From GlobeNewswire: 2024-05-03 06:58:00

Brookfield Renewable Partners reported a strong start to the year with record results for the first quarter of 2024. The company announced a landmark agreement with Microsoft to deliver over 10.5 gigawatts of renewable energy capacity to support AI powered cloud services. FFO for the quarter was $296 million, an 8% increase year-over-year. Net loss attributable to Unitholders was $120 million.

The agreement with Microsoft solidifies Brookfield Renewable’s position as a leading clean power provider to the digitalizing global economy. The partnership will deliver over 10,500 megawatts of new capacity between 2026 and 2030. This agreement is almost eight times larger than the largest single corporate PPA ever signed and positions Brookfield Renewable to deliver over 7,000 megawatts of new capacity annually through the end of the decade.

Operating results for Brookfield Renewable were strong, with FFO at $296 million, an 8% increase from the prior year. The hydro segment delivered FFO of $193 million, driven by solid resource across the fleet. Wind and solar segments generated $148 million of FFO, benefiting from recently closed acquisitions and new projects. Distributed energy and storage, and sustainable solutions segments also showed growth.

The financial position of Brookfield Renewable remains robust with $4.4 billion of available liquidity. The company executed almost $6 billion in financings during the quarter and issued notes at attractive pricing. Global financing markets remain solid, and the company is targeting $3 billion of proceeds from asset sales this year. The company plans to continue allocating capital to repurchase units under its normal course issuer bid.

The next quarterly distribution for Brookfield Renewable Partners is $0.355 per LP unit, payable on June 28, 2024 to unitholders of record as of May 31, 2024. The company continues to execute on its growth plans and remains confident in delivering long-term value to its investors.



Read more at GlobeNewswire:: Brookfield Renewable Reports Record First Quarter Results