Bermuda-incorporated Brookfield Renewable Partners LP has described its first quarter results as “strong”.

Its funds from operations increased 3 per cent, year-on-year, to $242 million, or 38 cents per unit. However, after deducting depreciation and one-time non-cash charges, the net loss attributable to unitholders was $133 million, or 24 cents per unit.

On a normalised basis, Brookfield Renewable said per unit results were up 21 per cent, year-on-year.

Connor Teskey, chief executive officer of Brookfield Renewable, said: “We had a strong quarter, as we executed on our key priorities, including investing in growth, delivering on our corporate contracting initiatives and bolstering our liquidity.

“The tailwinds for renewables are accelerating as governments and businesses around the world are intensifying their focus on decarbonisation. Given our global scale, operational depth, and financial strength, we remain uniquely positioned to participate in the accelerating build out of renewables that will impact all sectors of the economy.”

The company had previously been monitoring the offshore wind sector, while not investing. However, it said it had become more comfortable with the maturing technology and during the first three months of this year closed its first investment in offshore wind, which includes a pipeline to build three gigawatts of capacity supported by an attractive contract structure, over the next several years. The project is in Europe.

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, totalling approximately 21,000 megawatts of installed capacity and an approximately 27,000 megawatts development pipeline. It is the flagship renewable power company of Brookfield Asset Management.