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Brookfield Renewable Partners (TSX:BEP) has announced its financial results for the three months ended June 30, 2017. As quoted in the press release: “Our business performed well in the second quarter as we continue to surface margin expansion opportunities and advance our project development,” said Sachin Shah, CEO of Brookfield Renewable. “Combined with a broadening investible …
Brookfield Renewable Partners (TSX:BEP) has announced its financial results for the three months ended June 30, 2017.
As quoted in the press release:
“Our business performed well in the second quarter as we continue to surface margin expansion opportunities and advance our project development,” said Sachin Shah, CEO of Brookfield Renewable. “Combined with a broadening investible universe and strong growth prospects, we remain confident in our target of delivering 12-15% total annualized returns to our shareholders.”
Financial Results For the periods ended June 30 US$ millions (except per unit or otherwise noted) Three Months Ended Six Months Ended Unaudited 2017 2016 2017 2016 Generation (GWh) – Total 11,618 8,792 22,102 17,821 – Brookfield Renewable’s share 6,719 5,197 12,880 11,093 Net income (loss) $ 85 $ (19 ) $ 112 $ 60 Per LP Unit $ 0.13 $ (0.11 ) $ 0.18 $ 0.05 Funds From Operations (FFO)(1) $ 181 $ 105 $ 347 $ 292 Per Unit(1)(2) $ 0.61 $ 0.37 $ 1.16 $ 1.05 Normalized FFO(1)(3) $ 170 $ 155 $ 306 $ 263 Per Unit(1)(2)(3) $ 0.57 $ 0.55 $ 1.02 $ 0.94 Brookfield Renewable reported net income for the three months ended June 30, 2017 of $85 million ($0.13 per LP Unit) compared to a net loss of $19 million ($0.11 per LP Unit) for the same period in 2016.
Adjusted EBITDA and FFO were $457 million and $181 million respectively, compared to $377 million and $105 million for the same period in 2016. Performance was driven by strong generation across our North American and Colombian hydro fleet, the highly contracted nature of our assets and the execution of our organic growth initiatives.
