Brookfield Renewable Partners (BEP) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 FFO of $339 million ($0.51 per unit), up 9% year-over-year, driven by acquisitions, new developments, and strong pricing across a diversified global portfolio.

• Deployed or committed $8.6–$9 billion in capital globally, expanding into new high-value renewable markets and advancing a development pipeline exceeding 230 GW, with 65 GW at advanced stage.

• Announced the $6.7 billion acquisition of Neoen, adding significant operating and development assets in France, Australia, and the Nordics, pending regulatory approval.

• Secured contracts for 2,700 GWh/year of new generation, with ~90% contracted to corporate customers, and commissioned ~1,400 MW in Q2, on track for ~7,000 MW in 2024.

• Maintained a robust balance sheet with $4.4 billion in available liquidity and extended average debt maturity beyond 12 years.

Financial highlights

• Q2 2024 FFO reached $339 million ($0.51 per unit), up from $312 million ($0.48 per unit) in Q2 2023.

• Q2 2024 revenues rose to $1.48 billion, up from $1.21 billion in Q2 2023; six-month revenues reached $2.97 billion.

• Net loss attributable to unitholders was $154 million for Q2 2024, mainly due to higher depreciation and interest expenses.

• Proportionate Adjusted EBITDA for Q2 2024 was $629 million, up from $586 million in Q2 2023.

• Quarterly distribution increased to $0.355 per LP unit ($1.42 annualized), up 5.2% year-over-year.

Outlook and guidance

• Targeting 10%+ FFO per unit growth for 2024, supported by new project commissioning, asset development, and strong demand for clean power.

• Expect to commission ~7 GW of new capacity in 2024, with plans to scale annual commissioning to ~10 GW in coming years.

• Anticipate ~$3 billion in asset sale proceeds for 2024 ($1.3 billion net), marking the largest year for capital recycling.

• Distribution growth targeted at 5–9% annually.

• Weighted-average remaining contract duration is 13 years, with contracted generation expected to remain above 78% through 2028.