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Mar 31, 2023
NextEra Energy Partners Q1 2023 Earnings Report
Reported solid first-quarter 2023 results, driven by adjusted EBITDA growth and strategic acquisitions.
Key Takeaways
NextEra Energy Partners reported a net loss of $14 million for the first quarter of 2023. However, the company's adjusted EBITDA grew by approximately 8.5%, reaching $447 million, and cash available for distribution (CAFD) was $156 million. The company also announced the acquisition of a 690-megawatt portfolio of renewable projects and completed a 50% buyout of the STX Midstream convertible equity portfolio financing.
LP distributions per unit grew approximately 15% year-over-year.
Announced acquisition of approximately 690-megawatt portfolio of long-term contracted operating renewable projects from NextEra Energy Resources.
Completed 50% buyout of the STX Midstream convertible equity portfolio financing.
Delivered solid first-quarter 2023 results, with adjusted EBITDA growth of approximately 8.5%.
Forward Guidance
NextEra Energy Partners continues to expect 12% to 15% growth per year in limited partner distributions per unit through at least 2026. The annualized rate of the fourth-quarter 2023 distribution is expected to be in a range of $3.64 to $3.74 per common unit. The company also expects adjusted EBITDA to be in a range of $2.220 billion to $2.420 billion and CAFD in a range of $770 million to $860 million by Dec. 31, 2023.
Positive Outlook
- Expects 12% to 15% growth per year in limited partner distributions per unit through at least 2026.
- Expects the annualized rate of the fourth-quarter 2023 distribution to be in a range of $3.64 to $3.74 per common unit.
- Continues to expect Dec. 31, 2023, run-rate expectations for adjusted EBITDA in a range of $2.220 billion to $2.420 billion.
- Continues to expect Dec. 31, 2023, run-rate expectations CAFD in a range of $770 million to $860 million.
- Well positioned to meet year-end 2023 adjusted EBITDA and CAFD run-rate expectations.
Challenges Ahead
- Expectations are subject to the usual caveats.
- Expectations include the impact of incentive distribution rights (IDR) fees.
Historical Earnings Impact
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