Shares of Brookfield Renewable Partners (NYSE: BEP) rallied as much as 6.9% on Friday before settling into a 4% gain as of 2 p.m. ET.

The renewable energy master limited partnership, which owns various types of renewable energy assets in hydroelectric power, solar, wind, distribution, and storage, beat analysts' estimates for revenue and funds from operations (FFO). Moreover, it inked a huge contract to supply renewable power to the current leader in artificial intelligence cloud computing.

In the first quarter, Brookfield saw revenue rise 12% to $1.49 billion, beating estimates by $60 million, and funds from operations of $0.45 per share rose 8%, beating estimates by $0.03. Management cited the company's diverse asset base and inflation-linked power purchase agreements as the reason behind the strong results, and forecast FFO to grow by over 10% this year.

Continue reading

Source Fool.com