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 Feb 03, 2023 9:31am

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Post# 35264489

TD

On their Action Buy List with a US$41.00 target. GLTA

Brookfield Renewable Partners L.P.

(BEP-N, BEP.UN-T) US$28.57 | C$38.02

Q4/22 FFO Close to Estimate; Generation 11% Below LTA

Event

Brookfield Renewable Partners reported Q4/22 financial results this morning.

Q4/22 FFO/unit of $0.35 was between our estimate of $0.34 and the consensus forecast of $0.36. Management's FFO definition excludes sustaining capex and amortizing debt repayments.
Proportionate adjusted EBITDA of $461 million was in line with our forecast of $463 million and was below the consensus forecast of $499 million.
Brookfield Renewable announced a 5.5% dividend increase. The annual payout increases to $1.35/unit from $1.28/unit (4.7% pro forma yield). The increase exceeded our 5% expectation, but remains near the low end of management's guidance range of 5%-9% for the seventh consecutive year.

Conference Call: Today at 8:30 am ET: 1-855-513-1368 (pre-registration link or link to webcast).

Impact: NEUTRAL

Q4/22 FFO was slightly above our forecast. We previously trimmed our Q4/22 generation expectations given data pointing to relatively dry conditions earlier in the quarter across eastern North America.

Details

Q4/22 proportionate generation was 11% below LTA guidance. Proportionate hydro output was 8% below LTA; below-average output in North America (-17%) was mitigated by strong generation in Colombia (+15%). Wind production was 20% below LTA, while solar generation was 24% below LTA.
BEP is accelerating its capital recycling activities. The company has initiated several recycling initiatives which could generate up to $4 billion of total process once closed ($1.5 billion net to BEP). BEP ended Q4/22 with available liquidity of $3.7 billion.
Development update: BEP's construction pipeline of wind, solar, hydro, storage, and transition projects due online from 2023-2025 (13.1 GW, gross) are expected to add $176 million ($0.27/unit) of FFO. BEP's advanced-stage development initiatives (5.9 GW, gross) are expected to add an additional $46 million ($0.07/ unit) of FFO once they are added to BEP's construction pipeline and subsequently commissioned. BEP completed 727 MW (net) of development projects in 2022.
Areas of focus on this morning's call: Updates regarding the Origin Energy process, further context on planned capital recycling initiatives, the company's broader thoughts on the investment environment for renewable power.