Brookfield Renewable Partners, a publicly traded renewable power development platform, announced its fourth quarter and full year results for 2024, posting another record year for assets developed.
The company developed about 7 GW of capacity and deployed and committed $12.5 billion of capital in renewable energy development platforms. It operates in the solar, wind, and hydroelectric power industries. It brought about 2.4 GW of assets into production in the United States. Brookfield closed investments in large renewables developers Infinium, Ørsted and Neoen in 2024.
“The outlook for clean power is stronger than ever, with accelerating demand driven by corporate customers on the back of accelerating data center development and broader electrification, which has only been further enhanced by the new U.S. administration’s effort to drive investment,” said Connor Teskey, chief executive officer of Brookfield Renewable.
Brookfield Renewable generated a record $1.2 billion funds from operations (FFO) in 2024, increasing its per-unit FFO by 10% year-over-year.
The company had several high-profile business developments over the year, including securing contracts to deliver an incremental 19,000 GWh per year of generation to its partners, including a framework agreement with Microsoft.
After a record 7 GW of capacity developed and commissioned in 2024, the company expects to grow to an annual capacity of about 10 GW per year by 2027.
The company reached agreements to sell assets generating $2.8 billion, with over $1 billion net to Brookfield Renewable. This equates to generation of a 2.5x multiple on invested capital and 25% internal rate of return. Brookfield ended the year with over $4.3 billion of available liquidity at the corporate level.
“In this environment, we feel few, if any, are as well positioned as us with our large-scale pipeline, our leading global capabilities and our substantial liquidity to capitalize on this growing demand for years to come,” Teskey said.
U.S. outlook
Brookfield noted the renewables sector has traded down in public markets on weaker sentiment stemming from the Trump administration’s executive orders and potential policy changes ahead, like cuts to funding under the Inflation Reduction Act.
“Over many years, we have consciously focused our business on the lowest-cost and most mature renewable technologies that have the greatest demand from corporate customers and are not reliant on government subsidy,” said the company. “While we see potential for regulatory changes, we do not expect any material adjustments to the policies that have the greatest impact on our business, as these largely have bipartisan support.”
The company noted that following decades of modest demand growth in electricity, a dramatic shift driven by AI power demand may change this trend. It said the current power market fundamentals mean that demand for derisked, long-life operating power assets is “very robust.”
The company announced a quarterly dividend of $0.373 per limited partnership unit, payable on March 31, 2025 to unitholders by the close of business Feb. 28, 2025. This represents an increase of over 5% to its distribution, reaching an annual distribution per unit of $1.492.
Brookfield Renewable Partners portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 46 GW of installed capacity and a development pipeline of approximately 200 GW.
“We are more confident than ever on the growth prospects of the business, particularly in the U.S.,” the company said.
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