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• FFO (Funds From Operations) Q4 2024: $304 million or $0.46 per unit, a 21% increase year-on-year.

• FFO Full Year 2024: $1.2 billion or $1.83 per unit, up 10% year-on-year.

• Capital Deployment: $12.5 billion invested in 2024.

• New Capacity Commissioned: 7,000 megawatts globally in 2024.

• Asset Recycling Proceeds 2024: $2.8 billion at an average return of 25% IRR.

• Liquidity at Year-End 2024: $4.3 billion.

• Annual Distribution Increase: Over 5% to $1.492 per unit.

• Hydroelectric Segment Performance: Strong results, aided by Colombian business.

• Wind and Solar Segments: Record funds from operations, up 30% from last year.

• Distributed Energy Storage and Sustainable Solutions: Record results, up 78% year-on-year.

• Warning! GuruFocus has detected 7 Warning Signs with BEPC.

Release Date: January 31, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Brookfield Renewable Corp (NYSE:BEPC) delivered a record year in 2024 with a 10% growth in FFO per unit year-on-year.

• The company exceeded its capital deployment targets, investing $12.5 billion in high-quality businesses, including a significant investment in Neon.

• Brookfield Renewable Corp (NYSE:BEPC) signed a landmark renewable energy framework agreement with Microsoft to deliver 10.5 gigawatts of new renewable energy capacity between 2026 and 2030.

• The company commissioned a record 7,000 megawatts of new capacity globally, significantly increasing its development capabilities.

• Brookfield Renewable Corp (NYSE:BEPC) announced an over 5% increase in its annual distribution, marking 14 consecutive years of growth in this area.

Negative Points

• The renewable sector has faced weaker sentiment in public markets due to potential policy changes from the new US administration.

• There is elevated volatility in public markets, reflecting uncertainty on potential regulatory changes affecting the renewable sector in the US.

• Brookfield Renewable Corp (NYSE:BEPC) faces challenges with transmission availability and grid stability as energy demand grows.

• There is a significant bifurcation in the market, with robust demand for high-quality operating assets but less capital available for construction and development.

• The company acknowledges potential regulatory changes in the US that could impact tax credits, although they do not expect material adjustments to policies that significantly affect their business.

Q & A Highlights

Q: Can you provide more context on the Microsoft framework agreement and whether it involves more capacity or expedited timelines? A: Connor Teskey, CEO: The agreement is structured to deliver 10.5 gigawatts between 2026 and 2030. We expect to deliver significant capacity to Microsoft ahead of 2026, and the 10.5 gigawatts is increasingly the floor, not the ceiling. We are seeing tremendous demand from Microsoft and other hyperscalers, and we expect to deliver well more than 10.5 gigawatts during the agreement period.