Brookfield Renewable announces solid Q1 22 results
"Our business performed well in the quarter as we delivered solid financial results and executed on several key strategic initiatives, including entering a new decarbonisation asset class with an investment in carbon capture solutions," said Connor Teskey, CEO of Brookfield Renewable.
He added: "With decarbonisation and energy security firmly established as a priority of global leaders, we are well-positioned to deploy capital at accretive returns, leveraging our global reach, operating capabilities and development pipeline to accelerate the build-out of clean energy at scale and drive decarbonisation across a growing opportunity set."
Brookfield Renewable reported FFO of $243 million (£197.6 million) or $0.38 (£0.31) per unit for the three months ended March 31, 2022, an 18 percent increase on a normalised basis over the same period the prior year.
Brookfield advanced its key commercial priorities, securing contracts to deliver over 1,400-gigawatt hours of clean energy annually including 500-gigawatt hours to corporate off-takers.
The company also continued to accelerate its development activities, executing on its 15,000-megawatt under-construction and advanced-stage pipeline and expanding its development pipeline to 69,000 megawatts, as well as plans to submit joint-bids with a European partner to build two 750-megawatt offshore wind projects in the upcoming Dutch subsidy-free tender process.