Clearway Energy reduces quarterly dividend to 20c per share from 33.1c per share
Clearway Energy declared a quarterly dividend on Class A and Class C common stock of 20c per share payable on March 15 to stockholders of record as of March 1. This dividend is reduced from the last quarterly dividend paid in December 2018 of 33.1c per share due to impacts resulting from PG&E's bankruptcy. The PG&E bankruptcy filing has triggered defaults under the power purchase agreements with PG&E and related project level financing agreements. Because the company will exercise the Carlsbad backstop with GIP, the Company is revising its 2019 CAFD guidance to $270M from $295M. This financial guidance reflects no additional corporate level financing and assumes that all CAFD related to the projects impacted by the PG&E bankruptcy is realized in 2019. The company is currently not pursuing acquisition of remaining interest in Agua Caliente from NRG Energy.