Brookfield Renewable Partners L.P. (NYSE:BEP) Q4 2022 Earnings Conference Call February 3, 2023 8:30 AM ET
Company Participants
Connor Teskey - Chief Executive Officer
Wyatt Hartley - Chief Financial Officer
Julian Thomas - Managing Director and Head, Strategic Initiatives
Conference Call Participants
Sean Stewart - TD Securities
Robert Hope - Scotiabank
Rupert Merer - National Bank Financial
Ben Pham - BMO Capital Markets
Frederic Bastien - Raymond James
Naji Baydoun - Industrial Alliance Securities
Andrew Kuske - Credit Suisse
Operator
Good day and thank you for standing by. Welcome to the BEP, Brookfield Renewable’s Fourth Quarter Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker 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 fourth quarter 2022 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 a review of our 2022 performance and growth initiatives. Then Julian Thomas, who heads up strategic initiatives within our group, will discuss how we are harnessing our partnership with institutional capital to accelerate our growth. And lastly, Wyatt will conclude the call by discussing our operating results and financial position. Following our remarks, we look forward to taking any of your questions.
We have had another successful year, continuing our track record of double-digit average annual FFO growth for over a decade. We generated funds from operations of over $1 billion or $1.56 per unit, an 8% increase over last year as a result of the stability of our high-quality cash flows, organic growth in commercial initiatives and contributions from acquisitions. We agreed to deploy capital well ahead of our targets growing in every market we operate, while dramatically expanding our renewables operations and making our first transition investments.
We also delivered record performance from our development activities with 19,000 megawatts of capacity either under construction or in advanced stages as well as we increased our global development pipeline to almost 110,000 megawatts. We are now in the early days of more of these high returning development dollars beginning to flow through our income statement, a trend that we expect to continue as more and more of our projects reach commercialization.