CALGARY,
AB, May 5, 2023 /CNW/ -
First Quarter 2023 Financial Highlights
- Adjusted EBITDA(1) of $128
million
- Free cash flow ("FCF")(1) of $93 million
- Cash available for distribution ("CAFD")(1)(2) of
$71 million or $0.27 per share
- Earnings before income taxes of $53
million
- Cash flow from operating activities of $67 million
Other Business Highlights & Updates
- Kent Hills rehabilitation program on track with 13 towers fully
reassembled and commissioning commenced in late April, with full
return to service of the facility in the second half of 2023
- Northern Goldfields construction nearing completion with
commercial operations to commence in the second quarter of
2023
- Mount Keith 132kV expansion project construction activities
have commenced and on track to be completed in the second half of
2023
TransAlta Renewables Inc. ("TransAlta Renewables" or the
"Company") (TSX: RNW) announced today financial results for the
three months ended March 31, 2023.
"Overall, this quarter's performance was impacted by lower than
normal wind conditions that prevailed across Canada and negatively impacted the
contribution from our Canadian wind fleet. We remain on track to
meet our 2023 guidance largely due to the performance of our
diversified operating portfolio." said Todd
Stack, President at TransAlta Renewables.
"I am pleased that our growth construction program is advancing
well despite the macro challenges with supply chain and labour
availability. The Northern Goldfields Solar and Mount Keith assets
diversify our Australia portfolio
and will be contributing to our cash flow for 2023. At Kent Hills,
we have made great progress with the rehabilitation project and we
are very pleased with the reassembly activities. We currently
expect contributions from the facility to begin with the initial
turbine commissioning in the second quarter, and we are estimating
that it will be fully returned to service in the second half of the
year."
"As we move forward, we continue to focus on identifying
opportunities to extend our cash tax horizon that we currently
expect to impact results in 2024. Absent any growth, our cash
available for distribution is expected to decline after the next
three quarters due to the expected increase in cash taxes payable
and the step down in revenue at our Southern Cross facilities,"
added Mr. Stack.
First Quarter 2023 Highlights
|
$ millions, unless
otherwise stated
|
Three Months
Ended
|
|
March 31,
2023
|
March 31,
2022
|
|
Renewable energy
production (GWh)(3)
|
1,219
|
1,310
|
|
Revenues
|
119
|
143
|
|
Adjusted
EBITDA(1)
|
128
|
139
|
|
Free cash
flow(1)
|
93
|
108
|
|
Cash available for
distribution(1)
|
71
|
90
|
|
Earnings before income
taxes
|
53
|
49
|
|
Net earnings
attributable to common shareholders
|
45
|
41
|
|
Cash flow from
operating activities
|
67
|
103
|
|
Net earnings (loss) per
share attributable to common shareholders, basic
and diluted
|
0.17
|
0.15
|
|
Free cash flow per
share(1),(2)
|
0.35
|
0.40
|
|
Cash available for
distribution per share(1),(2)
|
0.27
|
0.34
|
|
Dividends declared and
paid per common share
|
0.23
|
0.23
|
First Quarter 2023 Results Summary
The Company's renewable power production decreased by 91 GWh for
the three months ended March 31, 2023
compared to the same period in 2022. The decrease was mainly due to
lower wind resources, higher unplanned outages in US Wind and Solar
and lower water resources, partially offset by improved performance
at the Windrise wind facility.
Adjusted EBITDA decreased $11
million to $128 million for
the three months ended March 31, 2023
compared to the same period in 2022. Adjusted EBITDA was lower in
Canadian Wind due to lower revenues from lower production, the
timing of environmental credit sales, lower liquidated damages at
the Windrise wind facility and higher operations, maintenance and
administration ("OM&A") expenses due to higher insurance and
escalation of long term service agreement costs. US Wind and Solar
had higher adjusted EBITDA due to higher environmental credit sales
and Canadian Gas had higher adjusted EBITDA primarily from a new
customer that was commissioned at the site during 2022.
FCF and CAFD for the three months ended March 31, 2023 decreased by $15 million and $19
million from the same period in 2022, respectively,
primarily due to lower adjusted EBITDA and higher current income
tax expense, partially offset by higher interest income and lower
sustaining capital expenditures. The Company expects a portion of
the current income tax expenses to reverse during the balance of
the year as projects under construction are completed in
Australia. In addition, CAFD was
impacted by the scheduled principal repayment on the Windrise green
bond, which commenced in the first quarter of 2023.
Net earnings attributable to common shareholders increased by
$4 million to $45 million for the three months ended
March 31, 2023 compared to the same
period in 2022, primarily due to asset impairment reversals due to
favourable changes in estimated future cash flows, higher finance
income related to subsidiaries of TransAlta, and lower
depreciation. This was partially offset by lower revenues mainly
from lower production, lower net other operating income from
improved performance at the Windrise wind facility, higher OM&A
expenses mainly from higher insurance and escalation of long term
service agreement costs and higher income tax expense. Finance
income related to subsidiaries of TransAlta was higher mainly due
to higher dividends from Australia.
Cash flow from operating activities for the three months ended
March 31, 2023 decreased by
$36 million, primarily due to lower
revenues from lower production at Canadian Wind, higher current
income tax expense due to the Company becoming taxable in
Canada and unfavourable changes in
working capital, partially offset by higher finance income related
to subsidiaries of TransAlta.
Significant Events and Other Updates
Kent Hills Wind Facilities Update
Rehabilitation of the Kent Hills 1 and 2 wind facilities is well
underway. All of the towers have been fully disassembled with
foundation demolition and removal nearing completion. Construction
of new foundations is progressing well, with approximately
two-thirds of foundations poured. Tower reassembly is also
progressing with 13 turbines reassembled to date and associated
commissioning activities commenced. We continue to target returning
all turbines to service in the second half of 2023. The current
estimate of the capital expenditures is approximately
$120 million, inclusive of insurance proceeds.
During the first quarter of 2023, the Company filed and served a
statement of claim in the New
Brunswick Court of King's Bench against certain defendants
who the Company believes are responsible for, or contributed to,
the failure of the turbine foundation at the Kent Hills 1 and 2
wind facilities. The claim seeks damages for lost profits,
replacement costs, and other related costs to perform the
remediation of Kent Hills 1 and 2, net of any insurance recoveries.
The ability to recover any amounts is uncertain at this time.
|
Notes
|
|
|
(1)
|
These items are not
defined and have no standardized meaning under IFRS. Please refer
to the Discussion of Operating Results, Non-IFRS Measures and
Reconciliation of Non-IFRS Measures sections of the MD&A for
further discussion of these items, including, where applicable,
reconciliations to measures calculated in accordance with
IFRS.
|
|
(2)
|
Free cash flow per
share and cash available for distribution per share are calculated
as free cash flow and cash available for distribution,
respectively, divided by the weighted average number of common
shares outstanding during the period of 267 million shares for
March 31, 2023 (March 31, 2022 - 267 million shares)
|
|
(3)
|
Includes production
from Canadian Wind, Canadian Hydro and US Wind and Solar and
excludes Canadian, US and Australian gas-fired generation.
Production is not a key revenue driver for gas-fired facilities as
most of their revenues are capacity-based.
|
Non-IFRS Measures
We evaluate our performance using a variety of measures to
provide management and investors with an understanding of our
financial position and results. Certain of the measures discussed
in this earnings release are not defined under IFRS and therefore
should not be considered in isolation, as a substitute for, as an
alternative to, or more meaningful than measures as determined in
accordance with IFRS when assessing our financial performance or
liquidity. These measures have no standardized meaning under IFRS
and may not be comparable to similar measures presented by other
issuers.
The Company's key non-IFRS measures are adjusted EBITDA, FCF and
CAFD.
Adjusted EBITDA
Adjusted EBITDA is an important metric for management since it
represents our core business profitability. Interest, taxes,
depreciation and amortization are not included, as differences in
accounting treatments may distort our core business results. We
present adjusted EBITDA along with operational information of the
assets in which we own an economic interest so that readers can
better understand and evaluate the drivers of those assets in which
we have an economic interest. Since the economic interests are
designed to provide the Company with returns as if we owned the
assets themselves, presenting the operational information and
adjusted EBITDA provides a more complete picture for readers to
understand the underlying nature of the investments and the
resultant cash flows that would otherwise only be presented as
finance income from the investments.
Adjusted EBITDA is composed of our reported EBITDA adjusted to
exclude the impact of unrealized mark-to-market gains and losses,
asset impairments and reversals and certain insurance recoveries,
plus the adjusted EBITDA of the facilities in which we hold an
economic interest, which is the facilities' reported EBITDA
adjusted for: 1) finance lease income and the change in the finance
lease receivable amount; 2) contractually fixed management costs;
3) interest earned on the prepayment of certain transmission costs;
4) the impact of unrealized mark-to-market gains and losses; 5)
certain insurance recoveries; and 6) asset impairments and
reversals.
Free Cash Flow
FCF represents the amount of cash that is available from
operations and investments in subsidiaries of TransAlta in which we
have an economic interest, to invest in growth initiatives, to make
scheduled principal repayments on debt, repay maturing debt, pay
common share dividends or repurchase common shares. Changes in
working capital are excluded so that FCF is not distorted by
changes that we consider temporary in nature, reflecting, among
other things, the impact of seasonal factors and the timing of
receipts and payments.
FCF is calculated as the cash flow from operating activities
before changes in working capital, less sustaining capital
expenditures, distributions paid to subsidiaries' non-controlling
interest, finance income from economic interests and principal
repayments on lease obligations, plus FCF of the assets owned
through economic interests, which is calculated as adjusted EBITDA
from the economic interests less interest expense, sustaining
capital expenditures, current income tax expense, principal
repayments on lease obligations and working capital and other
timing. FCF per share is calculated using the weighted average
number of common shares outstanding during the period.
Cash Available for Distribution
CAFD can be used as a proxy for the cash that will be available
to common shareholders of the Company. CAFD is calculated as FCF
less tax equity distributions and scheduled principal repayments of
amortizing debt.
Presenting FCF and CAFD helps readers assess our cash flows in
comparison to prior periods. See the Reconciliation of Non-IFRS
Measures section's of the MD&A for additional
information.
Reconciliation of these non-IFRS financial measures to the most
comparable IFRS measure are provided below.
Reconciliation of Non-IFRS Measures
Since the economic interests are designed to provide the Company
with returns as if we owned the assets ourselves, presenting the
operating information and adjusted EBITDA provides a more complete
picture to understand the underlying nature of the investments and
the resultant cash flows that would otherwise only be presented as
finance income from investments.
The following tables reflect adjusted EBITDA and provides
reconciliation to earnings before income taxes for the three months
and year ended March 31, 2023 and
March 31, 2022:
|
Owned
Assets
|
Economic
Interests
|
|
|
|
|
Three months
ended
March 31,
2023
$
millions
|
Canadian
Wind
|
Canadian
Hydro
|
Canadian
Gas
|
Corporate
|
US Wind
and Solar
|
US
Gas
|
Australian
Gas
|
Total
|
Investments in
Economic
Interests
Adjustments
|
IFRS
Financials
|
|
Revenues(1)
|
63
|
3
|
53
|
—
|
33
|
6
|
44
|
202
|
(83)
|
119
|
|
Fuel, royalties and
other costs(2)
|
3
|
1
|
23
|
—
|
1
|
4
|
1
|
33
|
(6)
|
27
|
|
Gross
margin
|
60
|
2
|
30
|
—
|
32
|
2
|
43
|
169
|
(77)
|
92
|
|
Operations,
maintenance, and
administration(3)
|
11
|
2
|
8
|
6
|
4
|
1
|
8
|
40
|
(13)
|
27
|
|
Taxes, other than
income taxes
|
2
|
1
|
—
|
—
|
1
|
—
|
—
|
4
|
(1)
|
3
|
|
Net other operating
income
|
(3)
|
—
|
—
|
—
|
—
|
—
|
—
|
(3)
|
—
|
(3)
|
|
Adjusted
EBITDA(4)
|
50
|
(1)
|
22
|
(6)
|
27
|
1
|
35
|
128
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
(34)
|
|
Asset impairment
reversals
|
|
|
|
|
|
|
|
|
|
10
|
|
Finance income
related to subsidiaries
of TransAlta
|
|
|
|
|
|
|
|
|
|
23
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
1
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
(12)
|
|
Earnings before
income tax
|
|
|
|
|
|
|
|
|
|
53
|
|
(1)
|
Adjusted EBITDA
excludes the impact of unrealized mark-to-market gains or losses.
Amounts related to economic interests include finance lease income
adjusted for change in finance lease receivable.
|
|
(2)
|
Amounts related to
economic interests include interest earned on the prepayment of
certain transmission costs.
|
|
(3)
|
Amounts related to
economic interests include the effect of contractually fixed
management costs.
|
|
(4)
|
Adjusted EBITDA is a
non-IFRS measure and has no standardized meaning under
IFRS.
|
|
Owned Assets
|
Economic
Interests
|
|
|
|
|
Three months ended
March 31, 2022
$
millions
|
Canadian
Wind
|
Canadian
Hydro
|
Canadian
Gas
|
Corporate
|
US Wind
and Solar
|
US Gas
|
Australian
Gas
|
Total
|
Investments in
Economic
Interests and
Adjustments
|
IFRS
Financials
|
|
Revenues(1)
|
70
|
4
|
69
|
—
|
31
|
6
|
43
|
223
|
(80)
|
143
|
|
Fuel, royalties and
other costs(2)
|
4
|
1
|
40
|
—
|
1
|
3
|
2
|
51
|
(6)
|
45
|
|
Gross margin
|
66
|
3
|
29
|
—
|
30
|
3
|
41
|
172
|
(74)
|
98
|
|
Operations,
maintenance, and
administration(3)
|
9
|
2
|
8
|
6
|
4
|
1
|
7
|
37
|
(12)
|
25
|
|
Taxes, other than
income taxes
|
1
|
—
|
1
|
—
|
1
|
—
|
—
|
3
|
(1)
|
2
|
|
Net other operating
income
|
(7)
|
—
|
—
|
—
|
—
|
—
|
—
|
(7)
|
—
|
(7)
|
|
Adjusted
EBITDA(4)
|
63
|
1
|
20
|
(6)
|
25
|
2
|
34
|
139
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
(37)
|
|
Finance income
related to subsidiaries
of TransAlta
|
|
|
|
|
|
|
|
|
|
19
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
1
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
(13)
|
|
Foreign exchange
loss
|
|
|
|
|
|
|
|
|
|
1
|
|
Earnings before
income tax
|
|
|
|
|
|
|
|
|
|
49
|
|
(1)
|
Adjusted EBITDA
excludes the impact of unrealized mark-to-market gains or losses.
Amounts related to economic interests include finance lease income
adjusted for change in finance lease receivable.
|
|
(2)
|
Amounts related to
economic interests include interest earned on the prepayment of
certain transmission costs.
|
|
(3)
|
Amounts related to
economic interests include the effect of contractually fixed
management costs.
|
|
(4)
|
Adjusted EBITDA is a
non-IFRS measure and has no standardized meaning under
IFRS.
|
Reconciliation of Reported Cash Flow from Operating
Activities to FCF and CAFD
|
Three Months
Ended
|
|
$
millions
|
March 31,
2023
|
March 31,
2022
|
|
Cash flow from
operating activities
|
67
|
103
|
|
Change in non-cash
operating working capital balances
|
2
|
(17)
|
|
Cash flow from
operations before changes in working capital
|
69
|
86
|
|
Adjustments:
|
|
|
|
Sustaining capital
expenditures – owned assets
|
(3)
|
(4)
|
|
Finance income –
economic interests(1)
|
(23)
|
(19)
|
|
FCF - economic
interests(1)
|
50
|
45
|
|
FCF(2)
|
93
|
108
|
|
Deduct:
|
|
|
|
Tax equity
distributions
|
(11)
|
(10)
|
|
Principal repayments of
amortizing debt(3)
|
(11)
|
(8)
|
|
CAFD(2)
|
71
|
90
|
|
Weighted average number
of common shares outstanding in the period (millions)
|
267
|
267
|
|
FCF per
share(2)
|
0.35
|
0.40
|
|
CAFD per
share(2)
|
0.27
|
0.34
|
|
(1)
|
Refer to the
Reconciliation of FCF to Finance Income Related to Subsidiaries of
TransAlta below in this earnings release.
|
|
(2)
|
These items are
non-IFRS measures and have no standardized meaning under IFRS.
Refer to the Additional IFRS Measures and Non-IFRS Measures
sections for further details.
|
|
(3)
|
Includes owned assets
and economic interests.
|
Reconciliation of FCF to Finance Income Related to
Subsidiaries of TransAlta
The following table is a reconciliation of the finance income
recognized on those assets we hold an economic interest in.
|
Three Months
Ended
|
|
$
millions
|
March 31,
2023
|
March 31,
2022
|
|
Finance income
related to subsidiaries of TransAlta
|
23
|
19
|
|
Tax equity
distributions
|
11
|
10
|
|
Principal repayments of
amortizing debt
|
5
|
5
|
|
Return of capital and
redemptions
|
15
|
18
|
|
Effects of changes in
working capital and other timing
|
(4)
|
(7)
|
|
FCF - economic
interests(1)
|
50
|
45
|
|
(1)
|
This item is a
non-IFRS measure and has no standardized meaning under IFRS. Refer
to the Non-IFRS Measures section of this earnings release for
further details.
|
Reconciliation of Adjusted EBITDA to FCF and CAFD
The table below bridges our adjusted EBITDA to our FCF and CAFD
for the three months ended March 31,
2023 and 2022:
|
Owned
Assets
|
Economic
Interests
|
|
|
Three months
ended
March 31,
2023
|
Canadian
Wind
|
Canadian
Hydro
|
Canadian
Gas
|
Corporate
|
US Wind
and Solar(1)
|
US
Gas(1)
|
Australian
Gas
|
Total
|
|
Adjusted
EBITDA(1)
|
50
|
(1)
|
22
|
(6)
|
27
|
1
|
35
|
128
|
|
Provisions and contract
liabilities
|
(1)
|
—
|
—
|
—
|
—
|
—
|
—
|
(1)
|
|
Interest
expense
|
—
|
—
|
—
|
(9)
|
(1)
|
—
|
(7)
|
(17)
|
|
Current income tax
expense
|
(8)
|
(2)
|
—
|
—
|
—
|
—
|
(6)
|
(16)
|
|
Sustaining capital
expenditures
|
(2)
|
—
|
(1)
|
—
|
—
|
—
|
(2)
|
(5)
|
|
Interest
income
|
—
|
—
|
—
|
1
|
—
|
—
|
3
|
4
|
|
Other
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
FCF(2)
|
39
|
(3)
|
21
|
(14)
|
26
|
1
|
23
|
93
|
|
Deduct:
|
|
|
|
|
|
|
|
|
|
Tax equity
distributions
|
—
|
—
|
—
|
—
|
(11)
|
—
|
—
|
(11)
|
|
Principal repayments
of
amortizing debt
|
(6)
|
—
|
—
|
—
|
—
|
—
|
(5)
|
(11)
|
|
CAFD(2)
|
33
|
(3)
|
21
|
(14)
|
15
|
1
|
18
|
71
|
|
(1)
|
Adjusted EBITDA is
defined in the Additional IFRS Measures and Non-IFRS Measures
sections and reconciled to earnings before income taxes
above.
|
|
(2)
|
FCF and CAFD are
defined in the Additional IFRS Measures and Non-IFRS Measures
sections and reconciled to cash flow from operating activities
above.
|
|
Owned Assets
|
Economic
Interests
|
|
|
Three months
ended
March 31,
2022
|
Canadian
Wind
|
Canadian
Hydro
|
Canadian
Gas
|
Corporate
|
US Wind
and Solar
|
US Gas
|
Australian
Gas
|
Total
|
|
Adjusted
EBITDA(1)
|
63
|
1
|
20
|
(6)
|
25
|
2
|
34
|
139
|
|
Provisions and contract
liabilities
|
(1)
|
—
|
—
|
—
|
—
|
—
|
—
|
(1)
|
|
Interest
expense
|
—
|
—
|
—
|
(11)
|
—
|
—
|
(6)
|
(17)
|
|
Current income tax
expense
|
—
|
—
|
—
|
—
|
(1)
|
—
|
(5)
|
(6)
|
|
Sustaining capital
expenditures
|
(3)
|
—
|
(1)
|
—
|
(1)
|
—
|
(3)
|
(8)
|
|
Interest
income
|
—
|
—
|
—
|
1
|
—
|
—
|
—
|
1
|
|
FCF(2)
|
59
|
1
|
19
|
(16)
|
23
|
2
|
20
|
108
|
|
Deduct:
|
|
|
|
|
|
|
|
|
|
Tax equity
distributions
|
—
|
—
|
—
|
—
|
(10)
|
—
|
—
|
(10)
|
|
Principal repayments
of
amortizing debt
|
(3)
|
—
|
—
|
—
|
—
|
—
|
(5)
|
(8)
|
|
CAFD(2)
|
56
|
1
|
19
|
(16)
|
13
|
2
|
15
|
90
|
|
(1)
|
Adjusted EBITDA is
defined in the Additional IFRS Measures and Non-IFRS Measures
sections and reconciled to earnings before income taxes
above.
|
|
(2)
|
FCF and CAFD are
defined in the Additional IFRS Measures and Non-IFRS Measures
sections and reconciled to cash flow from operating activities
above.
|
TransAlta Renewables is in the process of filing its Annual
Information Form, Audited Consolidated Financial Statements and
accompanying notes, as well as the associated Management's
Discussion and Analysis ("MD&A"). These documents will be
available today through TransAlta Renewables' website at
www.transaltarenewables.com or through SEDAR at www.sedar.com.
About TransAlta Renewables Inc.
TransAlta Renewables is among the largest of any publicly
traded renewable independent power producers ("IPP") in
Canada. Our asset platform and
economic interests are diversified in terms of geography,
generation and counterparties and consist of interests in 26 wind
facilities, 11 hydroelectric facilities, eight natural gas
generation facilities, two solar facilities, one natural gas
pipeline, and one battery storage project, representing an
ownership interest of 2,965 megawatts of owned generating capacity,
located in the provinces of British
Columbia, Alberta,
Ontario, Québec, New Brunswick, the States of Pennsylvania, New
Hampshire, Wyoming,
Massachusetts, Michigan, Minnesota, Washington, North
Carolina, and the State of Western
Australia.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains forward looking statements,
including statements regarding the business and anticipated
financial performance of the Company that are based on the
Company's current expectations, estimates, projections and
assumptions in light of its experience and its perception of
historical trends. In some cases, forward-looking statements can be
identified by terminology such as "plans", "expects", "proposed",
"will", "anticipates", "develop", "continue", and similar
expressions suggesting future events or future performance. In
particular, this news release contains forward-looking statements,
pertaining to, without limitation, the following: the remediation
of the Kent Hills wind facility, including the expected timing for
return to service and turbine commissioning; the Mount Keith
transmission expansion and Northern Goldfields construction
projects, including timing of commercial operation; timing of the
Company's cash tax horizon in Canada; identifying opportunities to extend
our cash tax horizon; impact on cash available for distribution
absent growth; and ability to meet our 2023 guidance.
The forward-looking statements contained in this news release
are based on current expectations, estimates, projections and
assumptions, having regard to the Company's experience and its
perception of historical trends, and includes, but is not limited
to, expectations, estimates, projections and assumptions relating
to: sufficiency of our budgeted capital expenditures in carrying
out our business plan; applicable laws, regulations and government
policies; the availability and cost of labour, services and
infrastructure; and the satisfaction by third parties of their
obligations, including under power purchase agreements. 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: our
potential inability to identify accretive growth opportunities or
to fund any such growth opportunities; our potential inability to
acquire operating or development assets from TransAlta; competitive
factors in the renewable power industry; operational breakdowns,
failures, or other disruptions; failure to meet financial
expectations; inability to achieve our ESG targets; general
domestic and international economic and political developments,
including armed hostilities, the threat of terrorism, cyberattacks,
diplomatic developments or other similar events; equipment failure
and our ability to carry out or have completed the repairs in a
cost-effective or timely manner, or at all, including if the
remediation at the Kent Hills wind facilities is more costly or
takes longer than expected; industry risk and competition;
fluctuations in the value of foreign currencies; counterparty
credit risk; changes to our relationship with TransAlta
Corporation; inadequacy or unavailability of insurance coverage;
legal, regulatory and contractual disputes and proceedings
involving the Company; changes in economic and market conditions;
reduced access to the capital markets, including debt, equity and
tax equity; changes in tax, environmental, and other laws and
regulations; adverse weather impacts; legal, regulatory and
contractual disputes and proceedings involving the Company,
including the Kent Hills rehabilitation claim; 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 Annual Information
Form for the year ended December 31,
2022. 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.
SOURCE TransAlta Renewables Inc