TransAltaRenewables Inc. on April 28 reported first-quarter comparableEBITDA of C$114 million, up from C$55 million in the same quarter of 2015. Theincrease is primarily due to the acquisition of TransAlta Corp.'s economic interests in certainAustralian andCanadian projects.
First-quarter 2016 adjusted funds from operations totaledC$82 million, nearly double the C$43 million the company posted in the openingmonths of 2015. Comparable cash available for distribution more than doubled toC$82 million during the quarter from C$32 million in the first three months of2015.
First-quarter 2016 revenues were flat year over year at C$68million.
The company posted first-quarter 2016 net loss attributableto common shareholders of C$36 million, or 16 Canadian cents per share,compared with net earnings of C$20 million, or 17 Canadian cents per share, inthe 2015 first quarter.The result was impacted by a C$64 million charge attributable to the increasein value of Class B shares that will be issued to TransAlta Corp. when theSouth Hedland power project is fully commissioned.
The company plans to invest C$100 million to develop the 150MW South Hedland project. Financing for the project is expected to come fromcash flow from operating activities and a drawdown on the C$350 million creditfacility provided by TransAlta Corp.
TransAlta Renewables is targeting C$365 million to C$390million in comparable EBITDA; C$245 million to C$270 million in adjusted fundsfrom operations; and C$210 million to C$235 million in comparable CAFD for2016.
TransAlta Corp. is a majority shareholder of TransAlta Renewables.