Brookfield Renewable posts rising FFO in Q2

Brookfield Renewable Partners LP (NYSE:BEP), a renewable power platform with over 34 GW of assets, on Friday reported second-quarter funds from operations (FFO) of USD 339 million (EUR 310.8m), up 9% on the year thanks to new acquisitions and asset development initiatives.

Strong all-in pricing was another major contributor to the improved performance, the listed renewable power company of Brookfield Asset Management said. More than half of its FFO in April-June came from the wind and solar segments, which brought USD 194 million after benefitting from organic growth and acquisitions bringing 7.2 GW of net operating capacity in North America, Europe and India.

Second-quarter FFO from Brookfield’s hydroelectric segment amounted to USD 136 million, falling from USD 171 million but benefiting from strong pricing, mostly in North America, and solid generation in Brazil. Meanwhile, the distributed energy and sustainable solutions segments collectively accounted for USD 86 million, up from USD 55 million a year back.

“We had another strong quarter, building on our momentum to start to the year with operating results and growth initiatives that position us to deliver our target 10%+ FFO per unit growth target for 2024,” said CEO Connor Teskey.

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Brookfield commissioned about 1.4 GW of new renewable energy capacity in the second quarter and expects to bring online a total of 7 GW this year. At the end of June, the company had over 230 GW of projects in its development pipeline, of which 65 GW in core renewable markets.

(USD 1.0 = EUR 0.917)

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