Company: BEP
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001533232-25-000006
Chunk: 320

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 320
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) Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “ Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Funds From Operations at our utility-scale solar business were $261 million in 2023 versus $253 million in the prior year, as the benefits from newly acquired and commissioned facilities ($16 million and 560 GWh) and gains on sale of development assets was partially offset by lower generation on a same store basis and lower average revenue per MWh due to adjustments to the regulated price earned by our Spanish assets that decreased revenues in the short term but has no impact on value given the regulatory construct.

DISTRIBUTED ENERGY & STORAGE OPERATIONS ON A PROPORTIONATE BASIS

The following table presents our proportionate results for distributed energy & storage business for the year endedDecember 31:

  (MILLIONS, EXCEPT AS NOTED)      2023                 2022             
 ─────────────────────────────────────────────────────────────────────────
  Revenue                             $        241         $        242  
  Other income                       20                   23             
  Direct operating costs           (81)                 (76)             
  Adjusted EBITDA (1)               180                  189             
  Interest expense                 (43)                 (40)             
  Current income taxes              (4)                  (1)             
  Funds From Operations               $        133         $        148  
  Generation (GWh) – LTA            956                  886             
  Generation (GWh) – actual                  1,241                1,050  

(1) Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “ Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Funds From Operations at our distributed energy & storage business were $133 million in 2023 versus $148 million in the prior year as the benefits from recent acquisitions and development activities and stronger resources was offset by a decrease in average revenue per MWh due to generation mix and lower grid stability prices at our pumped storage facilities driven by lower pricing volatility.

SUSTAINABLE SOLUTIONS ON A PROPORTIONATE BASIS

The following table presents our proportionate results for sustainable solutions business for the year endedDecember 31:

  (MILLIONS, EXCEPT AS NOTED)       2023               2022  
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