{"id":755501,"date":"2023-05-05T06:58:53","date_gmt":"2023-05-05T10:58:53","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/brookfield-renewable-announces-strong-first-quarter-results-3\/"},"modified":"2023-05-05T06:58:53","modified_gmt":"2023-05-05T10:58:53","slug":"brookfield-renewable-announces-strong-first-quarter-results-3","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/brookfield-renewable-announces-strong-first-quarter-results-3\/","title":{"rendered":"Brookfield Renewable Announces Strong First Quarter Results"},"content":{"rendered":"
\n

\n All amounts in U.S. dollars unless otherwise indicated<\/em>
\n \n <\/p>\n

BROOKFIELD, News, May 05, 2023 (GLOBE NEWSWIRE) — Brookfield Renewable Partners L.P. (TSX: BEP.UN<\/strong>; NYSE: BEP<\/strong>) (\u201cBrookfield Renewable Partners<\/strong>\u201d, “BEP<\/strong>“) today reported financial results for the three months ended March\u00a031, 2023.<\/p>\n

\u201cWe had an excellent start to the year delivering solid double digit FFO growth year-over-year. We also continued our elevated level of growth activity, as we commissioned approximately 700 megawatts of capacity, maintained our path to deliver approximately 5,000 megawatts this year, and signed transactions for over $8 billion of equity investment alongside our institutional partners,\u201d said Connor Teskey, CEO of Brookfield Renewable. \u201cOur landmark transaction to acquire and decarbonize Australia\u2019s largest integrated power generator and energy retailer is an example of the type of investment that is necessary to meet global net zero targets. We continue to believe we are uniquely capable of executing large scale power transformations, leveraging our operating expertise and access to capital to generate attractive risk-adjusted returns for our investors.\u201d<\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n For the\u00a0<\/strong>
\n three\u00a0<\/strong>
\n months ended<\/strong>
\n
\n March 31<\/strong>\n <\/td>\n<\/tr>\n
\n US$ millions (except per unit amounts), unaudited<\/em>\n <\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss attributable to Unitholders<\/td>\n\n $<\/strong>\n <\/td>\n\n (32<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n$<\/td>\n(78<\/td>\n)<\/td>\n<\/tr>\n
–\u00a0 \u00a0per LP unit(<\/sup>1<\/sup>)<\/sup><\/td>\n\u00a0<\/td>\n\n (0.09<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(0.16<\/td>\n)<\/td>\n<\/tr>\n
Funds From Operations (FFO)(<\/sup>2<\/sup>)<\/sup><\/td>\n\u00a0<\/td>\n\n 275<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n243<\/td>\n\u00a0<\/td>\n<\/tr>\n
–\u00a0 \u00a0per Unit(<\/sup>2<\/sup>)(<\/sup>3<\/sup>)<\/sup><\/td>\n\u00a0<\/td>\n\n 0.43<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.38<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Brookfield Renewable reported FFO of $275 million or $0.43 per Unit for the three months ended March\u00a031, 2023, a 13% increase on a per Unit basis over the same period in the prior year. The results reflect robust hydro generation across our portfolio, strong realized power pricing and asset availability, and contributions from growth. After deducting non-cash depreciation and other expenses, our Net loss attributable to Unitholders for the three months ended March\u00a031, 2023 was\u00a0$32\u00a0million.<\/p>\n

\n Overview<\/strong>\n <\/p>\n

We had an excellent start to the year with strong financial performance, representing the progression to higher run-rate earnings as our investments in new generation and commercial initiatives come online. We were also successful in our growth activities, signing transactions for almost $8 billion of equity investment alongside our institutional partners.<\/p>\n

Additional highlights:<\/p>\n