02:35 PM EDT, 05/06/2024 (MT Newswires) -- Brookfield Renewable Partners beat with Q1 results, but generation of 8,461 GWh (~98% of LTA) was a miss to National Bank's 8,675 GWh, with strong hydrology in North America, weak hydrology in South America and soft wind production across the portfolio.

With US$77 million of other income in the quarter (versus NBF $21 million), BEP reported FFO of $296 million, a beat to National's $274 million estimate.

Brookfield's ability to execute larger, more complex deals was on display this week, announcing a 10.5 GW agreement with Microsoft to help power data centers out to 2030E, which could be the start of more agreements to come, analyst Rupert Merer writes.

Maintain Outperform. Target raised to US$30, from US$28.

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