Brookfield Renewable announces solid Q1 22 results

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Brookfield Renewable Partners has reported solid financial results for the three months ended March 31, 2022. Brookfield operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia. 

"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. 

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