Brookfield Renewable Partners LP reported Aug. 4 second-quarter 2017 adjusted EBITDA of $457 million, compared to $377 million in the comparable quarter of 2016.
Revenues for the most recent quarter rose to $683 million from $627 million in the second quarter of 2016. Funds from operations increased to $181 million, or 61 cents per unit, in the second quarter, from $105 million, or 37 cents per unit, in the prior-year quarter.
"Our business performed well in the second quarter as we continue to surface margin expansion opportunities and advance our project development," CEO Sachin Shah said. "Combined with a broadening investible universe and strong growth prospects, we remain confident in our target of delivering 12-15% total annualized returns to our shareholders."
Brookfield Renewable's second-quarter net income attributable to limited partners' equity was $21 million, or 13 cents per unit, compared with net loss of $15 million, or a loss of 11 cents per unit, in the year ago period.
The partnership's generation in the second quarter increased to 11,618 GWh in 2017 from 8,792 GWh in the same quarter of 2016. The hydroelectric portfolio's generation in second-quarter 2017 was 10,602 GWh, from 7,807 GWh in second-quarter 2016, while generation from the wind portfolio in the second quarter increased to 926 GWh from 916 GWh in the second quarter of 2016.
The partnership said it will pay its next quarterly distribution of 46.75 cents per unit on Sept. 30 to unit holders of record at the close of business Aug. 31.