Brookfield Renewable (BEPC) Q3 2024 earnings summary

Executive summary

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

• Monetized assets generating over $2.3 billion in proceeds year-to-date, with IRRs of ~25% and multiples of 2.5x invested capital.

• Commissioned ~1,200 MW of new renewable capacity in Q3, advancing toward a record ~7,000 MW for the year.

• Business model focuses on lowest-cost, mature renewable technologies, global diversification, and strong demand from data centers and tech companies.

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

Financial highlights

• Q3 2024 FFO: $278 million ($0.42/unit), up from $253 million ($0.38/unit) in Q3 2023; normalized FFO was $321 million ($0.48/unit).

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

• Adjusted EBITDA for Q3 2024: $586 million, up from $507 million in Q3 2023.

• Available liquidity at quarter-end: $4.6 billion.

• Net loss attributable to unitholders: $181 million for Q3 2024, compared to $64 million loss in Q3 2023.

Outlook and guidance

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

• Targeting long-term distribution growth of 5–9% annually and total return of 12%-15% per annum.

• Expect to commission ~7,000 MW in 2024, 8,000 MW in 2025, and 9,000 MW in 2026.

• Anticipate continued strong asset monetizations and capital deployment opportunities.

• No material refinancing issues anticipated through 2028; capital sources expected to cover growth and commitments.