“NextEra Energy Partners does not expect to need an acquisition this year to achieve its 6% targeted growth rate and the partnership does not expect to require growth equity until 2027.”

In context

“the STX Midstream convertible equity portfolio financing in 2023 and have sufficient proceeds available from the Texas pipeline portfolio sale to complete the NEP Renewables II buyout due in June 2024 and 2025. The third convertible equity portfolio financing associated with the Meade natural gas pipeline assets is expected to be addressed in 2025. With the plan for the near-term convertible equity portfolio financings well understood, we remain focused on the partnership's cost of capital improving, which is critical for its success. With that objective in mind, we continue to evaluate alternatives to address the remaining convertible equity portfolio financing with equity buyout obligations in 2027 and beyond. Turning to the partnership's targeted 6% growth in LP distributions per unit, NextEra Energy Partners does not expect to need an acquisition this year to achieve its 6% targeted growth rate and the partnership does not expect to require growth equity until 2027. In terms of NextEra Energy Partners growth plan, as a reminder, it involves organic growth, specifically re-powering of approximately 1.3 gigawatts of wind projects through 2026, as well as acquiring assets at attractive yields. Today we are announcing plans to repower an additional approximately 100 MW of wind facilities through 2026. The partnership has now announced roughly 1085 MW of repowers. Yesterday, NextEra Energy Partners Board declared a quarterly distribution of 89.25 cents per common unit or $3.57 per common unit on an annualized basis, which reflects an annualized increase of 6% from its fourth quarter 2023 distribution per common unit. Let me now turn to the detailed results. First quarter adjusted EBITDA was $462 million and cash available for distribution was $164 million”