TransAlta Renewables sees higher adj EBITDA in 2022 after flat result in 2021

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

February 24 (Renewables Now) - TransAlta Renewables Inc (TSE:RNW) on Thursday reported a “lower-than-expected” adjusted EBITDA for 2021 that is consistent with its 2020 result but guided for a notable increase in 2022.

The independent power producer (IPP) posted adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of CAD 463 million (USD 365m/EUR 321m) for 2021 compared with CAD 462 million for 2020.

The company said that production increased due to the availability of additional capacity, partially offset by lower wind resources, a steam supply disruption at its Sarnia cogeneration facility in the second quarter of the year and an extended outage at two wind farms in the final quarter.

Below you can see more detailed information about the company’s financial performance.

Figures in CAD million Q4 2021 Q4 2020 2021 2020
Revenues 138 128 470 436
Adj EBITDA 141 133 463 462
Net profit attributable to common shareholders 43 53 140 92
Free cash flow 123 101 357 377
Cash available for distribution (CAFD) 91 72 275 304

Renewable energy production decreased to 4,332 GWh in 2021 from 4,471 GWh a year back.

For 2022, the company forecasts adjusted EBITDA in the range of CAD 485 million to CAD 525 million, free cash flow of CAD 345 million-385 million and CAFD of CAD 245 million-285 million.

(CAD 1.0 = USD 0.788/EUR 0.693)

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