TransAlta Renewables books higher adj EBITDA in Q1

Wind turbines. Source: TransAlta Corp (www.transalta.com).

May 9 (Renewables Now) - Canada’s TransAlta Renewables Inc (TSE:RNW) last week reported increased adjusted EBITDA for the first quarter of 2022, mainly thanks to the addition of new power generation capacity and favourable weather.

The independent power producer (IPP) posted adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of CAD 139 million (USD 107.4m/EUR 102.2m), booking a 13% rise from a year earlier. Its performance in the three months benefitted from higher winds in Canada and the US and assets that were bought or commissioned in 2021.

However, the ongoing outage at the 167-MW Kent Hills wind complex in Brunswick province, Canada, weighed on the results as no revenues were generated by the facility. After a turbine collapse at the site last year, rehabilitation works are ongoing with the aim of bringing the wind parks online in the second half of 2023.

More details about the company’s financial results are available in the table below.

Amounts in CAD million Q1 2022 Q1 2021
Revenues 143 126
Adjusted EBITDA 139 123
Net profit attributable to common shareholders 41 52
Free cash flow 108 99
Cash available for distribution (CAFD) 90 90

During the reporting period, TransAlta Renewables added 428 MW of contracted growth generation to its fleet and its power plants produced 1,310 GWh of electricity, as compared to 1,109 GWh a year before.

The Calgary-based company said it continues to maintain a strong financial position, with access to more than CAD 900 million in liquidity, including CAD 278 million of cash on hand.

(CAD 1.0 = USD 0.773/EUR 0.735)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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