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Brookfield Renewable Partners’ $3 Billion Aypa Acquisition — Can Battery Storage Reshape Growth? – Major Drivers, Financial Forecasts, DCF & Comparable Valuation, ESG & Other Risks (9/26)

Brookfield Renewable Partners reported record second-quarter 2026 results, supported by strong capital deployment, development activity, and capital recycling. Funds from operations reached $421 million, up 13% year-over-year, or $0.62 per unit, representing 11% per-unit growth. Over the last 12 months, FFO totaled $1.44 billion, increasing 14%. Growth was supported by commissioning 1.3 gigawatts of new capacity and signing power purchase agreements covering 2.6 gigawatts from the advanced development pipeline. Brookfield Renewable deployed or committed approximately $5 billion to growth initiatives, including the $3 billion acquisition of Aypa, a major North American standalone battery storage platform. The transaction is expected to double operating and under-construction battery capacity to approximately 6 gigawatts and expand the development pipeline by more than 30%, strengthening its battery storage and integrated energy capabilities. Capital recycling generated approximately $2.2 billion of asset sale proceeds, or $630 million net, with returns meeting or exceeding targets.