August 2 (Solar) – NRG Yield Inc (NYSE:NYLD.A) today reported a net profit of USD 96 million (EUR 82m) for the second quarter of 2018, more than double from a year ago, and said better wind conditions and a refinancing deal in its Thermal division contributed to a strong quarterly result.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 10.6% to USD 303 million, mainly thanks to the Renewables division. Higher wind power generation, distributed solar partnerships and higher availability at the Walnut Creek natural gas facility resulted in higher EBITDA.
Details on the company’s performance are available in the table.
|Results in USD million||Q2 2018||Q2 2017||H1 2018||H1 2017|
|– of which from Renewables||84||42||76||39|
|– of which from Renewables||218||190||330||303|
|Renewables generation sold (MWh)||2,308||2,112||3,924||3,789|
|Thermal generation sold (MWth)||471||427||1,097||1,005|
Cash available for distribution (CAFD) improved from the previous year mainly because of higher wind production, lower principal amortisation at the Thermal division due to the refinancing of Series C notes, and capacity additions.
In February, US power company NRG Energy Inc (NYSE:NRG) said it had agreed to sell its stake in NRG Yield Inc and its renewables platform to Global Infrastructure Partners (GIP). The yieldco today said the transaction is well on track, with closing expected in the current quarter.
NRG Yield’s Board of Directors has declared a quarterly dividend of USD 0.32 per share on Class A and Class C common stock. Stockholders of record as of September 4 will get it on September 18.
(USD 1 = EUR 0.86)