US independent power producer (IPP) Brookfield Renewable earned more than US$400 million in funds from operations (FFO) at its renewable generation assets in the second quarter of 2025, a record for the company.
This is the headline figure from the company’s latest financial results, and marks the second consecutive quarter that its wind, solar, storage and hydropower assets have generated more than US$400 million. While the company’s corporate assets lost US$136 million this quarter, pushing its total FFO down to US$371 million, CEO Connor Teskey described the period as “another strong quarter”.
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Much of the company’s growth in renewable power generation came from its sizable hydroelectric projects, which reached 5,668GWh of generation in the first quarter of this year, up from 4,686GWh in the first quarter of the previous year. Brookfield noted that the FFO delivered by its hydropower projects had increased more than 50% year-on-year, and the company expects to meet its annual target of achieving FFO growth per unit of at least 10%.
Both wind and solar generation also increased between the first quarter of 2024 and the first quarter of 2025, from 2,108GWh to 2,117GWh for wind and from 1,109GWh to 1,349GWh for solar, but the company’s wind projects posted a decline in both revenue and EBITDA for their operations between these periods.
While Brookfield’s wind projects have contributed more to the company’s financial performance – its wind project generated over US$200 million in the fourth quarter of 2024 – the contribution of solar projects to the company’s financial results has varied in the past 18 months, as shown in the graph above.
This range, from a low of US$61 million in the first quarter of 2024 to a high of US$127 million in the third quarter of the same year, reflects the regional variation inherent in solar projects, with the company’s funds from solar operations increasing between the first and second quarters of both 2024 and 2025 as the weather improves and its projects are exposed to more sunlight hours.
The company also noted that it has completed US$19 billion of financings “across the business” to further expand its renewable energy generation portfolio.
Much of this will focus on the company’s hydropower sector, rather than its solar projects; this quarter, it signed a “hydro framework agreement” with Google to deliver 3GW of electricity to the technology giant, which will account for just under one-third of the gargantuan 10.5GW offtake agreement signed between the two companies last year.
Brookfield has sought to invest in solar projects through its subsidiaries, however. In January, its subsidiary OnPath Energy announced plans to invest US$1.3 billion (£1 billion) into solar, wind and storage projects across the UK; the company’s portfolio includes the 49MW Common Farm Solar Park, which is being built alongside a 200MW battery energy storage system (BESS).
