Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — Q3 2020 Earnings Presentation
35 slides from Brookfield Renewable's earnings presentation, Nov 4, 2020
Slide 1: Q3 2020 Supplemental Information
BROOKFIELD RENEWABLE PARTNERS L.P. Q3 2020 Supplemental Information For the three and nine months ended September 30, 2020
Slide 2: Notice to Recipients
NOTICE TO RECIPIENTS 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 Section 27A of the U.S. Securities A
Slide 3: Q3 2020 Highlights
Q3 2020 Highlights (MILLIONS, EXCEPT AS NOTED) Three months ended 2020 2019 Nine months ended 2020 2019 5.8 TWh $157 M 12% Operational Information PROPORTIONATE FUNDS FROM FFO PER UNIT Capacity (MW) 19,363 18,042 19,363 18,042 GENERATION OPERATIONS GROWTH Total generation (GWh) Long-term average gen
Slide 4: Q3 2020 Highlights (cont'd)
Q3 2020 Highlights (cont’d) OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (cont'd) • Continued to focus on extending our contract profile • Following the quarter, we also executed the sale of a 40% – In Colombia, secured 19 inflation-indexed contracts for equity interest in an 852 MW wind portfolio in
Slide 5: About Brookfield Renewable
About Brookfield Renewable We have integrated operating platforms on four continents with operating, development and power marketing expertise $52 billion 19,400 3,000+ TOTAL POWER ASSETS MEGAWATTS OF CAPACITY OPERATING EMPLOYEES 5,318 power generating facilities 27 markets in 17 countries 120 years
Slide 6: Overview of Our Operations
Overview of Our Operations Storage River Capacity LTA(1) Capacity As at September 30, 2020 Systems Facilities (MW) (GWh) (GWh) Long-term Average Generation by Source of Hydroelectric Energy North America (proportionate basis) United States 31 140 3,148 13,503 2,523 Canada 18 29 1,098 3,656 1,261 Sol
Slide 7: 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 $0.434(1) per LP Unit, is payable on December 31,
Slide 8: Generation and Financial Review for the Three Months Ended September 30
Generation and Financial Review for the Three Months Ended September 30 8
Slide 9: Performance Measurement
Performance Measurement Segmented Information Our operations are segmented by – 1) hydroelectric, 2) wind, 3) solar, 4) storage & other (cogeneration and biomass), and 5) corporate – with hydroelectric and wind further segmented by geography (i.e., North America, Colombia, Brazil, Europe and Asia).
Slide 10: 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 11: Hydroelectric Operations on Proportionate Basis
Hydroelectric Operations on Proportionate Basis FINANCIAL RESULTS FFO decreased 10% or $12 million to $113 million 3,606 GWh $113M • FFO at our North American business was $66 million versus $55 PROPORTIONATE GENERATION FFO million in the prior year as higher average revenue per MWh due to the benef
Slide 12: Wind Operations on Proportionate Basis
Wind Operations on Proportionate Basis FINANCIAL RESULTS 1,345 GWh $50M FFO increased 32% or $12 million to $50 million PROPORTIONATE GENERATION FFO • FFO at our North American business was $24 million versus $16 million in the prior year primarily due to our increased ownership in TerraForm The fol
Slide 13: Solar, Storage & Other and Corporate on Proportionate Basis
Solar, Storage & Other and Corporate on Proportionate Basis The following table presents our proportionate results for our solar The following table presents Corporate results for the three and business the three and nine months ended September 30: nine months ended September 30: Three months ended
Slide 14: 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 and corporate debt issuances, asset sales and
Slide 15: 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 16: Borrowings
Borrowings The following table summarizes our undiscounted principal and scheduled amortization repayments on a proportionate basis: Balance of (MILLIONS) 2020 2021 2022 2023 2024 Thereafter Total Principal repayments(1) Medium term notes(2) — — — — — 2,046 2,046 Non-recourse borrowings Credit facil
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, where we would expect the energy associated w
Slide 18: Development Assets
Development Assets The following table summarizes the 33 MW of assets that reached commercial operations during the quarter: Annualized Country / Capacity Expected FFO Project Name Region Technology (MW) (millions) GLP Rooftop JV China Solar 33 $ 1 Total 33 $ 1 The following table summarizes the 2,6
Slide 19: Proportionate Results for the Nine Months Ended September 30
Proportionate Results for the Nine 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 perform
Slide 20: Appendix 1 – Reconciliation of Non-IFRS Measures
Appendix 1 – Reconciliation of Non-IFRS Measures 20
Slide 21: Segment Reconciliation – Three Months Ended September 30, 2020
Segment Reconciliation on a Proportionate Basis – Three Months Ended September 30, 2020 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended September 30, 2020: Attributable to Unitholders Contribution from equity- Attribu
Slide 22: Segment Reconciliation – Three Months Ended September 30, 2019
Segment Reconciliation on a Proportionate Basis – Three Months Ended September 30, 2019 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended September 30, 2019: Attributable to Unitholders Contribution from equity- Attribu
Slide 23: Segment Reconciliation – Nine Months Ended September 30, 2020
Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2020 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the nine months ended September 30, 2020: Attributable to Unitholders Contribution from equity- Attributa
Slide 24: Segment Reconciliation – Nine Months Ended September 30, 2019
Segment Reconciliation on a Proportionate Basis – Nine Months Ended September 30, 2019 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the nine months ended September 30, 2019: Attributable to Unitholders Contribution from equity- Attributa
Slide 25: Reconciliation of Non-IFRS Measures
Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures. Net income attributable to Unitholders is reconciled to FFO and Proportionate Adjusted EBITDA for the three and nine months ended September 30: Three month
Slide 26: 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 both for the three and nine months ended September 30: Thr
Slide 27: Segment Proportionate Balance Sheet
Segment Proportionate Balance Sheet Attributable to Unitholders Contribution Attributable to from equity- non- As per Storage & accounted controlling IFRS (MILLIONS) Hydro Wind Solar Other Corporate Total investments interests financials(1) As at September 30, 2020 Cash and cash equivalents 56 69 14
Slide 28: Appendix 2 – Additional Information
Appendix 2 – Additional Information 28
Slide 29: Annualized Proportionate Long-term Average Generation
Annualized Proportionate Long-term Average Generation GENERATION (GWh) (1) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 2,614 2,805 1,819 2,293 9,531 Canada 619 775 624 619 2,637 3,233 3,580 2,443 2,912 12,168 Colombia 798 870 843 978 3,489 Brazil 988 998 1,009 1,009 4,004 5,019 5,448
Slide 30: Annualized Long-term Average Generation
Annualized Long-term Average Generation GENERATION (GWh) (1) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 3,794 3,918 2,525 3,266 13,503 Canada 841 1,064 873 878 3,656 4,635 4,982 3,398 — 4,144 17,159 Colombia 3,315 3,614 3,502 4,054 14,485 Brazil 1,215 1,228 1,241 1,240 4,924 9,165 9
Slide 31: Appendix 3 – Presentation to Stakeholders and Performance Measurement
Appendix 3 – Presentation to Stakeholders and Performance Measurement 31
Slide 32: 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 33: 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 34: 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 35: BEP BEPC BEP.UN
NYSE: NYSE: BEP BEPC TSX: TSX: BEP.UN BEPC https://bep.brookfield.com https://bep.brookfield.com/bepc 35
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