NextEra Energy Partners, LP
Media Line: 561-694-4442
FOR IMMEDIATE RELEASE
NextEra Energy Partners, LP reports first-quarter 2018 financial results
Delivers significant year-over-year growth
Grows distributions 15 percent year-over-year and extends financial expectations outlook by an additional year through 2023
Entered into a definitive agreement to sell its 396-megawatt Canadian portfolio of wind and solar projects
JUNO BEACH, Fla. - NextEra Energy Partners, LP (NYSE: NEP) today reported first-quarter 2018 net income attributable to NextEra Energy Partners of $73 million. NextEra Energy Partners also reported first-quarter 2018 adjusted EBITDA of $258 million, representing growth of approximately 52 percent compared to the first quarter of 2017. For the first quarter of 2018, cash available for distribution (CAFD) before debt service payments was $180 million and after debt service payments was $95 million, representing growth of approximately 49 percent and 138 percent, respectively, compared to the first quarter of 2017.
These results include the accelerated payment of an approximately $30 million note receivable acquired by NextEra Energy Partners related to the Jericho wind project. Excluding the impact of this payment, growth remains very strong with adjusted EBITDA and CAFD after debt service payments increasing approximately 34 percent and 63 percent, respectively, against the prior-year comparable quarter.
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. 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 is off to a strong start in 2018 with significant year-over-year growth in both adjusted EBITDA and CAFD, reflecting asset acquisitions during 2017 and the outstanding performance of the portfolio," said Jim Robo, chairman and chief executive officer. "We continue to execute on our long-term growth strategies, including our recently announced agreement to sell the partnership's portfolio of Canadian wind and solar projects. This transaction, with an attractive 10-year average CAFD yield, highlights the underlying value of NextEra Energy Partners' renewables portfolio. NextEra Energy Partners expects to be able to accretively redeploy the proceeds into higher-yielding acquisitions in the U.S. from NextEra Energy Resources or third-parties to support the partnership's long-term growth. With this in mind, we are pleased to announce that we are extending financial expectations for NextEra
The following information was filed by Nextera Energy Partners, Lp (NEP) on Tuesday, April 24, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.