Clearway Energy, Inc. (CWEN): PESTLE Analysis [Nov-2025 Updated]

You're tracking Clearway Energy, Inc. (CWEN) because its operational confidence is clear-they narrowed 2025 Cash Available for Distribution (CAFD) guidance to a tight $420 million to $440 million. But even with Q3 2025 revenue at $429 million, the real question is how this clean energy player navigates a political landscape shifting tax credits, the economic pressure of approximately $8.78 billion in debt with variable rates, and the massive demand from hyperscalers. To be fair, the company's internal execution is strong, but we need to look outside the balance sheet to map the external forces-Political, Economic, Sociological, Technological, Legal, and Environmental-that will defintely drive its stock price and long-term viability.

Clearway Energy, Inc. (CWEN) - PESTLE Analysis: Political factors

Federal policy uncertainty following proposed changes to tax credits

The political landscape for Clearway Energy, Inc. (CWEN) shifted dramatically in mid-2025 with the enactment of the One, Big, Beautiful Bill Act (OBBBA) on July 4, 2025. This legislation fundamentally changes the economics of future wind and solar projects by accelerating the phase-out of the clean electricity Production Tax Credit (PTC) and Investment Tax Credit (ITC) under Sections 45Y and 48E. Simply put, the critical tax subsidies that underpin project financing are now on a much tighter clock.

To qualify for the full tax credits, wind and solar facilities must now either be placed in service by December 31, 2027, or begin construction before July 5, 2026. This creates a massive time-to-market pressure for Clearway Energy, Inc.'s development pipeline. Moreover, an Executive Order issued on July 7, 2025, mandates the Treasury Department to 'strictly enforce' the termination and issue guidance to prevent developers from circumventing the 'beginning of construction' standard, which has historically relied on safe harbor mechanisms like the 5% cost test. That flexibility is gone.

Despite this regulatory headwind, Clearway Energy, Inc. is managing its near-term financial outlook. For the 2025 fiscal year, the company expects Cash Available for Distribution (CAFD) to be $2.08 per share at the midpoint, and reported a fiscal 2025 second-quarter revenue of $392 million. The risk is not to current operations, but to the long-term pipeline and growth trajectory beyond 2027. We need to watch their development pace like a hawk.

Permitting risk due to executive orders favoring fossil fuel projects

A series of Executive Orders and Department of the Interior (DOI) actions in 2025 have injected significant federal permitting risk, effectively putting a thumb on the scale in favor of fossil fuels. The most direct impact was the January 20, 2025, order that halted new leasing and permitting for wind energy projects on federal lands and waters, pending a comprehensive review.

While Clearway Energy, Inc.'s onshore solar and wind portfolio is somewhat insulated-since roughly 99% of operational onshore wind and 93% of solar PV capacity in the U.S. is on non-federal lands-any projects requiring federal permits or rights-of-way are now subject to a new, politically charged review process. A July 2025 DOI order requires a three-level political review for a comprehensive list of approvals related to wind and solar projects. This is a clear bureaucratic slowdown.

The new policy landscape explicitly aims to eliminate 'preferential treatment' for wind and solar, creating a more challenging environment for securing federal land use and interconnection approvals, which are already major bottlenecks for the industry.

State-level renewable energy policies (e.g., California, Texas) are now more critical

With federal policy creating a less certain environment, the stability and ambition of state-level policies in key markets like California and Texas become even more critical to Clearway Energy, Inc.'s operational success. These two states represent vastly different regulatory approaches, creating a bifurcated risk and opportunity profile.

California, with its mandate-driven approach, has a goal of 100% clean electricity by 2045. The regulatory environment, however, is complex, leading to delays; the California Independent System Operator (CAISO) interconnection queue currently exceeds 500 gigawatts of renewable energy and storage projects waiting for approval. This regulatory friction is a major operational challenge.

Texas, operating under the market-based Electric Reliability Council of Texas (ERCOT), is the largest producer of wind energy in the U.S. However, the state is shifting its political support. In 2025, the legislature approved a $5 billion Texas Energy Fund for low-interest, taxpayer-funded loans specifically to subsidize new natural gas power plants, a move that introduces political favoritism and market distortion away from purely renewable sources.

This difference in regulatory philosophy translates directly to consumer cost, which can influence long-term political viability:

Tariffs on Chinese-origin solar components creating supply chain cost pressure

Trade policy is directly translating into higher capital expenditure (CapEx) for Clearway Energy, Inc.'s solar and battery storage projects. The U.S. has maintained a 30% tariff on many Chinese imports, with a 90-day extension announced in August 2025. This is a baseline cost increase.

The more acute pressure comes from the final Anti-Dumping/Countervailing Duty (AD/CVD) rulings issued in April 2025, which targeted solar imports from Southeast Asian nations like Cambodia, Malaysia, Thailand, and Vietnam-countries where Chinese manufacturers had relocated. Some of these new tariff rates are shockingly high, reaching up to 3,500% for certain manufacturers, effectively eliminating those supply channels.

Analysts anticipate a net 10 cents/watt average increase in the cost of solar hardware due to these combined tariffs. This is a material cost increase on utility-scale projects. Furthermore, Battery Energy Storage Systems (BESS), a critical component for grid stability and a growth area for Clearway Energy, Inc., face an even higher risk of substantial price increases because China controls a greater percentage of the BESS supply chain compared to solar modules.

The immediate action for Clearway Energy, Inc. is to:

• Accelerate procurement of components before the end of the 90-day tariff extension.
• Rigorously enforce new 'Foreign Entity of Concern' (FEOC) rules to maintain tax credit eligibility.
• Prioritize projects with domestic content to capture the higher-value Inflation Reduction Act (IRA) adders.

Clearway Energy, Inc. (CWEN) - PESTLE Analysis: Economic factors

You're looking at Clearway Energy, Inc. (CWEN) because its business model-long-term power purchase agreements (PPAs) on clean energy assets-makes it look like a bond proxy in a volatile market. The economic reality for Clearway Energy, however, is a tightrope walk between predictable cash flow and a substantial debt load, especially as interest rates remain a major variable. The core of their investment thesis relies on their ability to manage this debt while consistently growing their Cash Available for Distribution (CAFD).

2025 CAFD Guidance Narrowed to $420 Million-$440 Million, Signaling Execution Confidence

The updated financial guidance for 2025 shows Clearway Energy's operational stability and confidence in their asset performance. Following the Q3 2025 earnings report in early November, the company narrowed its full-year Cash Available for Distribution (CAFD) guidance to a range of $420 million to $440 million. This is a crucial metric, as CAFD represents the cash flow available to pay dividends and fund growth investments after all operating costs and debt service are covered.

The midpoint of this revised guidance, $430 million, reflects median production estimates for their renewable energy fleet and factors in the successful completion of committed growth investments on schedule. This narrowing of the range, rather than a broad affirmation, suggests management has a defintely clearer line of sight on year-end performance, which is a positive signal for investors looking for earnings visibility.

High Corporate Debt of Approximately $8.78 Billion as of Q2 2025

The primary headwind for Clearway Energy remains its capital structure. As of the end of the second quarter of fiscal year 2025, the company held total corporate debt of approximately $8.78 billion. This high debt level is typical for capital-intensive yieldcos (companies that own power-generating assets and distribute most of their cash flow), but it also creates significant financial leverage and interest expense risk. For context, the long-term debt reported for the quarter ending June 30, 2025, was $8.251 billion.

Here's the quick math on the debt structure:

• Total Debt (Q2 2025): $8.78 billion
• Long-Term Debt (Q2 2025): $8.251 billion
• Debt is the engine, but it needs cheap fuel.

Variable Interest Rate Exposure on Over Half Its Debt Amplifies Financing Cost Risk

A significant portion of Clearway Energy's debt is subject to variable interest rates, which directly ties their financing costs to Federal Reserve policy. Specifically, over half of their long-term debt is variable, often tied to the Secured Overnight Financing Rate (SOFR). This exposure is a double-edged sword:

• Risk: If the Fed continues to hold rates high or raises them further, debt service costs will climb, directly eroding the CAFD available for dividends and growth.
• Opportunity: If the Fed implements the widely anticipated rate cuts in late 2025 or 2026, the variable-rate debt will immediately become cheaper, feeding millions of dollars back into CAFD.

To mitigate this, the company has employed hedging strategies, such as forward-starting interest rate hedges, to fix the base rate on future corporate bond refinancings, like the $850 million earliest maturity bonds coming due in 2028. This action is a clear move to lock in some financing certainty against interest rate volatility.

Strong Dividend Yield of 6.1% with 117% CAFD Coverage Attracts Yield-Focused Capital

Despite the debt concerns, Clearway Energy remains highly attractive to income-focused investors due to its yield and coverage. The current dividend yield stands at a robust 6.1%, which is significantly higher than its 4-year average yield of 5.18%. More importantly, this dividend is well-supported, boasting a CAFD coverage ratio of 117%.

This coverage ratio means that for every dollar paid out in dividends, the company generates $1.17 in cash available for distribution. This is a strong buffer, indicating the dividend is sustainable and leaving excess cash for reinvestment into new projects-a key differentiator from peers with tighter coverage. The annualized dividend per share is approximately $1.81 based on the latest quarterly declaration of $0.4528 per share.

The next step is to monitor the Fed's December meeting minutes for any revised language on the 2026 rate outlook, as that will directly impact the cost of over half of Clearway Energy's debt.

Clearway Energy, Inc. (CWEN) - PESTLE Analysis: Social factors

Enduring corporate and consumer demand for decarbonized power remains high

The social mandate for decarbonization is a powerful, persistent tailwind for Clearway Energy, Inc. (CWEN). It's not just an abstract policy goal; it's a core expectation from both corporate buyers and the wider public. Large technology companies like Microsoft and Amazon are moving beyond simple offsets, signing long-term Power Purchase Agreements (PPAs) to secure clean power for their operations, which directly benefits a contracted asset owner like CWEN. This corporate drive is reinforced by the broader societal goal in the U.S. to achieve net-zero emissions economy-wide by 2050, a commitment that requires a massive build-out of renewable capacity.

Honestly, this demand isn't going away. Clearway Energy Group's inclusion in Newsweek's America's Most Responsible Companies 2025 list reflects this public focus on corporate social responsibility (CSR) and environmental, social, and governance (ESG) performance.

Significant growth driver from hyperscalers (data centers) demanding clean energy supply

The most immediate and explosive social-driven demand factor is the energy appetite of hyperscale data centers-the infrastructure powering the artificial intelligence (AI) boom. These companies need massive, reliable, and increasingly 100% clean power to meet their own public sustainability targets. This is a huge opportunity.

Here's the quick math on this unprecedented demand surge:

• US data center grid-power demand is forecast to rise by 22% in 2025 alone.
• This translates to an increase of roughly 11.3 GW of utility power in 2025, bringing the total data center demand to an estimated 61.8 GW.
• By 2030, total demand is projected to nearly triple to 134.4 GW.

Clearway Energy, Inc. is directly capitalizing on this, positioning itself as a supplier of choice for these critical customers. For example, the company signed a 15-year PPA with a new hyperscaler customer to underpin the repowering of its Goat Mountain wind project in Texas. This is a defintely a high-value, long-term revenue stream.

Energy security and affordability concerns are increasingly driving technology choices over pure climate policy

While the demand for clean energy is high, the social conversation is shifting to a three-way balance: clean, secure, and affordable. Geopolitical tensions and high inflation are forcing a greater prioritization of energy security and affordability over pure climate policy, which can create headwinds for intermittent renewables if not paired with storage or firming capacity.

The cost of energy remains the top economic concern for most Americans, impacting everything from household budgets to manufacturing costs. This social pressure favors technologies that offer grid reliability and price stability. Consequently, the focus is on a reliable and resilient power system, which is a key priority for the U.S. power system in 2025. This dynamic highlights the value of CWEN's diversified portfolio, which includes approximately 2.8 GW of conventional dispatchable power capacity alongside its wind and solar assets, providing critical grid reliability services.

Focus on domestic manufacturing and reindustrialization creates local project opportunities

The push for domestic manufacturing and reindustrialization, largely fueled by incentives like the Inflation Reduction Act (IRA), is creating a new, concentrated source of electricity demand that CWEN is well-suited to serve. This is a social factor because it ties clean energy directly to local job creation and economic revitalization, especially in rural communities.

The clean power manufacturing sector is booming, contributing $18 billion to U.S. GDP annually and supporting 122,000 American jobs as of early 2025. The quarterly investment in clean manufacturing more than tripled from Q3 2022 to $14.0 billion in Q1 2025.

This reindustrialization creates local project opportunities for CWEN, whose portfolio spans 27 states. The new manufacturing facilities-including the 200 primary clean power manufacturing plants across 38 states-need local, clean, and reliable power supply for their operations.

Finance: Track new manufacturing project announcements in the Southeast and Texas-CWEN's key operating regions-to identify potential PPA targets by the end of the quarter.

Clearway Energy, Inc. (CWEN) - PESTLE Analysis: Technological factors

Strategic shift toward hybrid solar-plus-storage projects for firm, reliable power.

You need power that is firm and dispatchable, not just intermittent, and Clearway Energy's technology strategy is defintely reflecting that need by heavily prioritizing hybrid solar-plus-storage projects. This integration of battery energy storage systems (BESS) with renewable generation is the key to monetizing energy arbitrage opportunities and providing critical grid reliability services.

The company's commitment to this technology is clear in its 2025 growth pipeline. In July 2025, Clearway Group offered Clearway Energy the opportunity to invest in a portfolio of 291 MW of storage projects in California and Colorado, known as the Rosamond South II and Spindle Storage Portfolio. This potential investment carries an approximate corporate capital commitment of $65 million. Furthermore, the company has signed agreements to invest in 320 MW of storage hybridization projects, which will enhance the output of existing solar and wind assets.

• Operating Storage Capacity: 1.1 GW of paired and standalone assets.
• Committed Storage Capacity: 291 MW Western states portfolio (2026 COD).
• Hybridization Agreements: 320 MW of wind and solar assets.

Repowering of existing wind and solar assets is a key pathway for accretive growth.

Repowering older assets is a smart, low-risk way to capture the latest turbine and solar panel technology, boosting output and extending contract life. The technology upgrade is so efficient it often results in a higher capacity factor with fewer physical assets. This is a direct path to accretive growth, meaning it increases Cash Available for Distribution (CAFD) per share.

A prime example is the Mt. Storm wind project in West Virginia, which is undergoing a repowering initiative. By replacing older 2 MW turbines with newer, more powerful 4.3 MW models, Clearway is cutting the number of turbines from 132 to 78, while simultaneously increasing the total capacity from 264 MW to 335 MW. This is a massive efficiency gain. Another significant project is the Goat Mountain wind project in Texas, which secured a 15-year PPA with a hyperscaler customer in the third quarter of 2025 to underpin its repowering, representing a potential corporate capital investment of approximately $200 million. This technological focus is a core building block for the company's increased 2027 CAFD per share target of $2.50 to $2.70.

Integration of digital twins and AI is improving fleet management and operational efficiency.

While the industry is buzzing about digital twins (virtual models of physical assets) and Artificial Intelligence (AI) for predictive maintenance, Clearway Energy's focus is on leveraging proprietary in-house expertise to achieve world-class operational performance. They don't rely on third-party operators; instead, they use their own commercial operations team to manage operations, maintenance, and asset management for their fleet of 13 GW of gross generating capacity.

This in-house technology and expertise is used to deploy proprietary strategies that manage risks and optimize assets in real-time. For example, AI is fundamentally changing the industry by allowing for real-time adjustments to hybrid battery schedules based on cloud cover or wind patterns, which can significantly boost energy output. Clearway's ability to execute complex repowering projects, like increasing the Mt. Storm capacity by 71 MW with fewer turbines, is a concrete result of this advanced operational technology and optimization.

Technological innovation in battery storage is rapidly lowering costs and increasing deployment.

The pace of innovation in battery storage technology is dramatically improving the economics of utility-scale projects. The shift to cheaper, safer chemistries like lithium iron phosphate (LFP), coupled with the standalone storage investment tax credit from the Inflation Reduction Act (IRA), is a major tailwind. This is why you see such aggressive deployment goals.

Industry-wide, the average battery pack price in the U.S. is expected to continue its decline, potentially dipping below $100/kWh by the end of 2025, down from an average of $115/kWh in 2024. This cost reduction directly translates into higher returns and greater scale for Clearway's committed storage projects. The Honeycomb portfolio in Utah, for instance, is a large-scale project under construction, utilizing four-hour Tesla batteries to store up to 1,280 MWh of dispatchable power, demonstrating the commercial viability of this technology at scale.

Clearway Energy, Inc. (CWEN) - PESTLE Analysis: Legal factors

New proposed tax legislation could phase out Production Tax Credits (PTC) and Investment Tax Credits (ITC) after 2028.

The biggest legal shift for Clearway Energy, Inc. (CWEN) in 2025 is the acceleration of the phase-out for key federal tax credits under the 'One Big Beautiful Bill Act' (OBBBA), signed in July 2025. This legislation significantly curtails the lifespan of the new technology-neutral Production Tax Credits (PTC) under Section 45Y and Investment Tax Credits (ITC) under Section 48E for wind and solar projects. This is a massive change from the prior, longer-term structure.

To qualify for the full tax credit, new wind and solar facilities must now either begin construction before July 5, 2026, or be placed in service by December 31, 2027. This creates an intense, near-term deadline pressure. CWEN's strategy, which includes a robust pipeline of renewable and battery storage projects, is now fully focused on meeting these 'begin construction' milestones to lock in the incentives, which can extend their benefit through 2029 for projects that meet the safe harbor rules. The company's updated 2025 Cash Available for Distribution (CAFD) guidance of $405 million to $440 million reflects the financial strength of its currently contracted and tax-advantaged portfolio, but future growth relies on navigating this tight window.

Foreign Entity of Concern (FEOC) rules complicate sourcing for solar and battery components.

The OBBBA also significantly expanded the Foreign Entity of Concern (FEOC) rules, now often referred to as Prohibited Foreign Entity (PFE) restrictions. These rules are designed to block new clean energy tax credits if a project is tied to specific foreign governments, primarily China, through ownership, investment, or supply chain. Honesty, this adds a huge layer of due diligence to every procurement contract.

The restrictions are twofold. First, they prohibit any taxpayer that is a PFE from claiming or transferring the credits. Second, and more relevant for CWEN's sourcing, they deny the credits for facilities that receive 'material assistance' from a PFE. For projects beginning construction after December 31, 2025, the supply chain must meet specific domestic content thresholds to qualify for the full credit. This forces CWEN to rapidly diversify its suppliers away from traditional, lower-cost sources.

What this estimate hides is the complexity of tracing the origin of every manufactured product, from the solar panel to the battery cell components. The rules are complex, and getting it wrong could result in a 100% recapture of the Investment Tax Credit (ITC) if payments are made to a specified foreign entity that exercises 'effective control' over a qualified facility within a 10-year period.

Regulatory changes to the National Environmental Policy Act (NEPA) increase project review uncertainty.

The regulatory environment for project permitting is a mixed bag right now. In June 2025, the Department of Energy (DOE) implemented sweeping changes to its National Environmental Policy Act (NEPA) procedures, aiming to streamline environmental reviews for energy infrastructure. This should be a positive, setting firm deadlines of two years for Environmental Impact Statements (EISs) and one year for Environmental Assessments (EAs). That's a clean one-liner for a developer: clear deadlines help.

But, the overall uncertainty has still risen. The Council on Environmental Quality (CEQ) rescinded its core NEPA regulations in April 2025, pushing agencies to rely on non-binding guidance. This has created a vacuum of consistent, predictable rules across different federal agencies, making it harder to forecast permitting timelines. While the median time for NEPA reviews in 2024 was already long at 26 months, the current lack of a unified regulatory framework introduces a new, unquantifiable risk of delays and litigation, forcing CWEN to build more contingency time into its project schedules.

Long-term Power Purchase Agreements (PPAs) shield revenue from short-term market volatility.

Clearway Energy's core defense against market volatility is its extensive use of long-term Power Purchase Agreements (PPAs) and tolling agreements. These contracts shield the majority of the company's revenue from short-term fluctuations in wholesale electricity prices, which is defintely a key attraction for investors. The counterparties are typically investment-grade utilities and large corporate buyers, which minimizes credit risk.

The average contract life is substantial, providing revenue visibility for over a decade and a half. This long-term contracting is the foundation of CWEN's predictable Cash Available for Distribution. Recent and committed projects illustrate this:

• Mount Storm Wind Repower: 20-year PPA with Microsoft.
• Spindle Storage: 20-year PPA with Public Service Company of Colorado.
• Tuolumne Wind Project: New PPA with Turlock Irrigation District for an initial term of 15 years to 2040.
• Luna Valley: 17-year weighted average contract duration.

These long-term, fixed-price contracts are essential for securing non-recourse project financing, which is the engine of CWEN's growth. They convert the operational risk of a renewable energy asset into a stable, bond-like cash flow stream.

Clearway Energy, Inc. (CWEN) - PESTLE Analysis: Environmental factors

You're looking at Clearway Energy, Inc. (CWEN) because its business model is fundamentally aligned with the massive, non-negotiable shift toward decarbonization, which makes the Environmental pillar a core strength, not just a compliance issue. The company's entire portfolio is a direct play on the US net-zero transition, plus they've hit key community engagement goals ahead of schedule.

Core business directly addresses global and US net-zero carbon emissions by 2050 goals.

Clearway Energy's core business is the physical manifestation of the US and global push to net-zero carbon emissions. The company is a crucial part of the solution, not the problem. They have a clear, ambitious goal to achieve net-zero Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 2050, which aligns directly with the US national target.

Their progress is tangible. They set a goal to have 95% of the electricity they generate be carbon-free by 2035, but they achieved this milestone early. Based on their net owned capacity, they generated 16.2 million net MWh of carbon-free electricity in 2024, effectively reaching the 95% mark. This decarbonization at scale has helped their customers avoid 9.1 million metric tons of CO2 emissions, which is a powerful metric for corporate buyers looking to meet their own sustainability mandates.

Here's the quick math: Clearway Energy's financial stability, despite revenue falling to $429 million in Q3 2025, comes from its long-term contracts and operational excellence, which is defintely a strength in this choppy market. What this estimate hides is the true cost of capital if interest rates don't stabilize soon. Finance: draft a 13-week cash view modeling a 50 basis point rate hike by Friday.

Increased focus on local environmental impact and community engagement for large-scale projects.

A major risk for large-scale renewable projects is local opposition, so Clearway has proactively invested in community engagement to secure its social license to operate. The company set a goal for 100% of its renewable energy sites larger than 50 MW to have community engagement plans and participate in the Adopt-a-School program by the end of 2025. They actually hit this target a year early, by the end of 2024, with all 33 qualifying sites participating.

This isn't just a box-checking exercise; it's a commitment to local economic and social health. For example, the Black Rock Wind Community Benefit Fund, which had its 2025 grant application open in February, voluntarily commits an additional $50,000 per year to the local community for the project's operating life. In 2024 alone, the Adopt-A-School program donated approximately $188,000 to schools, fostering goodwill and a pipeline of future clean energy talent.

Weather volatility (wind and solar resource performance) remains an operational risk.

For a pure-play renewable energy company, weather is an inherent, unhedgeable operational risk. It directly impacts resource performance, which affects generation and, ultimately, cash flow. The company's quarterly operating results are explicitly impacted by seasonal factors and weather variability, which can cause fluctuations in the wind and solar resource performance.

For instance, the Q2 2025 results saw lower renewable production, primarily at certain wind facilities, and lower energy margin in the Flexible Generation segment due to milder weather. This is why the company's 2025 full year Cash Available for Distribution (CAFD) guidance, narrowed to a range of $420 million to $440 million, is based on median production estimates, with the range itself reflecting the potential distribution of outcomes from resource performance.

The operational reality is simple: less sun or wind means less power to sell.

Repowering projects reduce land-use and environmental impact compared to greenfield development.

Clearway's repowering strategy-replacing older turbines or solar panels with modern, higher-capacity equipment-is a smart environmental move. It increases energy output and extends asset life without the need for new land acquisition or the lengthy permitting process of greenfield (new) development.

The repowering of the Ocotillo Windpower farm in Texas, for example, extended the operational life by ten years and will contribute an additional $2 million in property taxes to Howard County over that period. Environmentally, repowering minimizes waste: a wind farm repower involved the removal of 100 legacy hubs and 300 legacy blades, which were all successfully recycled or diverted from landfills for beneficial reuse, avoiding a significant environmental burden that a full decommissioning would create.

This approach is financially attractive, too, with repowering projects cited to offer attractive CAFD yields of approximately 10%-12%. Repowering is a win-win for the environment and the balance sheet.

• Extend asset life by a decade, like at Ocotillo Windpower.
• Increase capacity without new land use permits.
• Recycle major components, including 300 legacy blades, diverting them from landfills.
• Generate attractive 10%-12% CAFD yields on investment.