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Brookfield Renewable Partners turns to 2019 loss but FFO grows

Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

February 7 (Renewables Now) - Brookfield Renewable Partners LP (NYSE:BEP), a renewable power platform with over 19 GW of assets, saw its funds from operations (FFO) drop to USD 171 million (EUR 155.9m) in the last quarter of 2019 from USD 206 million a year back but registered an increase in the full-year figure.

The company, which is the renewables subsidiary of Canada’s Brookfield Asset Management, closed 2019 with FFO of USD 761 million, up 13% in annual terms, which translated into USD 2.45 on a per-unit-basis. The improvement was a result of the company’s new acquisitions, its strong operational performance and the execution on margin enhancement initiatives, Brookfield Renewable said on Thursday. The most significant contributor was the hydropower segment, which brought USD 720 million of FFO, up 7% on the year, while the wind and solar segments together generated USD 274 million. The storage segment’s FFO stood at USD 27 million.

In spite of the increased FFO, the company turned to an attributable net loss of USD 59 million, against a profit of USD 42 million a year before.

More details on Brookfield Renewable’s performance in the fourth quarter and full 2019 are available in the table below.

Amounts in USD million, unless otherwise noted Q4 2019 Q4 2018 2019 2018
Total actual power generation (GWh) 12,465 14,445 52,560 52,056
--of which company's share (GWh) 5,977 7,052 26,038 25,753
FFO 171 206 761 676
FFO per unit 0.55 0.66 2.45 2.16
Net income attributable to unitholders (loss) (66) 91 (59) 42

“Looking forward, we believe our global scale, operational depth and financial strength position us well to participate in the global trend towards decarbonisation while continuing to deliver 12-15% long-term returns on a per unit basis,” said CEO Sachin Shan.

At the end of 2019, Brookfield Renewables had over 19,000 MW of installed hydropower, wind, solar and storage capacity in North America, South America, Europe and Asia. Additionally, it had a development pipeline totalling 13,000 MW. During the past year, the company bought a combined 50% stake in X-Elio -- a Spanish solar developer and operator with 275 MW of operating solar power plants, 1,410 MW under construction and a global development pipeline of 4,800 MW. It also signed deals to buy a 428-MW solar pipeline in Brazil and agreed to acquire a 144 MW of solar assets in Spain, through renewables yieldco TerraForm Power Inc (NASDAQ:TERP).

(USD 1.0 = EUR 0.912)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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