Highlights
Generated net cash flows from operating activities of
Generated net income of
Increased 2021 financial guidance for adjusted EBITDA to
Completed successful offering of common shares for total gross proceeds of
Executed a
Extended, amended and transitioned existing credit facilities into an inaugural
Increased the common share dividend by 6.8% to
'
'I am pleased to announce that the Board of Directors has approved a 6.8% per common share dividend increase effective for the third quarter 2021 dividend payment, which is consistent with our 7% annual dividend growth guidance for 2021 and 5% for 2022,' stated
'Debt and equity financing activities completed to date in 2021 were significant in reducing financing risk related to our growth initiatives, including 985 megawatts in advanced stages of development,' said
Common share offering
In June of 2021 the Company completed a public offering of 7,480,750 common shares (inclusive of the full exercise of a 975,750 common shares over-allotment option), at an issue price of
Forward-looking Information
Forward-looking information or statements included in this press release are provided to inform the Company's shareholders and potential investors about management's assessment of
Material forward-looking information in this press release includes disclosures regarding (i) status of, and updates to, the Company's 2021 AFFO and adjusted EBITDA guidance, (ii) forecasted depreciation for the remainder of 2021, (iii) the intended use of proceeds from the common share offering, (iv) expectations pertaining to the financial guidance, timing of construction and timing of commercial operations commencement of Enchant Solar, (v) expectations around the resolution of the pricing dispute on the Buckthorn Wind offtake and commodity swaps, (vi) the intended use of proceeds and expected closing date of the
These statements are based on certain assumptions and analyses made by the Company considering its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity, other energy and carbon prices, (ii) performance, (iii) business prospects (including the need for and potential re-contracting of facilities) and opportunities including expected growth and capital projects, (iv) status of and impact of policy, legislation and regulations, (v) effective tax rates, and (vi) matters relating to the LLR Proceeding, including the recovery and timing thereof from appropriate parties.
Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company's expectations. Such material risks and uncertainties are: (i) changes in electricity, natural gas and carbon prices in markets in which the Company operates and the use of derivatives, (ii) regulatory and political environments including changes to environmental, climate, financial reporting, market structure and tax legislation, (iii) generation facility availability, wind capacity factor and performance including maintenance expenditures, (iv) ability to fund current and future capital and working capital needs, (v) acquisitions and developments including timing and costs of regulatory approvals and construction, (vi) changes in the availability of fuel, (vii) ability to realize the anticipated benefits of acquisitions, (viii) limitations inherent in the Company's review of acquired assets, (ix) changes in general economic and competitive conditions and (x) changes in the performance and cost of technologies and the development of new technologies, new energy efficient products, services and programs.
Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the specified approval date. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
About
Contact:
Tel: 1-780-392-5335
Email: kperron@capitalpower.com
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