Brookfield Renewable Partners (BEP) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 results with 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.

• Deployed or committed $2.3 billion in capital in Q3, advancing a 200,000 MW development pipeline and commissioning ~1,200 MW of new capacity.

• Secured large-scale contracts in North American hydro, enabling upfinancings and additional capital for growth.

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

Financial highlights

• Q3 2024 FFO was $278 million ($0.42 per unit), up from $253 million ($0.38 per unit) in Q3 2023.

• Revenues for Q3 2024 were $1,470 million, up from $1,179 million in Q3 2023; nine-month revenues reached $4,444 million.

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

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

• Available liquidity stood at $4.6 billion as of September 30, 2024.

Outlook and guidance

• Management expects to achieve a 10%+ FFO per unit growth target for 2024, supported by a strong development pipeline and robust demand.

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

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

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

• Anticipate continued strong asset monetizations and capital deployment into growth.