Brookfield Renewable Partners Non Voting Units BEP

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

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 05, 2023 11:56am

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Post# 35433133

TD

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

Brookfield Renewable Partners L.P.

(BEP-N, BEP.UN-T) US$29.53 | C$40.03

Modest Q1/23 FFO Beat Led by Strong Hydro Generation

Event

Brookfield Renewable Partners reported Q1/23 financial results this morning.

Q1/23 FFO/unit of $0.43 was above our estimate of $0.40 and the consensus forecast of $0.41. Management's FFO definition excludes sustaining capex and amortizing debt repayments.
Proportionate adjusted EBITDA of $559 million was similarly above both our forecast of $502 million and the consensus forecast of $506 million.

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

Impact: SLIGHTLY POSITIVE

Q1/23 FFO was above conservative expectations. Strong results from the company's hydro segments (particularly robust generation and price realizations in North America) mitigated wind and solar generation that was below long-term average levels. So far in 2023, BEP has committed to over $1 billion of equity investment ($8 billion gross, including Brookfield funds). Management suggested BEP is positioned to outpace its five-year capital deployment target of $6-7 billion.

Details

Q1/23 proportionate generation was 5% above LTA guidance. Proportionate hydro output was 14% above LTA; a 10% positive variance in North America was augmented by robust price realizations. Hydro more than offset negative generation variances for other technologies: wind production was 16% below LTA, while solar generation was 16% below LTA.
BEP continues to advance capital recycling activities. The company has completed or is advancing recycling initiatives which could generate up to $4 billion of total proceeds once closed ($1.5 billion net to BEP). BEP ended Q1/23 with available liquidity of $3.9 billion, of which ~$1.5 billion is earmarked for Westinghouse and Origin.
Development update: BEP's construction pipeline of wind, solar, hydro, storage, and transition projects due online from 2023-2025 (15.4 GW, gross) are expected to add $204 million ($0.32/unit) of FFO. BEP's advanced-stage development initiatives (7.1 GW, gross) are expected to add $74 million ($0.11/unit) of FFO once they are added to BEP's construction pipeline and subsequently commissioned.
Areas of focus on this morning's call: Further details regarding the company's investment activities in India, additional context on planned capital recycling initiatives, and the company's broader thoughts on the investment environment for renewable power.