The following table presents the annualized long-term average generation of our portfolio as at June 30, 2019 on a consolidated and quarterly basis:

The following table presents the annualized long-term average generation of our portfolio as at June 30, 2019 on a proportionate and quarterly basis:

Statement Regarding Forward-Looking Statements and Use of Non-IFRS Measures

This Interim Report contains forward-looking information within the meaning of U.S. and Canadian securities laws. We may make such statements in this Interim Report and in other filings with the U.S. Securities and Exchange Commission ("SEC") and with securities regulators in Canada - see "PART 9 - Cautionary Statements". We make use of non-IFRS measures in this Interim Report - see "PART 9 - Cautionary Statements''. This Interim Report, our Form 20-F and additional information filed with the SEC and with securities regulators in Canada are available on our website at https://bep.brookfield.com, on the SEC's website at www.sec.gov or on SEDAR's website at www.sedar.com.

Our business performed well in the second quarter of 2019, supported by strong performance at our operating businesses and contributions from recent acquisitions. We advanced our strategic priorities during the quarter, deploying capital in a number of transactions, while maintaining a robust balance sheet and access to capital.

Of note we:

Transaction Update

Subsequent to quarter-end we announced, together with our institutional partners, that we will be forming a 50-50 joint venture to own one of the largest solar developers globally with an experienced management team, best-in-class contracting capabilities, and a proven track record of developing assets at premium returns. The portfolio comprises approximately 275 megawatts of operating solar, 1,410 megawatts of solar under construction and a broader 4,800 megawatt development pipeline which should provide significant growth optionality over the long-term.

Over the next five years, the plan is for the business to develop 500 to 800 megawatts of new solar capacity annually. This growth will complement our existing pipeline of development projects that includes over 600 megawatts of advanced stage wind, hydro and solar projects, and approximately 130 megawatts of assets under construction. We expect to close the investment in the fourth quarter of 2019.

Additionally, subsequent to the quarter-end, through TerraForm Power we announced that we entered into an agreement to acquire, for approximately $720 million, a scale distributed generation business in the U.S. totaling 322 megawatts of recently constructed, fully contracted capacity, underpinned by a 17 year average remaining power purchase agreement term with credit-worthy offtakers. The investment will nearly double our distributed generation footprint, making this one of the largest such portfolios in the U.S., and providing significant opportunities to drive incremental cash flow growth through operational and commercial synergies. The investment is immediately accretive and requires no incremental capital as we expect to fund the transaction through project-level financings and the sale of interests in select North American wind assets. As a result, by redeploying proceeds from the sale of wind assets with limited levers for growth, into solar assets under longer-term contracts with significant opportunities to extract synergies, we are extending its

contract profile, reducing the portfolio’s resource variability, and improving the organic growth profile. We expect to close the transaction in the third quarter of 2019.

We continued to execute on our capital recycling program during the quarter, completing the sale of four of the six projects in our South Africa portfolio for proceeds of $108 million ($33 million net to BEP). We also advanced the sales of the final two projects in our South Africa portfolio, and the other non-core portfolios in Thailand and Malaysia. We expect these sales to close in 2019 for total proceeds of approximately $180 million ($55 million net to BEP).

Operations

During the second quarter, we generated FFO of $230 million, up from $172 million in the prior year as the business benefited from contributions from recent acquisitions and operational improvements driving cash flow growth. We also continue to benefit from the diversity of our portfolio as strong generation from our North American hydroelectric fleet more than offset a period of relatively weak wind resource.

In the second quarter, our hydroelectric segment generated FFO of $226 million. The portfolio saw strong generation in North America (15% above the long-term average) and strong pricing in Colombia. We continued to advance our contracting initiatives across our business, with a focus on commercial and industrial customers. In Latin America, we remain focused on extending our contract terms, signing 14 power purchase agreements in Colombia and Brazil for a total 1,239 gigawatt-hours per year. As a result of these initiatives, in Colombia, approximately 30% of our contracts now have terms greater than 5 years (versus none in 2016). In North America, we continue to benefit from a 17 year average contract term and no material maturities until 2029.

Our wind and solar segments generated a combined $66 million of FFO, up 32% relative to the same period in 2018, as we benefited from acquisitions and contributions from recently commissioned projects. We also added 25 megawatts to our global rooftop solar portfolio, including commissioning 10 megawatts through our joint venture with GLP in China, and closing the first phase of a 15 megawatt acquisition in Massachusetts.

Our storage and other operations segment performed well, generating $7 million of FFO during the second quarter, as the growing intermittency of global electricity grids continues to increase the scarcity value of utility-scale renewable storage.

Balance Sheet and Liquidity

We ended the quarter with over $2.5 billion of available liquidity. In addition, we continue to prioritize an investment grade balance sheet (we are rated BBB+ by S&P) which we believe gives us significant financial flexibility and provides investors with a lower overall risk profile. We also remain focused on terming out our debt at low rates and hedging our cash flows from currency fluctuation when the cost is economically prudent.

During the quarter, we extended the term of debt in our Colombian subsidiary to approximately 10 years by issuing COP 1.1 trillion of bonds in the local market. This was one of the largest financings ever completed in Colombia and, given the high-quality nature of our portfolio, was significantly over subscribed. At TerraForm Power, we progressed up-financings of select assets in the portfolio and used the proceeds to repay credit facilities.

Outlook

Looking ahead, we continue to focus on executing our key priorities, including maintaining a robust balance sheet and access to diverse sources of capital, enhancing cash flows from our existing business and assessing acquisition opportunities.

As always, we remain focused on delivering to our unitholders long-term total returns of 12% to 15% on a per unit basis. We thank you for your continued support and we look forward to updating you on our progress in that regard.

Sincerely,

Sachin Shah

Chief Executive Officer

July 31, 2019

OUR COMPETITIVE STRENGTHS

Brookfield Renewable Partners L.P. ("Brookfield Renewable") is a globally diversified, multi-technology, owner and operator of renewable power assets.

Our business model is to utilize our global reach to acquire and develop high quality renewable power assets below intrinsic value, finance them on a long-term, low-risk and investment grade basis through a conservative financing strategy and then optimize cash flows by applying our operating expertise to enhance value.

One of the largest, public pure play renewable businesses globally. Brookfield Renewable has a 20-year track record as a publicly-traded operator and investor in the renewable power sector. Today we have a large, multi-technology and globally diversified portfolio of pure-play renewable assets that are supported by over 2,500 experienced operators. Brookfield Renewable invests in renewable assets directly, as well as with institutional partners, joint venture partners and in other arrangements. Our portfolio consists of approximately 17,500 MW of installed capacity largely across four continents, a development pipeline of approximately 8,000 MW , and annualized long-term average generation on a proportionate basis of approximately 26,100 GWh .

The following charts illustrate annualized long-term average generation on a proportionate basis:

Diverse and high-quality assets with hydroelectric focus.   Brookfield Renewable has a complementary portfolio of hydroelectric, wind, solar and storage facilities. Our portfolio includes utility-scale facilities, back-up storage power, and distributed power generation. Hydroelectric power comprises the significant majority of our portfolio and is the highest value renewable asset class as one of the longest life, lowest-cost and most environmentally-preferred forms of power generation. Hydroelectric plants have high cash margins, storage capacity with the capability to produce power at all hours of the day, and the ability to sell multiple products in the market including energy, capacity and ancillaries. Our wind and solar facilities provide exposure to two of the fastest growing renewable power sectors, with high cash margins, zero fuel input cost, and diverse and scalable applications including distributed generation. Our storage facilities provide the markets in which they are located with critical services to the grid and dispatchable generation. With our scale, diversity and the quality of our assets, we are competitively positioned relative to other power generators, providing significant scarcity value to our investors.   

Stable, diversified and high-quality cash flows with attractive long-term value for LP Unitholders.   We intend to maintain a highly stable, predictable cash flow profile sourced from a diversified portfolio of low operating cost, long-life hydroelectric, wind and solar assets that sell electricity under long-term, fixed price contracts with creditworthy counterparties. Approximately 90% of our 2019 proportionate generation output is contracted to public power authorities, load-serving utilities, industrial users or to affiliates of Brookfield Asset Management. Our power purchase agreements have a weighted-average remaining duration of 13 years , on a proportionate basis, providing long-term cash flow visibility.

Strong financial profile and conservative financing strategy.  Brookfield Renewable maintains a robust balance sheet, strong investment grade rating, and access to global capital markets to ensure cash flow resiliency through the cycle. Our approach to financing is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries on

an investment grade basis with no financial maintenance covenants. Approximately 95% of our debt is either investment grade rated or sized to investment grade. Our corporate debt to total capitalization is 16% , and 77% of our proportionate borrowings are non-recourse. Corporate borrowings and proportionate non-recourse borrowings have weighted-average terms of approximately seven and ten years, respectively, with no material maturities over the next four years. Approximately 85% of our financings are fixed rate, and only 6% of our debt in North America and Europe is exposed to changes in interest rates, on a proportionate basis. Our available liquidity as at June 30, 2019 is approximately $2.5 billion of cash and cash equivalents, investments in marketable securities and the available portion of credit facilities. 

Best-in class operating expertise. Brookfield Renewable has over 2,500 experienced operators and over 140 power marketing experts that are located across the globe to help optimize the performance and maximize the returns of all our assets. Our expertise in operating and managing power generation facilities span over 100 years and include full operating, development and power marketing capabilities.

Well positioned for cash flow growth.  We are focused on driving cash flow growth from existing operations, fully funded by internally generated cash flow, including inflation escalations in our contracts, margin expansion through revenue growth and cost reduction initiatives, and building out our approximately 8,000 MW proprietary development pipeline at premium returns. While we do not rely on acquisitions to achieve our growth targets, our business has upside from mergers and acquisitions on an opportunistic basis. We employ a contrarian strategy, and our global scale and multi-technology capabilities allow us to rotate capital where it is scarce in order to earn strong risk-adjusted returns. We take a disciplined approach to allocating capital into development and acquisitions with a focus on downside protection and preservation of capital. Since 2013, we have deployed $3.5 billion in equity as we have invested in, acquired, or commissioned 50 hydroelectric facilities totaling approximately 4,200 MW , 105 wind facilities totaling approximately 4,000 MW , 547 solar facilities totaling approximately 1,800 MW , four biomass facilities totaling 175 MW , two hydroelectric pumped storage facilities and one battery storage asset totaling 2,098 MW and one 300 MW cogeneration plant. Our ability to develop and acquire assets is strengthened by our established operating and project development teams across the globe, strategic relationship with Brookfield Asset Management, and our liquidity and capitalization profile. We have, in the past, and may continue in the future to pursue the acquisition or development of assets through arrangements with institutional investors in Brookfield Asset Management sponsored or co-sponsored partnerships.

Attractive distribution profile.   We pursue a strategy which we expect will provide for highly stable, predictable cash flows ensuring a sustainable distribution yield. We target a long-term distribution growth rate in the range of 5% to 9% annually.

This Management’s Discussion and Analysis for the three and six months ended June 30, 2019 is provided as of July 31, 2019 . Unless the context indicates or requires otherwise, the terms “Brookfield Renewable”, “we”, “us”, and “our” mean Brookfield Renewable Partners L.P. and its controlled entities. The ultimate parent of Brookfield Renewable is Brookfield Asset Management Inc. (“Brookfield Asset Management”). Brookfield Asset Management and its subsidiaries, other than Brookfield Renewable, are also individually and collectively referred to as “Brookfield” in this Management’s Discussion and Analysis.

Brookfield Renewable’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP Units”) held by public unitholders and Brookfield, redeemable/exchangeable partnership units held by Brookfield (“Redeemable/Exchangeable partnership units”) in Brookfield Renewable Energy L.P. (“BRELP”). a holding subsidiary of Brookfield Renewable, and general partnership interest (“GP interest”) in BRELP held by Brookfield. Holders of the GP interest, Redeemable/Exchangeable partnership units, and LP Units will be collectively referred to throughout as “Unitholders”, “Units”, or as “per Unit”, unless the context indicates or requires otherwise. The LP Units and Redeemable/Exchangeable partnership units have the same economic attributes in all respects. See – “ Part 8 - Presentation to Stakeholders and Performance Measurement ”.

Brookfield Renewable’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), which require estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the amounts of revenue and expense during the reporting periods.

Certain comparative figures have been reclassified to conform to the current year’s presentation.

References to $, C$, €, R$, £, COP and ZAR are to United States (“U.S.”) dollars, Canadian dollars, Euros, Brazilian reais, British pounds sterling, Colombian pesos and South African Rand, respectively. Unless otherwise indicated, all dollar amounts are expressed in U.S. dollars.

For a description on our operational and segmented information and for the non-IFRS financial measures we use to explain our financial results see “ Part 8 - Presentation to Stakeholders and Performance Measurement ”. For a reconciliation of the non-IFRS financial measures to the most comparable IFRS financial measures, see “ Part 4 - Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures ”. This Management’s Discussion and Analysis contains forward looking information within the meaning of U.S. and Canadian securities laws. Refer to – “ Part 9 - Cautionary Statements ” for cautionary statements regarding forward-looking statements and the use of non-IFRS measures. Our Annual Report and additional information filed with the Securities Exchange Commission (“SEC”) and with securities regulators in Canada are available on our website (https://bep.brookfield.com), on the SEC’s website (www.sec.gov/edgar.shtml), or on SEDAR (www.sedar.com).

Operations

Funds From Operations increase d to $230 million and $0.74 on a per Unit basis, representing a 34% and 35% increase , respectively, from the prior year, supported by contributions from acquisitions and recently commissioned facilities, the advancement of organic growth initiatives and above average generation as we benefited from the diversity of our portfolio .

Distributions of $0.52 per LP unit in the second quarter of 2019 represented a 5% increase over the prior period .

Net income attributable to Unitholders increased $19 million compared to the prior year due primarily to the above noted increase in Funds From Operations. Basic income per LP Unit of $0.05 per LP Unit increased from a basic loss per LP Unit of $0.01 in the prior year primarily due to the increases mentioned above.

Continued to focus on extending our contract profile at premium pricing as we completed the following:

Liquidity and Capital Resources

Continued to maintain a strong balance sheet.

Secured diverse sources of capital to generate over $1.6 billion of gross proceeds .

Growth and Development

On May 1, 2019, we, together with our institutional partners, completed an initial C$350 million investment in TransAlta Corporation's (“TransAlta”) convertible securities .

Together with our institutional partners, we completed the acquisition of 210 MW of operating wind assets in India for total consideration of ~$70 million .

In July 2019, we entered into an agreement to form a 50-50 joint venture in respect of X-Elio, one of the largest independent solar platforms globally with an experienced management team, integrated development platform, strong contracting capabilities, and a proven development track record. X-Elio's portfolio comprises approximately 275 MW of operating solar, 1,410 megawatts of assets under construction and a broader 4,800 megawatt development pipeline. The transaction is expected to close in the fourth quarter of 2019, subject to closing conditions. This investment will be made with our institutional partners, with Brookfield Renewable expected to hold a 25% interest.

Subsequent to quarter-end, TerraForm Power entered into an agreement to acquire a large-scale distributed generation business in the United States with 322 MW of recently constructed, fully contracted portfolio capacity, underpinned by a 17-year average remaining PPA term with credit-worthy offtakers. This transaction will nearly double the distributed generation footprint of TerraForm Power, making it one of the largest such portfolios in the United States.

Continued to progress our development pipeline:

Variance Analysis For The Three Months Ended June 30, 2019

Revenues totaling $787 million in the three months ended June 30, 2019 represents an increase of $52 million over the prior year due to contributions from recently commissioned facilities and the advancement of organic growth initiatives partially offset by the impact of a strengthening U.S. dollar versus most of the countries in which we operate. Generation on a same-store basis increase d by 3,860 GWh or 37% over the prior year, primarily due to above average hydrology conditions in the United States and Canada, which cumulatively contributed $53 million. We benefited from a 7% increase in average revenue per MWh as a result of inflation indexation of our contracts, re-contracting initiatives and favorable market prices realized on our uncontracted volumes in Colombia, which cumulatively contributed $39 million. Facilities that have been commissioned in our portfolio since June 30, 2018 contributed 52 GWh and $4 million to revenues.

The strengthening of the U.S. dollar relative to the prior year, primarily against the Colombian peso and Brazilian real, reduced revenues by $44 million, which was partially offset by a favorable foreign exchange impact on our operating, interest, and depreciation expense for the quarter.

Direct operating costs totaling  $252 million remained relatively consistent with prior year due to cost-savings realized in the year across our United States and Colombia hydroelectric businesses and a favorable foreign exchange impact noted above. This was fully offset by higher variable operating costs at our hydroelectric sites in Canada and at our newly commissioned facilities, as well as higher costs due to timing of major maintenance activities in Brazil and Europe.

Share of earnings from equity-accounted investments totaling $nil represent a decrease of $6 million over the prior year driven by below long-term average generation due to low wind resources.

Management service costs totaling $23 million increased $2 million compared to the prior year due to the growth of our business .

Current income tax expense of $15 million represents an increase of $8 million as a result of higher taxable income relative to the prior period, particularly in Colombia, due to the strong performance of the business.

Net income attributable to Unitholders was $17 million compared to net loss attributable to Unitholders of $2 million for the three months ended June 30, 2019 . The increase of $19 million was primarily a result of the aforementioned increase to revenues.

Variance Analysis For The Six Months Ended June 30, 2019

Revenues totaling $1,612 million for the six months ended  June 30, 2019  represent an increase of $84 million over the prior year due to contributions from recently commissioned facilities and the advancement of organic growth initiatives partially offset by the impact of a strengthening U.S. dollar versus most of the countries in which we operate. Generation on a same-store basis increase d by 6,857 GWh or 33% over the prior year, primarily due to above average hydrology conditions in the United States and Canada, which cumulatively contributed $71 million. We benefited from an 11% increase in average revenue per MWh as a result of inflation indexation of our contracts, re-contracting initiatives and favorable market prices realized on our uncontracted volumes in Colombia, which cumulatively contributed $87 million. Facilities that have been commissioned in our portfolio since June 30, 2018 contributed 780 GWh and $11 million to revenues.

The strengthening of the U.S. dollar relatively to the prior year, primarily against the Colombian peso and Brazilian real, reduced revenue by $85 million, which was partially offset by a favorable foreign exchange impact on our operating, interest, and depreciation expense for the year.

Direct operating costs totaling $506 million represent a decrease of $3 million over the prior year driven by cost-savings realized in the year across our United States and Colombia hydroelectric businesses and a favorable foreign exchange impact noted above. This was partially offset by higher variable operating costs at our hydroelectric sites in Canada and at our newly commissioned facilities, as well as higher costs due to timing of major maintenance activities in Brazil and Europe.

Share of earnings from equity-accounted investments totaling $32 million represent an increase of $26 million over the prior year driven by growth in the portfolio from our increased investment in TerraForm Power.

Management service costs totaling $44 million represent an increase of $2 million due to the growth of our business .

Current income tax expense of $39 million represents an increase of $25 million as a result of higher taxable income relative to the prior period, particularly in Colombia, due to the strong performance of the business.

Net income attributable to Unitholders for the six months ended June 30, 2019 was $60 million versus $6 million in the prior period. The increase of $54 million was primarily a result of the aforementioned increase to revenues.

Our balance sheet remains strong and reflects the stable nature of the business and our continued growth.

Assets held for sale

Assets held for sale totaled $611 million as at June 30, 2019 compared to $920 million as at December 31, 2018 . The $309 million decrease was attributable to the partial sale of our South African wind and solar portfolio that we completed in May 2019.

As at June 30, 2019 , Brookfield Renewable continues to present eight solar facilities with an aggregate capacity of 158 MW in South Africa, Malaysia and Thailand as held for sale. The sales of these assets are expected to be completed in the second half of 2019.

Property, plant and equipment

Property, plant and equipment totaled $29.3 billion as at June 30, 2019 compared to $29.0 billion as at December 31, 2018 . The $292 million increase was primarily attributable to a $350 million foreign exchange revaluation due to the strengthening of the Canadian dollar and Colombian peso relative to the U.S. dollar, in addition to the acquisition of the India wind portfolios that totaled $128 million and capitalized additions of $69 million primarily attributable to the sustaining capital expenditures of our hydroelectric assets as well as our on-going construction projects in Brazil. Upon adoption of IFRS 16 on January 1, 2019, we recognized $145 million of capitalized lease arrangements. The above noted increases were partially offset by depreciation expense associated with property, plant and equipment of $400 million for the period.

RELATED PARTY TRANSACTIONS

Brookfield Renewable's related party transactions are in the normal course of business, and are recorded at the exchange amount. Brookfield Renewable's related party transactions are primarily with Brookfield Asset Management.

Brookfield Renewable sells electricity to Brookfield through long-term power purchase agreements, or provides fixed price guarantees to provide contracted cash flow and reduce Brookfield Renewable’s exposure to electricity prices in deregulated power markets. Brookfield Renewable also benefited during the period from a wind levelization agreement with Brookfield which reduced the exposure to the fluctuation of wind generation at certain facilities and thus improves the stability of its cash flow. The wind levelization agreement expired in February 2019.

In addition to these agreements, Brookfield Renewable and Brookfield have executed other agreements that are described in Note 27 - Related Party Transactions in our 2018 annual audited consolidated financial statements.

Brookfield Renewable has also entered into a number of voting agreements with Brookfield whereby Brookfield, as managing member of entities related to Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, Brookfield

Infrastructure Fund III and Brookfield Infrastructure Fund IV, in which Brookfield Renewable holds investments in power generating operations with institutional partners, agreed to provide to Brookfield Renewable the authority to direct the election of the Boards of Directors of such entities.

Brookfield Renewable has entered into agreements with Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV and Brookfield Infrastructure Debt Fund (“Private Funds”), in which they provide Brookfield Renewable with access to short-term financing using the Private Funds’ credit facilities.

Brookfield Asset Management has provided a $400 million committed unsecured revolving credit facility maturing in December 2019 and the interest rate applicable on the draws is LIBOR plus up to 2%. During the first two quarters of 2019 there were no draws on the committed unsecured revolving credit facility provided by Brookfield Asset Management. Brookfield Asset Management also placed $600 million on deposit with Brookfield Renewable during the first quarter of 2019, $245 million of this deposit was repaid in the first quarter with the remaining balance paid back during the second quarter of 2019. Subsequent to the repayment, Brookfield Asset Management placed $322 million on deposit with Brookfield Renewable. The interest expense on the deposit for the three and six months ended June 30, 2019 totaled $nil and $3 million , respectively ( 2018 : $3 million and $5 million ).

The following table reflects the related party agreements and transactions in the unaudited interim consolidated statements of income for the three and six months ended June 30, 2019 :

EQUITY

General partnership interest in a holding subsidiary held by Brookfield

Brookfield, as the owner of the 1% GP interest in BRELP, is entitled to regular distributions plus an incentive distribution based on the amount by which quarterly LP Unit distributions exceed specified target levels. To the extent that LP Unit distributions exceed $0.375 per LP Unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that LP Unit distributions exceed $0.4225 per LP Unit per quarter, the incentive distribution is equal to 25% of distributions above this threshold. Incentive distributions of $12 million and $25 million , respectively, were declared during the three and six months ended June 30, 2019 ( 2018 : $9 million and $20 million ).