Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — Q4 2023 Earnings Presentation
42 slides from Brookfield Renewable's earnings presentation, Feb 2, 2024
Slide 1: Q4 Supplemental Information, Year Ended December 31, 2023
Brookfield —— 2023 —— Brookfield Renewable Partners L.P. Q4 SUPPLEMENTAL INFORMATION Year Ended December 31, 2023
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: 2023 Highlights
2023 Highlights (MILLIONS, EXCEPT AS NOTED) 2023 2022 $1.1B 7% $4.1B Selected Financial Information FUNDS FROM FFO PER UNIT AVAILABLE Revenues $ 5,038 $ 4,711 OPERATIONS INCREASE LIQUIDITY Net loss attributable to Unitholders (100) (295) Proportionate Adjusted EBITDA(1) 2,182 2,002 FFO(1) 1,095 1,00
Slide 4: 2023 Highlights (cont'd)
2023 Highlights (cont’d) OPERATIONS GROWTH AND DEVELOPMENT (cont'd) • Continued to be the partner of choice to procure clean power – Completed the acquisition of the remaining 50% interest in X-Elio which – We advanced commercial priorities including securing contracts for new we did not own for tot
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 ~$102 billion ~33,000 TOTAL POWER AND SUSTAINABLE MEGAWATTS OF TOTAL (1) SOLUTIONS ASSETS OPERATING CAPACITY 7,068 po
Slide 6: A Global Leader in Decarbonization
A Global Leader in Decarbonization 6
Slide 7: Overview of Our Operations
Overview of Our Operations Our global diversified portfolio of renewable power assets, which makes up over 97% of our business, has approximately 31,800 MW of operating capacity and annualized LTA generation of approximately 93,000 GWh and a development pipeline of approximately 155,400 MW. The tabl
Slide 8: Diversified Operating Portfolio
Diversified Operating Portfolio Strong exposure to developed regions and established renewable technologies Revenue by Technology Revenue by Region (proportionate basis)1 (proportionate basis)1 5% 2% 8% 22% Hydro 13% Wind North America Solar - utility Europe 55% Distributed energy & South America st
Slide 9: Distribution Profile
Distribution Profile • We target a long-term distribution growth rate in the range of 5% to 9% annually • Given our strong outlook and financial position, our Board of Directors have declared a 5.2% increase in our quarterly distributions, bringing our annual distribution to $1.42 per LP unit(1) – T
Slide 10: Strong Track Record of Growth
Strong Track Record of Growth Over the past 10+ years we have delivered consistent growth for our unitholders, supporting our distribution $1,095 11% CAGR $347 2012(24) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 CAGR FFO (US$ M)(1)(23) $347 $594 $560 $467 $419 $581 $676 $761 $807 $934 $1
Slide 11: Generation and Financial Review for the Year Ended December 31
Generation and Financial Review for the Year Ended December 31 11
Slide 12: Performance Measurement
Performance Measurement Segmented Information Our operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy and storage (distributed generation and pumped storage), 5) sustainable solutions (agricultural renewable natural gas, carbon capture and storage,
Slide 13: Proportionate Results for the Year Ended December 31
Proportionate Results for the Year Ended December 31 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 performance. (G
Slide 14: Hydroelectric Operations on Proportionate Basis
Hydroelectric Operations on Proportionate Basis FINANCIAL RESULTS The following table presents our proportionate results FFO decreased 6% or 43 million to $624 million for the years ended December 31: • FFO at our North American business was $402 million versus $412 million in the prior year as the
Slide 15: Wind and Utility-scale Solar on Proportionate Basis
Wind and Utility-scale solar on Proportionate Basis The following table presents the proportionate results of our The following table presents the proportionate results of our wind business for the years ended December 31: Utility-scale solar business for the years ended December 31: (MILLIONS, EXCE
Slide 16: Distributed Energy & Storage, Sustainable Solutions and Corporate
Distributed energy & storage, sustainable solutions and Corporate on Proportionate Basis The following table presents the proportionate results of our The following table presents our corporate results for the years ended Distributed energy and storage business for the years ended December 31: Decem
Slide 17: Capitalization and Available Liquidity
Capitalization and Available Liquidity CAPITALIZATION AVAILABLE LIQUIDITY A key element of our financing strategy is to raise the majority We operate with sufficient liquidity to enable us to fund of our debt in the form of asset-specific, non-recourse growth initiatives, capital expenditures, distr
Slide 18: Borrowings
Borrowings The following table summarizes our undiscounted principal and scheduled amortization repayments on a proportionate basis: (MILLIONS) 2024 2025 2026 2027 2028 Thereafter Total Principal repayments(1) Medium-term notes(2) $ — $ 302 $ — $ 377 $ — $ 1,981 $ 2,660 Non-recourse borrowings Hydro
Slide 19: Contract Profile
Contract Profile The following table sets out our power 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
Slide 20: Development Profile
Development Profile Expected to deliver $363 million of annualized FFO from our recently developed, under construction or construction-ready, and advanced stage development assets. The following table summarizes the 4,511 MW of assets that reached commercial operations during 2023: Country / Annuali
Slide 21: Distribution Payout Ratio
Distribution Payout Ratio Our objective is to pay a distribution that is sustainable on a long-term basis while retaining sufficient liquidity within our operations to fund growth. We fund our growth initiatives through a combination of preferred equity, perpetual subordinated notes and corporate de
Slide 22: Proportionate Results for the Three Months Ended December 31
Proportionate Results for the Three Months Ended December 31 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 perform
Slide 23: Appendix 1 – Reconciliation of Non-IFRS Measures
Appendix 1 – Reconciliation of Non-IFRS Measures 23
Slide 24: Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2023
Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2023 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the year ended December 31, 2023: Attributable to Unitholders Contribution Distributed from equity- Attributable
Slide 25: Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2022
Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2022 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the year ended December 31, 2022: Attributable to Unitholders Contribution Distributed from equity- Attributable
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 year ended December 31, 2023: Attributable to Unitholders Hydroelectric Distributed Utility-sca
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 year ended December 31, 2022: Attributable to Unitholders Hydroelectric Distributed Utility-sca
Slide 28: 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 December 31, 2023: Attributable to Unitholders Hydroelectric Distributed Uti
Slide 29: 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 December 31, 2022: Attributable to Unitholders Hydroelectric Distributed Uti
Slide 30: 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 December 31 Years ended December 31 UNAUDITED (MILLIONS) 2023 2022 2023 2022 Net income (loss) $ 264 $ 60 $ 616
Slide 31: 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 year ended December 31: Years ended December 31 20
Slide 32: Appendix 2 – Additional Information
Appendix 2 – Additional Information 32
Slide 33: 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 843 922 900 1,016 3,681 Brazil 1,008 1,020 1,034 1,035 4,097 5
Slide 34: 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 3,697 4,048 3,944 4,454 16,143 Brazil 1,183 1,198 1,214 1,
Slide 35: 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 2024 2025 2026 Advanced Stage Stage Pipeline Pipeline Total Pipeline Renewa
Slide 36: Appendix 3 – Presentation to Stakeholders and Performance Measurement
Appendix 3 – Presentation to Stakeholders and Performance Measurement 36
Slide 37: 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 38: 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 39: Performance Measurement
Performance Measurement • 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 related to t
Slide 40: Endnotes
Endnotes (1) Includes investments in North America businesses that have an operating portfolio of 47 thousand metric tonnes per annum (“TMTPA”) of carbon capture and storage (“CCS”), 3 million Metric Million British thermal units (“MMBtu”) of agricultural renewable natural gas (“RNG”) operating prod
Slide 41: Endnotes
Endnotes (23) For the reconciliations of historical Non-IFRS measures to the most directly comparable IFRS measure refer to the applicable Management's Discussion and Analysis ("MDA") or Annual Report available on SEDAR+ at www.sedarplus.ca: 2020-2021 figures - refer to "Reconciliation of Non-IFRS M
Slide 42: BEP BEPC BEP.UN BEPC
NYSE: NYSE: BEP BEPC TSX: TSX: BEP.UN BEPC https://bep.brookfield.com https://bep.brookfield.com/bepc 42
Brookfield Renewable Partners L.P. Limited Partnership Units — Q4 2023 Earnings Presentation on 6ix