NextEra Energy Partners, LP
Media Line: (561) 694-4442
FOR IMMEDIATE RELEASE
NextEra Energy Partners, LP reports 2016 fourth-quarter and full-year financial results
Delivers 15 percent growth in per unit distributions over the past year; extends distribution growth outlook through at least 2022
Expands portfolio in 2016 through the acquisition of more than 700 megawatts of contracted renewables projects
Announces agreement with NextEra Energy to modify incentive distribution rights fees
JUNO BEACH, Fla. - NextEra Energy Partners, LP (NYSE: NEP) today reported 2016 fourth-quarter net
income attributable to NextEra Energy Partners of $50 million. NextEra Energy Partners also reported 2016 fourth-quarter adjusted EBITDA of $168 million. For the fourth quarter of 2016, cash available for distribution (CAFD) before debt service payments was $122 million and after debt service payments was $68 million.
For the full year 2016, NextEra Energy Partners reported net income attributable to NextEra Energy Partners of $90 million. NextEra Energy Partners also reported full-year 2016 adjusted EBITDA of $639 million. For the full year 2016, CAFD before debt service payments was $482 million and after debt service payments was $222 million.
NextEra Energy Partners' management uses adjusted EBITDA and CAFD, which are non-GAAP financial measures, internally for financial planning, analysis of performance and reporting of results to the board of directors of its general partner. NextEra Energy Partners also uses these measures when communicating its financial results and earnings outlook to analysts and investors. The attachments to this news release include a reconciliation of historical adjusted EBITDA and CAFD to net income, which is the most directly comparable GAAP measure.
"NextEra Energy Partners grew distributions to $1.41 per common unit on an annualized basis, up 15 percent from the comparable quarterly distribution a year earlier, which was the top end of the range we discussed going into 2016," said Jim Robo, chairman and chief executive officer. "Throughout the year, NextEra Energy Partners delivered solid execution on our growth objectives. The partnership completed three acquisitions from our best-in-class sponsor, NextEra Energy Resources, that added a total of more than 700 megawatts to our portfolio in 2016, while also demonstrating a flexible and opportunistic approach to financing with a combination of project debt, HoldCo debt and equity. We continue to believe that the scale, financial strength, experience and track record of our sponsor is what sets NextEra Energy Partners apart from other companies in the space. Today, we announced an agreement between NextEra Energy Partners and NextEra Energy to structurally modify the incentive distribution rights fees on future growth. Centered on value creation for both NextEra Energy Partners common unitholders and
The following information was filed by Nextera Energy Partners, Lp (NEP) on Friday, January 27, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.