Brookfield Renewable had a strong second quarter, with increased FFO and new investments

From GlobeNewswire: 2024-08-02 06:55:00

Brookfield Renewable reported FFO of $339 million in the quarter, with a 9% increase compared to the prior year, or $0.51 per unit. They successfully deployed $8.6 billion of capital across multiple investments, including acquiring a majority stake in Neoen and Leap Green, expanding into new high-value renewables markets such as India and South Korea.

Their growth activities enabled the commission of 1,400 megawatts of new renewable energy capacity in the quarter, with plans to bring on approximately 7,000 megawatts this year. Brookfield Renewable also initiated construction on 220 megawatts of battery storage capacity in Texas, targeting commissioning by the second half of 2025 for strong returns.

With solar and wind contributing over thirteen percent of total energy supply and becoming the most competitive sources globally, Brookfield Renewable is investing in battery energy storage solutions. They were awarded 20-year capacity contracts for 400 megawatts of battery storage in Ontario and began construction on 220 megawatts of battery storage in Texas, targeting commissioning by the second half of 2025 for strong returns.



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