Clearway Energy, Inc. (NYSE:CWEN) Q4 2023 Earnings Call Transcript

Noah Kaye: Very helpful, Craig. May I just ask a quick follow up to someone who knows DC as well as anybody in the world? I just want to clarify whether or not you know the development entity is still kind of waiting on finalization of domestic content guidance to make some of those FIDs and if so, kind of when you’re thinking the guidance may actually be published?

Craig Cornelius : I mean I think that we, it’s a balancing act as I think you’re alluding to there are projects that we have planned for the say 2026 vintage where we would ideally like to enable the use of additional domestic content solutions that we think would be responsive to U.S. policy goals and value enhancing but there are certain timetables that support customer needs that eventually just have to be fulfilled. So, what we do is we advise the staff of the various agencies on the implications of the amount of time it takes to issue guidance for project timetables that aren’t universally flexible in the industry and I think it’s understood by a lot of the folks who have to work through the policy process on domestic guidance that we’re moving through time windows where it would be beneficial for that clarification of domestic content guidance to be issued in the course of the next, two months if we want to be able to catch the 2026 vintage for a substantial fraction of the industry activity.

But for what we currently have planned for 2026, we have locked in supply chain solutions that will allow those projects to be completed in that timetable and are no longer relying on the assurance of that guidance to be able to do so.

Operator: Thank you. And I’m currently showing no further questions at this time. I’d like to hand the call back over to Chris Sotos for closing remarks.

Chris Sotos: Thank you. Once again, I think, 2023 was a difficult year from a resource perspective, but we hope to kind of bring things back on track in ‘24 and see a lot of progress over the course of the year that we hope to be able to illustrate to you in terms of driving CAFD forward on a future basis beyond ‘26. So I appreciate everyone’s patience during ‘23 and moving on to ‘24. Thank you, everyone.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.