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Mar 31, 2024
NextEra Energy Partners Q1 2024 Earnings Report
Reported first-quarter 2024 financial results, focusing on transition plans and distribution growth.
Key Takeaways
NextEra Energy Partners reported a net income of $70 million, adjusted EBITDA of $462 million, and cash available for distribution (CAFD) of $164 million for the first quarter of 2024. The company is focused on executing its transition plans, targeting 6% limited partner distribution growth through at least 2026 and announced plans to repower an additional approximately 100 MW of wind facilities through 2026.
NextEra Energy Partners remains focused on executing against its transition plans and delivering limited partner distribution growth of 6%.
The partnership's growth plan involves organic growth, specifically repowerings of approximately 1.3 gigawatts of wind projects through 2026.
Announced plans to repower additional wind facilities, bringing NextEra Energy Partners closer to achieving this target.
The company does not expect to need an acquisition this year to achieve its 6% targeted growth rate and not require growth equity until 2027.
Forward Guidance
NextEra Energy Partners continues to see 5% to 8% growth per year in limited partner distributions per unit, with a current target of 6% growth per year, as being a reasonable range of expectations through at least 2026.
Positive Outlook
- Expects 5% to 8% growth per year in limited partner distributions per unit through at least 2026.
- Targets 6% growth per year in limited partner distributions.
- Does not expect to need an acquisition this year to achieve its 6% limited partner distribution growth target.
- Does not expect to require growth equity until 2027.
- Expects its payout ratio to be in the mid-90s through 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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