Clearway Energy, Inc. (CWEN) Q1 2021 Earnings Call Transcrip

Clearway Energy, Inc. (CWEN) Q1 2021 Earnings Call Transcript


Operator
Good day. And thank you for standing by. Welcome to the Clearway Energy Inc. First Quarter 2021 Earnings Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Mr. Christopher Sotos, President and Chief Executive Officer. Please go ahead.
Christopher Sotos --
President and Chief Executive Officer and Director
Good morning. Let me first thank you for taking the time to join today's call. Joining me this morning is Chad Plotkin, our Chief Financial Officer; and Craig Cornelius, President and CEO of Clearway Energy Group. Craig will be available for the Q&A portion of our presentation. Before we begin, I'd like to quickly note that today's discussion will contain forward-looking statements, which are based on assumptions that we believe to be reasonable as of this date. Actual results may differ materially. Please review the Safe Harbor in today's presentation, as well as the risk factors in our SEC filings. In addition, we will refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to today's presentation. Turning to page four, financially, Clearway's reporting first quarter CAFD of negative $15 million, including the negative impacts from the February weather event in Texas, and acceleration of accrued interest due to the refinancing of the 2025 senior notes. These negative effects were significantly offset by the strong performance at our West Coast renewable projects demonstrating the benefits of a scalable and diversified portfolio. As a result, we are maintaining our guidance at $325 million those guided on our call in February. As indicated previously, during the quarter, we were able to refinance our $600 million 2025 senior notes with a $925 million new green bond due in 2031 at a very attractive 3.75% interest rate. This issuance was used to refinance the 2025 bonds, repay our revolver borrowings with permanent capital and drove corporate purposes. All while saving Clearway approximately $10 million in interest costs. Clearway has announced an increase in dividends by 1.5% to $0.329 per share for the second quarter of 2021. This is on track for DPS growth at the upper end of our 5% to 8% long term target for 2021.

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