Brookfield Renewable invested US$3 billion in growth initiatives in Q2 alone

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Brookfield Renewable has 23GW of installed capacity across its different regions and renewables. Image: Brookfield/TerraForm.

Renewables owner and operator Brookfield Renewable has recorded a strong second quarter, spending more than US$3 billion on development initiatives in Q2 alone.

The renewables operator generated US$294 million in funds from operations during Q2, a 9.7% increase year-on-year which benefited from strong asset availability, higher power prices and a continued growth of its development and acquisitions of assets.

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The company’s revenue also increased during Q2 to US$1.27 billion, up from US$1.01 billion in Q2 2021, and with the first half performance reaching US$2.41 billion, up 18.1% from H1 2021.

During the first half of the year, the company has deployed or agreed to deploy US$4.5 billion of capital across utility-scale solar and wind projects, distributed generation, battery storage and carbon capture.

Moreover, in the past 12 months, the company has trebled its US distributed generation to 6.5GW through different initiatives such as strategic partnerships or joint development agreements.

One of the operations concluded during Q2 was the acquisition of a US distributed generation developer with 500MW of operational and under construction assets primarily in the northeast of the US and with 1.8GW of identified development pipeline.

The investment brings Brookfield’s distributed generation portfolio of operating and development assets to 10.3GW as of 30 June 2022 across the regions it is currently operating.

Other operations the company has completed during the second quarter includes the signing of an agreement to acquire a 600MW+ Brazilian solar PV project in late-stage development which will require US$190 million of equity capital.

Brookfield has recently signed more than 600GWh of solar and wind development to multinational corporations including Amazon, BASF, Johnson & Johnson and Salesforce.

Furthermore, the renewables owner and operator has a pipeline of 17GW of projects under construction and has commissioned around 1.5GW of capacity this year alone with more than 2.8GW to be commissioned in the second half of the year.

In total, Brookfield Renewable has 23GW of installed capacity and up to 75GW of development pipeline around the world, the company said it a statement.

“The business performed well this quarter, as we delivered strong financial results, commissioned 1,000 megawatts of development, and deployed and committed US$3 billion into growth initiatives,” said Connor Teskey, CEO of Brookfield Renewable.

Earlier this year, the company raised US$4 billion of available liquidity in order to fund its pipeline’s growth, while the Brookfield Global Transition Fund raised more than US$15 billion that could be accessed to scale capital to invest.

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