Brookfield Renewable Reports a Strong Third Quarter and Declares Quarterly Dividend
Brookfield Renewable Reports a Strong Third Quarter 2023
Brookfield Renewable Partners L.P. (NYSE: BEP) (TSX: BEP.UN) (“Brookfield Renewable” or the “Company”) today reported financial results for the third quarter ended September 30, 2023.
Key Highlights:
- Funds from operations (“FFO”) per share increased 14% to $0.64, driven by the contributions from the company’s recently completed acquisitions;
- Adjusted Funds from Operations (“AFFO”) per share increased 16% to $0.58, reflecting increased contributions from the company’s contracted renewable power generation portfolio and the absence of any material impacts from foreign exchange rate fluctuations quarter over quarter;
- Net income was $184 million, compared to a net loss of $92 million in the prior year quarter, primarily due to higher revenues, lower interest expense, and the absence of significant non-recurring items.
Brookfield Renewable’s strong performance in the third quarter was driven by a number of factors, including:
- Strong operational performance across the company’s portfolio of renewable power generation assets, with increased generation from wind, hydro, and solar facilities;
- The contributions of recently completed acquisitions, including the acquisition of TerraForm Power and the remaining interest in BEP Australia; and
- The absence of any material impacts from foreign exchange rate fluctuations quarter over quarter.
Brookfield Renewable also declared a quarterly dividend of $0.305 per share. The dividend will be paid on December 15, 2023, to shareholders of record at the close of business on November 30, 2023.
Outlook
Brookfield Renewable’s outlook for the remainder of 2023 and beyond is positive. The company expects to continue to benefit from the growing demand for renewable energy, the completion of additional acquisitions, and the continued strong performance of its existing portfolio of renewable power generation assets.
Brookfield Renewable is a leading global provider of renewable energy. The company has a portfolio of over 21 gigawatts of installed capacity and a pipeline of over 100 gigawatts of development projects. Brookfield Renewable is committed to providing its customers with clean, reliable, and affordable renewable energy.
