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Cautionary Statement Regarding Forward-Looking Statements
This presentation 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
Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any
applicable Canadian securities regulations, concerning the business and operations of Brookfield Renewable. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts,
projections, guidance or other statements that are not statements of fact. Forward-looking statements in this presentation include statements regarding the quality of Brookfield Renewable’s assets and the
resiliency of the cash flow they will generate, Brookfield Renewable’s anticipated financial performance and payout ratio, future commissioning of assets, the contracted nature of our portfolio, technology
diversification, acquisition opportunities, financing and refinancing opportunities, future energy prices and demand for electricity, achieving long-term average generation, project development and capital
expenditure costs, energy policies, economic growth, growth potential of the renewable asset class, the future growth prospects and distribution profile of Brookfield Renewable and Brookfield Renewable’s
access to capital. In some cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”,
“continue”, “attempts”, “likely”, “primarily”, “approximately”, “endeavours”, “pursues”, “strives”, “seeks”, “targets”, “believes”, or variations of such words and phrases, or statements that certain actions, events or
results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Although we believe that our anticipated future results, performance or achievements expressed or implied by the
forward-looking statements and information in this presentation are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. You
should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: we are not subject to the same
disclosure requirements as a U.S. domestic issuer; the separation of economic interest from control or the incurrence of debt at multiple levels within our organizational structure; being deemed an “investment
company” under the U.S. Investment Company Act of 1940; the effectiveness of our internal controls over financial reporting; changes to hydrology at our hydroelectric stations, to wind conditions at our wind
energy facilities or to crop supply or weather generally at any biomass cogeneration facility; counterparties to our contracts not fulfilling their obligations; increases in water rental costs (or similar fees) or
changes to the regulation of water supply; volatility in supply and demand in the energy market; the increasing amount of uncontracted generation in our portfolio; industry risks relating to the power markets in
which we operate; increased regulation of our operations; contracts, concessions and licenses expiring and not being renewed or replaced on similar terms; increases in the cost of operating our plants; our
failure to comply with conditions in, or our inability to maintain, governmental permits; equipment failures; dam failures and the costs of repairing such failures; force majeure events; uninsurable losses; adverse
changes in currency exchange rates; availability and access to interconnection facilities and transmission systems; health, safety, security and environmental risks; disputes, governmental and regulatory
investigations and litigation; our operations being affected by local communities; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems; our reliance on computerized
business systems; advances in technology that impair or eliminate the competitive advantage of our projects; newly developed technologies in which we invest not performing as anticipated; labour disruptions
and economically unfavourable collective bargaining agreements; our inability to finance our operations due to the status of the capital markets; our inability to effectively manage our foreign currency exposure;
operating and financial restrictions imposed on us by our loan, debt and security agreements; changes in our credit ratings; changes to government regulations that provide incentives for renewable energy; our
inability to identify sufficient investment opportunities and complete transactions; the growth of our portfolio and our inability to realize the expected benefits of our transactions; our inability to develop existing
sites or find new sites suitable for the development of greenfield projects; delays, cost overruns and other problems associated with the construction, development and operation of our generating facilities; the
arrangements we enter into with communities and joint venture partners; Brookfield Asset Management’s election not to source acquisition opportunities for us and our lack of access to all renewable power
acquisitions that Brookfield Asset Management identifies; our lack of control over all our operations; our ability to issue equity or debt for future acquisitions and developments is dependent on capital markets;
foreign laws or regulation to which we become subject as a result of future acquisitions in new markets; the departure of some or all of Brookfield Asset Management’s key professionals; our relationship with,
and our dependence on, Brookfield Asset Management and Brookfield Asset Management’s significant influence over us; and risks related to changes in how Brookfield Asset Management elects to hold its
ownership interests in the Partnership.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this presentation and should not be
relied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the
forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see “Risk Factors” included in our Form 20-F.
Cautionary Statement Regarding Use Of Non-IFRS Measures
This presentation contains references to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Funds From Operations (“FFO”) and Funds From Operations per Unit
(“FFO per Unit”), which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit
used by other entities. We believe that Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit are useful supplemental measures that may assist investors in assessing the financial
performance and the cash anticipated to be generated by our operating portfolio. Neither Adjusted EBITDA, Funds From Operations nor Funds From Operations per Unit should be considered as the sole
measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.
References to Brookfield Renewable are to Brookfield Renewable Partners L.P. together with its subsidiary and operating entities unless the context reflects otherwise.
All amounts are in U.S. dollars and presented on a consolidated basis unless otherwise specified.
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Leader in Renewable Generation
Z
261 power generating facilities
$26 billion TOTAL POWER ASSETS
15 markets in 7 countries
10,600 MEGAWATTS OF CAPACITY
Situated on 82 river systems
88% HYDROELECTRIC GENERATION
One of the largest public pure-play renewable businesses globally
100 years of experience in power generation
Full operating, development and power marketing capabilities
Over 2,000 operating employees
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Diversified Operating Portfolio
Cash flows are supported by a strong contract profile and are well diversified
by technology and geography
Hydro Wind Other
11%
North America Brazil Colombia Europe
65%
5%
15%
15%
Contracted Merchant
92%
8%
88%
Hydro
Focused Growing Global
Footprint Contracted
Cash Flows
1%
Based on LTA generation, proportionate to BEP
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Attractive Risk-Adjusted Returns
Our objective is to deliver long-term total returns of 12% ‒ 15%
to shareholders annually
~$10.5 Billion MARKET CAPITALIZATION
5% ‒ 9% DISTRIBUTION GROWTH
BEP / BEP.UN NYSE / TSX DUAL LISTING
~5.5% DISTRIBUTION YIELD
Annualized Total Return1 1 yr 3 yr 5 yr
BEP.UN (TSX) 14% 16% 14%
BEP (NYSE) 14% 9% 8%
S&P/TSX Composite 11% 3% 9%
S&P 500 18% 10% 15%
1) Source: Bloomberg, including reinvestment of dividends. At June 30, 2017
$1.38
$1.45
$1.55
$1.66
$1.78
$1.87
2012 2013 2014 2015 2016 2017
Annual Distribution Price Performance
6.2%
CAGR
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Multiple Levers to Drive Growth
Targeted annual distribution increases of 5% ‒ 9% are supported by organic
cash flow growth and proprietary project development
Position the business
for revenue growth
• Manage power and ancillary
sales to benefit from market
volatility
• Power Purchase Agreements
rolling off at below market prices
• Opportunity to capture revenue
upside from our merchant US
hydro generation
Opportunity to further grow per
unit cash flows
• Inflation escalation embedded in
our revenues
• Track record of margin
expansion
• Proprietary development
pipeline that we continue to build
out at premium returns
Projected to deliver 5% – 9%
annual per unit cash flow growth
Organic levers to grow
cash flow
• Large investible universe
• We leverage our global footprint
to source accretive transactions
• Adopt a contrarian approach,
taking advantage of capital
scarcity, to earn outsized returns
Target $600 million of annual
BEP equity deployment
Deploying capital into
global renewable
opportunities
Underpinned by an investment grade balance sheet, significant liquidity
and proven access to capital
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Investment Highlights
Best in class renewable portfolio providing stable cash flow growth and
long-term capital appreciation with strong downside protection
Largest independently owned
hydroelectric portfolio globally
Highest value renewable resource with significant
barriers to entry
Stable contracted cash flows
with growing operating margins
92% contracted revenue profile, with 16 year
inflation-linked, contract term*
Robust balance sheet and
access to global capital markets
Over $2 billion of available liquidity to grow the
business accretively
Proven track record of value
creation for shareholders
6% compound distribution growth, supported by
per-unit cash flow growth, delivering a 14%
annualized total return since inception
*Proportionate to BEP
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Global Operations with Local Presence
We have integrated operating platforms on three continents with local operating and
power marketing expertise
BRAZIL 430 employees
$3 Billion in total power assets
COLOMBIA 680 employees
$5 Billion in total power assets
NORTH AMERICA 1,100 employees
$17 Billion in total power assets
EUROPE 115 employees
$1 Billion in total power assets
4,850MW 840MW 215MW
900MW 150MW 175MW
2,700MW 300MW
480MW
Legend:
Hydro
Wind
Other
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High Quality Assets and Low Risk Profile
Diversified
Operations
• Invested in 7 countries over 3 continents
‒ Geographic diversity reduces exposure to regulatory risk and
currencies
• 261 generating stations spread across 82 river systems
‒ Low correlation between watersheds limits exposure to hydrology
‒ Market mechanisms in place to provide volume stability
Scarce, Irreplaceable
Assets with High
Barriers to Entry
• Highly regulated environment
• Significant build / replacement cost
• Site availability limited by physical and environmental constraints
• Significant operating expertise required
‒ Power marketing, scheduling / dispatch, regulatory compliance
• Long term customer contracts
Predictable
Cash Flows • Adjusted EBITDA margins > 70%
• Low sustaining CAPEX
• 92% contracted cash flows with creditworthy counterparties*
• Embedded contract escalation linked to local inflation indices
Real Assets,
Proven Technologies • Perpetual hydroelectric dams
• Utility scale wind farms
• Biomass as a complementary technology
*Proportionate to BEP
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Highly Contracted Cash Flows
• Power is largely sold under long-term, fixed price, inflation linked contracts with an average
proportionate term of 16 years
‒ The majority of PPAs are structured as take-or-pay contracts (no minimum volume risk) with
investment grade counterparties with long-standing credit histories
• In Brazil and Colombia, power prices will continue to be supported by the need to build new supply to
serve growing demand, and contracting is the only current mechanism to buy and sell power
‒ We therefore expect to capture rising prices as we re-contract over the medium term
• We expect to re-contract expiring PPAs at levels equal to or higher than roll off prices
‒ Current all-in power prices exceed our underwriting targets supporting embedded upside in our
cash flows
Generation
(GWh)
Remaining
2017 2018 2019 2020 2021
Contracted
United States 3,547 7,464 6,817 6,817 6,609
Canada 2,958 6,248 6,248 4,781 4,288
Europe 214 458 458 404 398
6,719 14,170 13,523 12,002 11,295
Uncontracted 318 1,531 2,178 3,699 4,406
LTA 7,037 15,701 15,701 15,701 15,701
% of generation 95% 90% 86% 76% 72%
84%
5%
11%
Investment Grade Non-Investment Grade Not Rated
PPA Counterparty Ratings
Amounts proportionate to BEP
Note: The table above excludes Brazil and Colombia where we would expect the energy associated with
maturing contracts to be re-contracted in the normal course given the construct of the respective power
markets, and to maintain a contracted profile of approximately 90% and 70%, respectively.
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Best in Class Hydro Portfolio
We have a strong track record as a responsible owner, operator and
developer of hydroelectric generation facilities
• Started investing in hydro over 20 years ago, prior to market
deregulation in North America
• Hydroelectric generation is the highest value renewable asset
class
• Our operating platforms position us to create value:
‒ Centralized system control
‒ Ability to sell power in multiple markets
‒ Optimization of resource through storage and ability to
sell during peak demand periods
‒ Geographic diversity spread over 82 river systems
• Significant barriers to entry requiring deep operational
knowledge and marketing expertise
Pezzi Rio Grande do Sul, Brazil
White Pine, United States
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Modern Portfolio of High Quality Wind Assets
Wind energy is one of the fastest growing and lowest cost sources of new
renewable generation which complements our hydro portfolio
• Since developing our first wind farm in 2006, we have built a
high-quality wind business
‒ Focused in areas with scarcity value
‒ Located in high-value power markets
‒ Benefit from long-term, utility-grade PPAs
‒ Tier 1 turbine equipment (GE, Siemens, Vestas,
Enercon, Nordex)
‒ In-house and full-scope turbine maintenance strategies
• Strategy has been to focus on project development or buying
for value
• Brookfield now operates 36 wind facilities with an installed
capacity of ~1,500 MW in six countries
Prince Wind Farm, Canada
Sorne Wind Farm, Ireland
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Deep Operational Expertise
2,000 EXPERIENCED
OPERATORS
140 POWER MARKETING
EXPERTS
4 REGIONAL CONTROL
CENTERS
Generation Management,
Planning and Dispatch
Asset Integration
Asset Integration
Asset Integration Regulatory Expertise
Asset Integration National
System Control
Energy Marketing Expertise
Engineering and
Development
Asset Integration
Stakeholder Engagement
Asset Integration
Health, Safety, Security and
Environmental
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Organic Cash Flow Growth
BEP is focused on delivering 5% to 9% cash flow growth annually on a per
unit basis
• Growth target can be achieved from organic initiatives and fully funded by internally
generated cash flow
‒ We do not rely on M&A to achieve cash flow growth targets
‒ This does not account for the embedded optionality of our 2.5 TWh merchant hydro
portfolio in the United States where each $10/MWh increase in revenue translates
to $25 million in incremental FFO
Embedded
Inflation
Escalation
(1% to 2%)
Expected
Margin
Expansion
(1% to 2%)
Advanced
Development
Pipeline
(3% to 5%)
FFO per Unit
Growth
Potential
(5% to 9%)
+ + =
7,000 MW 6,000 1,000
Early Advanced
40%
50%
10%
Hydro Wind Other
Development Pipeline
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Focused on growing and advancing our development pipeline
as a source of future growth at outsized returns
30%
50%
20%
North America LATAM Europe
Development Stage Technology Region
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Construction and Advanced Projects
In addition to the assets listed above, we have 154 MW of construction-ready projects
expected to contribute an additional $25 to $30 million to FFO annually
We have over 300 MW of construction and construction-ready assets expected
to contribute $45-50 million of annualized FFO once commissioned
Project Region Technology Capacity (MW)
Expected
Commissioning
Expected
Annualized FFO
($ Million)
Serra dos Cavalinhos1 Brazil Hydro 25 Q1-2017 5.7
Crockandun² Europe Wind 15 Q2-2017 1.5
Shantavny Europe Wind 16 Q3-2017 0.9
Silea – Verde 4A Brazil Hydro 28 Q3-2017 2.8
Slievecallan Europe Wind 28 Q4-2017 2.8
Ballyhoura Europe Wind 19 Q1-2018 1.5
Silea – Verde 4 Brazil Hydro 19 Q3-2018 2.0
Tralorg Europe Wind 19 Q4-2019 3.4
Total 169 ~$21 M
1. Commissioned January 25, 2017
2. Commissioned May 1, 2017
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Strong Track Record of Growth
Since 2012, we have developed and acquired 6,300MW, deploying over $2.4 billion of
BEP equity at accretive returns
Targeting annual equity deployment of ~$500 - $600 million in high quality assets
that present the opportunity to deliver 12% to 15% annual returns
• Continued global investment in renewables is creating a large investible universe
• We utilise our global network of investment professionals to originate acquisition
opportunities
• Adopt a contrarian approach, identifying value opportunities where scarcity of capital
reduces competition
• Leverage our deep operating expertise to diligence and underwrite assets
• Seeking to enhance our footprint in existing technologies while cautiously expanding into
new technologies and geographies
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Robust Balance Sheet
$-
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
$5.5
2017 2018 2019 2020 2021 After
Non-Recourse Maturities Recourse Maturities
Debt Maturity Ladder ($BILLIONS)
Significant Liquidity
• $1.6 billion committed corporate credit facility through 2022
• 70% long-term target FFO payout ratio, significant free cash flows
• Diverse funding sources with access to public and private markets
Staggered Debt Maturities
• No material near-term maturities
• Project debt has an average remaining term of 9 years on a
proportionate basis
• ~80% proportionate, fixed rate with minimal floating rate exposure
funded in local currency
Conservative Capitalization
• 38% consolidated debt-to-capitalization ratio
• Primarily asset level debt, 78% of which is non-recourse to BEP
• Investment grade credit ratings with S&P and DBRS
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Conservative Capitalization
• BEP has consistently maintained a conservative
debt to capitalization ratio
• Our high quality cash flow and strong remittance
characteristics underscore our investment
grade ratings
• The use of primarily non-recourse, fixed rate
financings provides strong protection and credit
stability to BEP lenders and investors
BBB+ BBB(high)
• “We believe BEP’s hydroelectric generation enjoys strong
competitive interconnections to a diverse pool of power
markets, and the availability of water storage facilities that
enhance the partnership’s operational flexibility and
profitability.”
• “We view BEP’s liquidity as adequate. The company has had
good relationships with its banks and generally good standing
in the credit markets.”
* S&P Research Update: August 16, 2017
• “The Company’s long-term power sales contract (91% of generation
on a proportionate basis in 2016) are expected to continue to provide
stability and support in earnings over the medium term while
renewable resources and production volume will continue to be key
drivers of revenue and profit.”
• “BEP’s key deconsolidated credit metrics remain supportive of the
current rating. This reflects relatively low debt at the corporate level
and solid gross operating cash flow from projects”
* DBRS Rating Report: May 17, 2017
38% DEBT TO TOTAL
CAPITALIZATION
~3.0X CONSOLIDATED EBITDA /
INTEREST COVERAGE
~7.0X REMITTED CASH FLOW /
INTEREST COVERAGE
4.5% AVERAGE INTEREST RATE ON
CORPORATE BORROWINGS
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Investment Recap
Best in class renewable portfolio providing stable cash flow growth and long-term
capital appreciation with strong downside protection
Largest independently owned hydroelectric portfolio globally Highest value renewable resource with significant barriers to entry
Stable contracted cash flows with growing operating margins Upside tied to economic growth and identified margin expansion
Robust balance sheet and access to global capital markets Approximately $2 billion of available liquidity to grow the business accretively
Proven track record of value creation for shareholders 6% compound dividend growth and 15% annualized total return since 2011
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Contacts
Contact Title Email
Sachin Shah Chief Executive Officer sachin.shah@brookfieldrenewable.com
Nick Goodman Chief Financial Officer nicholas.goodman@brookfieldrenewable.com
Claire Holland Media & Communications claire.holland@brookfield.com
Divya Biyani Investor Relations divya.biyani@brookfieldrenewable.com
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BEP Generation Overview
As at June 30, 2017
River
Systems Facilities
Capacity
(MW)
LTA
(GWh)1
Storage
(GWh)
Hydroelectric
North America2 50 170 4,847 17,775 4,879
Colombia3 6 6 2,732 14,476 3,703
Brazil4 26 42 899 4,647 ‒
82 218 8,478 36,898 8,582
Wind5
North America 10 840 2,310
Europe 21 478 1,220
Brazil 5 150 588
36 1,468 4,118
Other6 6 690 385
Total 82 261 10,636 41,401 8,582
1) LTA is calculated on a consolidated and an annualized basis from the beginning of the year, regardless of the acquisition or commercial operation date.
2) North America hydroelectric LTA is the expected average level of generation, as obtained from the results of a simulation based on historical inflow data performed over a period of typically
30 years
3) Colombia hydroelectric LTA is the expected average level of generation, as obtained from the results of a simulation based on historical inflow data performed over a period of typically
20 years. Colombia includes generation from both hydroelectric and Co-gen facilities.
4) Hydroelectric assets located in Brazil benefit from a market framework which levelizes generation risk across producers
5) Wind LTA is the expected average level of generation, as obtained from the results based on simulated historical wind speed data performed over a period of typically 10 years
6) Includes one Co-gen plant in Colombia (300 MW), two Co-gen plants in North America (215 MW) and four biomass facilities in Brazil (175 MW)
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Hydro Assets
We own and operate 218 hydro facilities with 8,500MW of capacity on 82 river
systems
North America
• 1,361 MW across 33 hydro facilities in Canada, fully
contracted with investment grade counterparties
• 3,486 MW across 137 hydro facilities in the USA, over
80% currently under contract with strategic exposure to
rising prices in our core markets
Colombia
• 2,732 MW across 6 hydro facilities
• Modern, utility grade assets recently commissioned by the
Colombian government
• Over 70% under contract in a short-term, mandatory
rolling contract market
Brazil
• 899 MW across 42 hydro facilities
• Predominantly small hydro (<30 MW) facilities that benefit
from transmission discounts
• ~90% under contract with large DISCOs and industrial
consumers
Key attributes
• High cash margins
• Non-intermittent power
• Zero fuel input cost
• Significant barriers to entry
• Centrally operated by regional system
control centres
• ~8,500GWh of storage capability
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Wind Assets
We own and operate 36 wind facilities with approximately 1,500MW of capacity
North America
• 406 MW across 3 wind facilities in Canada
• 434 MW across 7 wind facilities in the USA
• Portfolio predominantly built by BEP over the past 10 years
• Over 95% contracted and weighted average duration of 14 years remaining
Europe
• 355 MW across 19 wind facilities in Ireland and Northern Ireland
• 123 MW across 2 wind facilities in Portugal
• Over 95% contracted and weighted average duration of 9 years remaining
• Primarily contracted with government offtakes through REFIT programs
Brazil
• 150 MW across 5 wind facilities in Bahia
• Highest wind resource region in northern Brazil with above average capacity factors
• Average age off assets is less than 5 years
• Over 80% of generation under contract until 2033
Key attributes
• High cash margins
• Zero fuel input cost
• Centrally operated by regional system
control centres
• Relatively low build cost and improving
turbine efficiency
• Minimal ongoing capex requirements
• Simple to operate and outsourced O&M
providers are available to financial
buyers supporting our capital recycling
program
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Corporate Structure
75%
Brookfield
Business
Partners (BBU)
Brookfield Asset Management (BAM)
~$39b Market Cap¹ (TSX, NYSE)
Management 20%
62%
Brookfield
Property
Partners (BPY)
30%
Brookfield
Infrastructure
Partners (BIP)
60%⁵
Brookfield
Renewable
Partners (BEP)2
Private Fund LPs⁴
Company
A
Company
B
Company
C
Company
D
30%³
70%²
1) Based on closing price on the NYSE on June 30, 2017
2) BEP funds Brookfield’s commitment to renewables transactions in Private Funds
3) Subject to transaction size, co-investment, and other considerations
4) Third-party commitments
5) Approximate and reflective of ownership following 2017 equity issuance
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Governance
SENIOR MANAGEMENT TEAM
Sachin Shah Chief Executive Officer
Nick Goodman Chief Financial Officer
Brookfield Renewable has entered into a Master Services Agreement with Brookfield Asset Management
• Provides comprehensive suite of services to Brookfield Renewable Partners
• Base management fee of $20 million adjusted annually for inflation
• Equity enhancement fee equal to 1.25% of the increase in BEP’s capitalization
Incentive distributions based upon increases in distributions paid to shareholders over pre-defined thresholds
(Master Limited Partnerships (MLP) structure)
• 15% participation by Brookfield in distributions over $0.375/unit per quarter
• 25% participation by Brookfield in distributions over $0.4225/unit per quarter
Brookfield Renewable’s general partner has a majority of independent directors
Brookfield Renewable’s governance is structured to provide significant alignment of interests with its unitholders
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Favourable Structure Relative to MLPs
Brookfield Renewable is committed to structuring its operations to avoid
generating UBTI and ECI
• Brookfield Renewable is a Bermuda-based publicly traded partnership that indirectly
owns holding corporations in the U.S., Canada and other jurisdictions. Brookfield
Renewable is not a U.S. MLP1
• Chart below shows a comparison of Brookfield Renewable versus an MLP¹
1) MLP is Master Limited Partnership
2) Not all MLP’s are the same. This represents Brookfield’s understanding of common features with these types of vehicles
3) UBTI is unrelated business taxable income
4) ECI is effectively connected income
5) Source: Management estimates based on Barclays Capital Master Limited Partnerships MLP Trader Weekly
Brookfield Renewable MLP2
Type of entity Publicly traded partnership Publicly traded partnership
UBTI3 No Yes
ECI4 No Yes
U.S. tax slip issued K1 K1
Tax profile of distributions Benefits from return of capital Benefits from depreciation
Payout ratio ~70% of FFO 80%-90% of distributable cash flow5
Incentive distributions 25% maximum 50% maximum
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Leader in Green Energy & Sustainability
BEP is the largest member by market capitalization of the S&P/TSX Renewable Energy and Clean
Technology Index.
BEP issued its inaugural green bond in July 2017, a US$475 million project financing secured
against its 360MW White Pine hydroelectric portfolio. Citing BEP's environmental stewardship,
commitment to renewable power, and use of proceeds towards renewable power generation, the
green bond received an E-1 Green Evaluation score from S&P - the highest on its scale.
BEP is committed to sustainable development principles that reduce the impact of our operations
and help to manage the underlying water resources efficiently. Low Impact Hydropower Institute
(LIHI) certification is a voluntary certification program designed to help identify and provide market
incentives for hydropower operations that are minimizing their environmental impacts. BEP has
received LIHI certification for 52 hydro facilities across the US, more than any other operator,
making it the U.S. leader in low impact hydropower generation.
The Environmental Choice Program is a comprehensive national program sponsored by
Environment Canada. It certifies manufacturers and suppliers that produce products and services
that are less harmful to the environment. These bear the EcoLogo registered trademark. 22 of our
hydroelectric facilities in Ontario, Quebec, and British Columbia meet the strict standards of the
Environmental Choice Program.
The Brookfield Environmental Education Center was established in Guarani, Minas Gerais, Brazil,
from a partnership between Brookfield Energia Renovável and the local community. The project
aims to provide the entire population of the Pomba River Valley a place to develop environmental
education projects. To make the project sustainable, the local community was trained to manage
the Environmental Education Center and created a non-governmental organization to do it.
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