Brookfield Renewable Partners LP disclosed on Friday that its funds from operations (FFO) for the second quarter amounted to USD 339 million (EUR 310.8 million), marking a 9% increase compared to the previous year. This growth was primarily driven by recent acquisitions and ongoing asset development projects.
The company highlighted that robust all-in pricing played a significant role in enhancing its performance. Wind and solar sectors contributed over half of the FFO, generating USD 194 million. This segment's performance benefited from both organic growth and recent acquisitions, which added 7.2 GW of net operating capacity across North America, Europe, and India.
The hydroelectric segment reported FFO of USD 136 million, down from USD 171 million in the same quarter last year. Despite this decrease, the segment experienced strong pricing, particularly in North America, and solid generation in Brazil.
Additionally, the distributed energy and sustainable solutions segments collectively contributed USD 86 million, an increase from USD 55 million a year earlier.
CEO Connor Teskey noted, “We had another strong quarter, building on our momentum to start to the year with operating results and growth initiatives that position us to deliver our target 10%+ FFO per unit growth target for 2024.”
During the quarter, Brookfield commissioned approximately 1.4 GW of new renewable energy capacity and anticipates bringing a total of 7 GW online by year-end. As of June, the company's development pipeline encompassed over 230 GW of projects, including 65 GW in core renewable markets.
