Brookfield Renewable Targets AI Power Boom With Storage, Nuclear Push

Key Points

• Brookfield Renewable is positioning for an AI- and electrification-driven power boom by investing across renewables, battery storage and nuclear, which it says address bulk generation, grid balancing and baseload power needs.
• The company raised its five-year capital deployment target to more than $11 billion and expects annual project commissioning to reach 10 GW in 2027 and 11 GW in 2028, supported by a 90-GW advanced pipeline and potential acquisitions.
• Brookfield expects cash flow to grow by more than 10% without acquisitions, backed by long-term contracted and inflation-linked revenue, while capital recycling generated $1 billion over the past year and is expected to contribute at least $1 billion annually.

Brookfield Renewable NYSE: BEPC said it expects accelerating electricity demand, driven by electrification, reindustrialization, artificial intelligence and data centers, to support continued investment across renewable generation, battery storage and nuclear power.

At the company’s investor presentation, Chief Executive Officer Connor Teskey said the current energy market is characterized by demand that “significantly outweighs supply,” creating opportunities for companies with operating capabilities, development pipelines and access to capital. He said Brookfield Renewable has delivered record financial performance, development activity and capital raising, and expects to remain selective while pursuing higher-growth opportunities.

Focus on renewables, storage and nuclear

Teskey said renewables, batteries and nuclear are positioned to capture a substantial share of future power demand because each addresses different grid needs. He described renewables as the lowest-cost and fastest-to-install source of bulk generation, batteries as a cost-effective way to balance increasingly volatile grids, and nuclear as a source of large-scale baseload power and energy security.

The company said it operates renewable platforms in 35 countries and is nearing a run rate of 10 gigawatts of annual project commissioning. It also cited its 2026 acquisition of Boralex and increased investment in Isagen as examples of its continued expansion in renewable power.

Brookfield Renewable said battery storage has become its fastest-growing business segment. Teskey said the company has more than 5 GW of operating storage assets and an advanced pipeline of more than 30 GW, supported in part by the 2024 acquisition of Neoen and the 2026 acquisition of North American storage business Aypa.

Amanda Laszutko, managing director of investments at Brookfield Renewable Partners, said the company had virtually no battery storage capacity three years ago but now has 5 GW of operating capacity and an 80-GW development pipeline. She said battery costs have fallen roughly 60% over the last 24 months and that contract structures have evolved to provide greater long-term revenue visibility.

Laszutko highlighted a recently signed 15-year hybrid solar-and-storage power purchase agreement in Australia with a large hyperscale customer. The agreement covers 140 MW and was described as one of the customer’s first combined solar-plus-storage PPAs in the country.

On nuclear, Teskey said Brookfield sees the beginning of a multidecade new-build cycle. He said Westinghouse, which services more than 60% of operating nuclear reactors globally, is positioned to benefit from both new construction and ongoing reactor life extensions, uprates, operating services and fuel fabrication. The company said Westinghouse has signed agreements with the U.S. government that will provide more than $100 billion of capital to support nuclear new-build activity.

Development and M&A targets increase

Laszutko said Brookfield Renewable has two primary avenues for growth: developing projects through its existing platforms and acquiring new platforms through mergers and acquisitions. The company has a 90-GW advanced pipeline across solar, storage and wind, she said.

Brookfield Renewable developed 8 GW over the last 24 months, compared with less than 1 GW annually in 2021, according to Laszutko. The company now expects to deliver approximately 11 GW annually beginning in 2028, nearly 40% above the amount delivered over the last 12 months.

The company also raised its five-year capital deployment target to more than $11 billion from $10 billion. Laszutko said future deployment is expected to include baseload power, nuclear, solar, wind, batteries and newer technologies reaching commercial inflection points.

Brookfield Renewable has more than 150 investment professionals globally and closed four investments over the past two years with enterprise values exceeding $6 billion each, Laszutko said. She pointed to Neoen as an example of a transaction executed bilaterally with three institutional-investor partners and supported by a co-investment vehicle.

Cash-flow growth and funding model

Chief Financial Officer Patrick Taylor said Brookfield Renewable reported record funds from operations per unit over the past 12 months and increased its distribution for the 15th consecutive year. The company raised $37 billion of financing in 2025 and expects to raise more than $40 billion in 2026, he said.

Taylor said 90% of the company’s cash flows and generation are contracted for more than 12 years, while 70% of cash flows are inflation-linked. More than 90% of cash generation comes from mature technologies, and 95% of financing is fixed rate with a 14-year term, according to Taylor.

The company said it expects inflation, recontracting of operating assets, execution across its portfolio and development activity to support cash-flow growth of more than 10% without including M&A. Taylor said Brookfield Renewable expects to commission 10 GW in 2027 and 11 GW in 2028.

Capital recycling is also becoming a larger component of the funding model. Taylor said the company generated $1 billion of net-to-BEP capital recycling proceeds in the last 12 months and $4 billion over the last five years, at returns of 18%, above its 15% target. Brookfield Renewable expects to generate at least $1 billion annually from capital recycling going forward.

Taylor also cited corporate simplification, nuclear exposure and further scaling of the funding model as potential near-term valuation catalysts. Teskey added that the company may repurchase shares and pursue initiatives intended to increase index inclusion and liquidity, while continuing to focus on financial performance.

About Brookfield Renewable (NYSE:BEPC)

Brookfield Renewable Corporation is a renewable power and sustainable solutions company affiliated with Brookfield Asset Management. It develops, owns, and operates a diversified portfolio of renewable energy and sustainable infrastructure assets, supplying electricity and related services to utilities, businesses, and other customers.

The company's activities include hydroelectric generation, onshore and offshore wind, utility-scale and distributed solar, battery storage, and other energy-transition solutions.

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