NRG Yield Inc.'s fourth-quarter 2017 adjusted EBITDA of $204 million dropped from $214 million in the comparable 2016 period due to lower wind production.
The conventional segment reported flat adjusted EBITDA of $84 million. Fourth-quarter adjusted EBITDA for the renewables segment dropped year over year to $113 million from $123 million. The thermal segment reported fourth-quarter adjusted EBITDA of $12 million from $13 million in fourth-quarter 2016.
Cash available for distribution in the quarter dropped to $59 million from $62 million a year ago. The yieldco's net loss narrowed to $98 million, from $115 million in the corresponding quarter in 2016.
NRG Yield said the net loss results were primarily due to the $68 million write-down of the revaluation of the existing net deferred tax asset in connection with tax reform. It also reflected $31 million of noncash asset impairments within NRG Wind TE Holdco at the Elbow Creek Wind Project in Texas and Forward wind project in Pennsylvania.
For the full year, the yieldco reported adjusted EBITDA of $933 million, compared with $932 million in 2016, thanks to the full-year contribution of the Utah solar assets and growth in distributed generation partnerships.
Cash available for distribution was $267 million for 2017, down from $311 million in 2016 due to lower renewable production.
The company reported a net loss of $23 million in 2017, compared with net income of $2 million in 2016. NRG Yield's net loss results were impacted by the write-down associated with tax reform and a $13 million impairment taken by NRG Energy Inc. in the third quarter of 2017 for a drop-down asset sale to the yieldco.
NRG Yield's operating revenues totaled $1.01 billion in 2017, down from $1.04 billion in 2016.
The company affirmed its full-year 2019 guidance of $125 million for net income, $950 million for adjusted EBITDA, $599 million in cash from operating activities and $280 million for cash available for distribution. The yieldco is also targeting dividend per-share growth of 15% annually on its class A and class C common stock through 2018.
