Brookfield Renewable reported funds from operations (FFO) up slightly in the second quarter of 2020 to $232m from $230m last year.
FFO benefited from recent acquisitions, strong operational performance, and execution on margin enhancement initiatives.
Wind and solar segments generated a combined $85m of FFO, representing a 29% increase over the prior year.
In the quarter, the company commissioned almost 100MW of solar projects and secured five long-term PPAs with investment grade counterparties to support its 1500MW wind development pipeline in the US and Europe.
The company added that it completed the merger of TerraForm Power into Brookfield Renewable during the quarter.
“The merger is accretive to Brookfield Renewable, simplifies our corporate structure, strengthens our business in North America and Europe and further enhances our position as one of the largest publicly traded, pure-play renewable power businesses with over $50bn in total power assets,” Brookfield said.
Brookfield Renewable chief executive Sachin Shah said: “We had a strong quarter, as we executed on our key strategic priorities, including delivering operational performance, investing in growth, and bolstering our liquidity position to $3.4bn.
“We are pleased to have completed the creation of Brookfield Renewable Corporation and closed the merger with TerraForm Power.
“Looking forward, we believe our global scale, operational depth and financial strength positions us well to benefit from global decarbonisation and continue to deliver on our target of 12-15% long-term returns to equity holders.”