
(In millions, except rates)	September 30, 2024		December 31, 2023		September 30, 2024 interest rate % (a)	Letters of Credit Outstanding at September 30, 2024


2028 Senior Notes	$	850	$	850	4.750
2031 Senior Notes	925		925		3.750
2032 Senior Notes	350		350		3.750
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2028 (b)	—		—		S+1.500	$	108

Non-recourse facility-level debt:
Agua Caliente Solar LLC, due 2037	591		612		2.395-3.633	14
Alta Wind Asset Management LLC, due 2031	10		11		S+2.775	—
Alta Wind I-V lease financing arrangements, due 2034 and 2035	629		660		5.696-7.015	67
Alta Wind Realty Investments LLC, due 2031	18		20		7.000	—
Borrego, due 2024 and 2038	46		48		Various	4
Broken Bow, due 2031	38		41		S+2.350	6
Buckthorn Solar, due 2025	113		116		S+2.100	21


Carlsbad Energy Holdings LLC, due 2027	76		93		S+1.900	68
Carlsbad Energy Holdings LLC, due 2038	407		407		4.120	—
Carlsbad Holdco, LLC, due 2038	195		195		4.210	6
Cedar Creek, due 2029	109		—		S+1.625	19
Cedro Hill, due 2024 and 2029	186		165		S+1.250-1.375	—
Crofton Bluffs, due 2031	25		27		S+2.350	3
CVSR, due 2037	573		601		2.339-3.775	12
CVSR Holdco Notes, due 2037	143		152		4.680	—
Daggett 2, due 2028	155		156		S+1.762	32
Daggett 3, due 2028	217		217		S+1.762	44
DG-CS Master Borrower LLC, due 2040	356		385		3.510	30









Mililani Class B Member Holdco LLC, due 2028	90		92		S+1.600	18
Natural Gas Holdco LC Facility, due 2027	—		—		S+1.750	107
NIMH Solar, due 2031 and 2033	130		148		S+2.000-2.125	17
Oahu Solar Holdings LLC, due 2026	79		81		S+1.525	10

Rosie Class B LLC, due 2029	192		347		S+1.750	31
Texas Solar Nova 1, due 2028 (c)	—		102			—
TSN1 Class B Member LLC, due 2029 (c)	179		—		S+1.750	54
Utah Solar Holdings, due 2036	238		242		3.590	161

Viento Funding II, LLC, due 2029	164		175		S+1.475	29
Victory Pass and Arica, due 2024	—		757			—
Other	115		124		Various	76
Subtotal non-recourse facility-level debt	5,074		5,974
Total debt	7,199		8,099
Less current maturities	(412)		(558)
Less net debt issuance costs	(57)		(65)
Add premiums (d)	2		3
Total long-term debt	$	6,732	$	7,479

On October 23, 2024, the Company, through its indirect subsidiary, Capistrano Portfolio Holdco LLC, entered into a financing agreement which included the issuance of a $121 million term loan, as well as $42 million in letters of credit in support of debt service and facility obligations, supported by the Company’s interests in the Broken Bow, Crofton Bluffs, Mountain Wind 1 and Mountain Wind 2 wind facilities. The term loan bears interest at a rate of SOFR plus 1.625% per annum and matures on September 28, 2033. The Company utilized the proceeds from the term loan to pay off the existing debt in the amount of $63 million related to Broken Bow and Crofton Bluffs and to pay related financing costs.

On June 13, 2024, when the Rosamond Central BESS facility reached substantial completion, the Company paid $279 million to Clearway Renew as additional purchase price to complete its acquisition of the facility, which occurred on December 1, 2023. The Company’s entire additional purchase price was recorded as an adjustment to CEG’s noncontrolling interest balance. The additional purchase price consisted of $64 million that was funded by the Company from existing sources of liquidity and $215 million funded through contributions from the cash equity investor in Rosie TargetCo LLC and the tax equity investor in Rosie TE Holdco LLC. Clearway Renew utilized the proceeds to repay the balance of $184 million on the loan previously issued to its consolidated subsidiary by Rosie Class B LLC and to redeem Rosie Class B LLC’s entire equity investment in Rosie Central BESS of $28 million, as further discussed in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. The Company utilized proceeds from Clearway Renew, along with $39 million held previously in escrow and $56 million of the Company’s additional purchase price that was contributed back by CEG, to repay the $186 million tax equity bridge loan, to distribute $44 million to the cash equity investor, to fund $21 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $11 million in associated fees.

On June 11, 2024, the Company, through its indirect subsidiary, NIMH Solar LLC, refinanced its amended and restated credit agreement, which was scheduled to mature in September 2024, resulting in the issuance of a $137 million term loan facility, as well as $17 million in letters of credit in support of debt service and facility obligations. The obligations under the new financing arrangement are supported by the Company’s interests in the Alpine, Blythe and Roadrunner solar facilities. The Company utilized the proceeds from the term loan and existing sources of liquidity to pay off the existing debt in the amount of $146 million.

On May 1, 2024, when the Victory Pass and Arica solar and BESS facilities reached substantial completion, the Company paid $165 million to Clearway Renew as additional purchase price, in connection with the Company’s acquisition of the Class A membership interests in VP-Arica TargetCo LLC on October 31, 2023, which was funded with existing sources of liquidity. The Company’s entire additional purchase price was recorded as an adjustment to CEG’s noncontrolling interest balance. Also on May 1, 2024, the cash equity investor contributed an additional $347 million, the tax equity investor contributed an additional $410 million and CEG contributed $52 million, which were utilized, along with $103 million held previously in escrow, to repay the $351 million cash equity bridge loan, to repay the $468 million tax equity bridge loan, to fund $75 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $18 million in associated fees. Prior to the repayment of the tax equity bridge loan, the Company borrowed an additional $62 million in 2024.

On April 16, 2024, as part of the acquisition of Cedar Creek, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included a $112 million construction loan, a $91 million cash equity bridge loan and a $109 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. At acquisition date, the tax equity investor contributed $108 million, which was utilized, along with the Company’s entire purchase price that was contributed back by CEG, to repay the tax equity bridge loan, to repay the cash equity bridge loan, to partially repay $2 million in construction loans, to fund $16 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $6 million in associated fees. Also at acquisition date, the outstanding construction loans were converted to a term loan in the amount of $110 million.

On March 15, 2024, as part of the acquisition of Texas Solar Nova 2, as further described in Note 3, Acquisitions, the Company assumed the facility’s financing agreement, which included an $80 million term loan and a $115 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. At acquisition date, the tax equity investor contributed $130 million, which was utilized, along with $9 million of the Company’s purchase price that was contributed back by CEG, to repay the $115 million tax equity bridge loan, to fund $19 million in construction completion reserves, which is included in restricted cash on the Company’s consolidated balance sheet, and to pay $4 million in associated fees.