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Sep 30, 2020
NextEra Energy Partners Q3 2020 Earnings Report
Reported third-quarter financial results, grew distributions approximately 15% year-over-year, and successfully completed first two organic growth investments ahead of schedule and on budget.
Key Takeaways
NextEra Energy Partners reported a net income of $56 million for the third quarter of 2020. Adjusted EBITDA was $312 million and cash available for distribution (CAFD) was $162 million. The company completed the conversion of approximately $300 million of convertible debt into common units and its first two organic growth investments.
Grows distributions approximately 15% year-over-year
Year-to-date cash available for distribution increased 50% versus 2019
Successfully uses low-cost financing to complete the conversion of approximately $300 million of convertible debt into NextEra Energy Partners common units
Completes first two organic growth investments ahead of schedule and on budget
NextEra Energy Partners
NextEra Energy Partners
Forward Guidance
NextEra Energy Partners expects a Dec. 31, 2020, run rate for adjusted EBITDA in a range of $1.225 billion to $1.4 billion and CAFD in a range of $560 million to $640 million, reflecting calendar year 2021 expectations for the portfolio at year-end 2020. NextEra Energy Partners continues to expect 12% to 15% per year growth in limited partner distributions as being a reasonable range of expectations through at least 2024.