As we enter 2022, we continue to be one of the largest owners, operators and builders of clean energy globally with best-in-class growth prospects and inflation-linked cash flows that are supported by double-digit years of weighted average contract life. Today, we have over 15,000 megawatts of capacity under construction or in late stage development. It was certainly not a great year from a resource perspective. Nov 04, 2022, 8:30 a.m. WebConnor Teskey is President of Brookfield Asset Management. Further, we have a largely fixed cost structure with limited exposure to rising labor costs and capital expenditures. Hi, good morning. Thanks and good morning, everyone. So thats kind of bucket one that were seeing grow. Our next question comes from Mark Strouse with J.P. Morgan. Thats simply economies of scale playing out. Great. The reasons we are excited about this transaction are numerous, but to highlight a few. Those are largely fixed contracts on a regional basis, notably India, and then some of our corporate contracts just because thats what our customers prefer. Brookfield announced in May that it will spin off 25% of its asset management business. Looking forward it has estimated that 200 gigawatts of global wind capacity will reach 15 years of age within the next five years, creating an attractive opportunity for developers like us who have the right skillset and scale of capital. So we're still doing the same things onshore, but there's also this large growth opportunity for power marketing for subsidy free offshore wind in Europe, too. Certainly, perhaps I'll start and Wyatt, if there's anything you'd like to add, certainly chime in. Okay. Brookfield Renewable Partners Limited operates as the general partner of Brookfield Renewable Partners L.P. As a result of these dynamics, our target returns on this investment are in excess of our 12% to 15% return target. All 13,000 megawatts of solar development in this pipeline have interconnection queue positions, which is specifically valuable in the PJM market, given the high demand for clean energy driven by significant data center load and increasing ambition ambitious RPS targets and limited supply of sites giving given that the market is undergoing significant interconnection queue reform. We got that in Lievre. There are other markets that, that are a little slower going into Q1. Are you looking to put more resources into Europe, given the state of the power market there? Prior to Brookfield, he worked in corporate debt origination at a Canadian bank. Today, I want to walk you through the Lievre financing. The first one with Amazon is simply a strategic collaboration where we look to build out clean energy projects to support their growth around the world in their increasing clean energy demand. In 2021, we generated FFO of $934 million or $1.45 per unit, a 10% increase from 2020 or 17% on a normalized basis. Before we hand it over for the question-and-answer session, I want to spend a few minutes on two topics, our development pipeline, as well as our recent CAD1.2 billion asset level of financing in Quebec. We commissioned approximately 1,000 megawatts of new capacity and finished the year with over 15,000 megawatts of construction and advanced stage projects. Thanks. What I would say is, we look at all the opportunities that are available in the market and allocate our capital to where we see the best risk-adjusted returns. 
Thank you for joining us this morning. You give some of that up, if you play for the merchant price and we've had success doing what we're doing and that's going to be our continued playbook going forward. And then a lot of that organic growth coming through over the next few years, we see a path to high single digit FFO per unit growth, simply using organic growth initiatives within the business. Current CEO Bruce Flatt wrote in a letter to shareholders Thursday that it was time to "further strengthen our senior management team with the elevation of the next generation of leaders.". How should we think about that? So our approach is not going to change, but to the extent, we do see large transactions, there will be opportunities for us to co-invest. Next, we would like to spend a few minutes providing a spotlight on three important topics. 
And we also signed a strategic agreement with Shoals Technologies Group, a leading provider of balance of system solutions for storage, solar and eMobility, to pursue distributed renewable energy generation and EV charging solutions across the United States. And for the last couple years due to the pricing environment, we have been very hesitant to do anything that kind of locks in value around this portfolio, whether it be financings or monetizations. Please go ahead. Where we fit today? What has changed in our business positively changed in our business is the amount of that per unit FFO per share growth that we can deliver simply with organic growth initiative is much higher than its been in the past. There is no doubt that both have impacted our broader industry. So this is really kind of has been factored into that funding plan. Its portfolio consists of approximately 21,000 megawatts of installed capacity. Thats it for me. Officer of Brookfield Renewable Partners L.P, the total compensation of Mr Teskey at Brookfield Renewable Secondly in Brazil, through much of 2021, there was historically low hydrology in Brazil, creating almost drought like conditions. Is it fair to say theres still a price at which you might consider a sell down or really is upfinancing kind of representative of a way you can recycle some of the capital from hydros in the future? And then thirdly, increasingly were seeing opportunities to be a capital provider and an operating partner to corporates that have their own decarbonization goals, but either dont have the capabilities or the money to fund the processes to get them to their objectives. Main Office 
Is this happening to you frequently? However, our globally diversified business and strong relationship with Tier 1 suppliers mean we can manage supply chain disruptions such that they have not had any material impact on our business. 
Connor David Teskey is the Chief Exec. Got it. Date Total Comp. And we are at the point where batteries arent quite yet cost effective on a live spread basis, but theyre increasingly becoming cost effective in select markets. 
And now have an overall global development pipeline of approximately 62,000 megawatts. As we look forward into next year, theres significant upside torque to our performance, if we get a more normalized level of resource, but some comments we would make in Columbia, were entering the year with above the LTA level of resource in our hydros. This is our largest project financing to date, and we are highly confident that we will redeploy this capital into growth and when deployed at our target returns, it is expected to generate more than $100 million of annual net FFO for the business. As the business benefited from recent acquisitions, strong underlying asset availability and execution on organic growth initiatives. Second, in our under construction assets, we have always focused on avoiding basis risk by locking in major CapEx components at the same time, we signed PPAs for projects. Mr. Connor D. Teskey is a Chief Executive Officer at Brookfield Renewable Partners LP, a Chief Executive Officer at Brookfield Renewable Corp., a Managing Partner at Brookfield Asset Management (Infrastructure) and a Managing Partner & CEO-Renewable Power at Brookfield Asset Management, Inc. 
Very helpful. And really turn that into de-risk construction at really attractive returns. We achieved record FFO per unit, continuing our track record of double-digit annual growth for over a decade. The hydro assets did perform stronger from a year-over-year perspective, but we saw a bit of a some weakness at least on the FFO side on the other platform. As Connor mentioned, we executed on $13 billion of investment grade financings, including $1.5 billion upfinancings net to Brookfield Renewable, securing a weighted average debt maturity of 13 years with no material maturities over the next three years. And thats largely because of the dollars we have already invested in the ground in development that is only going to start COD-ing and hitting our FFO either in this past year or next year. Lastly, we also continue to execute on our growth plans for our distributed generation business in the fourth quarter. The only other comment I make Mark is that, even though 70% of our contracts are fixed to inflation. And we look forward to updating you with our Q1 results in a few months. So the way we look at these opportunities is always really from two perspectives. 
Brookfield Renewable Partners L.P. (NYSE:BEP) Q3 Earnings Conference Call November 5, 2021 9:00 AM ETCompany Participants. You highlight, youre looking mostly at corporate contracts to build that out. Great question. And were really using that not just in Europe, but around the world to enhance and drive an accelerated build out of our corporate PPA business and our development pipeline. WebConnor D Teskey is Chief Executive Officer at Brookfield Renewable Partners LP. We do see opportunities where some businesses with large operating portfolios, but growth ambitions as well may that rely on the capital markets for capital might need solutions to fund that growth. Teskey joined Brookfield in 2012 and held a variety of investment, financing and restructuring roles. And then if I could just finish on your FFO to share growth guidance of, its been in the 6% to 11% range, but you print it at 10% in 2021 and then you expect a 10%-plus CAGR over here over the next couple of years. And if almost shocking, but where were at today reservoir levels in Brazil are actually higher than they were at this point last year, so that situation, although not all the way back to LTA is dramatically improved versus where it was four or five months ago. Good morning. Brookfield has been reliably investing in renewable And perhaps the easiest thing to do is explain some of the context around that transaction. All right. Just a quick question on some partnerships, I mean last year, youve youre going to be working with Amazon on utility scale project globally. 2 Ltd., Canary Wharf Group Investment Holdings Plc and TechBridge. [Operator Instructions] Our first question comes from Robert Hope with Scotiabank. Its quick to build, its modular. Certainly if the constructive pricing environment continues. We're very excited to continue to find opportunities in that market. Our energy transition segment generated $162 million of FFO. Were excited about the projects were working on together and we see the potential for it to scale going forward. And further to that when you talk about 9 gigawatts over three years, you guys clearly have a lot of internal horsepower to manage this. Connor David Teskey is the Chief Exec. This repowering was completed on time and on budget, despite the supply chain challenges facing developers around on the world. 
Tenth Floor Is this kind of just when the opportunities presented themselves? We advanced key commercial priorities, securing contracts to deliver 11,000 gigawatt hours of clean energy annually, including 6,000 hours to corporate off-takers. Great. 
Our next question comes from Ben Pham with BMO Capital Markets. Our largest businesses are in North America and Europe and they continue to grow on, I would say a double-digit basis year after year after year. Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, India, and China. And then a couple years ago, you guys reworked sort of energy marketing contract with Brookfield. From there, when you take those assets that we had acquired through Urban Grid and you marry them with our existing demand from corporate contractors, particularly in the PGA market, we think we will be able to pull many of those projects through faster than perhaps Urban Grid could on its own. And then secondly, where you see opportunities or gaps to execute on more strategic agreements? 
Thats kind of thats very helpful. Mr. Flatt added in the letter that "to ensure the continuity and success of the partnership, we actively promote from within and move executives into new roles so they will be prepared to take on still-greater responsibilities.". With these financing activities completed, our business is well protected against the potential of rising interest rates. Thank you for participating. So do you think this environment could accelerate your growth in Europe? During the year, we executed on key financing and capital raising initiatives aimed at maintaining robust access to capital and a prudent debt maturity ladder, as well as a low-risk, investment-grade balance sheet. 
10 stocks we like better than Brookfield Renewable Partners L.P. We are progressing another 1,600 megawatts of repowering opportunities in the United States and we look forward to updating you on these in the future. It remains in place. No. I just had one kind of clarifying question Connor, when you talked about over 70% of the contracts being indexed to inflation. We agreed to deploy capital, in line with our targets growing in every major market we operate and had a record. Parts of the U.S. performed quite well in the second half of the year from a hydrology perspective. The company generates electricity through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. Good morning. Its certainly an acceleration of the pipeline. Were also looking at other clean energy solutions for them and collaborating on that as well. President, Brookfield Asset Management; CEO Renewable Power & Transition, Evolving to offer the best of both worlds. Is there whats the upper limit that you would think you feasible for the company? 
Youre going to be working with Trane on distributed generation in the U.S., and now you announced the Shoals agreement. Certainly. Im not sure there really is an upper limit at this point, or certainly not one that were worried about. Thats not typically how we like to source business. Salary Company Earnings; Dec 31 2022 It comes with best-in-class assets, but one of the other things were also getting as part of that transaction is a best-in-class management team that is going to drive value in the assets that came with the transaction and also across our broader portfolio. There are 6 older and no younger executives at Brookfield Renewable Partners L.P. So if we our target over the next five years is and we really do think about it in kind of five year buckets is anywhere from $5 billion to $6 billion of equity capital put into growth. Given the duration of the contract and the quality of the counterparty, we current we have raised CAD1.2 billion, CAD1 billion of which was an upfinancing of 40 year Triple B investment grade debt on the facility at a fixed coupon of 4%. Nicholas Goodman, managing partner and chief financial officer, will also be appointed president of the parent firm. And therefore, the remaining three are fixed. Mr Teskey is 33, he's been the Chief Exec. Can you just give us a bit of details on how these partnerships are going? And the joy of Urban Grid, both for us and the management team of Urban Grid is its an incredibly complimentary transaction. That's really why we've been excited about the opportunities we're seeing is because if you can take a project that's ready to build, match it with the corporate contract, match it with a full wrap EPC contract in a long-term O&M agreement. He is also the head of Brookfields Renewable Power & Transition business and Chief Executive Officer of Brookfield Renewable Partners. Very simply the industry is getting larger, so there are more and more opportunities to buy large or scale operating portfolios. Brookfield Renewable Partners L.P. was founded in 1999 and is headquartered in Hamilton, Bermuda. WebMr. And there is certainly upside from that level if we choose to pursue capital recycling of the assets in the future. 
So Im just wondering if thats still the right range, especially because the way you framed it is M&A is additive. And in certain places, we do still have attractive contracts and we're going to leave those in place and continue to benefit from those inflation-linked cash flows, but what we're probably most excited about and what Wyatt just alluded to, and something we touched upon briefly at Investor Day several months ago is the contracts that are rolling off in the next few years are actually some of our lower price contracts and are the ones that are best positioned to take advantage of this more robust pricing environment. And then from there, if we do continue to execute on M&A, as we expect we will, that would be additive. Teskey is also Head of Europe for Brookfield Asset Management, responsible for corporate operations and oversight across Brookfields business in the region. Prior to these roles, Mr. Teskey was Chief Investment Officer of the Renewable Power business. 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Thank you for joining us this morning. You give some of that up, if you play for the merchant price and we've had success doing what we're doing and that's going to be our continued playbook going forward. And then a lot of that organic growth coming through over the next few years, we see a path to high single digit FFO per unit growth, simply using organic growth initiatives within the business. Current CEO Bruce Flatt wrote in a letter to shareholders Thursday that it was time to "further strengthen our senior management team with the elevation of the next generation of leaders.". How should we think about that? So our approach is not going to change, but to the extent, we do see large transactions, there will be opportunities for us to co-invest. Next, we would like to spend a few minutes providing a spotlight on three important topics. And we also signed a strategic agreement with Shoals Technologies Group, a leading provider of balance of system solutions for storage, solar and eMobility, to pursue distributed renewable energy generation and EV charging solutions across the United States. And for the last couple years due to the pricing environment, we have been very hesitant to do anything that kind of locks in value around this portfolio, whether it be financings or monetizations. Please go ahead. Where we fit today? What has changed in our business positively changed in our business is the amount of that per unit FFO per share growth that we can deliver simply with organic growth initiative is much higher than its been in the past. There is no doubt that both have impacted our broader industry. So this is really kind of has been factored into that funding plan. Its portfolio consists of approximately 21,000 megawatts of installed capacity. Thats it for me. Officer of Brookfield Renewable Partners L.P, the total compensation of Mr Teskey at Brookfield Renewable Secondly in Brazil, through much of 2021, there was historically low hydrology in Brazil, creating almost drought like conditions. Is it fair to say theres still a price at which you might consider a sell down or really is upfinancing kind of representative of a way you can recycle some of the capital from hydros in the future? And then thirdly, increasingly were seeing opportunities to be a capital provider and an operating partner to corporates that have their own decarbonization goals, but either dont have the capabilities or the money to fund the processes to get them to their objectives. Main Office Is this happening to you frequently? However, our globally diversified business and strong relationship with Tier 1 suppliers mean we can manage supply chain disruptions such that they have not had any material impact on our business. Connor David Teskey is the Chief Exec. Got it. Date Total Comp. And we are at the point where batteries arent quite yet cost effective on a live spread basis, but theyre increasingly becoming cost effective in select markets. And now have an overall global development pipeline of approximately 62,000 megawatts. As we look forward into next year, theres significant upside torque to our performance, if we get a more normalized level of resource, but some comments we would make in Columbia, were entering the year with above the LTA level of resource in our hydros. This is our largest project financing to date, and we are highly confident that we will redeploy this capital into growth and when deployed at our target returns, it is expected to generate more than $100 million of annual net FFO for the business. As the business benefited from recent acquisitions, strong underlying asset availability and execution on organic growth initiatives. Second, in our under construction assets, we have always focused on avoiding basis risk by locking in major CapEx components at the same time, we signed PPAs for projects. Mr. Connor D. Teskey is a Chief Executive Officer at Brookfield Renewable Partners LP, a Chief Executive Officer at Brookfield Renewable Corp., a Managing Partner at Brookfield Asset Management (Infrastructure) and a Managing Partner & CEO-Renewable Power at Brookfield Asset Management, Inc. Very helpful. And really turn that into de-risk construction at really attractive returns. We achieved record FFO per unit, continuing our track record of double-digit annual growth for over a decade. The hydro assets did perform stronger from a year-over-year perspective, but we saw a bit of a some weakness at least on the FFO side on the other platform. As Connor mentioned, we executed on $13 billion of investment grade financings, including $1.5 billion upfinancings net to Brookfield Renewable, securing a weighted average debt maturity of 13 years with no material maturities over the next three years. And thats largely because of the dollars we have already invested in the ground in development that is only going to start COD-ing and hitting our FFO either in this past year or next year. Lastly, we also continue to execute on our growth plans for our distributed generation business in the fourth quarter. The only other comment I make Mark is that, even though 70% of our contracts are fixed to inflation. And we look forward to updating you with our Q1 results in a few months. So the way we look at these opportunities is always really from two perspectives. Brookfield Renewable Partners L.P. (NYSE:BEP) Q3 Earnings Conference Call November 5, 2021 9:00 AM ETCompany Participants. You highlight, youre looking mostly at corporate contracts to build that out. Great question. And were really using that not just in Europe, but around the world to enhance and drive an accelerated build out of our corporate PPA business and our development pipeline. WebConnor D Teskey is Chief Executive Officer at Brookfield Renewable Partners LP. We do see opportunities where some businesses with large operating portfolios, but growth ambitions as well may that rely on the capital markets for capital might need solutions to fund that growth. Teskey joined Brookfield in 2012 and held a variety of investment, financing and restructuring roles. And then if I could just finish on your FFO to share growth guidance of, its been in the 6% to 11% range, but you print it at 10% in 2021 and then you expect a 10%-plus CAGR over here over the next couple of years. And if almost shocking, but where were at today reservoir levels in Brazil are actually higher than they were at this point last year, so that situation, although not all the way back to LTA is dramatically improved versus where it was four or five months ago. Good morning. Brookfield has been reliably investing in renewable And perhaps the easiest thing to do is explain some of the context around that transaction. All right. Just a quick question on some partnerships, I mean last year, youve youre going to be working with Amazon on utility scale project globally. 2 Ltd., Canary Wharf Group Investment Holdings Plc and TechBridge. [Operator Instructions] Our first question comes from Robert Hope with Scotiabank. Its quick to build, its modular. Certainly if the constructive pricing environment continues. We're very excited to continue to find opportunities in that market. Our energy transition segment generated $162 million of FFO. Were excited about the projects were working on together and we see the potential for it to scale going forward. And further to that when you talk about 9 gigawatts over three years, you guys clearly have a lot of internal horsepower to manage this. Connor David Teskey is the Chief Exec. This repowering was completed on time and on budget, despite the supply chain challenges facing developers around on the world. Tenth Floor Is this kind of just when the opportunities presented themselves? We advanced key commercial priorities, securing contracts to deliver 11,000 gigawatt hours of clean energy annually, including 6,000 hours to corporate off-takers. Great. Our next question comes from Ben Pham with BMO Capital Markets. Our largest businesses are in North America and Europe and they continue to grow on, I would say a double-digit basis year after year after year. Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, India, and China. And then a couple years ago, you guys reworked sort of energy marketing contract with Brookfield. From there, when you take those assets that we had acquired through Urban Grid and you marry them with our existing demand from corporate contractors, particularly in the PGA market, we think we will be able to pull many of those projects through faster than perhaps Urban Grid could on its own. And then secondly, where you see opportunities or gaps to execute on more strategic agreements? Thats kind of thats very helpful. Mr. Flatt added in the letter that "to ensure the continuity and success of the partnership, we actively promote from within and move executives into new roles so they will be prepared to take on still-greater responsibilities.". With these financing activities completed, our business is well protected against the potential of rising interest rates. Thank you for participating. So do you think this environment could accelerate your growth in Europe? During the year, we executed on key financing and capital raising initiatives aimed at maintaining robust access to capital and a prudent debt maturity ladder, as well as a low-risk, investment-grade balance sheet. 10 stocks we like better than Brookfield Renewable Partners L.P. We are progressing another 1,600 megawatts of repowering opportunities in the United States and we look forward to updating you on these in the future. It remains in place. No. I just had one kind of clarifying question Connor, when you talked about over 70% of the contracts being indexed to inflation. We agreed to deploy capital, in line with our targets growing in every major market we operate and had a record. Parts of the U.S. performed quite well in the second half of the year from a hydrology perspective. The company generates electricity through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. Good morning. Its certainly an acceleration of the pipeline. Were also looking at other clean energy solutions for them and collaborating on that as well. President, Brookfield Asset Management; CEO Renewable Power & Transition, Evolving to offer the best of both worlds. Is there whats the upper limit that you would think you feasible for the company? Youre going to be working with Trane on distributed generation in the U.S., and now you announced the Shoals agreement. Certainly. Im not sure there really is an upper limit at this point, or certainly not one that were worried about. Thats not typically how we like to source business. Salary Company Earnings; Dec 31 2022 It comes with best-in-class assets, but one of the other things were also getting as part of that transaction is a best-in-class management team that is going to drive value in the assets that came with the transaction and also across our broader portfolio. There are 6 older and no younger executives at Brookfield Renewable Partners L.P. So if we our target over the next five years is and we really do think about it in kind of five year buckets is anywhere from $5 billion to $6 billion of equity capital put into growth. Given the duration of the contract and the quality of the counterparty, we current we have raised CAD1.2 billion, CAD1 billion of which was an upfinancing of 40 year Triple B investment grade debt on the facility at a fixed coupon of 4%. Nicholas Goodman, managing partner and chief financial officer, will also be appointed president of the parent firm. And therefore, the remaining three are fixed. Mr Teskey is 33, he's been the Chief Exec. Can you just give us a bit of details on how these partnerships are going? And the joy of Urban Grid, both for us and the management team of Urban Grid is its an incredibly complimentary transaction. That's really why we've been excited about the opportunities we're seeing is because if you can take a project that's ready to build, match it with the corporate contract, match it with a full wrap EPC contract in a long-term O&M agreement. He is also the head of Brookfields Renewable Power & Transition business and Chief Executive Officer of Brookfield Renewable Partners. Very simply the industry is getting larger, so there are more and more opportunities to buy large or scale operating portfolios. Brookfield Renewable Partners L.P. was founded in 1999 and is headquartered in Hamilton, Bermuda. WebMr. And there is certainly upside from that level if we choose to pursue capital recycling of the assets in the future. So Im just wondering if thats still the right range, especially because the way you framed it is M&A is additive. And in certain places, we do still have attractive contracts and we're going to leave those in place and continue to benefit from those inflation-linked cash flows, but what we're probably most excited about and what Wyatt just alluded to, and something we touched upon briefly at Investor Day several months ago is the contracts that are rolling off in the next few years are actually some of our lower price contracts and are the ones that are best positioned to take advantage of this more robust pricing environment. And then from there, if we do continue to execute on M&A, as we expect we will, that would be additive. Teskey is also Head of Europe for Brookfield Asset Management, responsible for corporate operations and oversight across Brookfields business in the region. Prior to these roles, Mr. Teskey was Chief Investment Officer of the Renewable Power business. 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