Brookfield Renewable Reports $278M Q3 FFO with Strategic Asset Sales and New Contracts, Bolstering $4.6B Liquidity for Future Growth

Brookfield Renewable Partners L.P. reported robust financial results for the third quarter of 2024, marked by significant asset monetizations and favorable contract developments across North America. CEO Connor Teskey highlighted successful agreements to sell multiple assets, generating funds to fuel future growth and allowing Brookfield to secure additional financing in a favorable market climate. The company’s portfolio continues to benefit from strong demand for renewable energy, particularly driven by tech sector growth and data center expansion needs.

For the quarter ending September 30, 2024, Brookfield reported funds from operations (FFO) of $278 million, translating to $0.42 per unit—an 11% increase year-over-year. This performance was driven by new acquisitions and favorable pricing, though a net loss of $181 million was posted after accounting for depreciation and hedging expenses.

Key highlights include the deployment or commitment of $2.3 billion in capital, with $500 million net to Brookfield Renewable, and the commissioning of approximately 1,200 megawatts of new renewable capacity. The company advanced asset sales for over $2.3 billion year-to-date, yielding a strong return on invested capital of about 2.5 times.

Among notable transactions, Brookfield finalized the sale of Saeta, a Spanish renewable energy firm, generating three times its invested capital. Additionally, the company divested its 25% interest in the U.K.’s First Hydro, earning over 3.5 times its original investment. Brookfield also agreed to sell a 50% stake in its Shepherds Flat wind portfolio, retaining partial ownership while increasing energy generation by 25%.

Brookfield’s extensive development pipeline now stands at 200,000 megawatts, with an expected record of 7,000 megawatts commissioned in 2024 alone. The company’s financial stability remains strong, with $4.6 billion in liquidity and projected financing of $30 billion for the year.

The board also declared a quarterly distribution of $0.355 per LP unit, payable on December 31, 2024. Brookfield Renewable’s sustainable growth strategy aligns with its mission to meet global renewable energy needs, underpinned by long-term contracts and a resilient balance sheet.

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