SecProbe.io

Filing text and metadata
Intelligence Terminal Search Topics Monthly Activity About

Correspondence 0001104659-23-018414 from Clearway Energy, Inc. (CWEN, CWEN-A) (CIK 0001567683) (CWEN)

Clearway Energy, Inc. (CWEN, CWEN-A) (CIK 0001567683)
Date: Feb. 10, 2023 · CIK: 0001567683 · Accession: 0001104659-23-018414

AI Filing Summary & Sentiment

File numbers found in text: 001-36002

Referenced dates: October 17, 2022

Date
February 10, 2023
Author
/s/ Sarah Rubenstein
Form
CORRESP
Company
Clearway Energy, Inc. (CWEN, CWEN-A) (CIK 0001567683)

Letter

Securities and Exchange Commission Division of Corporation Finance Office of Energy & Transportation Re: Clearway Energy, Inc. Form 10-K for the Fiscal Year ended December 31, Filed February 28, 2022 File No. 001-36002

Dear Mr. Hiller and Mr. Cannarella:

We hereby further supplement our response to the comments made by the Staff of the Division of Corporation Finance (the “Staff”) of the Securities and Exchange Commission (the “Commission”) in your letter dated October 17, 2022, related to the above referenced filing of Clearway Energy, Inc. This response also applies to the disclosures of Clearway Energy LLC (together with Clearway Energy, Inc., the “Company”). In connection with discussions with the Staff, the following is a summary of the supplemental or clarifying disclosures that we will include in each Annual Report on Form 10-K to be filed by the Company for the year ended December 31, 2022 and in subsequent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q made by the Company, as applicable.

1. In Item 2, Properties, the Company will supplement its existing disclosures related to facility utilization by providing a weighted average realized capacity factor for its Solar facilities in the aggregate and for its Wind facilities in the aggregate. The weighted average realized capacity factor will be calculated as megawatt-hours (MWh) sold or compensated during the applicable year (or in future interim filings, during the relevant interim period) divided by the product of the total hours in the relevant time period (annual or interim period or portion thereof, for assets acquired during the annual or interim period) and the Company’s aggregate capacity (MW). This metric will be provided in addition to the following disclosure of industry data: “Typical average capacity factors are 25% for solar facilities and 25-45% for wind facilities.”

2. In Item 7, Management’s Discussion and Analysis of Financial Condition and the Results of Operations, Consolidated Results of Operations, within the Business Metrics section of the table, the Company will include MWh generated/sold for Wind and Solar in addition to the total Renewables MWh generated/sold for each of the periods shown in the table.

3. In Item 7, Management’s Discussion and Analysis of Financial Condition and the Results of Operations, Management’s discussion of the results of operations, within the Operating Revenues section, the Company will provide the following information:

a. Acquisition-related variances will be quantified separately from all other variances, and separate information will be presented for variances due to the acquisition of Wind and Solar assets, either by providing specific quantified variances, or by providing a measure of relative significance such as (i) percentage of MW capacity acquired, (ii) percentage of revenue acquired or (iii) percentage of MWh sold during the post-acquisition period.

b. Non-acquisition related variances will be quantified when individually material to the results of operations, including separate amounts for variances in generation, price, weather events or significant outages, where relevant and material.

For the avoidance of doubt, the Company confirms that it will quantify and provide explanations for all material variances for all line items in the Company’s statement of operations.

Since the Company and management are in possession of all the facts relating to the Company’s disclosure, we hereby acknowledge that (i) the Company is responsible for the adequacy and accuracy of the disclosure in the filing; (ii) Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and (iii) the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

Please contact Amelia McKeithen, Assistant General Counsel, at (609) 436-9601, or me at (609) 608-1461 if you have questions regarding our responses or related matters.

Sincerely,
/s/ Sarah Rubenstein

Show Raw Text
CORRESP
1
filename1.htm

Clearway Energy, Inc.

Clearway Energy LLC

300 Carnegie Center, Suite 300

Princeton, NJ 08540

clearwayenergy.com

February 10, 2023

Securities and Exchange Commission

Division of Corporation Finance

Office of Energy & Transportation

100 F Street N.E.

Washington, D.C. 20549

Attn: Karl Hiller, Branch Chief

  John Cannarella, Staff Accountant

 Re: Clearway Energy, Inc.

    Form 10-K for the Fiscal Year ended December 31,
2021

    Filed February 28, 2022

    File No. 001-36002

Dear Mr. Hiller and Mr. Cannarella:

We hereby further supplement our response to the
comments made by the Staff of the Division of Corporation Finance (the “Staff”) of the Securities and Exchange Commission
(the “Commission”) in your letter dated October 17, 2022, related to the above referenced filing of Clearway Energy, Inc.
This response also applies to the disclosures of Clearway Energy LLC (together with Clearway Energy, Inc., the “Company”).
In connection with discussions with the Staff, the following is a summary of the supplemental or clarifying disclosures that we will include
in each Annual Report on Form 10-K to be filed by the Company for the year ended December 31, 2022 and in subsequent Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q made by the Company, as applicable.

 1. In Item 2, Properties, the Company will supplement its existing disclosures related to facility utilization by providing a weighted
average realized capacity factor for its Solar facilities in the aggregate and for its Wind facilities in the aggregate. The weighted
average realized capacity factor will be calculated as megawatt-hours (MWh) sold or compensated during the applicable year  (or in
future interim filings, during the relevant interim period) divided by the product of the total hours in the relevant time period (annual
or interim period or portion thereof, for assets acquired during the annual or interim period) and the Company’s aggregate capacity
(MW). This metric will be provided in addition to the following disclosure of industry data: “Typical average capacity factors are
25% for solar facilities and 25-45% for wind facilities.”

 2. In Item 7, Management’s Discussion and Analysis of Financial Condition and the Results of Operations, Consolidated Results of
Operations, within the Business Metrics section of the table, the Company will include MWh generated/sold for Wind and Solar in addition
to the total Renewables MWh generated/sold for each of the periods shown in the table.

 3. In Item 7, Management’s Discussion and Analysis of Financial Condition and the Results of Operations, Management’s discussion
of the results of operations, within the Operating Revenues section, the Company will provide the following information:

 a. Acquisition-related variances will be quantified separately from all other variances, and separate information will be presented for
variances due to the acquisition of Wind and Solar assets, either by providing specific quantified variances, or by providing a measure
of relative significance such as (i) percentage of MW capacity acquired, (ii) percentage of revenue acquired or (iii) percentage
of MWh sold during the post-acquisition period.

 b. Non-acquisition related variances will be quantified when individually material to the results of operations, including separate amounts
for variances in generation, price, weather events or significant outages, where relevant and material.

For the avoidance of doubt, the Company confirms that it
will quantify and provide explanations for all material variances for all line items in the Company’s statement of operations.

Since the Company and management are in possession
of all the facts relating to the Company’s disclosure, we hereby acknowledge that (i) the Company is responsible for the adequacy
and accuracy of the disclosure in the filing; (ii) Staff comments or changes to disclosure in response to Staff comments do not foreclose
the Commission from taking any action with respect to the filing; and (iii) the Company may not assert Staff comments as a defense
in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

Please contact Amelia McKeithen, Assistant General
Counsel, at (609) 436-9601, or me at (609) 608-1461 if you have questions regarding our responses or related matters.

    Sincerely,

    /s/ Sarah Rubenstein

    Sarah Rubenstein

    Senior Vice President and

    Chief Accounting Officer

    cc:

    Kevin Malcarney, Esq., General Counsel, Clearway Energy, Inc.

    Amelia McKeithen, Esq., Assistant General Counsel, Clearway Energy, Inc.