Q4 2024 Brookfield Renewable Partners LP Earnings Call Transcript
Key Points
- Brookfield Renewable Partners LP (BEP) delivered a record year in 2024 with a 10% growth in FFO per unit year-on-year.
- The company exceeded its capital deployment targets, investing $12.5 billion in high-quality businesses, including a significant investment in Neon.
- BEP signed a landmark renewable energy framework agreement with Microsoft to deliver 10.5 gigawatts of new renewable energy capacity between 2026 and 2030.
- The company commissioned a record 7,000 megawatts of new capacity globally, significantly increasing its development capabilities.
- BEP's balance sheet remains strong with $4.3 billion in liquidity, providing flexibility to fund growth opportunistically.
- The renewable sector has faced weaker sentiment in public markets due to potential policy changes from the new US administration.
- There is elevated volatility in public markets reflecting uncertainty on potential regulatory changes affecting the renewable sector in the US.
- The company faces challenges related to transmission availability and grid stability as energy demand grows.
- There is a significant bifurcation in the market between demand for renewables in private versus public markets, with public sentiment being weaker.
- Potential changes to US tax credits and tariffs could impact project economics, although BEP expects to pass these costs through to PPA prices.
Good day, and thank you for standing by. Welcome to the Brookfield Renewable Partners fourth quarter 2024 results conference call and webcast. (inaudible) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Connor Teskey, Chief Executive Officer. Please go ahead.
Thank you, Operator. And good morning, everyone, and thank you for joining us for our fourth quarter 2024 conference call. Before we begin, we would like to remind you that a copy of our news release, investor supplement and letter to unitholders can be found on our website. We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks, and our future results may differ materially. For more information, you are encouraged to review our regulatory filings available on SEDAR, EDGAR and on our website.
Before starting, we would like to welcome Patrick
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