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inc . TransAlta renewables News Release TransAlta Renewables Reports First Quarter 2021 Results and Closes Acquisition of 303 MW Asset Portfolio including 274 MW of Wind Capacity from TransAlta CALGARY , Alberta ( May 12 , 2021 ) First Quarter 2021 Highlights • • Comparable EBITDA ( 1 ) of $ 123 million , a $ 5 million or four per cent improvement to the same period in 2020 . Adjusted funds from operations ( " AFFO " ) ( 1 ) of $ 93 million , in line with the same period last year Cash available for distribution ( " CAFD " ) ( 1 ) of $ 90 million or $ 0.34 per share in the first quarter , in line with the same period in 2020 Significant & Subsequent Events The Company completed the previously announced acquisition of a 303 MW asset portfolio from TransAlta Corporation : ° ° On Feb. 26 , 2021 , the Company closed its direct interest in the 207 MW Windrise wind project for $ 213 million On April 1 , 2021 , the Company completed the acquisition , through a subsidiary of TransAlta , of a 49 per cent economic interest in the 137 MW Skookumchuck wind facility and a 100 per cent economic interest in the 29 MW Ada cogeneration facility . The economic benefit of the transaction is effective Jan. 1 , 2021 and the economic distributions will be commencing in the second quarter and include earnings from the first quarter TransAlta Renewables Inc. ( " TransAlta Renewables " or the " Company " ) ( TSX : RNW ) announced today financial results which were in line with expectations for the three months ended March 31 , 2021 . " We had solid results this quarter and saw strong EBITDA contribution from our portfolio , " said Todd Stack , President . " We are also pleased with the closing of our announced acquisition of the 303 MW asset portfolio including 274 MW of wind capacity . These assets are an important example of our renewable growth strategy in the US and Canada . The recent financing of our South Hedland asset ensures that we are well - funded and positioned to capitalize on future growth opportunities . " Comparable EBITDA for the three months ended March 31 , 2021 increased by $ 5 million mainly due to the sale of 2020 environmental credits to TransAlta in the first quarter of 2021 , the timing of legal fees and the strengthening of the Australian dollar relative to the Canadian dollar , partially offset by lower wind resources . AFFO and CAFD for the three months ended March 31 , 2021 , were consistent to the same periods in 2020. The settlement of provisions relating to the transmission line loss proceeding , higher income tax expense and interest expense were partially offset by lower sustaining capital expenditures and foreign exchange impacts . Net earnings attributable to common shareholders for the three months ended March 31 , 2021 , increased by $ 49 million compared to the same period in 2020 , primarily due to higher finance income from investments in subsidiaries of TransAlta , foreign exchange gains resulting from the strengthening Australian dollar relative to the Canadian dollar and unrealized foreign