“We expect the annualized rate of the fourth 2024 distribution that is payable in February 2025 to be $3.73 per common unit.”

In context

“esources approximately 103% of the long term average versus 88% in the second of 2023. Finally, adjusted EBITDA and cash available for distribution declined by approximately $46 million and $43 million respectively, from the divestiture of the Texas pipeline portfolio, which is partially offset by the interest benefit of the remaining cash proceeds received from the sale of these assets. From a base of our fourth quarter 2023 distribution per common unit at an annualized rate of $3.52. The partnership continue to see 5% to 8% growth per year in LP distributions per unit with the current target of 6% growth per year as being a reasonable product range of expectations through at least 2026. NextEra Energy Partners expects the partner's payout ratio to be in the mid to high 90s through 2026. We expect the annualized rate of the fourth 2024 distribution that is payable in February 2025 to be $3.73 per common unit. In terms of next steps for NextEra Energy Partners, as we have discussed with you previously, the partnership is continuing to look at all options to secure a competitive cost of capital and to address the remaining convertible equity portfolio financing buyouts. At the same time, the partnership's 6% distribution growth target remains for now. NextEra Energy Partners does not need an acquisition related financing in 2024 to meet its 6% target and does not need gross equity until 2027. NextEra Energy Partners owns a large portfolio of high quality long term contracted clean energy assets and the partnership has attractive organic growth from the repowering of its existing portfolio. We expect to share more in the coming quarters as we address these objectives. NextEra Energy Partners expe”