Form 4: BlackRock Reports Clearway Energy Stock Forfeiture

BlackRock Portfolio Management LLC reported the forfeiture of 657 Class C Common Stock shares of Clearway Energy, Inc. by an employee.

Summary

• BlackRock Portfolio Management LLC, identified as a 10% owner of Clearway Energy, Inc. (CWEN), filed a Form 4 statement.
• The filing reports the forfeiture of 657 shares of Class C Common Stock on October 28, 2025.
• These shares were restricted stock previously granted by Clearway Energy Group LLC under its Long Term Equity Incentive Program to one or more of its employees.
• Following this transaction, 163,855 shares of Class C Common Stock are beneficially owned indirectly.
• The beneficial ownership is attributed through a complex structure involving various GIP Entities (including Zephyr Holdings GP, LLC, GIP III Zephyr Acquisition Partners, L.P., GIP III Zephyr Midco Holdings, L.P., Global Infrastructure Investors III, LLC, and Global Infrastructure GP III, L.P.).
• Individuals on the Investment Committee of Global Infrastructure Investors III, LLC are also deemed to share beneficial ownership but expressly disclaim it.
• BlackRock Portfolio Management LLC and the GIP Entities disclaim beneficial ownership of the reported securities, except to the extent of their pecuniary interest, and state that inclusion in the report is not an admission of beneficial ownership for Section 16 purposes.

Sentiment

Score: 5

Explanation: The filing reports a routine forfeiture of restricted stock, which is a neutral event for the company's overall financial health and operations. The number of shares is insignificant in the context of a publicly traded company.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or operations.

Management Comments

• Adebayo Ogunlesi, Michael McGhee, Rajaram Rao, Deepak Agrawal, Julie Ashworth, Jonathan Bram, William Brilliant, Matthew Harris, Tom Horton, Sugam Mehta and Salim Samaha, as the voting members of the Investment Committee of Global Investors, may be deemed to share beneficial ownership of the Issuer securities beneficially owned by Global Investors. Such individuals expressly disclaim any such beneficial ownership.
• BlackRock Portfolio Management LLC and the GIP Entities disclaim beneficial ownership of the securities reported herein, except to the extent of their respective pecuniary interest therein, if any, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended, BlackRock Portfolio Management LLC and the GIP Entities state that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the securities reported herein for purposes of Section 16 or for any other purpose.

Industry Context

This filing is a routine report of an insider transaction (forfeiture of restricted stock) and does not provide information related to broader industry trends or competitive landscape.

Related Party Transactions

• The forfeiture of restricted stock was granted by Clearway Energy Group LLC, an entity within the broader corporate structure involving the reporting person (BlackRock Portfolio Management LLC) and the GIP Entities, to one or more of its employees. This constitutes a transaction between related parties within the affiliated group.

Stakeholder Impact

• The employee(s) who forfeited the shares experienced a loss of equity compensation.
• The impact on shareholders, customers, suppliers, and creditors is negligible due to the small number of shares involved.

Key Dates

Keywords

Clearway Energy, CWEN, BlackRock, Form 4, Insider Transaction, Beneficial Ownership, Restricted Stock, Forfeiture, Equity Incentive