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Brookfield Renewable Partners (BEP)
CORPORATE PROFILE
NOVEMBER 2018
2
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. SecuritiesAct 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 anyapplicable 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 theresiliency 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, technologydiversification, acquisition opportunities, financing and refinancing opportunities, proceeds from opportunistically recycling capital, future energy prices and demand for electricity, achieving long-term averagegeneration, 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 BrookfieldRenewable and Brookfield Renewable’s access to capital and liquidity. 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”, “deliver”, “growth”, “advance”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 ouranticipated 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 involveknown 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 achievementexpressed 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: changes to hydrology at ourhydroelectric facilities, to wind conditions at our wind energy facilities, to irradiance at our solar facilities or to weather generally at any of our facilities; volatility in supply and demand in the energy markets; ourinability to re-negotiate or replace expiring power purchase agreements on similar terms; increases in water rental costs (or similar fees) or changes to the regulation of water supply; advances in technologythat impair or eliminate the competitive advantage of our projects; an increase in the amount of uncontracted generation in our portfolio; industry risks relating to the power markets in which we operate; thetermination of, or a change to, the MRE hydrological balancing pool in Brazil; increased regulation of our operations; 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, including relating to wind turbines and solar panels;dam failures and the costs and potential liabilities associated with such failures; force majeure events; uninsurable losses; adverse changes in currency exchange rates and our inability to effectively manageforeign currency exposure; availability and access to interconnection facilities and transmission systems; health, safety, security and environmental risks; disputes, governmental and regulatory investigationsand litigation; counterparties to our contracts not fulfilling their obligations; the time and expense of enforcing contracts against non-performing counter-parties and the uncertainty of success; our operationsbeing affected by local communities; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems; our reliance on computerized business systems, which could expose us tocyber-attacks; newly developed technologies in which we invest not performing as anticipated; labor disruptions and economically unfavorable collective bargaining agreements; our inability to finance ouroperations due to the status of the capital markets; operating and financial restrictions imposed on us by our loan, debt and security agreements; changes to our credit ratings; our inability to identify sufficientinvestment opportunities and complete transactions; the growth of our portfolio and our inability to realize the expected benefits of our transactions or acquisitions; our inability to develop greenfield projects orfind new sites suitable for the development of greenfield projects; delays, cost overruns and other problems associated with the construction and operation of generating facilities and risks associated with thearrangements 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 poweracquisitions that Brookfield Asset Management identifies; we do not have control over all our operations or investments; foreign laws or regulation to which we become subject as a result of future acquisitions innew markets; changes to government policies that provide incentives for renewable energy; a decline in the value of our investments in securities, including publicly traded securities of other companies; we arenot subject to the same disclosure requirements as a U.S. domestic issuer; the separation of economic interest from control within our organizational structure; the incurrence of debt at multiple levels within ourorganizational structure; being deemed an “investment company” under the U.S. Investment Company Act of 1940; the effectiveness of our internal controls over financial reporting; our dependence onBrookfield Asset Management and Brookfield Asset Management’s significant influence over us; the departure of some or all of Brookfield Asset Management’s key professionals; changes in how BrookfieldAsset Management elects to hold its ownership interests in Brookfield Renewable; and Brookfield Asset Management acting in a way that is not in the best interests of Brookfield Renewable or our unitholders.
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 berelied 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 theforward-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”), Funds From Operations on anormalized basis and Funds From Operations per Unit, which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDA, Funds FromOperations, Funds From Operations on a normalized basis and Funds From Operations per Unit used by other entities. We believe that Adjusted EBITDA, Funds From Operations, Funds From Operations on anormalized basis 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 ouroperating portfolio. Neither Adjusted EBITDA, Funds From Operations, Funds From Operations on a normalized basis nor Funds From Operations per Unit should be considered as the sole measure of ourperformance 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.
Table of Contents
Who We ArePage 4
Portfolio Overview Page 10
GrowthPage 16
Financial ProfilePage 27
AppendixPage 32
4
Who We Are
5
We are a multi-technology, globally
diversified, owner and operator of
renewable power assets
6
Leader in Renewable Generation
877 power generating facilities
$42 billionTOTAL POWER ASSETS
25 markets in 15 countries
17,400MEGAWATTS OF CAPACITY
Situated on 82 river systems
76%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 2,500 operating employees
Simple Strategy with Proven Track Record of Success Through All Cycles
Acquire and develop high-quality
renewable power assets and businesses
below intrinsic value
Optimize cash flows by applying our
operating expertise to enhance value
Finance our businesses on an
investment grade basis
Recycle capital from mature,
de-risked assets
8
Portfolio Highlights
Diverse and High-Quality
Asset Base
Over 17,000 megawatts of hydro, wind, solar,
distributed generation and storage capacity
across four continents
Organic Levers to
Grow Cash Flows
Deep operating expertise supports ability to
grow distributions by 5% to 9% per unit
annually through internally generated cash
flows
Contracted
Cash Flows
Over 90% cash flows are contracted with credit-
worthy counterparties primarily under long-term
power purchase agreements
Cash Flow Resiliency
Through-the-Cycle
Robust balance sheet and access to global
capital markets ensures significant downside
protection
9
Long Track-Record of Delivering Attractive, Risk-Adjusted Returns
Our objective is to deliver long-term total returns of 12% ‒ 15% to unitholders annually
$9 Billion MARKET CAPITALIZATION
5% to 9% DISTRIBUTION GROWTH
BEP / BEP.UNNYSE / TSX DUAL LISTING
~7%DISTRIBUTION YIELD
Annualized Total Return 3 yr 5 yr Inception
BEP.UN (TSX) 9% 14% 13%
BEP (NYSE) 10% 9% 15%
S&P/TSX Composite 10% 8% 7%
S&P 500 17% 14% 8%
Source: Bloomberg, including reinvestment of dividends. At September 30, 2018
$1.38
$1.45
$1.55
$1.66
$1.78
$1.87
$1.96
2012 2013 2014 2015 2016 2017 2018
Annual Distribution Price Performance
6%
CAGR
10
Portfolio Overview
11
Diversified Operating Portfolio
Cash flows are well diversified by technology and geography
Hydro Wind Solar
20%
North America Brazil
Colombia Europe & Asia
60%
5%
15%
20%
76%
Multi-technology
with Hydro FocusGrowing Global
Footprint
4%
Based on LTA generation, proportionate to BEP
12
Sustainable Cash Flows
Hydro facilities are designed, constructed and maintained to operate
over a perpetual life with minimal annual re-investment
Contracted Merchant
92%
8%
Contracted
Cash Flows
Return on Capital Return of Capital
95%
5%
Largely Perpetual
Asset Base
13
Global Operations with Local Presence
We have integrated operating platforms on four continents with local operating and
power marketing expertise
NORTH AMERICA8,300 megawatts
$25 Billion in total power assets
SOUTH AMERICA4,800 megawatts
$10 Billion in total power assets
ASIA530 megawatts
$0.5 Billion in total power assets
EUROPE3,700 megawatts
$6.5 Billion in total power assets
14
Complementary Portfolio of High-Quality Assets
We are a leader in renewable power with over 17,000 megawatts largely spread
across five complementary technologies
Wind Solar Distributed
GenerationStorageHydro
• 7,900 megawatts
• Largest
independently
owned hydro
portfolio globally
• 218 facilities on 82
river systems
across North
America and South
America
• 4,400 megawatts
• 105 wind farms
across North
America, South
America, Europe
and Asia
• 1,400 megawatts
• 55 utility-scale
solar facilities
across North
America, South
America, Europe
and Asia
• 400 megawatts
• 489 facilities across
North America
• One of the largest
commercial and
industrial distributed
generation portfolios
in the U.S.
• 2,700 megawatts
• 4 storage facilities
including 3
pumped storage
facilities and 1
battery facility in
the U.S. and U.K.
Note: Brookfield Renewable also owns a niche, ~580 megawatt portfolio of biomass and co-generation facilities
15
Deep Operational Expertise
2,500+EXPERIENCED
OPERATORS
140+POWER MARKETING
EXPERTS
4REGIONAL CONTROL
CENTERS
Generation Management,
Planning and Dispatch
Asset Integration
Asset Integration
Asset IntegrationRegulatoryExpertise
Asset IntegrationNational
System Control
EnergyMarketing Expertise
Engineeringand
Development
Asset Integration
StakeholderEngagement
Asset Integration
Health, Safety, Security and
Environmental
16
Growth
LATIN
AMERICA
• Economic growth driving electricity demand
• Strong support for hydro
• Increasing build-out of solar and wind
NORTH AMERICA
& EUROPE
• Growing renewables targets
• Declining subsidies and tax incentives for
wind and solar
• Rising renewables penetration combined with
nuclear and coal retirements
INDIA
• Economy will likely double in size over the
next decade
• Growing push to build-out hydro, wind and
solar capacity
• Reduced reliance on imported oil and coal
CHINA
• Significant renewables build-out to combat
pollution however, expansion of transmission
infrastructure has not kept pace
• Subsidies for wind and solar are disappearing
and credit is tightening
• Trade war with U.S. could have currency
implications
Favourable Outlook in Our Core Markets
17
18
Significant Investment Opportunity in Our Core Markets
With up to $11 trillion of new investment needed to move to a carbon-free world
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Today 30% Renewables 50% Renewables 100% Renewables
Incremental Renewable Additions and Investment Sizegigawatts
Current Renewables Capacity Incremental Renewables Needed to Meet Target
$850
billion
$5
trillion
$11
trillion
1) Core markets include Canada, U.S., Brazil, Colombia, U.K., Republic of Ireland, Portugal, India, China, Australia
2) Current renewables capacity excludes hydroelectric, and includes wind, solar, biomass, geothermal and marine technologies
3) Assumes a $1,500 per kilowatt new-build cost for renewables and a 40% capacity factor
19
Organic Cash Flow Growth
BEP is focused on delivering 5% to 9% distribution growth annually on a per
unit basis through cash flows generated from our existing business
• Growth target can be achieved from organic initiatives and fully funded by internally
generated cash flows
‒ We do not rely on M&A to achieve cash flow growth targets
Embedded
Inflation
Escalation
(1% to 2%)
Expected
Margin
Expansion
(2% to 4%)
FFO per Unit
Growth
Potential
(6% to 11%)
Advanced
Development
Pipeline
(3% to 5%)
20
Inflation: ~$75 million FFO Contribution Over Five Years
Our revenues are indexed to inflation providing for 1% – 2% annual FFO growth
Proportional Basis Brazil
North
America Colombia
Europe/
Asia
Annual
Total
Revenues1 ($mn) $300 $1,350 $220 $225 $2,095
% Indexed to inflation 85% 30% 70% 40%
Estimated long-term inflation 4.5% 2.0% 3.5% 2.5%
Expected annual revenue uplift ($mn) $12 $8 $5 $2 $27
Expected FFO margin 60% 55% 40% 40% 50%
Expected annual FFO uplift ($mn) $7 $5 $2 $1 $15
1) Annualized and normalized 2018 revenues
21
Re-contracting: ~$40 million FFO Contribution Over Five Years
Limited downside risk to PPA maturities in North America plus exposure to rising power
prices in Brazil and Colombia providing for 1% – 2% annual FFO growth
Annual
Generation
Current Contract
Price ($/MWh)
Current Market
Price1 ($/MWh)
Expected FFO
Impact
($ million)
Quebec 1,470 GWh $55 $50 ($7)
New England 1,000 GWh $39 $50 $11
Other 1,620 GWh $53 $50 ($5)
North America re-contracting 4,090 GWh $51 $50 ($1)
Brazil re-contracting 1,650 GWh $63 $75 $20
Colombia re-contracting 2,200 GWh $73 $83 $22
Total re-contracting 7,940 GWh $41
Note: shown on a proportionate basis
1) All-in price
22
Cost Reduction: ~$65 Million FFO Contribution Over Five Years
Targeted cost reduction of $2 per MWh would add ~$65 million to FFO over the next five
years or 1% – 2% annual FFO growth
Savings:
$2.00 / MWh
$40 million
North America
Savings:
$2.00 / MWh
$10 million
Brazil
Savings:
$2.00 / MWh
$10 million
Colombia
Savings:
$2.00 / MWh
$3 million
Europe
Note: shown on a proportional basis
Streamlining
Processes
OperationalEfficiencies
Optimize Structuring
Economies of Scale
23
8,000 MW6,7001,300
Early Late Stage
Proprietary Development Pipeline
Focused on advancing our development pipeline at premium returns
Development Stage Technology Region
35%
45%
10%
10%
Hydro Wind Distributed Generation Other
25%
45%
10%
20%
North America LATAM Asia Europe
24
Construction and Advanced Projects
In addition to the assets listed above, we have 176 MW of advanced stage
projects expected to contribute an additional $26 million to FFO annually
We have 288 MW of construction and advanced stage assets expected to
contribute approximately $40 million of annualized FFO once commissioned
Project Region Technology Capacity (MW)
Expected
Commissioning
Expected
Annualized FFO
($ Million)
Silea Verde 4 (Savana) Brazil Hydro 19 Q4-2018 2
Foz do Estrela Brazil Hydro 30 Q1-2021 9
Bear SwampNorth
AmericaStorage 63 Q2-2021 3
Total 131 ~$14M
We Leverage our Global Footprint to Source Transactions on a Value Basis
We target annual equity deployment of $700 million in high quality assets to deliver 12% to
15% annual returns, while focusing on downside protection and preservation of capital
Decarbonization has created a large and
growing investible universe for renewables
We employ a contrarian strategy, looking for
capital scarcity to earn superior returns
Proactive outreach program in major
global financial centers with expertise in
executing large, multi-faceted transactions
26
Proven Track Record of Capital Deployment
Since 2013, we have developed or acquired 12,500 MW of capacity
across technologies and geographies
$0.0
$0.5
$1.0
Hydro Wind Solar Other
Tho
usands
North America Latin America Europe Asia
Deployed $3.3 billion of BEP equity since 2013$billions
27
Financial Profile
28
Robust Balance Sheet
Debt Maturity Ladder$billions, as at Nov 5, 2018BBB+
INVESTMENT GRADE BALANCE SHEET
>10 YEARSAVERAGE PROJECT DEBT TERM TO MATURITY
~70%NON-RECOURSE FINANCINGS
Highest rating in the sector
No material maturities with refinancing risk
over the next 5 years
Structured on an investment grade basis with
attractive covenant packages
$0.0
$1.0
$2.0
$3.0
$4.0
2018 2019 2020 2021 2022 After
Non-Recourse Maturities Recourse Maturities
~90%FIXED RATE FINANCINGS
Minimal interest rate exposure, and no
meaningful near-term maturities
41%DEBT TO TOTAL
CAPITALIZATION
~3.0XCONSOLIDATED EBITDA /
INTEREST COVERAGE
Access to Deep Pool of Capital
Significant Liquidity Partner Capital
Diversified Access to
Capital MarketsTrack Record of
Capital Recycling
We currently have $2.3 billion of
available liquidity
We have access to ~$5 billion of
partner capital to invest alongside
We have raised ~$3 billion in
corporate debt and equity (preferred
and common) markets since 2015
Raised over $700 million in proceeds
in the last two years through
opportunistic capital recycling
Note: figures reflect pro forma available liquidity includes $650 million of proceeds from the announced sale of a 25% non-controlling interest in a 413 MW hydroelectric portfolio in Canada
and an additional 25% non-controlling interest that we intend to sell within the next three months, and BEP’s portion of proceeds associated with assets held for sale in South Africa
Multiple
Funding
Levers
30
Investment Recap
Diverse and high-quality asset base
underpinned by contracted cash flows• Over 17,000 MW across five technologies and four continents
• Over 90% contracted cash flows
Strong core business with embedded
organic growth• Deep operational expertise supports ability to grow distributions
by 5% to 9% annually though organic levers alone
Significant upside from acquisitions on
a value basis• Contrarian and disciplined approach to allocating capital
• Target 12% to 15% returns on investments
Downside protection to ensure cash
flow resiliency through-the-cycle
• Investment grade balance sheet since inception
• Primarily fixed rate, asset level debt with minimal floating rate
exposure funded in local currency that is non-recourse to BEP
• Maintain significant liquidity and access to global capital markets
Proven track record • 15% annualized returns to unitholders since inception
31
Contacts
Contact Title Email
Sachin Shah Chief Executive Officer sachin.shah@brookfield.com
Wyatt Hartley Chief Financial Officer wyatt.hartley@brookfield.com
Divya Biyani Manager, Investor Relations divya.biyani@brookfield.com
32
Appendix
33
Highly Contracted Cash Flows
• Power is largely sold to investment grade counterparties under long-term, fixed price, inflation-linked
contracts with an average proportionate term of 14 years
• 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
‒ In Latin America and Asia, power prices will continue to be supported by the need to build new
supply to serve growing demand
Generation
(GWh) 2018 2019 2020 2021 2022
Contracted
Hydroelectric(1) 2,808 10,442 11,010 7,841 7,801
Wind 1,185 4,419 4,285 4,210 4,180
Solar 214 972 972 972 972
4,207 15,833 16,267 13,023 12,233
Uncontracted 377 2,816 2,382 5,626 6,417
LTA 4,584 18,649 18,649 18,649 18,650
% of generation 92% 85% 87% 70% 66%
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
1) Generation reflects the sale of a 25% non-controlling interest in a 413 MW hydroelectric portfolio in Canada and the restructuring of certain related party contracts
34
Hydroelectric Portfolio
Over 7,900 megawatts of hydro across 218 facilities on 82 river systems across
North America and South America
• Began investing in hydro over 20 years ago
• 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
• Highest value renewable asset class
• Perpetual
• High cash margins
• Zero fuel input cost
• Storage capacity and ability to produce power at all hours of the day
• Ability to sell multiple products (energy, capacity, ancillaries)
• Significant barriers to entry requiring deep operational and marketing
expertise
Smoky Mountain, United States
Key Attributes Miel, Colombia
35
Wind Portfolio
4,400 megawatts of wind capacity across 105 facilities in North America, South
America, Europe and Asia
• Developed our first wind farm in 2006, and have since built a
high-quality, globally diversified wind business:
‒ Focused on areas with scarcity value
‒ Assets are located in high-value power markets
‒ Portfolio benefits from long-term, utility grade PPAs
‒ Tier 1 turbine equipment (GE, Siemens, Vestas, Enercon)
• High cash margins
• Zero fuel input cost
• Relatively low build cost and improving turbine efficiency
• Minimal ongoing capex requirements
• Simple to operate
• Outsourced O&M providers are available to financial buyers, supporting
our capital recycling program
Toutico, Portugal
Key Attributes Slievecallan, Ireland
36
Solar and Distributed Generation Portfolio
1,800 megawatts of solar spread across 544 facilities in North America, South
America, Europe and Asia
• Portfolio is entirely contracted under long term PPAs with credit-
worthy counterparties
• Diversified across utility-scale and distributed generation solar
facilities
‒ Distributed generation focus on commercial and industrial
sector, and is one of the largest such portfolios in the
United States
Regulus, United States
Key Attributes California High School DG Project, United States
• High cash margins
• Zero fuel input cost
• Diverse and scalable applications
• Rapidly declining costs
• Improved technological productivity
• Distributed generation has additional benefits:
• Highly fragmented market
• Consumers can directly access generation at point of consumption
• Gives us access to customers directly
37
Storage Portfolio
2,700 megawatts of storage capacity across 4 facilities in the U.S. and U.K.
• Portfolio largely consists of three pumped storage facilities, and a
small investment in a 10 MW battery in Hawaii
• 2,100 MW First Hydro portfolio represents 75% of the U.K.’s
pumped storage capacity and 50% of its hydro capacity
• Our 600 MW pumped storage facility in Massachusetts is one of
only two of its kind in New England
Bear Swamp, United States
Key Attributes First Hydro, United Kingdom
• Revenues largely tied to essential ancillary services and provision of
back-up power
• Value likely to increase over time with rising penetration of intermittent
power sources
• Represents a stable source of cash flows which are not correlated with
market prices
• Able to produce electricity at peak times, and replenish themselves
during periods of lower pricing and demand
• Pumped storage assets act as the world’s largest “rechargeable
batteries” and represent the most cost-effective way to store large
amounts of potential electrical energy
38
Corporate Structure
68%
Brookfield
Business
Partners (BBU)
Brookfield Asset Management (BAM)
~$43b Market Cap¹ (TSX, NYSE)
53%
Brookfield
Property
Partners (BPY)
30%
Brookfield
Infrastructure
Partners (BIP)
60%
Brookfield
Renewable
Partners (BEP)2
Private Fund LPs⁴
Company
A
Company
B
Company
C
Company
D
30%³
70%³
1) Based on closing price on the NYSE on September 30, 2018
2) BEP generally funds Brookfield’s commitment to renewables transactions in Private Funds
3) Indicative figure only, and subject to transaction size, co-investment, and other considerations
4) Indicative third-party commitments
39
Governance
SENIOR MANAGEMENT TEAM
Sachin Shah Chief Executive Officer
Wyatt Hartley 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 unitholders 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 between Brookfield
Asset Management and unitholders
40
Favourable Structure Relative to Master Limited Partnerships
Brookfield Renewable has not and is not expected to generate 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. MLP
• Chart below shows a comparison of Brookfield Renewable versus an MLP
1) Not all MLP’s are the same. This represents Brookfield’s understanding of common features with these types of vehicles
2) UBTI is unrelated business taxable income
3) ECI is effectively connected income
4) Source: Management estimates based on Barclays Capital Master Limited Partnerships MLP Trader Weekly
Brookfield Renewable MLP1
Type of entity Publicly traded partnership Publicly traded partnership
UBTI2 No Yes
ECI3 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 flow4
Incentive distributions 25% maximum 50% maximum
41
Leader in Green Energy & Sustainability
BEP is the largest member by market capitalization of the S&P/TSX Renewable Energy and Clean
Technology Index.
Since 2017, BEP has issued three green bonds through project-level financings for an aggregate
value of over $1 billion. Citing BEP's environmental stewardship, commitment to renewable power,
and use of proceeds towards renewable power generation, the green bonds received E-1 Green
Evaluation scores 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 55 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.
This product includes Low Impact Hydropower from facilities certified by the Low Impact Hydropower Institute (an independent non-profit organization) to have environmental
impacts in key areas below levels the Institute considers acceptable for hydropower facilities. For more information about the certification, please visit www.lowimpacthydro.org.
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