RBC -Q4 earnings"First Glance: Strong finish to the year; focused on growth ahead Impact: Neutral First impression Q4/19 results higher than expected. Algonquin Powers Q4/19 Adjusted EBITDA of $215 million (excluding $16 million of HLBV income) was above our estimate of $200 million. The reported Adjusted EBITDA of $232 million was above consensus of $211 million (most analysts include HLBV income). The variance was driven by stronger-than-expected results from the Distribution division (16% above our forecast), which included $10 million of Other income. Contribution from the Renewable Energy division was 4% below our forecast, which is consistent with generation that was 5% below the long-term average. The Adjusted EPS of $0.20 was in line with our estimate of $0.19. Please refer to Exhibit 1 for additional details. Reiterated $9.2 billion 5-year investment plan. Management reiterated the 5-year investment plan totaling $9.2 billion that was released at the companys December investor day. For 2020, management expects to invest $1.151.30 billion in the Distribution (regulated utility) division, which includes the pending acquisition of Bermuda Electric. The Renewable Energy division has plans to spend $450550 million in 2020, and the company currently has 841 MW (five projects) under construction. Construction started on 600 MW of wind projects to green Empire. The company received final approvals in mid-2019 to build 600 MW (three projects) of wind projects in Missouri and Kansas. Management indicated that construction started on two wind farms in Q4/19 and on the third wind farm in Q1/20. The net cost of the projects will grow Empire District Electrics regulated rate base. We note that the projects are structured such that Algonquin will acquire the completed facilities in early 2021, so the capex is not included in its 2020 investment plan."