From GlobeNewswire: 2025-02-26 08:00:00

Capital Power Corporation (TSX: CPX) reported financial results for Q4 2024 and full-year 2024. Highlights include the completion of the Genesee Repowering project, reducing CO2 emissions by ~3.4 million tonnes per annum and increasing capacity by 512 MW. Financially, the company generated AFFO of $817 million for the year and net income of $242 million in Q4.

The company also achieved adjusted EBITDA of $330 million in Q4 2024 and $1,333 million for the full year. The successful execution of U.S. acquisitions and development of solar projects contributed to the company’s strong financial performance. Additionally, Capital Power completed an equity financing for total gross proceeds of $460 million.

Capital Power’s President and CEO, Avik Dey, highlighted the completion of the Genesee Repowering project, making it Canada’s most efficient natural gas combined cycle units. The company’s strategic growth in Alberta and the U.S. positions it well for continued success in the energy sector. CFO Sandra Haskins emphasized the stability of cash flows and financial flexibility for future growth and acquisitions.

Key operational and financial highlights for Q4 and full-year 2024 include revenue of $853 million in Q4 and $3,776 million for the full year. Adjusted EBITDA was $330 million in Q4 and $1,333 million for the year. The company’s net income was $242 million in Q4 and $701 million for the full year.

In significant events, Capital Power completed a renewable power asset sell-down, raising $333 million in pre-tax cash proceeds. The company also closed a $460 million bought offering of common shares to fund future acquisitions and growth opportunities. Additionally, the Genesee Repowering project achieved commercial operations, reducing CO2 emissions by 3.4 MT annually.

On the financial side, York Energy refinanced its existing term loan for a ten-year term, saving approximately 0.66% in interest costs. An organizational review led to a voluntary departure program resulting in a 40% reduction in Canada-based corporate employees. The company incurred a total cost of $49 million related to the restructuring.

Capital Power will host an analyst conference call and webcast on February 26, 2025, to discuss the financial results for Q4 and full-year 2024. The company uses non-GAAP financial measures like adjusted EBITDA and AFFO to assess performance and provide insights into its financial stability and growth strategy. These measures help investors understand the company’s cash flow generation and ability to fund future projects and dividends.



Read more at GlobeNewswire:: Capital Power announces fourth quarter and year-end 2024