Brookfield Renewable Partners LP Q2 FY2023 earnings call

• Achieved 10% annual FFO per unit growth year-to-date. • Commissioned approximately 1,500 megawatts of new capacity in 2023, on track for almost 5,000 megawatts, with 18,000 megawatts expected over the next three years. • Acquired Duke Energy Renewables, adding 5,900 megawatts of operating and 6,100 megawatts of development capacity in the U.S. • Successful repowering projects like the Bishop Hill wind farm, with expected generation uplift. • Balance sheet with over $4.5 billion of available liquidity, and successful equity issuance. • Strong corporate demand for clean energy, particularly from technology companies, driving growth.

No detailed financial performance of product segments with revenue contribution percentages provided in the transcript.

• Expect to commission almost 5,000 megawatts in 2023, up from 3,500 megawatts in 2022. • Over the next three years, aim to deliver nearly 18,000 megawatts of new capacity, mostly derisked. • After equity issuance, have over $4.5 billion of available liquidity for funding growth. • Anticipate annual demand from large technology companies to accelerate, increasing by more than 3 times by the mid to latter part of the decade.

• Market volatility affecting resource pricing. • Regulatory changes impacting project approvals and compliance. • Supply chain issues affecting equipment availability and costs. • Uncertainty in financing for other market participants affecting M&A opportunities.

Q: Thoughts on asset recycling plans, mid-term intentions on technologies/regions with better valuation terms?

A: Connor mentions a buyer's market in some cases but strong demand for derisked renewables, focusing on wind and solar in the Americas and Europe for asset recycling.

Q: Westinghouse transaction status, U.K. regulator process?

A: Almost all 35+ regulatory approvals received, with a few outstanding, in the normal course.

Q: PPAs on hydro portfolio?

A: Connor says they will look to contract hydro assets in the current constructive pricing environment.

Q: M&A market, buying vs building?

A: Connor says they are open to attractive deals, with development activities increasing but the operating portfolio remaining the majority.

Q: Supply chain for solar, wind, transformers?

A: Solar panel supply chain improving, wind OEM market challenging, transformers as long lead time items.

Q: Building vs buying, return profile?

A: Development activities increasing but the operating portfolio still bulk, with the return profile remaining 12-15% and potential floor rising.

Q: Corporate vs government contracts trade-offs?

A: Corporate demand driving growth, more enduring, with strong credit counterparties.

Q: Second transition fund target opportunities?

A: Focus on clean energy renewables developers, power transformation, and other clean energy technologies.