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Dec 31, 2023
NextEra Energy Partners Q4 2023 Earnings Report
Reported fourth-quarter and full-year 2023 financial results and announced plans to repower an additional approximately 245 megawatts of wind facilities through 2026.
Key Takeaways
NextEra Energy Partners reported a net income attributable to the company of $112 million for the fourth quarter of 2023. The company also reported adjusted EBITDA of $454 million and cash available for distribution (CAFD) of $86 million for the same period.
Net income attributable to NextEra Energy Partners was $112 million.
Adjusted EBITDA reached $454 million.
Cash available for distribution (CAFD) amounted to $86 million.
Plans to repower an additional approximately 245 megawatts of wind facilities through 2026 were announced.
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
- Partnership does not expect to need an acquisition in 2024 to achieve its 6% limited partner distribution growth target.
- Partnership does not expect to require growth equity until 2027.
- Partnership expects its payout ratio to be in the mid-90s through 2026.
- The partnership expects the annualized rate of the fourth-quarter 2024 distribution that is payable in February 2025 to be $3.73 per common unit.
- NextEra Energy Partners is introducing Dec. 31, 2024, run-rate expectations for adjusted EBITDA in a range of $1.9 billion to $2.1 billion and CAFD in a range of $730 million to $820 million, reflecting calendar-year 2025 expectations for the forecasted portfolio at year-end 2024.
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