ENP Newswire -
Release date- 07082014 -
'We are pleased to report strong results driven by solid performance from new and existing assets,' said
With the announced acquisition and development of more than 850 MW of high quality assets since the start of the year, our growth in the first half has been very strong and we believe our prospects are equally promising.'
Review of Operations
For the second quarter, adjusted EBITDA was
Total generation for the three months ended
The hydroelectric portfolio generated 5,487 GWh, in-line with the LTA of 5,421 GWh and an increase of 123 GWh as compared to the second quarter of 2013. Generation from existing hydroelectric assets was 5,170 GWh compared to 5,364 GWh for the prior year period. Our recently acquired and commissioned facilities contributed 317 GWh in generation.
The wind portfolio generated 1,087 GWh, below the long-term average of 1,191 GWh and an increase of 350 GWh compared to the prior year due to growth in the portfolio.
Brookfield Renewable and its institutional partners completed the acquisition of the wind energy assets of
Brookfield Renewable and its institutional partners announced the purchase of the remaining 67% interest in the 417 MW Safe Harbor hydroelectric facility on the
During the quarter, Brookfield Renewable raised gross proceeds of
Liquidity at quarter-end was approximately
The Board of Directors has declared a quarterly distribution in the amount of
Distribution Currency Option
The quarterly distributions payable on limited partnership units of
Unless they request the Canadian dollar equivalent, shareholders will continue to receive distributions in U.S. dollars (which may be converted for them by the broker or other intermediary, as may currently be the case). The Canadian dollar equivalent of the quarterly distribution will be based on the Bank of
Registered shareholders wishing to receive the Canadian dollar distribution equivalent should contact Brookfield Renewable's transfer agent, Computershare Trust Company of
Distribution Reinvestment Plan
Brookfield Renewable maintains a Distribution Reinvestment Plan ('DRIP') which allows holders of its limited partnership units who are resident in
The Letter to Shareholders and the Supplemental Results for the period ended
With a portfolio of high-quality assets and strong growth prospects, the business is positioned to generate stable, long-term cash flows supporting regular and growing cash distributions to shareholders. For more information, please visit www.brookfieldrenewable.com.
Investor and Media Relations
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and information, within the meaning of Canadian securities laws and 'forward-looking statements' within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, 'safe harbor' of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations, concerning the business and operations of Brookfield Renewable.
Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact.
Forward-looking statements in this news release include statements regarding the quality of Brookfield Renewable's assets and the resiliency of the cash flow they will generate, Brookfield Renewable's anticipated financial performance, future commissioning of assets, contracted portfolio, technology diversification, acquisition opportunities, expected completion of acquisitions, future energy prices and demand for electricity, economic recovery, achieving long-term average generation, project development and capital expenditure costs, diversification of shareholder base, energy policies, economic growth, growth potential of renewable asset class, the future growth prospects and distribution profile of Brookfield Renewable and Brookfield Renewable's access to capital.
Forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'scheduled', 'estimates', 'intends', 'anticipates', 'believes', 'potentially', 'tends', 'continue', 'attempts', 'likely', 'primarily', 'approximately', 'endeavours', 'pursues', 'strives', 'seeks', or variations of such words and phrases, or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved.
Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information in this news release are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct.
You should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: our limited operating history; the risk that we may be deemed an 'investment company' under the Investment Company Act; the fact that we are not subject to the same disclosure requirements as a U.S. domestic issuer; the risk that the effectiveness of our internal controls over financial reporting could have a material effect on our business; changes to hydrology at our hydroelectric stations or in wind conditions at our wind energy facilities; the risk that counterparties to our contracts do not fulfill their obligations, and as our contracts expire, we may not be able to replace them with agreements on similar terms; increases in water rental costs (or similar fees) or changes to the regulation of water supply; volatility in supply and demand in the energy market; our operations are highly regulated and exposed to increased regulation which could result in additional costs; the risk that our concessions and licenses will not be renewed; increases in the cost of operating our plants; our failure to comply with conditions in, or our inability to maintain, governmental permits; equipment failure; dam failures and the costs of repairing such failures; exposure to force majeure events; exposure to uninsurable losses; adverse changes in currency exchange rates; availability and access to interconnection facilities and transmission systems; health, safety, security and environmental risks; disputes, governmental and regulatory investigations and litigation; our operations could be affected by local communities; losses resulting from fraud, bribery, corruption, other illegal acts, inadequate or failed internal processes or systems, or from external events; risks relating to our reliance on computerized business systems; general industry risks relating to operating in the North American, Brazilian and European power market sectors; advances in technology that impair or eliminate the competitive advantage of our projects; newly developed technologies in which we invest not performing as anticipated; labour disruptions and economically unfavourable collective bargaining agreements; our inability to finance our operations due to the status of the capital markets; the operating and financial restrictions imposed on us by our loan, debt and security agreements; changes in our credit ratings; changes to government regulations that provide incentives for renewable energy; our inability to identify sufficient investment opportunities and complete transactions; risks related to the growth of our portfolio and our inability to realize the expected benefits of our transactions; our inability to develop existing sites or find new sites suitable for the development of greenfield projects; risks associated with the development of our generating facilities and the various types of arrangements we enter into with communities and joint venture partners;
CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES
This news release contains references to adjusted EBITDA, funds from operations and adjusted funds from operations, which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of adjusted EBITDA, funds from operations and adjusted funds from operations used by other entities.
We believe that these are useful supplemental measures that may assist investors in assessing the financial performance and the cash anticipated to be generated by our operating portfolio. Neither adjusted EBITDA, funds from operations nor adjusted funds from operations should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 31, 2014
|Customer Service||Policy||Advertise||Site Tools|
|HispanicBusiness Services||Editorial Guidelines||Ad Specifications||Magazine Archive|
|List Rental Agreement||About Us||Media Kits||Post Your Event|
|HireDiversity Job Search||Editorial Calendar||Research|
© 2014 HispanicBusiness Inc. All Rights Reserved.