 2030.
• The U.S. energy storage systems market is expected to reach more than USD 240 billion by 2032.
• The United States Energy Storage Market, in terms of installed base, is projected to grow from 49.52 GW in 2025 to 131.75 GW by 2030, at a CAGR of 21.62%.

Conventional Power Generation

Specific addressable market sizes for Clearway Energy's conventional power generation (natural gas-fired power plants and thermal infrastructure) within the U.S. were not explicitly identified in the search results as a distinct segment with a measurable market size separate from the broader electricity market or renewable energy focus.

Clearway Energy (CWEN) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends:

1. Expansion of Renewable Energy and Battery Storage Projects: Clearway Energy is significantly expanding its portfolio of wind, solar, and battery storage projects. The company's development program includes plans to deliver over 6.5 gigawatts of projects by 2028 and 2029. This expansion encompasses new renewable facilities and strategic investments in wind repowering and solar plus storage projects. These projects are being developed at an increasing scale to meet power market demand.
2. Addressing Demand from Data Centers and Digital Infrastructure: A core driver for Clearway Energy is its strategic focus on supplying energy to data centers and hyperscalers. The company has secured 1.8 GW of signed or awarded contracts since mid-2024 to support the growing energy demands of data centers. Clearway is actively developing multi-technology generation complexes in five states specifically designed to meet the energy needs of these critical digital infrastructure clients.
3. Strategic Acquisitions and Dropdowns: Clearway Energy's growth strategy includes both third-party mergers and acquisitions (M&A) and dropdowns of assets from its sponsor, Clearway Group. The company has a track record of successful acquisitions, with three transactions completed at Cash Available for Distribution (CAFD) yields above 12%. This approach provides a consistent pipeline of investment opportunities that align with CWEN's growth objectives.
4. Fleet Enhancements and Optimization: The company is focused on enhancing the performance and extending the life of its existing assets through optimization and strategic repowering projects. These initiatives are expected to contribute to increased revenue and cash flow, with a particular focus on repowering investments in 2027 to further boost CAFD per share growth.

Share Repurchases

• Clearway Energy has not made any significant share repurchases over the last 3-5 years, with share buybacks reported at $0.00 as of August 18, 2025.

Share Issuance

• In Q3 2025, Clearway Energy successfully raised $50 million through an equity issuance.
• In August 2025, the company announced a $100 million At-The-Market (ATM) equity offering program, with proceeds intended for general corporate purposes, including debt repayment, working capital, capital expenditures, and funding acquisitions and investments.

Inbound Investments

• TotalEnergies completed the acquisition of a 50% interest in Clearway Energy Group (CEG), the parent of Clearway Energy, Inc., enhancing strategic alignment and growth potential in the US renewable market as of late 2024.

Outbound Investments

• In October 2025, Clearway Energy entered into a binding agreement to acquire a 613 MW operational solar portfolio from Deriva Energy, LLC, with a total estimated corporate capital investment of approximately $210-230 million.
• For the full year 2024, Clearway Energy committed approximately $450 million in new long-term corporate capital investments, including agreements to invest in a 320 MW storage hybridization portfolio, a 335 MW wind repowering, and the acquisition of a 137 MW wind project from a third party.
• In August 2025, Clearway Group offered Clearway Energy the opportunity to invest in a 291 MW storage portfolio in California and Colorado, with a potential corporate capital commitment of approximately $65 million.

Capital Expenditures

• Clearway Energy's capital expenditures averaged $3.831 billion for the fiscal years ending December 2020 to 2024.
• Capital expenditures peaked at $5.984 billion in December 2024.
• The primary focus of capital expenditures includes renewable and battery projects, with over 2 GW of identified investment opportunities for 2026 and 2027 through sponsor-enabled drop-downs and repowering programs.