Brookfield Renewable Partners LP reported a rise in third-quarter funds from operations (FFO) to USD 278 million, driven primarily by strong pricing and recent acquisitions.
The company attributes its solid year-to-date performance to asset development and expects its 2024 FFO per unit to exceed a 10% increase over the previous year, aligning with its full-year guidance.
Brookfield, the renewable arm of Brookfield Asset Management, will distribute USD 0.355 per limited partnership unit on December 31, 2024, to unitholders as of November 29, 2024. During the third quarter, Brookfield's wind and solar assets contributed USD 207 million in FFO, outperforming the previous year's results, largely due to acquisitions. Meanwhile, the distributed energy, storage, and sustainable solutions segments generated USD 115 million in FFO.
The hydroelectric segment, with USD 96 million in FFO, saw a year-on-year decline from USD 129 million but benefited from strong generation outputs, particularly in the US and Colombia.
The company added 1.2 GW of new renewable capacity in Q3, contributing to its goal of achieving 7 GW for the year and adding USD 90 million in annual FFO. Brookfield currently has a pipeline of 200 GW in projects, with 65 GW at advanced stages.
Looking ahead, Brookfield Renewable plans to commission 8.4 GW of capacity in 2025 and an additional 9.1 GW in 2026 as it expands its renewable portfolio.
