Brookfield Renewable Partners reported $391m (€356m) in earnings before interest tax, depreciation and amortisation (EBITDA) in its first quarter results for 2020, down on $395m in the same period in 2019.
Revenues were also down in the first three months ending 31 March 2020 to $545m, compared with $551m last year.
The company’s hydroelectric, wind and solar portfolios generated 7164 megawatt hours of electricity in the first quarter of 2020, compared with 7246MWh in the equivalent period in 2019.
Generation from the company’s wind and hydroelectric assets fell in the period. Wind output stood at 1210MWh in the first quarter of this year, down slightly on the 1269MWh generated in the same period last year.
Solar output rose to 240MWh in the latest period from 199MWh in the first quarter of 2019.
Brookfield Renewable chief executive Sachin Shah said: “We are currently in the midst of an unprecedented global health and financial crisis.
“In spite of the significant market volatility and a potentially deep recession, our operations remain resilient, our earnings are expected to be stable, and our financial position, which allows us to pursue growth, is in excellent shape.”
Brookfield said the business continues to benefit from a “growing and diverse generation portfolio, limited offtaker concentration risk, and a strong contract profile”.
During the quarter, overall generation was slightly ahead of long-term average, the company said.