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Brookfield Renewable
CORPORATE PROFILE
NOVEMBER 2020
2
Cautionary Statement Regarding Forward-Looking Statements
This presentation contains forward-looking statements and information, within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of Section 27A of the U.S. SecuritiesAct of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in anyapplicable Canadian securities regulations, concerning the business and operations of Brookfield Renewable. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts,projections, guidance or other statements that are not statements of fact. Forward-looking statements in this presentation include statements regarding the quality of Brookfield Renewable’s assets and theresiliency of the cash flow they will generate, Brookfield Renewable’s anticipated financial performance and payout ratios of FFO (as defined below), expected liquidity, the outlook in our core markets, includingNorth America, Europe, Latin America, China and India expected impact of inflation on revenue and FFO, target annual equity deployment, returns and costs reductions, future commissioning of assets, thecontracted nature of our portfolio, technology diversification, acquisition and investment opportunities, financing and refinancing opportunities, proceeds from opportunistically recycling capital, future energyprices and demand for electricity, achieving long-term average generation, project development and capital expenditure costs, energy policies, economic growth, growth potential of the renewable asset class,the future growth prospects and distribution profile of Brookfield Renewable and Brookfield Renewable’s access to capital and liquidity. In some cases, forward-looking statements can be identified by the use ofwords such as “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”, “continue”, “attempts”, “likely”, “primarily”, “approximately”, “endeavours”, “pursues”, “strives”,“seeks”, “targets”, “believes”, “deliver”, “growth”, “advance” or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” betaken, occur or be achieved. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information in this presentationare based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. You should not place undue reliance on forward-looking statementsand information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially fromanticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: changes to hydrology at our hydroelectric facilities, towind conditions at our wind energy facilities, to irradiance at our solar facilities or to weather generally, as a result of climate change or otherwise, at any of our facilities; volatility in supply and demand in theenergy markets; our inability to re-negotiate or replace expiring power purchase agreements on similar terms; increases in water rental costs (or similar fees) or changes to the regulation of water supply;advances in technology that impair or eliminate the competitive advantage of our projects; an increase in the amount of uncontracted generation in our portfolio; industry risks relating to the power markets inwhich we operate; the termination of, or a change to, the MRE balancing pool in Brazil; increased regulation of our operations; concessions and licenses expiring and not being renewed or replaced on similarterms; our real property rights for wind and solar renewable energy facilities being adversely affected by the rights of lienholders and leaseholders that are superior to those granted to us; increases in the costof operating our plants; our failure to comply with conditions in, or our inability to maintain, governmental permits; equipment failures, including relating to wind turbines and solar panels; dam failures and thecosts and potential liabilities associated with such failures; force majeure events; uninsurable losses and higher insurance premiums; adverse changes in currency exchange rates and our inability to effectivelymanage foreign currency exposure; availability and access to interconnection facilities and transmission systems; health, safety, security and environmental risks; disputes, governmental and regulatoryinvestigations and litigation; counterparties to our contracts not fulfilling their obligations; the time and expense of enforcing contracts against non-performing counter-parties and the uncertainty of success; ouroperations being affected by local communities; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems; our reliance on computerized business systems, which couldexpose us to cyber-attacks; newly developed technologies in which we invest not performing as anticipated; labor disruptions and economically unfavorable collective bargaining agreements; our inability tofinance our operations due to the status of the capital markets; operating and financial restrictions imposed on us by our loan, debt and security agreements; changes to our credit ratings; our inability to identifysufficient investment opportunities and complete transactions; the growth of our portfolio and our inability to realize the expected benefits of our transactions or acquisitions; our inability to develop greenfieldprojects or find new sites suitable for the development of greenfield projects; delays, cost overruns and other problems associated with the construction and operation of generating facilities and risks associatedwith the arrangements we enter into with communities and joint venture partners; Brookfield Asset Management’s election not to source acquisition opportunities for us and our lack of access to all renewablepower acquisitions that Brookfield Asset Management identifies; we do not have control over all our operations or investments; political instability or changes in government policy, or unfamiliar cultural factors;foreign laws or regulation to which we become subject as a result of future acquisitions in new markets; changes to government policies that provide incentives for renewable energy; a decline in the value ofour investments in securities, including publicly traded securities of other companies; we are not subject to the same disclosure requirements as a U.S. domestic issuer; the separation of economic interest fromcontrol within our organizational structure; future sales and issuances of our limited partnership units, preferred limited partnership units or securities exchangeable for our limited partnership units, or theperception of such sales or issuances, could depress the trading price of our limited partnership units or preferred limited partnership units; the incurrence of debt at multiple levels within our organizationalstructure; being deemed an “investment company” under the U.S. Investment Company Act of 1940; the risk that the effectiveness of our internal controls over financial reporting; our dependence on BrookfieldAsset Management and Brookfield Asset Management’s significant influence over us; the departure of some or all of Brookfield Asset Management’s key professionals; changes in how Brookfield AssetManagement elects to hold its ownership interests in Brookfield Renewable; Brookfield Asset Management acting in a way that is not in the best interests of Brookfield Renewable or our unitholders; and otherfactors including those set forth under “Risk Factors” in our most recent annual report on Form 20-F.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this presentation and should not berelied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update theforward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see “Risk Factors” included in our most recent annual report on Form20-F.
Non Solicitation
No securities regulatory authority has either approved or disapproved of the contents of this presentation. This presentation shall not constitute an offer to sell or the solicitation of an offer to sell or thesolicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under thesecurities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Table of Contents
Who We Are Page 4
Portfolio Overview Page 19
Growth Page 24
Financial Profile Page 29
Appendix Page 33
3
4
Who We Are
5
Global Leader in Decarbonization
We have integrated operating platforms on four continents with operating,
development and power marketing expertise
NORTH AMERICA9,400 megawatts
$29 Billion in total power assets
SOUTH AMERICA4,500 megawatts
$11 Billion in total power assets
ASIA1,400 megawatts
$1 Billion in total power assets
EUROPE4,100 megawatts
$11 Billion in total power assets
5,318 power generating facilities
$52 billionTOTAL POWER ASSETS
27 markets in 17 countries
19,400MEGAWATTS OF CAPACITY
120 years of experience
3,000+OPERATING EMPLOYEES
6
Complementary Portfolio of High-Quality Assets
Uniquely complementary asset base spread across five technologies
Wind4,700 MW
Solar2,600 MW
DG850 MW
Storage2,700 MW
Hydro7,900 MW
Our portfolio has
significant storage
capacity and ability
to produce power at
all hours of the day
Our wind assets are
focused on areas
with scarcity value,
and built with Tier 1
turbine equipment
Diversified portfolio
across PV and CSP
technologies with
diverse and scalable
applications
We own one of the
largest C&I DG
portfolios in the U.S.,
giving us direct
access to our
customers
Our pumped storage
and battery assets
are able to produce
electricity during
peak hours, and
recharge when
prices are low
Brookfield Renewable also owns a ~580 megawatt portfolio of biomass and co-generation facilities
7
Long Track-Record of Delivering Attractive, Risk-Adjusted Returns
NYSE: BEP, BEPC
TSX: BEP.UN, BEPC
MARKET SYMBOL
~$26B1
MARKET
CAPITALIZATION
~51% Equity Interest; GP & Manager
BROOKFIELD
PARTICIPATION
UNIT PERFORMANCE
Annualized Total Return
(As at November 16, 2020) 1-Year 5-Year
Since
Inception
BEP (NYSE) 66% 30% 19%
BEP (TSX) 67% 30% 19%
S&P 500 Index 18% 14% 6%
S&P Utilities Index 10% 13% 8%
S&P/TSX Composite Index 3% 8% 7%
S&P/TSX Capped Utilities Index 14% 13% 10%
Includes dividend reinvestment
1) Combined market capitalization of BEP and BEPC. Based on the closing price on November 16, 2020.
2) Based on the closing price on November 16, 2020.
CAPITALIZATION
Credit Rating: S&P BBB+
Average debt term
to maturity:14 years
DISTRIBUTION PROFILE
Current Distribution $1.74 per unit
Implied Yield2 ~3.0%
Target Annual Growth 5 – 9%
8
We have a Consistent Track Record of Strong Performance
• Source: Bloomberg
• Chart indicates unit price performance including reinvestment of dividends.
• BEP and S&P 500 Index returns since 11/30/1999 (BEP was formerly Great Lakes Hydro Income Fund until BEP spun out in 2011). S&P 500 ESG Index returns since its
inception on 4/30/2010.
BBB BBB+
1999 2020
BEP S&P 500 SPXESUP Index QCLN
19%BEP Total Return
Total Return
S&P 500 ESG Index: 12%
NASDAQ Green Energy ETF: 8%
S&P 500 Index: 8%
9
Ability to Invest Through a Canadian Corporation
Brookfield Renewable Corporation (NYSE, TSX: BEPC), a subsidiary of BEP L.P.,
was created to offer an economically equivalent security to BEP L.P., but in the
form of a more traditional corporate structure
BEPC BEP
Dividends/Distributions• Distributions are identical in amount and
timing
Exchangeable N/A• BEPC shares are exchangeable 1:1 for BEP
units at anytime
Structure and Index
Eligibility
Canadian
Corporation
Bermuda Limited
Partnership
• As a corporation, BEPC is eligible for many
equity indexes that exclude Limited
Partnerships
Tax Reporting U.S.: 1099 Form
Canada: T5
Form
U.S.: K-1 Slip
Canada: T5013
Slip
• For U.S. shareholders, subject to the holding
period, dividends paid by BEPC will be
“qualified dividends”
• For Canadian shareholders, dividends paid by
BEPC will be “eligible dividends”
10
Simple Strategy with Proven Track Record of Success Through Cycles
Acquire and develop high-quality
assets and businesses that help decarbonize
global electricity grids below intrinsic value
Optimize cash flows by applying our
operating expertise to enhance value
Finance our businesses on an
investment grade basis
Recycle capital from mature,
de-risked assets
11
Investment Highlights
Diverse and High-Quality
Cash Flows
19,400 megawatts of renewable capacity
across multiple technologies and
continents, supported by a strong
contract profile and best-in-class assets
Multiple Levers to
Grow Cash Flows
Proven and repeatable growth strategy
combining a value investment approach
with operating expertise and capital
discipline that has delivered 19% total
returns to unitholders since inception
Strong Financial
Position
Robust balance sheet and access to
diverse sources of capital ensures
significant downside protection
Attractive
Sector
Strong ESG practices support global
decarbonization and create long-term
value for stakeholders
12
Decarbonization is a Global Objective
All parts of the economy recognize the need to decarbonize
• Over 125 governments have committed to net-zero targets
‒ Supporting transition through green stimulus and increased regulation, including carbon pricing and taxes for companies that fail to meet standards
• 1,000+ companies have committed to climate related targets
‒ In particular, utilities, energy and industrial companies require significant capital and operating expertise to decarbonize their businesses over the next decade
• Many of the largest investors globally have set policies to prioritize climate mitigation
‒ Climate Action 100+: 500+ investors have united to engage with largest global emitters to help drive transition
‒ UN Net Zero Asset Owner Alliance: 30+ investors with $5T AUM have made a public commitment to have net-zero investment portfolios by 2050
• Nearly 200 signatories have signed up for the Principles for Responsible Banking to align financing portfolios with the Paris Agreement and UN SDGs
Governments
Corporations
Investors
Lenders
13
Achieving Net-zero Emissions by 2050 Requires Immediate Action
Substantial and immediate reallocation of capital will be required to shift to a
sustainable pathway, with the next decade seen as critical to the transition
0
5
10
15
20
25
30
35
40
2010 2020e 2030e 2040e 2050e
Gt C
O2
Global Energy Infrastructure CO2 Emissions: Current Plans vs. Pathway for Net-Zero by 2050†
† Represents emissions from all energy sector and industrial processes including power plants, industrial facilities, buildings and vehicles. Current pathway
reflects all announced policy intentions and targets as of September 2020, insofar as they are backed up by detailed measures for their realization.
Historical
Pathway for net-zero
CO2 emissions in 2050
Current pathway under existing
policies and targets
Source: International Energy Agency (2020), World Energy Outlook 2020, IEA, Paris
14
0
20
40
60
80
100
120
140
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
$/M
Wh
PV Solar Onshore Wind CCGT
Renewables are Now the Most Economic Sources of Bulk Power
Levelized Cost of Energy
Source: Bloomberg New Energy Finance
15
Meaning the Global Opportunity For Renewable Investment is Growing
$2T
$5T
$10T
INVESTMENT IN
THE LAST
5 YEARS
PROJECTED RANGE OF INVESTMENT OVER THE
NEXT DECADE
Source: Bloomberg New Energy Finance
16
And Energy Transition Initiatives are Accelerating
Distributed
GenerationLocal businesses
looking to
decarbonize
Business
TransformationPartners seeking to
transition
businesses
New Asset
ClassesGreen hydrogen
and green
data centers
17
Strong ESG Practices Create Long-Term Stakeholder Value
Accelerate the
decarbonization of global
electricity grids through our
renewable power portfolio
Apply Task Force on Climate-
related Financial Disclosures
(TCFD) framework to analyze
long-term climate change
risks
Protect biodiversity
Manage water and waste
resources
Maintain a social license to
operate
Health and safety – with a
focus on high-risk incidents –
prevention is a top priority
Proactively engage with and
give back to communities in
which we operate
Human capital initiatives
emphasizing diversity and
inclusion
Social
Operate with high ethical
standards and a robust
policy framework (e.g. our
Code of Business Conduct and
Ethics, Anti-Bribery and Anti-
Corruption Policy)
Integrate ESG into our
decision-making, processes
and management systems
Diverse Board of Directors
and executive management
team
Asset and information security
GovernanceEnvironmental
Maintaining a social license to operate is central to preserving capital,
mitigating risk and creating long term value
18
Our Portfolio Helps Decarbonize the World
28 MILLION tCO2e OF AVOIDED EMISSIONS, EQUIVALENT TO:
6 million 10 million 5 million 470 million nearly all
vehicles
removed
from the
road annually
tons of waste
recycled
instead of
landfilled
homes'
electricity use
for one year
trees planted of London,
England's
emissions in
one year
19
Portfolio Overview
We Have the Highest Quality Cash Flows in the Sector
1) Figures based on long-term average generation, proportionate to BEP.
2) Figures based on revenue, proportionate to BEP. Excludes financial contracts and Brazil and Colombia, where we would expect the energy associated with
maturing contracts to be re-contracted in the normal course given the construct of the respective power markets.
64%
27%
9%
Hydro Wind Solar
Hydro
Focused1
Contracted
Cash Flows1
North America Latin America & Asia Europe
31%
8%
61%
8%
58%
34%
10 years or fewer 11-19 years 20 years or more
14-year
Average PPA
Term2
Growing
Global
Footprint1
Cash flows are supported
by a strong contract
profile and are well
diversified by technology
and geography
92%
8%
Contracted Merchant
20
21
Diverse, Creditworthy Counterparties
Diverse Customer
Base
Highly diversified customer base
comprised of over 600 high-quality
counterparties insulating our business
from single counterparty risk
Our single largest non-government third-
party customer represents 2% of
generation
Creditworthy
Counterparties
Counterparties comprised primarily of
strong investment grade public power
authorities or utilities
Diverse high-quality customer base provides strong downside protection,
safeguarding our cash flows
22
We Simultaneously Grew and De-risked our Cash Flows
Today a ~20% below LTA-hydrology year in any single market
would have less than a 2% impact on our FFO
10%
29%
10%8%5%
6%
7%
4%
10%
10%2%
13%
51%
33%
3%
~$2.00+FFO PER UNIT
$0.72FFO PER UNIT
Canada Hydro U.S. Hydro Brazil Hydro Colombia HydroCanada Wind U.S. Wind Europe Wind LatAm & Asia WindEurope & Asia Solar North America Solar Storage & Other
2010 2020
10%+CAGR
New York
11%
New England
6%
MISO
7%
PJM
3%
23
Fully Hedged 77%
23%
Across
multiple
currencies
…And Diversified our Foreign Currency Exposure
Brazil32%
Fully Hedged68%
2010 FX Exposure
Post-Hedging
2020 FX Exposure
Post-Hedging
In the event of a 10% depreciation in any single currency, we have only 1% FFO exposure
24
Growth
25
Organic Cash Flow Growth
BEP is focused on delivering 5% to 9% distribution growth annually on a per unit
basis from organic initiatives and fully funded by internally generated cash flows
Lever
Expected Annual
FFO Growth Detail
Inflation
Escalation1% to 2% ~40% of our revenues have embedded inflation
indexation
Re-Contracting 1% to 2%Limited downside risk to PPA maturities in North
America plus exposure to rising power prices in
Brazil and Colombia
Cost Reduction 1% to 2% Targeting cost reductions of $2/MWh
Development &
Repowering3% to 5%
Targeting to build up to 7,000 MW from our
proprietary development pipeline over the next five
years at premium returns
FFO per Unit
Growth
Potential
6% to 11% We do not rely on M&A to achieve our
distribution growth target
26
Create Additionality Through an Enhanced Development Pipeline
Hydro Other Wind Solar Storage
Given our scale, diversity, and global nature, we are uniquely positioned to partner
with governments and businesses to help them achieve their decarbonization goals
• We have an over 18,000 MW development pipeline diversified across multiple
technologies and geographies, including approximately 2,700 MW under
construction
• With our development pipeline, we would create enough carbon free power to avoid
an additional 27 million metric tons of carbon dioxide per year
North America Latam Asia Europe
18,300 MW 18,300 MW
27
Increased development activities secure growth
Development
Pipeline18,000 MW
Target 3–5% FFO
per unit growth
• Target 3,500 MW
• $90 million FFO annually
• Executing on under-construction and
advanced-stage projects
2% annual FFO
per unit growth
• Target 3,500 MW
• Up to $135 million FFO annually
• Delivering on up to 20% of our
extensive global development
pipeline
1–3% annual
FFO per unit
growth
SECURED
TO BE
DELIVERED
Note: Megawatts are presented on a consolidated basis. Proportionate megawatts are 1,150 MW for secured growth and 1,700 MW for growth to be delivered.
Assumes $0.8 billion of BEP capital deployed into development at target FFO yields of ~20% and average funding costs of 5% for $135 million FFO
28
Proven Track Record of Capital Deployment
We target annual equity deployment of $800M-1B
Deployed ~$4 billion of BEP equity since 2016$billions
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
Hydro Wind Solar Other
North America Latin America Europe Asia
29
Financial Profile
30
Robust Balance Sheet
BBB+INVESTMENT GRADE BALANCE SHEET
80%NON-RECOURSE FINANCINGS
Highest rating in the sector with non-amortizing
corporate debt fully supported by perpetual
hydro portfolio
Structured on an investment grade basis with
attractive covenant packages that are free from
financial maintenance covenants
10 YEARSAVERAGE DEBT TERM TO MATURITY
Well laddered debt profile with no material
maturities in the next five years
90%FIXED RATE FINANCINGS
Minimal interest rate exposure, with only 5% of
our debt in North America and EU exposed to
rising interest rates
12xFFO INTEREST
COVERAGE
18%DEBT TO
CAPITALIZATION -
CORPORATE
Figures and table are as at September 30th
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
2020 2021 2022 2023 2024 After
Pro Forma Debt Maturity Ladder
$ billions, as at September 30,2020
Non-Recourse Maturities Recourse Maturities
31
Access to Deep Pool of Capital
Significant Liquidity Partner Capital
Diversified Access to
Capital MarketsTrack Record of
Capital Recycling
We currently have ~$3.3 billion
of available liquidity
We have access to ~$5 billion of
partner capital to invest alongside
We have raised ~$3.8 billion in
corporate debt and equity (preferred
and common) since 2015
Raised ~$1.5 billion in proceeds in
the last two years through
opportunistic capital recycling
Multiple
Funding
Levers
32
ATTRACTIVE SECTOR
Strong ESG practices support global
decarbonization and create long-term
value for stakeholders
HIGH-QUALITY CASH FLOWS
Stable cash flows from diverse global, multi-
technology platform, supported by a strong
contract profile and best-in-class assets
Key TakeawaysKey Takeaways
STRATEGY
Proven and repeatable strategy combining
a value investment approach with
operating expertise and capital discipline
that has delivered 19% total returns
unitholders since inception
FINANCIAL PROFILE
Robust balance sheet with high levels of
liquidity and access to diverse, scale
capital
33
Appendix
34
Indicative Corporate Structure
1. BAM ownership figures as of September 30, 2020.
2. Economic ownership interest on a fully diluted basis.
3. Portfolios of fixed income and equity securities managed on behalf of clients.
4. Includes Oaktree and other alternative investments. Oaktree also has real estate and infrastructure products.
5. On a fully exchanged basis, combined BEP and BEPC.
Brookfield Asset Management(NYSE:BAM)
Infrastructure
Real Estate
Real Estate
Real Estate
Brookfield
Property
Partners
(NASDAQ: BPY)
55%2
Renewable Power
Brookfield
Renewable
Partners
(NYSE: BEP)
51%5
Infrastructure
Infrastructure
Brookfield
Infrastructure
Partners
(NYSE: BIP)
28%
Real Asset
Credit
Private Equity
Private Equity
Brookfield
Business
Partners
(NYSE: BBU)
63%
Credit & Other
Alternative
Strategies
Credit – Oaktree4
PUBLIC
SECURITIES3
BUSINESSES
PRIVATE
FUNDS
AFFILIATES1
35
Governance
EXECUTIVE LEADERSHIP
Connor Teskey Chief Executive Officer
Wyatt Hartley Chief Financial Officer
Jennifer Mazin General Counsel
Ruth Kent Chief Operating Officer
Brookfield Renewable has a Master Services Agreement with Brookfield Asset Management
• Provides comprehensive suite of services to Brookfield Renewable
• Base management fee of $20 million adjusted annually for inflation
• Equity enhancement fee equal to 1.25% of the increase in BEP’s combined capitalization
Incentive distributions based upon increases in distributions paid to unitholders over pre-defined thresholds (Master
Limited Partnerships (MLP) structure)
• 15% participation by Brookfield in distributions over $0.375/unit per quarter
• 25% participation by Brookfield in distributions over $0.4225/unit per quarter
Brookfield Renewable’s general partner has a majority of independent directors
Brookfield Renewable’s governance is structured to provide significant alignment of interests between Brookfield
Asset Management and unitholders
36
Favorable Structure Relative to Master Limited Partnerships
Brookfield Renewable has not and is not expected to generate UBTI and ECI
• BEP is a Bermuda-based publicly traded partnership that indirectly owns holding
companies in the U.S., Canada and other jurisdictions. BEP is not a U.S. MLP
• Chart below shows a comparison of BEP versus an MLP
1) Not all MLP’s are the same. This represents Brookfield’s understanding of common features of these types of vehicles
2) UBTI is unrelated business taxable income
3) ECI is effectively connected income
4) Source: Management estimates based on Barclays Capital Master Limited Partnerships MLP Trader Weekly
Brookfield Renewable MLP1
Type of entity Publicly traded partnership Publicly traded partnership
UBTI2 No Yes
ECI3 No Yes
U.S. tax slip issued K1 K1
Tax profile of distributions Benefits from return of capital Benefits from depreciation
Target payout ratio ~70% of FFO 80%-90% of distributable cash flow4
Incentive distributions 25% maximum 50% maximum
37
Leader in Green Energy & Sustainability
BEP is the largest member by market capitalization of the S&P/TSX Renewable Energy and Clean
Technology Index.
Since 2017, BEP has issued four green bonds through project-level financings for an aggregate
value of over $2.5 billion. Citing BEP's environmental stewardship, commitment to renewable
power, and use of proceeds towards renewable power generation, the green bonds received E-1
Green Evaluation scores from S&P - the highest on its scale. In addition, BEP issued a
sustainability-linked loan for $50 million.
BEP has issued five corporate-level green bonds to date for an aggregate value of $1.3 billion, as
well as a $200 million perpetual preferred unit issuance in 2020 – under its Green Bond and
Preferred Securities Framework with proceeds to be used to finance and/or refinance investments
in renewable power generation and to support the development of clean energy technologies. A
third-party opinion from Sustainalytics deemed the Framework to be credible and impactful.
BEP is committed to sustainable development principles that reduce the impact of our operations
and help to manage the underlying water resources efficiently. Low Impact Hydropower Institute
(LIHI) certification is a voluntary certification program designed to help identify and provide market
incentives for hydropower operations that are minimizing their environmental impacts. BEP has
received LIHI certification for 65 hydro facilities across the US, more than any other operator,
making it the U.S. leader in low impact hydropower generation.1
The Environmental Choice Program is a comprehensive national program sponsored by
Environment Canada. It certifies manufacturers and suppliers that produce products and services
that are less harmful to the environment. These bear the EcoLogo registered trademark. 22 of our
hydroelectric facilities in Ontario, Quebec, and British Columbia meet the strict standards of the
Environmental Choice Program.
1) This product includes Low Impact Hydropower from facilities certified by the Low Impact Hydropower Institute (an independent non-profit organization) to have environmental impacts
in key areas below levels the Institute considers acceptable for hydropower facilities. For more information about the certification, please visit www.lowimpacthydro.org.
3838
Case Study: TerraForm Power Merger
>4 GWACROSS SOLAR
AND WIND
$5BTRANSACTION
VALUE
Transaction Overview
• Acquired controlling interest in TerraForm Power,
one of the largest owners of wind and solar
globally, following the bankruptcy of its sponsor in
2016
• Merged the remaining interest into Brookfield
Renewable on an all-stock basis in 2020
Value-Enhancing Thesis
• One of the few organizations with the scale and
operating capability to acquire the business through
the restructuring, and immediately stabilize the
business by implementing an operating plan and
resuming growth
• Drove significant value to TerraForm Power
shareholders
o Delivered 35% annualized total return and
over two times their money from the time of
our initial investment
• Merger was accretive to Brookfield Renewable and
strengthened our business in North America and
Europe
3939
Case Study: Janauba Solar
1,200 MWLATE-STAGE
PROJECTS
100%CONTRACTED
CASH FLOWS1
Project Overview
• 1,200 MW advanced solar development in Brazil
• One of the largest solar developments globally
• Expected total equity to complete project of ~$200
million
Value-Enhancing Thesis
• Requires both development and energy marketing
capabilities to bring the project to completion
o Leverage deep power marketing expertise to
contract the facility prior to commencing
construction
o Using global scale drive down equipment
procurement, installation and operating costs
to deliver additional value over time
• Returns expected to be close to 20%
Progress to Date
• Phase 1 is fully contracted and construction
expected to commence in early 2021, with target
commissioning in early 2022
• In process of contracting Phase 2 with construction
expected to commence at the end of 2021, with
expected commissioning in 2023
1 Phase 1 only. Expect to fully contract Phase 2 prior to commencing construction
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