Brookfield Renewable Partners generated adjusted earnings of $301m in the third quarter of 2019, up from $277m in the same period last year, but overall the company made a loss of $53m.
The loss was a slight improvement on the loss of $55m in 2018, but revenue in Q3 was down to $430m from $442m last year.
Adjusted earnings from wind were $63m, up from $55m last year, while solar adjusted EBITDA rose to $49m from $46m.
Revenue from wind was the same as last year at $86m, with solar falling to $56m from $58m.
“We benefitted from contributions from our operating and growth initiatives, including 210MW of wind acquired in India, 51MW of wind capacity commissioned and acquired last year in Ireland,” Brookfield said.
Cost savings were also realised from the implementation of TerraForm Power’s new long-term service agreement for its North American wind fleet, the company added.
Despite the increased EBITDA the wind sector made a loss of $35m in the quarter, wider than the $30m loss last year.
Solar made a profit of $10m, but this was down on the $19m made in 2018.
The company did not give any specific reason for the loss in the wind segment or fall in profits for solar, but said the $53m loss in the quarter for the whole company came after deducting non-cash depreciation.
For the nine months to the end of September, Brookfield posted adjusted EBITDA of almost $1.1bn up from $952m in the first three quarters of 2018.
The company made a profit of $7m from 1 January to the end of September, compared with a loss of $49m last year.
Brookfield also announced plans to create a Canadian corporation – Brookfield Renewable Corporation – in order to “provide investors with greater flexibility in how they invest in Brookfield Renewable’s globally diversified, multi-technology renewable power portfolio”.
The new entity will be publicly listed on the same exchanges as the current partnership , “giving investors the optionality to invest in Brookfield Renewable through either a partnership or Canadian corporation and could therefore lead to increased demand and enhanced liquidity for Brookfield Renewable”, it said.
Brookfield Renewable chief executive Sachin Shah said: “We continued to execute on key strategic priorities in the third quarter including a number of new investments, improved operations, and generating liquidity to bolster our already strong balance sheet.
“We are also pleased to announce our intention to create a Canadian corporation with publicly-traded shares that we expect will be economically-equivalent to the units of the partnership.
“This should position us well to continue attracting new investors to our globally-diversified renewable power portfolio.”