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inc . TransAlta renewables News Release TransAlta Renewables Reports Third Quarter 2021 Results CALGARY , Alberta ( November 9 , 2021 ) Third Quarter 2021 Highlights • • Comparable EBITDA ( 1 ) of $ 102 million , a $ 6 million increase to the same period in 2020 Adjusted funds from operations ( " AFFO " ) ( 1 ) of $ 57 million , a $ 19 million decrease to the same period in 2020 Cash available for distribution ( " CAFD " ) ( 1 ) of $ 54 million or $ 0.20 per share in the third quarter , a $ 19 million or $ 0.07 per share decrease to the same period in 2020 Significant & Subsequent Events • • • Announced full notice to proceed on the 48 MW Northern Goldfields Solar project with target of providing BHP Billiton Nickel West Pty Ltd. with renewable electricity to its Goldfields - based operations by second half of 2022 Closed the previously announced acquisition of the economic interest of a 122 MW portfolio of operating solar facilities located in North Carolina for the amount of US $ 102 million Completion of all construction activities at Windrise and on - track to reach commercial operations in November of 2021 TransAlta Renewables Inc. ( " TransAlta Renewables " or the " Company " ) ( TSX : RNW ) announced today financial results for the three and nine months ended Sept. 30 , 2021 . " We are pleased to have made progress this quarter on our strategy of fleet diversification and growth in our contracted cash flow profile with the closing of the North Carolina Solar acquisition . This project expands our solar footprint in the United States and adds a new high - quality customer in a region where we see significant growth opportunities . The project is expected to add US $ 9 million in comparable EBITDA annually , " said Todd Stack , President . " We are also pleased to announce the completion of construction activities at our Windrise facility , with a 20 - year contract with the AESO , which also enhances the overall contractedness of our asset portfolio . " Comparable EBITDA for the three months ended Sept. 30 , 2021 increased by $ 6 million compared to the same period in 2020 , mainly due to the impact of the acquisitions of Ada and Skookumchuck facilities , favourable market conditions in Canadian Gas , and higher contract revenues at Australia Gas , partly offset by lower production across Canadian Wind , US Wind and Hydro . Comparable EBITDA for the nine months ended Sept. 30 , 2021 decreased by $ 7 million compared to the same period in 2020 mainly due to lower wind resource across the wind fleet ; unplanned outages in the Canadian Gas segment including provisions for liquidating damages for steam supply disruptions , partially offset by the acquisition of the economic interests of Skookumchuck and Ada . AFFO and CAFD for the three months ended Sept. 30 , 2021 , each decreased by $ 19 million , compared to the same period in 2020 . The decrease in AFFO was primarily due to higher interest expense attributable to the financing at South Hedland and sustaining capital within Australia driven by planned maintenance and a spare engine purchase for the South Hedland facility . AFFO and CAFD for the nine months ended Sept. 30 , 2021 , decreased by $ 47 million and $ 48 million respectively , compared to the same period in 2020 due to lower comparable EBITDA and higher interest expense and sustaining capital within Australia . Net earnings attributable to common shareholders for the three months ended Sept. 30 , 2021 increased by $ 14 million , compared to the same period in 2020 , primarily due to higher finance income from investments in subsidiaries of TransAlta and no fair value losses recognized in the current period partially offset by lower production from the Canadian wind fleet and greater asset impairments .