Capital Power announces fourth quarter and year-end 2024 results

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[{"type":"text","content":"Capital Power announces fourth quarter and year-end 2024 resultsAchieved commercial operation of Genesee Repowering project and enhanced positioning for U.S. growth \n\n\n\n EDMONTON, Alberta, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Capital Power Corporation (TSX: CPX) today released financial results for the quarter and year ended December 31, 2024.\n \n\n\n Strategic highlights\n \n\n\n\n Achieved COD of Genesee Repowering project resulting in a reduction of ~3.4 million tonnes (MT) per annum\n \n 1\n \n of CO\n \n 2\n \n emissions (Scope 1) and increasing capacity by 512 megawatts (MW)\n \n\n Enhanced geographic diversification through successful execution of U.S. based acquisitions of La Paloma and Harquahala and advanced development of 3 U.S. solar projects\n \n\n Enhanced financial flexibility and crystallized returns on renewable assets through a sell-down transaction for $340 million of gross proceeds\n \n\n Successfully executed an equity financing for total gross proceeds of $460 million, including the exercise of the option\n \n\n Record generation of ~38 terawatt hours across the Company’s strategically positioned fleet\n \n\n Continued to advance five long-term fully contracted development projects in Ontario representing ~350 MW of incremental capacity\n \n\n\n\n Financial highlights\n \n\n\n\n In the fourth quarter of 2024, generated:\n \n\n Adjusted funds from operations (AFFO) of $182 million and net cash flow from operating activities of $438 million\n \n\n Adjusted EBITDA of $330 million and net income of $242 million\n \n\n\n\n\n\n For full-year 2024, generated:\n \n\n AFFO of $817 million and net cash flows from operating activities of $1,144 million\n \n\n Adjusted EBITDA of $1,333 million and net income of $701 million\n \n\n\n\n\n\n “In Q4 2024, we proudly completed our Genesee Repowering project, transitioning Capital Power and the Province of Alberta off coal. This project dramatically reduced our carbon emissions and added significant lower heat rate capacity – making our Genesee 1 and 2 Canada’s most efficient natural gas combined cycle units\n \n\n\n 2\n \n\n\n . In addition to growing our capacity in Alberta, we diversified our fleet through U.S. acquisitions while advancing development across our renewables and flexible generation assets in Canada and the U.S. We are set up fo...

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