Brookfield Renewable Announces Strong Second Quarter Results

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Brookfield Renewable Partners L.P. reported financial results for the three and six months ended June 30, 2021.

“We had a strong quarter, as we delivered solid financial results and executed on a number of key strategic initiatives including securing a 25-year contract-for-difference to support almost 1.5 gigawatts of offshore wind, initiated one of the largest onshore wind repowerings in the world, and entered a strategic collaboration with the world’s largest corporate buyer of renewable power,” said Connor Teskey, CEO of Brookfield Renewable. “This broad range of transactions and agreements highlight the unique strengths of our business. We continue to see attractive large-scale opportunities leveraging our strengths to participate in the accelerating build out of renewables and the transition of existing generation to cleaner forms of electricity production.”

(1) For the three and six months ended June 30, 2021 , average LP units totaled 274.9 million and 274.9 million, respectively (2020: 268.5 million and 268.5 million, respectively).
(2) Non-IFRS measures. Refer to “Cautionary Statement Regarding Use of Non-IFRS Measures”.
(3) Average Units outstanding for the three and six months ended June 30, 2021 were 645.6 million and 645.5 million, respectively (2020: 583.8 million and 583.7 million, respectively), being inclusive of our LP units, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and general partner interest. The actual Units outstanding at June 30, 2021 were 645.6 million (2020: 467.0 million).
(4) Normalized FFO assumes long-term average generation in all segments except the Brazil and Colombia hydroelectric segments and uses 2020 foreign currency rates. For the three and six months ended June 30, 2021 , the change related to long-term average generation totaled $85 million and $97 million , respectively (2020: $19 million and $(6) million , respectively) and the change related to foreign currency totaled $(13) million and $(10) million , respectively.

Highlights

  • Generated FFO of $268 million , or $0.42 per unit, a 23% increase on a normalized per unit basis over the same period in the prior year as our assets continue to perform well with high levels of asset availability, and we benefit from growth from new acquisitions and development assets coming online;
  • Signed 28 agreements for approximately 800 GWh of renewable generation with corporate off-takers across all major industries. Momentum with corporate contracting continues to grow and demonstrates our leadership in a rapidly growing industry trend;
  • Progressed approximately 7,500 megawatts of development projects through construction and advanced stage permitting. Also added approximately 4,000 megawatts to our global development pipeline, which is now approximately 31,000 megawatts;
  • Invested or agreed to invest approximately $1.9 billion (approximately $500 million net to Brookfield Renewable) of equity across a range of transactions year-to-date;
  • Balance sheet remains robust with almost $3.3 billion of available liquidity and no meaningful near-term maturities; and
  • Raised approximately $1.3 billion (over $650 million net to Brookfield Renewable) from asset recycling and strategic upfinancing activities this year.

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