Brookfield Renewable Energy to acquire remaining shares of Western Wind Energy in 2Q 2013

By Editor

Share

 

Greentech Lead America: Brookfield Renewable Energy Partners will acquire the remaining shares of Western Wind Energy in the second quarter, the company said after announcing the financial results for the three months ended March 31, 2013.

During the quarter the company had expanded its operating wind portfolio in California market to 430 MW with the acquisition of 93 percent of the outstanding shares of Western Wind Energy Corp.

Brookfield Renewable Energy has earned revenue of $437 million for the three months ended March 31, 2013 compared to $426 in 2012.

Total generation was 5,535 GWh for three months ended March 31, 2013 compared to the long-term average of 5,325 GWh and to 4,817 GWh for the same period in the prior year.

Generation from wind totaled 539 GWh, an increase of 81 GWh as compared to the same period of the prior year. Additional contributions from facilities acquired or commissioned in California and New England during the last 12 months, were partly offset by wind conditions in Canada which were equal to the long term average but lower than the strong results in the prior year.

The hydroelectric portfolio benefited from favorable inflows resulting in long-term average generation in most regions. Hydroelectric generation was 646 GWh higher than the prior year primarily due to the contribution of acquired or commissioned facilities in the last 12 months.

Generation from existing hydroelectric facilities in Canada and parts of the United States was slightly lower than the prior year, when precipitation and generation levels were well above the average. Reservoir levels on a portfolio basis are in line with long-term average conditions for this time of year.

For the first quarter of 2013, funds from operations were in line with plan at $162 million ($0.61 per unit) as compared with $175 million ($0.66 per unit) in the first quarter of 2012. Results in 2012 reflect above average hydrology and strong generation notably in markets where power purchase agreement prices are higher than our average price, the company said.

In the first quarter, Brookfield Renewable Energy deployed $600 million of equity to acquire over 560 MW of hydroelectric and wind facilities in our core markets:

The company completed the acquisition and refinancing of a 360 MW hydroelectric portfolio in Maine. Following this transaction Brookfield Renewable owns and operates nearly 1,300 MW of capacity in New England, making it one of the region’s largest independent power producers.

Brookfield Renewable also acquired its partner’s 50 percent stake in the 83 MW Powell River Energy portfolios in British Columbia. Brookfield Renewable has managed and operated the facility since 2001.

During the quarter, Brookfield Renewable also achieved commercial operations for a 29 MW hydroelectric project in Brazil, which brings the total to 14 stations and 314 MW that have been constructed in Brazil since 2003. The 45 MW Kokish River hydro project in western Canada is progressing as planned and is on track for completion in mid-2014.

[email protected]

Latest News

Related