NextEra Energy Partners reported 2015 second-quarter net income attributable to NextEra Energy Partners of $4 million. Q2 adjusted EBITDA was $102 million.
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For the second quarter of 2015, cash available for distribution (CAFD) was $50 million.
NextEra Energy Partners' management uses adjusted EBITDA and CAFD, which are non-GAAP financial measures, internally for financial planning, for analysis of performance and for 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.
The board of directors of the general partner of NextEra Energy Partners declared a quarterly distribution of $0.2350 per common unit (corresponding to an annualized rate of $0.94 per common unit) to the unitholders of NextEra Energy Partners. The distribution increased $0.12 per common unit on an annualized basis from the first quarter of 2015.
The distribution will be payable on Aug. 14, 2015, to unitholders of record as of Aug. 11, 2015.
For the full year 2015, NextEra Energy Partners now expects the portfolio to grow to support a distribution level at an annualized rate of $1.23 per unit by the end of 2015.
NextEra Energy Partners' 2015 expectations remain unchanged for adjusted EBITDA of $400 million to $440 million and CAFD of $100 million to $120 million. After 2015, the partnership expects 12 to 15 percent per year growth in limited-partner distributions for at least the next five years.
NextEra Energy Partners expects 2016 adjusted EBITDA of $710 million to $760 million and 2016 CAFD of $250 million to $280 million. These expectations are net of expected IDR fees of $30 million to $40 million for 2016, as these fees are expected to be treated as an operating expense. ■