Brookfield Renewable NYSE: BEPC management highlighted strong 2025 results, an expanding development pipeline, and what executives described as a structural shift in global power markets during the company’s fourth-quarter and full-year 2025 earnings call. CEO Conor Teskey and CFO Patrick Charbonneau pointed to rising electricity demand—driven by electrification, renewed industrial activity, and AI-related data center growth—as a key catalyst for accelerating investment across renewables, baseload power, and storage.
2025 performance: FFO growth, record commissioning, and large-scale deployment
The company reported full-year funds from operations (FFO) of $1,334 million, or $2.01 per unit, up 10% year over year. Fourth-quarter FFO was $346 million, up 14% year over year, or $0.51 per unit. Teskey said the business delivered “another excellent year,” citing solid operating performance, expanded development activities, accretive acquisitions, and increasing capital recycling.
Management said Brookfield Renewable deployed or committed a record $8.9 billion of capital in 2025, or $1.9 billion net to BEP, highlighted by the privatization of Neoen, a carve-out of Geronimo Energy in the U.S., and increased investment in Isagen. The company also signed contracts covering over 9 gigawatts of generation capacity and brought over 8 gigawatts of new capacity online globally, which Teskey described as a record for the business.
Segment results: hydro strength, contributions from acquisitions, and Westinghouse momentum
Charbonneau said results reflected “contracted inflation-linked cash flows” across a diversified global fleet, alongside growth from development, acquisitions, and scaling asset recycling.
- Hydroelectric: FFO of $607 million, up 19% year over year, benefiting from solid generation in Canada and Colombia, higher revenues from commercial initiatives, and gains from the sale of a non-core hydro portfolio. These positives offset weaker hydrology in the U.S.
- Wind and solar: Combined FFO of $648 million, supported by acquisitions of Neoen and Geronimo Power and an investment in contracted offshore wind assets in the U.K. Charbonneau noted this was offset by gains on sales included in the prior year’s results (including Saeta and a partial disposition of Shepherds Flat).
- Distributed energy storage and sustainable solutions: Record FFO of $614 million, up nearly 90% year over year, driven by development growth, the Neoen acquisition, and what management called strong performance at Westinghouse amid continued momentum in the nuclear sector.
Market backdrop: from “energy transition” to “energy addition”
Teskey framed the current environment as a major shift from replacing carbon-intensive generation in a flat-demand world to adding substantial net new generation for the first time in decades. He said power has become a “strategic priority” and “the bottleneck to growth” for governments and corporates.
In describing Brookfield Renewable’s positioning, Teskey emphasized a broad set of technologies:
- Solar and onshore wind for speed to market and low cost
- Hydro and nuclear for scale and baseload power
- Natural gas for flexibility
- Batteries to support reliability as renewable penetration rises
He said the company is scaling development of solar and onshore wind and expects to reach a run rate of delivering roughly 10 gigawatts of new capacity per year by 2027, while maintaining discipline.
Hydro contracting and nuclear: hyperscaler demand and Westinghouse developments
Management highlighted growing corporate demand—particularly from hyperscalers—for long-term, reliable power. Teskey said the company executed three 20-year power purchase agreements at strong pricing with hyperscalers, which he described as a first for the business, and also signed a framework agreement with Google to deliver up to 3 gigawatts of hydro generation in the United States.
Asked about U.S. hydro realized pricing being flat year over year in supplemental disclosures, Teskey said investors should expect increases over time as new contracts are layered in, noting some contracts start in future years when existing agreements roll off. He described hydro’s “scarcity value” as being at an all-time high.
On nuclear, Teskey reiterated the strategic rationale behind Brookfield’s investment in Westinghouse, including contracted cash flows from its fuel and maintenance business and its reactor technology. He cited a “landmark agreement” with the U.S. government to deliver new nuclear reactors utilizing Westinghouse technology, which he said would create value through reactor development and long-term fuel and maintenance services over the multi-decade life of the plants. He added that work since signing has focused on site selection and ordering long lead-time items.
Battery storage: accelerating outlook, more contracting, and Neoen’s role
Teskey said battery storage is the fastest-growing part of the platform and pointed to steep cost declines—citing a 95% drop since 2010 and more than 60% over the last 24 months—as expanding the range of economically viable markets. Following the Neoen acquisition, management said it expects to quadruple battery storage capacity over the next three years to over 10 gigawatts, including progress on a standalone battery storage project totaling over 1 gigawatt being advanced through Neoen with a sovereign wealth fund partner.
In Q&A, Teskey said the storage revenue model is increasingly shifting from merchant arbitrage toward long-term tolling or take-or-pay capacity contracts. He said the large Neoen-led project referenced on the call is expected to be 100% contracted for the life of the assets.
On the U.S. development environment, Teskey said the company is seeing “no slowdown” and “an acceleration” in solar and batteries, driven by low cost and speed of deployment. For onshore wind, he acknowledged “some slowdown in permitting from the federal government,” though he said projects are still getting done and the company has reflected that in its pipeline.
Capital, liquidity, and asset recycling: record financings and new rotation frameworks
Charbonneau emphasized balance sheet flexibility, noting year-end 2025 liquidity of $4.6 billion and reaffirmation of the company’s BBB+ investment-grade rating. He said Brookfield Renewable executed over $37 billion in financings in 2025, described as a record, including $2.2 billion in investment-grade “up” financings primarily at hydro assets. He also highlighted a CAD 450 million issuance of 10-year notes in March at the company’s lowest spread in nearly 20 years at the time, followed by a CAD 500 million 30-year issuance in January at the lowest spread ever.
In November, the company completed a $650 million bought-deal equity raise and concurrent private placement. Charbonneau said the financing was intended to support further investment in areas such as hydro, nuclear, and battery storage.
Management also pointed to Brookfield Asset Management’s fundraising of over $20 billion for the second vintage of its Global Transition Fund, describing it as a source of large-scale co-investment capital that can support M&A opportunities.
Asset recycling was another focus. The company said it reached agreements to sell assets generating $4.5 billion of proceeds in 2025, or $1.3 billion net to BEP, at returns above the high end of its targets. Charbonneau cited sales including a major North American distributed energy platform, a 50% interest in non-core U.S. hydro assets, and the establishment of an asset rotation program at Neoen that executed $1 billion of enterprise value of asset sales in the first year of ownership.
Looking ahead, management discussed a January agreement to sell a two-thirds stake in a portfolio of recently built operating North American wind and solar assets, generating $860 million of proceeds, or $210 million net to BEP, with plans to progress the sale of the remaining interest. The company also described a framework proposing the sale of up to $1.5 billion of additional assets to the same buyers over time, which management said would help de-risk development and provide scalable capital.
After quarter-end, Brookfield Renewable also announced a fully discretionary $400 million at-the-market equity issuance program for BEPC shares, with proceeds expected to be used to repurchase BEP L.P. units on a one-for-one basis under an existing NCIB. Charbonneau said the goal is to increase BEPC float and liquidity in a non-dilutive manner while capturing value from the shares’ persistent premium.
The company announced an over 5% increase to its annual distribution to $1.468 per unit. Management said this marked 15 consecutive years of annual distribution growth of at least 5% since Brookfield Renewable was listed in 2011.
About Brookfield Renewable NYSE: BEPC
Brookfield Renewable Corporation NYSE: BEPC is a leading global owner, operator and developer of renewable power assets. Through its preferred equity securities, BEPC provides investors with exposure to a diversified portfolio of hydropower, wind, solar and energy storage facilities that are underpinned by long-term contractual revenues. The company focuses on delivering clean energy to wholesale and retail markets across multiple jurisdictions, leveraging the experience and financial backing of its parent, Brookfield Asset Management.
The company's operations span North America, South America, Europe and Asia-Pacific, with more than 23,000 megawatts of operational capacity.
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