Brookfield Renewable Achieves Record Performance and Announces 5% Distribution Boost

Brookfield Renewable Partners L.P. has announced financial results for the fourth quarter and full year of 2023, ending on December 31st.

Brookfield Renewable achieved a record FFO of $1,095 million or $1.67 per Unit for the twelve months ending December 31, 2023, marking a 7% increase per Unit compared to the previous year. This includes robust fourth quarter results, showing a 9% increase per Unit year-on-year. These results showcase the strength of our diverse asset portfolio, high-quality inflation-linked and contracted cash flows, organic growth, and contributions from acquisitions. Despite this, our Net loss attributable to Unitholders for the twelve months ended December 31, 2023, amounted to $100 million or $0.32 per unit after deducting non-cash depreciation and other expenses.

The wind and solar segments collectively generated $643 million in FFO, driven by new project commissions, repowering efforts, and our inflation-linked contracted generation.

“2023 was a record year for our business on almost all metrics. We generated record FFO per unit, added almost 5,000 megawatts of capacity through development, and deployed or committed $9 billion into growth along with our partners. We delivered these results in a rising rate environment and one where supply chains were facing challenges, demonstrating how our access to scale capital and disciplined approach to development and underwriting differentiate our business and allows us to perform across market cycles,” said Connor Teskey, CEO of Brookfield Renewable.

“Going forward we are well positioned to continue benefiting from accelerating demand for clean power from corporate customers, and specifically the large global technology companies, whose increasing appetite for clean power is being driven by data center demand, with securing clean energy now squarely on their critical path to growth”, he further added.