Brookfield Renewable Partners LP has reported funds from operations of $275 million or $0.43 per unit for the first quarter of the year, a 13 per cent increase on a per unit basis over the same period in 2022.

Brookfield said the results reflect robust hydro generation across its portfolio, strong realised power pricing and asset availability, and contributions from growth.

After deducting non-cash depreciation and other expenses, the net loss attributable to unit holders was $32 million.

That compares with a net loss of $78 million in the prior year period.

Connor Teskey, CEO of Brookfield Renewable, said: “We had an excellent start to the year delivering solid double digit FFO growth year-over-year.

“We also continued our elevated level of growth activity, as we commissioned approximately 700 megawatts of capacity, maintained our path to deliver approximately 5,000 megawatts this year, and signed transactions for over $8 billion of equity investment alongside our institutional partners.”

Brookfield said its balance sheet is in an excellent position and its available liquidity remains robust at almost $4 billion, providing significant flexibility to fund growth.

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia.

Investors can access its portfolio either through Brookfield Renewable Partners, a Bermuda-based limited partnership, or Brookfield Renewable Corporation, a Canadian corporation.