Brookfield Renewable Reports $1.78 Billion in Revenue and Expands Investment in Third Quarter
Key Facts
Brookfield Renewable reported revenue of $1.78 billion in the third quarter of 2026, compared with $1.596 billion in the same period last year, according to the company’s results statement. The company said growth in funds from operations benefited from strong operating fleet performance, contributions from asset recycling and growth in development projects. During the quarter, it participated in investments or growth commitments worth $3 billion, including $700 million net to the company, according to the results call transcript published by The Motley Fool. It also added 2.5 gigawatts of capacity to operations across its global portfolio. These figures reflect expanded execution and investment alongside improved sources of operating cash flow.
But net loss attributable to unitholders widened to $314 million, compared with a loss of $120 million in the third quarter of 2025. The company attributed the loss to non-cash depreciation and other expenses. Meanwhile, funds from operations in the hydroelectric segment rose to $214 million from $119 million a year earlier. The company said asset-sale gains supported the segment, partly offset by weak water resources in Ontario and Colombia. Funds from operations in wind and solar combined totaled $243 million, while distributed energy, storage and sustainable solutions contributed $54 million.
Chief Executive Officer Connor Teskey said the company had closed its acquisitions of Boralex and Aypa, adding: "We successfully completed our acquisitions of Boralex and Aypa, adding leading renewable power and battery storage platforms in strategic markets." The Boralex deal was valued at about $1.9 billion, including about $485 million net to Brookfield Renewable, and closed during the quarter. The Aypa deal, valued at about $3 billion, including about $420 million net to the company, closed after the quarter ended. Brookfield Renewable described Aypa as North America's largest independent battery energy storage platform. The two deals highlight storage alongside power-generation assets in the company’s expansion into strategic markets.
The company signed power purchase agreements for projects under development with capacity of about 1,600 megawatts during the quarter. It also entered into two 10-year agreements at a U.S. hydroelectric facility, at a price of about $95 per megawatt-hour. The company completed about 2,500 megawatts of new capacity in the quarter, bringing total new capacity completed since the start of the year to about 5,600 megawatts. It said it expects to increase its project construction pace to about 10,000 megawatts a year in 2027 and about 11,000 megawatts in 2028. These plans link capacity already brought into operation with development projects supported by power purchase agreements.
Brookfield Renewable said asset sales signed or closed since the end of the second quarter are expected to generate proceeds of about $2.8 billion, including $850 million net to the company, as of November 4, 2026. The company ended September with more than $5 billion in available liquidity after completing $10 billion in financings during the quarter. The financing included a Canadian green bond offering totaling 750 million Canadian dollars, split between a 400 million Canadian dollar tranche due in 10 years with a 4.95% interest rate and a 350 million Canadian dollar tranche due in five years with a 4.26% interest rate. The liquidity and financings provide a financial backdrop for the investment plans and asset sales announced by the company. The company also cited a strategic framework agreement between the U.S. government, South Korea and Westinghouse that enables $120 billion in Korean financing to build eight large nuclear reactors in the United States.
Regarding next steps, the company said it had expected to complete the simplification of its corporate structure in the fourth quarter of 2026, after obtaining the required approvals. BEPC shareholders approved the resolution at a meeting on October 14, while the BEP unitholders’ meeting was postponed to October 29 to meet the approval threshold; the disclosure showed that 99.7% of votes cast through October 9 supported the simplification. The company said it expects a quarterly distribution of $0.392 per share after the simplification is completed, payable on December 31, 2026. Completion of the restructuring therefore remained subject to securing the approvals, with the company targeting the fourth quarter to complete the process.