Brookfield Renewable reports a “record year,” saying demand for clean energy in data centers will drive value

Canadian clean power company Brookfield Renewable Partners has released its financial report for the fourth quarter of 2023. The highlight of the report is a net profit of US$35 million, along with funds from operations (FFO) amounting to US$255 million during this period.

Despite incurring a net loss of US$100 million for the entire year of 2023, Brookfield Renewable Partners has shown notable progress compared to the previous year. In 2022, the company faced losses amounting to US$295 million, making 2023 a significant improvement. In fact, the company has referred to 2023 as a “record year” due to this positive trend.

According to Brookfield Renewable CEO Connor Teskey, the year 2023 marked a remarkable milestone for the company across various performance indicators. Teskey stated, “In almost all metrics, 2023 was a record year for our business.” The company achieved record funds from operations (FFO) per unit, successfully expanded its capacity by nearly 5,000 megawatts through development efforts, and made significant investments totaling US$9 billion in growth opportunities alongside its partners. These achievements reflect the strong progress and success of Brookfield Renewable in 2023.

Looking ahead, Brookfield Renewable is poised to capitalize on the growing demand for clean energy, particularly from corporate customers and major global technology firms. These companies are increasingly seeking clean power to meet the rising requirements of their data centers. Securing clean energy has become an essential factor for their continued growth, and Brookfield Renewable is well-positioned to cater to this need. The company recognizes the significance of this trend and is ready to leverage the opportunities arising from the accelerating demand for clean power in the corporate sector.