Brookfield Renewable Partners LP (NYSE:BEP) has announced an 8% year-on-year rise in its first-quarter funds from operations (FFO), propelled by robust performance in its hydroelectric segment and strategic growth initiatives.
According to the company, the FFO for the first quarter surged to USD 296 million (EUR 274.9m), marking a notable increase from the previous year. The hydroelectric segment notably contributed to this growth, with the company securing approximately 65% of its first-quarter FFO from this sector, amounting to USD 193 million. Favorable pricing and generation levels at 105% of the long-term average were cited as key factors driving this performance.
Brookfield Renewable also highlighted contributions from its wind and solar segments, which collectively added USD 148 million to the total FFO. These gains were attributed to both acquisitions and the commissioning of new projects. Additionally, the distributed energy and sustainable solutions segments contributed a combined USD 67 million.
Despite the positive FFO results, the company reported a first-quarter net attributable loss of USD 120 million. CEO Connor Teskey commented on the performance, stating, “We had a strong start to the year delivering record results and executing on our business plans.”
Teskey further emphasized the company's strategic positioning, stating, “Brookfield Renewable successfully advanced its development and growth activities and is well positioned to deploy significant capital into a robust pipeline of attractive opportunities.”
As of the end of March, Brookfield Renewable boasted a development pipeline of 157 GW, with approximately 7 GW slated to come online within the year. The company remains focused on achieving its goal of 10% annual growth in FFO per unit for the current year.
