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Sep 30, 2024
NextEra Energy Partners Q3 2024 Earnings Report
Reported a net loss attributable to NextEra Energy Partners and announced an increase in the wind repowering target.
Key Takeaways
NextEra Energy Partners reported a net loss of $40 million for the third quarter of 2024. However, the company announced an increased wind repowering target to approximately 1.9 gigawatts through 2026, including 225 megawatts of newly announced repowerings.
Declared a quarterly distribution of $0.9175 per common unit.
Increased wind repowering target to approximately 1.9 gigawatts through 2026.
Announced 225 megawatts of newly announced repowerings.
Plans to complete convertible equity portfolio financing and cost of capital review by January 2025.
Forward Guidance
NextEra Energy Partners continues to expect the run-rate contribution for adjusted EBITDA from its forecasted portfolio at Dec. 31, 2024, to be in the range of $1.9 billion to $2.1 billion. The year-end 2024 run-rate projection reflects expected calendar-year 2025 contributions from the forecasted portfolio at year-end 2024.
Positive Outlook
- Expects run-rate contribution for adjusted EBITDA to be in the range of $1.9 billion to $2.1 billion.
- Focusing on its capital structure and the potential for redeployment of more cash flow toward driving organic cash flow growth.
- Given the demand for power, NextEra Energy Partners has many ways in which it can seek to grow.
- Plans to complete its review by no later than the fourth-quarter 2024 call.
- Intends to provide its distribution and run-rate cash available for distribution expectations at that time.
Challenges Ahead
- Alternatives to address its remaining convertible equity portfolio financing obligations and its cost of capital.
- Focuses on its capital structure.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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