Jade Power Reports 2022 Results

TORONTO, May 02, 2023 (GLOBE NEWSWIRE) -- Jade Power Trust ("Jade Power" or the "Trust") (TSXV: JPWR.H) is pleased to report its financial results for the year ended 2022. All amounts are expressed in Canadian Dollars unless otherwise noted.

Highlights¹

• On November 22, 2022, the Trust completed the sale of all of its wind, solar and hydro operating assets for a net purchase price of €66 million (CAD $90.7 million). Total cash proceeds on the disposition net of cash in subsidiaries were €59.5 million (CAD $81.9 million). The gain on the disposition of the operating assets was $43.4 million exclusive of transaction costs of $6.2 million.
• On November 28, 2022, the Trust announced the declaration of a Special Initial Distribution to Unitholders from the net available proceeds from the sale of the operating assets. A total of $72.1 million was paid to Unitholders on December 12, 2022 in respect to the Special Initial Distribution.

Included in the reported financial results below are operating results from the previously owned operating assets up to November 22, 2022:

• Energy generation of 146,638 MWh for the year compared to 153,044 MWh for the previous year of 2021. Energy generation of 19,572 MWh for the fourth quarter of 2022, representing energy generated up to the date of the disposition of the operating assets, compared to 43,146 MWh for the comparable period in 2021.
• Revenue for the year ended December 31, 2022, was $16.9 million. This compares to $18.7 million of revenue for the comparable year ended December 31, 2021. Revenue for the three months ended December 31, 2022, was $2.1 million. This compares to $4.8 million for the comparable three months ended December 31, 2021.
• Net income for the year ended December 31, 2022 was $35.5 million, or $1.59 per Unit. This compares to $3.7 million, or $0.16 per Unit for the year ended December 31, 2021. Net income for the three months ended December 31, 2022 was $33.3 million, or $1.50 per Unit. The compares to a net loss of $0.8 million, or $(0.04) per Unit for the comparative three months ended December 31, 2021. Net income for the year ended and quarter ended December 31, 2022 includes a gain $43.4 million pursuant to the Sale Transaction.

David Barclay, Chairman and Chief Executive Officer of Jade Power, commented,