Investor Presentaiton
Results From Operations
In 2021, we generated FFO of $934 million or $1.45 per unit, a 10% increase from 2020 or 17% on a normalized
basis, as the business benefited from recent acquisitions, strong underlying asset availability, and execution on
organic growth initiatives.
During the year, our hydroelectric segment delivered FFO of $639 million. The portfolio continues to exhibit strong
cash flow resiliency given the increasingly diversified asset base, strong price environment and our recent
recontracting initiatives delivering strong results even when generation was below long-term average.
Our wind and solar segments generated a combined $581 million of FFO, representing a 55% increase over the prior
year. We benefited from contributions from acquisitions, and approximately 770 megawatts of solar and wind projects
commissioned during the year.
Our energy transition segment generated $162 million of FFO. Revenues from our pumped storage assets as well as
our distributed generation portfolio continue to demonstrate strong growth as global electricity generation
decarbonizes. Over the past three years, our distributed generation portfolio grew revenue by approximately 40%
annually, bolstered by the acquisitions and strategic partnerships we have signed.
Balance Sheet And Liquidity
Our financial position remains robust, with approximately $4.1 billion of total available liquidity at year end, and our
business model is self-funded. During the year, we executed on key financing and capital raising initiatives aimed at
maintaining robust access to capital and a prudent debt maturity ladder, as well as maintaining a low-risk, investment-
grade balance sheet.
During 2021, we continued to take advantage of the low interest environment. We executed on $13 billion of
investment grade financings, including $1.5 billion of upfinancings net to Brookfield Renewable, securing a weighted
average debt maturity of 13 years with no material maturities over the next three years. With these financing activities
completed, our business is well protected against the potential of rising interest rates. We have very limited exposure
to near-term maturities or floating interest rates across our business.
We also continue to use opportunistic capital recycling as an important lever to drive value and fund growth. During
the year, we executed on agreements to sell over 1,600 megawatts, generating proceeds of $1.5 billion ($540 million
net to Brookfield Renewable), including an agreement in the fourth quarter to sell a 625-megawatt solar PV portfolio
in Mexico at an attractive valuation of $400 million (~$50 million net to Brookfield Renewable).
Distribution Declaration And Increase
The next quarterly distribution in the amount of $0.32 per LP unit, is payable on March 31, 2022 to unitholders of
record as at the close of business on February 28, 2022. This represents a 5% increase to our distribution, bringing
our total annual distribution per unit to $1.28.
In conjunction with Brookfield Renewable Partners' distribution declaration, the Board of Directors of Brookfield
Renewable Corporation has declared an equivalent quarterly dividend of $0.32 per share, also payable on March 31,
2022 to shareholders of record as at the close of business on February 28, 2022.
The quarterly dividends on BEP's preferred shares and preferred LP units have also been declared.
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