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Brookfield spent $3 billion on development in second quarter of 2022

August 10, 2022

PV Tech



PV Tech:

Renewables owner and operator Brookfield Renewable has recorded a strong second quarter, spending more than US$3 billion on development initiatives in Q2 alone.

The renewables operator generated US$294 million in funds from operations during Q2, a 9.7% increase year-on-year which benefited from strong asset availability, higher power prices and a continued growth of its development and acquisitions of assets.

The company’s revenue also increased during Q2 to US$1.27 billion, up from US$1.01 billion in Q2 2021, and with the first half performance reaching US$2.41 billion, up 18.1% from H1 2021.

During the first half of the year, the company has deployed or agreed to deploy US$4.5 billion of capital across utility-scale solar and wind projects, distributed generation, battery storage and carbon capture.

Moreover, in the past 12 months, the company has trebled its US distributed generation to 6.5GW through different initiatives such as strategic partnerships or joint development agreements.

One of the operations concluded during Q2 was the acquisition of a US distributed generation developer with 500MW of operational and under construction assets primarily in the northeast of the US and with 1.8GW of identified development pipeline.

[Jonathan Tourino Jacobo]

More: Brookfield Renewable invested US$3 billion in growth initiatives in Q2 alone

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