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Dec 31, 2021
NextEra Energy Partners Q4 2021 Earnings Report
Reported fourth-quarter and full-year 2021 financial results, grew distributions approximately 15% year-over-year, and increased year-end 2021 run-rate financial expectations.
Key Takeaways
NextEra Energy Partners, LP reported a fourth-quarter 2021 net loss attributable to NextEra Energy Partners of $10 million, with adjusted EBITDA of $322 million and cash available for distribution (CAFD) of $91 million.
Grew distributions approximately 15% year-over-year.
Increased year-end 2021 run-rate financial expectations for adjusted EBITDA and cash available for distribution.
Acquired approximately 2,400 net megawatts of wind, solar and solar-plus-storage projects during the year.
Completed multiple low-cost financings.
NextEra Energy Partners
NextEra Energy Partners
Forward Guidance
NextEra Energy Partners expects to deliver financial results in excess of the previously announced Dec. 31, 2021, run-rate adjusted EBITDA and CAFD expectations. The Partnership introduces revised year-end Dec. 31, 2021, run-rate adjusted EBITDA and CAFD expectation ranges of $1.635 billion to $1.795 billion and $640 million to $720 million, respectively, reflecting calendar year 2022 expectations for the portfolio at year-end 2021.
Positive Outlook
- Run-rate adjusted EBITDA expectation ranges of $1.635 billion to $1.795 billion.
- Run-rate CAFD expectation ranges of $640 million to $720 million.
- Expects 12% to 15% per year growth in limited partner distributions through at least 2024.
- The annualized rate of the fourth-quarter 2022 distribution, which is payable in February 2023, to be in a range of $3.17 to $3.25 per common unit.
- Normal weather and operating conditions.
Challenges Ahead
- Public policy support for wind and solar development and construction.
- Market demand and transmission expansion support for wind and solar development.
- Market demand for pipeline capacity.
- Access to capital at reasonable cost and terms.
- Unrealized mark-to-market gains and losses related to derivative transactions, which cannot be determined at this time.