Brookfield Renewable Partners L.P. (NYSE:BEP) Q1 2023 Earnings Conference Call May 5, 2023 8:30 AM ET

Company Participants

Bruce Flatt - Chief Executive Officer

Connor Teskey - President of Brookfield Asset Management, CEO of Renewable Power & Transition

Ignacio Paz-Ares Aldanondo - Managing Director and Head, European Investment Team

Wyatt Hartley - Chief Financial Officer

Julian Thomas - Managing Director and Head, Strategic Initiatives

Mark Carney - Chair of Brookfield Asset Management, Head of Transition Investing

Conference Call Participants

Robert Hope - Scotiabank

Rupert Merer - National Bank Financial

Andrew Kuske - Credit Suisse

Operator

Good day and thank you for standing by. Welcome to the Brookfield Renewable’s First Quarter 2023 Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers' presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your host today, Connor Teskey, Chief Executive Officer. Please go ahead.

Connor Teskey

Thank you, operator. Good morning everyone and thank you for joining us for our first quarter 2023 conference call. Before we begin, we would like to remind you that a copy of our news release, investor supplement and letter to unitholders can be found on our website. We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks and our future results may differ materially. For more information, you are encouraged to review our regulatory filings available on SEDAR, EDGAR and on our website.

On today’s call, we will provide an update on our business and our recent development activities. Ignacio Paz-Ares, our Managing Director and Head of our European Investment Team will highlight some of our recent transactions. And then lastly, Wyatt will conclude the call by discussing our operating results and financial position. Following our prepared remarks, we look forward to taking your questions.

We had an excellent start to the year with strong financial results, good progress advancing our development pipeline and success with respect to our growth initiatives. We generated funds from operations of $275 million or $0.43 per unit, a 13% increase from the same period last year, representing the progression to higher run rate earnings as our investments in new generation and various commercial initiatives come online.

We also followed up on what was a very robust year for growth with a strong first quarter, signing transactions for almost $8 billion of equity investment alongside our institutional partners, or over $1 billion net to Brookfield Renewable. Together with prior transactions, these investments position us to achieve and likely outperform our $6 billion to $7 billion capital deployment target over the next five years.