Brookfield Renewable Partners (BEP) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 FFO of $278 million ($0.42 per unit), up 11% year-over-year, driven by asset development, acquisitions, and strong pricing.

• Monetized over $2.3 billion in assets year-to-date, achieving strong IRRs and multiples on invested capital.

• Commissioned approximately 1,200 MW of new renewable capacity in the quarter, advancing a 200,000 MW development pipeline.

• Maintained $4.6 billion in available liquidity and a BBB+ credit rating.

• Business model focuses on lowest-cost, mature renewable technologies, diversified across global power markets and insulated from regulatory or subsidy changes.

Financial highlights

• Q3 2024 revenues were $1.47 billion, up from $1.18 billion in Q3 2023; nine-month revenues reached $4.44 billion.

• Proportionate Adjusted EBITDA for Q3 was $586 million (Q3 2023: $507 million).

• Net loss attributable to unitholders was $181 million for Q3, mainly due to non-cash depreciation and mark-to-market on hedging instruments.

• Distributions per LP unit increased 5.2% year-over-year to $0.355 ($1.42 annualized).

• Cash and cash equivalents increased to $1,266 million as of September 30, 2024.

Outlook and guidance

• On track to achieve 10%+ FFO per unit growth target for 2024.

• Targeting sustainable distribution increases of 5% to 9% annually.

• Plans to commission 7,000 MW in 2024, 8,400 MW in 2025, and 9,100 MW in 2026.

• Anticipates continued strong asset monetizations and capital recycling, with $30 billion of financings expected in 2024.

• Long-term target remains 12%-15% total return for investors.