Brookfield Renewable Partners L.P. (TSX: BEP.UN)(NYSE: BEP) ("Brookfield Renewable") today reported financial results for the three and nine months ended September 30, 2016.
"In 2016, we and our institutional partners have acquired more than 3,000 megawatts of best-in-class hydroelectric assets using a contrarian, value-based approach," said Sachin Shah, CEO of Brookfield Renewable. "We continue to identify significant long-term growth opportunities in new markets and technologies complementing our existing assets and operating expertise. All of this bodes well for the prospects of the business and our ability to increase our cash flows and distributions, and deliver 12-15% annualized total returns to shareholders over time."
Financial Results ---------------------------------------------------------------------------- For the periods ended September30 US$ millions (except per unit or Three Months otherwise noted) Ended Nine months ended Unaudited 2016 2015 2016 2015 ---------------------------------------------------------------------------- Generation (GWh) - Total 7,522 4,992 25,343 17,215 - Brookfield Renewable's share 4,418 3,715 15,537 13,108 Net (loss) income$ (19) $ 27 $ 41 $ 113 Per LP Unit$ (0.12) $ (0.07) $ (0.07) $ 0.10 Funds From Operations (FFO)(1)$ 73 $ 80 $ 365 $ 379 Per LP Unit(1)(2)$ 0.24 $ 0.29 $ 1.28 $ 1.37 Normalized FFO(1)(3)$ 71 $ 53 $ 382 $ 369 Per LP Unit(1)(2)(3)$ 0.24 $ 0.19 $ 1.34 $ 1.34 ---------------------------------------------------------------------------- (1) Non-IFRS measure. Refer to "Cautionary Statement Regarding Use of Non- IFRS Measures". (2) For the three and nine months ended September 30, 2016, weighted average LP units, Redeemable/Exchangeable units and General Partnership units totaled 299.0 million and 285.2 million, respectively (2015: 275.7 million and 275.7 million). (3) Normalized FFO assumes long-term average generation and uses 2015 average foreign currency rates for the respective periods.
Recent Highlights
-- Alongside our institutional partners, we closed the second mandatory
tender offer for the outstanding shares of Isagen S.A. E.S.P.
("Isagen"), increasing our combined interest to 99.6%. As of the date of
this Press Release, Brookfield Renewable retains an approximate 24%
interest in Isagen.
-- We achieved full commissioning, on scope, schedule and under budget of a
14 megawatt wind facility in Ireland expected to generate 37 GWh
annually. Since we acquired the Irish portfolio, we have completed 151
megawatts of wind projects.
-- We continue to advance the construction, on scope, schedule and budget,
of 127 megawatts of hydroelectric and biomass development projects in
Brazil and two wind projects in Northern Ireland totalling 43 megawatts.
Collectively, these projects are expected to generate 767 GWh annually
with commissioning expected between 2016 and 2018.
-- With our institutional partners, we acquired a 19 megawatt wind
development project in Ireland expected to generate 63 GWh annually. The
construction of the project is expected to begin in the fourth quarter.
Brookfield Renewable retains an approximate 40% interest.
-- Our liquidity position at quarter-end remained strong at $1.3 billion .
Financing activities in the quarter included the issuance of C$500
million of medium term notes and COP 300 billion (approximately $101
million ) in notes associated with the Isagen portfolio.
Review of Operations
Generation for the three months ended September 30, 2016 totaled 7,522 GWh, below the long-term average of 9,345 GWh and an increase of 2,530 GWh compared to the prior year.
The hydroelectric portfolio generated 6,418 GWh, below the long-term average of 8,181 GWh and an increase of 2,470 GWh compared to the prior year. The contribution from the growth in the portfolio was 2,692 GWh. In our North American portfolio, generation at our existing facilities in
The wind portfolio generated 889 GWh, below the long-term average of 1,011 GWh and an increase of 117 GWh compared to the same period of the prior year. Generation from our North American and Brazilian portfolios was higher than the same period of the prior year due to improved wind conditions. Generation from our European portfolio was above the long-term average and higher than the prior year.
Revenues in the third quarter totaled
Adjusted EBITDA for the third quarter was
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Generation (GWh)(1) Variance of Results
----------------------------------------------------------------------------
Actual Actual
Actual Actual LTA vs. vs.
For the three months ended Prior
September 30 2016 2015 2016 LTA Year
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hydroelectric
North America
United States 1,733 2,117 2,280 (547) (384)
Canada 1,071 952 1,216 (145) 119
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2,804 3,069 3,496 (692) (265)
Colombia(2) 2,554 - 3,571 (1,017) 2,554
Brazil 1,060 879 1,114 (54) 181
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6,418 3,948 8,181 (1,763) 2,470
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Wind
North America
United States 228 185 269 (41) 43
Canada 143 155 238 (95) (12)
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371 340 507 (136) 31
Europe 318 295 296 22 23
Brazil 200 137 208 (8) 63
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889 772 1,011 (122) 117
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Other 215 272 153 62 (57)
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Total(3) 7,522 4,992 9,345 (1,823) 2,530
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(1) For assets acquired or reaching commercial operation during the year,
this figure is calculated from the acquisition or commercial operation
date and is not annualized.
(2) Includes generation from both hydroelectric and Co-gen facilities.
(3) Includes 100% of generation from equity-accounted investments.
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Generation (GWh)(1) Variance of Results
----------------------------------------------------------------------------
Actual Actual
Actual Actual LTA vs. vs.
For the nine months ended Prior
September 30 2016 2015 2016 LTA Year
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hydroelectric
North America
United States 7,845 7,582 9,080 (1,235) 263
Canada 4,149 3,792 3,956 193 357
----------------------------------------------------------------------------
11,994 11,374 13,036 (1,042) 620
Colombia(2) 6,966 - 9,333 (2,367) 6,966
Brazil 3,168 2,451 3,455 (287) 717
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22,128 13,825 25,824 (3,696) 8,303
----------------------------------------------------------------------------
Wind
North America
United States 732 746 894 (162) (14)
Canada 649 671 854 (205) (22)
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1,381 1,417 1,748 (367) (36)
Europe 1,067 1,072 1,073 (6) (5)
Brazil 462 322 390 72 140
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2,910 2,811 3,211 (301) 99
----------------------------------------------------------------------------
Other 305 579 305 - (274)
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Total generation(3) 25,343 17,215 29,340 (3,997) 8,128
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(1) For assets acquired or reaching commercial operation during the year,
this figure is calculated from the acquisition or commercial operation
date and is not annualized.
(2) Includes generation from both hydroelectric and Co-gen facilities.
(3) Includes 100% of generation from equity-accounted investments.
Distribution Declaration
The next quarterly distribution in the amount of
The regular quarterly dividends on Brookfield Renewable's preferred shares and preferred LP units have also been declared.
Distribution Currency Option
The quarterly distributions payable on the Partnership's LP Units are declared in
Registered unitholders resident in
Distribution Reinvestment Plan
Brookfield Renewable maintains a Distribution Reinvestment Plan ("DRIP") which allows holders of its LP Units who are resident in
Additional information on Brookfield Renewable's distributions and preferred share dividends can be found on its website at https://bep.brookfield.com.
Brookfield Renewable Partners
Brookfield Renewable Partners operates one of the world's largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric and wind facilities in
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with
Please note that Brookfield Renewable's previous audited annual and unaudited quarterly reports have been filed on SEDAR and can also be found in the investors section of its website at https://bep.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
Quarterly Earnings Call Details
Investors, analysts and other interested parties can access Brookfield Renewable's 2016 Third Quarter Results as well as the Letter to Shareholders and Supplemental Information on Brookfield Renewable's website at https://bep.brookfield.com.
The conference call can be accessed via webcast on November 3, 2016 at 9:00 a.m. Eastern Time at https://bep.brookfield.com or via teleconference at 1-800-319-4610 toll free in
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
We caution that 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. For further information on these known and unknown risks, please see "Risk Factors" included in our Form 20-F.
Cautionary Statement Regarding Use of Non-IFRS Measures
This news release contains references to Adjusted EBITDA, Funds From Operations, Adjusted Funds From Operations, Funds From Operations per LP Unit, Normalized Funds From Operations and Normalized Funds From Operations per LP Unit, which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDA, Funds From Operations, Adjusted Funds From Operations, Funds From Operations per LP Unit, Normalized Funds From Operations and Normalized Funds From Operations per LP Unit used by other entities. We believe that these are useful supplemental measures that may assist investors in assessing the financial performance and the cash anticipated to be generated by our operating portfolio. Neither Adjusted EBITDA, Funds From Operations, Adjusted Funds from Operations, Adjusted Funds From Operations per LP Unit, Normalized Funds From Operations nor Normalized Funds From Operations per LP 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.
References to Brookfield Renewable are to Brookfield Renewable Partners L.P. together with its subsidiary and operating entities unless the context reflects otherwise.
FINANCIAL REVIEW FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016
The following table reflects Adjusted EBITDA, Funds From Operations and Adjusted Funds From Operations for the three and nine months ended September 30:
----------------------------------------------------------------------------
Three months
ended Nine months ended
Sep 30 Sep 30
(MILLIONS, EXCEPT AS NOTED) 2016 2015 2016 2015
----------------------------------------
Revenues $ 580 $ 337 $ 1,881 $ 1,236
Other income(1)(2) 23 83 55 116
Direct operating costs (275) (142) (780) (410)
Share of earnings from equity-
accounted investments 1 3 1 10
Management service costs (16) (11) (46) (38)
Interest expense - borrowings (159) (107) (447) (326)
Unrealized financial instruments
loss (4) (1) (6) (9)
Depreciation (210) (153) (593) (472)
Other 6 (1) (6) (15)
Income tax recovery (expense)
Current (8) (7) (20) (17)
Deferred 43 26 2 38
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35 19 (18) 21
----------------------------------------------------------------------------
Net (loss) income (19) 27 41 113
----------------------------------------
Share of non-cash loss from equity-
accounted investments 3 2 7 8
Unrealized financial instruments
loss 4 1 6 9
Depreciation 210 153 593 472
Other (6) 1 6 15
Deferred income tax recovery (43) (26) (2) (38)
Cash portion of non-controlling
interests
Participating non-controlling
interests - in operating
subsidiaries(1) (65) (71) (256) (177)
Preferred equity (6) (7) (19) (23)
Distributions to preferred limited
partners (5) - (11) -
Adjusted sustaining capital
expenditures(3) (17) (15) (50) (45)
----------------------------------------
Adjusted Funds From Operations(4) 56 65 315 334
Adjusted sustaining capital
expenditures(3) 17 15 50 45
----------------------------------------
Funds From Operations(4) 73 80 365 379
Management service costs 16 11 46 38
Interest expense - borrowings 159 107 447 326
Current income taxes 8 7 20 17
Cash portion of non-controlling
interests 71 37 275 159
Distributions to preferred limited
partners 5 - 11 -
----------------------------------------------------------------------------
Adjusted EBITDA(4) $ 332 $ 242 $ 1,164 $ 919
----------------------------------------------------------------------------
Net (loss) income attributable to
limited partners' equity $ (18) $ (9) $ (10) $ 15
----------------------------------------------------------------------------
Basic and diluted (loss) earnings
per LP unit(5) $ (0.12) $ (0.07) $ (0.07) $ 0.10
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(1) In 2015, the sale of the 102 MW wind facility in California resulted in
a gain of $53 million . Brookfield Renewable's share of the gain was $12
million , representing the 22% interest in the facility, and is net of
the cash portion of non-controlling interests.
(2) In 2015, concession agreements relating to two Brazilian hydroelectric
facilities expired. Brookfield Renewable elected not to renew these
agreements in exchange for compensation of $17 million .
(3) Based on long-term sustaining capital expenditure plans.
(4) Non-IFRS measures. See "Cautionary Statement Regarding Use of Non-IFRS
Measures".
(5) Average LP Units outstanding for three and nine months ended September
30, 2016 totaled 166.7 million and 152.9 million, respectively (2015:
143.3 million and 143.4 million).
GENERATION AND FINANCIAL REVIEW ON A PROPORTIONATE BASIS BY SEGMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016
The following table reflects the actual and long-term average generation for the three months ended September 30 on a proportionate basis:
----------------------------------------------------------------------------
Variance of Results
----------------------------------------------------------------------------
Actual
vs.
Actual LTA Prior
Generation(1) Generation(1) Actual vs. LTA Year
----------------------------------------------------------------------------
GENERATION (GWh) 2016 2015 2016 2015 2016 2015
----------------------------------------------------------------------------
Hydroelectric
North America
United States 1,222 1,468 1,527 1,472 (305) (4) (246)
Canada 1,036 918 1,181 1,127 (145) (209) 118
----------------------------------------------------------------------------
2,258 2,386 2,708 2,599 (450) (213) (128)
Colombia(2) 644 - 900 - (256) - 644
Brazil 905 730 935 838 (30) (108) 175
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3,807 3,116 4,543 3,437 (736) (321) 691
----------------------------------------------------------------------------
Wind
North America
United States 118 96 140 140 (22) (44) 22
Canada 143 155 238 238 (95) (83) (12)
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261 251 378 378 (117) (127) 10
Europe 126 117 117 115 9 2 9
Brazil 83 57 87 62 (4) (5) 26
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470 425 582 555 (112) (130) 45
----------------------------------------------------------------------------
Other 141 174 87 110 54 64 (33)
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Total 4,418 3,715 5,212 4,102 (794) (387) 703
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(1) For assets acquired or reaching commercial operation during the year,
this figure is calculated from the acquisition or commercial operation
date and is not annualized.
(2) Includes generation from both hydroelectric and Co-gen facilities.
The following table reflects Adjusted EBITDA and Funds From Operations on a proportionate and consolidated basis for the three months ended September 30:
Brookfield Renewable's Share
----------------------------------------
Hydroelectric
----------------------------------------
North America
--------------------
Colombia
(1)
($ MILLIONS) U.S. Canada Brazil
----------------------------------------------------------------------------
Revenues 100 63 63 52
Other income(3)(4) 1 - 1 4
Share of cash earnings from equity-
accounted investments 1 2 - 1
Direct operating costs (59) (20) (38) (19)
----------------------------------------
Adjusted EBITDA(5) 43 45 26 38
Interest expense - borrowings (28) (17) (13) (7)
Management service costs - - - -
Current income taxes (1) - (1) (3)
Distributions to preferred limited
partners - - - -
Less: cash portion of non-
controlling interests
Participating non-controlling
interests - in operating
subsidiaries - - - -
Preferred equity - - - -
----------------------------------------------------------------------------
Funds From Operations(5) 14 28 12 28
----------------------------------------------------------------------------
Brookfield Renewable's Share
----------------------------------------
Wind
----------------------------------------
North America
--------------------
($ MILLIONS) U.S. Canada Europe Brazil
----------------------------------------------------------------------------
Revenues 14 16 12 6
Other income(3)(4) - - - -
Share of cash earnings from equity-
accounted investments - - - -
Direct operating costs (5) (4) (5) (1)
----------------------------------------
Adjusted EBITDA(5) 9 12 7 5
Interest expense - borrowings (3) (7) (3) (2)
Management service costs - - - -
Current income taxes - - - -
Distributions to preferred limited
partners - - - -
Less: cash portion of non-
controlling interests
Participating non-controlling
interests - in operating
subsidiaries - - - -
Preferred equity - - - -
----------------------------------------------------------------------------
Funds From Operations(5) 6 5 4 3
----------------------------------------------------------------------------
----------------------------------------
Other (2) Corporate Total
----------
($ MILLIONS)
----------------------------------------------------------------------------
Revenues 22 - 348
Other income(3)(4) 3 7 16
Share of cash earnings from equity-
accounted investments - - 4
Direct operating costs (3) (4) (158)
----------------------------------------
Adjusted EBITDA(5) 22 3 210
Interest expense - borrowings (1) (24) (105)
Management service costs - (16) (16)
Current income taxes - - (5)
Distributions to preferred limited
partners - (5) (5)
Less: cash portion of non-
controlling interests
Participating non-controlling
interests - in operating
subsidiaries - - -
Preferred equity - (6) (6)
----------------------------------------------------------------------------
Funds From Operations(5) 21 (48) 73
----------------------------------------------------------------------------
----------
Non-
controllin
g
($ MILLIONS) interests 2016 2015
----------------------------------------------------------------------------
Revenues 232 580 337
Other income(3)(4) 7 23 42
Share of cash earnings from equity-
accounted investments - 4 5
Direct operating costs (117) (275) (142)
----------------------------------------
Adjusted EBITDA(5) 122 332 242
Interest expense - borrowings (54) (159) (107)
Management service costs - (16) (11)
Current income taxes (3) (8) (7)
Distributions to preferred limited
partners - (5) -
Less: cash portion of non-
controlling interests
Participating non-controlling
interests - in operating
subsidiaries (65) (65) (30)
Preferred equity - (6) (7)
----------------------------------------------------------------------------
Funds From Operations(5) - 73 80
----------------------------------------------------------------------------
(1) Includes generation from both hydroelectric and Co-gen facilities.
(2) Other includes North America Co-gen and Brazil biomass.
(3) In 2015, the sale of the 102 MW wind facility in California resulted in
a gain of $53 million . Brookfield Renewable's share of the gain was $12
million , representing the 22% interest in the facility, and is net of
the cash portion of non-controlling interests.
(4) In 2015, concession agreements relating to two Brazilian hydroelectric
facilities expired. Brookfield Renewable elected not to renew these
agreements in exchange for compensation of $17 million .
(5) Non-IFRS measures. See "Cautionary Statement Regarding Use of Non-IFRS
Measures".
GENERATION AND FINANCIAL REVIEW ON A PROPORTIONATE BASIS BY SEGMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016
The following table reflects the actual and long-term average generation for the nine months ended September 30 on a proportionate basis:
----------------------------------------------------------------------------
Variance of Results
----------------------------------------------------------------------------
Actual
vs.
Actual LTA Prior
Generation(1) Generation(1) Actual vs. LTA Year
----------------------------------------------------------------------------
GENERATION (GWh) 2016 2015 2016 2015 2016 2015
----------------------------------------------------------------------------
Hydroelectric
North America
United States 5,485 5,336 6,164 5,999 (679) (663) 149
Canada 4,047 3,695 3,859 3,874 188 (179) 352
----------------------------------------------------------------------------
9,532 9,031 10,023 9,873 (491) (842) 501
Colombia(2) 1,495 - 2,005 - (510) - 1,495
Brazil 2,676 2,115 2,889 2,583 (213) (468) 561
----------------------------------------------------------------------------
13,703 11,146 14,917 12,456 (1,214) (1,310) 2,557
----------------------------------------------------------------------------
Wind
North America
United States 368 332 472 471 (104) (139) 36
Canada 649 671 854 854 (205) (183) (22)
----------------------------------------------------------------------------
1,017 1,003 1,326 1,325 (309) (322) 14
Europe 422 425 424 416 (2) 9 (3)
Brazil 192 134 163 123 29 11 58
----------------------------------------------------------------------------
1,631 1,562 1,913 1,864 (282) (302) 69
----------------------------------------------------------------------------
Other 203 400 201 238 2 162 (197)
----------------------------------------------------------------------------
Total 15,537 13,108 17,031 14,558 (1,494) (1,450) 2,429
----------------------------------------------------------------------------
(1) For assets acquired or reaching commercial operation during the year,
this figure is calculated from the acquisition or commercial operation
date and is not annualized.
(2) Includes generation from both hydroelectric and Co-gen facilities.
The following table reflects Adjusted EBITDA and Funds From Operations on a proportionate and consolidated basis for the nine months ended September 30, 2016:
Brookfield Renewable's Share
----------------------------------------
Hydroelectric
----------------------------------------
North America
--------------------
Colombia(1
($ MILLIONS) U.S. Canada ) Brazil
----------------------------------------------------------------------------
Revenues 407 246 136 138
Other income(3)(4) 2 22 3 10
Share of cash earnings from equity-
accounted investments 3 3 - 2
Direct operating costs (167) (57) (79) (53)
----------------------------------------
Adjusted EBITDA(5) 245 214 60 97
Interest expense - borrowings (85) (47) (26) (19)
Management service costs - - - -
Current income taxes (4) - (1) (7)
Distributions to preferred limited
partners - - - -
Less: cash portion of non-
controlling interests
Participating non-controlling
interests - in operating
subsidiaries - - - -
Preferred equity - - - -
----------------------------------------------------------------------------
Funds From Operations(5) 156 167 33 71
----------------------------------------------------------------------------
Brookfield Renewable's Share
----------------------------------------
Wind
----------------------------------------
North America
--------------------
($ MILLIONS) U.S. Canada Europe Brazil
----------------------------------------------------------------------------
Revenues 45 68 41 12
Other income(3)(4) - - - -
Share of cash earnings from equity-
accounted investments - - - -
Direct operating costs (14) (13) (17) (3)
----------------------------------------
Adjusted EBITDA(5) 31 55 24 9
Interest expense - borrowings (11) (20) (9) (5)
Management service costs - - - -
Current income taxes - - - -
Distributions to preferred limited
partners - - - -
Less: cash portion of non-
controlling interests
Participating non-controlling
interests - in operating
subsidiaries - - - -
Preferred equity - - - -
----------------------------------------------------------------------------
Funds From Operations(5) 20 35 15 4
----------------------------------------------------------------------------
Brookfield Renewable's Share
----------------------------------------
Other (2) Corporate Total
----------
($ MILLIONS)
----------------------------------------------------------------------------
Revenues 27 - 1,120
Other income(3)(4) (1) 7 43
Share of cash earnings from equity-
accounted investments - - 8
Direct operating costs (8) (16) (427)
----------------------------------------
Adjusted EBITDA(5) 18 (9) 744
Interest expense - borrowings (1) (68) (291)
Management service costs - (46) (46)
Current income taxes - - (12)
Distributions to preferred limited
partners - (11) (11)
Less: cash portion of non-
controlling interests
Participating non-controlling
interests - in operating
subsidiaries - - -
Preferred equity - (19) (19)
----------------------------------------------------------------------------
Funds From Operations(5) 17 (153) 365
----------------------------------------------------------------------------
----------
Non-
controllin
g
($ MILLIONS) interests 2016 2015
----------------------------------------------------------------------------
Revenues 761 1,881 1,236
Other income(3)(4) 12 55 75
Share of cash earnings from equity-
accounted investments - 8 18
Direct operating costs (353) (780) (410)
----------------------------------------
Adjusted EBITDA(5) 420 1,164 919
Interest expense - borrowings (156) (447) (326)
Management service costs - (46) (38)
Current income taxes (8) (20) (17)
Distributions to preferred limited
partners - (11) -
Less: cash portion of non-
controlling interests
Participating non-controlling
interests - in operating
subsidiaries (256) (256) (136)
Preferred equity - (19) (23)
----------------------------------------------------------------------------
Funds From Operations(5) - 365 379
----------------------------------------------------------------------------
(1) Includes generation from both hydroelectric and Co-gen facilities.
(2) Other includes North America Co-gen and Brazil biomass.
(3) In 2015, the sale of the 102 MW wind facility in California resulted in
a gain of $53 million . Brookfield Renewable's share of the gain was $12
million , representing the 22% interest in the facility, and is net of
the cash portion of non-controlling interests.
(4) In 2015, concession agreements relating to two Brazilian hydroelectric
facilities expired. Brookfield Renewable elected not to renew these
agreements in exchange for compensation of $17 million .
(5) Non-IFRS measures. See "Cautionary Statement Regarding Use of Non-IFRS
Measures".
Contacts: Zev Korman Senior Vice President, Investor Relations Tel: (416) 359-1955 Email: [email protected]
Source: Brookfield Renewable Partners L.P.
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