Clearway Energy, Inc. Announces CEO Transition and Reiterates 2024 Financial Guidance

PRINCETON, N.J., April 30, 2024 (GLOBE NEWSWIRE) -- Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) (“Company”, “Clearway”) today announced that effective June 30, 2024, Chris Sotos will move on from his position as Clearway Energy, Inc.’s President and Chief Executive Officer (“CEO”) and resign from his role as a member of CWEN’s Board of Directors to pursue other opportunities. Craig Cornelius, who is currently the CEO of the Company’s sponsor, Clearway Energy Group (“Clearway Group”), will succeed Mr. Sotos as CWEN’s CEO and will join CWEN’s Board of Directors.

"Chris's leadership has been critical to the financial success that CWEN and its predecessor have achieved since its 2013 IPO. On behalf of the CWEN Board, I want to thank him for his many contributions that have put CWEN in an excellent position for future growth,” said Jonathan Bram, Founding Partner of GIP and Chairman of the Board of Clearway Energy, Inc. “Craig’s leadership and vision has been instrumental in growing the renewable development pipeline at Clearway Group by six times since GIP’s investment while also effectively managing the teams that operate CWEN’s assets. In his expanded role within the Clearway enterprise as the incoming CEO of Clearway Energy, Inc., I’m confident CWEN will continue to meet its growth objectives.”

"I have been with CWEN and its predecessor entity since its inception in December 2012 and have been honored to serve as its CEO since 2016. While I’ll miss my colleagues, I’m comforted to know that I’m leaving behind a best-in-class team that can continue to build upon Clearway’s strong track record of value creation for its investors,” said Christopher Sotos, Clearway Energy, Inc.’s outgoing President and Chief Executive Officer. “I’ve worked with Craig for many years and know that CWEN will be in an excellent position under his leadership to continue to grow CWEN’s platform in a manner that is accretive to shareholders.”

Prior to becoming Clearway Group’s CEO at its formation through a spin-out of NRG Energy Inc.’s (“NRG”) clean energy businesses in 2018, Mr. Cornelius was President of NRG’s renewables division. In this capacity, he oversaw origination, development, engineering & construction, operations, and asset management across the company’s businesses in wind and solar power. He joined NRG in 2013 and initially led new business development for renewables, including the establishment of new market segments, acquisition of projects, and direction of process improvement initiatives. Before joining NRG, Mr. Cornelius served for five years as a Principal and then a Managing Director in the solar investing practice at Hudson Clean Energy Partners. Previously, he was the Program Manager of the U.S. Department of Energy’s Solar Energy Technologies Program, where he led the creation of the $1.5 billion Solar America Initiative.