Brookfield Renewable Partners Non Voting Units BEP

Alternate Symbol(s): T.BEP.PR.G | BRENF | T.BEP.UN | T.BEP.PR.M | T.BEP.PR.R

Utilities Utilities - Independent Power Producers

Brookfield Renewable Partners L.P. is a Bermuda-based globally diversified, multi-technology, owner and operator of clean energy and sustainable solutions assets. The Company’s segments include hydroelectric, wind, utility-scale solar and distributed energy, and storage, which includes distributed generation and pumped storage, sustainable solutions, and corporate. Its sustainable solutions include renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation. It has approximately 33,000 megawatts of renewable power operating capacity and an approximately 155,000-megawatt development pipeline. The Company’s portfolio of sustainable solutions includes investment in businesses with an operating portfolio of 47 thousand metric tons per annum of carbon capture and storage, three million Metric Million British thermal units of agricultural renewable natural gas. It is also engaged in the nuclear service business.

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Brookfield Renewable Partners Non Voting Units

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Post by retiredcfon May 06, 2022 10:22am

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Post# 34661933

TD

Have a US$41.00 target. GLTA

Brookfield Renewable Partners L.P.

(BEP-N, BEP.UN-T) US$35.04 | C$45.03

Q1/22 FFO Near Consensus Estimate; Generation Matched LTA

Event

Brookfield Renewable Partners reported Q1/22 financial results this morning.

Q1/22 FFO/unit of $0.38 was above our estimate of $0.36 and was close to the consensus forecast of $0.39. Management's FFO definition excludes sustaining capex and amortizing debt repayments. Results this quarter include a gain of $12 million ($0.02/unit) on the sale of a solar development project.
Proportionate adjusted EBITDA of $499 million exceeded our forecast of $474 million and was close to the consensus forecast of $493 million.

Conference Call: Today at 9:00 am ET: 1-866-688-9430 or 409-216-0817, ID 2250265 (link to webcast). Replay: 1-855-859-2056, ID 2250265.

Impact: NEUTRAL

Q1/22 results were close to consensus estimates. Proportionate EBITDA and FFO benefited from asset sales gains. Asset recycling is an important facet of BEP's business model, but is difficult to forecast.

Details

Q1/22 proportionate generation matched LTA guidance and was better than we expected. Proportionate hydro output was 2% above average; above normal generation in Colombia (+12%) and Brazil (+9%) mitigated North American hydro generation that was 3% below average. U.S. hydro is BEP's single most important segment, representing 30% of normalized Q1 proportionate production. Wind production was 6% below LTA, while solar generation was 16% below LTA.
Capital deployment is on track to exceed guidance. So far this year, BEP has committed to $340 million of equity investments across development pipeline, operating asset, and energy transition investments. The company's target annual equity deployment is $1.0-1.2 billion with target levered IRRs of 12-15%. BEP ended Q1/22 with available liquidity of $3.8 billion.
Development update: BEP's construction pipeline of wind, solar, hydro, and storage projects due online from 2022-24 (9.0 GW gross) are expected to add $107 million ($0.17/unit) of FFO. BEP's advanced-stage development initiatives (6.2 GW gross) are expected to add an additional $42 million ($0.07/unit) of FFO once they are added to BEP's construction pipeline and subsequently commissioned.
Areas of focus on this morning's call: More details regarding supply chain challenges (both cost inflation and delivery delays), return upside tied to an increasingly favourable contracting environment for corporate PPAs, and management's broader outlook for the renewable power investment environment.