Brookfield Renewable reports higher generation, FFO in Q1
Author: U.S. Army Corps of Engine. License: Creative Commons, Attribution 2.0 Generic.
Brookfield Renewable Partners LP (NYSE:BEP) on Wednesday reported funds from operations (FFO) of USD 187 million (EUR 163.4m) for the first quarter of 2016, up from USD 153 million a year ago.
FFO per unit were USD 0.68, compared to USD 0.56 in the same period of 2015.
"We have started 2016 on very solid footing with strong operating results and the recent acquisition of 3,000 MW of high-quality hydroelectric assets," said Sachin Shah, chief executive of the Canada-based firm.
Generation jumped to 7,659 GWh from 5,823 GWh, with the contribution from the growth in the portfolio being 589 GWh. Output was above the long-term average of 7,145 GWh. The firm's hydroelectric plants provided 6,533 GWh and its wind facilities produced 1,105 GWh. Brookfield Renewable's portfolio includes hydro and wind power plants in North America, Latin America and Europe with a combined capacity of over 10 GW.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased to USD 455 million from USD 338 million, while revenues were up to USD 674 million from USD 441 million.