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Changes in Capital Structure
6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Changes in Capital Structure Changes in Capital Structure
At-the-Market Equity Offering Program, or the ATM Program
Clearway Energy, Inc. is party to an equity distribution agreement with Barclays Capital Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC, as sales agents. Pursuant to the terms of the equity distribution agreement, Clearway Energy, Inc. was able to offer and sell shares of its Class C common stock from time to time through the sales agents up to an aggregate sales price of $150 million through an at-the-market equity offering program, or the ATM Program. As of June 30, 2020, the Company had completed the issuance of shares of Class C common stock available under the ATM Program.
During the six months ended June 30, 2020, Clearway Energy, Inc. issued and sold 1,749,665 shares of Class C common stock for net proceeds of $38 million. The Company utilized the proceeds of the sales to acquire 1,749,665 Class C units of Clearway Energy LLC and, as a result, the Company currently owns 57.41% of the economic interests of Clearway Energy LLC, with CEG retaining 42.59% of the economic interests of Clearway Energy LLC.
Dividends to Class A and Class C common stockholders
The following table lists the dividends paid on the Company's Class A common stock and Class C common stock during the six months ended June 30, 2020:
Second Quarter 2020First Quarter 2020
Dividends per Class A share$0.21  $0.21  
Dividends per Class C share$0.21  $0.21  
Dividends on the Class A common stock and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future.
On July 30, 2020, the Company declared quarterly dividends on its Class A common stock and Class C common stock of $0.3125 per share payable on September 15, 2020, to stockholders of record as of September 1, 2020.
The Company also has authorized 10 million shares of preferred stock, par value $0.01 per share. None of the shares of preferred stock have been issued.