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Canada-based renewable energy investor Brookfield Renewable Partners announced the financial results for the first half (1H) and the second quarter (Q2) of the calendar year (CY) 2022.
The company reported revenue of $2.41 billion in 1H 2022, an increase of 18% compared to $2.04 billion during the same period last year.
The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $1.04 billion, marking an increase of 4% from $999 million during the same period last year.
The company posted a net loss of $77 million in 1H 2022, a YoY decline of 77% compared to $196 million in 1H 2021.
“The business performed well this quarter, as we delivered strong financial results, commissioned 1 GW of development, and deployed and committed $3 billion into growth initiatives,” said Connor Teskey, CEO of Brookfield Renewable. “Given the depth of our operating capabilities, globally diverse asset base, and strong access to capital, we are well positioned in all market environments to be a partner of choice in helping governments and businesses achieve their goals of low-cost energy, net-zero, and energy security.”
During the first half of the year, Brookfield deployed or agreed to deploy $4.5 billion of capital across a wide range of investments, including battery storage, carbon capture, distributed generation, and utility-scale wind and solar.
Brookfield Asset Management recently announced the final institutional close of a $15 billion raise for the Brookfield Global Transition Fund, focused on facilitating the global transition to net zero.
The company reported revenue of $1.27 billion in Q2 2022, an increase of 25% compared to $1.02 billion during the same period last year.
The adjusted EBITDA stood at $547 million, marking an increase of 7% from $510 million during the same period last year.
The company posted a net loss of $1 million in Q2 2022, a YoY decline of 98% compared to $63 million in Q2 2021.
The company’s wind and solar segments generated a combined $150 million from operations. Brookfield’s hydroelectric segment delivered $205 million from operations during the quarter.
The company stated that it will continue to benefit from contributions from acquisitions and the diversification of its fleet, which is underpinned by long-duration power purchase agreements that can provide stable revenues to it.
Tata Power Solar Systems, a wholly-owned subsidiary of Tata Power, commissioned a 450 MW solar project for Brookfield Renewable in Rajasthan.
In January, Brookfield and its investors announced the acquisition of Urban Grid, a U.S.-based renewable energy developer, for $650 million.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.