Brookfield Renewable Invests $3 Billion In Growth Initiatives In Second Quarter

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Brookfield Renewable Partners has reported financial results for the three and six months ended June 30, 2022. The Canada-based company has held that it had invested heavily for the growth of the businesses.

Connor Teskey, CEO of Brookfield Renewable, declared, “The business performed well this quarter, as we delivered strong financial results, commissioned 1,000 megawatts of development, and deployed and committed $3 billion into growth initiatives. Given the depth of our operating capabilities, globally diverse asset base, and strong access to capital, we are well positioned in all market environments to be a partner of choice in helping governments and businesses achieve their goals of low-cost energy, net-zero, and energy security.”

The official statement of Brookfield Renewable said that the company closed or agreed to invest $3 billion ($650 million net to Brookfield Renewable) of capital across various transactions and regions.

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The company statement shared that Brookfield Renewable advanced key commercial priorities, securing contracts to deliver an incremental 3,000,000-megawatt hours (MWh) of clean energy annually including 600,000 megawatt hours to corporate off-takers. This includes securing a contract to provide clean energy to one of BASF’s largest production facilities globally.

Brookfield Renewable mentioned said that it continued to accelerate its development activities, commissioning approximately 1,000 megawatts of new projects. These projects are expected to contribute approximately $11 million of FFO annually to Brookfield Renewable. The company also continues to execute on its 17,000-megawatt under-construction and advanced-stage pipeline and have expanded its development pipeline to 75,000 megawatts and approximately 8 million metric tons per annum of carbon capture and storage (CCS).

The quarterly and half-yearly results also mention that Brookfield Renewable is advancing approximately $560 million ($90 million net to Brookfield Renewable) of asset recycling activities and continue to maintain robust financial capacity with $4 billion of available liquidity, no material near-term maturities, and limited floating interest rate exposure.

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Brookfield Renewable is a Toronto based pure-play renewable power platform whose portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 23,000 MW of installed capacity and an approximately 75,000 MW and 8 million metric tons per annum of carbon dioxide development pipeline.