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 || |
|Actual generation in GWh ||7,978 || |
|FFO ||294m ||268m ||537m ||510m |
|Normalised FFO ||307m ||341m ||599m ||586m |
|Net income (loss) attributable to unitholders ||1m ||(63m) ||(77m) ||(196m) |
"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)