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    BEP.UN   BMG162581083


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Brookfield Renewable Announces Record Third Quarter Results

11/08/2021 | 09:57am EST

BROOKFIELD - 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, 2021.

'We generated record third quarter FFO, and executed on several growth opportunities that demonstrate the value of our global platform, deploying capital across multiple technologies and jurisdictions, enhancing our position as a leading diversified clean energy business,' said Connor Teskey, CEO of Brookfield Renewable. 'As decarbonization of the global economy continues to move to the forefront, we are well positioned to capture the growing opportunity while earning strong returns for our investors.'

Brookfield Renewable reported FFO of $210 million or $0.33 per Unit for the three months ended September 30, 2021, a 32% increase from prior year. After deducting depreciation and one-time non-cash deferred tax charges, our Net loss attributable to Unitholders for the three months ended September 30, 2021 was $115 million or $0.21 per LP unit.


Generated funds from operations (FFO) of $210 million, or $0.33 per unit, a 32% increase over the same period in the prior year as our assets continue to perform well with high levels of asset availability and new acquisitions; Agreed 19 power purchase agreements for approximately 1,300 gigawatt hours (GWh) of renewable generation with corporate off-takers across major industries; Progressed approximately 8,000 megawatts of development projects through construction and advanced stage permitting. We also added approximately 5,000 megawatts to our global development pipeline, which is now approximately 36,000 megawatts; Invested or agreed to invest approximately $2.4 billion ($600 million net to Brookfield Renewable) of equity across a range of transactions year-to-date and Maintained a robust balance sheet with over $3.3 billion of available liquidity and no meaningful near-term maturities.

Update on Growth Initiatives

We continue to grow our leading distributed generation business both in the U.S. and globally, positioning us as a partner of choice to companies and other institutions by providing a 'one-stop' solution for onsite and offsite energy generation, storage, and efficiency services.

In the U.S., we have grown our distributed generation business by almost five times since the beginning of the year to 3,600 megawatts of operating and development assets. We accomplished this through a combination of acquisitions, both larger scale platforms and smaller tuck-ins, and organic initiatives such as channel partnerships, joint development agreements and our recently announced cooperation agreement with Trane Technologies. Recently, in Europe and Latin America, we agreed to acquire interests in portfolios of an aggregate 785 megawatts of operating and development assets, for a total investment of approximately $250 million ($60 million net to Brookfield Renewable). In China, our rooftop solar joint venture with a local partner has continued its strong growth momentum and is expected to have 400 megawatts of operating assets by the end of 2021 and a further development pipeline of over one gigawatt in the region.

As one of the only globally diversified distributed generation platforms, we believe we are uniquely positioned to leverage our customer relationships and economies of scale on a global basis to maximize each of our regional businesses and continue our current track record of substantial growth.

In addition, we signed an agreement to acquire three late-stage solar development projects in the U.S. which have a total installed capacity of 475 megawatts. We will be closing each of the projects once they have been significantly de-risked, which is expected over the next 12 to 24 months. Concurrently, we are progressing PPA discussions with a large corporate buyer of renewable power to fully contract the generation. The projects are expected to be commissioned by 2024. We expect to invest $135 million ($35 million net to Brookfield Renewable).

We are in the early stages of seeing meaningful growth in emerging technologies. One that we are following very closely is green hydrogen. Green hydrogen plays to the strengths that have defined our business for decades: knowledge of global power markets, clean energy expertise, large scale capital, and best-in-class operating and development capabilities.

Although still in its relative infancy, the potential market for green hydrogen is significant due to its storage capabilities and ability to address harder-to-abate emissions coming from heavy duty and industrial sectors, such as long-haul transport and steel production. And while green hydrogen is not yet economic on a widespread basis, we are increasingly seeing specific opportunities to invest at attractive risk-adjusted returns.

We are currently advancing almost one gigawatt of green hydrogen opportunities, positioning us well to be a first mover so that we can invest in scale as the cost curve continues to come down and the technology is adopted more broadly. In addition to our agreement to fully energize a hydrogen company's planned green hydrogen production plant in Pennsylvania - one of the first industrial-scale facilities in North America, we are also progressing one of Canada's largest green hydrogen projects, providing green hydrogen to a pipeline operator as the offtaker for injection into its natural gas network in Quebec, with construction targeted to start next year.


Kerrie McHugh

Tel: (212) 618-3469

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 4 173 M - -
Net income 2021 -189 M - -
Net Debt 2021 17 261 M - -
P/E ratio 2021 -100x
Yield 2021 3,69%
Capitalization 15 619 M 15 625 M -
EV / Sales 2021 7,88x
EV / Sales 2022 7,42x
Nbr of Employees 3 000
Free-Float 86,0%
Duration : Period :
Brookfield Renewable Partners L.P. Technical Analysis Chart | BEP.UN | BMG162581083 | MarketScreener
Technical analysis trends BROOKFIELD RENEWABLE PARTNERS L.P.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 32,99 $
Average target price 41,60 $
Spread / Average Target 26,1%
EPS Revisions
Managers and Directors
Connor David Teskey Chief Investment Officer
Wyatt Hartley Chief Financial Officer
Jeffrey Miles Blidner Chairman
Ruth Kent Chief Operating Officer
David McDaniel Mann Lead Independent Director
Sector and Competitors