CALGARY, ALBERTA — (Marketwired) — 10/31/14 — TransAlta Renewables Inc. (the “Company”) (TSX: RNW) today reported third quarter Comparable EBITDA(1) of $28.2 million. The company reported nil net earnings and nil earnings per share for the third quarter.
“The third quarter is historically a low wind resource period and third quarter results are in line with our expectations. We remain on track to deliver a solid first year,” said Brett Gellner, President. “Our Wyoming acquisition is performing very well and we continue to focus on adding additional assets to the Company.”
Historically, financial statements have not been prepared by TransAlta for the assets of the Company, as they had not been operated as a separate business by TransAlta. Accordingly, the financial statements for periods prior to the initial public offering (“IPO”) on August 9, 2013, reflect the financial statements for the assets in a manner consistent with how TransAlta managed the assets and as though the assets had been a separate Corporation. Therefore, historical financial information is not directly comparable to current results due to the implementation of certain commercial arrangements between the Company and TransAlta Corporation that took effect upon closing of the Company–s IPO, including the entering into of firm priced power purchase agreements for generating facilities whose power was previously sold on a merchant basis. Prior to the IPO, these commercial arrangements did not exist and the Company–s assets were held directly or indirectly by TransAlta. More details in regards to the basis of preparation can be found in Note 1 of our 2013 audited consolidated financial statements.
Summary Results
Q3 2014
Year-to-Date 2014
The following table depicts key financial results and statistical operating data:
Third Quarter 2014 Highlights
A complete copy of TransAlta Renewables– third quarter report including MD&A and unaudited financial statements is available in the Investors section of our website: .
About TransAlta Renewables Inc.
TransAlta Renewables owns 29 wind and hydroelectric power generation facilities, including our economic interest in Wyoming Wind, having an aggregate installed generating capacity of 1,376 MW, in which it holds a net ownership interest of approximately 1,255 MW. TransAlta Renewables– power generating capacity is among the largest of any publicly-traded renewable independent power producer (“IPP”) in Canada, with more wind power generating capacity than any other Canadian publicly-traded IPP. TransAlta Renewables– strategy is focused on the efficient operation of its portfolio of renewable power generation assets and expanding its asset base through the acquisition of additional renewable power generation facilities in operation or under construction. TransAlta Renewables objectives are to (i) create stable, consistent returns for investors through the ownership of contracted renewable power generation assets that provide stable cash flow through long-term power purchase agreements with creditworthy counterparties, including TransAlta; (ii) pursue and capitalize on strategic growth opportunities in the renewable power generation sector; and (iii) pay out a portion of cash available for distribution to the shareholders of TransAlta Renewables on a monthly basis.
Cautionary Statement Regarding Forward Looking Information
This news release may contain forward looking statements, including statements regarding the business and anticipated financial performance of the Company. These forward-looking statements are not historical facts but reflect the Company–s current expectations concerning future plans, actions and results. These statements are subject to a number of risks and uncertainties that could cause actual plans, actions and results to differ materially from current expectations including, but not limited to, the ability to successfully obtain regulatory approvals; changes in tax, environmental, and other laws and regulations; competitive factors in the renewable power industry; operational breakdowns, failures, or other disruptions; changes in economic and market conditions; and other risks and uncertainties discussed in the Company–s materials filed with the Canadian securities regulatory authorities from time to time and as also set forth in the Company–s MD&A and 2014 Annual Information Form. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company–s expectations only as of the date of this news release. The Company disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Note: All financial figures are in Canadian dollars unless noted otherwise.
Contacts:
TransAlta Renewables Inc. – Investor inquiries:
Brent Ward
Director, Corporate Finance and Investor Relations
Phone: 1-800-387-3598 in Canada and U.S.
TransAlta Renewables Inc. – Media inquiries:
Leanne Yohemas
Senior Advisor, External Communications
Cell: 587-437-3660
Toll-free media number: 1-855-255-9184
Alternate local number: 403-267-2540