Brookfield Renewable Partners

INVESTOR DAY

SEPTEMBER 27 , 2017

Table of Contents

2

Building a Leading Renewables BusinessSachin Shah Page 3

Balance Sheet StrengthNick Goodman Page 12

Surfacing Value From Our OperationsNick Goodman Page 19

Strategic OutlookSachin Shah

Page 28

3

Building a Leading Renewables Business

We are a leading, globally diversified

renewable power company

4

$26BTOTAL POWER ASSETS

~11 millionHOMES POWERED

3 continentsOPERATING EXPERTISE

>80%SHARE OF HYDRO

5

-200

0

200

400

600

800

1,000

1,200

1,400

Ja

nu

ary

200

0 =

0

Total Return¹

BEP.UN S&P/TSX

…With a strong track record of value creation

1) Bloomberg; CAD return including re-investment of dividends as at 31 August 2017

16%TOTAL

ANNUALIZED

RETURN

6

This has been underpinned by our…

7

…Focus on high quality assets acquired on a value basis

U.S. Hydros (2012-2016)

$3 billion EV

1,500 MW

Acquired at the bottom of the

market

Irish government sale in the

midst of the economic

downturn

Bord Gais (2014)

$1 billion EV

320 MW

Drawn-out, 2 year process

with no competition by

auction date

Isagen (2016)

$5 billion EV

3,000 MW

Highly complex transaction

with distressed sponsor

TerraForm (2017e)¹

$8 billion EV

3,600 MW

1) TerraForm Power and Global transactions announced March 2017

8

…Applying our operating expertise to enhance value

U.S. Hydros

• 20-25% increase in cash

flow margin

• Perpetual assets with

operating costs growing

below inflation

• Developed 170 MW of

new capacity

• Selling “green” attributes

across transmission lines

into the UK

Ireland/

Bord Gais

• Rationalize costs

• Developing 100 MW of

new hydro

• Optimize capital structure

• Signed 10 year PPA with

utility

Colombia/

Isagen

• Internalize operating

capabilities

• De-risk balance sheet

TerraForm¹

1) TerraForm Power and Global transactions announced March 2017

9

…Discipline on de-risking our balance sheet

Investment grade balance sheet since inception

Consistently grown our distribution

Hedge our currencies and interest rates

Conservative financing strategy

Opportunistic capital recycling

10

…Ability to adapt

Since 1999, we have grown from:

2014 2016 2017200520031999 20152006

Colombia

Europe

Brazil

North

America

Europe

Brazil

North

AmericaBrazil

North

AmericaNorth

America

• 950 MW to 13,700 MW

• 1 country to 9

• 1 technology to 6China

India

Europe

North America

Colombia

Brazil

Note: Pro forma position assuming the closing of the TerraForm Power and Global transactions which were announced in March 2017

11

We are positioning the business for growth over the next 20 years

We target a 12% − 15% return over the long run

Maintaining the lowest

risk balance sheet in

the sector

Surfacing cash flow

and value appreciation

from our assets

Broadening the

business once again to

take advantage of

global trends

12

Balance Sheet Strength

13

Polling Question

Do balance sheet health and credit ratings matter in

relation to your investment criteria?

a) Yes

b) Somewhat

c) Not really

d) No

14

BEP offers the lowest risk investment proposition…

Investing at the bottom is NOT risky

• Invest countercyclically in out-of-

favor assets for value to retain upside

• Finance conservatively (BBB+

rating)

• Use operating capabilities and

patient, long-term approach to drive

returns

• Portfolio of mostly perpetual hydro

assets that grow in value

• Don’t participate in well-attended

auctions

• Compete for assets based on our

cost of capital

• Use higher corporate leverage to

drive returns

• Buy mostly finite life assets with

limited value drivers

What we do… What we don’t do…

15

We have a perpetual asset base…

…meaning there is minimal annual investment required to maintain cash flows

BEP Distributions Technology Quality

Assumes:

• Perpetual life for hydro assets in North America and Colombia

• 40/30 year life for authorization/concession based hydro assets in Brazil respectively with a recovery of undepreciated replacement cost at expiry

• Straight line depreciation based on a useful life of 25 years for wind assets with a terminal value equal to ~15% of construction cost

16

…And we have outperformed our target returns since inception

We have the lowest risk and longest track record of strong returns in the sector

Source: Bloomberg; includes reinvestment of dividends

As at 15 September 2017

Dividend

Yield

Unit Price

Increase

Credit

RatingTotal Return

BEP 6% 10% BBB+ 16%

Peer Average 5% 3% BB- to BBB 8%

17

In the current environment, the market is disconnecting risk & reward

5.1%PEER AVERAGE YIELD1

BEP trades at a higher yield than the peer average…

… yet has the lowest risk profile

As an investor you are not only buying the underlying projects, you are

buying the corporate balance sheet

5.7%BEP YIELD1

1) As at 15 September 2017.

18

Why is this important?

Maintaining a low risk profile provides strong downside protection, safeguardscash flows and provides a strong base to fund growth

Access to

Cash Flow

• Investment grade debt sizing combined with investment grade covenant

packages provide access to cash flows through the cycle

Rising Interest

Rates

• Predominantly fixed rate debt mitigates impact of rising interest rates

• Every 100 bps increase in interest rates impacts FFO by $2 million

FX Volatility

• Currency hedging strategy reduces impact of FX fluctuations

• 10% move in the USD vs. the CAD, BRL, COP & EUR would have a

less than 5% impact on FFO

Concentration

Risk

• Geographic diversification across 7 countries and 15 power markets

• No single plant represents more than 8% FFO

19

Surfacing Value From Our Operations

20

Global operating scale

BRAZIL430 employees

$3 Billionin total power assets

COLOMBIA680 employees

$5 Billion in total power assets

NORTH AMERICA1,100 employees

$17 Billion in total power assets

EUROPE115 employees

$1 Billionin total power assets

4,850MW 840MW 215MW

900MW 150MW 175MW

2,700MW 300MW

480MW525MW

Hydro

Wind

Other

We have integrated operating platforms on three continents with local

operating and power marketing expertise

1) As at 31 August 2017

21

BEP is focused on surfacing value from organic growth initiatives

Leverage in-house expertise as a fully integrated renewable company to grow

cash flows

• Operating Scale: Streamline processes and reduce costs

• Customer Origination: Contracting at premium prices

• Asset Management: Optimize capital structure

• Engineering & Development: Identify and advance greenfield projects to operation

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%)

22

Inflation: $50 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

Annual

Total

Revenues1 ($ million) $200 $1,000 $190 $1,390

% Indexed to inflation 100% 30% 100%

Estimated long-term inflation 4.5% 2.0% 3.5%

Expected annual revenue uplift ($ million) $9 $6 $6 $21

Expected FFO margin 60% 50% 35% 48%

Expected annual FFO uplift ($ million) $5 $3 $2 $10

1) Normalized 2016 revenues

23

Re-contracting: $44 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 1,400 GWh $72 $86 $20

Colombia re-contracting 2,800 GWh $76 $85 $25

Total re-contracting 8,290 GWh $44

Note: shown on a proportional basis

1) All-in price

24

Cost reduction: $50 million FFO contribution over five years

Targeted cost reduction of $2 per MWh would add $50 million to FFO over the next five

years or 1% – 2% annual FFO growth

Savings:

$2.00 / MWh

$30 million

North America

Savings:

$2.00 / MWh

$10 million

Brazil

Savings:

$2.00 / MWh

$10 million

Colombia

Savings:

$2.00 / MWh

$1 million

Europe

Streamlining

Processes

Operational

Efficiencies

Optimize

Structuring

Economies

of Scale

Note: shown on a proportional basis

25

Project development: $125 million FFO contribution over five years

Developed 725 MW in the past five years contributing $75 million to FFO

Expect to develop another 1,000 MW over the next five years, adding $125 million

to FFO or 3% – 5% annual FFO growth

Region Technology

Capacity

(MW)

Expected

Annualized FFO

($ million)

Delivery by 2021

Europe Wind 283 $22

Brazil Hydro & Wind 202 $37

North America Hydro & Wind 110 $9

Sub-Total 595 $68

Delivery by 2023

Europe Wind 130 $18

Brazil Hydro & Wind 225 $31

North America Hydro & Wind 50 $7

Sub-Total 405 $56

Total 1,000 $125

Note: Capacity stated on a consolidated basis. FFO stated on a proportional basis. As such, historical and projected FFO from development are not comparable due to different

ownership levels.

26

InflationEscalation

Re-Contracting CostReduction

ProjectDevelopment

North America

Europe

Brazil

Colombia

Sustainable Organic Cash Flow Growth Levers

Supports target annual distribution growth of 5% - 9%

1% – 2% 1% – 2% 3% – 5%1% – 2%

6% to 11%

CAGR

27

To recap…

Lowest risk profile offering best investment proposition

Clear path to surfacing value from existing operations

5% – 9% annual distribution growth target

28

Strategic Outlook

29

Growth over the next five years will build on our strengths…

Invest $3.0 to $3.5 billion

in hydro, wind and solar globally

Deploy $700 million in our project development

backlog to build 1,000 MW at premium returns

Grow our distribution at 5% to 9% annually and

compound capital at 12% to 15% per unit

30

…And build for the future

The global move to decarbonize

energy is creating a

growing investible universe

31

Polling Question

Which renewable technology is best positioned to prosper in the

growing low-carbon environment?

a) Hydro

b) Storage (pumped hydro & batteries)

c) Wind

d) Solar

e) Distributed Generation

32

We are investing capital in the power grid of the future

Markets globally are

de-carbonizing

StorageOn-shore

Wind

Off-shore

Wind

Demand

Management

Utility

Solar

Hydro

Distributed

Generation

(DG)

33

Where are we today?

Opportunities in

sectors that are

ancillary to our core

business are growing

On-shore

Wind

Demand

Management

Off-shore

Wind

Storage

Hydro

Utility

Solar

Distributed

Generation

(DG)

34

Where could we be after TerraForm Power (TERP)?

On-shore

Wind

Demand

Management

Off-shore

Wind

Storage

Hydro

Utility

Solar

Distributed

Generation

(DG)

The TERP¹acquisition would

mark our first

investment into

utility and DG-scale

solar

1) TerraForm Power transaction announced March 2017

35

0

100

200

300

400

Global Clean Energy Investment$ in billions

W. Europe U.S. & Canada Australia LatAm China India

$325 billion is invested annually in renewables in our target markets

…And we are tapping into this growing universe by seeking out

opportunities in new sectors and geographies

Source: Bloomberg New Energy Finance; excludes hydroelectric plants larger than 50MW

36

Of that, over $155 billion is in sectors we don’t currently invest in

Source: Bloomberg New Energy Finance

0

50

100

150

200

Global Clean Energy Investment$ in billions

Off-Shore Wind Solar (Utility & Distributed) Geothermal

37

The private sector is better positioned to provide bulk green power

1) Bloomberg New Energy Finance; small hydro defined as a hydroelectric plant with a capacity of 50MW or less

Over the next 20 years, this funding gap will grow as consumers

continue to shift to newer sources of power

4%

96%

Governments/SOEs Private Sector

Global Ownership of Wind, Solar, Small Hydro¹

38

Our Growth Priorities

• Distributed Generation

• New Technologies

1

Sector

Expertise

• India

• China

2

Geographic

Expansion

39

Our Approach

Establish

scalable platforms

Develop local operating

teams

3

Look for accretive

development and

opportunistic

acquisitions

1 2

The U.S. Commercial and Industrial

(C&I) Distributed Generation (DG)

Landscape

41

Dramatic Cost Declines…

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2012 2016

C&

I S

ola

r P

V C

ap

ex C

ost ($

/Wd

c)

30%

decline in

costs

Source: Bloomberg New Energy Finance

42

A Rapidly Growing Market…

Source: Bloomberg New Energy Finance

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2012 2016

Insta

lled

ca

pa

city o

f U

.S. C

&I

DG

(M

W)

150%

growth in

capacity

43

0%

25%

50%

75%

100%

C&I DG Market Share

…But with fragmented ownership

We aim to invest $500 million into this sector over the next five years

Top 5

Owners

All

Other

Players

Source: GTM Research

44

India – the fastest growing major economy in the world

Strong Macro Fundamentals

Significant Power Deficit

Growing renewable demand

45

Our progress in India so far…

We are pursuing the TerraForm Global¹ acquisition which includes:

• A 300 MW portfolio in India of high-quality cash flows that would provide us with an

experienced operating team on the ground and a meaningful platform for future growth

102MWWIND

200MWSOLAR

1) TerraForm Global transaction announced March 2017

46

China – the largest power market in the world

Significant Demand Growth

Government Focus on Pollution Reduction

Strategic Domestic Industry

47

0

10

20

30

40

50

60

70

80

90

China Cumulative Solar Installed CapacityGW

Utility PV Residential Commercial & Industrial

Solar is a nascent technology in China’s coal-dominated supply stack

Source: Bloomberg New Energy Finance

132%CAGR

48

Our progress in China so far…

• We have hired a small team in the country, led by an experienced investment

professional, to source opportunities

• The closing of the TerraForm Global¹ transaction would give us a 170MW renewable

portfolio in China

149MWWIND

18MWSOLAR

1) TerraForm Global transaction announced March 2017

49

Pulling it all together…

Long track record of exceeding our return target

Lowest risk balance sheet in the sector

Significant operational levers to deliver 5% to 9%

distribution growth annually

We have a large and growing investible universe

We are singularly focused on delivering 12% to 15%

total returns per share

50

Q&A

Important Cautionary Notes

51

All amounts are in U.S. dollars unless otherwise

specified. Unless otherwise indicated, the statistical and

financial data in this presentation is presented as of

June 30, 2017, and on a consolidated basis.

CAUTIONARY STATEMENT REGARDING FORWARD-

LOOKING STATEMENTS AND INFORMATION

This presentation contains “forward-looking information”

within the meaning of Canadian provincial 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. Forward-looking statements include

statements that are predictive in nature, depend upon or

refer to future events or conditions, and include

statements regarding our and our subsidiaries’

operations, business, financial condition, expected

financial results, performance, growth prospects and

distribution profile, growth of FFO (defined below),

priorities, targets, ongoing objectives, strategies and

outlook, as well as the outlook for North American and

international economies for the current fiscal year and

subsequent periods, and include, but are not limited to,

statements regarding our asset management. In some

cases, forward-looking statements can be identified by

terms such as “expects,” “plans,” “estimates,” “seeks,”

“targets,” “projects,” “grow” or negative versions thereof

and other similar expressions, or future or conditional

verbs such as “may,” “will,” “should,” “would” and “could.”

Although we believe that our anticipated future results,

performance or achievements expressed or implied by the

forward-looking statements and information are based

upon reasonable assumptions and expectations, the

reader should not place undue reliance on forward-

looking statements and information because they involve

known and unknown risks, uncertainties and other factors,

many of which are beyond our control, which may cause

our and our subsidiaries’ actual results, performance or

achievements to differ materially from anticipated future

results, performance or achievements 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: changes to

hydrology at our hydroelectric stations or changes to

weather generally, the impact or unanticipated impact of

general economic, political and market factors in the

countries in which we do business; the behavior of

financial markets, including fluctuations in interest rates

and foreign exchanges rates; changes in inflation rates in

North America and international markets; the

performance of global equity and capital markets and the

availability of equity and debt financing and refinancing

within these markets; the competitive market for

acquisitions and other growth opportunities; our ability to

close announced acquisitions; our ability to realize the

expected benefits of acquisitions and of our organic

growth initiatives; the outcome and timing of various

regulatory, legal and contractual issues; changes in

accounting policies and methods used to report financial

condition (including uncertainties associated with critical

accounting assumptions and estimates); the effect of

applying future accounting changes; business

competition; operational and reputational risks;

technological change; our ability to diversify into new

technologies; changes in government regulation and

legislation within the countries in which we operate;

changes in tax laws; catastrophic events, such as

earthquakes and hurricanes; the possible impact of

international conflicts, including terrorist acts and

cyberterrorism; and other risks and factors detailed from

time to time in our documents which can be found on

our website or filed with the securities regulators in

Canada and the United States.

We caution that the foregoing list of important factors that

may affect future results is not exhaustive. When relying

on our forward-looking statements, investors and others

should carefully consider the foregoing factors and other

uncertainties and potential events. Except as required by

law, we undertake no obligation to publicly update or

revise any forward-looking statements or information in

this presentation, whether as a result of new information,

future events or otherwise.

CAUTIONARY STATEMENT REGARDING USE OF

NON-IFRS MEASURES

This presentation contains references to financial metrics

that are not calculated in accordance with, and do not

have any standardized meaning prescribed by,

International Financial Reporting Standards (“IFRS”). We

believe such non-IFRS measures including, but not

limited to, funds from operations (“FFO”) and FFO per

unit, are useful supplemental measures that may assist

investors and others in assessing our financial

performance and the financial performance of our

subsidiaries. As these non-IFRS measures are not

generally accepted accounting measures under IFRS,

references to FFO and FFO per unit, as examples, are

therefore unlikely to be comparable to similar measures

presented by other issuers and entities. These non-IFRS

measures have limitations as analytical tools. They

should not 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. For a more

fulsome discussion regarding our use of non-IFRS

measures and their reconciliation to the most directly

comparable IFRS measures refer to our documents

which can be found on our website or filed with the

securities regulators in Canada and the United States.

References to Brookfield Renewable are to Brookfield

Renewable Partners L.P. together with its subsidiary and

operating entities unless the context reflects otherwise.