Brookfield Renewable Partners LP (NYSE:BEP) on Thursday said its funds from operations (FFO) declined to USD 73 million (EUR 65.8m) in the third quarter of 2016 from USD 80 million a year ago, while revenues rose by USD 243 million, reaching USD 580 million.
The growth in the firm's portfolio contributed USD 220 million to revenues and relatively stronger generation added USD 5 million.
Brookfield Renewable operates a portfolio of over 10 GW, consisting of hydroelectric and wind power plants in North America, Latin America and Europe.
Total generation in the quarter was 7,522 GWh, below the long-term average, with the hydro facilities delivering 6,418 GWh and the wind portfolio providing 889 GWh.
In 2016, along with its institutional partners the firm acquired more than 3 GW of hydroelectric assets, chief executive Sachin Shah noted and added: "We continue to identify significant long-term growth opportunities in new markets and technologies complementing our existing assets and operating expertise. All of this bodes well for the prospects of the business and our ability to increase our cash flows and distributions, and deliver 12-15% annualized total returns to shareholders over time."
More details of the firm's performance:
Figures in USD |
Q3 2016 |
Q3 2015 |
9-mo 2016 |
9-mo 2015 |
Generation (GWh) |
7,522 |
4,992 |
25,343 |
17,215 |
Brookfield Renewable's share of generation |
4,418 |
3,715 |
15,537 |
13,108 |
Net (loss) income |
(19m ) |
27m |
41m |
113m |
FFO |
73m |
80m |
365m |
379m |
FFO per unit |
0.24 |
0.29 |
1.28 |
1.37 |
Adjusted EBITDA |
332m |
242m |
1.16bn |
919m |
(USD 1.0 = EUR 0.902)
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