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Be the first with the news that moves the market- Brookfield Renewable Partners (BEP) has released a mixed third quarter report, following a busy three months for the green power giant
- The firm generated US$157 million (approximately C$206 million) in funds from its operations in the third quarter of the year, a 12 per cent increase on 2019’s same period
- However, despite the rise in funds, Brookfield Renewable ultimately generated a net loss of US$162 million (approximately C$212.6 million), after non-cash deprecation was factored into the results
- Most notably during the quarter, Brookfield completed its all-stock merger with TerraForm Power, expanding its wind and solar business in North America and Europe
- Brookfield Renewable Partners (BEP.UN) is down 2.54 per cent and is trading at $74.15 per share
Brookfield Renewable Partners (BEP) has released a mixed third quarter report, following a busy three months for the green power giant.
The firm generated US$157 million (approximately C$206 million) in funds from its operations in the third quarter of the year, a 12 per cent increase on 2019’s same period. However, despite the rise in funds, Brookfield Renewable ultimately generated a net loss of US$162 million (approximately C$212.6 million), after non-cash deprecation was factored into the results.
Over the course of the quarter the company organised around US$900 million (approximately C$1.18 billion) in investments, but still retains more than US$3.3 billion (approximately C$4.33 billion) in liquidity.
Most notably during the quarter, Brookfield completed its all-stock merger with TerraForm Power, expanding its wind and solar business in North America and Europe. Alongside the merger Brookfield also acquired a large solar development project in Brazil, which is currently one of the largest projects of its kind globally.
Following the results, Brookfield has announced a $0.434 per LP unit quarterly dividend, payable on December 31.
Commenting on the results was Connor Teskey, the newly appointed CEO of Brookfield Renewable.
“We had a strong quarter, as we executed on a broad range of transactions that highlight the unique strengths and differentiated value of our business.
“Our strategy going forward is unchanged. We remain focused on growing our business, while continuing to deliver on our target of 12 to 15 per cent long-term returns to equity holders, by leveraging our scale and operational expertise to help governments and businesses around the world transition to a greener future,” he said.
Alongside the results, Brookfield’s board has approved a three for two share split, which is expected to come into effect in early December this year.
Brookfield Renewable Partners (BEP.UN) is down 2.54 per cent and is trading at $74.15 per share at 11:52am EST.
