Brookfield Renewable Partners LP raised its quarterly distribution by 5% to 49 cents per limited partnership unit. The increase brings the annual payout to $1.96, according to a Feb. 2 news release, that included 2017 earnings results.
Brookfield Renewable reported $453.0 million in fourth-quarter 2017 adjusted EBITDA up from $326.0 million in the same quarter of 2016. Fourth-quarter 2017 funds from operations increased to $143.0 million, or 46 cents per unit, from $54.0 million, or 18 cents per unit, in the same period of 2016.
Brookfield Renewable recorded an $86 million year-over-year increase in fourth-quarter 2017 revenues, to $657.0 million from $571.0 million in the same quarter of 2016.
On a full-year basis, Brookfield Renewable recorded 2017 adjusted EBITDA of $1.75 billion, compared to $1.50 billion in 2016. Funds from operations in 2017 were up to $581.0 million, or $1.90 per unit, from $419.0 million, or $1.45 per unit, in 2016.
The partnership said the results were driven by the expansion of its organic growth initiatives, improvement in generation levels from its assets, and contributions from new acquisitions.
The company generated $2.63 billion in revenues for full year 2017, compared to $2.45 billion for 2016.
Brookfield Renewable also announced the appointment of Wyatt Hartley as CFO, effective immediately. Hartley joined the company in 2017 as senior vice president of finance.
