February 11 (Renewables Now) - Brookfield Renewable Partners LP (NYSE:BEP), which has over 17 GW of renewable energy assets, on Friday reported funds from operations (FFO) of USD 676 million (EUR 597m) for 2018, up from USD 581 million a year before.
The improvement is due to contributions from acquisitions and recently commissioned capacity, as well as progress with organic growth initiatives, the Canadian renewable power assets operator explained. On a per unit basis, FFO increased by 14%, with all business segments performing in line with expectations. The company's wind assets alone brought FFO of USD 160 million, whereas the solar, storage and other operations delivered USD 104 million.
“We continued to execute on our strategic priorities, strengthening our investment grade balance sheet and enhancing our global investment capabilities during the year,” said Sachin Shah, CEO of Brookfield Renewable.
More details on the company’s performance are available in the table below:
|Amounts||Q4 2018||Q4 2017||2018||2017|
|Total actual power generation (GWh)||14,445||11,913||52,056||43,385|
|--of which company's share (GWh)||7,052||5,890||25,753||23,968|
|FFO per unit (USD)||0.66||0.46||2.16||1.90|
Brookfield Renewable has decided to lift the quarterly distribution by 5% to USD 0.515, which sets the annual allocation per unit at USD 2.06.
During the past year, the Ontario-based group switched on 60 MW of fresh wind and hydropower capacity and advanced over 350 MW of projects in its development pipeline. Some USD 550 million were spent on growth initiatives such as acquisitions.
The company, the majority owner of US renewables yieldco TerraForm Power Inc (NASDAQ:TERP), presently has almost 1,800 MW of photovoltaic (PV), concentrated solar power (CSP) and distributed generation solar capacity, some 2,700 MW of pumped and battery storage. According to its website, its wind assets exceed 4,400 MW.
(USD 1.0 = EUR 0.883)