Brookfield Renewable returns to profit in Q2, FFO grow

Ken Teegardin/CC BY-SA 2.0

August 10 (Renewables Now) - Brookfield Renewable Partners LP (NYSE:BEP), a renewable power platform with over 23 GW of assets, lifted its second-quarter funds from operations (FFO) by 10% on the year, boosted by strong asset availability, higher power prices and organic growth.

The listed renewable power company of Brookfield Asset Management closed the April-June quarter with FFO of USD 294 million (EUR 288m), which on a normalised basis rose to USD 307 million.

The hydroelectric segment was responsible for more than two-thirds of Brookfield Renewable’s FFO, bringing USD 205 million, as the business was exhibited to strong cash flow resiliency and improved price environment. The wind and solar segments collectively accounted for USD 150 million of the total FFO, with revenues being brought from newly acquired capacity and long-term power purchase agreements.

The energy transition segment, meanwhile, which includes pumped storage and distributed generation assets, generated USD 38 million in FFO.

During the reporting period, Brookfield returned to a net attributable profit after losing USD 63 million a year before. More details are available in the table.

Amounts in USD Q2 2022 Q2 2021 H1 2022 H1 2021
Long-term average generation in GWh 8,152 8,356

15,566

15,958
Actual generation in GWh 7,978

7,013

15,403

14,388
FFO 294m 268m 537m 510m
Normalised FFO 307m 341m 599m 586m
Net income (loss) attributable to unitholders 1m (63m) (77m) (196m)

15,566

7,013

15,403

"The business performed well this quarter, as we delivered strong financial results, commissioned 1,000 megawatts of development, and deployed and committed USD 3 billion into growth initiatives," said CEO Connor Teskey.

Since the start of 2022, Brookfield has brought live 1.5 GW of fresh capacity and is now working on the construction of a 17-GW construction pipeline.

(USD 1.0 = EUR 0.979)

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