Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — Q3 2023 Earnings Presentation
40 slides from Brookfield Renewable's earnings presentation, Nov 3, 2023
Slide 1: Q3 2023 Supplemental Information
Brookfield 2023 Q3 SUPPLEMENTAL INFORMATION Brookfield Renewable Partners L.P.
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Supplemental Information contains forward-looking statements and information, within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of
Slide 3: Q3 2023 Highlights
Q3 2023 Highlights (MILLIONS, EXCEPT AS NOTED) Three months ended 2023 2022 Nine months ended 2023 2022 $840M 7% $4.4B Select Financial Information FUNDS FROM FFO PER UNIT AVAILABLE Revenues 1,179 1,105 3,715 3,515 OPERATIONS INCREASE LIQUIDITY Net income (loss) attributable to Unitholders (64) (136
Slide 4: Q3 2023 Highlights (cont'd)
Q3 2023 Highlights (cont’d) OPERATIONS GROWTH AND DEVELOPMENT • During the quarter, together with our institutional partners, we have • Continued to focus on being the partner of choice to procure power committed to invest approximately $2.2 billion (approximately $450 – Signed contracts to deliver
Slide 5: About Brookfield Renewable
About Brookfield Renewable We are a global leader in decarbonization, with integrated operating platforms on five continents with operating, development and power marketing expertise $78 billion ~31,000 TOTAL POWER ASSETS MW OF OPERATING CAPACITY 6,861 power generating facilities ~30 markets in 20 c
Slide 6: A Global Leader in Decarbonization
A Global Leader in Decarbonization 6 Refer to endnotes on page 39
Slide 7: Overview of Our Operations
Overview of Our Operations Our global diversified portfolio of renewable power assets, which makes up over 96% of our Revenue by Source of Energy business, has approximately 31,000 MW of operating capacity and annualized LTA generation of (proportionate basis)(1) approximately 71,400 GWh and a devel
Slide 8: Distribution Profile
Distribution Profile • We target a long-term distribution growth rate in the range of 5% to 9% annually • Distribution payout is reviewed with the Board of Directors in the first quarter of each year • The next quarterly distribution in the amount of $0.3375 per LP unit, is payable on December 29, 2
Slide 9: Generation and Financial Review for the Three Months Ended September 30
Generation and Financial Review for the Three Months Ended September 30 9
Slide 10: Performance Measurement
Performance Measurement Segmented Information Our operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy & sustainable solutions (distributed generation, pumped storage, renewable natural gas, carbon capture and storage, recycling, cogeneration and bio
Slide 11: Proportionate Results for the Three Months Ended September 30
Proportionate Results for the Three Months Ended September 30 For each operating segment, this Supplemental Information outlines Brookfield Renewable’s proportionate share of results in order to demonstrate the impact of key value drivers of each operating segment on the partnership’s overall perfor
Slide 12: Hydroelectric Operations on Proportionate Basis
Hydroelectric Operations on Proportionate Basis FINANCIAL RESULTS 4,061 GWh $129M PROPORTIONATE GENERATION FFO FFO of $129 million of was in line with prior year The following table presents our proportionate results for the • FFO at our North American business was $75 million versus three and nine
Slide 13: Wind Operations on Proportionate Basis
Wind Operations on Proportionate Basis FINANCIAL RESULTS 1,282 GWh $94M FFO increased 54% or $33 million to $94 million PROPORTIONATE GENERATION FFO • FFO at our North American business was $74 million versus $28 million in The following table presents our proportionate results for the three and the
Slide 14: Utility-scale solar, Distributed energy & sustainable solutions, and Corporate
Utility-scale solar, Distributed energy & sustainable solutions, and Corporate on Proportionate Basis The following table presents our proportionate results for our Utility-scale The following table presents Corporate results for the three and nine solar business for the three and nine months ended
Slide 15: Capitalization and Available Liquidity
Capitalization and Available Liquidity AVAILABLE LIQUIDITY CAPITALIZATION We operate with sufficient liquidity to enable us to fund A key element of our financing strategy is to raise the majority of growth initiatives, capital expenditures, distributions or our debt in the form of asset-specific, n
Slide 16: Borrowings
Borrowings The following table summarizes our undiscounted principal and scheduled amortization repayments on a proportionate basis: Balance of (MILLIONS) 2023 2024 2025 2026 2027 Thereafter Total Principal repayments(1) Medium term notes(2) $ — $ — $ 295 $ — $ 368 $ 1,934 $ 2,597 Non-recourse borro
Slide 17: Contract Profile
Contract Profile The following table sets out our contracts over the next five years for generation output in North America, Europe, and other countries in Asia on a proportionate basis, assuming long-term average. The table excludes Brazil and Colombia hydroelectric portfolios, where we would expec
Slide 18: Development Profile
Development Profile Expected to deliver $344 million of annualized FFO from our recently developed, under construction or construction-ready, and advanced stage development assets. The following table summarizes the 2,159 MW and 2,763 MW of assets that reached commercial operations in the last nine
Slide 19: Appendix 1 – Reconciliation of Non-IFRS Measures
Appendix 1 – Reconciliation of Non-IFRS Measures 19
Slide 20: Segment Reconciliation – Three Months Ended September 30, 2023
Segment Reconciliation on a Proportionate Basis – Three Months Ended September 30, 2023 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended September 30, 2023: Attributable to Unitholders Distributed Contribution energy &
Slide 21: Segment Reconciliation – Three Months Ended September 30, 2022
Segment Reconciliation on a Proportionate Basis – Three Months Ended September 30, 2022 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended September 30, 2022: Attributable to Unitholders Distributed Contribution energy &
Slide 22: Segment Reconciliation – Nine Months Ended September 30, 2023
Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2023 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the nine months ended September 30, 2023: Attributable to Unitholders Distributed Contribution energy & f
Slide 23: Segment Reconciliation – Nine Months Ended September 30, 2022
Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2022 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the nine months ended September 30, 2022: Attributable to Unitholders Distributed Contribution energy & f
Slide 24: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended September 30, 2023: Attributable to Unitholders Distributed energy & UNAUDIT
Slide 25: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended September 30, 2022: Attributable to Unitholders Distributed energy & UNAUDIT
Slide 26: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the nine months ended September 30, 2023: Attributable to Unitholders Distributed energy & UNAUDITE
Slide 27: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the nine months ended September 30, 2022: Attributable to Unitholders Distributed energy & UNAUDITE
Slide 28: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial metrics presented in this report to the most directly comparable IFRS measures: Three months ended September 30 Nine months ended September 30 UNAUDITED (MILLIONS) 2023 2022 2023 2022 Net income (loss) $ 24 $ (
Slide 29: Reconciliation of Non-IFRS Measures (cont'd)
Reconciliation of Non-IFRS Measures (cont'd) The following table reconciles the non-IFRS per unit financial metrics to the most directly comparable IFRS measures. Earnings per LP unit is reconciled to FFO per Unit and Normalized FFO per Unit for the three and nine months ended September 30: Three mo
Slide 30: Segment Proportionate Balance Sheet
Segment Proportionate Balance Sheet Attributable to Unitholders Distributed Contribution Attributable to Utility- energy & from equity- non- As per scale sustainable accounted controlling IFRS (MILLIONS) Hydroelectric Wind solar solutions Corporate Total investments interests financials As at Septem
Slide 31: Appendix 2 – Additional Information
Appendix 2 – Additional Information 31
Slide 32: Annualized Proportionate Long-term Average Generation
Annualized Proportionate Long-term Average Generation GENERATION (GWh)(16) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 2,224 2,359 1,466 1,950 7,999 Canada 1,010 1,210 980 959 4,159 3,234 3,569 2,446 2,909 12,158 Colombia 828 909 886 1,001 3,624 Brazil 1,008 1,020 1,034 1,035 4,097 5
Slide 33: Annualized Consolidated Long-term Average Generation
Annualized Consolidated Long-term Average Generation GENERATION (GWh)(16) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 3,402 3,469 2,171 2,921 11,963 Canada 1,235 1,489 1,236 1,218 5,178 4,637 4,958 3,407 4,139 17,141 Colombia 3,632 3,985 3,881 4,393 15,891 Brazil 1,183 1,198 1,214 1,
Slide 34: Development Profile - Schedule
Development Profile - Schedule The following table summarizes the expected commissioning schedule of our renewable power and sustainable solutions development pipeline: Remaining Total Advanced Remaining Development Pipeline 2023 2024 2025 Advanced Stage Stage Pipeline Pipeline Total Pipeline Renewa
Slide 35: Appendix 3 – Presentation to Stakeholders and Performance Measurement
Appendix 3 – Presentation to Stakeholders and Performance Measurement 35
Slide 36: Presentation to Stakeholders
Presentation to Stakeholders Actual and Long-term Average Generation For assets acquired, disposed or reaching commercial operation during the period, reported generation is calculated from the acquisition, disposition or commercial operation date and is not annualized. As it relates to Colombia onl
Slide 37: Performance Measurement
Performance Measurement One of our primary business objectives is to generate reliable and growing cash flows while minimizing risk for the benefit of all stakeholders. We monitor our performance in this regard through four key metrics – i) Net Income (Loss), ii) Adjusted Earnings Before Interest, T
Slide 38: Performance Measurement (cont'd)
Performance Measurement (cont'd) • Cash Available for Distribution – Cash Available for Distribution is a non-IFRS measure used by investors to analyze net earnings from operations without the effects of certain volatile items that generally have no current financial impact or items not directly rel
Slide 39: Endnotes
Endnotes (1) LTA is calculated based on our portfolio as at September 30, 2023, reflecting all facilities on a consolidated and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See 'Presentation to Stakeholders' for our meth
Slide 40: BEP BEPC BEP.UN
NYSE: NYSE: BEP BEPC TSX: TSX: BEP.UN BEPC https://bep.brookfield.com https://bep.brookfield.com/bepc 40
Brookfield Renewable Partners L.P. Limited Partnership Units — Q3 2023 Earnings Presentation on 6ix