Brookfield Renewable (BEPC) - 2024 Q4 - Annual Report

Financial Performance - Brookfield Renewable reported record Funds From Operations (FFO) of $1,217 million or$1.83 per unit for the twelve months ended December 31, 2024, reflecting a 10% increase year-over-year[2][23]. - The company achieved Funds From Operations (FFO) of $794 million for the twelve months ended December 31, 2024, an increase from$716 million in 2023, reflecting a growth of approximately 10.9%[71]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $2,408 million, compared to$2,182 million in 2023, indicating a year-over-year increase of about 10.4%[65]. - Revenues for Q4 2024 reached $1.432 billion, up from$1.323 billion in Q4 2023, representing an increase of about 8.3%[55]. - Total revenues for the twelve months ended December 31, 2024, were $4,142 million, an increase of 4.4$3,967 million in 2023[75]. - The company reported a net income of $71 million for Q4 2024, compared to$67 million in Q4 2023, reflecting a growth of 6%[62]. - Net income for Q4 2024 was $188 million, a decrease from$264 million in Q4 2023, indicating a decline of approximately 28.8%[55]. - The net income (loss) for the fourth quarter of 2024 was reported at $(9) million, a significant decrease from$616 million in the same quarter of 2023[66]. - The company reported a foreign exchange and financial instruments loss of $880 million for the twelve months ended December 31, 2024, compared to a loss of$502 million in 2023[66]. - The company reported a foreign exchange and financial instrument gain of $160 million in Q4 2024, compared to a gain of$30 million in Q4 2023[76]. Investment and Growth - The company deployed or committed to deploy $12.5 billion into growth, marking its largest year for investment ever[4]. - The company expects to target 10$2.8 billion in proceeds, with a 2.5x multiple on invested capital and ~25% internal rate of return (IRR)[4][18]. - Total assets increased to $94.809 billion in 2024 from$76.128 billion in 2023, marking a growth of approximately 24.5%[52]. - Corporate borrowings rose to $3.802 billion in 2024 from$2.833 billion in 2023, an increase of about 34.2%[52]. - Brookfield Renewable's installed capacity totals approximately 46,000 megawatts, with a development pipeline of around 200,000 megawatts[45]. Segment Performance - The hydroelectric segment delivered FFO of $511 million, supported by stronger results from Colombian assets despite challenging hydrology conditions[27]. - The wind and solar segments generated a combined$833 million of FFO, up 30% from the prior year, benefiting from recent acquisitions[30]. - The distributed energy, storage, and sustainable solutions segments generated a combined $329 million of FFO, up 78$4.3 billion of available liquidity, maintaining a strong balance sheet[33]. - Brookfield Renewable's cash and cash equivalents increased to $3.135 billion in 2024 from$1.141 billion in 2023, a growth of approximately 174.5%[52]. - The balance of cash and cash equivalents at the end of the period was $624 million, a decrease from$627 million at the end of the previous period[79]. - The company maintains a Distribution Reinvestment Plan (DRIP) for Canadian residents to reinvest cash distributions without commissions[43]. Leadership and Governance - Brookfield Renewable Partners appointed Jennifer Mazin and Wyatt Hartley as Co-Presidents to enhance global business scaling and capabilities[36]. Dividends and Distributions - The next quarterly distribution is set at $0.373 per LP unit, reflecting over a 5$1.492 per unit[39]. - The company declared a quarterly dividend of $0.373 per class A exchangeable subordinate voting share, payable on March 31, 2025[68].