“NextEra Energy Partners continue to expect the run rate contribution for adjusted EBITDA from its forecasted portfolio at December 31, 2024 to be in the range of $1.9 billion to $2.1 billion.”

In context

“operating performance and higher generation. Let me now turn to the detailed results. Third quarter adjusted EBITDA was $453 million and cash available for distribution was $155 million. Third quarter adjusted EBITDA and cash available for distribution declined by approximately $35 million and $92 million respectively from the same period last year. Third quarter adjusted EBITDA and cash available for distribution reflect the year-over-year impact of the divestiture of the Texas Pipeline portfolio. In addition, third quarter cash available for distribution in 2024 was negatively impacted by the first interest payment on the partnership's December 2023 HoldCo debt issuance, as well as $23 million of higher project level debt service relating in large part to the 2023 acquisition financing. NextEra Energy Partners continue to expect the run rate contribution for adjusted EBITDA from its forecasted portfolio at December 31, 2024 to be in the range of $1.9 billion to $2.1 billion. The year end 2024 run rate projections reflect expected calendar year 2025 contributions from the forecasted portfolio at year end 2024. The partnership also continues to evaluate alternatives to address its remaining convertible equity portfolio financing obligations and its cost of capital, focusing on its capital structure and the potential for redeployment of more cash flow toward driving organic cash flow growth. Given the demand for power, NextEra Energy Partners has many ways in which it can seek to grow, which could include not only acquiring assets, but also wind repowerings and potential other organic growth opportunities. NextEra Energy Partners plans to complete its review by no later than the fourth quarter 2024 call and intends to provide its distribution and run rate cash a”