TransAlta Renewables Reports First Quarter 2022 Results and Announces Mount Keith Transmission Expansion Project CALGARY, AB , May 4, 2022 |CNW| - First Quarter 2022 Financial Highlights Adjusted EBITDA (1),(2) of $139 million , an increase of 13% to the same period in 2021 Free cash flow ("FCF") (1),(3) of $108 million , an increase of 9% to the same period in 2021 Cash available for distribution ("CAFD") (1) of $90 million or $0.34 per share, consistent on a per-share basis compared to 2021 Earnings before income taxes of $49 million , a decrease of 20% from 2021 Cash flow from operating activities of $103 million , consistent with the same period in 2021 Other Business Highlights Updates Recognized on the Clean200 global list of publicly traded companies leading the way with solutions for the transition to a clean energy future by Corporate Knights and As You Sow. Reached agreement with BHP Nickel West ("BHP") to expand the Mount Keith transmission system to support the Northern Goldfields-based operations of BHP. Total construction capital of the project is estimated at AU$50 - $53 million and will generate annual EBITDA of AU$6 - $7 million once completed in the second half of 2023.