Clearway Energy : First Quarter 2024 Earnings Presentation

Safe Harbor

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be

identified by the use of words such as "expect," "estimate," "target," "anticipate," "forecast," "plan," "outlook," "believe" and similar terms. Such forward-looking statements include, but are not limited to, statements regarding the Company's dividend expectations and its operations, its facilities and its financial results, the anticipated consummation of the transactions described above, the anticipated benefits, opportunities, and results with respect to the transactions, including the Company's future relationship and arrangements with Clearway Energy Group and its owners, as well as the Company's Net Income, Adjusted EBITDA, Cash from Operating Activities, Cash Available for Distribution, the Company's future revenues, income, indebtedness, capital structure, strategy, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.

Although Clearway Energy, Inc. believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, the Company's ability to maintain and grow its quarterly dividend, risks relating to the Company's relationships with its sponsors, the Company's ability to successfully identify, evaluate, consummate or implement acquisitions or dispositions (including receipt of third party consents and regulatory approvals), the Company's ability to acquire assets from its sponsors, the Company's ability to borrow additional funds and access capital markets due to its indebtedness, corporate structure, market conditions or otherwise, hazards customary in the power production industry and power generation operations, weather conditions, including wind and solar conditions, the Company's ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations, the willingness and ability of counterparties to the Company's offtake agreements to fulfill their obligations under such agreements, the Company's ability to enter into contracts to sell power and procure fuel on acceptable terms and prices, government regulation, including compliance with regulatory requirements and changes in law, operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of the Company and its subsidiaries, cyber terrorism and inadequate cybersecurity. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations.

The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The adjusted EBITDA and cash available for distribution guidance are estimates as of May 9, 2024. These estimates are based on assumptions believed to be reasonable as of that date. The Company disclaims any current intention to update such guidance, except as required by law. Adjusted EBITDA and cash available for distribution are non-GAAP financial measures and are explained in greater detail in the Appendix. The foregoing review of factors that could cause the Company's actual results to differ materially from those contemplated in the forward-looking statements included in this presentation should be considered in connection with information regarding risks and uncertainties that may affect the Company 's future results included in the Company's filings with the Securities and Exchange Commission at www.sec.gov.

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Agenda

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Business Update

CWEN Remains on Track to Achieve its Growth Objectives Through 2026 and Beyond

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Recent Growth Commitments Further Advance Long Term CAFD Per Share Growth

($ millions)

Recent Growth Investment Commitments Provide for Accretive Growth While Enhancing Visibility into the Deployment of the Excess Thermal Proceeds

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Full Allocation of Thermal Proceeds Continues to Lead to No External Capital Needs to Meet 2026 DPS Growth Target

($ millions, except per share figures)

Full Allocation of Excess Thermal Sale Proceeds Continues to

Reaffirm CWEN's Ability to Achieve the Upper Range of 5-8% DPS Growth Annually through 2026 Without External Capital

1 Refer to Appendix slide 17; 2 Based on approx. 202 MM shares outstanding as of 4/30/24

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Extension and Enhancement of Value in Gas Fleet RA Contracts Points to Potential 2027 CAFD Per Share Growth

New Resource Adequacy Contracts for Marsh Landing and Walnut Creek Continue to Firm Up CAFD Per Share Growth Visibility Beyond $2.15 in 2026, and Demonstrate Increasing Value of Dispatchable Resources in California Capacity Market

1 Percentages as of May 2024 and based on net qualifying capacity; reflects annual averages; contract expiration dates vary

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With Substantial Opportunity Set For Further Investments for CAFD Per Share Growth Coming Into View for 2027+

CWEN and Sponsor Beginning to Evaluate Next Phase of Potential Investments that Can Enable Accretive Growth

Of CAFD Beyond $2.15 Per Share, With Pace Optimized for CWEN Capital Allocation Plans and Value