Brookfield Renewable Announces Record Third Quarter Results
Brookfield Renewable Partners (BEP) reported Q3 2024 financial results with Funds From Operations (FFO) of $278 million ($0.42 per unit), representing an 11% increase year-over-year. The company deployed or committed $2.3 billion of capital and commissioned ~1,200 megawatts of new renewable energy capacity. Year-to-date asset sales generated over $2.3 billion in proceeds with a ~25% IRR. The company secured contracts for an additional 6,100-gigawatt hours per year of generation and maintains $4.6 billion in available liquidity. Despite these achievements, BEP reported a net loss of $181 million attributable to Unitholders for Q3 2024.
Brookfield Renewable Partners (BEP) ha riportato i risultati finanziari del terzo trimestre del 2024 con Fondi da Operazioni (FFO) pari a 278 milioni di dollari (0,42 dollari per unità), rappresentando un aumento dell'11% rispetto all'anno precedente. L'azienda ha impiegato o impegnato 2,3 miliardi di dollari di capitale e ha commissionato circa 1.200 megawatt di nuova capacità energetica rinnovabile. Da inizio anno, le vendite di attivi hanno generato oltre 2,3 miliardi di dollari di proventi con un IRR di circa il 25%. L'azienda ha assicurato contratti per ulteriori 6.100 gigawattora all'anno di generazione e mantiene 4,6 miliardi di dollari di liquidità disponibile. Nonostante questi risultati, BEP ha riportato una perdita netta di 181 milioni di dollari attribuibile agli Unitholders per il terzo trimestre del 2024.
Brookfield Renewable Partners (BEP) reportó los resultados financieros del tercer trimestre de 2024 con Fondos de Operaciones (FFO) de 278 millones de dólares (0,42 dólares por unidad), lo que representa un aumento del 11% interanual. La empresa utilizó o comprometió 2,3 mil millones de dólares en capital y comisionó aproximadamente 1.200 megavatios de nueva capacidad de energía renovable. Hasta la fecha, las ventas de activos generaron más de 2,3 mil millones de dólares en ingresos con una TIR de aproximadamente el 25%. La compañía aseguró contratos para 6.100 gigavatios hora al año adicionales de generación y mantiene 4,6 mil millones de dólares en liquidez disponible. A pesar de estos logros, BEP reportó una pérdida neta de 181 millones de dólares atribuible a los Unitholders para el tercer trimestre de 2024.
브룩필드 재생 가능 파트너 (BEP)는 2024년 3분기 재무 결과를 발표하며 운영에서 발생한 자금 (FFO)이 2억 7800만 달러 (단위당 0.42달러)로, 전년 대비 11% 증가했다고 밝혔습니다. 회사는 23억 달러의 자본을 배치하거나 약속하고 약 1,200 메가와트의 새로운 재생 에너지 용량을 커미셔닝했습니다. 올해부터 자산 판매는 23억 달러 이상의 수익을 창출했으며 약 25%의 내부 수익률을 기록했습니다. 회사는 추가로 연간 6,100 기가와트시의 발전 계약을 확보했으며 46억 달러의 유동성을 유지하고 있습니다. 이러한 성과에도 불구하고 BEP는 2024년 3분기 주주들에게 귀속되는 1억 8100만 달러의 순손실을 보고했습니다.
Brookfield Renewable Partners (BEP) a rapporté les résultats financiers du troisième trimestre 2024 avec des Fonds d'Opérations (FFO) de 278 millions de dollars (0,42 dollar par unité), représentant une augmentation de 11 % par rapport à l'année précédente. L'entreprise a déployé ou engagé 2,3 milliards de dollars de capital et a commissioning environ 1.200 mégawatts de nouvelle capacité d'énergie renouvelable. À ce jour, les ventes d'actifs ont généré plus de 2,3 milliards de dollars de produits avec un taux de rendement interne d'environ 25%. L'entreprise a sécurisé des contrats pour 6.100 gigawattheures supplémentaires par an de génération et maintient 4,6 milliards de dollars de liquidités disponibles. Malgré ces réalisations, BEP a rapporté une perte nette de 181 millions de dollars attribuable aux Unitholders pour le troisième trimestre 2024.
Brookfield Renewable Partners (BEP) hat die Finanzergebnisse für das dritte Quartal 2024 veröffentlicht, mit Mitteln aus Betrieben (FFO) in Höhe von 278 Millionen Dollar (0,42 Dollar pro Einheit), was einem Anstieg von 11 % im Vergleich zum Vorjahr entspricht. Das Unternehmen hat 2,3 Milliarden Dollar an Kapital eingesetzt oder zugesagt und rund 1.200 Megawatt neuer erneuerbarer Energiekapazität in Betrieb genommen. Bis heute haben Asset-Verkäufe über 2,3 Milliarden Dollar an Erlösen generiert, mit einer internen Rendite von etwa 25 %. Das Unternehmen sicherte Verträge für zusätzlich 6.100 Gigawattstunden pro Jahr an Erzeugung und verfügt über 4,6 Milliarden Dollar an verfügbarer Liquidität. Trotz dieser Erfolge meldete BEP einen Nettoverlust von 181 Millionen Dollar, der den Unitholders für das dritte Quartal 2024 zuzurechnen ist.
- FFO increased 11% year-over-year to $278 million ($0.42 per unit)
- Asset sales generated $2.3 billion in proceeds with ~25% IRR
- Commissioned 1,200 megawatts of new renewable capacity
- Secured contracts for additional 6,100-gigawatt hours per year
- Strong liquidity position with $4.6 billion available
- Net loss of $181 million in Q3 2024, increased from $64 million loss in Q3 2023
- Nine-month net loss widened to $455 million from $135 million in prior year
Insights
Strong quarterly results with FFO of
Notable achievements include commissioning 1,200 MW of new renewable capacity and securing contracts for 6,100 GWh of additional generation. The robust
However, net loss of
The strategic asset recycling program is particularly impressive, with the Saeta sale achieving 3.0x invested capital and First Hydro delivering 3.5x returns. These transactions demonstrate BEP's ability to acquire assets at attractive valuations, enhance operations and exit at premium valuations.
The partnership with Ørsted for UK offshore wind assets and investment in Infinium's eFuels shows diversification into emerging clean energy sectors. The hydroelectric portfolio's strong performance and new contracts position it well for upfinancing opportunities worth up to
The expected commissioning of 7,000 MW in 2024, followed by 8,400 MW in 2025 and 9,100 MW in 2026, indicates strong execution capabilities and growth trajectory.
All amounts in U.S. dollars unless otherwise indicated
BROOKFIELD, News, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) (“Brookfield Renewable Partners”, "BEP") today reported financial results for the three and nine months ended September 30, 2024.
"We had another successful quarter highlighted by agreements to monetize several assets, crystallizing strong returns and generating significant funds to deploy into future growth. We also signed numerous favorable large-scale contracts within our North American hydro portfolio during the quarter that will enable us to execute upfinancings providing additional capital to invest in the current attractive environment,” said Connor Teskey, CEO of Brookfield Renewable. “These initiatives continue to demonstrate our sustainable funding model and are enabling us to take advantage of an increasingly strong back-drop for clean power. The tailwinds for renewables continue to be driven by accelerating corporate demand, primarily from the global technology players to enable their data center and AI development. Our scale and geographically and technologically diversified business is uniquely positioned to meet this growing need in all political environments."
For the three months ended September 30 | For the nine months ended September 30 | |||||||||||
US$ millions (except per unit amounts), unaudited | 2024 | 2023 | 2024 | 2023 | ||||||||
Net income (loss) attributable to Unitholders | $ | (181 | ) | $ | (64 | ) | $ | (455 | ) | $ | (135 | ) |
– per LP unit(1) | (0.32 | ) | (0.14 | ) | (0.83 | ) | (0.34 | ) | ||||
Funds From Operations (FFO)(2) | 278 | 253 | 913 | 840 | ||||||||
– per Unit(2)(3) | 0.42 | 0.38 | 1.38 | 1.29 |
Brookfield Renewable reported FFO of
Key highlights:
- Deployed, or committed to deploy
$2.3 billion of capital ($500 million net to Brookfield Renewable). - Commissioned ~1,200 megawatts of new renewable energy capacity in the quarter and continue to advance a record ~7,000 megawatts for the year in total.
- Reached new agreements to sell assets this quarter, bringing our year-to-date proceeds from asset sales to over
$2.3 billion ($1 billion net to Brookfield Renewable) and generating a ~25% IRR and a 2.5 times multiple on invested capital. - Advanced commercial initiatives securing contracts to deliver an incremental 6,100-gigawatt hours per year of generation, including favorable contracts at our hydro facilities which are expected to result in up to
$500 million of upfinancing proceeds. - Our best-in-class balance sheet continues to get stronger with
$4.6 billion of available liquidity.
Proven full-cycle value generation
We underwrite our investments on a hold to maturity basis to deliver our target 12
Important to successful asset monetizations is the strength of our balance sheet, which enables us to be patient and sell assets when markets are constructive. Throughout 2024, we have seen a very robust bid for high-quality, cash-generative operating platforms, particularly those that have a growth angle. Against this market demand, we have been successful recycling capital from our existing asset base at returns significantly above our targets. While every investment is different, in each case, these results were driven by acquiring for value, improving the assets through the execution of our business plan, and monetizing opportunistically for fair value.
To date this year, we have executed transactions generating ~
In September, we reached an agreement to sell Saeta, which we acquired in 2018 during a period of market uncertainty that created an attractive value entry point. Following the acquisition, we executed our business plan divesting non-core assets, enhancing the operations, optimizing the capital structure, and establishing a corporate development function that was successful in creating organic growth in the business.
We agreed to sell the company, excluding the 350-megawatts of concentrated solar power assets, to a leading global renewable energy company as part of their strategic entry into the Iberian region for an equity value of
In 2017 we acquired a
During the quarter, we also agreed to sell a
We are now one of the leading renewable energy operators and developers in India, having prudently built our regional presence since entering the market in 2017, off the back of the broader Brookfield business in the country. In November, we signed an agreement to complete our first full cycle investment in the country by selling a ~1,600-megawatt portfolio of operating and under construction wind and solar assets to a large renewable player at our target returns. The closing of this transaction is expected to occur in parts in the first quarter of 2025 and 2026 and is subject to customary closing conditions.
It continues to be both a seller’s and a buyer’s market
2024 will be our largest year for investments into growth, with over
This creates a tremendous opportunity for those equipped to deploy capital at attractive value entry points to acquire growing businesses or fund existing operations. This constructive environment also allows us to monetize more mature assets and recycle the proceeds back into accretive new investments under an attractive and high-returning self-funding model.
Recently we agreed to partner with Ørsted, a global leader in offshore wind, to acquire a
The portfolio is secured with long-term, government backed, inflation-linked contracts for difference and approximately
We also announced a strategic partnership with a leading eFuels manufacturer, Infinium, to invest up to
Operating Results
We generated FFO of
Our hydroelectric segment delivered FFO of
With an additional 6,000 GWh of generation available for recontracting over the next five years, and an increasingly constructive pricing environment for our hydro portfolio, we have significant capacity across our fleet to execute on similar contracts that we expect to contribute additional FFO and generate a highly accretive funding source for our growth.
Our wind and solar segments generated a combined
We continued to grow and advance our development pipeline which now stands at 200,000 megawatts with 65,000 megawatts at the advanced stage. We expect to commission ~7,000 megawatts this year, a record for our business, adding approximately
Balance Sheet & Liquidity
We have
We expect to execute ~
Distribution Declaration
The next quarterly distribution in the amount of
The previously announced proposed reorganization of BEPC, which is expected to be completed in December 2024, will not impact the payment of this dividend on December 31, 2024 to BEPC shareholders of record as at the close of business on November 29, 2024. After completion of the reorganization, it is expected that quarterly dividends will be declared and paid on the new shares held by BEPC shareholders at the same time as quarterly distributions are declared and paid to unitholders.
The quarterly dividends on BEP's preferred shares and preferred LP units have also been declared.
Distribution Currency Option
The quarterly distributions payable on the BEP units and BEPC shares are declared in U.S. dollars. Unitholders who are residents in the United States will receive payment in U.S. dollars and unitholders who are residents in Canada will receive the Canadian dollar equivalent unless they request otherwise. The Canadian dollar equivalent of the quarterly distribution will be based on the Bank of Canada daily average exchange rate on the record date or, if the record date falls on a weekend or holiday, on the Bank of Canada daily average exchange rate of the preceding business day.
Registered unitholders who are residents in Canada who wish to receive a U.S. dollar distribution and registered unitholders who are residents in the United States wishing to receive the Canadian dollar distribution equivalent should contact Brookfield Renewable’s transfer agent, Computershare Trust Company of Canada, in writing at 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1 or by phone at 1-800-564-6253. Beneficial unitholders (i.e., those holding their units in street name with their brokerage) should contact the broker with whom their units are held.
Distribution Reinvestment Plan
Brookfield Renewable Partners maintains a Distribution Reinvestment Plan (“DRIP”) which allows holders of BEP units who are residents in Canada to acquire additional LP units by reinvesting all or a portion of their cash distributions without paying commissions. Information on the DRIP, including details on how to enroll, is available on our website at www.bep.brookfield.com/stock-and-distribution/distributions/drip.
Additional information on Brookfield Renewable’s distributions and preferred share dividends can be found on our website at www.bep.brookfield.com.
Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed generation and storage facilities in North America, South America, Europe and Asia. Our operating capacity totals over 35,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.
Investors can access the portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Further information is available at https://bep.brookfield.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.
Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, a leading global alternative asset manager with over
Please note that Brookfield Renewable’s previous audited annual and unaudited quarterly reports filed with the U.S. Securities and Exchange Commission (“SEC”) and securities regulators in Canada, are available on our website at https://bep.brookfield.com, on SEC’s website at www.sec.gov and on SEDAR+’s website at www.sedarplus.ca. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
Contact information: | |
Media: | Investors: |
Simon Maine | Alex Jackson |
Managing Director – Communications | Vice President – Investor Relations |
+44 (0)7398 909 278 | (416)-649-8196 |
simon.maine@brookfield.com | alexander.jackson@brookfield.com |
Quarterly Earnings Call Details
Investors, analysts and other interested parties can access Brookfield Renewable’s Third Quarter 2024 Results as well as the Letter to Unitholders and Supplemental Information on Brookfield Renewable’s website at https://bep.brookfield.com.
The conference call can be accessed via webcast on November 8, 2024 at 8:30 a.m. Eastern Time at https://edge.media-server.com/mmc/p/rj46tx5d/
Brookfield Renewable Partners L.P. | ||||||||
Consolidated Statements of Financial Position | ||||||||
As of | ||||||||
UNAUDITED (MILLIONS) | September 30 | December 31 | ||||||
2024 | 2023 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 1,266 | $ | 1,141 | ||||
Trade receivables and other financial assets(5) | 4,541 | 5,237 | ||||||
Equity-accounted investments | 2,178 | 2,546 | ||||||
Property, plant and equipment, at fair value and Goodwill | 63,371 | 65,949 | ||||||
Deferred income tax and other assets(6) | 3,817 | 1,255 | ||||||
Total Assets | $ | 75,173 | $ | 76,128 | ||||
Liabilities | ||||||||
Corporate borrowings(7) | $ | 4,160 | $ | 2,833 | ||||
Borrowings which have recourse only to assets they finance(8) | 25,307 | 26,869 | ||||||
Accounts payable and other liabilities(9) | 10,976 | 9,273 | ||||||
Deferred income tax liabilities | 6,777 | 7,174 | ||||||
Equity | ||||||||
Non-controlling interests | ||||||||
Participating non-controlling interests – in operating subsidiaries | $ | 18,471 | $ | 18,863 | ||||
General partnership interest in a holding subsidiary held by Brookfield | 45 | 55 | ||||||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | 2,211 | 2,684 | ||||||
BEPC exchangeable shares | 2,042 | 2,479 | ||||||
Preferred equity | 571 | 583 | ||||||
Perpetual subordinated notes | 738 | 592 | ||||||
Preferred limited partners' equity | 634 | 760 | ||||||
Limited partners' equity | 3,241 | 27,953 | 3,963 | 29,979 | ||||
Total Liabilities and Equity | $ | 75,173 | $ | 76,128 |
Brookfield Renewable Partners L.P. | |||||||||||||
Consolidated Statements of Operating Results | |||||||||||||
UNAUDITED | For the three months ended September 30 | For the nine months ended September 30 | |||||||||||
(MILLIONS, EXCEPT AS NOTED) | 2024 | 2023 | 2024 | 2023 | |||||||||
Revenues | $ | 1,470 | $ | 1,179 | $ | 4,444 | $ | 3,715 | |||||
Other income | 155 | 116 | 251 | 203 | |||||||||
Direct operating costs(10) | (623 | ) | (496 | ) | (1,875 | ) | (1,322 | ) | |||||
Management service costs | (59 | ) | (43 | ) | (157 | ) | (155 | ) | |||||
Interest expense | (514 | ) | (370 | ) | (1,479 | ) | (1,166 | ) | |||||
Share of earnings (loss) from equity-accounted investments | (12 | ) | — | (70 | ) | 46 | |||||||
Foreign exchange and financial instrument gain | 186 | 114 | 422 | 432 | |||||||||
Depreciation | (514 | ) | (448 | ) | (1,533 | ) | (1,335 | ) | |||||
Other | (137 | ) | (7 | ) | (176 | ) | (2 | ) | |||||
Income tax recovery (expense) | |||||||||||||
Current | 38 | (9 | ) | (6 | ) | (89 | ) | ||||||
Deferred | (29 | ) | (12 | ) | (18 | ) | 25 | ||||||
Net income (loss) | $ | (39 | ) | $ | 24 | $ | (197 | ) | $ | 352 | |||
Net income attributable to preferred equity, preferred limited partners' equity, perpetual subordinated notes and non-controlling interests in operating subsidiaries | $ | (142 | ) | $ | (88 | ) | $ | (258 | ) | $ | (487 | ) | |
Net loss attributable to Unitholders | (181 | ) | (64 | ) | (455 | ) | (135 | ) | |||||
Basic and diluted loss per LP unit | $ | (0.32 | ) | $ | (0.14 | ) | $ | (0.83 | ) | $ | (0.34 | ) |
Brookfield Renewable Partners L.P. | |||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||
UNAUDITED | For the three months ended September 30 | For the nine months ended September 30 | |||||||||||
(MILLIONS) | 2024 | 2023 | 2024 | 2023 | |||||||||
Operating activities | |||||||||||||
Net income (loss) | $ | (39 | ) | $ | 24 | $ | (197 | ) | $ | 352 | |||
Adjustments for the following non-cash items: | |||||||||||||
Depreciation | 514 | 448 | 1,533 | 1,335 | |||||||||
Unrealized foreign exchange and financial instrument gain | (211 | ) | (144 | ) | (450 | ) | (410 | ) | |||||
Share of (earnings) loss from equity-accounted investments | 12 | — | 70 | (46 | ) | ||||||||
Deferred income tax expense (recovery) | 29 | 12 | 18 | (25 | ) | ||||||||
Other non-cash items | 70 | (62 | ) | 163 | (48 | ) | |||||||
375 | 278 | 1,137 | 1,158 | ||||||||||
Net change in working capital and other(11) | 123 | 85 | (84 | ) | 250 | ||||||||
498 | 363 | 1,053 | 1,408 | ||||||||||
Financing activities | |||||||||||||
Net corporate borrowings | 289 | — | 586 | 293 | |||||||||
Corporate credit facilities, net | (200 | ) | — | 100 | — | ||||||||
Non-recourse borrowings, commercial paper, and related party borrowings, net | 683 | 166 | 2,095 | (890 | ) | ||||||||
Capital contributions from participating non-controlling interests – in operating subsidiaries, net | 236 | 371 | 525 | 1,952 | |||||||||
Issuance of equity instruments, net and related costs | — | (12 | ) | (37 | ) | 618 | |||||||
Distributions paid: | |||||||||||||
To participating non-controlling interests - in operating subsidiaries | (169 | ) | (265 | ) | (570 | ) | (714 | ) | |||||
To unitholders of Brookfield Renewable or BRELP | (267 | ) | (250 | ) | (798 | ) | (739 | ) | |||||
572 | 10 | 1,901 | 520 | ||||||||||
Investing activities | |||||||||||||
Acquisitions net of cash and cash equivalents in acquired entity | (98 | ) | — | (109 | ) | (87 | ) | ||||||
Investment in property, plant and equipment | (918 | ) | (604 | ) | (2,578 | ) | (1,660 | ) | |||||
Disposal (purchase) of associates and other assets | 64 | 87 | 16 | (131 | ) | ||||||||
Restricted cash and other | (58 | ) | (13 | ) | (68 | ) | (28 | ) | |||||
(1,010 | ) | (530 | ) | (2,739 | ) | (1,906 | ) | ||||||
Foreign exchange gain (loss) on cash | 16 | (16 | ) | (28 | ) | 14 | |||||||
Cash and cash equivalents | |||||||||||||
Increase (decrease) | 76 | (173 | ) | 187 | 36 | ||||||||
Net change in cash classified within assets held for sale | (46 | ) | 5 | (62 | ) | — | |||||||
Balance, beginning of period | 1,236 | 1,202 | 1,141 | 998 | |||||||||
Balance, end of period | $ | 1,266 | $ | 1,034 | $ | 1,266 | $ | 1,034 |
PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30
The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended September 30:
(GWh) | (MILLIONS) | ||||||||||||||||||||||||||
Actual Generation | LTA Generation | Revenues | Adjusted EBITDA | FFO | |||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
Hydroelectric | |||||||||||||||||||||||||||
North America | 2,333 | 2,543 | 2,449 | 2,445 | $ | 208 | $ | 221 | $ | 116 | $ | 138 | $ | 44 | $ | 75 | |||||||||||
Brazil | 862 | 813 | 1,032 | 1,035 | 48 | 62 | 33 | 45 | 28 | 38 | |||||||||||||||||
Colombia | 810 | 705 | 886 | 892 | 87 | 74 | 50 | 39 | 24 | 16 | |||||||||||||||||
4,005 | 4,061 | 4,367 | 4,372 | 343 | 357 | 199 | 222 | 96 | 129 | ||||||||||||||||||
Wind | 1,751 | 1,277 | 2,072 | 1,575 | 133 | 102 | 109 | 123 | 80 | 95 | |||||||||||||||||
Utility-scale solar | 1,152 | 687 | 1,363 | 880 | 145 | 82 | 158 | 75 | 127 | 51 | |||||||||||||||||
Distributed energy & storage | 412 | 361 | 330 | 283 | 64 | 61 | 95 | 40 | 85 | 29 | |||||||||||||||||
Sustainable solutions | — | — | — | — | 119 | 21 | 32 | 10 | 30 | 9 | |||||||||||||||||
Corporate | — | — | — | — | — | — | (7 | ) | 37 | (140 | ) | (60 | ) | ||||||||||||||
Total | 7,320 | 6,386 | 8,132 | 7,110 | $ | 804 | $ | 623 | $ | 586 | $ | 507 | $ | 278 | $ | 253 |
PROPORTIONATE RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30
The following chart reflects the generation and summary financial figures on a proportionate basis for the nine months ended September 30:
(GWh) | (MILLIONS) | |||||||||||||||||||||||||
Actual Generation | LTA Generation | Revenues | Adjusted EBITDA | FFO | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
Hydroelectric | ||||||||||||||||||||||||||
North America | 8,941 | 9,147 | 9,245 | 9,247 | $ | 767 | $ | 830 | $ | 487 | $ | 549 | $ | 278 | $ | 347 | ||||||||||
Brazil | 2,905 | 3,082 | 3,060 | 3,063 | 160 | 181 | 110 | 132 | 94 | 112 | ||||||||||||||||
Colombia | 2,174 | 2,619 | 2,637 | 2,652 | 238 | 206 | 126 | 134 | 53 | 60 | ||||||||||||||||
14,020 | 14,848 | 14,942 | 14,962 | 1,165 | 1,217 | 723 | 815 | 425 | 519 | |||||||||||||||||
Wind | 5,987 | 4,389 | 7,016 | 5,335 | 457 | 373 | 366 | 362 | 270 | 279 | ||||||||||||||||
Utility-scale solar | 2,981 | 1,830 | 3,469 | 2,290 | 358 | 280 | 365 | 251 | 279 | 168 | ||||||||||||||||
Distributed energy & storage | 1,091 | 969 | 881 | 767 | 177 | 190 | 192 | 138 | 163 | 107 | ||||||||||||||||
Sustainable solutions | — | — | — | — | 352 | 54 | 118 | 33 | 105 | 30 | ||||||||||||||||
Corporate | — | — | — | — | — | — | 26 | 53 | (329 | ) | (263 | ) | ||||||||||||||
Total | 24,079 | 22,036 | 26,308 | 23,354 | $ | 2,509 | $ | 2,114 | $ | 1,790 | $ | 1,652 | $ | 913 | $ | 840 |
RECONCILIATION OF NON-IFRS MEASURES
The following table reflects Adjusted EBITDA and provides a reconciliation from Net income (loss) to Adjusted EBITDA for the three months ended September 30, 2024:
(MILLIONS) | Hydroelectric | Wind | Utility- scale solar | Distributed energy & storage | Sustainable solutions | Corporate | Total | ||||||||||||||
Net income (loss) | $ | 51 | $ | (71 | ) | $ | 63 | $ | 48 | $ | 2 | $ | (132 | ) | $ | (39 | ) | ||||
Add back or deduct the following: | |||||||||||||||||||||
Depreciation | 158 | 215 | 103 | 34 | 4 | — | 514 | ||||||||||||||
Deferred income tax expense (recovery) | 9 | (15 | ) | 15 | 33 | — | (13 | ) | 29 | ||||||||||||
Foreign exchange and financial instrument loss (gain) | (21 | ) | 32 | (60 | ) | (127 | ) | (23 | ) | 13 | (186 | ) | |||||||||
Other(12) | 4 | (11 | ) | 38 | 75 | 27 | 9 | 142 | |||||||||||||
Management service costs | — | — | — | — | — | 59 | 59 | ||||||||||||||
Interest expense | 186 | 126 | 94 | 49 | 1 | 58 | 514 | ||||||||||||||
Current income tax expense | 32 | (9 | ) | (37 | ) | (23 | ) | — | (1 | ) | (38 | ) | |||||||||
Amount attributable to equity accounted investments and non-controlling interests(13) | (220 | ) | (158 | ) | (58 | ) | 6 | 21 | — | (409 | ) | ||||||||||
Adjusted EBITDA attributable to Unitholders | $ | 199 | $ | 109 | $ | 158 | $ | 95 | $ | 32 | $ | (7 | ) | $ | 586 |
The following table reflects Adjusted EBITDA and provides a reconciliation from Net income (loss) to Adjusted EBITDA for the three months ended September 30, 2023:
(MILLIONS) | Hydroelectric | Wind | Utility- scale solar | Distributed energy & storage | Sustainable solutions | Corporate | Total | ||||||||||||||
Net income (loss) | $ | 25 | $ | 61 | $ | 26 | $ | 10 | $ | (22 | ) | $ | (76 | ) | $ | 24 | |||||
Add back or deduct the following: | |||||||||||||||||||||
Depreciation | 165 | 164 | 83 | 28 | 7 | 1 | 448 | ||||||||||||||
Deferred income tax expense (recovery) | (27 | ) | 49 | (17 | ) | 4 | — | 3 | 12 | ||||||||||||
Foreign exchange and financial instrument loss (gain) | (7 | ) | (74 | ) | (29 | ) | (40 | ) | 18 | 18 | (114 | ) | |||||||||
Other(12) | 3 | 19 | (14 | ) | 4 | 13 | (16 | ) | 9 | ||||||||||||
Management service costs | — | — | — | — | — | 43 | 43 | ||||||||||||||
Interest expense | 184 | 64 | 53 | 32 | 11 | 26 | 370 | ||||||||||||||
Current income tax expense | 8 | 3 | (4 | ) | — | — | 2 | 9 | |||||||||||||
Amount attributable to equity accounted investments and non-controlling interests(13) | (129 | ) | (163 | ) | (23 | ) | 2 | (17 | ) | 36 | (294 | ) | |||||||||
Adjusted EBITDA attributable to Unitholders | $ | 222 | $ | 123 | $ | 75 | $ | 40 | $ | 10 | $ | 37 | $ | 507 |
RECONCILIATION OF NON-IFRS MEASURES
The following table reflects Adjusted EBITDA and provides a reconciliation to net income (loss) to Adjusted EBITDA for the nine months ended September 30, 2024:
(MILLIONS) | Hydroelectric | Wind | Utility- scale solar | Distributed energy & storage | Sustainable solutions | Corporate | Total | ||||||||||||||
Net income (loss) | $ | 179 | $ | (54 | ) | $ | (16 | ) | $ | 37 | $ | 5 | $ | (348 | ) | $ | (197 | ) | |||
Add back or deduct the following: | |||||||||||||||||||||
Depreciation | 478 | 621 | 327 | 99 | 8 | — | 1,533 | ||||||||||||||
Deferred income tax expense (recovery) | 17 | (22 | ) | 17 | 33 | (1 | ) | (26 | ) | 18 | |||||||||||
Foreign exchange and financial instrument loss (gain) | (62 | ) | (115 | ) | (55 | ) | (134 | ) | (63 | ) | 7 | (422 | ) | ||||||||
Other(12) | 7 | 3 | 54 | 63 | 19 | 86 | 232 | ||||||||||||||
Management service costs | — | — | — | — | — | 157 | 157 | ||||||||||||||
Interest expense | 583 | 355 | 258 | 121 | 10 | 152 | 1,479 | ||||||||||||||
Current income tax expense | 54 | 10 | (35 | ) | (21 | ) | — | (2 | ) | 6 | |||||||||||
Amount attributable to equity accounted investments and non-controlling interests(13) | (533 | ) | (432 | ) | (185 | ) | (6 | ) | 140 | — | (1,016 | ) | |||||||||
Adjusted EBITDA attributable to Unitholders | $ | 723 | $ | 366 | $ | 365 | $ | 192 | $ | 118 | $ | 26 | $ | 1,790 |
The following table reflects Adjusted EBITDA and provides a reconciliation to net income (loss) to Adjusted EBITDA for the nine months ended September 30, 2023:
(MILLIONS) | Hydroelectric | Wind | Utility- scale solar | Distributed energy & storage | Sustainable solutions | Corporate | Total | ||||||||||||||
Net income (loss) | $ | 356 | $ | 149 | $ | 17 | $ | 33 | $ | 53 | $ | (256 | ) | $ | 352 | ||||||
Add back or deduct the following: | |||||||||||||||||||||
Depreciation | 482 | 489 | 249 | 85 | 28 | 2 | 1,335 | ||||||||||||||
Deferred income tax expense (recovery) | (28 | ) | 58 | (12 | ) | (18 | ) | 1 | (26 | ) | (25 | ) | |||||||||
Foreign exchange and financial instrument loss (gain) | (107 | ) | (189 | ) | (55 | ) | (38 | ) | (34 | ) | (9 | ) | (432 | ) | |||||||
Other(12) | 21 | 38 | (13 | ) | 41 | — | 32 | 119 | |||||||||||||
Management service costs | — | — | — | — | — | 155 | 155 | ||||||||||||||
Interest expense | 560 | 207 | 185 | 82 | 31 | 101 | 1,166 | ||||||||||||||
Current income tax expense | 67 | 13 | 7 | — | — | 2 | 89 | ||||||||||||||
Amount attributable to equity accounted investments and non-controlling interests(13) | (536 | ) | (403 | ) | (127 | ) | (47 | ) | (46 | ) | 52 | (1,107 | ) | ||||||||
Adjusted EBITDA attributable to Unitholders | $ | 815 | $ | 362 | $ | 251 | $ | 138 | $ | 33 | $ | 53 | $ | 1,652 |
The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures. Net income is reconciled to Funds From Operations:
UNAUDITED | For the three months ended September 30 | For the nine months ended September 30 | ||||||||||
(MILLIONS) | 2024 | 2023 | 2024 | 2023 | ||||||||
Net income | $ | (39 | ) | $ | 24 | $ | (197 | ) | $ | 352 | ||
Add back or deduct the following: | ||||||||||||
Depreciation | 514 | 448 | 1,533 | 1,335 | ||||||||
Deferred income tax expense (recovery) | 29 | 12 | 18 | (25 | ) | |||||||
Foreign exchange and financial instruments gain | (186 | ) | (114 | ) | (422 | ) | (432 | ) | ||||
Other(14) | 142 | 9 | 232 | 119 | ||||||||
Amount attributable to equity accounted investment and non-controlling interest(15) | (182 | ) | (126 | ) | (251 | ) | (509 | ) | ||||
Funds From Operations | $ | 278 | $ | 253 | $ | 913 | $ | 840 |
The following table reconciles the per Unit non-IFRS financial metrics to the most directly comparable IFRS measures. Net income per LP unit is reconciled to Funds From Operations:
For the three months ended September 30 | For the nine months ended September 30 | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net income (loss) per LP unit(1) | $ | (0.32 | ) | $ | (0.14 | ) | $ | (0.83 | ) | $ | (0.34 | ) |
Adjust for the proportionate share of | ||||||||||||
Depreciation | 0.39 | 0.38 | 1.16 | 1.14 | ||||||||
Deferred income tax recovery and other | 0.41 | 0.19 | 1.22 | 0.68 | ||||||||
Foreign exchange and financial instruments (gain) | (0.06 | ) | (0.05 | ) | (0.17 | ) | (0.19 | ) | ||||
Funds From Operations per Unit(3) | $ | 0.42 | $ | 0.38 | $ | 1.38 | $ | 1.29 |
BROOKFIELD RENEWABLE CORPORATION
REPORTS THIRD QUARTER RESULTS
All amounts in U.S. dollars unless otherwise indicated
The Board of Directors of Brookfield Renewable Corporation ("BEPC" or our "company") (NYSE, TSX: BEPC) today has declared a quarterly dividend of
The BEPC exchangeable shares are structured with the intention of being economically equivalent to the non-voting limited partnership units of Brookfield Renewable Partners L.P. ("BEP" or the "Partnership") (NYSE: BEP; TSX: BEP.UN). We believe economic equivalence is achieved through identical dividends and distributions on the BEPC exchangeable shares and BEP's LP units and each BEPC exchangeable share being exchangeable at the option of the holder for one BEP LP unit at any time. Given the economic equivalence, we expect that the market price of the Shares will be significantly impacted by the market price of BEP's LP units and the combined business performance of our company and BEP as a whole. In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review BEP's continuous disclosure filings available electronically on EDGAR on the SEC's website at www.sec.gov or on SEDAR+ at www.sedarplus.ca.
For the three months ended September 30 | For the nine months ended September 30 | ||||||||||
US$ millions (except per unit amounts), unaudited | 2024 | 2023 | 2024 | 2023 | |||||||
Select Financial Information | |||||||||||
Net income (loss) attributable to the partnership | $ | (674 | ) | $ | 1,340 | $ | (525 | ) | $ | 566 | |
Funds From Operations (FFO)(2) | 157 | 151 | 595 | 548 |
BEPC reported FFO of
Brookfield Renewable Corporation | ||||||||
Consolidated Statements of Financial Position | ||||||||
As of | ||||||||
UNAUDITED (MILLIONS) | September 30 | December 31 | ||||||
2024 | 2023 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 619 | $ | 627 | ||||
Trade receivables and other financial assets(5) | 2,567 | 2,972 | ||||||
Equity-accounted investments | 631 | 644 | ||||||
Property, plant and equipment, at fair value and Goodwill | 37,412 | 44,892 | ||||||
Deferred income tax and other assets(6) | 1,646 | 286 | ||||||
Total Assets | $ | 42,875 | $ | 49,421 | ||||
Liabilities | ||||||||
Borrowings which have recourse only to assets they finance(8) | $ | 13,772 | $ | 16,072 | ||||
Accounts payable and other liabilities(9) | 4,416 | 5,680 | ||||||
Deferred income tax liabilities | 5,439 | 5,819 | ||||||
BEPC exchangeable and class B shares | 5,062 | 4,721 | ||||||
Equity | ||||||||
Non-controlling interests: | ||||||||
Participating non-controlling interests – in operating subsidiaries | $ | 9,081 | $ | 11,070 | ||||
Participating non-controlling interests – in a holding subsidiary held by the partnership | 229 | 272 | ||||||
The partnership | 4,876 | 14,186 | 5,787 | 17,129 | ||||
Total Liabilities and Equity | $ | 42,875 | $ | 49,421 |
Brookfield Renewable Corporation | ||||||||||||||
Consolidated Statements of Income (Loss) | ||||||||||||||
UNAUDITED (MILLIONS) | For the three months ended September 30 | For the nine months ended September 30 | ||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Revenues | $ | 1,041 | $ | 934 | $ | 3,155 | $ | 2,901 | ||||||
Other income | 29 | 95 | 96 | 147 | ||||||||||
Direct operating costs(10) | (407 | ) | (388 | ) | (1,310 | ) | (1,000 | ) | ||||||
Management service costs | (28 | ) | (26 | ) | (71 | ) | (94 | ) | ||||||
Interest expense | (328 | ) | (308 | ) | (1,032 | ) | (929 | ) | ||||||
Share of loss from equity-accounted investments | — | (7 | ) | (22 | ) | (7 | ) | |||||||
Foreign exchange and financial instrument gain (loss) | 12 | 21 | 78 | 129 | ||||||||||
Depreciation | (313 | ) | (320 | ) | (970 | ) | (953 | ) | ||||||
Other | (31 | ) | 3 | (29 | ) | 14 | ||||||||
Remeasurement of BEPC exchangeable and class B shares | (612 | ) | 1,393 | (341 | ) | 710 | ||||||||
Income tax (expense) recovery | ||||||||||||||
Current | (34 | ) | (7 | ) | (63 | ) | (79 | ) | ||||||
Deferred | 7 | (20 | ) | (3 | ) | (29 | ) | |||||||
Net income (loss) | $ | (664 | ) | $ | 1,370 | $ | (512 | ) | $ | 810 | ||||
Net income (loss) attributable to: | ||||||||||||||
Non-controlling interests: | ||||||||||||||
Participating non-controlling interests – in operating subsidiaries | $ | 10 | $ | 29 | $ | 12 | $ | 240 | ||||||
Participating non-controlling interests – in a holding subsidiary held by the partnership | — | 1 | 1 | 4 | ||||||||||
The partnership | (674 | ) | 1,340 | (525 | ) | 566 | ||||||||
$ | (664 | ) | $ | 1,370 | $ | (512 | ) | $ | 810 |
Brookfield Renewable Corporation | |||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||
UNAUDITED (MILLIONS) | For the three months ended September 30 | For the nine months ended September 30 | |||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Operating activities | |||||||||||||
Net income (loss) | $ | (664 | ) | $ | 1,370 | $ | (512 | ) | $ | 810 | |||
Adjustments for the following non-cash items: | |||||||||||||
Depreciation | 313 | 320 | 970 | 953 | |||||||||
Unrealized foreign exchange and financial instruments (gain) loss | (39 | ) | (27 | ) | (105 | ) | (119 | ) | |||||
Share of loss from equity-accounted investments | — | 7 | 22 | 7 | |||||||||
Deferred income tax expense | (7 | ) | 20 | 3 | 29 | ||||||||
Other non-cash items | 53 | (56 | ) | 99 | (27 | ) | |||||||
Remeasurement of exchangeable and class B shares | 612 | (1,393 | ) | 341 | (710 | ) | |||||||
268 | 241 | 818 | 943 | ||||||||||
Net change in working capital and other(11) | 40 | 47 | (113 | ) | 189 | ||||||||
308 | 288 | 705 | 1,132 | ||||||||||
Financing activities | |||||||||||||
Non-recourse borrowings and related party borrowings, net | (160 | ) | (196 | ) | 70 | (822 | ) | ||||||
Capital contributions from participating non-controlling interests | 95 | 32 | 220 | 135 | |||||||||
Return of capital to participating non-controlling interests | (44 | ) | (30 | ) | (80 | ) | (30 | ) | |||||
Issuance of exchangeable shares, net | — | — | — | 251 | |||||||||
Distributions paid and return of capital: | |||||||||||||
To participating non-controlling interests | (57 | ) | (116 | ) | (321 | ) | (437 | ) | |||||
(166 | ) | (310 | ) | (111 | ) | (903 | ) | ||||||
Investing activities | |||||||||||||
Acquisitions net of cash and cash equivalents in acquired entity | — | — | — | (81 | ) | ||||||||
Investment in equity-accounted investments | — | (4 | ) | — | (7 | ) | |||||||
Investment in property, plant and equipment | (162 | ) | (185 | ) | (638 | ) | (505 | ) | |||||
Disposal of subsidiaries, associates and other securities, net | 86 | 137 | 164 | 243 | |||||||||
Restricted cash and other | (42 | ) | (1 | ) | (66 | ) | (25 | ) | |||||
(118 | ) | (53 | ) | (540 | ) | (375 | ) | ||||||
Foreign exchange gain (loss) on cash | 8 | (10 | ) | (31 | ) | 17 | |||||||
Cash and cash equivalents | |||||||||||||
Decrease | 32 | (85 | ) | 23 | (129 | ) | |||||||
Net change in cash classified within assets held for sale | (27 | ) | 3 | (31 | ) | — | |||||||
Balance, beginning of period | 614 | 595 | 627 | 642 | |||||||||
Balance, end of period | 619 | 513 | $ | 619 | $ | 513 |
RECONCILIATION OF NON-IFRS MEASURES
The following table reconciles Net income (loss) to Funds From Operations:
For the three months ended September 30 | For the nine months ended September 30 | ||||||||||||
UNAUDITED (MILLIONS) | 2024 | 2023 | 2024 | 2023 | |||||||||
Net income (loss) | $ | (664 | ) | $ | 1,370 | $ | (512 | ) | $ | 810 | |||
Add back or deduct the following: | |||||||||||||
Depreciation | 313 | 320 | 970 | 953 | |||||||||
Foreign exchange and financial instruments loss (gain) | (12 | ) | (21 | ) | (78 | ) | (129 | ) | |||||
Deferred income tax expense | (7 | ) | 20 | 3 | 29 | ||||||||
Other(14) | 32 | (11 | ) | (113 | ) | 67 | |||||||
Dividends on BEPC exchangeable shares(16) | 64 | 61 | 193 | 180 | |||||||||
Remeasurement of BEPC exchangeable and BEPC class B shares | 612 | (1,393 | ) | 341 | (710 | ) | |||||||
Amount attributable to equity accounted investments and non-controlling interests(17) | (181 | ) | (195 | ) | (209 | ) | (652 | ) | |||||
Funds From Operations | $ | 157 | $ | 151 | $ | 595 | $ | 548 |
Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words “will”, “intend”, “should”, “could”, “target”, “growth”, “expect”, “believe”, “plan”, derivatives thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify the above mentioned and other forward-looking statements. Forward-looking statements in this letter to unitholders include statements regarding the quality of Brookfield Renewable’s and its subsidiaries’ businesses and our expectations regarding future cash flows and distribution growth. They include statements regarding Brookfield Renewable’s anticipated financial performance, future commissioning of assets, contracted nature of our portfolio (including our ability to recontract certain asset), technology diversification, acquisition opportunities, expected completion of acquisitions and dispositions, financing and refinancing opportunities, future energy prices and demand for electricity, global decarbonization targets, economic recovery, achieving long-term average generation, project development and capital expenditure costs, energy policies, economic growth, growth potential of the renewable asset class, the future growth prospects and distribution profile of Brookfield Renewable and Brookfield Renewable’s access to capital. Although Brookfield Renewable believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, you should not place undue reliance on them, or any other forward-looking statements or information in this letter to unitholders. The future performance and prospects of Brookfield Renewable are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Brookfield Renewable to differ materially from those contemplated or implied by the statements in this letter to unitholders include (without limitation) our inability to identify sufficient investment opportunities and complete transactions; the growth of our portfolio and our inability to realize the expected benefits of our transactions or acquisitions; weather conditions and other factors which may impact generation levels at facilities; adverse outcomes with respect to outstanding, pending or future litigation; economic conditions in the jurisdictions in which Brookfield Renewable operates; ability to sell products and services under contract or into merchant energy markets; changes to government regulations, including incentives for renewable energy; ability to complete development and capital projects on time and on budget; inability to finance operations or fund future acquisitions due to the status of the capital markets; health, safety, security or environmental incidents; regulatory risks relating to the power markets in which Brookfield Renewable operates, including relating to the regulation of our assets, licensing and litigation; risks relating to internal control environment; contract counterparties not fulfilling their obligations; changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and other risks associated with the construction, development and operation of power generating facilities. For further information on these known and unknown risks, please see “Risk Factors” included in the Form 20-F of BEP and in the Form 20-F of BEPC and other risks and factors that are described therein.
The foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this letter to unitholders and should not be relied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law.
No securities regulatory authority has either approved or disapproved of the contents of this letter to unitholders. This letter to unitholders is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Statement Regarding Use of Non-IFRS Measures
This news release contains references to FFO and FFO per Unit, which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDA, FFO and FFO per Unit used by other entities. We believe that FFO and FFO per Unit are useful supplemental measures that may assist investors in assessing the financial performance and the cash anticipated to be generated by our operating portfolio. None of FFO and FFO per Unit should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For a reconciliation of FFO and FFO per Unit to the most directly comparable IFRS measure, please see “Reconciliation of Non-IFRS Measures – Three Months Ended September 30” included elsewhere herein and “Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures” included in our unaudited Q3 2024 interim report. For a reconciliation of FFO and FFO per Unit to the most directly comparable IFRS measure, please see “Reconciliation of Non-IFRS Measures - Quarter Ended September 30" included elsewhere herein and “Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures” included in our unaudited Q3 2024 interim report.
References to Brookfield Renewable are to Brookfield Renewable Partners L.P. together with its subsidiary and operating entities unless the context reflects otherwise.
Endnotes
(1) For the three and nine months ended September 30, 2024, average LP units totaled 285.1 million and 285.7 million, respectively (2023: 288.8 million and 280.6 million, respectively).
(2) Non-IFRS measures. Refer to “Cautionary Statement Regarding Use of Non-IFRS Measures”.
(3) Average Units outstanding for the three and nine months ended September 30, 2024 were 663.2 million and 663.8 million, respectively (2023: 666.9 million and 654.2 million, respectively), being inclusive of our LP units, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and general partner interest. The actual Units outstanding as at September 30, 2024 were 663.2 million (2023: 666.6 million).
(4) Normalized FFO assumes long-term average generation in all segments and uses 2023 foreign currency rates. For the three and nine months ended September 30, 2024, the change related to long-term average generation totaled
(5) Balance includes restricted cash, trades receivables and other current assets, financial instrument assets, and due from related parties.
(6) Balance includes goodwill, deferred income tax assets, assets held for sale, intangible assets, and other long-term assets.
(7) Balance includes current and non-current portion of corporate borrowings.
(8) Balance includes current and non-current portion of non-recourse borrowings on the consolidated statement of financial position.
(9) Balance includes accounts payable and accrued liabilities, financial instrument liabilities, due to related parties, provisions, liabilities directly associated with assets held for sale and other long-term liabilities.
(10) Direct operating costs exclude depreciation expense disclosed below.
(11) Balance includes change in working capital, dividends received from equity accounted investments and changes due to or from related parties.
(12) Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable’s economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, transferable tax credits and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included within Adjusted EBITDA.
(13) Amount attributable to equity accounted investments corresponds to the Adjusted EBITDA to Brookfield Renewable that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries. By adjusting Adjusted EBITDA attributable to non-controlling interest, our partnership is able to remove the portion of Adjusted EBITDA earned at non-wholly owned subsidiaries that are not attributable to our partnership.
(14) Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and the company’s economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, and transferable tax credits and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included in Funds From Operations.
(15) Amount attributable to equity accounted investments corresponds to the Funds From Operations that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries. By adjusting Funds From Operations attributable to non-controlling interest, our partnership is able to remove the portion of Funds From Operations earned at non-wholly owned subsidiaries that are not attributable to our partnership.
(16) Balance is included within interest expense on the consolidated statements of income (loss).
(17) Amount attributable to equity accounted investments corresponds to the Funds From Operations that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries. By adjusting Funds From Operations attributable to non-controlling interest, our company is able to remove the portion of Funds From Operations earned at non-wholly owned subsidiaries that are not attributable to our company.
(18) Any references to capital refer to Brookfield's cash deployed, excluding any debt financing.
(19) Available liquidity of over
(20) 12
FAQ
What was Brookfield Renewable's (BEP) FFO per unit in Q3 2024?
How much capital did BEP deploy or commit in Q3 2024?
What was BEP's net loss for Q3 2024?