# EDGAR Filing Document

**Accession Number:** 0001567683
**File Stem:** 0001829270-26-000004
**Filing Date:** 2026-4
**Character Count:** 16839
**Document Hash:** da83c14c9b6f2185f2959a5f8b79e797
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829270-26-000004.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001829270-26-000004

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260415

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Rubenstein Sarah
- **CENTRAL INDEX KEY:** 0001829270

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36002
- **FILM NUMBER:** 26872809

**MAIL ADDRESS:**
- **STREET 1:** 300 CARNEGIE CENTER
- **STREET 2:** SUITE 300
- **CITY:** PRINCETON
- **STATE:** NJ
- **ZIP:** 08540
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clearway Energy, Inc.
- **CENTRAL INDEX KEY:** 0001567683
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 461777204
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CARNEGIE CENTER, SUITE 300
- **CITY:** PRINCETON
- **STATE:** NJ
- **ZIP:** 08540
- **BUSINESS PHONE:** 609-608-1525

**MAIL ADDRESS:**
- **STREET 1:** 300 CARNEGIE CENTER, SUITE 300
- **CITY:** PRINCETON
- **STATE:** NJ
- **ZIP:** 08540

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NRG Yield, Inc.
- **DATE OF NAME CHANGE:** 20130606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NRG Yieldco, Inc.
- **DATE OF NAME CHANGE:** 20130123

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Rubenstein Sarah<br><sub>(Last) (First) (Middle)</sub><br>CLEARWAY ENERGY, INC.<br>300 CARNEGIE CENTER, SUITE 300<br><sub>(Street)</sub><br>PRINCETON, NJ 08540<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-04-15 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_EVP AND CFO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Clearway Energy, Inc. [ CWEN ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class C Common Stock, par value $.01 per share | 2026-04-15 |  | F |  | 973 | D | <sup>(1)</sup> | 50104<sup>(2)</sup> | D |  |
| Class C Common Stock, par value $.01 per share | 2026-04-15 |  | F |  | 1465 | D | <sup>(3)</sup> | 48639<sup>(4)</sup> | D |  |
| Class C Common Stock, par value $.01 per share | 2026-04-15 |  | F |  | 1105 | D | <sup>(5)</sup> | 47534<sup>(6)</sup> | D |  |
| Class C Common Stock, par value $.01 per share | 2026-04-15 |  | F |  | 1218 | D | <sup>(7)</sup> | 46316<sup>(8)</sup> | D |  |
| Class C Common Stock, par value $.01 per share | 2026-04-15 |  | M |  | 6629 | A | <sup>(9)(10)</sup> | 52945 | D |  |
| Class C Common Stock, par value $.01 per share | 2026-04-15 |  | D |  | 6483 | D | <sup>(11)</sup> | 46462 | D |  |
| Class C Common Stock, par value $.01 per share | 2026-04-15 |  | A |  | 4643<sup>(12)</sup> | A | <sup>(13)</sup> | 51105<sup>(14)</sup> | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Relative Performance Stock Units | <sup>(15)</sup> | 2026-04-15 |  | A |  | 4651 |  | 2029-04-15 | 2029-04-15 | Class C Common Stock, par value $.01 per share | 6976 | $0 | 4651<sup>(16)</sup> | D |  |
| Performance Stock Units | <sup>(17)</sup> | 2026-04-15 |  | A |  | 4643 |  | 2029-04-15 | 2029-04-15 | Class C Common Stock, par value $.01 per share | 9286 | $0 | 4643<sup>(18)</sup> | D |  |

---

### Footnotes:

(1) On April 15, 2023, Ms. Rubenstein was issued 5,037 Restricted Stock Units ("RSUs") by Clearway Energy, Inc. (f/k/a NRG Yield, Inc.) under Clearway Energy Inc.'s Amended and Restated 2013 Equity Incentive Plan (the "LTIP"). These RSUs vest ratably over a three-year period beginning on the first anniversary of the date of the grant. Each RSU is equivalent in value to one share of Class C Common Stock of Clearway Energy Inc., par value $.01 per share. On April 15, 2026, 1,683 shares vested. Ms. Rubenstein elected to satisfy her tax obligation upon the exchange of common stock for RSUs having a value on the date of the exchange equal to the withholding obligation. This form reflects the surrender of 973 shares of Class C Common Stock to satisfy the grantee's tax withholding obligation.

(2) In connection with the vesting of the RSUs described above, 651 DERs converted to Class C Common Stock, resulting in the reporting person holding 5,566 dividend equivalent rights that may only be settled in Class C Common Stock. Dividend equivalent rights accrue on the reporting person's restricted stock, which become exercisable proportionately with the restricted stock units to which they relate and may only be settled in Clearway Energy, Inc. Class C Common Stock. Each dividend equivalent right is the economic equivalent of one share of Clearway Energy, Inc. Class C Common Stock.

(3) On April 15, 2024, Ms. Rubenstein was issued 7,796 RSUs by Clearway Energy, Inc. (f/k/a NRG Yield, Inc.) under the LTIP. These RSUs vest ratably over a three-year period beginning on the first anniversary of the date of the grant. Each RSU is equivalent in value to one share of Class C Common Stock of Clearway Energy Inc., par value $.01 per share. On April 15, 2026, 2,596 shares vested. Ms. Rubenstein elected to satisfy her tax obligation upon the exchange of common stock for RSUs having a value on the date of the exchange equal to the withholding obligation. This form reflects the surrender of 1,465 shares of Class C Common Stock to satisfy the grantee's tax withholding obligation.

(4) In connection with the vesting of the RSUs described above, 473 DERs converted to Class C Common Stock, resulting in the reporting person holding 5,093 dividend equivalent rights that may only be settled in Class C Common Stock. Dividend equivalent rights accrue on the reporting person's restricted stock, which become exercisable proportionately with the restricted stock units to which they relate and may only be settled in Clearway Energy, Inc. Class C Common Stock. Each dividend equivalent right is the economic equivalent of one share of Clearway Energy, Inc. Class C Common Stock.

(5) On April 15, 2025, Ms. Rubenstein was issued 6,244 RSUs by Clearway Energy, Inc. under the LTIP. These RSUs vest ratably over a three-year period beginning on the first anniversary of the date of the grant. Each RSU is equivalent in value to one share of Class C Common Stock of Clearway Energy Inc., par value $.01 per share. On April 15, 2026, 2,079 shares vested. Ms. Rubenstein elected to satisfy her tax obligation upon the exchange of common stock for RSUs having a value on the date of the exchange equal to the withholding obligation. This form reflects the surrender of 1,105 shares of Class C Common Stock to satisfy the grantee's tax withholding obligation.

(6) In connection with the vesting of the RSUs described above, 116 DERs converted to Class C Common Stock, resulting in the reporting person holding 4,977 dividend equivalent rights that may only be settled in Class C Common Stock. Dividend equivalent rights accrue on the reporting person's restricted stock, which become exercisable proportionately with the restricted stock units to which they relate and may only be settled in Clearway Energy, Inc. Class C Common Stock. Each dividend equivalent right is the economic equivalent of one share of Clearway Energy, Inc. Class C Common Stock.

(7) On April 15, 2025, Ms. Rubenstein was issued a one time RSU award of 6,880  by Clearway Energy, Inc. in recognition of achieving several key company initiatives. These RSUs vest ratably over a three-year period beginning on the first anniversary of the date of the grant. Each RSU is equivalent in value to one share of Class C Common Stock of Clearway Energy Inc., par value $.01 per share. On April 15, 2026, 2,291 shares vested. Ms. Rubenstein elected to satisfy her tax obligation upon the exchange of common stock for RSUs having a value on the date of the exchange equal to the withholding obligation. This form reflects the surrender of 1,218 shares of Class C Common Stock to satisfy the grantee's tax withholding obligation.

(8) In connection with the vesting of the RSUs described above, 128 DERs converted to Class C Common Stock, resulting in the reporting person holding 4,849 dividend equivalent rights that may only be settled in Class C Common Stock. Dividend equivalent rights accrue on the reporting person's restricted stock, which become exercisable proportionately with the restricted stock units to which they relate and may only be settled in Clearway Energy, Inc. Class C Common Stock. Each dividend equivalent right is the economic equivalent of one share of Clearway Energy, Inc. Class C Common Stock.

(9) Ms. Rubenstein was issued 10,250 Relative Performance Stock Units ("RPSUs") by Clearway Energy, Inc. (f/k/a NRG Yield, Inc.) (the "Company") under the the "LTIP on April 15, 2023. Based on the Company reaching a certain level of total shareholder return ("TSR"), 6,629 RPSUs vested on April 15, 2026.

(10) Mr. Rubenstein was entitled to receive (i) a maximum of 15,375 shares of Class C Common Stock if Company's TSR ranked at or above the 75th percentile relative to a peer group of companies approved by the Company's Compensation Committee (the "Peer Group") for the performance period (the "Maximum"); (ii) 10,250 shares if Company's TSR ranked at the 50th percentile relative to the Peer Group for the performance period (the "Target"); provided, however, if TSR was less than negative twenty percent (-20%), the Company's TSR must be ranked at the 60th percentile relative to the Peer Group for the performance period to receive the Target award; or (iii) 2,562 shares if Company's TSR ranked at the 25th percentile relative to the Peer Group for the performance period (the "Threshold"). The Reporting Person would not have received any shares if Company's TSR was below the 25th percentile relative to the Peer Group for the performance period.

(11) Ms. Rubenstein elected to satisfy her tax obligation upon the exchange of common stock for RPSUs having a value on the date of the exchange equal to the withholding obligation. This form reflects the surrender of 6,483 shares of Class C Common Stock to satisfy the grantee's tax withholding obligation.

(12) Represents RSUs issued to Ms. Rubenstein under the LTIP.

(13) Each RSU is equivalent in value to one share of Clearway Energy, Inc.'s Class C Common Stock, par value $.01 per share.

(14) The Reporting Person will receive from Clearway Energy, Inc. one such share of Class C Common Stock for each RSU that will vest ratably over a three-year period beginning on the first anniversary of the date of the grant.

(15) The Reporting Person was issued 4,651 Relative Performance Stock Units ("RPSUs") by Clearway Energy, Inc. under the LTIP on April 15, 2026. The RPSUs will convert to shares of Clearway Energy, Inc. Class C Common Stock on April 15, 2029 only in the event the Company has achieved a certain level of total shareholder return ("TSR") relative to the Peer Group (defined below) over a three-year performance period. The number of shares of Common Stock that the Reporting Person may receive is interpolated for TSR falling between Threshold, Target, and Maximum levels as described below.

(16) Mr. Rubenstein was entitled to receive (i) a maximum of 6,976 shares of Class C Common Stock if Company's TSR ranked at or above the 75th percentile relative to a peer group of companies approved by the Company's Compensation Committee (the "Peer Group") for the performance period (the "Maximum"); (ii) 4,651 shares if Company's TSR ranked at the 50th percentile relative to the Peer Group for the performance period (the "Target"); provided, however, if TSR was less than negative twenty percent (-20%), the Company's TSR must be ranked at the 60th percentile relative to the Peer Group for the performance period to receive the Target award; or (iii) 1,162 shares if Company's TSR ranked at the 25th percentile relative to the Peer Group for the performance period (the "Threshold"). The Reporting Person would not have received any shares if Company's TSR was below the 25th percentile relative to the Peer Group for the performance period.

(17) The Reporting Person was issued 4,643 CAFD (Cash Available For Distribution) Performance Stock Units ("CPSUs") by Clearway Energy, Inc. under the LTIP on April 15, 2026. The CPSUs will convert to shares of Clearway Energy, Inc. Class C Common Stock on April 15, 2029, only in the event the Company has achieved a certain average CAFD Per Share over each of the three fiscal years of a three-year performance period. The number of shares of Common Stock that the Reporting Person may receive is interpolated for CAFD Per Share falling between Threshold, Target, and Maximum levels as described below.

(18) Reporting Person will receive (i) a maximum of 9,286 shares of Class C Common Stock if Company's CAFD Per Share is at or above $2.77 for the performance period ("Maximum"); (ii) 4,643 shares of Class C Common Stock if the Company's CAFD Per Share is $2.65; or (iii) 2,321 shares of Common Stock if Company's CAFD Per Share is $2.50 (the "Threshold"). The Reporting Person will not receive any shares of Class C Common Stock if the Company's CAFD Per Share is below $2.50.

**Signature:** /s/ Kevin P. Malcarney, Attorney-in-Fact  
**Date:** 2026-04-17

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**