NextEra Energy Partners to Acquire Four Wind Projects, Totaling Approximately 664 MW from NextEra Energy Resources LLC
Apr 30 15
NextEra Energy Partners announced that it will acquire four wind projects, totaling approximately 664 MW, from sponsor NextEra Energy Resources LLC. NextEra Energy Partners entered into a $412 million agreement with NextEra Energy Resources, NextEra Energy's competitive energy business, to acquire four wind assets that would help expand its portfolio of contracted, clean energy projects to approximately 1,923 MW. Under the deal, NextEra Energy Partners will acquire the 62.4-MW Ashtabula III and 102.4-MW Baldwin Wind Energy wind facilities in North Dakota; the 198.9-MW Mammoth Plains Wind Energy facility in Dewey and Blaine Counties, Okla.; and the 300-MW Stateline facility located on the border of Walla Walla County, Wash., and Umatilla County, Ore. NextEra Energy Partners noted that the acquisitions are expected to increase its annual run-rate of adjusted EBITDA by $75 million to $85 million and CAFD by $28 million to $32 million.
NextEra Energy Partners, LP Announces Unaudited Consolidated Preliminary Earnings Results for the First Quarter Ended March 31, 2015; Declares Quarterly Distribution, Payable on May 15, 2015; Expects to Increase Distribution for the Second-Quarter of 2015; Provides Earnings Guidance for the Full Year 2015 and 2016
Apr 29 15
NextEra Energy Partners, LP announced unaudited consolidated preliminary earnings results for the first quarter ended March 31, 2015. For the first quarter, the company reported operating revenues of $74 million against $59 million a year ago. Operating income was $31 million against $30 million a year ago. Income before income taxes was $10 million against $11 million a year ago. Net income attributable to the company was $2 million and $0.08 per basic and assuming dilution common unit. Net income was $9 million against $6 million a year ago Adjusted EBITDA was $70 million. Net cash provided by operating activities was $15 million against $29 million a year ago. Capital expenditures were $42 million against $65 million a year ago.
On April 28, 2015, the board of directors of the general partner of NextEra Energy Partners declared a quarterly distribution of $0.2050 per common unit (corresponding to an annualized rate of $0.82 per common unit) to the unit holders of the company. The distribution will be payable on May 15, 2015, to unit holders of record as of May 5, 2015.
The company anticipates being in a position to increase its second-quarter limited-partner unit distribution to an annualized rate of approximately $0.94 per unit.
The company provided earnings guidance for the full year 2015 and 2016. For the full year 2015, the company expects to grow its portfolio through additional asset acquisitions to generate adjusted EBITDA of $400 million to $440 million and CAFD of $100 million to $120 million. The company expects these results to support a distribution level at an annualized rate of at least $1.13 per unit, which corresponds to the upper tier of the IDR fee splits, by the end of 2015 or possibly slightly earlier. After 2015, the partnership expects 12% to 15% per year growth in limited-partner distributions for at least the next five years. Adjusted EBITDA and CAFD expectations assume, among other things, normal weather and operating conditions. Income before income taxes expected to in the range of $70 million - $100 million, depreciation and amortization to be in the range of $130 million - $150 million, interest expense to be in the range of $120 million - $140 million, and maintenance capital expenditures and other to be in the range of $5 million – nil.
For the full year 2016, the company’s adjusted EBITDA to be in the range of $580 million - $620 million. Income before income taxes expected to in the range of $155 million - $185 million, depreciation and amortization to be in the range of $190 million - $210 million, interest expense to be in the range of $160 million - $180 million, and maintenance capital expenditures and other to be in the range of $5 million – nil.
NextEra Energy To Acquire Cedar Bay Facility
Apr 29 15
NextEra Energy Partners, LP (NYSE:NEP) plans to acquire 250 MW coal-fired Cedar Bay generation facility in Jacksonville, Florida, which has contract to supply capacity and energy to FPL through 2024.