Brookfield Renewable raises Q3 FFO, sticks to 2024 forecast

Brookfield Renewable Partners LP (NYSE:BEP), a renewable power platform with over 34 GW of assets, increased its third-quarter funds from operations (FFO) to USD 278 million (EUR 261m), mostly helped by strong all-in pricing and new acquisitions.

Asset development initiatives were also among the growth factors, the company said on Friday and explained that the strong results achieved year-to-date will allow it to confirm its guidance for 2024. For the full year, the company still expects an over 10% rise in FFO per unit.

Brookfield Renewable, which is the listed renewable power company of Brookfield Asset Management, will make a quarterly distribution of USD 0.355 per limited partnership unit on December 31, 2024, to unitholders of record as of November 29, 2024.

In the third quarter, more than half of the FFO was delivered by the wind and solar segments, which collectively brought USD 207 million and boosted its year-ago result on the back of recent acquisitions. The distributed energy, storage, and sustainable solutions segments generated a total of USD 115 million in FFO.

The hydroelectric segment had the smallest contribution, accounting for USD 96 million of the overall result and registering a decline from USD 129 million a year back. Still, this business benefitted from solid generation, particularly in the US and Colombia.

Brookfield Renewable brought online roughly 1.2 GW of new renewable energy capacity in the third quarter and is working to achieve 7 GW for the current year and add roughly USD 90 million of annual incremental FFO. The company currently has 200 GW of projects in its pipeline, of which 65 GW at the advanced stage.

In 2025, Brookfield Renewable expects to commission 8.4 GW of capacity, while an additional 9.1 GW are planned to go online in 2026.

(USD 1.0 = EUR 0.939)

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