All amounts in
BROOKFIELD, News,
“We had a strong start to the year, delivering record results from our large, highly contracted, global operating fleet, which is now approaching 45,000 megawatts diversified across the lowest cost energy technologies. We were also successful advancing our growth initiatives, highlighted by our agreement to acquire National Grid Renewables and completing the privatization of Neoen,” said
He continued, “The fundamentals for energy remain strong as investment in digitalization and reindustrialization is driving demand growth that far exceeds supply. This imbalance persists despite weaker market sentiment due to uncertainty of the impacts of tariffs globally. In the current environment, we feel our business is differentiated by its resiliency, strong balance sheet, and strategic positioning, allowing us to not only continue to execute, but also capitalize on the current environment to opportunistically grow our platform and extend our leadership position.”
| For the three months ended |
||||||||||
| US$ millions (except per unit amounts), unaudited | 2025 | 2024 | ||||||||
| Net loss attributable to Unitholders | $ | (197) | $ | (120) | ||||||
| - per LP unit(1) | (0.35) | (0.23) | ||||||||
| Funds From Operations (FFO)(2) | 315 | 296 | ||||||||
| - per Unit(2)(3) | 0.48 | 0.45 | ||||||||
Key highlights:
- Strengthening our balance sheet, highlighted by the issuance of
C$450 million of medium-term notes during the quarter at our tightest new issue spread in almost 20 years, ending the quarter with approximately$4.5 billion of available liquidity, and providing flexibility to deploy capital in the current attractive environment. We have also been active repurchasing our units at current trading levels as we see this as an accretive use of capital, buying back~$35 million of our units year-to-date. - Executing asset recycling, closing and agreeing to the sale of
$900 million of assets and businesses ($230 million net toBrookfield Renewable ) in the quarter. We continue to advance our robust pipeline of sales processes and we expect to generate significant proceeds and strong returns from our asset rotation program throughout the year. - Advancing commercial priorities including securing contracts to deliver an incremental ~4,500 gigawatt hours per year of generation. This included progressing the delivery of projects to Microsoft under the Renewable Energy Framework Agreement. We continue to view the initial 10,500 megawatts scoped into the agreement as the minimum we will contract under the framework, reflecting the strong demand for power we continue to see from many of the global technology players.
- Delivered ~800 megawatts of capacity during the quarter and expect to bring on ~8,000 megawatts of new renewable capacity this year.
- Deployed or committed
$4.6 billion ($500 million net toBrookfield Renewable ) across multiple investments, adding leading platforms and assets in theU.S. and globally. This included completing the privatization of Neoen and agreeing to acquire National Grid Renewables.
Volatile
Current sentiment for the renewables sector reflects an elevated level of uncertainty, with investors reacting to tariff announcements and an evolving business landscape. We are of the view that many investors today are not discerning between those in the sector that are diversified and well positioned to mitigate potential impacts, and those that are not.
In the current environment, we feel our business is differentiated by its resiliency and strategic positioning, allowing us to not only continue to execute, but capitalize on the current environment to opportunistically grow and enhance our platform.
We have a diversified, global platform of almost 45,000 megawatts of operating capacity that generates high-quality, resilient and inflation-linked cash flows.
Our assets generate a critical resource at the lowest cost in their respective markets and our portfolio is approximately 90% contracted for an average duration of 14 years, with revenues ~70% indexed to inflation. Our fleet delivers power to more than 1,000 customers with no single corporate buyer representing more than 2% of our revenues. Our contracted and inflation-linked cash flows provide visibility on our growing operating earnings and returns to support our distribution and reinvestment in our business through cycles.
Our development projects are well protected against changes in input costs.
Most of our projects have fixed priced engineering, procurement and construction (“EPC”) contracts that have limited exposure to price increases. Where we do retain price exposure, we have also taken actions to help limit the impact on our returns by integrating clauses in our PPA contracts to enable price adjustments. These fixed price EPC contracts and PPA adjustment clauses help protect against changes in input costs impacting our currently under construction and near-term development pipeline and we will continue to execute our development with this approach going forward.
In addition to the EPC contracts and PPA clauses, as one of the largest buyers of materials, we are also well equipped to navigate tariffs and supply chain challenges relative to other players in the sector. We have a diverse global supply chain that supports our
The solar sector has been subject to tariffs in the
Outside of the
Renewables are the most viable and lowest cost power source by a wide margin in most markets.
Similar to other price shock increases in recent years, such as higher borrowing rates, we expect to push any higher input costs that we see in our business through in the form of higher PPAs with very little expected impact on demand or developer returns.
With this backdrop, while most investors are focused on incremental risks they are seeing in the market today, the current uncertainty is creating an opportunity for those that are well positioned to extend their leadership position. Players like us with derisked, growing cash flows, strong balance sheets, access to capital and an ability to move with conviction are best placed to excel in this environment.
The Public to Private Market Bifurcation is Widening
Public market valuations for renewable energy companies have trended significantly lower in recent months. At the same time, fundamentals for energy demand are strong and meeting this demand requires significant capital. This is driving incumbent utilities and traditional energy players to refocus on their core businesses or seek scale capital partnerships or solutions, creating significant opportunities for those with access to capital, carve out capabilities and development expertise to acquire renewable platforms and assets for value.
During the quarter, we reached an agreement to acquire National Grid Renewables (“NGR”), a fully integrated onshore renewable power operator and developer in the
Similar to the Deriva Energy (formerly
NGR’s contracted operating portfolio provides strong downside protection and we see an opportunity to deliver significant value through the development of the company’s large, high-quality, advanced stage pipeline, which is well-located relative to the demand we are seeing from large technology companies. We expect to close the acquisition in the first half of the year.
We were also successful in the quarter acquiring the remaining outstanding shares of Neoen, resulting in our 100% ownership of the business. The privatization and close of the acquisition further demonstrates our ability to execute large-scale acquisitions and the opportunity in the present market for investors with access to capital. We expect to drive value generation through the acceleration of Neoen’s development activities and via the implementation of an asset rotation program.
In contrast to the sentiment for renewables in the public markets today, we continue to see robust demand from private investors for our derisked operating assets and platforms with advanced projects and highly executable growth opportunities.
During the quarter, we closed and advanced several asset sales, crystallizing strong returns, including closing the first phase of our
The market for asset recycling continues to be robust and our pipeline of potential asset sales is large. We continue to bring on derisked operating assets and equip our platforms with end-to-end capabilities making them increasingly attractive to lower cost of capital buyers. Our growing portfolio of attractive assets and platforms is enabling us to continue scaling our capital rotation activities and deliver on our full-cycle value creation model, a very accretive and repeatable way to generate returns for our shareholders and fund our growth.
Looking ahead, we remain well positioned to continue to capitalize on the current market bifurcation, acquiring for value as well as monetizing our derisked renewables platforms and assets to lower cost of capital buyers, generating strong returns.
Operating Results
In the first quarter, we generated record FFO of
Our hydroelectric segment delivered FFO of
Our wind and solar segments generated
Our distributed energy, storage, and sustainable solutions segments performed well, generating a combined
Balance Sheet & Liquidity
Our financial position remains strong with approximately
In March, we opportunistically issued
We have also been active repurchasing our units at current trading levels, as we see this as an accretive use of capital. Year-to-date we have bought back
Distribution Declaration
The next quarterly distribution in the amount of
The quarterly dividends on BEP's preferred shares and preferred LP units have also been declared.
Distribution Currency Option
The quarterly distributions payable on the BEP units and BEPC shares are declared in
Registered unitholders who are residents in
Distribution Reinvestment Plan
Additional information on Brookfield Renewable’s distributions and preferred share dividends can be found on our website at www.bep.brookfield.com.
Investors can access the portfolio either through
Please note that Brookfield Renewable’s previous audited annual and unaudited quarterly reports filed with the
| Contact information: | |
| Media: | Investors: |
| Managing Director – Communications | Vice President – Investor Relations |
| +44 (0)7398 909 278 | (416)-649-8196 |
| [email protected] | [email protected] |
Conference Call and Quarterly Earnings Details
Investors, analysts and other interested parties can access Brookfield Renewable’s First Quarter 2025 Results as well as the Letter to Unitholders and Supplemental Information on Brookfield Renewable’s website at https://bep.brookfield.com.
To participate in the Conference Call on
| Consolidated Statements of Financial Position | ||||||||
| As of | ||||||||
| UNAUDITED (MILLIONS) |
||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 1,955 | $ | 3,135 | ||||
| Trade receivables and other financial assets(4) | 6,862 | 6,705 | ||||||
| Equity-accounted investments | 2,618 | 2,740 | ||||||
| Property, plant and equipment, at fair value and |
79,402 | 78,909 | ||||||
| Deferred income tax and other assets(5) | 4,441 | 3,320 | ||||||
| Total Assets | $ | 95,278 | $ | 94,809 | ||||
| Liabilities | ||||||||
| Corporate borrowings(6) | $ | 4,080 | $ | 3,802 | ||||
| Borrowings which have recourse only to assets they finance(7) | 31,422 | 30,588 | ||||||
| Accounts payable and other liabilities(8) | 17,616 | 15,524 | ||||||
| Deferred income tax liabilities | 8,546 | 8,439 | ||||||
| Equity | ||||||||
| Non-controlling interests | ||||||||
| Participating non-controlling interests – in operating subsidiaries | $ | 23,717 | $ | 26,168 | ||||
| General partnership interest in a holding subsidiary held by Brookfield | 48 | 50 | ||||||
| Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | 2,346 | 2,457 | ||||||
| BEPC exchangeable shares and class A.2 exchangeable shares | 2,167 | 2,269 | ||||||
| Preferred equity | 537 | 537 | ||||||
| Perpetual subordinated notes | 737 | 737 | ||||||
| Preferred limited partners' equity | 634 | 634 | ||||||
| Limited partners' equity | 3,428 | 33,614 | 3,604 | 36,456 | ||||
| Total Liabilities and Equity | $ | 95,278 | $ | 94,809 | ||||
| Consolidated Statements of Operating Results | ||||||
| UNAUDITED | For the three months ended |
|||||
| (MILLIONS, EXCEPT AS NOTED) | 2025 | 2024 | ||||
| Revenues | $ | 1,580 | $ | 1,492 | ||
| Other income | 170 | 34 | ||||
| Direct operating costs(9) | (675 | ) | (634 | ) | ||
| Management service costs | (49 | ) | (45 | ) | ||
| Interest expense | (609 | ) | (476 | ) | ||
| Share of loss from equity-accounted investments | (16 | ) | (33 | ) | ||
| Foreign exchange and financial instrument gain | 249 | 120 | ||||
| Depreciation | (583 | ) | (502 | ) | ||
| Other | (261 | ) | (12 | ) | ||
| Income tax recovery (expense) | ||||||
| Current | 41 | (28 | ) | |||
| Deferred | 45 | 14 | ||||
| Net loss | $ | (108 | ) | $ | (70 | ) |
| Net loss attributable to preferred equity, preferred limited partners' equity, perpetual subordinated notes and non-controlling interests in operating subsidiaries | $ | (89 | ) | $ | (50 | ) |
| Net loss attributable to Unitholders | (197 | ) | (120 | ) | ||
| Basic and diluted loss per LP unit | $ | (0.35 | ) | $ | (0.23 | ) |
| Consolidated Statements of Cash Flows | ||||||
| For the three months ended |
||||||
| UNAUDITED (MILLIONS) |
2025 | 2024 | ||||
| Operating activities | ||||||
| Net loss | $ | (108 | ) | $ | (70 | ) |
| Adjustments for the following non-cash items: | ||||||
| Depreciation | 583 | 502 | ||||
| Unrealized foreign exchange and financial instrument gain | (188 | ) | (117 | ) | ||
| Share of loss from equity-accounted investments | 16 | 33 | ||||
| Deferred income tax recovery | (45 | ) | (14 | ) | ||
| Other non-cash items | 71 | 56 | ||||
| 329 | 390 | |||||
| Net change in working capital and other(10) | 58 | (66 | ) | |||
| 387 | 324 | |||||
| Financing activities | ||||||
| Net corporate borrowings | 307 | 297 | ||||
| Corporate credit facilities, net | (240 | ) | — | |||
| Non-recourse borrowings, commercial paper, and related party borrowings, net | 2,308 | 647 | ||||
| Capital contributions from participating non-controlling interests – in operating subsidiaries, net | 368 | 151 | ||||
| (Repurchase) issuance of equity instruments, net and related costs | (27 | ) | 118 | |||
| Distributions paid: | ||||||
| To participating non-controlling interests - in operating subsidiaries | (243 | ) | (132 | ) | ||
| To unitholders of |
(283 | ) | (260 | ) | ||
| 2,190 | 821 | |||||
| Investing activities | ||||||
| Acquisitions, net of cash and cash equivalents in acquired entity | (2,743 | ) | (11 | ) | ||
| Investment in property, plant and equipment | (1,546 | ) | (840 | ) | ||
| Disposal of associates and other assets | 457 | 2 | ||||
| Restricted cash and other | 41 | 14 | ||||
| (3,791 | ) | (835 | ) | |||
| Cash and cash equivalents | ||||||
| (Decrease) increase | (1,214 | ) | 310 | |||
| Foreign exchange gain (loss) on cash | 56 | (17 | ) | |||
| Net change in cash classified within assets held for sale | (22 | ) | (11 | ) | ||
| Balance, beginning of period | 3,135 | 1,141 | ||||
| Balance, end of period | $ | 1,955 | $ | 1,423 | ||
PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED
The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended
| (GWh) | (MILLIONS) | |||||||||||||||||||||||||||
| Actual Generation | LTA Generation | Revenues | Adjusted EBITDA(2) | FFO(2) | ||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Hydroelectric | ||||||||||||||||||||||||||||
| 3,032 | 3,621 | 3,231 | 3,234 | $ | 288 | $ | 303 | $ | 172 | $ | 206 | $ | 103 | $ | 137 | |||||||||||||
| 1,057 | 1,014 | 956 | 1,008 | 48 | 59 | 36 | 42 | 30 | 36 | |||||||||||||||||||
| 926 | 694 | 850 | 843 | 77 | 79 | 53 | 45 | 30 | 20 | |||||||||||||||||||
| 5,015 | 5,329 | 5,037 | 5,085 | 413 | 441 | 261 | 293 | 163 | 193 | |||||||||||||||||||
| Wind | 2,397 | 2,128 | 2,570 | 2,500 | 165 | 170 | 129 | 121 | 86 | 87 | ||||||||||||||||||
| Utility-scale solar | 946 | 720 | 1,139 | 844 | 96 | 93 | 95 | 90 | 63 | 61 | ||||||||||||||||||
| Distributed energy & storage | 312 | 284 | 253 | 225 | 53 | 52 | 122 | 43 | 114 | 34 | ||||||||||||||||||
| Sustainable solutions | — | — | — | — | 130 | 119 | 22 | 35 | 12 | 33 | ||||||||||||||||||
| Corporate | — | — | — | — | — | — | (4 | ) | (7 | ) | (123 | ) | (112 | ) | ||||||||||||||
| Total | 8,670 | 8,461 | 8,999 | 8,654 | $ | 857 | $ | 875 | $ | 625 | $ | 575 | $ | 315 | $ | 296 | ||||||||||||
RECONCILIATION OF NON-IFRS MEASURES
The following table reflects Adjusted EBITDA and provides a reconciliation from Net income (loss) to Adjusted EBITDA for the three months ended
| (MILLIONS) | Hydroelectric | Wind | Utility-scale solar |
Distributed energy & storage |
Sustainable solutions |
Corporate | Total | ||||||||||||||
| Net income (loss) | $ | 74 | $ | (105 | ) | $ | (103 | ) | $ | 118 | $ | 24 | $ | (116 | ) | $ | (108 | ) | |||
| Add back or deduct the following: | |||||||||||||||||||||
| Depreciation | 159 | 221 | 134 | 57 | 12 | — | 583 | ||||||||||||||
| Deferred income tax (recovery) expense | (3 | ) | (30 | ) | (26 | ) | 22 | — | (8 | ) | (45 | ) | |||||||||
| Foreign exchange and financial instrument loss (gain) | 2 | (133 | ) | (79 | ) | (8 | ) | (36 | ) | 5 | (249 | ) | |||||||||
| Other(11) | 27 | 167 | 149 | 6 | 2 | 10 | 361 | ||||||||||||||
| Management service costs | — | — | — | — | — | 49 | 49 | ||||||||||||||
| Interest expense | 181 | 196 | 129 | 48 | 1 | 54 | 609 | ||||||||||||||
| Current income tax expense (recovery) | 31 | (1 | ) | 8 | (81 | ) | — | 2 | (41 | ) | |||||||||||
| Amount attributable to equity accounted investments and non-controlling interests(12) | (210 | ) | (186 | ) | (117 | ) | (40 | ) | 19 | — | (534 | ) | |||||||||
| Adjusted EBITDA attributable to Unitholders | $ | 261 | $ | 129 | $ | 95 | $ | 122 | $ | 22 | $ | (4 | ) | $ | 625 | ||||||
The following table reflects Adjusted EBITDA and provides a reconciliation from Net income (loss) to Adjusted EBITDA for the three months ended
| (MILLIONS) | Hydroelectric | Wind | Utility-scale solar |
Distributed energy & storage |
Sustainable solutions |
Corporate | Total | ||||||||||||||
| Net income (loss) | $ | 122 | $ | 9 | $ | (61 | ) | $ | (28 | ) | $ | (6 | ) | $ | (106 | ) | $ | (70 | ) | ||
| Add back or deduct the following: | |||||||||||||||||||||
| Depreciation | 161 | 210 | 96 | 31 | 4 | — | 502 | ||||||||||||||
| Deferred income tax (recovery) expense | 2 | (6 | ) | (1 | ) | (3 | ) | — | (6 | ) | (14 | ) | |||||||||
| Foreign exchange and financial instrument (gain) loss | (34 | ) | (75 | ) | 7 | 8 | (23 | ) | (3 | ) | (120 | ) | |||||||||
| Other(11) | (47 | ) | (29 | ) | (21 | ) | (24 | ) | 10 | 16 | (95 | ) | |||||||||
| Management service costs | — | — | — | — | — | 45 | 45 | ||||||||||||||
| Interest expense | 198 | 111 | 85 | 32 | 3 | 47 | 476 | ||||||||||||||
| Current income tax expense | 18 | 9 | — | 1 | — | — | 28 | ||||||||||||||
| Amount attributable to equity accounted investments and non-controlling interests(12) | (127 | ) | (108 | ) | (15 | ) | 26 | 47 | — | (177 | ) | ||||||||||
| Adjusted EBITDA attributable to Unitholders | $ | 293 | $ | 121 | $ | 90 | $ | 43 | $ | 35 | $ | (7 | ) | $ | 575 | ||||||
The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures. Net income is reconciled to Funds From Operations:
| For the three months ended |
||||||
| UNAUDITED (MILLIONS) |
2025 | 2024 | ||||
| Net loss | $ | (108 | ) | $ | (70 | ) |
| Add back or deduct the following: | ||||||
| Depreciation | 583 | 502 | ||||
| Deferred income tax recovery | (45 | ) | (14 | ) | ||
| Foreign exchange and financial instruments gain | (249 | ) | (120 | ) | ||
| Other(13) | 361 | (95 | ) | |||
| Amount attributable to equity accounted investment and non-controlling interest(14) | (227 | ) | 93 | |||
| Funds From Operations | $ | 315 | $ | 296 | ||
The following table reconciles the per Unit non-IFRS financial metrics to the most directly comparable IFRS measures. Net income per LP unit is reconciled to Funds From Operations:
| For the three months ended |
||||||
| 2025 | 2024 | |||||
| Basic loss per LP unit(1) | $ | (0.35 | ) | $ | (0.23 | ) |
| Adjusted for proportionate share of: | ||||||
| Depreciation | 0.43 | 0.38 | ||||
| Deferred income tax recovery | (0.06 | ) | (0.03 | ) | ||
| Foreign exchange and financial instruments loss (gain) | 0.01 | (0.06 | ) | |||
| Other(19) | 0.45 | 0.39 | ||||
| Funds From Operations per Unit(3) | $ | 0.48 | $ | 0.45 | ||
| Brookfield |
| Press Release |
REPORTS FIRST QUARTER RESULTS
All amounts in
The Board of Directors of
The Shares of BEPC are structured with the intention of being economically equivalent to the non-voting limited partnership units of
| For the three months ended |
||||||||
| US$ millions (except per unit amounts), unaudited | 2025 | 2024 | ||||||
| Select Financial Information | ||||||||
| Net income attributable to the partnership | $ | 5 | $ | 491 | ||||
| Funds From Operations (FFO)(2) | 139 | 219 | ||||||
BEPC reported FFO of
| Consolidated Statements of Financial Position | ||||||||
| As of | ||||||||
| UNAUDITED (MILLIONS) |
||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 614 | $ | 624 | ||||
| Trade receivables and other financial assets(4) | 2,890 | 3,162 | ||||||
| Equity-accounted investments | 774 | 753 | ||||||
| Property, plant and equipment, at fair value and |
40,458 | 39,388 | ||||||
| Deferred income tax and other assets(5) | 228 | 202 | ||||||
| Total Assets | $ | 44,964 | $ | 44,129 | ||||
| Liabilities | ||||||||
| Borrowings which have recourse only to assets they finance(7) | $ | 14,111 | $ | 13,775 | ||||
| Accounts payable and other liabilities(8) | 3,345 | 3,153 | ||||||
| Deferred income tax liabilities | 6,689 | 6,493 | ||||||
| Shares classified as financial liabilities | 8,377 | 8,600 | ||||||
| Equity | ||||||||
| Non-controlling interests: | ||||||||
| Participating non-controlling interests – in operating subsidiaries | $ | 10,737 | $ | 10,508 | ||||
| Participating non-controlling interests – in a holding subsidiary held by the partnership | 269 | 259 | ||||||
| The partnership | 1,436 | 12,442 | 1,341 | 12,108 | ||||
| Total Liabilities and Equity | $ | 44,964 | $ | 44,129 | ||||
| Consolidated Statements of Income (Loss) | |||||||
| UNAUDITED (MILLIONS) |
For the three months ended |
||||||
| 2025 | 2024 | ||||||
| Revenues | $ | 907 | $ | 1,125 | |||
| Other income | 23 | 24 | |||||
| Direct operating costs(9) | (368 | ) | (484 | ) | |||
| Management service costs | (23 | ) | (21 | ) | |||
| Interest expense | (413 | ) | (363 | ) | |||
| Share of loss from equity-accounted investments | (2 | ) | (15 | ) | |||
| Foreign exchange and financial instrument (loss) gain | (21 | ) | 29 | ||||
| Depreciation | (307 | ) | (345 | ) | |||
| Other | (17 | ) | 26 | ||||
| Remeasurement of shares classified as financial liability | 223 | 548 | |||||
| Income tax (expense) recovery | |||||||
| Current | (36 | ) | (20 | ) | |||
| Deferred | 29 | (13 | ) | ||||
| Net (loss) income | $ | (5 | ) | $ | 491 | ||
| Net income (loss) attributable to: | |||||||
| Non-controlling interests: | |||||||
| Participating non-controlling interests – in operating subsidiaries | $ | (10 | ) | $ | 1 | ||
| Participating non-controlling interests – in a holding subsidiary held by the partnership | — | (1 | ) | ||||
| The partnership | 5 | 491 | |||||
| $ | (5 | ) | $ | 491 | |||
| Consolidated Statements of Cash Flows | ||||||
| UNAUDITED (MILLIONS) |
For the three months ended |
|||||
| 2025 | 2024 | |||||
| Operating activities | ||||||
| Net (loss) income | $ | (5 | ) | $ | 491 | |
| Adjustments for the following non-cash items: | ||||||
| Depreciation | 307 | 345 | ||||
| Unrealized foreign exchange and financial instruments loss (gain) | 2 | (28 | ) | |||
| Share of loss from equity-accounted investments | 2 | 15 | ||||
| Deferred income tax (recovery) expense | (29 | ) | 13 | |||
| Other non-cash items | 51 | 16 | ||||
| Remeasurement of shares classified as financial liability | (223 | ) | (548 | ) | ||
| 105 | 304 | |||||
| Net change in working capital and other(10) | 5 | (47 | ) | |||
| 110 | 257 | |||||
| Financing activities | ||||||
| Non-recourse borrowings and related party borrowings, net | 152 | 131 | ||||
| Capital contributions from participating non-controlling interests | 101 | 82 | ||||
| Distributions paid: | ||||||
| To participating non-controlling interests | (149 | ) | (76 | ) | ||
| 104 | 137 | |||||
| Investing activities | ||||||
| Investment in equity-accounted investments | (20 | ) | — | |||
| Investment in property, plant and equipment | (248 | ) | (277 | ) | ||
| Disposal of subsidiaries, associates and other securities, net | — | (113 | ) | |||
| Restricted cash and other | 16 | 19 | ||||
| (252 | ) | (371 | ) | |||
| Cash and cash equivalents | ||||||
| (Decrease) increase | (38 | ) | 23 | |||
| Foreign exchange gain (loss) on cash | 27 | (9 | ) | |||
| Net change in cash classified within assets held for sale | 1 | (2 | ) | |||
| Balance, beginning of period | 624 | 627 | ||||
| Balance, end of period | 614 | 639 | ||||
RECONCILIATION OF NON-IFRS MEASURES
The following table reconciles Net income (loss) to Funds From Operations:
| For the three months ended |
||||||
| UNAUDITED (MILLIONS) |
2025 | 2024 | ||||
| Net (loss) income | $ | (5 | ) | $ | 491 | |
| Add back or deduct the following: | ||||||
| Depreciation | 307 | 345 | ||||
| Deferred income tax (recovery) expense | (29 | ) | 13 | |||
| Foreign exchange and financial instruments loss (gain) | 21 | (29 | ) | |||
| Other(13) | 50 | (204 | ) | |||
| Dividends on BEPC exchangeable, class A.2 exchangeable shares and exchangeable shares of BRHC(15) | 163 | 65 | ||||
| Remeasurement of shares classified as financial liabilities | (223 | ) | (548 | ) | ||
| Amount attributable to equity accounted investments and non-controlling interests(16) | (145 | ) | 86 | |||
| Funds From Operations | $ | 139 | $ | 219 | ||
Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the
The foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this news release and should not be relied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Statement Regarding Use of Non-IFRS Measures
This news release contains references to FFO and FFO per Unit, which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDA, FFO and FFO per Unit used by other entities. We believe that FFO and FFO per Unit are useful supplemental measures that may assist investors in assessing the financial performance and the cash anticipated to be generated by our operating portfolio. None of FFO and FFO per Unit should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For a reconciliation of FFO and FFO per Unit to the most directly comparable IFRS measure, please see “Reconciliation of Non-IFRS Measures - Three Months Ended March 31” included elsewhere herein and “Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures” included in our unaudited Q1 2025 interim report. For a reconciliation of FFO and FFO per Unit to the most directly comparable IFRS measure, please see “Reconciliation of Non-IFRS Measures - Quarter Ended March 31” included elsewhere herein and “Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures” included in our unaudited Q1 2025 interim report.
References to
Endnotes
- For the three months ended March 31, 2025, average LP units totaled 284.9 million, respectively (2024: 286.8 million, respectively).
- Non-IFRS measures. Refer to “Cautionary Statement Regarding Use of Non-IFRS Measures”.
- Average Units outstanding for the three months ended
March 31, 2025 were 662.9 million, respectively (2024: 664.9 million, respectively), being inclusive of GP interest, Redeemable/Exchangeable partnership units, LP units, BEPC exchangeable shares and class A.2 exchangeable shares. The actual Units outstanding as atMarch 31, 2025 were 662.2 million (2024: 664.2 million). - Balance includes restricted cash, trades receivables and other current assets, financial instrument assets, and due from related parties.
- Balance includes deferred income tax assets, assets held for sale, intangible assets, and other long-term assets.
- Balance includes current and non-current portion of corporate borrowings.
- Balance includes current and non-current portion of non-recourse borrowings on the consolidated statement of financial position.
- Balance includes accounts payable and accrued liabilities, financial instrument liabilities, due to related parties, provisions, liabilities directly associated with assets held for sale and other long-term liabilities.
- Direct operating costs exclude depreciation expense disclosed below.
- Balance includes change in working capital, dividends received from equity accounted investments and changes due to or from related parties.
- Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable’s economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included within Adjusted EBITDA.
- Amount attributable to equity accounted investments corresponds to the Adjusted EBITDA to
Brookfield Renewable that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries, excluding amounts attributable to Unitholders. By adjusting Adjusted EBITDA attributable to non-controlling interest,Brookfield Renewable is able to remove the portion of Adjusted EBITDA earned at non-wholly owned subsidiaries that are not attributable toBrookfield Renewable . - Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable’s economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included in Funds From Operations.
- Amount attributable to equity accounted investments corresponds to the Funds From Operations that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries, excluding amounts attributable to Unitholders. By adjusting Funds From Operations attributable to non-controlling interest,
Brookfield Renewable is able to remove the portion of Funds From Operations earned at non-wholly owned subsidiaries that are not attributable toBrookfield Renewable . - Balance is included within interest expense on the consolidated statements of income (loss).
- Amount attributable to equity accounted investments corresponds to the Funds From Operations that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries. By adjusting Funds From Operations attributable to non-controlling interest, our company is able to remove the portion of Funds From Operations earned at non-wholly owned subsidiaries that are not attributable to our company.
- Any references to capital refer to Brookfield's cash deployed, excluding any debt financing.
- Available liquidity of over
$4 .5 billion refers to "Part 5 - Liquidity and Capital Resources" in the Management Discussion and Analysis in the Q1 2025 Interim Report. - Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and the Brookfield Renewable’s economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included in Funds From Operations as well as amounts attributable to holders of Redeemable/Exchangeable partnership units, GP interest, BEPC exchangeable shares and class A.2 exchangeable shares.
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