Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — FY2020 Earnings Presentation
35 slides from Brookfield Renewable's earnings presentation, Feb 4, 2021
Slide 1: 2020 Supplemental Information
BROOKFIELD RENEWABLE PARTNERS L.P. 2020 Supplemental Information Year Ended December 31, 2020
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: 2020 Highlights
2020 Highlights (MILLIONS, EXCEPT AS NOTED) 2020 2019 26.1 TWh $807M 6% Operational Information PROPORTIONATE YOY FFO GENERATION FFO GROWTH Capacity (MW) 18,844 18,883 Total generation (GWh) Long-term average generation 57,457 53,926 PERFORMANCE HIGHLIGHTS Actual generation 52,782 52,560 Proportiona
Slide 4: 2020 Highlights (cont'd)
2020 Highlights (cont’d) OPERATIONS GROWTH AND DEVELOPMENT • Continued to focus on extending our contract profile • We broadened our investor base by completing: – Secured over 200 signed contracts to deliver over – The special distribution of BEPC exchangeable shares 3,500 GWh of clean energy annua
Slide 5: About Brookfield Renewable
About Brookfield Renewable We have integrated operating platforms on four continents with operating, development and power marketing expertise $57 billion 19,000 3,000 TOTAL POWER ASSETS MEGAWATTS OF CAPACITY OPERATING EMPLOYEES 5,324 power generating facilities 25 markets in 15 countries 120 years
Slide 6: Overview of Our Operations
Overview of Our Operations Storage River Capacity LTA(1) Capacity Long-term Average Generation by Source As at December 31, 2020 Systems Facilities (MW) (GWh) (GWh) of Energy Hydroelectric (proportionate basis) North America United States 31 140 3,148 13,503 2,523 Canada 18 29 1,098 3,656 1,261 Sola
Slide 7: 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% increase in our quarterly distributions, bringing our annual distribution to $1.215 per LP unit – The n
Slide 8: Generation and Financial Review for the Year Ended December 31
Generation and Financial Review for the Year Ended December 31 8
Slide 9: Performance Measurement
Performance Measurement Segmented Information Our operations are segmented by – 1) hydroelectric, 2) wind, 3) solar, 4) energy transition (distributed generation, pumped storage, cogeneration and biomass), and 5) corporate – with hydroelectric and wind further segmented by geography (i.e., North Ame
Slide 10: 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 11: Hydroelectric Operations on Proportionate Basis
Hydroelectric Operations on Proportionate Basis FINANCIAL RESULTS 18,525 GWh $662M FFO decreased 7% or $48 million to $662 million PROPORTIONATE GENERATION FFO • FFO at our North American business was $420 million versus $459 million in the prior year as higher average revenue per MWh due to the The
Slide 12: Wind Operations on Proportionate Basis
Wind Operations on Proportionate Basis FINANCIAL RESULTS 5,448 GWh $237M FFO increased 35% or $62 million to $237 million FFO • FFO at our North American business was $123 million versus $98 million in the PROPORTIONATE GENERATION prior year primarily due to growth from our increased ownership in Te
Slide 13: Solar, Energy Transition and Corporate on Proportionate Basis
Solar, Energy Transition and Corporate on Proportionate Basis The following table presents the proportionate results of our solar The following table presents our corporate results for the years ended business for the years ended December 31: December 31: (MILLIONS, EXCEPT AS NOTED) 2020 2019 2020 2
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: (MILLIONS) 2021 2022 2023 2024 2025 Thereafter Total Principal repayments(1) Medium term notes(2) — — — — 314 1,826 2,140 Non-recourse borrowings Credit facilities 48
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: Assets Under Construction
Assets Under Construction The following table summarizes the 458 MW of assets that reached commercial operations during the year: Annualized Country / Capacity Net Capacity Expected FFO Project Name Region Technology (MW) (MW) (millions) GLP Rooftop JV China Solar 128 16 $ 1 Knockawarriga II Ireland
Slide 19: 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 20: Appendix 1 – Reconciliation of Non-IFRS Measures
Appendix 1 – Reconciliation of Non-IFRS Measures 20
Slide 21: Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2020
Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2020 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the year ended December 31, 2020: Attributable to Unitholders Contribution from equity- Attributable to Energy ac
Slide 22: Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2019
Segment Reconciliation on a Proportionate Basis – Year Ended December 31, 2019 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the year ended December 31, 2019: Attributable to Unitholders Contribution from equity- Attributable to Energy ac
Slide 23: Segment Reconciliation on a Proportionate Basis – Three Months Ended December 31, 2020
Segment Reconciliation on a Proportionate Basis – Three Months Ended December 31, 2020 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended December 31, 2020: Attributable to Unitholders Contribution from equity- Attributa
Slide 24: Segment Reconciliation on a Proportionate Basis – Three Months Ended December 31, 2019
Segment Reconciliation on a Proportionate Basis – Three Months Ended December 31, 2019 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended December 31, 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 presented in this report to the most directly comparable IFRS measures: Three months ended December 31 Year ended December 31 (MILLIONS) 2020 2019 2020 2019 Net income (loss) attributable to: Limited pa
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 for the year ended December 31: Year ended December 31 202
Slide 27: Appendix 2 – Additional Information
Appendix 2 – Additional Information 27
Slide 28: Annualized Proportionate Long-term Average Generation
Annualized Proportionate Long-term Average Generation GENERATION (GWh)(8) 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 29: Annualized Consolidated Long-term Average Generation
Annualized Consolidated Long-term Average Generation GENERATION (GWh)(10) 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,
Slide 30: Appendix 3 – Presentation to Stakeholders and Performance Measurement
Appendix 3 – Presentation to Stakeholders and Performance Measurement 30
Slide 31: 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 32: 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 33: 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 34: Endnotes
Endnotes (1) Share of earnings from equity accounted investments of $27 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries
Slide 35: BEP BEPC BEP.UN BEPC
NYSE: NYSE: BEP BEPC TSX: TSX: BEP.UN BEPC https://bep.brookfield.com https://bep.brookfield.com/bepc 35
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