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$TTE·4

Clearway Energy, Inc. · Apr 2, 6:49 PM ET

TotalEnergies SE 4

Research Summary

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Updated

Clearway Energy (CWEN) 10% Owner TotalEnergies Converts Units, Trades Shares

What Happened

  • TotalEnergies SE (reported as a 10% owner) converted derivative units into Common Stock and executed both purchases and sales of Clearway Energy (CWEN) stock. On 2026-03-31 it converted 215,000 derivative securities into 215,000 shares. On 2026-04-01 it sold 435,552 shares at $39.91 for $17,382,880 and acquired 99,661 shares at $39.91 for $3,977,471. Also on 2026-04-01 the filing shows the disposal and re-acquisition (exchange/reclassification) of 42,738,750 derivative shares related to an amended exchange agreement (no cash value reported).

Key Details

  • Transaction dates/prices:
    • 2026-03-31: Conversion of 215,000 derivative securities into 215,000 shares (reported as conversion; price N/A).
    • 2026-04-01: Sold 435,552 shares at $39.91 ($17,382,880).
    • 2026-04-01: Bought 99,661 shares at $39.91 ($3,977,471).
    • 2026-04-01: Disposed and re-acquired 42,738,750 derivative-class shares (no dollar amounts reported) related to the Amended Exchange Agreement.
  • Shares owned after the transactions: not specified in the supplied filing details.
  • Notable footnotes:
    • F1/F5: Conversions/exchanges arise from Clearway Energy LLC unit exchange agreements (Class B/D units into Class C shares) and an April 1, 2026 amendment changing exchange mechanics.
    • F6/F7: The reported securities are held by Clearway Energy Group (an entity chain ultimately tied to TotalEnergies SE); TotalEnergies-related entities are reporting persons and disclaim beneficial ownership except for pecuniary interest.
  • Filing: Form 4 filed Apr 2, 2026 for transactions dated Mar 31–Apr 1, 2026 — appears to have been filed promptly.

Context

  • These entries reflect institutional reclassification/conversion of LLC units into Class C common shares under the Exchange Agreement and its amendment, plus contemporaneous buy/sell activity at $39.91. For a 10% owner (an institutional holder here), such transactions are often corporate-structure driven rather than personal insider trading. The derivative entries represent unit-to-stock conversions/exchanges rather than option exercises for cash proceeds.