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odyd

NextEra Energy Partners, LP (NEP)

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Double the interest payment on Q1 at $86M, changed the game on the Q1 income statement, After the debt service CAFD is $38, this is net of the IDR, the dividend is going up as announced.

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One thing that I find amazing is that most of these companies have very low debt amortization rate. This inflates the CAFD numbers IMO..for example TERP only amortizes project level debt and not the corporate level...NEP has repaid only 28M in first quarter...at this rate it will take more than 30 years...and that is quite a mismatch with the lifetime of underlying assets!!

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DK1, are you sure this is the amortization of all debt, or via cash flow only?

Sent from my HTC One_M8 using Tapatalk

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Looking at the tables of projects in FSLR portfolio it seems there are 500MW in two which belong into NextEra (NEE). I am waiting for NEP 10-Q to see when they may drop them into NEP. Astoria's 175MW which is Recurrent's has 46% completion (March 31 2016). I would imagine that puts most of the CSIQ projects online for July.

 

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10-Q on Interest Expense
Interest expense primarily consists of interest on long-term debt and mark-to-market losses on interest rate swaps, partially offset by interest capitalization on
qualified expenditures. Interest expense increased approximately $61 million during the three months ended March 31, 2016 primarily due to mark-to-market
losses on interest rate swaps for which hedge accounting was discontinued in January 2016 and the acquisition of the Texas pipelines in October 2015.

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Nextera is buying 132MW for $476M, including $258M in debt. You can tell what cash cow those 2011/12 projects were for FSLR.  Prior to that new share of 10M is being considered. NRG after auction tomorrow is going to come out with the nice bag of loot. NEP is paying $218M in cash for 132MW, NYLD is going to pay maybe $288M for 1.6GW in cash, making parent 100% return. Unreal, I can see NYLD fly to $25 if those transactions are announced.

http://www.investor.nexteraenergypartners.com/phoenix.zhtml?c=253465&p=irol-newsArticle&ID=2200728

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4 hours ago, explo said:

$288m for 1.6 GW at 100% return? 

NRG Energy is bidding on 2.1GW dc operating assets of SunEdison, today, for $144M. Check the thread on NYLD. This is an equity payment for SUNEQ companies interest. 1.6GW ac assets cost $0.10 per watt. In turn, they will sell those assets to NYLD say for $288M (my joking estimate), making 100% return, moving intact debt from SUNEQ to NRG  to NYLD. 

How much more they have to pay, is not that relevant to NYLD. However looking at the price of NEP purchase this is massive benefit to NYLD

 

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NEP is selling hard due to the offering, for those interested in dividend, I can easily see move back over $30, I owned it around $26, so if it did end up in there it could be very attractive.

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