Brookfield Renewable Partners LP booked $323.0 million in fourth-quarter 2016 adjusted EBITDA, according to a Feb. 2 earnings release, up from $258.0 million in the corresponding quarter of 2015. Fourth-quarter 2016 funds from operations were down to $54.0 million, or 18 cents per unit, from $88.0 million, or 32 cents per unit, in the same period of 2015.
Brookfield Renewable recorded a $179 million year-over-year gain in fourth-quarter 2016 revenues, to $571.0 million.
The partnership raised its quarterly dividend by 5% to 46.75 cents per limited partnership unit, which is payable March 31 to unit holders of record Feb. 28. Brookfield Renewable said it is targeting a distribution with increases on average of 5% to 9% annually.
Generation for the quarter that ended Dec. 31, 2016, was up 2,611 GWh year over year, to 8,728 GWh, but was below the long-term average of 10,608 GWh, the partnership reported. Hydroelectric generation totaled 7,516 GWh in the fourth quarter, below the long-term average of 9,270 GWh and 2,712 GWh higher than in the fourth quarter of 2015.
On a full-year basis, Brookfield Renewable booked 2016 adjusted EBITDA of $1.49 billion, compared to $1.18 billion in 2015. Funds from operations in 2016 dropped to $419 million, or $1.45 per unit, from $467 million, or $1.69 per unit, in 2015.
The partnership generated $2.45 billion in revenues for the full year 2016, compared to $1.63 billion for 2015.
Brookfield Renewable's generation for 2016 totaled 34,071 GWh, which was below the long-term average of 39,948 GWh but 10,739 GWh higher than 2015.