Chris Sotos: Craig, if you wouldn’t mind addressing that.
Craig Cornelius : Yes, sure. All of the projects that are listed on the set of committed or potential future drop-down opportunities have existing signed large generator interconnection agreements and have obtained all of the major permits that would influence their construction feasibility or schedule. So I think that you could consider the dates that are reflected here high confidence dates. They’ve also secured all of the revenue contracts that would be necessary for financial closing. We procured all the equipment for the projects and we are mature in the course of advancing financial structuring of the projects as well. Some of those projects now reflect dates that are later than the dates we would have hoped for one year ago, and those reflect observed experience from interconnecting utilities around the country and their ability to execute scope of large generator interconnection agreements and also time tables that have been observed as being elongated for the delivery of high-voltage equipment.
And we’ve taken further actions to derisk time lines for these projects in particular but also other projects in our pipeline to address what’s being observed in terms of interconnection time lines as well. So we think these are pretty derisked in terms of the execution timetable that’s reflected on the page.
Operator: Our next question comes from the line of William Grippin of UBS.
William Grippin: I guess just my first one here, just with the excess thermal proceeds now fully allocated. Could you speak to how you foresee sort of the future pacing of investment announcements? And maybe should we expect a quieter next few quarters with respect to announcements?
Chris Sotos: Yes, I think that question is, should we expect some large drop on announcement in the next 6 months? I doubt it. I think it’s heavily conditioned upon how the capital markets settle down or not. But I think, to your question, because we don’t talk, in essence, CEG is incredibly busy by getting the gigawatts we talked about basically online in ’24 and ’25. Obviously, this will develop in while doing that. But I think at the end of the day, if your question is, should we expect a large drop-down announcement here in the near-term? It might be a little quiet for a while for the reasons we talked about.
William Grippin: And so in that light, I mean, do you continue to view the conventional assets as core to the Clearway strategy? And maybe how are you thinking about potential opportunities to recycle those assets as you continue to contract the open capacity?
Chris Sotos: Sure. I think for us, obviously, we’re willing to sell assets at what we think is a strong price. So if somebody offered us a good price for those assets, we’d look at that. However, it’s always been part of our core strategy, because it does provide diversification versus kind of simply wind and solar resource availability. So for us, we think it’s very beneficial, and we’re obviously pretty bullish on what things will look like for, let’s call it, through end of the decade in those assets. So we give them is core. That being said, if someone offered us a price that we thought made sense, we’ll show them we’ve been willing to transact on that in the past. And for us, we’re pretty bullish through at least 2030.
William Grippin: Great. And just one last one for me. Could you elaborate a little bit on the onetime maintenance items in the wind portfolio? And is that in any way related to the Siemens turbines in the fleet?
Chris Sotos: Not specifically. That’s a variety of assets, as I incorrectly answered the last question that somebody asked. Basically, that’s a result of kind of us looking at our fleet and recognizing some of the weaknesses that affected our 2023 results. And saying, okay, how can we try to show that’s up with a onetime maintenance push here. Some portion of that’s the Siemens assets, but some of them aren’t. So it’s really just looking at the overall fleet and some of the challenges we faced in ’23.
William Grippin: I guess are you getting any sort of warranty reimbursements or any cost reimbursement and any kind for these efforts?
Chris Sotos: That’s some of it. Like overall, these things are negotiation, but that’s the amount that we think we’ll have to kind of net-net bring out during the year.
Operator: Thank you. I would now like to turn the conference back to Chris Sotos for closing remarks.
Chris Sotos : I just wanted to thank everybody for attention on the call. I know this was a little bit longer than our typical calls. But really given kind of the volatility that we’ve seen. We want to provide you, as analysts or investors with kind of a much more comprehensive view of where we see we are and where we think we’re going. And I think while obviously there’s a number of challenges in the capital markets. We’re able to reiterate where we are for ’24, our growth rate to ’26 and that we’re seeing kind of positive things even in this volatile environment in ’27 and beyond. But more to come as we walk through ’24. I appreciate everyone’s support.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
