TransAlta Renewables Reports Second Quarter 2017 Results

TransAlta Renewables (TSX:RNW) has announced its 2017 second quarter financial results with Comparable EBITA of $98 million, which is a $9 million increase from the previous year.

As quoted in the press release:

For the year-to-date, Comparable EBITDA totalled $209 million compared to $203 million for the comparative period, up $6 million, mainly due to increased Comparable EBITDA from our wind portfolio and strong performance from all other business segments.

Cash available for distribution(1) (“CAFD”) increased $5 million and $6 million for the three and six months ended June 30, 2017, respectively, compared to the same period in 2016. The increase is primarily due to increased Comparable EBITDA and lower current income taxes. Net earnings increased $37 million and $100 million for the three and six months ended June 30, 2017, respectively, compared to last year. The impact to net earnings attributable to the decrease in the fair market value of our class B shares, was $22 million and $42 million for the three and six month periods, respectively. Year-to-date, foreign exchange gains increased earnings by $63 million, offset by higher depreciation.

During and subsequent to the quarter, the final stages of construction and commissioning of our South Hedland facility were completed. The facility achieved commercial operations on July 28, 2017 and is expected to contribute approximately $80 million of EBITDA on an annualized basis from 25-year power purchase agreements (“PPA”). The project was completed on budget and, as a result of commissioning of the facility, we announced an increase of the monthly dividend by approximately 7 per cent effective September 29, 2017.

Click here to read the full press release.

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