|
|
Exhibit
|
|
|
|
99.1
|
|
|
|
99.2
|
|
|
|
99.3
|
|
|
|
99.4
|
|
|
|
99.5
|
|
|
|
101.INS
|
XBRL Instance Document
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
BROOKFIELD RENEWABLE PARTNERS L.P.
by
its general partner, Brookfield Renewable Partners Limited
|
|
|
||
|
|
|
|
|
|
Date: July 31, 2019
|
By:
|
/
s/ Jane Sheere
|
|
|
Name: Jane Sheere
Title: Secretary
|
|
River
Systems
|
|
|
Facilities
|
|
|
Capacity
(MW)
|
|
|
LTA
(1)
(GWh)
|
|
|
Storage
Capacity
(GWh)
|
|
Hydroelectric
|
|
|
|
|
|
|
|
|
|
|||||
North America
|
|
|
|
|
|
|
|
|
|
|||||
United States
|
30
|
|
|
136
|
|
|
2,885
|
|
|
11,982
|
|
|
2,523
|
|
Canada
|
19
|
|
|
33
|
|
|
1,361
|
|
|
5,177
|
|
|
1,261
|
|
|
49
|
|
|
169
|
|
|
4,246
|
|
|
17,159
|
|
|
3,784
|
|
Colombia
|
6
|
|
|
6
|
|
|
2,732
|
|
|
14,485
|
|
|
3,703
|
|
Brazil
|
27
|
|
|
44
|
|
|
946
|
|
|
4,924
|
|
|
—
|
|
|
82
|
|
|
219
|
|
|
7,924
|
|
|
36,568
|
|
|
7,487
|
|
Wind
|
|
|
|
|
|
|
|
|
|
|||||
North America
|
|
|
|
|
|
|
|
|
|
|||||
United States
|
—
|
|
|
26
|
|
|
1,983
|
|
|
6,898
|
|
|
—
|
|
Canada
|
—
|
|
|
4
|
|
|
482
|
|
|
1,437
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
2,465
|
|
|
8,335
|
|
|
—
|
|
Europe
|
—
|
|
|
50
|
|
|
1,247
|
|
|
2,868
|
|
|
—
|
|
Brazil
|
—
|
|
|
19
|
|
|
457
|
|
|
1,901
|
|
|
—
|
|
Asia
|
—
|
|
|
7
|
|
|
355
|
|
|
724
|
|
|
—
|
|
|
—
|
|
|
106
|
|
|
4,524
|
|
|
13,828
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Solar
(2)
|
—
|
|
|
547
|
|
|
1,756
|
|
|
3,541
|
|
|
—
|
|
Storage
(3)
|
2
|
|
|
4
|
|
|
2,698
|
|
|
—
|
|
|
5,220
|
|
Other
(4)
|
—
|
|
|
6
|
|
|
580
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
882
|
|
|
17,482
|
|
|
53,937
|
|
|
12,707
|
|
(1)
|
LTA is calculated based on our portfolio as at
June 30, 2019
, reflecting all facilities on a consolidated and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "
Part 8 - Presentation to Stakeholders and Performance Measurement
" for an explanation on our methodology in computing LTA and why we do not consider LTA for our Storage and Other facilities.
|
(2)
|
Includes eight solar facilities (157 MW) in South Africa, Thailand, and Malaysia that have been presented as Assets held for sale.
|
(3)
|
Includes pumped storage in North America (600 MW) and Europe (2,088 MW) and battery storage in North America (10 MW).
|
(4)
|
Includes four biomass facilities in Brazil (175 MW), one cogeneration plant in Colombia (300 MW), and one cogeneration plant in North America (105 MW).
|
GENERATION (GWh)
(1)
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Total
|
|
Hydroelectric
|
|
|
|
|
|
|
|
|
|
|||||
North America
|
|
|
|
|
|
|
|
|
|
|||||
United States
|
3,404
|
|
|
3,474
|
|
|
2,178
|
|
|
2,926
|
|
|
11,982
|
|
Canada
|
1,228
|
|
|
1,508
|
|
|
1,223
|
|
|
1,218
|
|
|
5,177
|
|
|
4,632
|
|
|
4,982
|
|
|
3,401
|
|
|
4,144
|
|
|
17,159
|
|
Colombia
|
3,316
|
|
|
3,612
|
|
|
3,535
|
|
|
4,022
|
|
|
14,485
|
|
Brazil
|
1,215
|
|
|
1,228
|
|
|
1,241
|
|
|
1,240
|
|
|
4,924
|
|
|
9,163
|
|
|
9,822
|
|
|
8,177
|
|
|
9,406
|
|
|
36,568
|
|
Wind
|
|
|
|
|
|
|
|
|
|
|||||
North America
|
|
|
|
|
|
|
|
|
|
|||||
United States
|
1,906
|
|
|
1,833
|
|
|
1,352
|
|
|
1,807
|
|
|
6,898
|
|
Canada
|
400
|
|
|
345
|
|
|
273
|
|
|
419
|
|
|
1,437
|
|
|
2,306
|
|
|
2,178
|
|
|
1,625
|
|
|
2,226
|
|
|
8,335
|
|
Europe
|
877
|
|
|
647
|
|
|
573
|
|
|
771
|
|
|
2,868
|
|
Brazil
|
361
|
|
|
423
|
|
|
627
|
|
|
490
|
|
|
1,901
|
|
Asia
|
146
|
|
|
190
|
|
|
231
|
|
|
157
|
|
|
724
|
|
|
3,690
|
|
|
3,438
|
|
|
3,056
|
|
|
3,644
|
|
|
13,828
|
|
Solar
(2)
|
729
|
|
|
1,071
|
|
|
1,067
|
|
|
674
|
|
|
3,541
|
|
Total
|
13,582
|
|
|
14,331
|
|
|
12,300
|
|
|
13,724
|
|
|
53,937
|
|
(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. See "
Part 8 - Presentation to Stakeholders and Performance Measurement
" for an explanation on our methodology in computing LTA and why we do not consider LTA for our Storage and Other facilities.
|
(2)
|
Includes eight solar facilities (157 MW) in South Africa, Thailand, and Malaysia that have been presented as Assets held for sale.
|
GENERATION (GWh)
(1)
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Total
|
|
Hydroelectric
|
|
|
|
|
|
|
|
|
|
|||||
North America
|
|
|
|
|
|
|
|
|
|
|||||
United States
|
2,223
|
|
|
2,364
|
|
|
1,469
|
|
|
1,953
|
|
|
8,009
|
|
Canada
|
1,007
|
|
|
1,219
|
|
|
974
|
|
|
959
|
|
|
4,159
|
|
|
3,230
|
|
|
3,583
|
|
|
2,443
|
|
|
2,912
|
|
|
12,168
|
|
Colombia
|
798
|
|
|
869
|
|
|
851
|
|
|
967
|
|
|
3,485
|
|
Brazil
|
988
|
|
|
998
|
|
|
1,009
|
|
|
1,008
|
|
|
4,003
|
|
|
5,016
|
|
|
5,450
|
|
|
4,303
|
|
|
4,887
|
|
|
19,656
|
|
Wind
|
|
|
|
|
|
|
|
|
|
|||||
North America
|
|
|
|
|
|
|
|
|
|
|||||
United States
|
623
|
|
|
641
|
|
|
464
|
|
|
586
|
|
|
2,314
|
|
Canada
|
347
|
|
|
308
|
|
|
248
|
|
|
366
|
|
|
1,269
|
|
|
970
|
|
|
949
|
|
|
712
|
|
|
952
|
|
|
3,583
|
|
Europe
|
303
|
|
|
223
|
|
|
198
|
|
|
270
|
|
|
994
|
|
Brazil
|
119
|
|
|
141
|
|
|
215
|
|
|
172
|
|
|
647
|
|
Asia
|
45
|
|
|
57
|
|
|
70
|
|
|
47
|
|
|
219
|
|
|
1,437
|
|
|
1,370
|
|
|
1,195
|
|
|
1,441
|
|
|
5,443
|
|
Solar
(2)
|
199
|
|
|
304
|
|
|
302
|
|
|
179
|
|
|
984
|
|
Total
|
6,652
|
|
|
7,124
|
|
|
5,800
|
|
|
6,507
|
|
|
26,083
|
|
(1)
|
LTA is calculated on a proportionate and an annualized basis from the beginning of the year, regardless of the acquisition or commercial operation date. See "
Part 8 - Presentation to Stakeholders and Performance Measurement
" for an explanation on the calculation and relevance of proportionate information, our methodology in computing LTA and why we do not consider LTA for our Storage and Other facilities.
|
(2)
|
Includes eight solar facilities (157 MW) in South Africa, Thailand, and Malaysia that have been presented as Assets held for sale.
|
.
Letter to Unitholders
.
|
||
|
|
|
•
|
Generated FFO per unit of $0.74, a 35% increase over the prior year;
|
•
|
Announced our investment into a joint venture of a global solar developer with over 6,500 megawatts of utility-scale photovoltaic solar for approximately $500 million (approximately $125 million net to BEP) which we expect to close in the fourth quarter;
|
•
|
Closed the acquisition of 210 megawatts of operating wind in India;
|
•
|
Closed the first C$350 million tranche of our C$750 million investment into an Alberta renewables portfolio;
|
•
|
Through TerraForm Power, announced the acquisition of a 322 megawatt distributed generation portfolio in the U.S., nearly doubling our distributed generation footprint and providing significant opportunities to drive incremental cash flow growth through operational and commercial synergies;
|
•
|
Ended the quarter with over $2.5 billion of available liquidity and raised approximately $275 million in incremental liquidity with the closing of the sale of certain of our South Africa facilities, as well as strategic up-financings and other liquidity initiatives;
|
•
|
Reduced our FFO payout ratio on an annualized basis to approximately 85%.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
1
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
2
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
3
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
4
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
5
|
Management’s Discussion and Analysis
|
For the three and six months ended June 30, 2019
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
6
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Operational information
|
|
|
|
|
|
|
|
||||||||
Capacity (MW)
|
17,482
|
|
|
17,364
|
|
|
17,482
|
|
|
17,364
|
|
||||
Total generation (GWh)
|
|
|
|
|
|
|
|
||||||||
Long-term average generation
|
14,252
|
|
|
13,521
|
|
|
27,745
|
|
|
26,373
|
|
||||
Actual generation
|
14,881
|
|
|
13,122
|
|
|
29,006
|
|
|
26,002
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Proportionate generation (GWh)
|
|
|
|
|
|
|
|
||||||||
Long-term average generation
|
7,109
|
|
|
6,935
|
|
|
13,807
|
|
|
13,286
|
|
||||
Actual generation
|
7,602
|
|
|
6,455
|
|
|
14,848
|
|
|
13,149
|
|
||||
Average revenue ($ per MWh)
|
73
|
|
|
73
|
|
|
74
|
|
|
74
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Selected financial information
(1)
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Unitholders
|
$
|
17
|
|
|
$
|
(2
|
)
|
|
$
|
60
|
|
|
$
|
6
|
|
Basic income (loss) per LP Unit
|
0.05
|
|
|
(0.01
|
)
|
|
0.19
|
|
|
0.02
|
|
||||
Consolidated Adjusted EBITDA
(2)
|
630
|
|
|
543
|
|
|
1,282
|
|
|
1,125
|
|
||||
Proportionate Adjusted EBITDA
(2)
|
400
|
|
|
324
|
|
|
795
|
|
|
675
|
|
||||
Funds From Operations
(2)
|
230
|
|
|
172
|
|
|
457
|
|
|
365
|
|
||||
Funds From Operations per Unit
(1)(2)
|
0.74
|
|
|
0.55
|
|
|
1.47
|
|
|
1.17
|
|
||||
Distribution per LP Unit
|
0.52
|
|
|
0.49
|
|
|
1.03
|
|
|
0.98
|
|
(1)
|
For the
three and six
months ended
June 30, 2019
, weighted average LP Units, Redeemable/Exchangeable partnership units and GP interest totaled
311.2
million and
311.1
million, respectively (
2018
:
312.8
million and
312.7
million).
|
(2)
|
Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure. See “
Part 4 - Financial Performance Review on Proportionate Information
-
Reconciliation of non-IFRS measures
” and “
Part 9 - Cautionary Statements
”.
|
(MILLIONS, EXCEPT AS NOTED)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Liquidity and Capital Resources
|
|
|
|
|
|
||
Available liquidity
|
$
|
2,532
|
|
$
|
1,974
|
||
Debt to capitalization - Corporate
|
|
16
|
%
|
|
|
15
|
%
|
Debt to capitalization - Consolidated
|
|
33
|
%
|
|
|
32
|
%
|
Borrowings non-recourse to Brookfield Renewable on a proportionate basis
|
|
77
|
%
|
|
|
75
|
%
|
Floating rate debt exposure on a proportionate basis
(1)
|
|
6
|
%
|
|
|
7
|
%
|
Medium term notes
|
|
|
|
|
|
||
Average debt term to maturity
|
|
6 years
|
|
|
|
7 years
|
|
Average interest rate
|
|
4.4
|
%
|
|
|
4.4
|
%
|
Subsidiary borrowings on a proportionate basis
|
|
|
|
|
|
||
Average debt term to maturity
|
|
10 years
|
|
|
|
10 years
|
|
Average interest rate
|
|
5.4
|
%
|
|
|
5.4
|
%
|
(1)
|
Excludes
8%
floating rate debt exposure of certain foreign regions outside of North America and Europe due to the high cost of hedging associated with those regions.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
7
|
•
|
Relatively higher realized prices, primarily in Colombia, Canada and Europe on the back of our re-contracting and commercial initiatives
|
•
|
Higher margins due to the benefit from our cost-reduction initiatives across our business
|
•
|
Favorable hydrology conditions primarily at our North American hydroelectric facilities more than offset below long-term average resource across our wind business
|
•
|
In Colombia, we contracted ~1,114 GWh/year, including individual contracts with up to five years in duration
|
•
|
In Brazil, we contracted ~125 GWh/year with high quality commercial and industrial counterparties, including one of Brazil's largest petroleum companies
|
•
|
Available liquidity of
$2.5 billion
accompanied with a well-laddered debt maturity profile
|
•
|
S&P reaffirmed BBB+ credit rating with neutral outlook
|
•
|
Secured over $1.4 billion from non-recourse financings during the quarter, maintaining our weighted average cost of project debt of
5.4%
|
•
|
Extended the maturity of our corporate credit facilities by one year to June 2024
and increased
our letter of credit facility by
$100 million
|
•
|
Completed the sale of four of the six projects making up our South African portfolio for a total proceeds of $108 million (~$33 million net to Brookfield Renewable). The sale of the final projects is expected to close in the third quarter for $56 million (~$17 million net to Brookfield Renewable)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
8
|
•
|
Continued to advance the construction of
131
MW of hydroelectric, wind, pumped storage and rooftop solar development projects. These projects are expected to be commissioned between 2019 and 2021 and to generate annualized
Funds From Operations
net to Brookfield Renewable of
$11 million
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
9
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Revenues
|
$
|
787
|
|
|
$
|
735
|
|
Other income
|
17
|
|
|
10
|
|
||
Direct operating costs
|
(252
|
)
|
|
(247
|
)
|
||
Management service costs
|
(23
|
)
|
|
(21
|
)
|
||
Interest expense
–
borrowings
|
(178
|
)
|
|
(178
|
)
|
||
Share of earnings from equity-accounted investment
|
—
|
|
|
6
|
|
||
Depreciation
|
(200
|
)
|
|
(206
|
)
|
||
Current income tax (expense) recovery
|
(15
|
)
|
|
(7
|
)
|
||
Deferred income tax expense
|
(14
|
)
|
|
(4
|
)
|
||
Net income (loss) attributable to Unitholders
|
$
|
17
|
|
|
$
|
(2
|
)
|
|
Average FX rates to USD
|
||||||
C$
|
1.34
|
|
|
1.29
|
|
||
€
|
0.89
|
|
|
0.84
|
|
||
R$
|
3.92
|
|
|
3.61
|
|
||
£
|
0.78
|
|
|
0.74
|
|
||
COP
|
3,240
|
|
|
2,839
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
10
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Revenues
|
$
|
1,612
|
|
|
$
|
1,528
|
|
Other income
|
25
|
|
|
19
|
|
||
Direct operating costs
|
(506
|
)
|
|
(503
|
)
|
||
Management service costs
|
(44
|
)
|
|
(42
|
)
|
||
Interest expense
–
borrowings
|
(351
|
)
|
|
(358
|
)
|
||
Share of earnings from equity-accounted investment
|
32
|
|
|
6
|
|
||
Depreciation
|
(400
|
)
|
|
(419
|
)
|
||
Current income tax (expense) recovery
|
(39
|
)
|
|
(14
|
)
|
||
Deferred income tax expense
|
(34
|
)
|
|
(13
|
)
|
||
Net income attributable to Unitholders
|
$
|
60
|
|
|
$
|
6
|
|
|
Average FX rates to USD
|
||||||
C$
|
1.33
|
|
|
1.28
|
|
||
€
|
0.89
|
|
|
0.83
|
|
||
R$
|
3.84
|
|
|
3.42
|
|
||
£
|
0.77
|
|
|
0.73
|
|
||
COP
|
3,188
|
|
|
2,849
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
11
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Assets held for sale
|
611
|
|
|
920
|
|
||
Current assets
|
$
|
1,788
|
|
|
$
|
1,961
|
|
Equity-accounted investments
|
1,576
|
|
|
1,569
|
|
||
Property, plant and equipment
|
29,317
|
|
|
29,025
|
|
||
Total assets
|
34,406
|
|
|
34,103
|
|
||
Liabilities directly associated with assets held for sale
|
350
|
|
|
533
|
|
||
Corporate borrowings
|
1,674
|
|
|
2,328
|
|
||
Non-recourse borrowings
|
8,840
|
|
|
8,390
|
|
||
Deferred income tax liabilities
|
4,266
|
|
|
4,140
|
|
||
Total liabilities and equity
|
$
|
34,406
|
|
|
$
|
34,103
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
12
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Power purchase and revenue agreements
|
$
|
209
|
|
|
$
|
134
|
|
|
$
|
368
|
|
|
$
|
274
|
|
Wind levelization agreement
|
—
|
|
|
3
|
|
|
1
|
|
|
4
|
|
||||
|
$
|
209
|
|
|
$
|
137
|
|
|
$
|
369
|
|
|
$
|
278
|
|
Direct operating costs
|
|
|
|
|
|
|
|
||||||||
Energy purchases
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
Energy marketing fee
|
(6
|
)
|
|
(6
|
)
|
|
(12
|
)
|
|
(12
|
)
|
||||
Insurance services
(1)
|
(7
|
)
|
|
(7
|
)
|
|
(14
|
)
|
|
(13
|
)
|
||||
|
$
|
(15
|
)
|
|
$
|
(16
|
)
|
|
$
|
(31
|
)
|
|
$
|
(30
|
)
|
Interest expense - borrowings
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
Management service costs
|
$
|
(23
|
)
|
|
$
|
(21
|
)
|
|
$
|
(44
|
)
|
|
$
|
(42
|
)
|
(1)
|
Insurance services are paid to a subsidiary of Brookfield Asset Management that brokers external insurance providers on behalf of Brookfield Renewable. The fees paid to the subsidiary of Brookfield Asset Management for the three and six months ended June 30, 2019 were less than $1 million (2018: less than $1 million)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
13
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
14
|
|
(GWh)
|
|
|
(MILLIONS)
|
||||||||||||||||||||||||||||||||||||||||||||
|
Actual Generation
|
|
|
LTA Generation
|
|
|
Revenues
|
|
|
Adjusted EBITDA
|
|
|
Funds From Operations
|
|
|
Net Income (Loss)
|
||||||||||||||||||||||||||||||||
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
||||||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
4,134
|
|
|
3,413
|
|
|
|
3,583
|
|
|
3,822
|
|
|
|
$
|
275
|
|
|
$
|
228
|
|
|
|
$
|
211
|
|
|
$
|
165
|
|
|
|
$
|
168
|
|
|
$
|
123
|
|
|
|
$
|
79
|
|
|
$
|
56
|
|
Brazil
|
1,066
|
|
|
902
|
|
|
|
998
|
|
|
978
|
|
|
|
58
|
|
|
63
|
|
|
|
42
|
|
|
44
|
|
|
|
33
|
|
|
37
|
|
|
|
16
|
|
|
2
|
|
||||||||
Colombia
|
861
|
|
|
872
|
|
|
|
869
|
|
|
844
|
|
|
|
56
|
|
|
53
|
|
|
|
35
|
|
|
31
|
|
|
|
25
|
|
|
21
|
|
|
|
17
|
|
|
18
|
|
||||||||
|
6,061
|
|
|
5,187
|
|
|
|
5,450
|
|
|
5,644
|
|
|
|
389
|
|
|
344
|
|
|
|
288
|
|
|
240
|
|
|
|
226
|
|
|
181
|
|
|
|
112
|
|
|
76
|
|
||||||||
Wind
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
761
|
|
|
663
|
|
|
|
949
|
|
|
791
|
|
|
|
58
|
|
|
54
|
|
|
|
40
|
|
|
38
|
|
|
|
23
|
|
|
24
|
|
|
|
(22
|
)
|
|
(6
|
)
|
||||||||
Europe
|
204
|
|
|
107
|
|
|
|
223
|
|
|
133
|
|
|
|
22
|
|
|
12
|
|
|
|
15
|
|
|
7
|
|
|
|
11
|
|
|
3
|
|
|
|
(11
|
)
|
|
(2
|
)
|
||||||||
Brazil
|
147
|
|
|
159
|
|
|
|
141
|
|
|
146
|
|
|
|
9
|
|
|
10
|
|
|
|
6
|
|
|
8
|
|
|
|
4
|
|
|
6
|
|
|
|
4
|
|
|
(5
|
)
|
||||||||
Asia
|
52
|
|
|
37
|
|
|
|
51
|
|
|
42
|
|
|
|
3
|
|
|
3
|
|
|
|
2
|
|
|
2
|
|
|
|
1
|
|
|
1
|
|
|
|
2
|
|
|
(3
|
)
|
||||||||
|
1,164
|
|
|
966
|
|
|
|
1,364
|
|
|
1,112
|
|
|
|
92
|
|
|
79
|
|
|
|
63
|
|
|
55
|
|
|
|
39
|
|
|
34
|
|
|
|
(27
|
)
|
|
(16
|
)
|
||||||||
Solar
|
287
|
|
|
175
|
|
|
|
295
|
|
|
179
|
|
|
|
51
|
|
|
30
|
|
|
|
42
|
|
|
25
|
|
|
|
27
|
|
|
16
|
|
|
|
4
|
|
|
2
|
|
||||||||
Storage & Other
|
90
|
|
|
127
|
|
|
|
—
|
|
|
—
|
|
|
|
21
|
|
|
20
|
|
|
|
10
|
|
|
10
|
|
|
|
7
|
|
|
7
|
|
|
|
1
|
|
|
1
|
|
||||||||
Corporate
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(3
|
)
|
|
(6
|
)
|
|
|
(69
|
)
|
|
(66
|
)
|
|
|
(73
|
)
|
|
(65
|
)
|
||||||||
Total
|
7,602
|
|
|
6,455
|
|
|
|
7,109
|
|
|
6,935
|
|
|
|
553
|
|
|
473
|
|
|
|
400
|
|
|
324
|
|
|
|
230
|
|
|
172
|
|
|
|
17
|
|
|
(2
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
15
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
5,450
|
|
|
5,644
|
|
||
Generation (GWh) - actual
|
6,061
|
|
|
5,187
|
|
||
Revenue
|
$
|
389
|
|
|
$
|
344
|
|
Other income
|
10
|
|
|
6
|
|
||
Direct operating costs
|
(111
|
)
|
|
(110
|
)
|
||
Adjusted EBITDA
|
288
|
|
|
240
|
|
||
Interest expense
|
(53
|
)
|
|
(55
|
)
|
||
Current income taxes
|
(9
|
)
|
|
(4
|
)
|
||
Funds From Operations
|
$
|
226
|
|
|
$
|
181
|
|
Depreciation
|
(83
|
)
|
|
(94
|
)
|
||
Deferred taxes and other
|
(31
|
)
|
|
(11
|
)
|
||
Net income
|
$
|
112
|
|
|
$
|
76
|
|
|
Actual
Generation (GWh)
|
|
Average
revenue
per MWh
|
|
Adjusted
EBITDA
|
|
Funds From
Operations
|
|
Net
Income
|
||||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
United States
|
2,703
|
|
|
2,156
|
|
|
$
|
66
|
|
|
$
|
71
|
|
|
$
|
122
|
|
|
$
|
102
|
|
|
$
|
94
|
|
|
$
|
77
|
|
|
$
|
34
|
|
|
$
|
29
|
|
Canada
|
1,431
|
|
|
1,257
|
|
|
68
|
|
|
60
|
|
|
89
|
|
|
63
|
|
|
74
|
|
|
46
|
|
|
45
|
|
|
27
|
|
||||||||
|
4,134
|
|
|
3,413
|
|
|
66
|
|
|
67
|
|
|
211
|
|
|
165
|
|
|
168
|
|
|
123
|
|
|
79
|
|
|
56
|
|
||||||||
Brazil
|
1,066
|
|
|
902
|
|
|
54
|
|
|
70
|
|
|
42
|
|
|
44
|
|
|
33
|
|
|
37
|
|
|
16
|
|
|
2
|
|
||||||||
Colombia
|
861
|
|
|
872
|
|
|
65
|
|
|
61
|
|
|
35
|
|
|
31
|
|
|
25
|
|
|
21
|
|
|
17
|
|
|
18
|
|
||||||||
Total
|
6,061
|
|
|
5,187
|
|
|
$
|
64
|
|
|
$
|
66
|
|
|
$
|
288
|
|
|
$
|
240
|
|
|
$
|
226
|
|
|
$
|
181
|
|
|
$
|
112
|
|
|
$
|
76
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
16
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
1,364
|
|
|
1,112
|
|
||
Generation (GWh) - actual
|
1,164
|
|
|
966
|
|
||
Revenue
|
$
|
92
|
|
|
$
|
79
|
|
Other income
|
1
|
|
|
1
|
|
||
Direct operating costs
|
(30
|
)
|
|
(25
|
)
|
||
Adjusted EBITDA
|
63
|
|
|
55
|
|
||
Interest expense
|
(23
|
)
|
|
(20
|
)
|
||
Current income taxes
|
(1
|
)
|
|
(1
|
)
|
||
Funds From Operations
|
39
|
|
|
34
|
|
||
Depreciation
|
(58
|
)
|
|
(42
|
)
|
||
Deferred taxes and other
|
(8
|
)
|
|
(8
|
)
|
||
Net income (loss)
|
$
|
(27
|
)
|
|
$
|
(16
|
)
|
|
Actual
Generation (GWh)
|
|
Average
revenue
per MWh
|
|
Adjusted
EBITDA
|
|
Funds From
Operations
|
|
Net
Income (Loss)
|
||||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
United States
|
518
|
|
|
416
|
|
|
$
|
69
|
|
|
$
|
77
|
|
|
$
|
23
|
|
|
$
|
20
|
|
|
$
|
12
|
|
|
$
|
12
|
|
|
$
|
(17
|
)
|
|
$
|
(4
|
)
|
Canada
|
243
|
|
|
247
|
|
|
89
|
|
|
89
|
|
|
17
|
|
|
18
|
|
|
11
|
|
|
12
|
|
|
(5
|
)
|
|
(2
|
)
|
||||||||
|
761
|
|
|
663
|
|
|
75
|
|
|
81
|
|
|
40
|
|
|
38
|
|
|
23
|
|
|
24
|
|
|
(22
|
)
|
|
(6
|
)
|
||||||||
Europe
|
204
|
|
|
107
|
|
|
108
|
|
|
112
|
|
|
15
|
|
|
7
|
|
|
11
|
|
|
3
|
|
|
(11
|
)
|
|
(2
|
)
|
||||||||
Brazil
|
147
|
|
|
159
|
|
|
60
|
|
|
63
|
|
|
6
|
|
|
8
|
|
|
4
|
|
|
6
|
|
|
4
|
|
|
(5
|
)
|
||||||||
Asia
|
52
|
|
|
37
|
|
|
60
|
|
|
71
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
(3
|
)
|
||||||||
Total
|
1,164
|
|
|
966
|
|
|
$
|
78
|
|
|
$
|
81
|
|
|
$
|
63
|
|
|
$
|
55
|
|
|
$
|
39
|
|
|
$
|
34
|
|
|
$
|
(27
|
)
|
|
$
|
(16
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
17
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
295
|
|
|
179
|
|
||
Generation (GWh) - actual
|
287
|
|
|
175
|
|
||
Revenue
|
$
|
51
|
|
|
$
|
30
|
|
Other income
|
1
|
|
|
1
|
|
||
Direct operating costs
|
(10
|
)
|
|
(6
|
)
|
||
Adjusted EBITDA
|
42
|
|
|
25
|
|
||
Interest expense
|
(15
|
)
|
|
(9
|
)
|
||
Current income taxes
|
—
|
|
|
—
|
|
||
Funds From Operations
|
$
|
27
|
|
|
$
|
16
|
|
Depreciation
|
(15
|
)
|
|
(7
|
)
|
||
Deferred taxes and other
|
(8
|
)
|
|
(7
|
)
|
||
Net income
|
$
|
4
|
|
|
$
|
2
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
18
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - actual
|
90
|
|
|
127
|
|
||
Revenue
|
$
|
21
|
|
|
$
|
20
|
|
Other income
|
—
|
|
|
—
|
|
||
Direct operating costs
|
(11
|
)
|
|
(10
|
)
|
||
Adjusted EBITDA
|
10
|
|
|
10
|
|
||
Interest expense
|
(3
|
)
|
|
(3
|
)
|
||
Other
|
—
|
|
|
—
|
|
||
Funds From Operations
|
$
|
7
|
|
|
$
|
7
|
|
Depreciation
|
(6
|
)
|
|
(6
|
)
|
||
Deferred taxes and other
|
—
|
|
|
—
|
|
||
Net income
|
$
|
1
|
|
|
$
|
1
|
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Other income
|
$
|
2
|
|
|
$
|
—
|
|
Direct operating costs
|
(5
|
)
|
|
(6
|
)
|
||
Adjusted EBITDA
|
(3
|
)
|
|
(6
|
)
|
||
Management service costs
|
(23
|
)
|
|
(21
|
)
|
||
Interest expense
|
(25
|
)
|
|
(23
|
)
|
||
Distributions on Preferred LP Units and Shares
|
(18
|
)
|
|
(16
|
)
|
||
Funds From Operations
|
$
|
(69
|
)
|
|
$
|
(66
|
)
|
Deferred taxes and other
|
(4
|
)
|
|
1
|
|
||
Net loss
|
$
|
(73
|
)
|
|
$
|
(65
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
19
|
|
Attributable to Unitholders
|
|
Contribution
from
equity
accounted
investments
|
|
|
Attributable
to non-controlling
interests
|
|
|
As per
IFRS
financials
(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and
Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
275
|
|
|
58
|
|
|
56
|
|
|
58
|
|
|
22
|
|
|
9
|
|
|
3
|
|
|
51
|
|
|
21
|
|
|
—
|
|
|
553
|
|
|
(98
|
)
|
|
332
|
|
|
787
|
|
Other income
|
8
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
14
|
|
|
(2
|
)
|
|
5
|
|
|
17
|
|
Direct operating costs
|
(72
|
)
|
|
(18
|
)
|
|
(21
|
)
|
|
(18
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(10
|
)
|
|
(11
|
)
|
|
(5
|
)
|
|
(167
|
)
|
|
27
|
|
|
(112
|
)
|
|
(252
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
5
|
|
|
78
|
|
Adjusted EBITDA
|
211
|
|
|
42
|
|
|
35
|
|
|
40
|
|
|
15
|
|
|
6
|
|
|
2
|
|
|
42
|
|
|
10
|
|
|
(3
|
)
|
|
400
|
|
|
—
|
|
|
230
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
Interest expense - borrowings
|
(39
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(16
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(3
|
)
|
|
(25
|
)
|
|
(119
|
)
|
|
26
|
|
|
(85
|
)
|
|
(178
|
)
|
Current income taxes
|
(4
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(5
|
)
|
|
(15
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(5
|
)
|
|
(31
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(135
|
)
|
|
(135
|
)
|
Funds From Operations
|
168
|
|
|
33
|
|
|
25
|
|
|
23
|
|
|
11
|
|
|
4
|
|
|
1
|
|
|
27
|
|
|
7
|
|
|
(69
|
)
|
|
230
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(56
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(39
|
)
|
|
(13
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(163
|
)
|
|
36
|
|
|
(73
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
1
|
|
|
4
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(12
|
)
|
|
(13
|
)
|
|
4
|
|
|
(3
|
)
|
|
(12
|
)
|
Deferred income tax recovery (expense)
|
(23
|
)
|
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
(10
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(14
|
)
|
Other
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(2
|
)
|
|
5
|
|
|
2
|
|
|
(12
|
)
|
|
—
|
|
|
(3
|
)
|
|
(27
|
)
|
|
8
|
|
|
18
|
|
|
(1
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
(47
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
61
|
|
Net income (loss) attributable to Unitholders
(2)
|
79
|
|
|
16
|
|
|
17
|
|
|
(22
|
)
|
|
(11
|
)
|
|
4
|
|
|
2
|
|
|
4
|
|
|
1
|
|
|
(73
|
)
|
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
(1)
|
Share of earnings from equity-accounted investments of
$nil million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$74 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
20
|
|
Attributable to Unitholders
|
|
Contribution
from equity
accounted
investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials
(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and Other |
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
228
|
|
|
63
|
|
|
53
|
|
|
54
|
|
|
12
|
|
|
10
|
|
|
3
|
|
|
30
|
|
|
20
|
|
|
—
|
|
|
473
|
|
|
(58
|
)
|
|
320
|
|
|
735
|
|
Other income
|
5
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
(2
|
)
|
|
4
|
|
|
10
|
|
Direct operating costs
|
(68
|
)
|
|
(20
|
)
|
|
(22
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|
(10
|
)
|
|
(6
|
)
|
|
(157
|
)
|
|
19
|
|
|
(109
|
)
|
|
(247
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
4
|
|
|
45
|
|
Adjusted EBITDA
|
165
|
|
|
44
|
|
|
31
|
|
|
38
|
|
|
7
|
|
|
8
|
|
|
2
|
|
|
25
|
|
|
10
|
|
|
(6
|
)
|
|
324
|
|
|
—
|
|
|
219
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Interest expense - borrowings
|
(40
|
)
|
|
(5
|
)
|
|
(10
|
)
|
|
(14
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(3
|
)
|
|
(23
|
)
|
|
(110
|
)
|
|
16
|
|
|
(84
|
)
|
|
(178
|
)
|
Current income taxes
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
1
|
|
|
(3
|
)
|
|
(7
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
(4
|
)
|
|
(21
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(128
|
)
|
|
(128
|
)
|
Funds From Operations
|
123
|
|
|
37
|
|
|
21
|
|
|
24
|
|
|
3
|
|
|
6
|
|
|
1
|
|
|
16
|
|
|
7
|
|
|
(66
|
)
|
|
172
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(56
|
)
|
|
(33
|
)
|
|
(5
|
)
|
|
(29
|
)
|
|
(9
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|
—
|
|
|
(149
|
)
|
|
17
|
|
|
(74
|
)
|
|
(206
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
(1
|
)
|
|
(1
|
)
|
|
4
|
|
|
3
|
|
|
6
|
|
|
(8
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
|
5
|
|
|
1
|
|
|
(6
|
)
|
|
(28
|
)
|
|
(33
|
)
|
Deferred income tax recovery (expense)
|
(2
|
)
|
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
(3
|
)
|
|
(5
|
)
|
|
(4
|
)
|
Other
|
(8
|
)
|
|
(2
|
)
|
|
—
|
|
|
(5
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(8
|
)
|
|
(30
|
)
|
|
10
|
|
|
10
|
|
|
(10
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
97
|
|
Net income (loss) attributable to Unitholders
(2)
|
56
|
|
|
2
|
|
|
18
|
|
|
(6
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|
2
|
|
|
1
|
|
|
(65
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
(1)
|
Share of earnings from equity-accounted investments of
$6 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$31 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
21
|
|
|
|
|
|
Per unit
|
||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners' equity
|
$
|
9
|
|
|
$
|
(1
|
)
|
|
$
|
0.05
|
|
|
$
|
(0.01
|
)
|
General partnership interest in a holding subsidiary held by Brookfield
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
7
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Net (loss) income attributable to Unitholders
|
$
|
17
|
|
|
$
|
(2
|
)
|
|
$
|
0.05
|
|
|
$
|
(0.01
|
)
|
Adjusted for proportionate share of:
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
164
|
|
|
149
|
|
|
0.54
|
|
|
0.48
|
|
||||
Foreign exchange and unrealized financial instruments (gain) loss
|
13
|
|
|
(1
|
)
|
|
0.04
|
|
|
—
|
|
||||
Deferred income tax (recovery) expense
|
10
|
|
|
(4
|
)
|
|
0.03
|
|
|
(0.01
|
)
|
||||
Other
|
26
|
|
|
30
|
|
|
0.08
|
|
|
0.09
|
|
||||
Funds From Operations
|
$
|
230
|
|
|
$
|
172
|
|
|
$
|
0.74
|
|
|
$
|
0.55
|
|
Weighted average Units outstanding
(1)
|
|
|
|
|
311.2
|
|
|
312.8
|
|
(1)
|
Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
22
|
(GWh, except as noted)
|
Balance of 2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
(1)
|
2,865
|
|
|
7,226
|
|
|
5,159
|
|
|
4,446
|
|
|
4,445
|
|
|||||
Canada
(1)
|
1,621
|
|
|
3,437
|
|
|
2,199
|
|
|
2,152
|
|
|
2,074
|
|
|||||
|
4,486
|
|
|
10,663
|
|
|
7,358
|
|
|
6,598
|
|
|
6,519
|
|
|||||
Wind
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
|
967
|
|
|
2,054
|
|
|
1,978
|
|
|
2,027
|
|
|
2,028
|
|
|||||
Canada
|
614
|
|
|
1,269
|
|
|
1,269
|
|
|
1,269
|
|
|
1,269
|
|
|||||
|
1,581
|
|
|
3,323
|
|
|
3,247
|
|
|
3,296
|
|
|
3,297
|
|
|||||
Europe
|
454
|
|
|
894
|
|
|
888
|
|
|
858
|
|
|
847
|
|
|||||
Asia
(2)
|
122
|
|
|
221
|
|
|
221
|
|
|
221
|
|
|
221
|
|
|||||
|
2,157
|
|
|
4,438
|
|
|
4,356
|
|
|
4,375
|
|
|
4,365
|
|
|||||
Solar
(2)
|
444
|
|
|
902
|
|
|
901
|
|
|
900
|
|
|
899
|
|
|||||
Contracted on a proportionate basis
|
7,087
|
|
|
16,003
|
|
|
12,615
|
|
|
11,873
|
|
|
11,783
|
|
|||||
Uncontracted on a proportionate basis
|
1,161
|
|
|
2,157
|
|
|
5,538
|
|
|
6,279
|
|
|
6,368
|
|
|||||
|
8,248
|
|
|
18,160
|
|
|
18,153
|
|
|
18,152
|
|
|
18,151
|
|
|||||
Contracted generation as a % of total generation on a proportionate basis
|
86
|
%
|
|
88
|
%
|
|
69
|
%
|
|
65
|
%
|
|
65
|
%
|
|||||
Price per MWh - total generation on a proportionate basis
|
$
|
81
|
|
|
$
|
80
|
|
|
$
|
89
|
|
|
$
|
92
|
|
|
$
|
92
|
|
(1)
|
Includes generation of
804 GWh
for 2019 and
2,440 GWh
for 2020 secured under financial contracts.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
23
|
|
Corporate
|
|
Consolidated
|
||||||||
(MILLIONS, EXCEPT AS NOTED)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
Corporate credit facility
(1)(2)
|
322
|
|
721
|
|
322
|
|
721
|
||||
Debt
|
|
|
|
|
|
|
|
||||
Medium term notes
(3)
|
1,680
|
|
1,613
|
|
1,680
|
|
1,613
|
||||
Non-recourse borrowings
(4)
|
—
|
|
|
—
|
|
|
8,914
|
|
8,465
|
||
|
1,680
|
|
1,613
|
|
10,594
|
|
10,078
|
||||
Deferred income tax liabilities, net
(5)
|
—
|
|
|
—
|
|
|
4,152
|
|
4,049
|
||
Equity
|
|
|
|
|
|
|
|
||||
Non-controlling interest
|
—
|
|
|
—
|
|
|
8,226
|
|
8,129
|
||
Preferred equity
|
591
|
|
|
568
|
|
591
|
|
568
|
|||
Preferred limited partners' equity
|
833
|
|
|
707
|
|
833
|
|
707
|
|||
Unitholders equity
|
7,600
|
|
|
7,802
|
|
7,600
|
|
7,802
|
|||
Total capitalization
|
10,704
|
|
10,690
|
|
31,996
|
|
31,333
|
||||
Debt to total capitalization
(2)
|
16
|
%
|
|
15
|
%
|
|
33
|
%
|
|
32
|
%
|
(1)
|
As at
June 30, 2019
, includes
$322 million
(
2018
:
$nil
) on deposit from Brookfield.
|
(2)
|
Draws on corporate credit facilities are excluded from the debt to total capitalization ratios as they are not a permanent source of capital.
|
(3)
|
Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes
$6 million
(
2018
:
$6 million
) of deferred financing fees.
|
(4)
|
Consolidated non-recourse borrowings include
$108 million
(
2018
:
$6 million
) borrowed under a subscription facility of a Brookfield sponsored private fund and excludes
$74 million
(
2018
:
$75 million
) of deferred financing fees, net of unamortized premiums.
|
(5)
|
Deferred income tax liabilities less deferred income assets.
|
(MILLIONS, EXCEPT AS NOTED)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Brookfield Renewable's share of cash and cash equivalents
|
$
|
185
|
|
|
$
|
169
|
|
Investments in equity and debt securities
|
126
|
|
|
117
|
|
||
Corporate credit facilities
|
|
|
|
||||
Authorized credit facilities
(1)
|
2,100
|
|
|
2,100
|
|
||
Draws on credit facilities
(2)
|
(322
|
)
|
|
(721
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
300
|
|
||
Issued letters of credit
|
(226
|
)
|
|
(209
|
)
|
||
Available portion of corporate credit facilities
|
1,952
|
|
|
1,470
|
|
||
Available portion of subsidiary credit facilities on a proportionate basis
|
269
|
|
|
218
|
|
||
Available liquidity
|
$
|
2,532
|
|
|
$
|
1,974
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
(2)
|
As at
June 30, 2019
, includes
$322 million
(
2018
:
$nil
) on deposit from Brookfield.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
24
|
|
Jun 30, 2019
|
|
Dec 31, 2018
|
||||||||||||||||
|
Weighted-average
|
|
|
|
Weighted-average
|
|
|
||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
Interest
rate (%)
|
|
|
Term
(years)
|
|
|
Total
|
|
|
Interest
rate (%)
|
|
|
Term
(years)
|
|
|
Total
|
|
||
Corporate borrowings
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Medium term notes
|
4.4
|
%
|
|
6
|
|
|
$
|
1,680
|
|
|
4.4
|
%
|
|
7
|
|
|
$
|
1,613
|
|
Credit facilities
(1)
|
3.6
|
%
|
|
5
|
|
|
322
|
|
|
3.3
|
%
|
|
4
|
|
|
721
|
|
||
Proportionate subsidiary borrowings
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hydroelectric
|
5.8
|
%
|
|
9
|
|
|
3,693
|
|
|
5.8
|
%
|
|
9
|
|
|
3,640
|
|
||
Wind
|
4.7
|
%
|
|
10
|
|
|
1,787
|
|
|
4.7
|
%
|
|
10
|
|
|
1,792
|
|
||
Solar
(2)
|
5.1
|
%
|
|
11
|
|
|
996
|
|
|
5.2
|
%
|
|
11
|
|
|
1,022
|
|
||
Storage and other
|
5.5
|
%
|
|
6
|
|
|
237
|
|
|
5.4
|
%
|
|
6
|
|
|
249
|
|
||
|
5.4
|
%
|
|
10
|
|
|
6,713
|
|
|
5.4
|
%
|
|
10
|
|
|
6,703
|
|
||
|
|
|
|
|
8,715
|
|
|
|
|
|
|
9,037
|
|
||||||
Proportionate deferred financing fees, net of unamortized premiums
|
|
(47
|
)
|
|
|
|
|
|
(48
|
)
|
|||||||||
|
|
8,668
|
|
|
|
|
|
|
8,989
|
|
|||||||||
Equity-accounted borrowings
|
|
(1,933
|
)
|
|
|
|
|
|
(1,972
|
)
|
|||||||||
Non-controlling interests
|
|
3,779
|
|
|
|
|
|
|
3,701
|
|
|||||||||
As per IFRS Statements
|
|
$
|
10,514
|
|
|
|
|
|
|
$
|
10,718
|
|
(1)
|
As at
June 30, 2019
, includes
$322 million
(
2018
:
$nil
) on deposit from Brookfield.
|
(2)
|
Excludes
$38 million
of proportionate debt associated with our portfolios in South Africa that are classified as held for sale as at
June 30, 2019
(
2018
: $60 million).
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
25
|
(MILLIONS)
|
Balance of 2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
Thereafter
|
|
|
Total
|
|
|
Debt Principal repayments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate borrowings
(1)
|
—
|
|
|
344
|
|
|
—
|
|
|
305
|
|
|
—
|
|
|
1,353
|
|
|
2,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit facilities
|
108
|
|
|
—
|
|
|
7
|
|
|
2
|
|
|
57
|
|
|
—
|
|
|
174
|
|
|
Hydro
|
44
|
|
|
363
|
|
|
12
|
|
|
205
|
|
|
439
|
|
|
1,759
|
|
|
2,822
|
|
|
Wind
|
10
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|
101
|
|
|
286
|
|
|
493
|
|
|
Solar
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
113
|
|
|
221
|
|
|
387
|
|
|
Storage and other
|
—
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
155
|
|
|
213
|
|
|
|
162
|
|
|
363
|
|
|
77
|
|
|
356
|
|
|
710
|
|
|
2,421
|
|
|
4,089
|
|
|
Amortizing debt principal repayments
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hydro
|
32
|
|
|
42
|
|
|
55
|
|
|
59
|
|
|
56
|
|
|
527
|
|
|
771
|
|
|
Wind
|
49
|
|
|
105
|
|
|
107
|
|
|
105
|
|
|
105
|
|
|
781
|
|
|
1,252
|
|
|
Solar
|
23
|
|
|
39
|
|
|
41
|
|
|
44
|
|
|
43
|
|
|
388
|
|
|
578
|
|
|
Storage and other
|
5
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
23
|
|
|
|
109
|
|
|
189
|
|
|
206
|
|
|
211
|
|
|
208
|
|
|
1,701
|
|
|
2,624
|
|
|
Total
|
271
|
|
|
896
|
|
|
283
|
|
|
872
|
|
|
918
|
|
|
5,475
|
|
|
8,715
|
|
(1)
|
Draws on our corporate credit facilities are presented based on available capacity of our longest dated facilities irrespective of the credit facility drawn. Includes $322 million on deposit from Brookfield.
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Cash flow provided by (used in):
|
|
|
|
|
|
|
|
||||||||
Operating activities
|
368
|
|
|
263
|
|
|
739
|
|
|
563
|
|
||||
Financing activities
|
(221
|
)
|
|
8
|
|
|
(509
|
)
|
|
(587
|
)
|
||||
Investing activities
|
$
|
5
|
|
|
$
|
(426
|
)
|
|
$
|
(74
|
)
|
|
$
|
(530
|
)
|
Foreign exchange gain (loss) on cash
|
1
|
|
|
(12
|
)
|
|
1
|
|
|
(8
|
)
|
||||
Increase (decrease) in cash and cash equivalents
|
$
|
153
|
|
|
$
|
(167
|
)
|
|
$
|
157
|
|
|
$
|
(562
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
26
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Trade receivables and other current assets
|
$
|
52
|
|
|
$
|
12
|
|
|
$
|
58
|
|
|
$
|
13
|
|
Accounts payable and accrued liabilities
|
(36
|
)
|
|
(12
|
)
|
|
(41
|
)
|
|
(54
|
)
|
||||
Other assets and liabilities
|
12
|
|
|
(31
|
)
|
|
(15
|
)
|
|
(22
|
)
|
||||
|
$
|
28
|
|
|
$
|
(31
|
)
|
|
$
|
2
|
|
|
$
|
(63
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
27
|
(MILLIONS, EXCEPT AS NOTED)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
Class A Preference Shares
(1)
|
31,035,967
|
|
|
31,035,967
|
|
Preferred Units
(2)
|
|
|
|
|
|
Balance, beginning of year
|
37,885,496
|
|
|
27,885,496
|
|
Issuance
|
7,000,000
|
|
|
10,000,000
|
|
Balance, end of period/year
|
44,885,496
|
|
|
37,885,496
|
|
GP interest
|
2,651,506
|
|
|
2,651,506
|
|
Redeemable/Exchangeable partnership units
|
129,658,623
|
|
|
129,658,623
|
|
LP Units
|
|
|
|
|
|
Balance, beginning of year
|
178,821,204
|
|
|
180,388,361
|
|
Distribution reinvestment plan
|
105,248
|
|
|
289,641
|
|
Repurchase of LP Units for cancellation
|
(20,000
|
)
|
|
(1,856,798
|
)
|
Balance, end of period/year
|
178,906,452
|
|
|
178,821,204
|
|
Total LP Units on a fully-exchanged basis
(3)
|
308,565,075
|
|
|
308,479,827
|
|
(1)
|
Class A Preference Shares are broken down by series as follows: 5,449,675 Series 1 Class A Preference Shares are outstanding; 4,510,389 Series 2 Class A Preference Shares are outstanding; 9,961,399 Series 3 Class A Preference Shares are outstanding; 4,114,504 Series 5 Class A Preference Shares are outstanding; and 7,000,000 Series 6 Class A Preference Shares are outstanding.
|
(2)
|
Preferred Units are broken down by series and certain series are convertible on a one for one basis at the option of the holder as follows: 2,885,496 Series 5 Preferred Units are outstanding; 7,000,000 Series 7 Preferred Units are outstanding (convertible for Series 8 Preferred Units beginning on January 31, 2021); 8,000,000 Series 9 Preferred Units are outstanding (convertible for Series 10 Preferred Units beginning on July 31, 2021); 10,000,000 Series 11 Preferred Units are outstanding (convertible for Series 12 Preferred Units beginning on April 30, 2022); 10,000,000 Series 13 Preferred Units are outstanding (convertible for Series 14 Preferred Units beginning on April 30, 2023); and 7,000,000 Series 15 Preferred Units are outstanding (convertible for Series 16 Preferred Units beginning on April 30, 2024).
|
(3)
|
The fully-exchanged amounts assume the exchange of all Redeemable/ Exchangeable partnership units for LP Units.
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||||||||||||||||||
|
Declared
|
|
Paid
|
|
Declared
|
|
Paid
|
||||||||||||||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||||||
Class A Preference Shares
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
13
|
|
Class A Preferred LP Units
|
$
|
11
|
|
|
$
|
9
|
|
|
$
|
11
|
|
|
$
|
10
|
|
|
$
|
21
|
|
|
$
|
18
|
|
|
$
|
20
|
|
|
$
|
17
|
|
Participating non-controlling interests - in operating subsidiaries
|
$
|
262
|
|
|
$
|
176
|
|
|
$
|
262
|
|
|
$
|
176
|
|
|
$
|
396
|
|
|
$
|
357
|
|
|
$
|
396
|
|
|
$
|
357
|
|
GP interest and Incentive distributions
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
14
|
|
|
$
|
11
|
|
|
$
|
28
|
|
|
$
|
23
|
|
|
$
|
27
|
|
|
$
|
22
|
|
Redeemable/Exchangeable partnership units
|
$
|
67
|
|
|
$
|
64
|
|
|
$
|
67
|
|
|
$
|
63
|
|
|
$
|
135
|
|
|
$
|
128
|
|
|
$
|
134
|
|
|
$
|
127
|
|
LP Units
|
$
|
92
|
|
|
$
|
88
|
|
|
$
|
90
|
|
|
$
|
87
|
|
|
$
|
185
|
|
|
$
|
178
|
|
|
$
|
181
|
|
|
$
|
172
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
28
|
•
|
Commitments
- Water, land, and dam usage agreements, and agreements and conditions on committed acquisitions of operating portfolios and development projects;
|
•
|
Contingencies
- Legal proceedings, arbitrations and actions arising in the normal course of business, and providing for letters of credit;
|
•
|
Guarantees
- Nature of all the indemnification undertakings.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
29
|
|
2019
|
|
|
2018
|
|
|
2017
|
||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
Q2
|
|
Q1
|
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
|
Q4
|
|
Q3
|
||||||||||||||||
Total Generation (GWh) - LTA
|
14,252
|
|
|
13,493
|
|
|
|
13,485
|
|
|
12,113
|
|
|
13,521
|
|
|
12,852
|
|
|
|
12,198
|
|
|
9,098
|
|
||||||||
Total Generation (GWh) - actual
|
14,881
|
|
|
14,125
|
|
|
|
14,445
|
|
|
11,609
|
|
|
13,122
|
|
|
12,880
|
|
|
|
11,913
|
|
|
9,370
|
|
||||||||
Proportionate Generation (GWh) - LTA
|
7,109
|
|
|
6,698
|
|
|
|
6,602
|
|
|
5,956
|
|
|
6,935
|
|
|
6,351
|
|
|
|
6,030
|
|
|
5,053
|
|
||||||||
Proportionate Generation (GWh) - actual
|
7,602
|
|
|
7,246
|
|
|
|
7,052
|
|
|
5,552
|
|
|
6,455
|
|
|
6,694
|
|
|
|
5,890
|
|
|
5,198
|
|
||||||||
Revenues
|
$
|
787
|
|
|
$
|
825
|
|
|
|
$
|
780
|
|
|
$
|
674
|
|
|
$
|
735
|
|
|
$
|
793
|
|
|
|
$
|
657
|
|
|
$
|
608
|
|
Net income (loss) attributable to Unitholders
|
17
|
|
|
43
|
|
|
|
91
|
|
|
(55
|
)
|
|
(2
|
)
|
|
8
|
|
|
|
(67
|
)
|
|
(43
|
)
|
||||||||
Basic earnings (loss) per LP Unit
|
0.05
|
|
|
0.14
|
|
|
|
0.29
|
|
|
(0.18
|
)
|
|
(0.01
|
)
|
|
0.03
|
|
|
|
(0.22
|
)
|
|
(0.14
|
)
|
||||||||
Consolidated Adjusted EBITDA
|
630
|
|
|
652
|
|
|
|
604
|
|
|
494
|
|
|
543
|
|
|
582
|
|
|
|
454
|
|
|
381
|
|
||||||||
Proportionate Adjusted EBITDA
|
400
|
|
|
395
|
|
|
|
371
|
|
|
277
|
|
|
324
|
|
|
351
|
|
|
|
296
|
|
|
232
|
|
||||||||
Funds From Operations
|
230
|
|
|
227
|
|
|
|
206
|
|
|
105
|
|
|
172
|
|
|
193
|
|
|
|
143
|
|
|
91
|
|
||||||||
Funds From Operations per Unit
|
0.74
|
|
|
0.73
|
|
|
|
0.66
|
|
|
0.33
|
|
|
0.55
|
|
|
0.62
|
|
|
|
0.46
|
|
|
0.29
|
|
||||||||
Distribution per LP Unit
|
0.515
|
|
|
0.515
|
|
|
|
0.490
|
|
|
0.490
|
|
|
0.490
|
|
|
0.490
|
|
|
|
0.468
|
|
|
0.468
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
30
|
|
(GWh)
|
|
|
(MILLIONS)
|
||||||||||||||||||||||||||||||||||||||||||||
|
Actual Generation
|
|
|
LTA Generation
|
|
|
Revenues
|
|
|
Adjusted EBITDA
|
|
|
Funds From Operations
|
|
|
Net Income (Loss)
|
||||||||||||||||||||||||||||||||
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
||||||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
7,983
|
|
|
7,178
|
|
|
|
6,883
|
|
|
7,261
|
|
|
|
$
|
539
|
|
|
$
|
489
|
|
|
|
$
|
406
|
|
|
$
|
356
|
|
|
|
$
|
320
|
|
|
$
|
269
|
|
|
|
$
|
146
|
|
|
$
|
133
|
|
Brazil
|
2,156
|
|
|
1,940
|
|
|
|
1,978
|
|
|
1,935
|
|
|
|
123
|
|
|
132
|
|
|
|
91
|
|
|
95
|
|
|
|
73
|
|
|
78
|
|
|
|
33
|
|
|
3
|
|
||||||||
Colombia
|
1,626
|
|
|
1,640
|
|
|
|
1,667
|
|
|
1,688
|
|
|
|
118
|
|
|
106
|
|
|
|
73
|
|
|
62
|
|
|
|
51
|
|
|
42
|
|
|
|
37
|
|
|
30
|
|
||||||||
|
11,765
|
|
|
10,758
|
|
|
|
10,528
|
|
|
10,884
|
|
|
|
780
|
|
|
727
|
|
|
|
570
|
|
|
513
|
|
|
|
444
|
|
|
389
|
|
|
|
216
|
|
|
166
|
|
||||||||
Wind
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
1,611
|
|
|
1,308
|
|
|
|
1,909
|
|
|
1,488
|
|
|
|
121
|
|
|
108
|
|
|
|
88
|
|
|
79
|
|
|
|
52
|
|
|
50
|
|
|
|
(18
|
)
|
|
(12
|
)
|
||||||||
Europe
|
478
|
|
|
272
|
|
|
|
531
|
|
|
288
|
|
|
|
50
|
|
|
29
|
|
|
|
35
|
|
|
18
|
|
|
|
28
|
|
|
11
|
|
|
|
—
|
|
|
(3
|
)
|
||||||||
Brazil
|
253
|
|
|
262
|
|
|
|
260
|
|
|
264
|
|
|
|
16
|
|
|
18
|
|
|
|
11
|
|
|
13
|
|
|
|
6
|
|
|
9
|
|
|
|
1
|
|
|
(6
|
)
|
||||||||
Asia
|
91
|
|
|
69
|
|
|
|
89
|
|
|
76
|
|
|
|
5
|
|
|
5
|
|
|
|
3
|
|
|
3
|
|
|
|
2
|
|
|
1
|
|
|
|
1
|
|
|
(4
|
)
|
||||||||
|
2,433
|
|
|
1,911
|
|
|
|
2,789
|
|
|
2,116
|
|
|
|
192
|
|
|
160
|
|
|
|
137
|
|
|
113
|
|
|
|
88
|
|
|
71
|
|
|
|
(16
|
)
|
|
(25
|
)
|
||||||||
Solar
|
486
|
|
|
290
|
|
|
|
490
|
|
|
286
|
|
|
|
89
|
|
|
48
|
|
|
|
74
|
|
|
41
|
|
|
|
45
|
|
|
26
|
|
|
|
13
|
|
|
—
|
|
||||||||
Storage & Other
|
164
|
|
|
190
|
|
|
|
—
|
|
|
—
|
|
|
|
45
|
|
|
37
|
|
|
|
21
|
|
|
19
|
|
|
|
14
|
|
|
12
|
|
|
|
1
|
|
|
(11
|
)
|
||||||||
Corporate
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(7
|
)
|
|
(11
|
)
|
|
|
(134
|
)
|
|
(133
|
)
|
|
|
(154
|
)
|
|
(124
|
)
|
||||||||
Total
|
14,848
|
|
|
13,149
|
|
|
|
13,807
|
|
|
13,286
|
|
|
|
1,106
|
|
|
972
|
|
|
|
795
|
|
|
675
|
|
|
|
457
|
|
|
365
|
|
|
|
60
|
|
|
6
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
31
|
|
Attributable to Unitholders
|
|
Contribution
from equity accounted investments |
|
|
Attributable to non-controlling interests
|
|
|
As per
IFRS financials (1) |
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and Other |
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
539
|
|
|
123
|
|
|
118
|
|
|
121
|
|
|
50
|
|
|
16
|
|
|
5
|
|
|
89
|
|
|
45
|
|
|
—
|
|
|
1,106
|
|
|
(189
|
)
|
|
695
|
|
|
1,612
|
|
Other income
|
9
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
4
|
|
|
21
|
|
|
(6
|
)
|
|
10
|
|
|
25
|
|
Direct operating costs
|
(142
|
)
|
|
(35
|
)
|
|
(45
|
)
|
|
(35
|
)
|
|
(16
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|
(17
|
)
|
|
(24
|
)
|
|
(11
|
)
|
|
(332
|
)
|
|
56
|
|
|
(230
|
)
|
|
(506
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
12
|
|
|
151
|
|
Adjusted EBITDA
|
406
|
|
|
91
|
|
|
73
|
|
|
88
|
|
|
35
|
|
|
11
|
|
|
3
|
|
|
74
|
|
|
21
|
|
|
(7
|
)
|
|
795
|
|
|
—
|
|
|
487
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
Interest expense - borrowings
|
(80
|
)
|
|
(12
|
)
|
|
(16
|
)
|
|
(35
|
)
|
|
(7
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(29
|
)
|
|
(7
|
)
|
|
(49
|
)
|
|
(240
|
)
|
|
50
|
|
|
(161
|
)
|
|
(351
|
)
|
Current income taxes
|
(6
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
1
|
|
|
(20
|
)
|
|
(39
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
(9
|
)
|
|
(60
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(297
|
)
|
|
(297
|
)
|
Funds From Operations
|
320
|
|
|
73
|
|
|
51
|
|
|
52
|
|
|
28
|
|
|
6
|
|
|
2
|
|
|
45
|
|
|
14
|
|
|
(134
|
)
|
|
457
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(111
|
)
|
|
(44
|
)
|
|
(10
|
)
|
|
(79
|
)
|
|
(23
|
)
|
|
(9
|
)
|
|
(2
|
)
|
|
(28
|
)
|
|
(12
|
)
|
|
(2
|
)
|
|
(320
|
)
|
|
69
|
|
|
(149
|
)
|
|
(400
|
)
|
Foreign exchange and unrealized financial instrument loss
|
3
|
|
|
3
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(1
|
)
|
|
—
|
|
|
4
|
|
|
(1
|
)
|
|
(28
|
)
|
|
(31
|
)
|
|
5
|
|
|
(4
|
)
|
|
(30
|
)
|
Deferred income tax expense
|
(40
|
)
|
|
2
|
|
|
(4
|
)
|
|
17
|
|
|
6
|
|
|
—
|
|
|
(1
|
)
|
|
16
|
|
|
—
|
|
|
18
|
|
|
14
|
|
|
(36
|
)
|
|
(12
|
)
|
|
(34
|
)
|
Other
|
(26
|
)
|
|
(1
|
)
|
|
1
|
|
|
(7
|
)
|
|
(2
|
)
|
|
5
|
|
|
2
|
|
|
(24
|
)
|
|
—
|
|
|
(8
|
)
|
|
(60
|
)
|
|
21
|
|
|
36
|
|
|
(3
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
(59
|
)
|
Net income attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
|
129
|
|
Net income (loss) attributable to Unitholders
(2)
|
146
|
|
|
33
|
|
|
37
|
|
|
(18
|
)
|
|
—
|
|
|
1
|
|
|
1
|
|
|
13
|
|
|
1
|
|
|
(154
|
)
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
(1)
|
Share of earnings from equity-accounted investments of
$32 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$168 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
32
|
|
Attributable to Unitholders
|
|
Contribution
from equity accounted investments |
|
|
Attributable
to non- controlling interests |
|
|
As per
IFRS financials (1) |
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and Other |
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
489
|
|
|
132
|
|
|
106
|
|
|
108
|
|
|
29
|
|
|
18
|
|
|
5
|
|
|
48
|
|
|
37
|
|
|
—
|
|
|
972
|
|
|
(97
|
)
|
|
653
|
|
|
1,528
|
|
Other income
|
5
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
14
|
|
|
(4
|
)
|
|
9
|
|
|
19
|
|
Direct operating costs
|
(138
|
)
|
|
(39
|
)
|
|
(45
|
)
|
|
(30
|
)
|
|
(12
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|
(10
|
)
|
|
(18
|
)
|
|
(12
|
)
|
|
(311
|
)
|
|
32
|
|
|
(224
|
)
|
|
(503
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
12
|
|
|
81
|
|
Adjusted EBITDA
|
356
|
|
|
95
|
|
|
62
|
|
|
79
|
|
|
18
|
|
|
13
|
|
|
3
|
|
|
41
|
|
|
19
|
|
|
(11
|
)
|
|
675
|
|
|
—
|
|
|
450
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
Interest expense - borrowings
|
(84
|
)
|
|
(12
|
)
|
|
(20
|
)
|
|
(28
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(15
|
)
|
|
(7
|
)
|
|
(48
|
)
|
|
(226
|
)
|
|
25
|
|
|
(157
|
)
|
|
(358
|
)
|
Current income taxes
|
(3
|
)
|
|
(5
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
1
|
|
|
(5
|
)
|
|
(14
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(10
|
)
|
|
(36
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(278
|
)
|
|
(278
|
)
|
Funds From Operations
|
269
|
|
|
78
|
|
|
42
|
|
|
50
|
|
|
11
|
|
|
9
|
|
|
1
|
|
|
26
|
|
|
12
|
|
|
(133
|
)
|
|
365
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(113
|
)
|
|
(71
|
)
|
|
(10
|
)
|
|
(55
|
)
|
|
(17
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
(13
|
)
|
|
(12
|
)
|
|
—
|
|
|
(300
|
)
|
|
29
|
|
|
(148
|
)
|
|
(419
|
)
|
Foreign exchange and unrealized financial instrument loss
|
1
|
|
|
(1
|
)
|
|
1
|
|
|
3
|
|
|
5
|
|
|
(8
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
13
|
|
|
8
|
|
|
(6
|
)
|
|
(27
|
)
|
|
(25
|
)
|
Deferred income tax expense
|
(6
|
)
|
|
1
|
|
|
(3
|
)
|
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
(3
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(13
|
)
|
Other
|
(18
|
)
|
|
(4
|
)
|
|
—
|
|
|
(5
|
)
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|
(10
|
)
|
|
(9
|
)
|
|
(13
|
)
|
|
(64
|
)
|
|
17
|
|
|
(7
|
)
|
|
(54
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
(39
|
)
|
Net income attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
191
|
|
|
191
|
|
Net income (loss) attributable to Unitholders
(2)
|
133
|
|
|
3
|
|
|
30
|
|
|
(12
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|
—
|
|
|
(11
|
)
|
|
(124
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
(1)
|
Share of earnings from equity-accounted investments of
$6 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$87 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
33
|
|
|
|
|
|
Per unit
|
||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Net income attributable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners' equity
|
$
|
34
|
|
|
$
|
4
|
|
|
$
|
0.19
|
|
|
$
|
0.02
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
25
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Net income attributable to Unitholders
|
$
|
60
|
|
|
$
|
6
|
|
|
$
|
0.19
|
|
|
$
|
0.02
|
|
Adjusted for proportionate share of:
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
321
|
|
|
300
|
|
|
1.03
|
|
|
0.96
|
|
||||
Foreign exchange and unrealized financial instruments (gain) loss
|
31
|
|
|
(8
|
)
|
|
0.10
|
|
|
(0.02
|
)
|
||||
Deferred income tax expense
|
(14
|
)
|
|
3
|
|
|
(0.04
|
)
|
|
0.01
|
|
||||
Other
|
59
|
|
|
64
|
|
|
0.19
|
|
|
0.20
|
|
||||
Funds From Operations
|
$
|
457
|
|
|
$
|
365
|
|
|
$
|
1.47
|
|
|
$
|
1.17
|
|
Weighted average Units outstanding
(1)
|
|
|
|
|
311.1
|
|
|
312.7
|
|
(1)
|
Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
34
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
35
|
•
|
Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than twelve months of lease term; and
|
•
|
Excluded initial direct costs from measuring the right-of-use assets at the date of initial application.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
36
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
37
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
38
|
•
|
The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and
|
•
|
Other companies may calculate proportionate results differently than we do.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
39
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
40
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
41
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
42
|
UNAUDITED
(MILLIONS, EXCEPT AS NOTED)
|
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|||||
Revenues
|
19
|
|
$
|
787
|
|
|
$
|
735
|
|
|
$
|
1,612
|
|
|
$
|
1,528
|
|
Other income
|
|
|
17
|
|
|
10
|
|
|
25
|
|
|
19
|
|
||||
Direct operating costs
|
|
|
(252
|
)
|
|
(247
|
)
|
|
(506
|
)
|
|
(503
|
)
|
||||
Management service costs
|
19
|
|
(23
|
)
|
|
(21
|
)
|
|
(44
|
)
|
|
(42
|
)
|
||||
Interest expense - borrowings
|
9
|
|
(178
|
)
|
|
(178
|
)
|
|
(351
|
)
|
|
(358
|
)
|
||||
Share of earning from equity-accounted investments
|
13
|
|
—
|
|
|
6
|
|
|
32
|
|
|
6
|
|
||||
Foreign exchange and unrealized financial instrument loss
|
5
|
|
(12
|
)
|
|
(33
|
)
|
|
(30
|
)
|
|
(25
|
)
|
||||
Depreciation
|
8
|
|
(200
|
)
|
|
(206
|
)
|
|
(400
|
)
|
|
(419
|
)
|
||||
Other
|
|
|
(1
|
)
|
|
(10
|
)
|
|
(3
|
)
|
|
(54
|
)
|
||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
||||||||
Current
|
7
|
|
(15
|
)
|
|
(7
|
)
|
|
(39
|
)
|
|
(14
|
)
|
||||
Deferred
|
7
|
|
(14
|
)
|
|
(4
|
)
|
|
(34
|
)
|
|
(13
|
)
|
||||
|
|
|
(29
|
)
|
|
(11
|
)
|
|
(73
|
)
|
|
(27
|
)
|
||||
Net income
|
|
|
$
|
109
|
|
|
$
|
45
|
|
|
$
|
262
|
|
|
$
|
125
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
||||||||
Non-controlling interests
|
|
|
|
|
|
|
|
|
|
||||||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
$
|
74
|
|
|
$
|
31
|
|
|
$
|
168
|
|
|
$
|
87
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
10
|
|
7
|
|
|
(1
|
)
|
|
25
|
|
|
2
|
|
||||
Preferred equity
|
10
|
|
7
|
|
|
6
|
|
|
13
|
|
|
13
|
|
||||
Preferred limited partners' equity
|
11
|
|
11
|
|
|
10
|
|
|
21
|
|
|
19
|
|
||||
Limited partners' equity
|
12
|
|
9
|
|
|
(1
|
)
|
|
34
|
|
|
4
|
|
||||
|
|
|
$
|
109
|
|
|
$
|
45
|
|
|
$
|
262
|
|
|
$
|
125
|
|
Basic and diluted (loss) earnings per LP Unit
|
|
|
$
|
0.05
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.19
|
|
|
$
|
0.02
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
43
|
UNAUDITED
(MILLIONS)
|
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|||||
Net income
|
|
|
$
|
109
|
|
|
$
|
45
|
|
|
$
|
262
|
|
|
$
|
125
|
|
Other comprehensive income (loss) that will not be reclassified to net income
|
|
|
|
|
|
|
|
|
|
||||||||
Revaluations of property, plant and equipment
|
|
|
—
|
|
|
179
|
|
|
—
|
|
|
176
|
|
||||
Actuarial (loss) gain on defined benefit plans
|
|
|
(8
|
)
|
|
1
|
|
|
(13
|
)
|
|
5
|
|
||||
Deferred income taxes on above items
|
|
|
4
|
|
|
(51
|
)
|
|
4
|
|
|
(51
|
)
|
||||
Total items that will not be reclassified to net income
|
|
|
(4
|
)
|
|
129
|
|
|
(9
|
)
|
|
130
|
|
||||
Other comprehensive income (loss) that may be reclassified to net income
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation
|
|
|
33
|
|
|
(637
|
)
|
|
168
|
|
|
(408
|
)
|
||||
(Losses) gains arising during the period on financial instruments designated as cash-flow hedges
|
5
|
|
6
|
|
|
(3
|
)
|
|
2
|
|
|
14
|
|
||||
Unrealized gain on foreign exchange swaps net investment hedge
|
5
|
|
7
|
|
|
57
|
|
|
1
|
|
|
61
|
|
||||
Unrealized (loss) gain on investments in equity securities
|
5
|
|
(3
|
)
|
|
(4
|
)
|
|
23
|
|
|
(11
|
)
|
||||
Reclassification adjustments for amounts recognized in net income
|
5
|
|
(4
|
)
|
|
3
|
|
|
—
|
|
|
14
|
|
||||
Deferred income taxes on above items
|
|
|
2
|
|
|
(5
|
)
|
|
1
|
|
|
(16
|
)
|
||||
Total items that may be reclassified subsequently to net income
|
|
|
41
|
|
|
(589
|
)
|
|
195
|
|
|
(346
|
)
|
||||
Other comprehensive income (loss)
|
|
|
37
|
|
|
(460
|
)
|
|
186
|
|
|
(216
|
)
|
||||
Comprehensive income (loss)
|
|
|
$
|
146
|
|
|
$
|
(415
|
)
|
|
$
|
448
|
|
|
$
|
(91
|
)
|
Comprehensive income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
||||||||
Non-controlling interests
|
|
|
|
|
|
|
|
|
|
||||||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
76
|
|
|
(118
|
)
|
|
253
|
|
|
139
|
|
||||
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
—
|
|
|
(3
|
)
|
|
1
|
|
|
(2
|
)
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
10
|
|
18
|
|
|
(126
|
)
|
|
58
|
|
|
(98
|
)
|
||||
Preferred equity
|
10
|
|
17
|
|
|
(4
|
)
|
|
36
|
|
|
(13
|
)
|
||||
Preferred limited partners' equity
|
11
|
|
11
|
|
|
10
|
|
|
21
|
|
|
19
|
|
||||
Limited partners' equity
|
12
|
|
$
|
24
|
|
|
$
|
(174
|
)
|
|
$
|
79
|
|
|
$
|
(136
|
)
|
|
|
|
146
|
|
|
(415
|
)
|
|
448
|
|
|
(91
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
44
|
UNAUDITED
(MILLIONS)
|
Notes
|
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Assets
|
|
|
|
|
|
||||
Current assets
|
|
|
|
|
|
||||
Cash and cash equivalents
|
14
|
|
$
|
322
|
|
|
$
|
173
|
|
Restricted cash
|
15
|
|
138
|
|
|
136
|
|
||
Trade receivables and other current assets
|
16
|
|
566
|
|
|
607
|
|
||
Financial instrument assets
|
5
|
|
46
|
|
|
60
|
|
||
Due from related parties
|
19
|
|
105
|
|
|
65
|
|
||
Assets held for sale
|
4
|
|
611
|
|
|
920
|
|
||
|
|
|
1,788
|
|
|
1,961
|
|
||
Financial instrument assets
|
5
|
|
239
|
|
|
124
|
|
||
Equity-accounted investments
|
13
|
|
1,576
|
|
|
1,569
|
|
||
Property, plant and equipment
|
8
|
|
29,317
|
|
|
29,025
|
|
||
Goodwill
|
|
|
839
|
|
|
828
|
|
||
Deferred income tax assets
|
7
|
|
114
|
|
|
91
|
|
||
Other long-term assets
|
|
|
533
|
|
|
505
|
|
||
Total Assets
|
|
|
$
|
34,406
|
|
|
$
|
34,103
|
|
Liabilities
|
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
17
|
|
$
|
502
|
|
|
$
|
533
|
|
Financial instrument liabilities
|
5
|
|
21
|
|
|
27
|
|
||
Cash on deposit and payables due to related parties
|
19
|
|
423
|
|
|
101
|
|
||
Non-recourse borrowings
|
9
|
|
597
|
|
|
495
|
|
||
Liabilities directly associated with assets held for sale
|
4
|
|
350
|
|
|
533
|
|
||
|
|
|
1,893
|
|
|
1,689
|
|
||
Financial instrument liabilities
|
5
|
|
145
|
|
|
111
|
|
||
Corporate borrowings
|
9
|
|
1,674
|
|
|
2,328
|
|
||
Non-recourse borrowings
|
9
|
|
8,243
|
|
|
7,895
|
|
||
Deferred income tax liabilities
|
7
|
|
4,266
|
|
|
4,140
|
|
||
Other long-term liabilities
|
|
|
935
|
|
|
734
|
|
||
Equity
|
|
|
|
|
|
||||
Non-controlling interests
|
|
|
|
|
|
||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
8,226
|
|
|
8,129
|
|
||
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
65
|
|
|
66
|
|
||
Participating non-controlling interests - in a holding subsidiary ‑ Redeemable/Exchangeable units held by Brookfield
|
10
|
|
3,166
|
|
|
3,252
|
|
||
Preferred equity
|
10
|
|
591
|
|
|
568
|
|
||
Preferred limited partners' equity
|
11
|
|
833
|
|
|
707
|
|
||
Limited partners' equity
|
12
|
|
4,369
|
|
|
4,484
|
|
||
Total Equity
|
|
|
17,250
|
|
|
17,206
|
|
||
Total Liabilities and Equity
|
|
|
$
|
34,406
|
|
|
$
|
34,103
|
|
Approved on behalf of Brookfield Renewable Partners L.P.:
|
|
|
|
Patricia Zuccotti
Director
|
David Mann
Director
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
45
|
|
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
Non-controlling interests
|
|
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
THREE MONTHS ENDED JUNE 30
(MILLIONS)
|
Limited
partners'
equity
|
|
|
Foreign
currency
translation
|
|
|
Revaluation
surplus
|
|
|
Actuarial losses on defined benefit plans
|
|
|
Cash flow
hedges
|
|
|
Investments in equity securities
|
|
|
Total
limited
partners'
equity
|
|
|
Preferred
limited
partners'
equity
|
|
|
Preferred
equity
|
|
|
Participating
non-controlling
interests - in
operating
subsidiaries
|
|
|
General
partnership
interest in
a holding
subsidiary
held by
Brookfield
|
|
|
Participating
non-controlling
interests - in a
holding subsidiary
- Redeemable
/Exchangeable
units held by
Brookfield
|
|
|
Total
equity
|
|
|||||||||||||
Balance, as at March 31, 2019
|
$
|
(810
|
)
|
|
$
|
(644
|
)
|
|
$
|
5,921
|
|
|
$
|
(7
|
)
|
|
$
|
(36
|
)
|
|
$
|
18
|
|
|
$
|
4,442
|
|
|
$
|
833
|
|
|
$
|
580
|
|
|
$
|
8,456
|
|
|
$
|
66
|
|
|
$
|
3,221
|
|
|
$
|
17,598
|
|
Net income
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
11
|
|
|
7
|
|
|
74
|
|
|
1
|
|
|
7
|
|
|
109
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
21
|
|
|
1
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
15
|
|
|
—
|
|
|
10
|
|
|
2
|
|
|
(1
|
)
|
|
11
|
|
|
37
|
|
|||||||||||||
Capital contributions (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||||||||||
Disposals (Note 3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|||||||||||||
Distributions or dividends declared
|
(92
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(92
|
)
|
|
(11
|
)
|
|
(7
|
)
|
|
(262
|
)
|
|
(13
|
)
|
|
(67
|
)
|
|
(452
|
)
|
|||||||||||||
Distribution reinvestment plan
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||||||||
Other
|
10
|
|
|
(2
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(6
|
)
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
12
|
|
|
(6
|
)
|
|
—
|
|
|||||||||||||
Change in period
|
(72
|
)
|
|
19
|
|
|
(3
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(13
|
)
|
|
(73
|
)
|
|
—
|
|
|
11
|
|
|
(230
|
)
|
|
(1
|
)
|
|
(55
|
)
|
|
(348
|
)
|
|||||||||||||
Balance as at June 30, 2019
|
$
|
(882
|
)
|
|
$
|
(625
|
)
|
|
$
|
5,918
|
|
|
$
|
(9
|
)
|
|
$
|
(38
|
)
|
|
$
|
5
|
|
|
$
|
4,369
|
|
|
$
|
833
|
|
|
$
|
591
|
|
|
$
|
8,226
|
|
|
$
|
65
|
|
|
$
|
3,166
|
|
|
$
|
17,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Balance, as at March 31, 2018
|
$
|
(347
|
)
|
|
$
|
(347
|
)
|
|
$
|
4,615
|
|
|
$
|
(8
|
)
|
|
$
|
(23
|
)
|
|
$
|
11
|
|
|
$
|
3,901
|
|
|
$
|
707
|
|
|
$
|
600
|
|
|
$
|
6,404
|
|
|
$
|
57
|
|
|
$
|
2,804
|
|
|
14,473
|
|
|
Net income (loss)
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
10
|
|
|
6
|
|
|
31
|
|
|
—
|
|
|
(1
|
)
|
|
45
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(186
|
)
|
|
12
|
|
|
1
|
|
|
2
|
|
|
(2
|
)
|
|
(173
|
)
|
|
—
|
|
|
(10
|
)
|
|
(149
|
)
|
|
(3
|
)
|
|
(125
|
)
|
|
(460
|
)
|
|||||||||||||
LP Units purchased for cancellation
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||||||||||||
Distributions or dividends declared
|
(88
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(88
|
)
|
|
(10
|
)
|
|
(7
|
)
|
|
(181
|
)
|
|
(11
|
)
|
|
(64
|
)
|
|
(361
|
)
|
|||||||||||||
Distribution reinvestment plan
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||||||
Other
|
(6
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
35
|
|
|
10
|
|
|
(5
|
)
|
|
35
|
|
|||||||||||||
Change in period
|
(101
|
)
|
|
(186
|
)
|
|
13
|
|
|
1
|
|
|
2
|
|
|
(2
|
)
|
|
(273
|
)
|
|
—
|
|
|
(11
|
)
|
|
(264
|
)
|
|
(4
|
)
|
|
(195
|
)
|
|
(747
|
)
|
|||||||||||||
Balance as at June 30, 2018
|
$
|
(448
|
)
|
|
$
|
(533
|
)
|
|
$
|
4,628
|
|
|
$
|
(7
|
)
|
|
$
|
(21
|
)
|
|
$
|
9
|
|
|
$
|
3,628
|
|
|
$
|
707
|
|
|
$
|
589
|
|
|
$
|
6,140
|
|
|
$
|
53
|
|
|
$
|
2,609
|
|
|
$
|
13,726
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
46
|
|
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
Non-controlling interests
|
|
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
SIX MONTHS ENDED JUNE 30
(MILLIONS)
|
Limited
partners'
equity
|
|
|
Foreign
currency
translation
|
|
|
Revaluation
surplus
|
|
|
Actuarial losses on defined benefit plans
|
|
|
Cash flow
hedges
|
|
|
Investments in equity securities
|
|
|
Total
limited
partners'
equity
|
|
|
Preferred
limited
partners'
equity
|
|
|
Preferred
equity
|
|
|
Participating
non-controlling
interests - in
operating
subsidiaries
|
|
|
General
partnership
interest in
a holding
subsidiary
held by
Brookfield
|
|
|
Participating
non-controlling
interests - in a
holding subsidiary
- Redeemable
/Exchangeable
units held by
Brookfield
|
|
|
Total
equity
|
|
|||||||||||||
Balance, as at December 31, 2018
|
$
|
(948
|
)
|
|
$
|
(652
|
)
|
|
$
|
6,120
|
|
|
$
|
(6
|
)
|
|
$
|
(34
|
)
|
|
$
|
4
|
|
|
$
|
4,484
|
|
|
$
|
707
|
|
|
$
|
568
|
|
|
$
|
8,129
|
|
|
$
|
66
|
|
|
$
|
3,252
|
|
|
$
|
17,206
|
|
Net income
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
21
|
|
|
13
|
|
|
168
|
|
|
1
|
|
|
25
|
|
|
262
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
41
|
|
|
1
|
|
|
(4
|
)
|
|
(4
|
)
|
|
11
|
|
|
45
|
|
|
—
|
|
|
23
|
|
|
85
|
|
|
—
|
|
|
33
|
|
|
186
|
|
|||||||||||||
Preferred LP Units issued (Note 11)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|||||||||||||
LP Units purchased for cancellation (Note 12)
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||||||||
Capital contributions (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
298
|
|
|
—
|
|
|
—
|
|
|
298
|
|
|||||||||||||
Disposals (Note 3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|||||||||||||
Distributions or dividends declared
|
(185
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(185
|
)
|
|
(21
|
)
|
|
(13
|
)
|
|
(396
|
)
|
|
(28
|
)
|
|
(135
|
)
|
|
(778
|
)
|
|||||||||||||
Distribution reinvestment plan
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||||||||||
Other
|
215
|
|
|
(14
|
)
|
|
(203
|
)
|
|
1
|
|
|
—
|
|
|
(10
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
26
|
|
|
(9
|
)
|
|
1
|
|
|||||||||||||
Change in period
|
66
|
|
|
27
|
|
|
(202
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
1
|
|
|
(115
|
)
|
|
126
|
|
|
23
|
|
|
97
|
|
|
(1
|
)
|
|
(86
|
)
|
|
44
|
|
|||||||||||||
Balance, as at June 30, 2019
|
$
|
(882
|
)
|
|
$
|
(625
|
)
|
|
$
|
5,918
|
|
|
$
|
(9
|
)
|
|
$
|
(38
|
)
|
|
$
|
5
|
|
|
$
|
4,369
|
|
|
$
|
833
|
|
|
$
|
591
|
|
|
$
|
8,226
|
|
|
$
|
65
|
|
|
$
|
3,166
|
|
|
$
|
17,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Balance, as at December 31, 2017
|
(259
|
)
|
|
(378
|
)
|
|
4,616
|
|
|
(9
|
)
|
|
(29
|
)
|
|
15
|
|
|
3,956
|
|
|
511
|
|
|
616
|
|
|
6,298
|
|
|
58
|
|
|
2,843
|
|
|
14,282
|
|
|||||||||||||
Net income
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
19
|
|
|
13
|
|
|
87
|
|
|
—
|
|
|
2
|
|
|
125
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(155
|
)
|
|
11
|
|
|
2
|
|
|
8
|
|
|
(6
|
)
|
|
(140
|
)
|
|
—
|
|
|
(26
|
)
|
|
52
|
|
|
(2
|
)
|
|
(100
|
)
|
|
(216
|
)
|
|||||||||||||
Preferred LP Units issued
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|||||||||||||
LP Units purchased for cancellation
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||||||||||
Acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||||||||||
Distributions or dividends declared
|
(178
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(178
|
)
|
|
(19
|
)
|
|
(14
|
)
|
|
(357
|
)
|
|
(23
|
)
|
|
(128
|
)
|
|
(719
|
)
|
|||||||||||||
Distribution reinvestment plan
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||||||||||
Other
|
(12
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
35
|
|
|
20
|
|
|
(8
|
)
|
|
36
|
|
|||||||||||||
Change in period
|
(189
|
)
|
|
(155
|
)
|
|
12
|
|
|
2
|
|
|
8
|
|
|
(6
|
)
|
|
(328
|
)
|
|
196
|
|
|
(27
|
)
|
|
(158
|
)
|
|
(5
|
)
|
|
(234
|
)
|
|
(556
|
)
|
|||||||||||||
Balance, as at June 30, 2018
|
$
|
(448
|
)
|
|
$
|
(533
|
)
|
|
$
|
4,628
|
|
|
$
|
(7
|
)
|
|
$
|
(21
|
)
|
|
$
|
9
|
|
|
$
|
3,628
|
|
|
$
|
707
|
|
|
$
|
589
|
|
|
$
|
6,140
|
|
|
$
|
53
|
|
|
$
|
2,609
|
|
|
$
|
13,726
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
47
|
UNAUDITED
|
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Operating activities
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
|
$
|
109
|
|
|
$
|
45
|
|
|
$
|
262
|
|
|
$
|
125
|
|
Adjustments for the following non-cash items:
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
8
|
|
200
|
|
|
206
|
|
|
400
|
|
|
419
|
|
||||
Unrealized foreign exchange and financial instruments loss
|
5
|
|
11
|
|
|
33
|
|
|
31
|
|
|
25
|
|
||||
Share of earnings from equity-accounted investments
|
13
|
|
—
|
|
|
(6
|
)
|
|
(32
|
)
|
|
(6
|
)
|
||||
Deferred income tax expense
|
7
|
|
14
|
|
|
4
|
|
|
34
|
|
|
13
|
|
||||
Other non-cash items
|
|
|
33
|
|
|
9
|
|
|
50
|
|
|
24
|
|
||||
Dividends received from equity-accounted investments
|
13
|
|
14
|
|
|
12
|
|
|
28
|
|
|
14
|
|
||||
Changes in due to or from related parties
|
|
|
(41
|
)
|
|
(9
|
)
|
|
(36
|
)
|
|
12
|
|
||||
Net change in working capital balances
|
|
|
28
|
|
|
(31
|
)
|
|
2
|
|
|
(63
|
)
|
||||
|
|
|
368
|
|
|
263
|
|
|
739
|
|
|
563
|
|
||||
Financing activities
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate credit facilities, net
|
9
|
|
(26
|
)
|
|
173
|
|
|
(721
|
)
|
|
180
|
|
||||
Proceeds from non-recourse borrowings
|
9
|
|
852
|
|
|
299
|
|
|
945
|
|
|
1,390
|
|
||||
Repayment of non-recourse borrowings
|
9
|
|
(573
|
)
|
|
(298
|
)
|
|
(666
|
)
|
|
(1,840
|
)
|
||||
Capital contributions from participating non-controlling interests - in operating subsidiaries
|
10
|
|
10
|
|
|
—
|
|
|
257
|
|
|
4
|
|
||||
Issuance of preferred limited partnership units
|
11
|
|
—
|
|
|
—
|
|
|
126
|
|
|
196
|
|
||||
Repurchase of LP Units
|
12
|
|
—
|
|
|
(8
|
)
|
|
(1
|
)
|
|
(8
|
)
|
||||
Distributions paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
To participating non-controlling interests - in operating subsidiaries
|
10
|
|
(262
|
)
|
|
(181
|
)
|
|
(396
|
)
|
|
(357
|
)
|
||||
To preferred shareholders
|
10
|
|
(7
|
)
|
|
(6
|
)
|
|
(13
|
)
|
|
(13
|
)
|
||||
To preferred limited partners' unitholders
|
11
|
|
(11
|
)
|
|
(10
|
)
|
|
(20
|
)
|
|
(18
|
)
|
||||
To unitholders of Brookfield Renewable or BRELP
|
9, 11
|
|
(171
|
)
|
|
(161
|
)
|
|
(342
|
)
|
|
(321
|
)
|
||||
Borrowings from related party
|
19
|
|
322
|
|
|
200
|
|
|
922
|
|
|
200
|
|
||||
Repayments to related party
|
19
|
|
(355
|
)
|
|
—
|
|
|
(600
|
)
|
|
—
|
|
||||
|
|
|
(221
|
)
|
|
8
|
|
|
(509
|
)
|
|
(587
|
)
|
||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment in equity accounted investments
|
|
|
(4
|
)
|
|
(420
|
)
|
|
(4
|
)
|
|
(420
|
)
|
||||
Acquisitions net of cash and cash equivalents in acquired entity
|
2
|
|
(26
|
)
|
|
—
|
|
|
(26
|
)
|
|
(12
|
)
|
||||
Investment in property, plant and equipment
|
8
|
|
(34
|
)
|
|
(42
|
)
|
|
(63
|
)
|
|
(94
|
)
|
||||
Proceeds from disposal of assets
|
3
|
|
82
|
|
|
—
|
|
|
82
|
|
|
—
|
|
||||
(Investment in) disposal of securities
|
5
|
|
(79
|
)
|
|
(13
|
)
|
|
(74
|
)
|
|
25
|
|
||||
Restricted cash and other
|
|
|
66
|
|
|
49
|
|
|
11
|
|
|
(29
|
)
|
||||
|
|
|
5
|
|
|
(426
|
)
|
|
(74
|
)
|
|
(530
|
)
|
||||
Foreign exchange gain (loss) on cash
|
|
|
1
|
|
|
(12
|
)
|
|
1
|
|
|
(8
|
)
|
||||
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Increase (decrease)
|
|
|
153
|
|
|
(167
|
)
|
|
157
|
|
|
(562
|
)
|
||||
Net change in cash classified within assets held for sale
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
||||
Balance, beginning of period
|
|
|
177
|
|
|
404
|
|
|
173
|
|
|
799
|
|
||||
Balance, end of period
|
|
|
$
|
322
|
|
|
$
|
237
|
|
|
$
|
322
|
|
|
$
|
237
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest paid
|
|
|
$
|
176
|
|
|
$
|
185
|
|
|
$
|
319
|
|
|
$
|
315
|
|
Interest received
|
|
|
$
|
6
|
|
|
$
|
5
|
|
|
$
|
10
|
|
|
$
|
12
|
|
Income taxes paid
|
|
|
$
|
18
|
|
|
$
|
10
|
|
|
$
|
37
|
|
|
$
|
23
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
48
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
49
|
•
|
the contract specified explicitly or implicitly the use of an identified asset, and that is physically distinct or represents substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified;
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
50
|
•
|
Brookfield Renewable has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and
|
•
|
Brookfield Renewable has the right to direct the use of the asset. Brookfield Renewable has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decisions about how and for what purpose the asset is used are predetermined, Brookfield Renewable has the right to direct the use of the asset if either:
|
◦
|
Brookfield Renewable has the right to operate the asset; or
|
◦
|
Brookfield Renewable designed the asset in a way that predetermines how and for what purpose it will be used.
|
•
|
Fixed payments, including in-substance fixed payments;
|
•
|
Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
|
•
|
Amounts expected to be payable under a residual value guarantee; and
|
•
|
The exercise price under a purchase option that Brookfield Renewable is reasonably certain to exercise, lease payments in an optional renewable period if Brookfield Renewable is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless Brookfield Renewable is reasonably certain not to terminate early.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
51
|
•
|
Fulfillment of the arrangement was dependent on the use of a specific asset or assets; and
|
•
|
The arrangement had conveyed a right to use the asset. An arrangement conveyed a right to use the asset if one of the following was met:
|
◦
|
The purchaser had the ability or right to operate the asset while obtaining or controlling more than an insignificant amount of the output;
|
◦
|
The purchaser had the ability or right to control physical access to the asset while obtaining or controlling more than an insignificant amount of the output; or
|
◦
|
Facts and circumstances indicated that it was remote that other parties would take more than an insignificant amount of the output, and the price per unit was neither fixed per unit of output nor equal to the market price per unit of output.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
52
|
•
|
Applied the exemption not to recognize right-of-use asset and liabilities for leases with less than twelve months of lease term; and
|
•
|
Excluded initial direct costs from measuring the right-of-use asset at the date of initial application.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
53
|
(MILLIONS)
|
Axis Wind
|
|
Restricted cash
|
2
|
|
Trade receivables and other current assets
|
6
|
|
Property, plant and equipment
|
128
|
|
Other non-current assets
|
7
|
|
Current portion of non-recourse borrowings
|
(5
|
)
|
Financial instruments
|
(2
|
)
|
Non-recourse borrowings
|
(83
|
)
|
Deferred income tax liabilities
|
(8
|
)
|
Other long-term liabilities
|
(4
|
)
|
Fair value of net assets acquired
|
41
|
|
Purchase price
|
41
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
54
|
(MILLIONS)
|
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
16
|
|
|
$
|
8
|
|
Restricted cash
|
|
31
|
|
|
47
|
|
||
Trade receivables and other current assets
|
|
19
|
|
|
28
|
|
||
Property, plant and equipment
|
|
478
|
|
|
749
|
|
||
Goodwill
|
|
—
|
|
|
22
|
|
||
Other long-term assets
|
|
67
|
|
|
66
|
|
||
Assets held for sale
|
|
$
|
611
|
|
|
$
|
920
|
|
Liabilities
|
|
|
|
|
||||
Current liabilities
|
|
$
|
19
|
|
|
$
|
23
|
|
Long-term debt
|
|
238
|
|
|
360
|
|
||
Other long-term liabilities
|
|
93
|
|
|
150
|
|
||
Liabilities directly associated with assets held for sale
|
|
$
|
350
|
|
|
$
|
533
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
55
|
|
Jun 30, 2019
|
|
Dec 31, 2018
|
||||||||||||||||
(MILLIONS)
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Total
|
|
|||||
Assets measured at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
322
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
322
|
|
|
$
|
173
|
|
Restricted cash
(1)
|
184
|
|
|
—
|
|
|
—
|
|
|
184
|
|
|
181
|
|
|||||
Financial instrument assets
(2)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
26
|
|
|
—
|
|
|
26
|
|
|
3
|
|
|||||
Interest rate swaps
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
9
|
|
|||||
Foreign exchange swaps
|
—
|
|
|
29
|
|
|
—
|
|
|
29
|
|
|
55
|
|
|||||
Investments in equity securities
|
87
|
|
|
65
|
|
|
77
|
|
|
229
|
|
|
117
|
|
|||||
Property, plant and equipment
|
—
|
|
|
—
|
|
|
29,317
|
|
|
29,317
|
|
|
29,025
|
|
|||||
Liabilities measured at fair value:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Financial instrument liabilities
(3)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|||||
Interest rate swaps
|
—
|
|
|
(157
|
)
|
|
—
|
|
|
(157
|
)
|
|
(116
|
)
|
|||||
Foreign exchange swaps
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|||||
Contingent consideration
(3)
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||||
Assets for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Equity-accounted investments
(4)
|
896
|
|
|
—
|
|
|
—
|
|
|
896
|
|
|
703
|
|
|||||
Liabilities for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate borrowings
|
(1,791
|
)
|
|
—
|
|
|
—
|
|
|
(1,791
|
)
|
|
(2,367
|
)
|
|||||
Non-recourse borrowing
|
(400
|
)
|
|
(9,121
|
)
|
|
—
|
|
|
(9,521
|
)
|
|
(8,696
|
)
|
|||||
Total
|
$
|
(702
|
)
|
|
$
|
(9,166
|
)
|
|
$
|
29,391
|
|
|
$
|
19,523
|
|
|
$
|
19,062
|
|
(1)
|
Includes both the current amount and long-term amount included in Other long-term assets.
|
(2)
|
Includes both current and long-term amounts.
|
(3)
|
Amount relates to business combinations with obligations lapsing in 2024.
|
(4)
|
The fair value corresponds to Brookfield Renewable's investment in publicly-quoted common shares of TerraForm Power, Inc.
|
|
Jun 30, 2019
|
|
Dec 31, 2018
|
||||||||||||
(MILLIONS)
|
Assets
|
|
|
Liabilities
|
|
|
Net Assets
(Liabilities)
|
|
|
Net Assets
(Liabilities)
|
|
||||
Energy derivative contracts
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
(19
|
)
|
Interest rate swaps
|
1
|
|
|
157
|
|
|
(156
|
)
|
|
(107
|
)
|
||||
Foreign exchange swaps
|
29
|
|
|
9
|
|
|
20
|
|
|
55
|
|
||||
Investments in equity securities
|
229
|
|
|
—
|
|
|
229
|
|
|
117
|
|
||||
Total
|
285
|
|
|
166
|
|
|
119
|
|
|
46
|
|
||||
Less: current portion
|
46
|
|
|
21
|
|
|
25
|
|
|
33
|
|
||||
Long-term portion
|
$
|
239
|
|
|
$
|
145
|
|
|
$
|
94
|
|
|
$
|
13
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
56
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
6
|
|
|
$
|
(2
|
)
|
|
$
|
12
|
|
|
$
|
2
|
|
Interest rate swaps
|
(19
|
)
|
|
15
|
|
|
(32
|
)
|
|
20
|
|
||||
Foreign exchange swaps - cash flow
|
(8
|
)
|
|
62
|
|
|
(19
|
)
|
|
46
|
|
||||
Foreign exchange gain (loss)
|
9
|
|
|
(108
|
)
|
|
9
|
|
|
(93
|
)
|
||||
|
$
|
(12
|
)
|
|
$
|
(33
|
)
|
|
$
|
(30
|
)
|
|
$
|
(25
|
)
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
25
|
|
|
$
|
(4
|
)
|
|
$
|
38
|
|
|
$
|
3
|
|
Interest rate swaps
|
(19
|
)
|
|
1
|
|
|
(36
|
)
|
|
11
|
|
||||
|
6
|
|
|
(3
|
)
|
|
2
|
|
|
14
|
|
||||
Foreign exchange swaps - net investment
|
7
|
|
|
57
|
|
|
1
|
|
|
61
|
|
||||
Investments in equity securities
|
(3
|
)
|
|
(4
|
)
|
|
23
|
|
|
(11
|
)
|
||||
|
$
|
10
|
|
|
$
|
50
|
|
|
$
|
26
|
|
|
$
|
64
|
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
$
|
(7
|
)
|
|
$
|
8
|
|
Interest rate swaps
|
4
|
|
|
3
|
|
|
7
|
|
|
6
|
|
||||
|
$
|
(4
|
)
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
14
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
57
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
58
|
|
Attributable to Unitholders
|
|
Contribution
from
equity
accounted
investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials
(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and
Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
275
|
|
|
58
|
|
|
56
|
|
|
58
|
|
|
22
|
|
|
9
|
|
|
3
|
|
|
51
|
|
|
21
|
|
|
—
|
|
|
553
|
|
|
(98
|
)
|
|
332
|
|
|
787
|
|
Other income
|
8
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
14
|
|
|
(2
|
)
|
|
5
|
|
|
17
|
|
Direct operating costs
|
(72
|
)
|
|
(18
|
)
|
|
(21
|
)
|
|
(18
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(10
|
)
|
|
(11
|
)
|
|
(5
|
)
|
|
(167
|
)
|
|
27
|
|
|
(112
|
)
|
|
(252
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
5
|
|
|
78
|
|
Adjusted EBITDA
|
211
|
|
|
42
|
|
|
35
|
|
|
40
|
|
|
15
|
|
|
6
|
|
|
2
|
|
|
42
|
|
|
10
|
|
|
(3
|
)
|
|
400
|
|
|
—
|
|
|
230
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
Interest expense - borrowings
|
(39
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(16
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(3
|
)
|
|
(25
|
)
|
|
(119
|
)
|
|
26
|
|
|
(85
|
)
|
|
(178
|
)
|
Current income taxes
|
(4
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(5
|
)
|
|
(15
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(5
|
)
|
|
(31
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(135
|
)
|
|
(135
|
)
|
Funds From Operations
|
168
|
|
|
33
|
|
|
25
|
|
|
23
|
|
|
11
|
|
|
4
|
|
|
1
|
|
|
27
|
|
|
7
|
|
|
(69
|
)
|
|
230
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(56
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(39
|
)
|
|
(13
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(163
|
)
|
|
36
|
|
|
(73
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instrument loss
|
1
|
|
|
4
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(12
|
)
|
|
(13
|
)
|
|
4
|
|
|
(3
|
)
|
|
(12
|
)
|
Deferred income tax expense
|
(23
|
)
|
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
(10
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(14
|
)
|
Other
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(2
|
)
|
|
5
|
|
|
2
|
|
|
(12
|
)
|
|
—
|
|
|
(3
|
)
|
|
(27
|
)
|
|
8
|
|
|
18
|
|
|
(1
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
(47
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
61
|
|
Net income (loss) attributable to Unitholders
(2)
|
79
|
|
|
16
|
|
|
17
|
|
|
(22
|
)
|
|
(11
|
)
|
|
4
|
|
|
2
|
|
|
4
|
|
|
1
|
|
|
(73
|
)
|
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
(1)
|
Share of earnings from equity-accounted investments of
$nil
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$74 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
59
|
|
Attributable to Unitholders
|
|
Contribution
from
equity
accounted
investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials
(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and
Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
228
|
|
|
63
|
|
|
53
|
|
|
54
|
|
|
12
|
|
|
10
|
|
|
3
|
|
|
30
|
|
|
20
|
|
|
—
|
|
|
473
|
|
|
(58
|
)
|
|
320
|
|
|
735
|
|
Other income
|
5
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
(2
|
)
|
|
4
|
|
|
10
|
|
Direct operating costs
|
(68
|
)
|
|
(20
|
)
|
|
(22
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|
(10
|
)
|
|
(6
|
)
|
|
(157
|
)
|
|
19
|
|
|
(109
|
)
|
|
(247
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
4
|
|
|
45
|
|
Adjusted EBITDA
|
165
|
|
|
44
|
|
|
31
|
|
|
38
|
|
|
7
|
|
|
8
|
|
|
2
|
|
|
25
|
|
|
10
|
|
|
(6
|
)
|
|
324
|
|
|
—
|
|
|
219
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Interest expense - borrowings
|
(40
|
)
|
|
(5
|
)
|
|
(10
|
)
|
|
(14
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(3
|
)
|
|
(23
|
)
|
|
(110
|
)
|
|
16
|
|
|
(84
|
)
|
|
(178
|
)
|
Current income taxes
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
1
|
|
|
(3
|
)
|
|
(7
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
(4
|
)
|
|
(21
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(128
|
)
|
|
(128
|
)
|
Funds From Operations
|
123
|
|
|
37
|
|
|
21
|
|
|
24
|
|
|
3
|
|
|
6
|
|
|
1
|
|
|
16
|
|
|
7
|
|
|
(66
|
)
|
|
172
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(56
|
)
|
|
(33
|
)
|
|
(5
|
)
|
|
(29
|
)
|
|
(9
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|
—
|
|
|
(149
|
)
|
|
17
|
|
|
(74
|
)
|
|
(206
|
)
|
Foreign exchange and unrealized financial instrument loss
|
(1
|
)
|
|
(1
|
)
|
|
4
|
|
|
3
|
|
|
6
|
|
|
(8
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
|
5
|
|
|
1
|
|
|
(6
|
)
|
|
(28
|
)
|
|
(33
|
)
|
Deferred income tax expense
|
(2
|
)
|
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
(3
|
)
|
|
(5
|
)
|
|
(4
|
)
|
Other
|
(8
|
)
|
|
(2
|
)
|
|
—
|
|
|
(5
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(8
|
)
|
|
(30
|
)
|
|
10
|
|
|
10
|
|
|
(10
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
97
|
|
Net income (loss) attributable to Unitholders
(2)
|
56
|
|
|
2
|
|
|
18
|
|
|
(6
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|
2
|
|
|
1
|
|
|
(65
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
(1)
|
Share of earnings from equity-accounted investments of
$6 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$31 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
60
|
|
Attributable to Unitholders
|
|
Contribution
from
equity
accounted
investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials
(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and
Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
539
|
|
|
123
|
|
|
118
|
|
|
121
|
|
|
50
|
|
|
16
|
|
|
5
|
|
|
89
|
|
|
45
|
|
|
—
|
|
|
1,106
|
|
|
(189
|
)
|
|
695
|
|
|
1,612
|
|
Other income
|
9
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
4
|
|
|
21
|
|
|
(6
|
)
|
|
10
|
|
|
25
|
|
Direct operating costs
|
(142
|
)
|
|
(35
|
)
|
|
(45
|
)
|
|
(35
|
)
|
|
(16
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|
(17
|
)
|
|
(24
|
)
|
|
(11
|
)
|
|
(332
|
)
|
|
56
|
|
|
(230
|
)
|
|
(506
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
12
|
|
|
151
|
|
Adjusted EBITDA
|
406
|
|
|
91
|
|
|
73
|
|
|
88
|
|
|
35
|
|
|
11
|
|
|
3
|
|
|
74
|
|
|
21
|
|
|
(7
|
)
|
|
795
|
|
|
—
|
|
|
487
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
Interest expense - borrowings
|
(80
|
)
|
|
(12
|
)
|
|
(16
|
)
|
|
(35
|
)
|
|
(7
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(29
|
)
|
|
(7
|
)
|
|
(49
|
)
|
|
(240
|
)
|
|
50
|
|
|
(161
|
)
|
|
(351
|
)
|
Current income taxes
|
(6
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
1
|
|
|
(20
|
)
|
|
(39
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
(9
|
)
|
|
(60
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(297
|
)
|
|
(297
|
)
|
Funds From Operations
|
320
|
|
|
73
|
|
|
51
|
|
|
52
|
|
|
28
|
|
|
6
|
|
|
2
|
|
|
45
|
|
|
14
|
|
|
(134
|
)
|
|
457
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(111
|
)
|
|
(44
|
)
|
|
(10
|
)
|
|
(79
|
)
|
|
(23
|
)
|
|
(9
|
)
|
|
(2
|
)
|
|
(28
|
)
|
|
(12
|
)
|
|
(2
|
)
|
|
(320
|
)
|
|
69
|
|
|
(149
|
)
|
|
(400
|
)
|
Foreign exchange and unrealized financial instrument loss
|
3
|
|
|
3
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(1
|
)
|
|
—
|
|
|
4
|
|
|
(1
|
)
|
|
(28
|
)
|
|
(31
|
)
|
|
5
|
|
|
(4
|
)
|
|
(30
|
)
|
Deferred income tax expense
|
(40
|
)
|
|
2
|
|
|
(4
|
)
|
|
17
|
|
|
6
|
|
|
—
|
|
|
(1
|
)
|
|
16
|
|
|
—
|
|
|
18
|
|
|
14
|
|
|
(36
|
)
|
|
(12
|
)
|
|
(34
|
)
|
Other
|
(26
|
)
|
|
(1
|
)
|
|
1
|
|
|
(7
|
)
|
|
(2
|
)
|
|
5
|
|
|
2
|
|
|
(24
|
)
|
|
—
|
|
|
(8
|
)
|
|
(60
|
)
|
|
21
|
|
|
36
|
|
|
(3
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
(59
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
|
129
|
|
Net income (loss) attributable to Unitholders
(2)
|
146
|
|
|
33
|
|
|
37
|
|
|
(18
|
)
|
|
—
|
|
|
1
|
|
|
1
|
|
|
13
|
|
|
1
|
|
|
(154
|
)
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
(1)
|
Share of earnings from equity-accounted investments of
$32 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$168 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
61
|
|
Attributable to Unitholders
|
|
Contribution
from equity accounted investments |
|
|
Attributable
to non- controlling interests |
|
|
As per
IFRS financials (1) |
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and Other |
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
489
|
|
|
132
|
|
|
106
|
|
|
108
|
|
|
29
|
|
|
18
|
|
|
5
|
|
|
48
|
|
|
37
|
|
|
—
|
|
|
972
|
|
|
(97
|
)
|
|
653
|
|
|
1,528
|
|
Other income
|
5
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
14
|
|
|
(4
|
)
|
|
9
|
|
|
19
|
|
Direct operating costs
|
(138
|
)
|
|
(39
|
)
|
|
(45
|
)
|
|
(30
|
)
|
|
(12
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|
(10
|
)
|
|
(18
|
)
|
|
(12
|
)
|
|
(311
|
)
|
|
32
|
|
|
(224
|
)
|
|
(503
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
12
|
|
|
81
|
|
Adjusted EBITDA
|
356
|
|
|
95
|
|
|
62
|
|
|
79
|
|
|
18
|
|
|
13
|
|
|
3
|
|
|
41
|
|
|
19
|
|
|
(11
|
)
|
|
675
|
|
|
—
|
|
|
450
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
Interest expense - borrowings
|
(84
|
)
|
|
(12
|
)
|
|
(20
|
)
|
|
(28
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(15
|
)
|
|
(7
|
)
|
|
(48
|
)
|
|
(226
|
)
|
|
25
|
|
|
(157
|
)
|
|
(358
|
)
|
Current income taxes
|
(3
|
)
|
|
(5
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
1
|
|
|
(5
|
)
|
|
(14
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(10
|
)
|
|
(36
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(278
|
)
|
|
(278
|
)
|
Funds From Operations
|
269
|
|
|
78
|
|
|
42
|
|
|
50
|
|
|
11
|
|
|
9
|
|
|
1
|
|
|
26
|
|
|
12
|
|
|
(133
|
)
|
|
365
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(113
|
)
|
|
(71
|
)
|
|
(10
|
)
|
|
(55
|
)
|
|
(17
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
(13
|
)
|
|
(12
|
)
|
|
—
|
|
|
(300
|
)
|
|
29
|
|
|
(148
|
)
|
|
(419
|
)
|
Foreign exchange and unrealized financial instrument loss
|
1
|
|
|
(1
|
)
|
|
1
|
|
|
3
|
|
|
5
|
|
|
(8
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
13
|
|
|
8
|
|
|
(6
|
)
|
|
(27
|
)
|
|
(25
|
)
|
Deferred income tax expense
|
(6
|
)
|
|
1
|
|
|
(3
|
)
|
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
(3
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(13
|
)
|
Other
|
(18
|
)
|
|
(4
|
)
|
|
—
|
|
|
(5
|
)
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|
(10
|
)
|
|
(9
|
)
|
|
(13
|
)
|
|
(64
|
)
|
|
17
|
|
|
(7
|
)
|
|
(54
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
(39
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
191
|
|
|
191
|
|
Net income (loss) attributable to Unitholders
(2)
|
133
|
|
|
3
|
|
|
30
|
|
|
(12
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|
—
|
|
|
(11
|
)
|
|
(124
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
(1)
|
Share of loss from equity-accounted investments of
$6 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$87 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
62
|
|
Attributable to Unitholders
|
|
Contribution
from equity accounted investments |
|
|
Attributable
to non- controlling interests |
|
|
As per
IFRS financials |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and Other |
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||||||||||||||||
As at June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
16
|
|
|
$
|
13
|
|
|
$
|
48
|
|
|
$
|
23
|
|
|
$
|
34
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
31
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
184
|
|
|
$
|
(72
|
)
|
|
$
|
210
|
|
|
$
|
322
|
|
Property, plant and equipment
|
11,150
|
|
|
1,900
|
|
|
1,634
|
|
|
2,495
|
|
|
803
|
|
|
345
|
|
|
72
|
|
|
1,349
|
|
|
682
|
|
|
—
|
|
|
20,430
|
|
|
(3,534
|
)
|
|
12,421
|
|
|
29,317
|
|
||||||||||||||
Total assets
|
11,874
|
|
|
2,075
|
|
|
1,926
|
|
|
2,613
|
|
|
919
|
|
|
365
|
|
|
95
|
|
|
1,581
|
|
|
742
|
|
|
138
|
|
|
22,328
|
|
|
(2,474
|
)
|
|
14,552
|
|
|
34,406
|
|
||||||||||||||
Total borrowings
|
3,014
|
|
|
197
|
|
|
482
|
|
|
1,218
|
|
|
410
|
|
|
75
|
|
|
67
|
|
|
1,013
|
|
|
237
|
|
|
2,002
|
|
|
8,715
|
|
|
(1,933
|
)
|
|
4,054
|
|
|
10,836
|
|
||||||||||||||
Other liabilities
|
2,753
|
|
|
160
|
|
|
446
|
|
|
521
|
|
|
132
|
|
|
9
|
|
|
7
|
|
|
310
|
|
|
35
|
|
|
—
|
|
|
4,373
|
|
|
(542
|
)
|
|
2,489
|
|
|
6,320
|
|
||||||||||||||
For the six months ended June 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
56
|
|
|
18
|
|
|
10
|
|
|
20
|
|
|
14
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
1
|
|
|
135
|
|
|
(12
|
)
|
|
91
|
|
|
214
|
|
||||||||||||||
As at December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
6
|
|
|
$
|
37
|
|
|
$
|
7
|
|
|
$
|
30
|
|
|
$
|
29
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
41
|
|
|
$
|
9
|
|
|
$
|
3
|
|
|
$
|
169
|
|
|
$
|
(81
|
)
|
|
$
|
85
|
|
|
$
|
173
|
|
Property, plant and equipment
|
11,498
|
|
|
1,907
|
|
|
1,609
|
|
|
2,480
|
|
|
819
|
|
|
348
|
|
|
36
|
|
|
1,354
|
|
|
686
|
|
|
(9
|
)
|
|
20,728
|
|
|
(3,529
|
)
|
|
11,826
|
|
|
29,025
|
|
||||||||||||||
Total assets
|
12,125
|
|
|
2,105
|
|
|
1,868
|
|
|
2,554
|
|
|
939
|
|
|
379
|
|
|
56
|
|
|
1,650
|
|
|
746
|
|
|
161
|
|
|
22,583
|
|
|
(2,483
|
)
|
|
14,003
|
|
|
34,103
|
|
||||||||||||||
Total borrowings
|
2,995
|
|
|
198
|
|
|
419
|
|
|
1,210
|
|
|
463
|
|
|
75
|
|
|
31
|
|
|
1,021
|
|
|
249
|
|
|
2,328
|
|
|
8,989
|
|
|
(1,972
|
)
|
|
3,701
|
|
|
10,718
|
|
||||||||||||||
Other liabilities
|
2,764
|
|
|
150
|
|
|
434
|
|
|
536
|
|
|
124
|
|
|
7
|
|
|
3
|
|
|
255
|
|
|
31
|
|
|
211
|
|
|
4,515
|
|
|
(511
|
)
|
|
2,175
|
|
|
6,179
|
|
||||||||||||||
For the six months ended June 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
12
|
|
|
9
|
|
|
2
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
1
|
|
|
3
|
|
|
35
|
|
|
(5
|
)
|
|
27
|
|
|
57
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
63
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
United States
|
$
|
266
|
|
|
$
|
245
|
|
|
$
|
542
|
|
|
$
|
495
|
|
Colombia
|
231
|
|
|
219
|
|
|
488
|
|
|
442
|
|
||||
Canada
|
125
|
|
|
97
|
|
|
235
|
|
|
226
|
|
||||
Brazil
|
99
|
|
|
106
|
|
|
199
|
|
|
209
|
|
||||
Europe
|
27
|
|
|
24
|
|
|
69
|
|
|
68
|
|
||||
Other
|
39
|
|
|
44
|
|
|
79
|
|
|
88
|
|
||||
|
$
|
787
|
|
|
$
|
735
|
|
|
$
|
1,612
|
|
|
$
|
1,528
|
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
United States
|
$
|
12,711
|
|
|
$
|
12,705
|
|
Colombia
|
6,753
|
|
|
6,665
|
|
||
Canada
|
5,852
|
|
|
5,705
|
|
||
Brazil
|
3,533
|
|
|
3,553
|
|
||
Europe
|
1,577
|
|
|
1,624
|
|
||
Other
|
467
|
|
|
342
|
|
||
|
$
|
30,893
|
|
|
$
|
30,594
|
|
(1)
|
Includes storage, biomass and cogeneration.
|
(2)
|
Includes intangible assets of
$11 million
(
2018
:
$11 million
) and assets under construction of
$347 million
(
2018
:
$388 million
).
|
(3)
|
On January 1, 2019 Brookfield Renewable adopted IFRS 16. See Note
1
-
Basis of preparation and significant accounting policies
for additional details regarding the impact of the new accounting standard adoption.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
64
|
|
Jun 30, 2019
|
|
Dec 31, 2018
|
||||||||||||||||||||||
|
Weighted-average
|
|
|
|
|
|
Weighted- average
|
|
|
|
|
||||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
Interest
rate (%)
|
|
Term
(years)
|
|
|
Carrying
value
|
|
|
Estimated fair value
|
|
|
Interest
rate (%)
|
|
Term
(years)
|
|
|
Carrying
value
|
|
|
Estimated fair value
|
|
||||
Credit facilities
(1)
|
3.6
|
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
3.3
|
|
4
|
|
|
$
|
721
|
|
|
$
|
721
|
|
Medium Term Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Series 4 (C$150)
|
5.8
|
|
17
|
|
|
115
|
|
|
$
|
143
|
|
|
5.8
|
|
18
|
|
|
$
|
110
|
|
|
$
|
124
|
|
|
Series 7 (C$450)
|
5.1
|
|
1
|
|
|
344
|
|
|
358
|
|
|
5.1
|
|
2
|
|
|
330
|
|
|
342
|
|
||||
Series 8 (C$400)
|
4.8
|
|
3
|
|
|
305
|
|
|
$
|
327
|
|
|
4.8
|
|
3
|
|
|
293
|
|
|
309
|
|
|||
Series 9 (C$400)
|
3.8
|
|
6
|
|
|
305
|
|
|
317
|
|
|
3.8
|
|
6
|
|
|
293
|
|
|
288
|
|
||||
Series 10 (C$500)
|
3.6
|
|
8
|
|
|
382
|
|
|
$
|
397
|
|
|
3.6
|
|
8
|
|
|
367
|
|
|
357
|
|
|||
Series 11 (C$300)
|
4.3
|
|
10
|
|
|
229
|
|
|
249
|
|
|
4.3
|
|
10
|
|
|
220
|
|
|
220
|
|
||||
|
4.4
|
|
6
|
|
|
$
|
1,680
|
|
|
$
|
1,791
|
|
|
4.4
|
|
7
|
|
|
$
|
1,613
|
|
|
$
|
1,640
|
|
Total corporate borrowings
|
|
1,680
|
|
|
1,791
|
|
|
|
|
|
|
2,334
|
|
|
2,361
|
|
|||||||||
Less: Unamortized financing fees
(2)
|
|
(6
|
)
|
|
|
|
|
|
|
|
(6
|
)
|
|
|
|||||||||||
|
|
|
|
|
$
|
1,674
|
|
|
|
|
|
|
|
|
$
|
2,328
|
|
|
|
(1)
|
As at June 30, 2019,
$322 million
(2018: $
nil
) of funds were placed on deposit with Brookfield Renewable from Brookfield. To the extent the balance becomes due, Brookfield Renewable will repay this balance by drawing on its corporate credit facility.
|
(2)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Authorized corporate credit facilities
(1)
|
$
|
2,100
|
|
|
$
|
2,100
|
|
Draws on corporate credit facilities
(1)
|
—
|
|
|
(721
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
300
|
|
||
Issued letters of credit
|
(226
|
)
|
|
(209
|
)
|
||
Available portion of corporate credit facilities
|
$
|
2,274
|
|
|
$
|
1,470
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
65
|
|
Jun 30, 2019
|
|
Dec 31, 2018
|
||||||||||||||||||||||
|
Weighted-average
|
|
|
|
|
|
Weighted-average
|
|
|
|
|
||||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
Interest
rate (%) |
|
Term
(years) |
|
|
Carrying
value |
|
|
Estimated
fair value |
|
|
Interest
rate (%) |
|
Term
(years) |
|
|
Carrying
value |
|
|
Estimated
fair value |
|
||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Hydroelectric
|
6.1
|
|
9
|
|
|
$
|
6,689
|
|
|
$
|
7,168
|
|
|
6.1
|
|
9
|
|
|
$
|
6,318
|
|
|
$
|
6,517
|
|
Wind
|
4.9
|
|
11
|
|
|
1,990
|
|
|
2,113
|
|
|
4.7
|
|
11
|
|
|
1,914
|
|
|
1,957
|
|
||||
Solar
|
5.9
|
|
6
|
|
|
143
|
|
|
143
|
|
|
6.0
|
|
7
|
|
|
142
|
|
|
133
|
|
||||
Storage and other
|
4.1
|
|
4
|
|
|
92
|
|
|
97
|
|
|
4.1
|
|
5
|
|
|
91
|
|
|
95
|
|
||||
Total
|
5.8
|
|
10
|
|
|
$
|
8,914
|
|
|
$
|
9,521
|
|
|
5.7
|
|
10
|
|
|
$
|
8,465
|
|
|
$
|
8,702
|
|
Add: Unamortized premiums
(1)
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|||||||||||
Less: Unamortized financing fees
(1)
|
|
(75
|
)
|
|
|
|
|
|
|
|
(76
|
)
|
|
|
|||||||||||
Less: Current portion
|
|
(597
|
)
|
|
|
|
|
|
|
|
(495
|
)
|
|
|
|||||||||||
|
|
|
|
|
$
|
8,243
|
|
|
|
|
|
|
|
|
$
|
7,895
|
|
|
|
(1)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
66
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Participating non-controlling interests - in operating subsidiaries
|
$
|
8,226
|
|
|
$
|
8,129
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
65
|
|
|
66
|
|
||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
3,166
|
|
|
3,252
|
|
||
Preferred equity
|
591
|
|
|
568
|
|
||
|
$
|
12,048
|
|
|
$
|
12,015
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
67
|
(MILLIONS)
|
Brookfield
Americas
Infrastructure Fund
|
|
|
Brookfield
Infrastructure Fund II
|
|
|
Brookfield
Infrastructure Fund III
|
|
|
Brookfield
Infrastructure Fund IV |
|
|
Canadian Hydroelectric Portfolio
|
|
|
The
Catalyst Group
|
|
|
Isagen
institutional
investors
|
|
|
Isagen
public non-
controlling interests
|
|
|
Other
|
|
|
Total
|
|
||||||||||
As at December 31, 2017
|
$
|
850
|
|
|
$
|
1,682
|
|
|
$
|
1,852
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
134
|
|
|
$
|
1,701
|
|
|
$
|
9
|
|
|
$
|
70
|
|
|
$
|
6,298
|
|
Net income
|
1
|
|
|
9
|
|
|
86
|
|
|
—
|
|
|
4
|
|
|
14
|
|
|
174
|
|
|
1
|
|
|
8
|
|
|
297
|
|
||||||||||
OCI
|
66
|
|
|
298
|
|
|
805
|
|
|
—
|
|
|
(11
|
)
|
|
(18
|
)
|
|
504
|
|
|
5
|
|
|
58
|
|
|
1,707
|
|
||||||||||
Capital contributions
|
—
|
|
|
9
|
|
|
5
|
|
|
—
|
|
|
293
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
307
|
|
||||||||||
Acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
21
|
|
||||||||||
Distributions
|
(17
|
)
|
|
(81
|
)
|
|
(276
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(167
|
)
|
|
—
|
|
|
(6
|
)
|
|
(553
|
)
|
||||||||||
Other
|
—
|
|
|
12
|
|
|
(3
|
)
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
52
|
|
||||||||||
As at December 31, 2018
|
$
|
900
|
|
|
$
|
1,929
|
|
|
$
|
2,469
|
|
|
$
|
—
|
|
|
$
|
276
|
|
|
$
|
124
|
|
|
$
|
2,212
|
|
|
$
|
15
|
|
|
$
|
204
|
|
|
$
|
8,129
|
|
Net income (loss)
|
8
|
|
|
4
|
|
|
44
|
|
|
1
|
|
|
14
|
|
|
14
|
|
|
81
|
|
|
—
|
|
|
2
|
|
|
168
|
|
||||||||||
OCI
|
2
|
|
|
13
|
|
|
46
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
(15
|
)
|
|
85
|
|
||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
2
|
|
|
20
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
298
|
|
||||||||||
Acquisition
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
||||||||||
Disposal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|
(53
|
)
|
||||||||||
Distributions
|
(7
|
)
|
|
(54
|
)
|
|
(171
|
)
|
|
—
|
|
|
(1
|
)
|
|
(11
|
)
|
|
(139
|
)
|
|
(1
|
)
|
|
(12
|
)
|
|
(396
|
)
|
||||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||||||||
As at June 30, 2019
|
$
|
903
|
|
|
$
|
1,892
|
|
|
$
|
2,369
|
|
|
$
|
21
|
|
|
$
|
574
|
|
|
$
|
127
|
|
|
$
|
2,180
|
|
|
$
|
14
|
|
|
$
|
146
|
|
|
$
|
8,226
|
|
Interests held by third parties
|
75-80%
|
|
|
43-60%
|
|
|
23-71%
|
|
|
71
|
%
|
|
50
|
%
|
|
25
|
%
|
|
53
|
%
|
|
0.5
|
%
|
|
20-50%
|
|
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
68
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
General partnership interest in a holding subsidiary held by Brookfield
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
3
|
|
Incentive distribution
|
12
|
|
|
9
|
|
|
25
|
|
|
20
|
|
||||
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
28
|
|
|
$
|
23
|
|
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
$
|
67
|
|
|
$
|
64
|
|
|
$
|
135
|
|
|
$
|
128
|
|
|
$
|
80
|
|
|
$
|
75
|
|
|
$
|
163
|
|
|
$
|
151
|
|
|
Shares
outstanding |
|
|
Cumulative
distribution rate (%) |
|
Earliest
permitted redemption date |
|
Distributions declared for the six months ended June 30
|
|
Carrying value as at
|
||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
|
|||||||||||||||||||||
|
2019
|
|
|
2018
|
|
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
|||||||||||
Series 1 (C$136)
|
5.45
|
|
|
3.36
|
|
Apr 2020
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
104
|
|
|
$
|
100
|
|
Series 2 (C$113)
(1)
|
4.51
|
|
|
4.27
|
|
Apr 2020
|
|
2
|
|
|
2
|
|
|
86
|
|
|
83
|
|
||||
Series 3 (C$249)
|
9.96
|
|
|
4.40
|
|
Jul 2019
|
|
4
|
|
|
4
|
|
|
190
|
|
|
182
|
|
||||
Series 5 (C$103)
|
4.11
|
|
|
5.00
|
|
Apr 2018
|
|
2
|
|
|
2
|
|
|
78
|
|
|
75
|
|
||||
Series 6 (C$175)
|
7.00
|
|
|
5.00
|
|
Jul 2018
|
|
3
|
|
|
3
|
|
|
133
|
|
|
128
|
|
||||
|
31.04
|
|
|
|
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
591
|
|
|
$
|
568
|
|
(1)
|
Dividend rate represents annualized distribution based on the most recent quarterly floating rate.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
69
|
(MILLIONS EXCEPT AS NOTED)
|
|
Shares outstanding
|
|
|
Cumulative distribution rate (%)
|
|
Earliest permitted redemption date
|
|
Distributions declared for the six months ended June 30
|
|
Carrying value as at
|
||||||||||||
|
|
2019
|
|
|
2018
|
|
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
|||||||||||
Series 5 (C$72)
|
|
2.89
|
|
|
5.59
|
|
Apr 2018
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
49
|
|
|
$
|
49
|
|
Series 7 (C$175)
|
|
7.00
|
|
|
5.50
|
|
Jan 2021
|
|
4
|
|
|
4
|
|
|
128
|
|
|
128
|
|
||||
Series 9 (C$200)
|
|
8.00
|
|
|
5.75
|
|
Jul 2021
|
|
4
|
|
|
4
|
|
|
147
|
|
|
147
|
|
||||
Series 11 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2022
|
|
5
|
|
|
5
|
|
|
187
|
|
|
187
|
|
||||
Series 13 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2023
|
|
4
|
|
|
4
|
|
|
196
|
|
|
196
|
|
||||
Series 15 (C$175)
|
|
7.00
|
|
|
5.75
|
|
Apr 2024
|
|
2
|
|
|
—
|
|
|
126
|
|
|
—
|
|
||||
|
|
44.89
|
|
|
|
|
|
|
$
|
21
|
|
|
$
|
19
|
|
|
$
|
833
|
|
|
$
|
707
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
70
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Brookfield
|
$
|
29
|
|
|
$
|
27
|
|
|
$
|
58
|
|
|
$
|
55
|
|
External LP Unitholders
|
63
|
|
|
61
|
|
|
127
|
|
|
123
|
|
||||
|
$
|
92
|
|
|
$
|
88
|
|
|
$
|
185
|
|
|
$
|
178
|
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenue
|
$
|
356
|
|
|
$
|
253
|
|
|
$
|
715
|
|
|
$
|
478
|
|
Net income (loss)
|
(9
|
)
|
|
20
|
|
|
101
|
|
|
(12
|
)
|
||||
Share of net income
(1)
|
—
|
|
|
6
|
|
|
32
|
|
|
6
|
|
(1)
|
Brookfield Renewable's ownership interest in these entities ranges from
14%
to
50%
.
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Current assets
|
$
|
669
|
|
|
$
|
682
|
|
Property, plant and equipment
|
12,030
|
|
|
11,999
|
|
||
Other assets
|
581
|
|
|
608
|
|
||
Current liabilities
|
854
|
|
|
1,080
|
|
||
Non-recourse borrowings
|
6,133
|
|
|
6,078
|
|
||
Other liabilities
|
1,403
|
|
|
1,197
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
71
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Cash
|
$
|
303
|
|
|
$
|
127
|
|
Short-term deposits
|
19
|
|
|
46
|
|
||
|
$
|
322
|
|
|
$
|
173
|
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Operations
|
$
|
116
|
|
|
$
|
119
|
|
Credit obligations
|
68
|
|
|
60
|
|
||
Development projects
|
—
|
|
|
2
|
|
||
Total
|
184
|
|
|
181
|
|
||
Less: non-current
|
(46
|
)
|
|
(45
|
)
|
||
Current
|
$
|
138
|
|
|
$
|
136
|
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Trade receivables
|
$
|
333
|
|
|
$
|
339
|
|
Prepaids and others
|
82
|
|
|
114
|
|
||
Other short-term receivables
|
104
|
|
|
109
|
|
||
Current portion of contract asset
|
47
|
|
|
45
|
|
||
|
$
|
566
|
|
|
$
|
607
|
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Operating accrued liabilities
|
$
|
243
|
|
|
$
|
263
|
|
Accounts payable
|
63
|
|
|
76
|
|
||
Interest payable on corporate and subsidiary borrowings
|
81
|
|
|
76
|
|
||
Deferred consideration
|
40
|
|
|
30
|
|
||
LP Unitholders distributions, preferred limited partnership unit distributions and preferred dividends payable
(1)
|
33
|
|
|
30
|
|
||
Other
|
42
|
|
|
58
|
|
||
|
$
|
502
|
|
|
$
|
533
|
|
(1)
|
Includes amounts payable only to external LP Unitholders. Amounts payable to Brookfield are included in due to related parties.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
72
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Brookfield Renewable along with institutional investors
|
$
|
52
|
|
|
$
|
51
|
|
Brookfield Renewable's subsidiaries
|
342
|
|
|
338
|
|
||
|
$
|
394
|
|
|
$
|
389
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
73
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Power purchase and revenue agreements
|
$
|
209
|
|
|
$
|
134
|
|
|
$
|
368
|
|
|
$
|
274
|
|
Wind levelization agreement
|
—
|
|
|
3
|
|
|
1
|
|
|
4
|
|
||||
|
$
|
209
|
|
|
$
|
137
|
|
|
$
|
369
|
|
|
$
|
278
|
|
Direct operating costs
|
|
|
|
|
|
|
|
||||||||
Energy purchases
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
Energy marketing fee
|
(6
|
)
|
|
(6
|
)
|
|
(12
|
)
|
|
(12
|
)
|
||||
Insurance services
(1)
|
(7
|
)
|
|
(7
|
)
|
|
(14
|
)
|
|
(13
|
)
|
||||
|
$
|
(15
|
)
|
|
$
|
(16
|
)
|
|
$
|
(31
|
)
|
|
$
|
(30
|
)
|
Interest expense - borrowings
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
Management service costs
|
$
|
(23
|
)
|
|
$
|
(21
|
)
|
|
$
|
(44
|
)
|
|
$
|
(42
|
)
|
(1)
|
Insurance services are paid to a subsidiary of Brookfield Asset Management that brokers external insurance providers on behalf of Brookfield Renewable. The fees paid to the subsidiary of Brookfield Asset Management for the three and six months ended June 30, 2019 were less than $1 million (2018: less than $1 million)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
74
|
(MILLIONS)
|
Brookfield
Renewable
(1)
|
|
|
BRP
Equity
|
|
|
Finco
|
|
|
Holding
Entities
(1)(2)
|
|
|
Other
Subsidiaries
(1)(3)
|
|
|
Consolidating
adjustments
(4)
|
|
|
Brookfield
Renewable
consolidated
|
|
|||||||
As at June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current assets
|
$
|
34
|
|
|
$
|
405
|
|
|
$
|
1,703
|
|
|
$
|
96
|
|
|
$
|
3,745
|
|
|
$
|
(4,195
|
)
|
|
$
|
1,788
|
|
Long-term assets
|
5,220
|
|
|
249
|
|
|
—
|
|
|
24,263
|
|
|
32,902
|
|
|
(30,016
|
)
|
|
32,618
|
|
|||||||
Current liabilities
|
41
|
|
|
7
|
|
|
23
|
|
|
4,152
|
|
|
1,862
|
|
|
(4,192
|
)
|
|
1,893
|
|
|||||||
Long-term liabilities
|
—
|
|
|
—
|
|
|
1,674
|
|
|
98
|
|
|
14,144
|
|
|
(653
|
)
|
|
15,263
|
|
|||||||
Participating non-controlling interests - in operating subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,226
|
|
|
—
|
|
|
8,226
|
|
|||||||
Participating non-controlling interests -in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
3,166
|
|
|
—
|
|
|
—
|
|
|
3,166
|
|
|||||||
Preferred equity
|
—
|
|
|
591
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
591
|
|
|||||||
Preferred limited partners' equity
|
833
|
|
|
—
|
|
|
—
|
|
|
844
|
|
|
—
|
|
|
(844
|
)
|
|
833
|
|
|||||||
As at December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current assets
|
$
|
32
|
|
|
$
|
389
|
|
|
$
|
1,631
|
|
|
$
|
93
|
|
|
$
|
3,639
|
|
|
$
|
(3,823
|
)
|
|
$
|
1,961
|
|
Long-term assets
|
5,208
|
|
|
239
|
|
|
1
|
|
|
24,078
|
|
|
32,433
|
|
|
(29,817
|
)
|
|
32,142
|
|
|||||||
Current liabilities
|
38
|
|
|
6
|
|
|
21
|
|
|
3,096
|
|
|
2,351
|
|
|
(3,823
|
)
|
|
1,689
|
|
|||||||
Long-term liabilities
|
—
|
|
|
—
|
|
|
1,607
|
|
|
798
|
|
|
13,445
|
|
|
(642
|
)
|
|
15,208
|
|
|||||||
Participating non-controlling interests - in operating subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,129
|
|
|
—
|
|
|
8,129
|
|
|||||||
Participating non-controlling interests -in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
3,252
|
|
|
—
|
|
|
—
|
|
|
3,252
|
|
|||||||
Preferred equity
|
—
|
|
|
568
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
568
|
|
|||||||
Preferred limited partners' equity
|
707
|
|
|
—
|
|
|
—
|
|
|
718
|
|
|
—
|
|
|
(718
|
)
|
|
707
|
|
(1)
|
Includes investments in subsidiaries under the equity method.
|
(2)
|
Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc. and Brookfield BRP Europe Holdings Limited, together the "Holding Entities".
|
(3)
|
Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Finco and the Holding Entities.
|
(4)
|
Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
75
|
(MILLIONS)
|
Brookfield
Renewable
(1)
|
|
|
BRP
Equity
|
|
|
Finco
|
|
|
Holding
Entities
(1)(2)
|
|
|
Other
Subsidiaries
(1)(3)
|
|
|
Consolidating
adjustments
(4)
|
|
|
Brookfield
Renewable
consolidated
|
|
|||||||
Three months ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
786
|
|
|
$
|
—
|
|
|
$
|
787
|
|
Net income (loss)
|
21
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
414
|
|
|
(370
|
)
|
|
109
|
|
|||||||
Three months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
734
|
|
|
$
|
—
|
|
|
$
|
735
|
|
Net income (loss)
|
9
|
|
|
3
|
|
|
—
|
|
|
19
|
|
|
227
|
|
|
(213
|
)
|
|
45
|
|
|||||||
Six months ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,612
|
|
|
$
|
—
|
|
|
$
|
1,612
|
|
Net income (loss)
|
56
|
|
|
—
|
|
|
2
|
|
|
55
|
|
|
746
|
|
|
(597
|
)
|
|
262
|
|
|||||||
Six months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1,527
|
|
|
$
|
—
|
|
|
$
|
1,528
|
|
Net income (loss)
|
23
|
|
|
7
|
|
|
—
|
|
|
10
|
|
|
439
|
|
|
(354
|
)
|
|
125
|
|
(1)
|
Includes investments in subsidiaries under the equity method.
|
(2)
|
Includes the Holding Entities.
|
(3)
|
Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Finco, and the Holding Entities.
|
(4)
|
Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
76
|
UNAUDITED
(MILLIONS, EXCEPT AS NOTED)
|
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|||||
Revenues
|
19
|
|
$
|
787
|
|
|
$
|
735
|
|
|
$
|
1,612
|
|
|
$
|
1,528
|
|
Other income
|
|
|
17
|
|
|
10
|
|
|
25
|
|
|
19
|
|
||||
Direct operating costs
|
|
|
(252
|
)
|
|
(247
|
)
|
|
(506
|
)
|
|
(503
|
)
|
||||
Management service costs
|
19
|
|
(23
|
)
|
|
(21
|
)
|
|
(44
|
)
|
|
(42
|
)
|
||||
Interest expense - borrowings
|
9
|
|
(178
|
)
|
|
(178
|
)
|
|
(351
|
)
|
|
(358
|
)
|
||||
Share of earning from equity-accounted investments
|
13
|
|
—
|
|
|
6
|
|
|
32
|
|
|
6
|
|
||||
Foreign exchange and unrealized financial instrument loss
|
5
|
|
(12
|
)
|
|
(33
|
)
|
|
(30
|
)
|
|
(25
|
)
|
||||
Depreciation
|
8
|
|
(200
|
)
|
|
(206
|
)
|
|
(400
|
)
|
|
(419
|
)
|
||||
Other
|
|
|
(1
|
)
|
|
(10
|
)
|
|
(3
|
)
|
|
(54
|
)
|
||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
||||||||
Current
|
7
|
|
(15
|
)
|
|
(7
|
)
|
|
(39
|
)
|
|
(14
|
)
|
||||
Deferred
|
7
|
|
(14
|
)
|
|
(4
|
)
|
|
(34
|
)
|
|
(13
|
)
|
||||
|
|
|
(29
|
)
|
|
(11
|
)
|
|
(73
|
)
|
|
(27
|
)
|
||||
Net income
|
|
|
$
|
109
|
|
|
$
|
45
|
|
|
$
|
262
|
|
|
$
|
125
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
||||||||
Non-controlling interests
|
|
|
|
|
|
|
|
|
|
||||||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
$
|
74
|
|
|
$
|
31
|
|
|
$
|
168
|
|
|
$
|
87
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
10
|
|
7
|
|
|
(1
|
)
|
|
25
|
|
|
2
|
|
||||
Preferred equity
|
10
|
|
7
|
|
|
6
|
|
|
13
|
|
|
13
|
|
||||
Preferred limited partners' equity
|
11
|
|
11
|
|
|
10
|
|
|
21
|
|
|
19
|
|
||||
Limited partners' equity
|
12
|
|
9
|
|
|
(1
|
)
|
|
34
|
|
|
4
|
|
||||
|
|
|
$
|
109
|
|
|
$
|
45
|
|
|
$
|
262
|
|
|
$
|
125
|
|
Basic and diluted (loss) earnings per LP Unit
|
|
|
$
|
0.05
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.19
|
|
|
$
|
0.02
|
|
UNAUDITED
(MILLIONS)
|
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|||||
Net income
|
|
|
$
|
109
|
|
|
$
|
45
|
|
|
$
|
262
|
|
|
$
|
125
|
|
Other comprehensive income (loss) that will not be reclassified to net income
|
|
|
|
|
|
|
|
|
|
||||||||
Revaluations of property, plant and equipment
|
|
|
—
|
|
|
179
|
|
|
—
|
|
|
176
|
|
||||
Actuarial (loss) gain on defined benefit plans
|
|
|
(8
|
)
|
|
1
|
|
|
(13
|
)
|
|
5
|
|
||||
Deferred income taxes on above items
|
|
|
4
|
|
|
(51
|
)
|
|
4
|
|
|
(51
|
)
|
||||
Total items that will not be reclassified to net income
|
|
|
(4
|
)
|
|
129
|
|
|
(9
|
)
|
|
130
|
|
||||
Other comprehensive income (loss) that may be reclassified to net income
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation
|
|
|
33
|
|
|
(637
|
)
|
|
168
|
|
|
(408
|
)
|
||||
(Losses) gains arising during the period on financial instruments designated as cash-flow hedges
|
5
|
|
6
|
|
|
(3
|
)
|
|
2
|
|
|
14
|
|
||||
Unrealized gain on foreign exchange swaps net investment hedge
|
5
|
|
7
|
|
|
57
|
|
|
1
|
|
|
61
|
|
||||
Unrealized (loss) gain on investments in equity securities
|
5
|
|
(3
|
)
|
|
(4
|
)
|
|
23
|
|
|
(11
|
)
|
||||
Reclassification adjustments for amounts recognized in net income
|
5
|
|
(4
|
)
|
|
3
|
|
|
—
|
|
|
14
|
|
||||
Deferred income taxes on above items
|
|
|
2
|
|
|
(5
|
)
|
|
1
|
|
|
(16
|
)
|
||||
Total items that may be reclassified subsequently to net income
|
|
|
41
|
|
|
(589
|
)
|
|
195
|
|
|
(346
|
)
|
||||
Other comprehensive income (loss)
|
|
|
37
|
|
|
(460
|
)
|
|
186
|
|
|
(216
|
)
|
||||
Comprehensive income (loss)
|
|
|
$
|
146
|
|
|
$
|
(415
|
)
|
|
$
|
448
|
|
|
$
|
(91
|
)
|
Comprehensive income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
||||||||
Non-controlling interests
|
|
|
|
|
|
|
|
|
|
||||||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
76
|
|
|
(118
|
)
|
|
253
|
|
|
139
|
|
||||
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
—
|
|
|
(3
|
)
|
|
1
|
|
|
(2
|
)
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
10
|
|
18
|
|
|
(126
|
)
|
|
58
|
|
|
(98
|
)
|
||||
Preferred equity
|
10
|
|
17
|
|
|
(4
|
)
|
|
36
|
|
|
(13
|
)
|
||||
Preferred limited partners' equity
|
11
|
|
11
|
|
|
10
|
|
|
21
|
|
|
19
|
|
||||
Limited partners' equity
|
12
|
|
$
|
24
|
|
|
$
|
(174
|
)
|
|
$
|
79
|
|
|
$
|
(136
|
)
|
|
|
|
146
|
|
|
(415
|
)
|
|
448
|
|
|
(91
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
3
|
UNAUDITED
(MILLIONS)
|
Notes
|
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Assets
|
|
|
|
|
|
||||
Current assets
|
|
|
|
|
|
||||
Cash and cash equivalents
|
14
|
|
$
|
322
|
|
|
$
|
173
|
|
Restricted cash
|
15
|
|
138
|
|
|
136
|
|
||
Trade receivables and other current assets
|
16
|
|
566
|
|
|
607
|
|
||
Financial instrument assets
|
5
|
|
46
|
|
|
60
|
|
||
Due from related parties
|
19
|
|
105
|
|
|
65
|
|
||
Assets held for sale
|
4
|
|
611
|
|
|
920
|
|
||
|
|
|
1,788
|
|
|
1,961
|
|
||
Financial instrument assets
|
5
|
|
239
|
|
|
124
|
|
||
Equity-accounted investments
|
13
|
|
1,576
|
|
|
1,569
|
|
||
Property, plant and equipment
|
8
|
|
29,317
|
|
|
29,025
|
|
||
Goodwill
|
|
|
839
|
|
|
828
|
|
||
Deferred income tax assets
|
7
|
|
114
|
|
|
91
|
|
||
Other long-term assets
|
|
|
533
|
|
|
505
|
|
||
Total Assets
|
|
|
$
|
34,406
|
|
|
$
|
34,103
|
|
Liabilities
|
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
17
|
|
$
|
502
|
|
|
$
|
533
|
|
Financial instrument liabilities
|
5
|
|
21
|
|
|
27
|
|
||
Cash on deposit and payables due to related parties
|
19
|
|
423
|
|
|
101
|
|
||
Non-recourse borrowings
|
9
|
|
597
|
|
|
495
|
|
||
Liabilities directly associated with assets held for sale
|
4
|
|
350
|
|
|
533
|
|
||
|
|
|
1,893
|
|
|
1,689
|
|
||
Financial instrument liabilities
|
5
|
|
145
|
|
|
111
|
|
||
Corporate borrowings
|
9
|
|
1,674
|
|
|
2,328
|
|
||
Non-recourse borrowings
|
9
|
|
8,243
|
|
|
7,895
|
|
||
Deferred income tax liabilities
|
7
|
|
4,266
|
|
|
4,140
|
|
||
Other long-term liabilities
|
|
|
935
|
|
|
734
|
|
||
Equity
|
|
|
|
|
|
||||
Non-controlling interests
|
|
|
|
|
|
||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
8,226
|
|
|
8,129
|
|
||
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
65
|
|
|
66
|
|
||
Participating non-controlling interests - in a holding subsidiary ‑ Redeemable/Exchangeable units held by Brookfield
|
10
|
|
3,166
|
|
|
3,252
|
|
||
Preferred equity
|
10
|
|
591
|
|
|
568
|
|
||
Preferred limited partners' equity
|
11
|
|
833
|
|
|
707
|
|
||
Limited partners' equity
|
12
|
|
4,369
|
|
|
4,484
|
|
||
Total Equity
|
|
|
17,250
|
|
|
17,206
|
|
||
Total Liabilities and Equity
|
|
|
$
|
34,406
|
|
|
$
|
34,103
|
|
Approved on behalf of Brookfield Renewable Partners L.P.:
|
|
|
|
Patricia Zuccotti
Director
|
David Mann
Director
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
4
|
|
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
Non-controlling interests
|
|
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
THREE MONTHS ENDED JUNE 30
(MILLIONS)
|
Limited
partners'
equity
|
|
|
Foreign
currency
translation
|
|
|
Revaluation
surplus
|
|
|
Actuarial losses on defined benefit plans
|
|
|
Cash flow
hedges
|
|
|
Investments in equity securities
|
|
|
Total
limited
partners'
equity
|
|
|
Preferred
limited
partners'
equity
|
|
|
Preferred
equity
|
|
|
Participating
non-controlling
interests - in
operating
subsidiaries
|
|
|
General
partnership
interest in
a holding
subsidiary
held by
Brookfield
|
|
|
Participating
non-controlling
interests - in a
holding subsidiary
- Redeemable
/Exchangeable
units held by
Brookfield
|
|
|
Total
equity
|
|
|||||||||||||
Balance, as at March 31, 2019
|
$
|
(810
|
)
|
|
$
|
(644
|
)
|
|
$
|
5,921
|
|
|
$
|
(7
|
)
|
|
$
|
(36
|
)
|
|
$
|
18
|
|
|
$
|
4,442
|
|
|
$
|
833
|
|
|
$
|
580
|
|
|
$
|
8,456
|
|
|
$
|
66
|
|
|
$
|
3,221
|
|
|
$
|
17,598
|
|
Net income
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
11
|
|
|
7
|
|
|
74
|
|
|
1
|
|
|
7
|
|
|
109
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
21
|
|
|
1
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
15
|
|
|
—
|
|
|
10
|
|
|
2
|
|
|
(1
|
)
|
|
11
|
|
|
37
|
|
|||||||||||||
Capital contributions (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||||||||||
Disposals (Note 3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|||||||||||||
Distributions or dividends declared
|
(92
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(92
|
)
|
|
(11
|
)
|
|
(7
|
)
|
|
(262
|
)
|
|
(13
|
)
|
|
(67
|
)
|
|
(452
|
)
|
|||||||||||||
Distribution reinvestment plan
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||||||||
Other
|
10
|
|
|
(2
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(6
|
)
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
12
|
|
|
(6
|
)
|
|
—
|
|
|||||||||||||
Change in period
|
(72
|
)
|
|
19
|
|
|
(3
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(13
|
)
|
|
(73
|
)
|
|
—
|
|
|
11
|
|
|
(230
|
)
|
|
(1
|
)
|
|
(55
|
)
|
|
(348
|
)
|
|||||||||||||
Balance as at June 30, 2019
|
$
|
(882
|
)
|
|
$
|
(625
|
)
|
|
$
|
5,918
|
|
|
$
|
(9
|
)
|
|
$
|
(38
|
)
|
|
$
|
5
|
|
|
$
|
4,369
|
|
|
$
|
833
|
|
|
$
|
591
|
|
|
$
|
8,226
|
|
|
$
|
65
|
|
|
$
|
3,166
|
|
|
$
|
17,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Balance, as at March 31, 2018
|
$
|
(347
|
)
|
|
$
|
(347
|
)
|
|
$
|
4,615
|
|
|
$
|
(8
|
)
|
|
$
|
(23
|
)
|
|
$
|
11
|
|
|
$
|
3,901
|
|
|
$
|
707
|
|
|
$
|
600
|
|
|
$
|
6,404
|
|
|
$
|
57
|
|
|
$
|
2,804
|
|
|
14,473
|
|
|
Net income (loss)
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
10
|
|
|
6
|
|
|
31
|
|
|
—
|
|
|
(1
|
)
|
|
45
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(186
|
)
|
|
12
|
|
|
1
|
|
|
2
|
|
|
(2
|
)
|
|
(173
|
)
|
|
—
|
|
|
(10
|
)
|
|
(149
|
)
|
|
(3
|
)
|
|
(125
|
)
|
|
(460
|
)
|
|||||||||||||
LP Units purchased for cancellation
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||||||||||||
Distributions or dividends declared
|
(88
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(88
|
)
|
|
(10
|
)
|
|
(7
|
)
|
|
(181
|
)
|
|
(11
|
)
|
|
(64
|
)
|
|
(361
|
)
|
|||||||||||||
Distribution reinvestment plan
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||||||
Other
|
(6
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
35
|
|
|
10
|
|
|
(5
|
)
|
|
35
|
|
|||||||||||||
Change in period
|
(101
|
)
|
|
(186
|
)
|
|
13
|
|
|
1
|
|
|
2
|
|
|
(2
|
)
|
|
(273
|
)
|
|
—
|
|
|
(11
|
)
|
|
(264
|
)
|
|
(4
|
)
|
|
(195
|
)
|
|
(747
|
)
|
|||||||||||||
Balance as at June 30, 2018
|
$
|
(448
|
)
|
|
$
|
(533
|
)
|
|
$
|
4,628
|
|
|
$
|
(7
|
)
|
|
$
|
(21
|
)
|
|
$
|
9
|
|
|
$
|
3,628
|
|
|
$
|
707
|
|
|
$
|
589
|
|
|
$
|
6,140
|
|
|
$
|
53
|
|
|
$
|
2,609
|
|
|
$
|
13,726
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
5
|
|
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
Non-controlling interests
|
|
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
SIX MONTHS ENDED JUNE 30
(MILLIONS)
|
Limited
partners'
equity
|
|
|
Foreign
currency
translation
|
|
|
Revaluation
surplus
|
|
|
Actuarial losses on defined benefit plans
|
|
|
Cash flow
hedges
|
|
|
Investments in equity securities
|
|
|
Total
limited
partners'
equity
|
|
|
Preferred
limited
partners'
equity
|
|
|
Preferred
equity
|
|
|
Participating
non-controlling
interests - in
operating
subsidiaries
|
|
|
General
partnership
interest in
a holding
subsidiary
held by
Brookfield
|
|
|
Participating
non-controlling
interests - in a
holding subsidiary
- Redeemable
/Exchangeable
units held by
Brookfield
|
|
|
Total
equity
|
|
|||||||||||||
Balance, as at December 31, 2018
|
$
|
(948
|
)
|
|
$
|
(652
|
)
|
|
$
|
6,120
|
|
|
$
|
(6
|
)
|
|
$
|
(34
|
)
|
|
$
|
4
|
|
|
$
|
4,484
|
|
|
$
|
707
|
|
|
$
|
568
|
|
|
$
|
8,129
|
|
|
$
|
66
|
|
|
$
|
3,252
|
|
|
$
|
17,206
|
|
Net income
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
21
|
|
|
13
|
|
|
168
|
|
|
1
|
|
|
25
|
|
|
262
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
41
|
|
|
1
|
|
|
(4
|
)
|
|
(4
|
)
|
|
11
|
|
|
45
|
|
|
—
|
|
|
23
|
|
|
85
|
|
|
—
|
|
|
33
|
|
|
186
|
|
|||||||||||||
Preferred LP Units issued (Note 11)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|||||||||||||
LP Units purchased for cancellation (Note 12)
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||||||||
Capital contributions (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
298
|
|
|
—
|
|
|
—
|
|
|
298
|
|
|||||||||||||
Disposals (Note 3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|||||||||||||
Distributions or dividends declared
|
(185
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(185
|
)
|
|
(21
|
)
|
|
(13
|
)
|
|
(396
|
)
|
|
(28
|
)
|
|
(135
|
)
|
|
(778
|
)
|
|||||||||||||
Distribution reinvestment plan
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||||||||||
Other
|
215
|
|
|
(14
|
)
|
|
(203
|
)
|
|
1
|
|
|
—
|
|
|
(10
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
26
|
|
|
(9
|
)
|
|
1
|
|
|||||||||||||
Change in period
|
66
|
|
|
27
|
|
|
(202
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
1
|
|
|
(115
|
)
|
|
126
|
|
|
23
|
|
|
97
|
|
|
(1
|
)
|
|
(86
|
)
|
|
44
|
|
|||||||||||||
Balance, as at June 30, 2019
|
$
|
(882
|
)
|
|
$
|
(625
|
)
|
|
$
|
5,918
|
|
|
$
|
(9
|
)
|
|
$
|
(38
|
)
|
|
$
|
5
|
|
|
$
|
4,369
|
|
|
$
|
833
|
|
|
$
|
591
|
|
|
$
|
8,226
|
|
|
$
|
65
|
|
|
$
|
3,166
|
|
|
$
|
17,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Balance, as at December 31, 2017
|
(259
|
)
|
|
(378
|
)
|
|
4,616
|
|
|
(9
|
)
|
|
(29
|
)
|
|
15
|
|
|
3,956
|
|
|
511
|
|
|
616
|
|
|
6,298
|
|
|
58
|
|
|
2,843
|
|
|
14,282
|
|
|||||||||||||
Net income
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
19
|
|
|
13
|
|
|
87
|
|
|
—
|
|
|
2
|
|
|
125
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(155
|
)
|
|
11
|
|
|
2
|
|
|
8
|
|
|
(6
|
)
|
|
(140
|
)
|
|
—
|
|
|
(26
|
)
|
|
52
|
|
|
(2
|
)
|
|
(100
|
)
|
|
(216
|
)
|
|||||||||||||
Preferred LP Units issued
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|||||||||||||
LP Units purchased for cancellation
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||||||||||
Acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||||||||||
Distributions or dividends declared
|
(178
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(178
|
)
|
|
(19
|
)
|
|
(14
|
)
|
|
(357
|
)
|
|
(23
|
)
|
|
(128
|
)
|
|
(719
|
)
|
|||||||||||||
Distribution reinvestment plan
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||||||||||
Other
|
(12
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
35
|
|
|
20
|
|
|
(8
|
)
|
|
36
|
|
|||||||||||||
Change in period
|
(189
|
)
|
|
(155
|
)
|
|
12
|
|
|
2
|
|
|
8
|
|
|
(6
|
)
|
|
(328
|
)
|
|
196
|
|
|
(27
|
)
|
|
(158
|
)
|
|
(5
|
)
|
|
(234
|
)
|
|
(556
|
)
|
|||||||||||||
Balance, as at June 30, 2018
|
$
|
(448
|
)
|
|
$
|
(533
|
)
|
|
$
|
4,628
|
|
|
$
|
(7
|
)
|
|
$
|
(21
|
)
|
|
$
|
9
|
|
|
$
|
3,628
|
|
|
$
|
707
|
|
|
$
|
589
|
|
|
$
|
6,140
|
|
|
$
|
53
|
|
|
$
|
2,609
|
|
|
$
|
13,726
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
6
|
UNAUDITED
|
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Operating activities
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
|
$
|
109
|
|
|
$
|
45
|
|
|
$
|
262
|
|
|
$
|
125
|
|
Adjustments for the following non-cash items:
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
8
|
|
200
|
|
|
206
|
|
|
400
|
|
|
419
|
|
||||
Unrealized foreign exchange and financial instruments loss
|
5
|
|
11
|
|
|
33
|
|
|
31
|
|
|
25
|
|
||||
Share of earnings from equity-accounted investments
|
13
|
|
—
|
|
|
(6
|
)
|
|
(32
|
)
|
|
(6
|
)
|
||||
Deferred income tax expense
|
7
|
|
14
|
|
|
4
|
|
|
34
|
|
|
13
|
|
||||
Other non-cash items
|
|
|
33
|
|
|
9
|
|
|
50
|
|
|
24
|
|
||||
Dividends received from equity-accounted investments
|
13
|
|
14
|
|
|
12
|
|
|
28
|
|
|
14
|
|
||||
Changes in due to or from related parties
|
|
|
(41
|
)
|
|
(9
|
)
|
|
(36
|
)
|
|
12
|
|
||||
Net change in working capital balances
|
|
|
28
|
|
|
(31
|
)
|
|
2
|
|
|
(63
|
)
|
||||
|
|
|
368
|
|
|
263
|
|
|
739
|
|
|
563
|
|
||||
Financing activities
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate credit facilities, net
|
9
|
|
(26
|
)
|
|
173
|
|
|
(721
|
)
|
|
180
|
|
||||
Proceeds from non-recourse borrowings
|
9
|
|
852
|
|
|
299
|
|
|
945
|
|
|
1,390
|
|
||||
Repayment of non-recourse borrowings
|
9
|
|
(573
|
)
|
|
(298
|
)
|
|
(666
|
)
|
|
(1,840
|
)
|
||||
Capital contributions from participating non-controlling interests - in operating subsidiaries
|
10
|
|
10
|
|
|
—
|
|
|
257
|
|
|
4
|
|
||||
Issuance of preferred limited partnership units
|
11
|
|
—
|
|
|
—
|
|
|
126
|
|
|
196
|
|
||||
Repurchase of LP Units
|
12
|
|
—
|
|
|
(8
|
)
|
|
(1
|
)
|
|
(8
|
)
|
||||
Distributions paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
To participating non-controlling interests - in operating subsidiaries
|
10
|
|
(262
|
)
|
|
(181
|
)
|
|
(396
|
)
|
|
(357
|
)
|
||||
To preferred shareholders
|
10
|
|
(7
|
)
|
|
(6
|
)
|
|
(13
|
)
|
|
(13
|
)
|
||||
To preferred limited partners' unitholders
|
11
|
|
(11
|
)
|
|
(10
|
)
|
|
(20
|
)
|
|
(18
|
)
|
||||
To unitholders of Brookfield Renewable or BRELP
|
9, 11
|
|
(171
|
)
|
|
(161
|
)
|
|
(342
|
)
|
|
(321
|
)
|
||||
Borrowings from related party
|
19
|
|
322
|
|
|
200
|
|
|
922
|
|
|
200
|
|
||||
Repayments to related party
|
19
|
|
(355
|
)
|
|
—
|
|
|
(600
|
)
|
|
—
|
|
||||
|
|
|
(221
|
)
|
|
8
|
|
|
(509
|
)
|
|
(587
|
)
|
||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment in equity accounted investments
|
|
|
(4
|
)
|
|
(420
|
)
|
|
(4
|
)
|
|
(420
|
)
|
||||
Acquisitions net of cash and cash equivalents in acquired entity
|
2
|
|
(26
|
)
|
|
—
|
|
|
(26
|
)
|
|
(12
|
)
|
||||
Investment in property, plant and equipment
|
8
|
|
(34
|
)
|
|
(42
|
)
|
|
(63
|
)
|
|
(94
|
)
|
||||
Proceeds from disposal of assets
|
3
|
|
82
|
|
|
—
|
|
|
82
|
|
|
—
|
|
||||
(Investment in) disposal of securities
|
5
|
|
(79
|
)
|
|
(13
|
)
|
|
(74
|
)
|
|
25
|
|
||||
Restricted cash and other
|
|
|
66
|
|
|
49
|
|
|
11
|
|
|
(29
|
)
|
||||
|
|
|
5
|
|
|
(426
|
)
|
|
(74
|
)
|
|
(530
|
)
|
||||
Foreign exchange gain (loss) on cash
|
|
|
1
|
|
|
(12
|
)
|
|
1
|
|
|
(8
|
)
|
||||
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Increase (decrease)
|
|
|
153
|
|
|
(167
|
)
|
|
157
|
|
|
(562
|
)
|
||||
Net change in cash classified within assets held for sale
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
||||
Balance, beginning of period
|
|
|
177
|
|
|
404
|
|
|
173
|
|
|
799
|
|
||||
Balance, end of period
|
|
|
$
|
322
|
|
|
$
|
237
|
|
|
$
|
322
|
|
|
$
|
237
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest paid
|
|
|
$
|
176
|
|
|
$
|
185
|
|
|
$
|
319
|
|
|
$
|
315
|
|
Interest received
|
|
|
$
|
6
|
|
|
$
|
5
|
|
|
$
|
10
|
|
|
$
|
12
|
|
Income taxes paid
|
|
|
$
|
18
|
|
|
$
|
10
|
|
|
$
|
37
|
|
|
$
|
23
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
7
|
Page
|
||
|
||
1.
|
Basis of preparation and significant accounting policies
|
|
2.
|
Acquisitions
|
|
3.
|
Disposal of assets
|
|
4.
|
Assets held for sale
|
|
5.
|
Risk management and financial instruments
|
|
6.
|
Segmented information
|
|
|
|
|
7.
|
Income taxes
|
|
|
|
|
|
||
8.
|
Property, plant and equipment
|
|
9.
|
Borrowings
|
|
10.
|
Non-controlling interests
|
|
11.
|
Preferred limited partner's equity
|
|
12.
|
Limited partners' equity
|
|
13.
|
Equity-accounted investments
|
|
14.
|
Cash and cash equivalents
|
|
15.
|
Restricted cash
|
|
16.
|
Trade receivables and other current assets
|
|
17.
|
Accounts payable and accrued liabilities
|
|
18.
|
Commitments, contingencies and guarantees
|
|
|
|
|
|
||
19.
|
Related party transactions
|
|
20.
|
Subsidiary public issuers
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
8
|
•
|
the contract specified explicitly or implicitly the use of an identified asset, and that is physically distinct or represents substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified;
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
9
|
•
|
Brookfield Renewable has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and
|
•
|
Brookfield Renewable has the right to direct the use of the asset. Brookfield Renewable has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decisions about how and for what purpose the asset is used are predetermined, Brookfield Renewable has the right to direct the use of the asset if either:
|
◦
|
Brookfield Renewable has the right to operate the asset; or
|
◦
|
Brookfield Renewable designed the asset in a way that predetermines how and for what purpose it will be used.
|
•
|
Fixed payments, including in-substance fixed payments;
|
•
|
Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
|
•
|
Amounts expected to be payable under a residual value guarantee; and
|
•
|
The exercise price under a purchase option that Brookfield Renewable is reasonably certain to exercise, lease payments in an optional renewable period if Brookfield Renewable is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless Brookfield Renewable is reasonably certain not to terminate early.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
10
|
•
|
Fulfillment of the arrangement was dependent on the use of a specific asset or assets; and
|
•
|
The arrangement had conveyed a right to use the asset. An arrangement conveyed a right to use the asset if one of the following was met:
|
◦
|
The purchaser had the ability or right to operate the asset while obtaining or controlling more than an insignificant amount of the output;
|
◦
|
The purchaser had the ability or right to control physical access to the asset while obtaining or controlling more than an insignificant amount of the output; or
|
◦
|
Facts and circumstances indicated that it was remote that other parties would take more than an insignificant amount of the output, and the price per unit was neither fixed per unit of output nor equal to the market price per unit of output.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
11
|
•
|
Applied the exemption not to recognize right-of-use asset and liabilities for leases with less than twelve months of lease term; and
|
•
|
Excluded initial direct costs from measuring the right-of-use asset at the date of initial application.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
12
|
(MILLIONS)
|
Axis Wind
|
|
Restricted cash
|
2
|
|
Trade receivables and other current assets
|
6
|
|
Property, plant and equipment
|
128
|
|
Other non-current assets
|
7
|
|
Current portion of non-recourse borrowings
|
(5
|
)
|
Financial instruments
|
(2
|
)
|
Non-recourse borrowings
|
(83
|
)
|
Deferred income tax liabilities
|
(8
|
)
|
Other long-term liabilities
|
(4
|
)
|
Fair value of net assets acquired
|
41
|
|
Purchase price
|
41
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
13
|
(MILLIONS)
|
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
16
|
|
|
$
|
8
|
|
Restricted cash
|
|
31
|
|
|
47
|
|
||
Trade receivables and other current assets
|
|
19
|
|
|
28
|
|
||
Property, plant and equipment
|
|
478
|
|
|
749
|
|
||
Goodwill
|
|
—
|
|
|
22
|
|
||
Other long-term assets
|
|
67
|
|
|
66
|
|
||
Assets held for sale
|
|
$
|
611
|
|
|
$
|
920
|
|
Liabilities
|
|
|
|
|
||||
Current liabilities
|
|
$
|
19
|
|
|
$
|
23
|
|
Long-term debt
|
|
238
|
|
|
360
|
|
||
Other long-term liabilities
|
|
93
|
|
|
150
|
|
||
Liabilities directly associated with assets held for sale
|
|
$
|
350
|
|
|
$
|
533
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
14
|
|
Jun 30, 2019
|
|
Dec 31, 2018
|
||||||||||||||||
(MILLIONS)
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Total
|
|
|||||
Assets measured at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
322
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
322
|
|
|
$
|
173
|
|
Restricted cash
(1)
|
184
|
|
|
—
|
|
|
—
|
|
|
184
|
|
|
181
|
|
|||||
Financial instrument assets
(2)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
26
|
|
|
—
|
|
|
26
|
|
|
3
|
|
|||||
Interest rate swaps
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
9
|
|
|||||
Foreign exchange swaps
|
—
|
|
|
29
|
|
|
—
|
|
|
29
|
|
|
55
|
|
|||||
Investments in equity securities
|
87
|
|
|
65
|
|
|
77
|
|
|
229
|
|
|
117
|
|
|||||
Property, plant and equipment
|
—
|
|
|
—
|
|
|
29,317
|
|
|
29,317
|
|
|
29,025
|
|
|||||
Liabilities measured at fair value:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Financial instrument liabilities
(3)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|||||
Interest rate swaps
|
—
|
|
|
(157
|
)
|
|
—
|
|
|
(157
|
)
|
|
(116
|
)
|
|||||
Foreign exchange swaps
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|||||
Contingent consideration
(3)
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||||
Assets for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Equity-accounted investments
(4)
|
896
|
|
|
—
|
|
|
—
|
|
|
896
|
|
|
703
|
|
|||||
Liabilities for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate borrowings
|
(1,791
|
)
|
|
—
|
|
|
—
|
|
|
(1,791
|
)
|
|
(2,367
|
)
|
|||||
Non-recourse borrowing
|
(400
|
)
|
|
(9,121
|
)
|
|
—
|
|
|
(9,521
|
)
|
|
(8,696
|
)
|
|||||
Total
|
$
|
(702
|
)
|
|
$
|
(9,166
|
)
|
|
$
|
29,391
|
|
|
$
|
19,523
|
|
|
$
|
19,062
|
|
(1)
|
Includes both the current amount and long-term amount included in Other long-term assets.
|
(2)
|
Includes both current and long-term amounts.
|
(3)
|
Amount relates to business combinations with obligations lapsing in 2024.
|
(4)
|
The fair value corresponds to Brookfield Renewable's investment in publicly-quoted common shares of TerraForm Power, Inc.
|
|
Jun 30, 2019
|
|
Dec 31, 2018
|
||||||||||||
(MILLIONS)
|
Assets
|
|
|
Liabilities
|
|
|
Net Assets
(Liabilities)
|
|
|
Net Assets
(Liabilities)
|
|
||||
Energy derivative contracts
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
(19
|
)
|
Interest rate swaps
|
1
|
|
|
157
|
|
|
(156
|
)
|
|
(107
|
)
|
||||
Foreign exchange swaps
|
29
|
|
|
9
|
|
|
20
|
|
|
55
|
|
||||
Investments in equity securities
|
229
|
|
|
—
|
|
|
229
|
|
|
117
|
|
||||
Total
|
285
|
|
|
166
|
|
|
119
|
|
|
46
|
|
||||
Less: current portion
|
46
|
|
|
21
|
|
|
25
|
|
|
33
|
|
||||
Long-term portion
|
$
|
239
|
|
|
$
|
145
|
|
|
$
|
94
|
|
|
$
|
13
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
15
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
6
|
|
|
$
|
(2
|
)
|
|
$
|
12
|
|
|
$
|
2
|
|
Interest rate swaps
|
(19
|
)
|
|
15
|
|
|
(32
|
)
|
|
20
|
|
||||
Foreign exchange swaps - cash flow
|
(8
|
)
|
|
62
|
|
|
(19
|
)
|
|
46
|
|
||||
Foreign exchange gain (loss)
|
9
|
|
|
(108
|
)
|
|
9
|
|
|
(93
|
)
|
||||
|
$
|
(12
|
)
|
|
$
|
(33
|
)
|
|
$
|
(30
|
)
|
|
$
|
(25
|
)
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
25
|
|
|
$
|
(4
|
)
|
|
$
|
38
|
|
|
$
|
3
|
|
Interest rate swaps
|
(19
|
)
|
|
1
|
|
|
(36
|
)
|
|
11
|
|
||||
|
6
|
|
|
(3
|
)
|
|
2
|
|
|
14
|
|
||||
Foreign exchange swaps - net investment
|
7
|
|
|
57
|
|
|
1
|
|
|
61
|
|
||||
Investments in equity securities
|
(3
|
)
|
|
(4
|
)
|
|
23
|
|
|
(11
|
)
|
||||
|
$
|
10
|
|
|
$
|
50
|
|
|
$
|
26
|
|
|
$
|
64
|
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
$
|
(7
|
)
|
|
$
|
8
|
|
Interest rate swaps
|
4
|
|
|
3
|
|
|
7
|
|
|
6
|
|
||||
|
$
|
(4
|
)
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
14
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
16
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
17
|
|
Attributable to Unitholders
|
|
Contribution
from
equity
accounted
investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials
(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and
Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
275
|
|
|
58
|
|
|
56
|
|
|
58
|
|
|
22
|
|
|
9
|
|
|
3
|
|
|
51
|
|
|
21
|
|
|
—
|
|
|
553
|
|
|
(98
|
)
|
|
332
|
|
|
787
|
|
Other income
|
8
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
14
|
|
|
(2
|
)
|
|
5
|
|
|
17
|
|
Direct operating costs
|
(72
|
)
|
|
(18
|
)
|
|
(21
|
)
|
|
(18
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(10
|
)
|
|
(11
|
)
|
|
(5
|
)
|
|
(167
|
)
|
|
27
|
|
|
(112
|
)
|
|
(252
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
5
|
|
|
78
|
|
Adjusted EBITDA
|
211
|
|
|
42
|
|
|
35
|
|
|
40
|
|
|
15
|
|
|
6
|
|
|
2
|
|
|
42
|
|
|
10
|
|
|
(3
|
)
|
|
400
|
|
|
—
|
|
|
230
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
Interest expense - borrowings
|
(39
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(16
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(3
|
)
|
|
(25
|
)
|
|
(119
|
)
|
|
26
|
|
|
(85
|
)
|
|
(178
|
)
|
Current income taxes
|
(4
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(5
|
)
|
|
(15
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(5
|
)
|
|
(31
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(135
|
)
|
|
(135
|
)
|
Funds From Operations
|
168
|
|
|
33
|
|
|
25
|
|
|
23
|
|
|
11
|
|
|
4
|
|
|
1
|
|
|
27
|
|
|
7
|
|
|
(69
|
)
|
|
230
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(56
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(39
|
)
|
|
(13
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(163
|
)
|
|
36
|
|
|
(73
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instrument loss
|
1
|
|
|
4
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(12
|
)
|
|
(13
|
)
|
|
4
|
|
|
(3
|
)
|
|
(12
|
)
|
Deferred income tax expense
|
(23
|
)
|
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
(10
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(14
|
)
|
Other
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(2
|
)
|
|
5
|
|
|
2
|
|
|
(12
|
)
|
|
—
|
|
|
(3
|
)
|
|
(27
|
)
|
|
8
|
|
|
18
|
|
|
(1
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
(47
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
61
|
|
Net income (loss) attributable to Unitholders
(2)
|
79
|
|
|
16
|
|
|
17
|
|
|
(22
|
)
|
|
(11
|
)
|
|
4
|
|
|
2
|
|
|
4
|
|
|
1
|
|
|
(73
|
)
|
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
(1)
|
Share of earnings from equity-accounted investments of
$nil
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$74 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
18
|
|
Attributable to Unitholders
|
|
Contribution
from
equity
accounted
investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials
(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and
Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
228
|
|
|
63
|
|
|
53
|
|
|
54
|
|
|
12
|
|
|
10
|
|
|
3
|
|
|
30
|
|
|
20
|
|
|
—
|
|
|
473
|
|
|
(58
|
)
|
|
320
|
|
|
735
|
|
Other income
|
5
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
(2
|
)
|
|
4
|
|
|
10
|
|
Direct operating costs
|
(68
|
)
|
|
(20
|
)
|
|
(22
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|
(10
|
)
|
|
(6
|
)
|
|
(157
|
)
|
|
19
|
|
|
(109
|
)
|
|
(247
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
4
|
|
|
45
|
|
Adjusted EBITDA
|
165
|
|
|
44
|
|
|
31
|
|
|
38
|
|
|
7
|
|
|
8
|
|
|
2
|
|
|
25
|
|
|
10
|
|
|
(6
|
)
|
|
324
|
|
|
—
|
|
|
219
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Interest expense - borrowings
|
(40
|
)
|
|
(5
|
)
|
|
(10
|
)
|
|
(14
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(3
|
)
|
|
(23
|
)
|
|
(110
|
)
|
|
16
|
|
|
(84
|
)
|
|
(178
|
)
|
Current income taxes
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
1
|
|
|
(3
|
)
|
|
(7
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
(4
|
)
|
|
(21
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(128
|
)
|
|
(128
|
)
|
Funds From Operations
|
123
|
|
|
37
|
|
|
21
|
|
|
24
|
|
|
3
|
|
|
6
|
|
|
1
|
|
|
16
|
|
|
7
|
|
|
(66
|
)
|
|
172
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(56
|
)
|
|
(33
|
)
|
|
(5
|
)
|
|
(29
|
)
|
|
(9
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|
—
|
|
|
(149
|
)
|
|
17
|
|
|
(74
|
)
|
|
(206
|
)
|
Foreign exchange and unrealized financial instrument loss
|
(1
|
)
|
|
(1
|
)
|
|
4
|
|
|
3
|
|
|
6
|
|
|
(8
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
|
5
|
|
|
1
|
|
|
(6
|
)
|
|
(28
|
)
|
|
(33
|
)
|
Deferred income tax expense
|
(2
|
)
|
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
(3
|
)
|
|
(5
|
)
|
|
(4
|
)
|
Other
|
(8
|
)
|
|
(2
|
)
|
|
—
|
|
|
(5
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(8
|
)
|
|
(30
|
)
|
|
10
|
|
|
10
|
|
|
(10
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
97
|
|
Net income (loss) attributable to Unitholders
(2)
|
56
|
|
|
2
|
|
|
18
|
|
|
(6
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|
2
|
|
|
1
|
|
|
(65
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
(1)
|
Share of earnings from equity-accounted investments of
$6 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$31 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
19
|
|
Attributable to Unitholders
|
|
Contribution
from
equity
accounted
investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials
(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and
Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
539
|
|
|
123
|
|
|
118
|
|
|
121
|
|
|
50
|
|
|
16
|
|
|
5
|
|
|
89
|
|
|
45
|
|
|
—
|
|
|
1,106
|
|
|
(189
|
)
|
|
695
|
|
|
1,612
|
|
Other income
|
9
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
4
|
|
|
21
|
|
|
(6
|
)
|
|
10
|
|
|
25
|
|
Direct operating costs
|
(142
|
)
|
|
(35
|
)
|
|
(45
|
)
|
|
(35
|
)
|
|
(16
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|
(17
|
)
|
|
(24
|
)
|
|
(11
|
)
|
|
(332
|
)
|
|
56
|
|
|
(230
|
)
|
|
(506
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
12
|
|
|
151
|
|
Adjusted EBITDA
|
406
|
|
|
91
|
|
|
73
|
|
|
88
|
|
|
35
|
|
|
11
|
|
|
3
|
|
|
74
|
|
|
21
|
|
|
(7
|
)
|
|
795
|
|
|
—
|
|
|
487
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
Interest expense - borrowings
|
(80
|
)
|
|
(12
|
)
|
|
(16
|
)
|
|
(35
|
)
|
|
(7
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(29
|
)
|
|
(7
|
)
|
|
(49
|
)
|
|
(240
|
)
|
|
50
|
|
|
(161
|
)
|
|
(351
|
)
|
Current income taxes
|
(6
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
1
|
|
|
(20
|
)
|
|
(39
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
(9
|
)
|
|
(60
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(297
|
)
|
|
(297
|
)
|
Funds From Operations
|
320
|
|
|
73
|
|
|
51
|
|
|
52
|
|
|
28
|
|
|
6
|
|
|
2
|
|
|
45
|
|
|
14
|
|
|
(134
|
)
|
|
457
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(111
|
)
|
|
(44
|
)
|
|
(10
|
)
|
|
(79
|
)
|
|
(23
|
)
|
|
(9
|
)
|
|
(2
|
)
|
|
(28
|
)
|
|
(12
|
)
|
|
(2
|
)
|
|
(320
|
)
|
|
69
|
|
|
(149
|
)
|
|
(400
|
)
|
Foreign exchange and unrealized financial instrument loss
|
3
|
|
|
3
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(1
|
)
|
|
—
|
|
|
4
|
|
|
(1
|
)
|
|
(28
|
)
|
|
(31
|
)
|
|
5
|
|
|
(4
|
)
|
|
(30
|
)
|
Deferred income tax expense
|
(40
|
)
|
|
2
|
|
|
(4
|
)
|
|
17
|
|
|
6
|
|
|
—
|
|
|
(1
|
)
|
|
16
|
|
|
—
|
|
|
18
|
|
|
14
|
|
|
(36
|
)
|
|
(12
|
)
|
|
(34
|
)
|
Other
|
(26
|
)
|
|
(1
|
)
|
|
1
|
|
|
(7
|
)
|
|
(2
|
)
|
|
5
|
|
|
2
|
|
|
(24
|
)
|
|
—
|
|
|
(8
|
)
|
|
(60
|
)
|
|
21
|
|
|
36
|
|
|
(3
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
(59
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
|
129
|
|
Net income (loss) attributable to Unitholders
(2)
|
146
|
|
|
33
|
|
|
37
|
|
|
(18
|
)
|
|
—
|
|
|
1
|
|
|
1
|
|
|
13
|
|
|
1
|
|
|
(154
|
)
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
(1)
|
Share of earnings from equity-accounted investments of
$32 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$168 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
20
|
|
Attributable to Unitholders
|
|
Contribution
from equity accounted investments |
|
|
Attributable
to non- controlling interests |
|
|
As per
IFRS financials (1) |
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and Other |
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
489
|
|
|
132
|
|
|
106
|
|
|
108
|
|
|
29
|
|
|
18
|
|
|
5
|
|
|
48
|
|
|
37
|
|
|
—
|
|
|
972
|
|
|
(97
|
)
|
|
653
|
|
|
1,528
|
|
Other income
|
5
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
14
|
|
|
(4
|
)
|
|
9
|
|
|
19
|
|
Direct operating costs
|
(138
|
)
|
|
(39
|
)
|
|
(45
|
)
|
|
(30
|
)
|
|
(12
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|
(10
|
)
|
|
(18
|
)
|
|
(12
|
)
|
|
(311
|
)
|
|
32
|
|
|
(224
|
)
|
|
(503
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
12
|
|
|
81
|
|
Adjusted EBITDA
|
356
|
|
|
95
|
|
|
62
|
|
|
79
|
|
|
18
|
|
|
13
|
|
|
3
|
|
|
41
|
|
|
19
|
|
|
(11
|
)
|
|
675
|
|
|
—
|
|
|
450
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
Interest expense - borrowings
|
(84
|
)
|
|
(12
|
)
|
|
(20
|
)
|
|
(28
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(15
|
)
|
|
(7
|
)
|
|
(48
|
)
|
|
(226
|
)
|
|
25
|
|
|
(157
|
)
|
|
(358
|
)
|
Current income taxes
|
(3
|
)
|
|
(5
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
1
|
|
|
(5
|
)
|
|
(14
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(10
|
)
|
|
(36
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(278
|
)
|
|
(278
|
)
|
Funds From Operations
|
269
|
|
|
78
|
|
|
42
|
|
|
50
|
|
|
11
|
|
|
9
|
|
|
1
|
|
|
26
|
|
|
12
|
|
|
(133
|
)
|
|
365
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(113
|
)
|
|
(71
|
)
|
|
(10
|
)
|
|
(55
|
)
|
|
(17
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
(13
|
)
|
|
(12
|
)
|
|
—
|
|
|
(300
|
)
|
|
29
|
|
|
(148
|
)
|
|
(419
|
)
|
Foreign exchange and unrealized financial instrument loss
|
1
|
|
|
(1
|
)
|
|
1
|
|
|
3
|
|
|
5
|
|
|
(8
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
13
|
|
|
8
|
|
|
(6
|
)
|
|
(27
|
)
|
|
(25
|
)
|
Deferred income tax expense
|
(6
|
)
|
|
1
|
|
|
(3
|
)
|
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
(3
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(13
|
)
|
Other
|
(18
|
)
|
|
(4
|
)
|
|
—
|
|
|
(5
|
)
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|
(10
|
)
|
|
(9
|
)
|
|
(13
|
)
|
|
(64
|
)
|
|
17
|
|
|
(7
|
)
|
|
(54
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
(39
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
191
|
|
|
191
|
|
Net income (loss) attributable to Unitholders
(2)
|
133
|
|
|
3
|
|
|
30
|
|
|
(12
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|
—
|
|
|
(11
|
)
|
|
(124
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
(1)
|
Share of loss from equity-accounted investments of
$6 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$87 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
21
|
|
Attributable to Unitholders
|
|
Contribution
from equity accounted investments |
|
|
Attributable
to non- controlling interests |
|
|
As per
IFRS financials |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and Other |
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||||||||||||||||
As at June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
16
|
|
|
$
|
13
|
|
|
$
|
48
|
|
|
$
|
23
|
|
|
$
|
34
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
31
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
184
|
|
|
$
|
(72
|
)
|
|
$
|
210
|
|
|
$
|
322
|
|
Property, plant and equipment
|
11,150
|
|
|
1,900
|
|
|
1,634
|
|
|
2,495
|
|
|
803
|
|
|
345
|
|
|
72
|
|
|
1,349
|
|
|
682
|
|
|
—
|
|
|
20,430
|
|
|
(3,534
|
)
|
|
12,421
|
|
|
29,317
|
|
||||||||||||||
Total assets
|
11,874
|
|
|
2,075
|
|
|
1,926
|
|
|
2,613
|
|
|
919
|
|
|
365
|
|
|
95
|
|
|
1,581
|
|
|
742
|
|
|
138
|
|
|
22,328
|
|
|
(2,474
|
)
|
|
14,552
|
|
|
34,406
|
|
||||||||||||||
Total borrowings
|
3,014
|
|
|
197
|
|
|
482
|
|
|
1,218
|
|
|
410
|
|
|
75
|
|
|
67
|
|
|
1,013
|
|
|
237
|
|
|
2,002
|
|
|
8,715
|
|
|
(1,933
|
)
|
|
4,054
|
|
|
10,836
|
|
||||||||||||||
Other liabilities
|
2,753
|
|
|
160
|
|
|
446
|
|
|
521
|
|
|
132
|
|
|
9
|
|
|
7
|
|
|
310
|
|
|
35
|
|
|
—
|
|
|
4,373
|
|
|
(542
|
)
|
|
2,489
|
|
|
6,320
|
|
||||||||||||||
For the six months ended June 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
56
|
|
|
18
|
|
|
10
|
|
|
20
|
|
|
14
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
1
|
|
|
135
|
|
|
(12
|
)
|
|
91
|
|
|
214
|
|
||||||||||||||
As at December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
6
|
|
|
$
|
37
|
|
|
$
|
7
|
|
|
$
|
30
|
|
|
$
|
29
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
41
|
|
|
$
|
9
|
|
|
$
|
3
|
|
|
$
|
169
|
|
|
$
|
(81
|
)
|
|
$
|
85
|
|
|
$
|
173
|
|
Property, plant and equipment
|
11,498
|
|
|
1,907
|
|
|
1,609
|
|
|
2,480
|
|
|
819
|
|
|
348
|
|
|
36
|
|
|
1,354
|
|
|
686
|
|
|
(9
|
)
|
|
20,728
|
|
|
(3,529
|
)
|
|
11,826
|
|
|
29,025
|
|
||||||||||||||
Total assets
|
12,125
|
|
|
2,105
|
|
|
1,868
|
|
|
2,554
|
|
|
939
|
|
|
379
|
|
|
56
|
|
|
1,650
|
|
|
746
|
|
|
161
|
|
|
22,583
|
|
|
(2,483
|
)
|
|
14,003
|
|
|
34,103
|
|
||||||||||||||
Total borrowings
|
2,995
|
|
|
198
|
|
|
419
|
|
|
1,210
|
|
|
463
|
|
|
75
|
|
|
31
|
|
|
1,021
|
|
|
249
|
|
|
2,328
|
|
|
8,989
|
|
|
(1,972
|
)
|
|
3,701
|
|
|
10,718
|
|
||||||||||||||
Other liabilities
|
2,764
|
|
|
150
|
|
|
434
|
|
|
536
|
|
|
124
|
|
|
7
|
|
|
3
|
|
|
255
|
|
|
31
|
|
|
211
|
|
|
4,515
|
|
|
(511
|
)
|
|
2,175
|
|
|
6,179
|
|
||||||||||||||
For the six months ended June 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
12
|
|
|
9
|
|
|
2
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
1
|
|
|
3
|
|
|
35
|
|
|
(5
|
)
|
|
27
|
|
|
57
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
22
|
|
Three months ended June 30
|
|
Six months ended June 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
United States
|
$
|
266
|
|
|
$
|
245
|
|
|
$
|
542
|
|
|
$
|
495
|
|
Colombia
|
231
|
|
|
219
|
|
|
488
|
|
|
442
|
|
||||
Canada
|
125
|
|
|
97
|
|
|
235
|
|
|
226
|
|
||||
Brazil
|
99
|
|
|
106
|
|
|
199
|
|
|
209
|
|
||||
Europe
|
27
|
|
|
24
|
|
|
69
|
|
|
68
|
|
||||
Other
|
39
|
|
|
44
|
|
|
79
|
|
|
88
|
|
||||
|
$
|
787
|
|
|
$
|
735
|
|
|
$
|
1,612
|
|
|
$
|
1,528
|
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
United States
|
$
|
12,711
|
|
|
$
|
12,705
|
|
Colombia
|
6,753
|
|
|
6,665
|
|
||
Canada
|
5,852
|
|
|
5,705
|
|
||
Brazil
|
3,533
|
|
|
3,553
|
|
||
Europe
|
1,577
|
|
|
1,624
|
|
||
Other
|
467
|
|
|
342
|
|
||
|
$
|
30,893
|
|
|
$
|
30,594
|
|
(1)
|
Includes storage, biomass and cogeneration.
|
(2)
|
Includes intangible assets of
$11 million
(
2018
:
$11 million
) and assets under construction of
$347 million
(
2018
:
$388 million
).
|
(3)
|
On January 1, 2019 Brookfield Renewable adopted IFRS 16. See Note
1
-
Basis of preparation and significant accounting policies
for additional details regarding the impact of the new accounting standard adoption.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
23
|
|
Jun 30, 2019
|
|
Dec 31, 2018
|
||||||||||||||||||||||
|
Weighted-average
|
|
|
|
|
|
Weighted- average
|
|
|
|
|
||||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
Interest
rate (%)
|
|
Term
(years)
|
|
|
Carrying
value
|
|
|
Estimated fair value
|
|
|
Interest
rate (%)
|
|
Term
(years)
|
|
|
Carrying
value
|
|
|
Estimated fair value
|
|
||||
Credit facilities
(1)
|
3.6
|
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
3.3
|
|
4
|
|
|
$
|
721
|
|
|
$
|
721
|
|
Medium Term Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Series 4 (C$150)
|
5.8
|
|
17
|
|
|
115
|
|
|
$
|
143
|
|
|
5.8
|
|
18
|
|
|
$
|
110
|
|
|
$
|
124
|
|
|
Series 7 (C$450)
|
5.1
|
|
1
|
|
|
344
|
|
|
358
|
|
|
5.1
|
|
2
|
|
|
330
|
|
|
342
|
|
||||
Series 8 (C$400)
|
4.8
|
|
3
|
|
|
305
|
|
|
$
|
327
|
|
|
4.8
|
|
3
|
|
|
293
|
|
|
309
|
|
|||
Series 9 (C$400)
|
3.8
|
|
6
|
|
|
305
|
|
|
317
|
|
|
3.8
|
|
6
|
|
|
293
|
|
|
288
|
|
||||
Series 10 (C$500)
|
3.6
|
|
8
|
|
|
382
|
|
|
$
|
397
|
|
|
3.6
|
|
8
|
|
|
367
|
|
|
357
|
|
|||
Series 11 (C$300)
|
4.3
|
|
10
|
|
|
229
|
|
|
249
|
|
|
4.3
|
|
10
|
|
|
220
|
|
|
220
|
|
||||
|
4.4
|
|
6
|
|
|
$
|
1,680
|
|
|
$
|
1,791
|
|
|
4.4
|
|
7
|
|
|
$
|
1,613
|
|
|
$
|
1,640
|
|
Total corporate borrowings
|
|
1,680
|
|
|
1,791
|
|
|
|
|
|
|
2,334
|
|
|
2,361
|
|
|||||||||
Less: Unamortized financing fees
(2)
|
|
(6
|
)
|
|
|
|
|
|
|
|
(6
|
)
|
|
|
|||||||||||
|
|
|
|
|
$
|
1,674
|
|
|
|
|
|
|
|
|
$
|
2,328
|
|
|
|
(1)
|
As at June 30, 2019,
$322 million
(2018: $
nil
) of funds were placed on deposit with Brookfield Renewable from Brookfield. To the extent the balance becomes due, Brookfield Renewable will repay this balance by drawing on its corporate credit facility.
|
(2)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Authorized corporate credit facilities
(1)
|
$
|
2,100
|
|
|
$
|
2,100
|
|
Draws on corporate credit facilities
(1)
|
—
|
|
|
(721
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
300
|
|
||
Issued letters of credit
|
(226
|
)
|
|
(209
|
)
|
||
Available portion of corporate credit facilities
|
$
|
2,274
|
|
|
$
|
1,470
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
24
|
|
Jun 30, 2019
|
|
Dec 31, 2018
|
||||||||||||||||||||||
|
Weighted-average
|
|
|
|
|
|
Weighted-average
|
|
|
|
|
||||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
Interest
rate (%) |
|
Term
(years) |
|
|
Carrying
value |
|
|
Estimated
fair value |
|
|
Interest
rate (%) |
|
Term
(years) |
|
|
Carrying
value |
|
|
Estimated
fair value |
|
||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Hydroelectric
|
6.1
|
|
9
|
|
|
$
|
6,689
|
|
|
$
|
7,168
|
|
|
6.1
|
|
9
|
|
|
$
|
6,318
|
|
|
$
|
6,517
|
|
Wind
|
4.9
|
|
11
|
|
|
1,990
|
|
|
2,113
|
|
|
4.7
|
|
11
|
|
|
1,914
|
|
|
1,957
|
|
||||
Solar
|
5.9
|
|
6
|
|
|
143
|
|
|
143
|
|
|
6.0
|
|
7
|
|
|
142
|
|
|
133
|
|
||||
Storage and other
|
4.1
|
|
4
|
|
|
92
|
|
|
97
|
|
|
4.1
|
|
5
|
|
|
91
|
|
|
95
|
|
||||
Total
|
5.8
|
|
10
|
|
|
$
|
8,914
|
|
|
$
|
9,521
|
|
|
5.7
|
|
10
|
|
|
$
|
8,465
|
|
|
$
|
8,702
|
|
Add: Unamortized premiums
(1)
|
|
1
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|||||||||||
Less: Unamortized financing fees
(1)
|
|
(75
|
)
|
|
|
|
|
|
|
|
(76
|
)
|
|
|
|||||||||||
Less: Current portion
|
|
(597
|
)
|
|
|
|
|
|
|
|
(495
|
)
|
|
|
|||||||||||
|
|
|
|
|
$
|
8,243
|
|
|
|
|
|
|
|
|
$
|
7,895
|
|
|
|
(1)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
25
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Participating non-controlling interests - in operating subsidiaries
|
$
|
8,226
|
|
|
$
|
8,129
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
65
|
|
|
66
|
|
||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
3,166
|
|
|
3,252
|
|
||
Preferred equity
|
591
|
|
|
568
|
|
||
|
$
|
12,048
|
|
|
$
|
12,015
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
26
|
(MILLIONS)
|
Brookfield
Americas
Infrastructure Fund
|
|
|
Brookfield
Infrastructure Fund II
|
|
|
Brookfield
Infrastructure Fund III
|
|
|
Brookfield
Infrastructure Fund IV |
|
|
Canadian Hydroelectric Portfolio
|
|
|
The
Catalyst Group
|
|
|
Isagen
institutional
investors
|
|
|
Isagen
public non-
controlling interests
|
|
|
Other
|
|
|
Total
|
|
||||||||||
As at December 31, 2017
|
$
|
850
|
|
|
$
|
1,682
|
|
|
$
|
1,852
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
134
|
|
|
$
|
1,701
|
|
|
$
|
9
|
|
|
$
|
70
|
|
|
$
|
6,298
|
|
Net income
|
1
|
|
|
9
|
|
|
86
|
|
|
—
|
|
|
4
|
|
|
14
|
|
|
174
|
|
|
1
|
|
|
8
|
|
|
297
|
|
||||||||||
OCI
|
66
|
|
|
298
|
|
|
805
|
|
|
—
|
|
|
(11
|
)
|
|
(18
|
)
|
|
504
|
|
|
5
|
|
|
58
|
|
|
1,707
|
|
||||||||||
Capital contributions
|
—
|
|
|
9
|
|
|
5
|
|
|
—
|
|
|
293
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
307
|
|
||||||||||
Acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
21
|
|
||||||||||
Distributions
|
(17
|
)
|
|
(81
|
)
|
|
(276
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(167
|
)
|
|
—
|
|
|
(6
|
)
|
|
(553
|
)
|
||||||||||
Other
|
—
|
|
|
12
|
|
|
(3
|
)
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
52
|
|
||||||||||
As at December 31, 2018
|
$
|
900
|
|
|
$
|
1,929
|
|
|
$
|
2,469
|
|
|
$
|
—
|
|
|
$
|
276
|
|
|
$
|
124
|
|
|
$
|
2,212
|
|
|
$
|
15
|
|
|
$
|
204
|
|
|
$
|
8,129
|
|
Net income (loss)
|
8
|
|
|
4
|
|
|
44
|
|
|
1
|
|
|
14
|
|
|
14
|
|
|
81
|
|
|
—
|
|
|
2
|
|
|
168
|
|
||||||||||
OCI
|
2
|
|
|
13
|
|
|
46
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
(15
|
)
|
|
85
|
|
||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
2
|
|
|
20
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
298
|
|
||||||||||
Acquisition
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
||||||||||
Disposal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|
(53
|
)
|
||||||||||
Distributions
|
(7
|
)
|
|
(54
|
)
|
|
(171
|
)
|
|
—
|
|
|
(1
|
)
|
|
(11
|
)
|
|
(139
|
)
|
|
(1
|
)
|
|
(12
|
)
|
|
(396
|
)
|
||||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||||||||
As at June 30, 2019
|
$
|
903
|
|
|
$
|
1,892
|
|
|
$
|
2,369
|
|
|
$
|
21
|
|
|
$
|
574
|
|
|
$
|
127
|
|
|
$
|
2,180
|
|
|
$
|
14
|
|
|
$
|
146
|
|
|
$
|
8,226
|
|
Interests held by third parties
|
75-80%
|
|
|
43-60%
|
|
|
23-71%
|
|
|
71
|
%
|
|
50
|
%
|
|
25
|
%
|
|
53
|
%
|
|
0.5
|
%
|
|
20-50%
|
|
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
27
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
General partnership interest in a holding subsidiary held by Brookfield
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
3
|
|
Incentive distribution
|
12
|
|
|
9
|
|
|
25
|
|
|
20
|
|
||||
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
28
|
|
|
$
|
23
|
|
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
$
|
67
|
|
|
$
|
64
|
|
|
$
|
135
|
|
|
$
|
128
|
|
|
$
|
80
|
|
|
$
|
75
|
|
|
$
|
163
|
|
|
$
|
151
|
|
|
Shares
outstanding |
|
|
Cumulative
distribution rate (%) |
|
Earliest
permitted redemption date |
|
Distributions declared for the six months ended June 30
|
|
Carrying value as at
|
||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
|
|||||||||||||||||||||
|
2019
|
|
|
2018
|
|
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
|||||||||||
Series 1 (C$136)
|
5.45
|
|
|
3.36
|
|
Apr 2020
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
104
|
|
|
$
|
100
|
|
Series 2 (C$113)
(1)
|
4.51
|
|
|
4.27
|
|
Apr 2020
|
|
2
|
|
|
2
|
|
|
86
|
|
|
83
|
|
||||
Series 3 (C$249)
|
9.96
|
|
|
4.40
|
|
Jul 2019
|
|
4
|
|
|
4
|
|
|
190
|
|
|
182
|
|
||||
Series 5 (C$103)
|
4.11
|
|
|
5.00
|
|
Apr 2018
|
|
2
|
|
|
2
|
|
|
78
|
|
|
75
|
|
||||
Series 6 (C$175)
|
7.00
|
|
|
5.00
|
|
Jul 2018
|
|
3
|
|
|
3
|
|
|
133
|
|
|
128
|
|
||||
|
31.04
|
|
|
|
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
591
|
|
|
$
|
568
|
|
(1)
|
Dividend rate represents annualized distribution based on the most recent quarterly floating rate.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
28
|
(MILLIONS EXCEPT AS NOTED)
|
|
Shares outstanding
|
|
|
Cumulative distribution rate (%)
|
|
Earliest permitted redemption date
|
|
Distributions declared for the six months ended June 30
|
|
Carrying value as at
|
||||||||||||
|
|
2019
|
|
|
2018
|
|
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
|||||||||||
Series 5 (C$72)
|
|
2.89
|
|
|
5.59
|
|
Apr 2018
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
49
|
|
|
$
|
49
|
|
Series 7 (C$175)
|
|
7.00
|
|
|
5.50
|
|
Jan 2021
|
|
4
|
|
|
4
|
|
|
128
|
|
|
128
|
|
||||
Series 9 (C$200)
|
|
8.00
|
|
|
5.75
|
|
Jul 2021
|
|
4
|
|
|
4
|
|
|
147
|
|
|
147
|
|
||||
Series 11 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2022
|
|
5
|
|
|
5
|
|
|
187
|
|
|
187
|
|
||||
Series 13 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2023
|
|
4
|
|
|
4
|
|
|
196
|
|
|
196
|
|
||||
Series 15 (C$175)
|
|
7.00
|
|
|
5.75
|
|
Apr 2024
|
|
2
|
|
|
—
|
|
|
126
|
|
|
—
|
|
||||
|
|
44.89
|
|
|
|
|
|
|
$
|
21
|
|
|
$
|
19
|
|
|
$
|
833
|
|
|
$
|
707
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
29
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Brookfield
|
$
|
29
|
|
|
$
|
27
|
|
|
$
|
58
|
|
|
$
|
55
|
|
External LP Unitholders
|
63
|
|
|
61
|
|
|
127
|
|
|
123
|
|
||||
|
$
|
92
|
|
|
$
|
88
|
|
|
$
|
185
|
|
|
$
|
178
|
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenue
|
$
|
356
|
|
|
$
|
253
|
|
|
$
|
715
|
|
|
$
|
478
|
|
Net income (loss)
|
(9
|
)
|
|
20
|
|
|
101
|
|
|
(12
|
)
|
||||
Share of net income
(1)
|
—
|
|
|
6
|
|
|
32
|
|
|
6
|
|
(1)
|
Brookfield Renewable's ownership interest in these entities ranges from
14%
to
50%
.
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Current assets
|
$
|
669
|
|
|
$
|
682
|
|
Property, plant and equipment
|
12,030
|
|
|
11,999
|
|
||
Other assets
|
581
|
|
|
608
|
|
||
Current liabilities
|
854
|
|
|
1,080
|
|
||
Non-recourse borrowings
|
6,133
|
|
|
6,078
|
|
||
Other liabilities
|
1,403
|
|
|
1,197
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
30
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Cash
|
$
|
303
|
|
|
$
|
127
|
|
Short-term deposits
|
19
|
|
|
46
|
|
||
|
$
|
322
|
|
|
$
|
173
|
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Operations
|
$
|
116
|
|
|
$
|
119
|
|
Credit obligations
|
68
|
|
|
60
|
|
||
Development projects
|
—
|
|
|
2
|
|
||
Total
|
184
|
|
|
181
|
|
||
Less: non-current
|
(46
|
)
|
|
(45
|
)
|
||
Current
|
$
|
138
|
|
|
$
|
136
|
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Trade receivables
|
$
|
333
|
|
|
$
|
339
|
|
Prepaids and others
|
82
|
|
|
114
|
|
||
Other short-term receivables
|
104
|
|
|
109
|
|
||
Current portion of contract asset
|
47
|
|
|
45
|
|
||
|
$
|
566
|
|
|
$
|
607
|
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Operating accrued liabilities
|
$
|
243
|
|
|
$
|
263
|
|
Accounts payable
|
63
|
|
|
76
|
|
||
Interest payable on corporate and subsidiary borrowings
|
81
|
|
|
76
|
|
||
Deferred consideration
|
40
|
|
|
30
|
|
||
LP Unitholders distributions, preferred limited partnership unit distributions and preferred dividends payable
(1)
|
33
|
|
|
30
|
|
||
Other
|
42
|
|
|
58
|
|
||
|
$
|
502
|
|
|
$
|
533
|
|
(1)
|
Includes amounts payable only to external LP Unitholders. Amounts payable to Brookfield are included in due to related parties.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
31
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Brookfield Renewable along with institutional investors
|
$
|
52
|
|
|
$
|
51
|
|
Brookfield Renewable's subsidiaries
|
342
|
|
|
338
|
|
||
|
$
|
394
|
|
|
$
|
389
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
32
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Power purchase and revenue agreements
|
$
|
209
|
|
|
$
|
134
|
|
|
$
|
368
|
|
|
$
|
274
|
|
Wind levelization agreement
|
—
|
|
|
3
|
|
|
1
|
|
|
4
|
|
||||
|
$
|
209
|
|
|
$
|
137
|
|
|
$
|
369
|
|
|
$
|
278
|
|
Direct operating costs
|
|
|
|
|
|
|
|
||||||||
Energy purchases
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
Energy marketing fee
|
(6
|
)
|
|
(6
|
)
|
|
(12
|
)
|
|
(12
|
)
|
||||
Insurance services
(1)
|
(7
|
)
|
|
(7
|
)
|
|
(14
|
)
|
|
(13
|
)
|
||||
|
$
|
(15
|
)
|
|
$
|
(16
|
)
|
|
$
|
(31
|
)
|
|
$
|
(30
|
)
|
Interest expense - borrowings
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
Management service costs
|
$
|
(23
|
)
|
|
$
|
(21
|
)
|
|
$
|
(44
|
)
|
|
$
|
(42
|
)
|
(1)
|
Insurance services are paid to a subsidiary of Brookfield Asset Management that brokers external insurance providers on behalf of Brookfield Renewable. The fees paid to the subsidiary of Brookfield Asset Management for the three and six months ended June 30, 2019 were less than $1 million (2018: less than $1 million)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
33
|
(MILLIONS)
|
Brookfield
Renewable
(1)
|
|
|
BRP
Equity
|
|
|
Finco
|
|
|
Holding
Entities
(1)(2)
|
|
|
Other
Subsidiaries
(1)(3)
|
|
|
Consolidating
adjustments
(4)
|
|
|
Brookfield
Renewable
consolidated
|
|
|||||||
As at June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current assets
|
$
|
34
|
|
|
$
|
405
|
|
|
$
|
1,703
|
|
|
$
|
96
|
|
|
$
|
3,745
|
|
|
$
|
(4,195
|
)
|
|
$
|
1,788
|
|
Long-term assets
|
5,220
|
|
|
249
|
|
|
—
|
|
|
24,263
|
|
|
32,902
|
|
|
(30,016
|
)
|
|
32,618
|
|
|||||||
Current liabilities
|
41
|
|
|
7
|
|
|
23
|
|
|
4,152
|
|
|
1,862
|
|
|
(4,192
|
)
|
|
1,893
|
|
|||||||
Long-term liabilities
|
—
|
|
|
—
|
|
|
1,674
|
|
|
98
|
|
|
14,144
|
|
|
(653
|
)
|
|
15,263
|
|
|||||||
Participating non-controlling interests - in operating subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,226
|
|
|
—
|
|
|
8,226
|
|
|||||||
Participating non-controlling interests -in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
3,166
|
|
|
—
|
|
|
—
|
|
|
3,166
|
|
|||||||
Preferred equity
|
—
|
|
|
591
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
591
|
|
|||||||
Preferred limited partners' equity
|
833
|
|
|
—
|
|
|
—
|
|
|
844
|
|
|
—
|
|
|
(844
|
)
|
|
833
|
|
|||||||
As at December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current assets
|
$
|
32
|
|
|
$
|
389
|
|
|
$
|
1,631
|
|
|
$
|
93
|
|
|
$
|
3,639
|
|
|
$
|
(3,823
|
)
|
|
$
|
1,961
|
|
Long-term assets
|
5,208
|
|
|
239
|
|
|
1
|
|
|
24,078
|
|
|
32,433
|
|
|
(29,817
|
)
|
|
32,142
|
|
|||||||
Current liabilities
|
38
|
|
|
6
|
|
|
21
|
|
|
3,096
|
|
|
2,351
|
|
|
(3,823
|
)
|
|
1,689
|
|
|||||||
Long-term liabilities
|
—
|
|
|
—
|
|
|
1,607
|
|
|
798
|
|
|
13,445
|
|
|
(642
|
)
|
|
15,208
|
|
|||||||
Participating non-controlling interests - in operating subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,129
|
|
|
—
|
|
|
8,129
|
|
|||||||
Participating non-controlling interests -in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
3,252
|
|
|
—
|
|
|
—
|
|
|
3,252
|
|
|||||||
Preferred equity
|
—
|
|
|
568
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
568
|
|
|||||||
Preferred limited partners' equity
|
707
|
|
|
—
|
|
|
—
|
|
|
718
|
|
|
—
|
|
|
(718
|
)
|
|
707
|
|
(1)
|
Includes investments in subsidiaries under the equity method.
|
(2)
|
Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc. and Brookfield BRP Europe Holdings Limited, together the "Holding Entities".
|
(3)
|
Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Finco and the Holding Entities.
|
(4)
|
Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
34
|
(MILLIONS)
|
Brookfield
Renewable
(1)
|
|
|
BRP
Equity
|
|
|
Finco
|
|
|
Holding
Entities
(1)(2)
|
|
|
Other
Subsidiaries
(1)(3)
|
|
|
Consolidating
adjustments
(4)
|
|
|
Brookfield
Renewable
consolidated
|
|
|||||||
Three months ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
786
|
|
|
$
|
—
|
|
|
$
|
787
|
|
Net income (loss)
|
21
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
414
|
|
|
(370
|
)
|
|
109
|
|
|||||||
Three months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
734
|
|
|
$
|
—
|
|
|
$
|
735
|
|
Net income (loss)
|
9
|
|
|
3
|
|
|
—
|
|
|
19
|
|
|
227
|
|
|
(213
|
)
|
|
45
|
|
|||||||
Six months ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,612
|
|
|
$
|
—
|
|
|
$
|
1,612
|
|
Net income (loss)
|
56
|
|
|
—
|
|
|
2
|
|
|
55
|
|
|
746
|
|
|
(597
|
)
|
|
262
|
|
|||||||
Six months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1,527
|
|
|
$
|
—
|
|
|
$
|
1,528
|
|
Net income (loss)
|
23
|
|
|
7
|
|
|
—
|
|
|
10
|
|
|
439
|
|
|
(354
|
)
|
|
125
|
|
(1)
|
Includes investments in subsidiaries under the equity method.
|
(2)
|
Includes the Holding Entities.
|
(3)
|
Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Finco, and the Holding Entities.
|
(4)
|
Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
35
|
Management’s Discussion and Analysis
|
For the three and six months ended June 30, 2019
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Operational information
|
|
|
|
|
|
|
|
||||||||
Capacity (MW)
|
17,482
|
|
|
17,364
|
|
|
17,482
|
|
|
17,364
|
|
||||
Total generation (GWh)
|
|
|
|
|
|
|
|
||||||||
Long-term average generation
|
14,252
|
|
|
13,521
|
|
|
27,745
|
|
|
26,373
|
|
||||
Actual generation
|
14,881
|
|
|
13,122
|
|
|
29,006
|
|
|
26,002
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Proportionate generation (GWh)
|
|
|
|
|
|
|
|
||||||||
Long-term average generation
|
7,109
|
|
|
6,935
|
|
|
13,807
|
|
|
13,286
|
|
||||
Actual generation
|
7,602
|
|
|
6,455
|
|
|
14,848
|
|
|
13,149
|
|
||||
Average revenue ($ per MWh)
|
73
|
|
|
73
|
|
|
74
|
|
|
74
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Selected financial information
(1)
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Unitholders
|
$
|
17
|
|
|
$
|
(2
|
)
|
|
$
|
60
|
|
|
$
|
6
|
|
Basic income (loss) per LP Unit
|
0.05
|
|
|
(0.01
|
)
|
|
0.19
|
|
|
0.02
|
|
||||
Consolidated Adjusted EBITDA
(2)
|
630
|
|
|
543
|
|
|
1,282
|
|
|
1,125
|
|
||||
Proportionate Adjusted EBITDA
(2)
|
400
|
|
|
324
|
|
|
795
|
|
|
675
|
|
||||
Funds From Operations
(2)
|
230
|
|
|
172
|
|
|
457
|
|
|
365
|
|
||||
Funds From Operations per Unit
(1)(2)
|
0.74
|
|
|
0.55
|
|
|
1.47
|
|
|
1.17
|
|
||||
Distribution per LP Unit
|
0.52
|
|
|
0.49
|
|
|
1.03
|
|
|
0.98
|
|
(1)
|
For the
three and six
months ended
June 30, 2019
, weighted average LP Units, Redeemable/Exchangeable partnership units and GP interest totaled
311.2
million and
311.1
million, respectively (
2018
:
312.8
million and
312.7
million).
|
(2)
|
Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure. See “
Part 4 - Financial Performance Review on Proportionate Information
-
Reconciliation of non-IFRS measures
” and “
Part 9 - Cautionary Statements
”.
|
(MILLIONS, EXCEPT AS NOTED)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Liquidity and Capital Resources
|
|
|
|
|
|
||
Available liquidity
|
$
|
2,532
|
|
$
|
1,974
|
||
Debt to capitalization - Corporate
|
|
16
|
%
|
|
|
15
|
%
|
Debt to capitalization - Consolidated
|
|
33
|
%
|
|
|
32
|
%
|
Borrowings non-recourse to Brookfield Renewable on a proportionate basis
|
|
77
|
%
|
|
|
75
|
%
|
Floating rate debt exposure on a proportionate basis
(1)
|
|
6
|
%
|
|
|
7
|
%
|
Medium term notes
|
|
|
|
|
|
||
Average debt term to maturity
|
|
6 years
|
|
|
|
7 years
|
|
Average interest rate
|
|
4.4
|
%
|
|
|
4.4
|
%
|
Subsidiary borrowings on a proportionate basis
|
|
|
|
|
|
||
Average debt term to maturity
|
|
10 years
|
|
|
|
10 years
|
|
Average interest rate
|
|
5.4
|
%
|
|
|
5.4
|
%
|
(1)
|
Excludes
8%
floating rate debt exposure of certain foreign regions outside of North America and Europe due to the high cost of hedging associated with those regions.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
3
|
•
|
Relatively higher realized prices, primarily in Colombia, Canada and Europe on the back of our re-contracting and commercial initiatives
|
•
|
Higher margins due to the benefit from our cost-reduction initiatives across our business
|
•
|
Favorable hydrology conditions primarily at our North American hydroelectric facilities more than offset below long-term average resource across our wind business
|
•
|
In Colombia, we contracted ~1,114 GWh/year, including individual contracts with up to five years in duration
|
•
|
In Brazil, we contracted ~125 GWh/year with high quality commercial and industrial counterparties, including one of Brazil's largest petroleum companies
|
•
|
Available liquidity of
$2.5 billion
accompanied with a well-laddered debt maturity profile
|
•
|
S&P reaffirmed BBB+ credit rating with neutral outlook
|
•
|
Secured over $1.4 billion from non-recourse financings during the quarter, maintaining our weighted average cost of project debt of
5.4%
|
•
|
Extended the maturity of our corporate credit facilities by one year to June 2024
and increased
our letter of credit facility by
$100 million
|
•
|
Completed the sale of four of the six projects making up our South African portfolio for a total proceeds of $108 million (~$33 million net to Brookfield Renewable). The sale of the final projects is expected to close in the third quarter for $56 million (~$17 million net to Brookfield Renewable)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
4
|
•
|
Continued to advance the construction of
131
MW of hydroelectric, wind, pumped storage and rooftop solar development projects. These projects are expected to be commissioned between 2019 and 2021 and to generate annualized
Funds From Operations
net to Brookfield Renewable of
$11 million
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
5
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Revenues
|
$
|
787
|
|
|
$
|
735
|
|
Other income
|
17
|
|
|
10
|
|
||
Direct operating costs
|
(252
|
)
|
|
(247
|
)
|
||
Management service costs
|
(23
|
)
|
|
(21
|
)
|
||
Interest expense
–
borrowings
|
(178
|
)
|
|
(178
|
)
|
||
Share of earnings from equity-accounted investment
|
—
|
|
|
6
|
|
||
Depreciation
|
(200
|
)
|
|
(206
|
)
|
||
Current income tax (expense) recovery
|
(15
|
)
|
|
(7
|
)
|
||
Deferred income tax expense
|
(14
|
)
|
|
(4
|
)
|
||
Net income (loss) attributable to Unitholders
|
$
|
17
|
|
|
$
|
(2
|
)
|
|
Average FX rates to USD
|
||||||
C$
|
1.34
|
|
|
1.29
|
|
||
€
|
0.89
|
|
|
0.84
|
|
||
R$
|
3.92
|
|
|
3.61
|
|
||
£
|
0.78
|
|
|
0.74
|
|
||
COP
|
3,240
|
|
|
2,839
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
6
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Revenues
|
$
|
1,612
|
|
|
$
|
1,528
|
|
Other income
|
25
|
|
|
19
|
|
||
Direct operating costs
|
(506
|
)
|
|
(503
|
)
|
||
Management service costs
|
(44
|
)
|
|
(42
|
)
|
||
Interest expense
–
borrowings
|
(351
|
)
|
|
(358
|
)
|
||
Share of earnings from equity-accounted investment
|
32
|
|
|
6
|
|
||
Depreciation
|
(400
|
)
|
|
(419
|
)
|
||
Current income tax (expense) recovery
|
(39
|
)
|
|
(14
|
)
|
||
Deferred income tax expense
|
(34
|
)
|
|
(13
|
)
|
||
Net income attributable to Unitholders
|
$
|
60
|
|
|
$
|
6
|
|
|
Average FX rates to USD
|
||||||
C$
|
1.33
|
|
|
1.28
|
|
||
€
|
0.89
|
|
|
0.83
|
|
||
R$
|
3.84
|
|
|
3.42
|
|
||
£
|
0.77
|
|
|
0.73
|
|
||
COP
|
3,188
|
|
|
2,849
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
7
|
(MILLIONS)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Assets held for sale
|
611
|
|
|
920
|
|
||
Current assets
|
$
|
1,788
|
|
|
$
|
1,961
|
|
Equity-accounted investments
|
1,576
|
|
|
1,569
|
|
||
Property, plant and equipment
|
29,317
|
|
|
29,025
|
|
||
Total assets
|
34,406
|
|
|
34,103
|
|
||
Liabilities directly associated with assets held for sale
|
350
|
|
|
533
|
|
||
Corporate borrowings
|
1,674
|
|
|
2,328
|
|
||
Non-recourse borrowings
|
8,840
|
|
|
8,390
|
|
||
Deferred income tax liabilities
|
4,266
|
|
|
4,140
|
|
||
Total liabilities and equity
|
$
|
34,406
|
|
|
$
|
34,103
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
8
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Power purchase and revenue agreements
|
$
|
209
|
|
|
$
|
134
|
|
|
$
|
368
|
|
|
$
|
274
|
|
Wind levelization agreement
|
—
|
|
|
3
|
|
|
1
|
|
|
4
|
|
||||
|
$
|
209
|
|
|
$
|
137
|
|
|
$
|
369
|
|
|
$
|
278
|
|
Direct operating costs
|
|
|
|
|
|
|
|
||||||||
Energy purchases
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
Energy marketing fee
|
(6
|
)
|
|
(6
|
)
|
|
(12
|
)
|
|
(12
|
)
|
||||
Insurance services
(1)
|
(7
|
)
|
|
(7
|
)
|
|
(14
|
)
|
|
(13
|
)
|
||||
|
$
|
(15
|
)
|
|
$
|
(16
|
)
|
|
$
|
(31
|
)
|
|
$
|
(30
|
)
|
Interest expense - borrowings
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
Management service costs
|
$
|
(23
|
)
|
|
$
|
(21
|
)
|
|
$
|
(44
|
)
|
|
$
|
(42
|
)
|
(1)
|
Insurance services are paid to a subsidiary of Brookfield Asset Management that brokers external insurance providers on behalf of Brookfield Renewable. The fees paid to the subsidiary of Brookfield Asset Management for the three and six months ended June 30, 2019 were less than $1 million (2018: less than $1 million)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
9
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
10
|
|
(GWh)
|
|
|
(MILLIONS)
|
||||||||||||||||||||||||||||||||||||||||||||
|
Actual Generation
|
|
|
LTA Generation
|
|
|
Revenues
|
|
|
Adjusted EBITDA
|
|
|
Funds From Operations
|
|
|
Net Income (Loss)
|
||||||||||||||||||||||||||||||||
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
||||||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
4,134
|
|
|
3,413
|
|
|
|
3,583
|
|
|
3,822
|
|
|
|
$
|
275
|
|
|
$
|
228
|
|
|
|
$
|
211
|
|
|
$
|
165
|
|
|
|
$
|
168
|
|
|
$
|
123
|
|
|
|
$
|
79
|
|
|
$
|
56
|
|
Brazil
|
1,066
|
|
|
902
|
|
|
|
998
|
|
|
978
|
|
|
|
58
|
|
|
63
|
|
|
|
42
|
|
|
44
|
|
|
|
33
|
|
|
37
|
|
|
|
16
|
|
|
2
|
|
||||||||
Colombia
|
861
|
|
|
872
|
|
|
|
869
|
|
|
844
|
|
|
|
56
|
|
|
53
|
|
|
|
35
|
|
|
31
|
|
|
|
25
|
|
|
21
|
|
|
|
17
|
|
|
18
|
|
||||||||
|
6,061
|
|
|
5,187
|
|
|
|
5,450
|
|
|
5,644
|
|
|
|
389
|
|
|
344
|
|
|
|
288
|
|
|
240
|
|
|
|
226
|
|
|
181
|
|
|
|
112
|
|
|
76
|
|
||||||||
Wind
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
761
|
|
|
663
|
|
|
|
949
|
|
|
791
|
|
|
|
58
|
|
|
54
|
|
|
|
40
|
|
|
38
|
|
|
|
23
|
|
|
24
|
|
|
|
(22
|
)
|
|
(6
|
)
|
||||||||
Europe
|
204
|
|
|
107
|
|
|
|
223
|
|
|
133
|
|
|
|
22
|
|
|
12
|
|
|
|
15
|
|
|
7
|
|
|
|
11
|
|
|
3
|
|
|
|
(11
|
)
|
|
(2
|
)
|
||||||||
Brazil
|
147
|
|
|
159
|
|
|
|
141
|
|
|
146
|
|
|
|
9
|
|
|
10
|
|
|
|
6
|
|
|
8
|
|
|
|
4
|
|
|
6
|
|
|
|
4
|
|
|
(5
|
)
|
||||||||
Asia
|
52
|
|
|
37
|
|
|
|
51
|
|
|
42
|
|
|
|
3
|
|
|
3
|
|
|
|
2
|
|
|
2
|
|
|
|
1
|
|
|
1
|
|
|
|
2
|
|
|
(3
|
)
|
||||||||
|
1,164
|
|
|
966
|
|
|
|
1,364
|
|
|
1,112
|
|
|
|
92
|
|
|
79
|
|
|
|
63
|
|
|
55
|
|
|
|
39
|
|
|
34
|
|
|
|
(27
|
)
|
|
(16
|
)
|
||||||||
Solar
|
287
|
|
|
175
|
|
|
|
295
|
|
|
179
|
|
|
|
51
|
|
|
30
|
|
|
|
42
|
|
|
25
|
|
|
|
27
|
|
|
16
|
|
|
|
4
|
|
|
2
|
|
||||||||
Storage & Other
|
90
|
|
|
127
|
|
|
|
—
|
|
|
—
|
|
|
|
21
|
|
|
20
|
|
|
|
10
|
|
|
10
|
|
|
|
7
|
|
|
7
|
|
|
|
1
|
|
|
1
|
|
||||||||
Corporate
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(3
|
)
|
|
(6
|
)
|
|
|
(69
|
)
|
|
(66
|
)
|
|
|
(73
|
)
|
|
(65
|
)
|
||||||||
Total
|
7,602
|
|
|
6,455
|
|
|
|
7,109
|
|
|
6,935
|
|
|
|
553
|
|
|
473
|
|
|
|
400
|
|
|
324
|
|
|
|
230
|
|
|
172
|
|
|
|
17
|
|
|
(2
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
11
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
5,450
|
|
|
5,644
|
|
||
Generation (GWh) - actual
|
6,061
|
|
|
5,187
|
|
||
Revenue
|
$
|
389
|
|
|
$
|
344
|
|
Other income
|
10
|
|
|
6
|
|
||
Direct operating costs
|
(111
|
)
|
|
(110
|
)
|
||
Adjusted EBITDA
|
288
|
|
|
240
|
|
||
Interest expense
|
(53
|
)
|
|
(55
|
)
|
||
Current income taxes
|
(9
|
)
|
|
(4
|
)
|
||
Funds From Operations
|
$
|
226
|
|
|
$
|
181
|
|
Depreciation
|
(83
|
)
|
|
(94
|
)
|
||
Deferred taxes and other
|
(31
|
)
|
|
(11
|
)
|
||
Net income
|
$
|
112
|
|
|
$
|
76
|
|
|
Actual
Generation (GWh)
|
|
Average
revenue
per MWh
|
|
Adjusted
EBITDA
|
|
Funds From
Operations
|
|
Net
Income
|
||||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
United States
|
2,703
|
|
|
2,156
|
|
|
$
|
66
|
|
|
$
|
71
|
|
|
$
|
122
|
|
|
$
|
102
|
|
|
$
|
94
|
|
|
$
|
77
|
|
|
$
|
34
|
|
|
$
|
29
|
|
Canada
|
1,431
|
|
|
1,257
|
|
|
68
|
|
|
60
|
|
|
89
|
|
|
63
|
|
|
74
|
|
|
46
|
|
|
45
|
|
|
27
|
|
||||||||
|
4,134
|
|
|
3,413
|
|
|
66
|
|
|
67
|
|
|
211
|
|
|
165
|
|
|
168
|
|
|
123
|
|
|
79
|
|
|
56
|
|
||||||||
Brazil
|
1,066
|
|
|
902
|
|
|
54
|
|
|
70
|
|
|
42
|
|
|
44
|
|
|
33
|
|
|
37
|
|
|
16
|
|
|
2
|
|
||||||||
Colombia
|
861
|
|
|
872
|
|
|
65
|
|
|
61
|
|
|
35
|
|
|
31
|
|
|
25
|
|
|
21
|
|
|
17
|
|
|
18
|
|
||||||||
Total
|
6,061
|
|
|
5,187
|
|
|
$
|
64
|
|
|
$
|
66
|
|
|
$
|
288
|
|
|
$
|
240
|
|
|
$
|
226
|
|
|
$
|
181
|
|
|
$
|
112
|
|
|
$
|
76
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
12
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
1,364
|
|
|
1,112
|
|
||
Generation (GWh) - actual
|
1,164
|
|
|
966
|
|
||
Revenue
|
$
|
92
|
|
|
$
|
79
|
|
Other income
|
1
|
|
|
1
|
|
||
Direct operating costs
|
(30
|
)
|
|
(25
|
)
|
||
Adjusted EBITDA
|
63
|
|
|
55
|
|
||
Interest expense
|
(23
|
)
|
|
(20
|
)
|
||
Current income taxes
|
(1
|
)
|
|
(1
|
)
|
||
Funds From Operations
|
39
|
|
|
34
|
|
||
Depreciation
|
(58
|
)
|
|
(42
|
)
|
||
Deferred taxes and other
|
(8
|
)
|
|
(8
|
)
|
||
Net income (loss)
|
$
|
(27
|
)
|
|
$
|
(16
|
)
|
|
Actual
Generation (GWh)
|
|
Average
revenue
per MWh
|
|
Adjusted
EBITDA
|
|
Funds From
Operations
|
|
Net
Income (Loss)
|
||||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
United States
|
518
|
|
|
416
|
|
|
$
|
69
|
|
|
$
|
77
|
|
|
$
|
23
|
|
|
$
|
20
|
|
|
$
|
12
|
|
|
$
|
12
|
|
|
$
|
(17
|
)
|
|
$
|
(4
|
)
|
Canada
|
243
|
|
|
247
|
|
|
89
|
|
|
89
|
|
|
17
|
|
|
18
|
|
|
11
|
|
|
12
|
|
|
(5
|
)
|
|
(2
|
)
|
||||||||
|
761
|
|
|
663
|
|
|
75
|
|
|
81
|
|
|
40
|
|
|
38
|
|
|
23
|
|
|
24
|
|
|
(22
|
)
|
|
(6
|
)
|
||||||||
Europe
|
204
|
|
|
107
|
|
|
108
|
|
|
112
|
|
|
15
|
|
|
7
|
|
|
11
|
|
|
3
|
|
|
(11
|
)
|
|
(2
|
)
|
||||||||
Brazil
|
147
|
|
|
159
|
|
|
60
|
|
|
63
|
|
|
6
|
|
|
8
|
|
|
4
|
|
|
6
|
|
|
4
|
|
|
(5
|
)
|
||||||||
Asia
|
52
|
|
|
37
|
|
|
60
|
|
|
71
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
(3
|
)
|
||||||||
Total
|
1,164
|
|
|
966
|
|
|
$
|
78
|
|
|
$
|
81
|
|
|
$
|
63
|
|
|
$
|
55
|
|
|
$
|
39
|
|
|
$
|
34
|
|
|
$
|
(27
|
)
|
|
$
|
(16
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
13
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
295
|
|
|
179
|
|
||
Generation (GWh) - actual
|
287
|
|
|
175
|
|
||
Revenue
|
$
|
51
|
|
|
$
|
30
|
|
Other income
|
1
|
|
|
1
|
|
||
Direct operating costs
|
(10
|
)
|
|
(6
|
)
|
||
Adjusted EBITDA
|
42
|
|
|
25
|
|
||
Interest expense
|
(15
|
)
|
|
(9
|
)
|
||
Current income taxes
|
—
|
|
|
—
|
|
||
Funds From Operations
|
$
|
27
|
|
|
$
|
16
|
|
Depreciation
|
(15
|
)
|
|
(7
|
)
|
||
Deferred taxes and other
|
(8
|
)
|
|
(7
|
)
|
||
Net income
|
$
|
4
|
|
|
$
|
2
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
14
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - actual
|
90
|
|
|
127
|
|
||
Revenue
|
$
|
21
|
|
|
$
|
20
|
|
Other income
|
—
|
|
|
—
|
|
||
Direct operating costs
|
(11
|
)
|
|
(10
|
)
|
||
Adjusted EBITDA
|
10
|
|
|
10
|
|
||
Interest expense
|
(3
|
)
|
|
(3
|
)
|
||
Other
|
—
|
|
|
—
|
|
||
Funds From Operations
|
$
|
7
|
|
|
$
|
7
|
|
Depreciation
|
(6
|
)
|
|
(6
|
)
|
||
Deferred taxes and other
|
—
|
|
|
—
|
|
||
Net income
|
$
|
1
|
|
|
$
|
1
|
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Other income
|
$
|
2
|
|
|
$
|
—
|
|
Direct operating costs
|
(5
|
)
|
|
(6
|
)
|
||
Adjusted EBITDA
|
(3
|
)
|
|
(6
|
)
|
||
Management service costs
|
(23
|
)
|
|
(21
|
)
|
||
Interest expense
|
(25
|
)
|
|
(23
|
)
|
||
Distributions on Preferred LP Units and Shares
|
(18
|
)
|
|
(16
|
)
|
||
Funds From Operations
|
$
|
(69
|
)
|
|
$
|
(66
|
)
|
Deferred taxes and other
|
(4
|
)
|
|
1
|
|
||
Net loss
|
$
|
(73
|
)
|
|
$
|
(65
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
15
|
|
Attributable to Unitholders
|
|
Contribution
from
equity
accounted
investments
|
|
|
Attributable
to non-controlling
interests
|
|
|
As per
IFRS
financials
(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and
Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
275
|
|
|
58
|
|
|
56
|
|
|
58
|
|
|
22
|
|
|
9
|
|
|
3
|
|
|
51
|
|
|
21
|
|
|
—
|
|
|
553
|
|
|
(98
|
)
|
|
332
|
|
|
787
|
|
Other income
|
8
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
14
|
|
|
(2
|
)
|
|
5
|
|
|
17
|
|
Direct operating costs
|
(72
|
)
|
|
(18
|
)
|
|
(21
|
)
|
|
(18
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(10
|
)
|
|
(11
|
)
|
|
(5
|
)
|
|
(167
|
)
|
|
27
|
|
|
(112
|
)
|
|
(252
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
5
|
|
|
78
|
|
Adjusted EBITDA
|
211
|
|
|
42
|
|
|
35
|
|
|
40
|
|
|
15
|
|
|
6
|
|
|
2
|
|
|
42
|
|
|
10
|
|
|
(3
|
)
|
|
400
|
|
|
—
|
|
|
230
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
Interest expense - borrowings
|
(39
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(16
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(3
|
)
|
|
(25
|
)
|
|
(119
|
)
|
|
26
|
|
|
(85
|
)
|
|
(178
|
)
|
Current income taxes
|
(4
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(5
|
)
|
|
(15
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(5
|
)
|
|
(31
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(135
|
)
|
|
(135
|
)
|
Funds From Operations
|
168
|
|
|
33
|
|
|
25
|
|
|
23
|
|
|
11
|
|
|
4
|
|
|
1
|
|
|
27
|
|
|
7
|
|
|
(69
|
)
|
|
230
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(56
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(39
|
)
|
|
(13
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(163
|
)
|
|
36
|
|
|
(73
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
1
|
|
|
4
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(12
|
)
|
|
(13
|
)
|
|
4
|
|
|
(3
|
)
|
|
(12
|
)
|
Deferred income tax recovery (expense)
|
(23
|
)
|
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
(10
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(14
|
)
|
Other
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(2
|
)
|
|
5
|
|
|
2
|
|
|
(12
|
)
|
|
—
|
|
|
(3
|
)
|
|
(27
|
)
|
|
8
|
|
|
18
|
|
|
(1
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
(47
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
61
|
|
Net income (loss) attributable to Unitholders
(2)
|
79
|
|
|
16
|
|
|
17
|
|
|
(22
|
)
|
|
(11
|
)
|
|
4
|
|
|
2
|
|
|
4
|
|
|
1
|
|
|
(73
|
)
|
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
(1)
|
Share of earnings from equity-accounted investments of
$nil million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$74 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
16
|
|
Attributable to Unitholders
|
|
Contribution
from equity
accounted
investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials
(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and Other |
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
228
|
|
|
63
|
|
|
53
|
|
|
54
|
|
|
12
|
|
|
10
|
|
|
3
|
|
|
30
|
|
|
20
|
|
|
—
|
|
|
473
|
|
|
(58
|
)
|
|
320
|
|
|
735
|
|
Other income
|
5
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
(2
|
)
|
|
4
|
|
|
10
|
|
Direct operating costs
|
(68
|
)
|
|
(20
|
)
|
|
(22
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|
(10
|
)
|
|
(6
|
)
|
|
(157
|
)
|
|
19
|
|
|
(109
|
)
|
|
(247
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
4
|
|
|
45
|
|
Adjusted EBITDA
|
165
|
|
|
44
|
|
|
31
|
|
|
38
|
|
|
7
|
|
|
8
|
|
|
2
|
|
|
25
|
|
|
10
|
|
|
(6
|
)
|
|
324
|
|
|
—
|
|
|
219
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Interest expense - borrowings
|
(40
|
)
|
|
(5
|
)
|
|
(10
|
)
|
|
(14
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(3
|
)
|
|
(23
|
)
|
|
(110
|
)
|
|
16
|
|
|
(84
|
)
|
|
(178
|
)
|
Current income taxes
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
1
|
|
|
(3
|
)
|
|
(7
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
(4
|
)
|
|
(21
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(128
|
)
|
|
(128
|
)
|
Funds From Operations
|
123
|
|
|
37
|
|
|
21
|
|
|
24
|
|
|
3
|
|
|
6
|
|
|
1
|
|
|
16
|
|
|
7
|
|
|
(66
|
)
|
|
172
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(56
|
)
|
|
(33
|
)
|
|
(5
|
)
|
|
(29
|
)
|
|
(9
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|
—
|
|
|
(149
|
)
|
|
17
|
|
|
(74
|
)
|
|
(206
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
(1
|
)
|
|
(1
|
)
|
|
4
|
|
|
3
|
|
|
6
|
|
|
(8
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
|
5
|
|
|
1
|
|
|
(6
|
)
|
|
(28
|
)
|
|
(33
|
)
|
Deferred income tax recovery (expense)
|
(2
|
)
|
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
(3
|
)
|
|
(5
|
)
|
|
(4
|
)
|
Other
|
(8
|
)
|
|
(2
|
)
|
|
—
|
|
|
(5
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(8
|
)
|
|
(30
|
)
|
|
10
|
|
|
10
|
|
|
(10
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
97
|
|
Net income (loss) attributable to Unitholders
(2)
|
56
|
|
|
2
|
|
|
18
|
|
|
(6
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|
2
|
|
|
1
|
|
|
(65
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
(1)
|
Share of earnings from equity-accounted investments of
$6 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$31 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
17
|
|
|
|
|
|
Per unit
|
||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners' equity
|
$
|
9
|
|
|
$
|
(1
|
)
|
|
$
|
0.05
|
|
|
$
|
(0.01
|
)
|
General partnership interest in a holding subsidiary held by Brookfield
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
7
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Net (loss) income attributable to Unitholders
|
$
|
17
|
|
|
$
|
(2
|
)
|
|
$
|
0.05
|
|
|
$
|
(0.01
|
)
|
Adjusted for proportionate share of:
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
164
|
|
|
149
|
|
|
0.54
|
|
|
0.48
|
|
||||
Foreign exchange and unrealized financial instruments (gain) loss
|
13
|
|
|
(1
|
)
|
|
0.04
|
|
|
—
|
|
||||
Deferred income tax (recovery) expense
|
10
|
|
|
(4
|
)
|
|
0.03
|
|
|
(0.01
|
)
|
||||
Other
|
26
|
|
|
30
|
|
|
0.08
|
|
|
0.09
|
|
||||
Funds From Operations
|
$
|
230
|
|
|
$
|
172
|
|
|
$
|
0.74
|
|
|
$
|
0.55
|
|
Weighted average Units outstanding
(1)
|
|
|
|
|
311.2
|
|
|
312.8
|
|
(1)
|
Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
18
|
(GWh, except as noted)
|
Balance of 2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
(1)
|
2,865
|
|
|
7,226
|
|
|
5,159
|
|
|
4,446
|
|
|
4,445
|
|
|||||
Canada
(1)
|
1,621
|
|
|
3,437
|
|
|
2,199
|
|
|
2,152
|
|
|
2,074
|
|
|||||
|
4,486
|
|
|
10,663
|
|
|
7,358
|
|
|
6,598
|
|
|
6,519
|
|
|||||
Wind
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
|
967
|
|
|
2,054
|
|
|
1,978
|
|
|
2,027
|
|
|
2,028
|
|
|||||
Canada
|
614
|
|
|
1,269
|
|
|
1,269
|
|
|
1,269
|
|
|
1,269
|
|
|||||
|
1,581
|
|
|
3,323
|
|
|
3,247
|
|
|
3,296
|
|
|
3,297
|
|
|||||
Europe
|
454
|
|
|
894
|
|
|
888
|
|
|
858
|
|
|
847
|
|
|||||
Asia
(2)
|
122
|
|
|
221
|
|
|
221
|
|
|
221
|
|
|
221
|
|
|||||
|
2,157
|
|
|
4,438
|
|
|
4,356
|
|
|
4,375
|
|
|
4,365
|
|
|||||
Solar
(2)
|
444
|
|
|
902
|
|
|
901
|
|
|
900
|
|
|
899
|
|
|||||
Contracted on a proportionate basis
|
7,087
|
|
|
16,003
|
|
|
12,615
|
|
|
11,873
|
|
|
11,783
|
|
|||||
Uncontracted on a proportionate basis
|
1,161
|
|
|
2,157
|
|
|
5,538
|
|
|
6,279
|
|
|
6,368
|
|
|||||
|
8,248
|
|
|
18,160
|
|
|
18,153
|
|
|
18,152
|
|
|
18,151
|
|
|||||
Contracted generation as a % of total generation on a proportionate basis
|
86
|
%
|
|
88
|
%
|
|
69
|
%
|
|
65
|
%
|
|
65
|
%
|
|||||
Price per MWh - total generation on a proportionate basis
|
$
|
81
|
|
|
$
|
80
|
|
|
$
|
89
|
|
|
$
|
92
|
|
|
$
|
92
|
|
(1)
|
Includes generation of
804 GWh
for 2019 and
2,440 GWh
for 2020 secured under financial contracts.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
19
|
|
Corporate
|
|
Consolidated
|
||||||||
(MILLIONS, EXCEPT AS NOTED)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
Corporate credit facility
(1)(2)
|
322
|
|
721
|
|
322
|
|
721
|
||||
Debt
|
|
|
|
|
|
|
|
||||
Medium term notes
(3)
|
1,680
|
|
1,613
|
|
1,680
|
|
1,613
|
||||
Non-recourse borrowings
(4)
|
—
|
|
|
—
|
|
|
8,914
|
|
8,465
|
||
|
1,680
|
|
1,613
|
|
10,594
|
|
10,078
|
||||
Deferred income tax liabilities, net
(5)
|
—
|
|
|
—
|
|
|
4,152
|
|
4,049
|
||
Equity
|
|
|
|
|
|
|
|
||||
Non-controlling interest
|
—
|
|
|
—
|
|
|
8,226
|
|
8,129
|
||
Preferred equity
|
591
|
|
|
568
|
|
591
|
|
568
|
|||
Preferred limited partners' equity
|
833
|
|
|
707
|
|
833
|
|
707
|
|||
Unitholders equity
|
7,600
|
|
|
7,802
|
|
7,600
|
|
7,802
|
|||
Total capitalization
|
10,704
|
|
10,690
|
|
31,996
|
|
31,333
|
||||
Debt to total capitalization
(2)
|
16
|
%
|
|
15
|
%
|
|
33
|
%
|
|
32
|
%
|
(1)
|
As at
June 30, 2019
, includes
$322 million
(
2018
:
$nil
) on deposit from Brookfield.
|
(2)
|
Draws on corporate credit facilities are excluded from the debt to total capitalization ratios as they are not a permanent source of capital.
|
(3)
|
Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes
$6 million
(
2018
:
$6 million
) of deferred financing fees.
|
(4)
|
Consolidated non-recourse borrowings include
$108 million
(
2018
:
$6 million
) borrowed under a subscription facility of a Brookfield sponsored private fund and excludes
$74 million
(
2018
:
$75 million
) of deferred financing fees, net of unamortized premiums.
|
(5)
|
Deferred income tax liabilities less deferred income assets.
|
(MILLIONS, EXCEPT AS NOTED)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
||
Brookfield Renewable's share of cash and cash equivalents
|
$
|
185
|
|
|
$
|
169
|
|
Investments in equity and debt securities
|
126
|
|
|
117
|
|
||
Corporate credit facilities
|
|
|
|
||||
Authorized credit facilities
(1)
|
2,100
|
|
|
2,100
|
|
||
Draws on credit facilities
(2)
|
(322
|
)
|
|
(721
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
300
|
|
||
Issued letters of credit
|
(226
|
)
|
|
(209
|
)
|
||
Available portion of corporate credit facilities
|
1,952
|
|
|
1,470
|
|
||
Available portion of subsidiary credit facilities on a proportionate basis
|
269
|
|
|
218
|
|
||
Available liquidity
|
$
|
2,532
|
|
|
$
|
1,974
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
(2)
|
As at
June 30, 2019
, includes
$322 million
(
2018
:
$nil
) on deposit from Brookfield.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
20
|
|
Jun 30, 2019
|
|
Dec 31, 2018
|
||||||||||||||||
|
Weighted-average
|
|
|
|
Weighted-average
|
|
|
||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
Interest
rate (%)
|
|
|
Term
(years)
|
|
|
Total
|
|
|
Interest
rate (%)
|
|
|
Term
(years)
|
|
|
Total
|
|
||
Corporate borrowings
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Medium term notes
|
4.4
|
%
|
|
6
|
|
|
$
|
1,680
|
|
|
4.4
|
%
|
|
7
|
|
|
$
|
1,613
|
|
Credit facilities
(1)
|
3.6
|
%
|
|
5
|
|
|
322
|
|
|
3.3
|
%
|
|
4
|
|
|
721
|
|
||
Proportionate subsidiary borrowings
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hydroelectric
|
5.8
|
%
|
|
9
|
|
|
3,693
|
|
|
5.8
|
%
|
|
9
|
|
|
3,640
|
|
||
Wind
|
4.7
|
%
|
|
10
|
|
|
1,787
|
|
|
4.7
|
%
|
|
10
|
|
|
1,792
|
|
||
Solar
(2)
|
5.1
|
%
|
|
11
|
|
|
996
|
|
|
5.2
|
%
|
|
11
|
|
|
1,022
|
|
||
Storage and other
|
5.5
|
%
|
|
6
|
|
|
237
|
|
|
5.4
|
%
|
|
6
|
|
|
249
|
|
||
|
5.4
|
%
|
|
10
|
|
|
6,713
|
|
|
5.4
|
%
|
|
10
|
|
|
6,703
|
|
||
|
|
|
|
|
8,715
|
|
|
|
|
|
|
9,037
|
|
||||||
Proportionate deferred financing fees, net of unamortized premiums
|
|
(47
|
)
|
|
|
|
|
|
(48
|
)
|
|||||||||
|
|
8,668
|
|
|
|
|
|
|
8,989
|
|
|||||||||
Equity-accounted borrowings
|
|
(1,933
|
)
|
|
|
|
|
|
(1,972
|
)
|
|||||||||
Non-controlling interests
|
|
3,779
|
|
|
|
|
|
|
3,701
|
|
|||||||||
As per IFRS Statements
|
|
$
|
10,514
|
|
|
|
|
|
|
$
|
10,718
|
|
(1)
|
As at
June 30, 2019
, includes
$322 million
(
2018
:
$nil
) on deposit from Brookfield.
|
(2)
|
Excludes
$38 million
of proportionate debt associated with our portfolios in South Africa that are classified as held for sale as at
June 30, 2019
(
2018
: $60 million).
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
21
|
(MILLIONS)
|
Balance of 2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
Thereafter
|
|
|
Total
|
|
|
Debt Principal repayments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate borrowings
(1)
|
—
|
|
|
344
|
|
|
—
|
|
|
305
|
|
|
—
|
|
|
1,353
|
|
|
2,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit facilities
|
108
|
|
|
—
|
|
|
7
|
|
|
2
|
|
|
57
|
|
|
—
|
|
|
174
|
|
|
Hydro
|
44
|
|
|
363
|
|
|
12
|
|
|
205
|
|
|
439
|
|
|
1,759
|
|
|
2,822
|
|
|
Wind
|
10
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|
101
|
|
|
286
|
|
|
493
|
|
|
Solar
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
113
|
|
|
221
|
|
|
387
|
|
|
Storage and other
|
—
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
155
|
|
|
213
|
|
|
|
162
|
|
|
363
|
|
|
77
|
|
|
356
|
|
|
710
|
|
|
2,421
|
|
|
4,089
|
|
|
Amortizing debt principal repayments
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hydro
|
32
|
|
|
42
|
|
|
55
|
|
|
59
|
|
|
56
|
|
|
527
|
|
|
771
|
|
|
Wind
|
49
|
|
|
105
|
|
|
107
|
|
|
105
|
|
|
105
|
|
|
781
|
|
|
1,252
|
|
|
Solar
|
23
|
|
|
39
|
|
|
41
|
|
|
44
|
|
|
43
|
|
|
388
|
|
|
578
|
|
|
Storage and other
|
5
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
23
|
|
|
|
109
|
|
|
189
|
|
|
206
|
|
|
211
|
|
|
208
|
|
|
1,701
|
|
|
2,624
|
|
|
Total
|
271
|
|
|
896
|
|
|
283
|
|
|
872
|
|
|
918
|
|
|
5,475
|
|
|
8,715
|
|
(1)
|
Draws on our corporate credit facilities are presented based on available capacity of our longest dated facilities irrespective of the credit facility drawn. Includes $322 million on deposit from Brookfield.
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Cash flow provided by (used in):
|
|
|
|
|
|
|
|
||||||||
Operating activities
|
368
|
|
|
263
|
|
|
739
|
|
|
563
|
|
||||
Financing activities
|
(221
|
)
|
|
8
|
|
|
(509
|
)
|
|
(587
|
)
|
||||
Investing activities
|
$
|
5
|
|
|
$
|
(426
|
)
|
|
$
|
(74
|
)
|
|
$
|
(530
|
)
|
Foreign exchange gain (loss) on cash
|
1
|
|
|
(12
|
)
|
|
1
|
|
|
(8
|
)
|
||||
Increase (decrease) in cash and cash equivalents
|
$
|
153
|
|
|
$
|
(167
|
)
|
|
$
|
157
|
|
|
$
|
(562
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
22
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Trade receivables and other current assets
|
$
|
52
|
|
|
$
|
12
|
|
|
$
|
58
|
|
|
$
|
13
|
|
Accounts payable and accrued liabilities
|
(36
|
)
|
|
(12
|
)
|
|
(41
|
)
|
|
(54
|
)
|
||||
Other assets and liabilities
|
12
|
|
|
(31
|
)
|
|
(15
|
)
|
|
(22
|
)
|
||||
|
$
|
28
|
|
|
$
|
(31
|
)
|
|
$
|
2
|
|
|
$
|
(63
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
23
|
(MILLIONS, EXCEPT AS NOTED)
|
Jun 30, 2019
|
|
|
Dec 31, 2018
|
|
Class A Preference Shares
(1)
|
31,035,967
|
|
|
31,035,967
|
|
Preferred Units
(2)
|
|
|
|
|
|
Balance, beginning of year
|
37,885,496
|
|
|
27,885,496
|
|
Issuance
|
7,000,000
|
|
|
10,000,000
|
|
Balance, end of period/year
|
44,885,496
|
|
|
37,885,496
|
|
GP interest
|
2,651,506
|
|
|
2,651,506
|
|
Redeemable/Exchangeable partnership units
|
129,658,623
|
|
|
129,658,623
|
|
LP Units
|
|
|
|
|
|
Balance, beginning of year
|
178,821,204
|
|
|
180,388,361
|
|
Distribution reinvestment plan
|
105,248
|
|
|
289,641
|
|
Repurchase of LP Units for cancellation
|
(20,000
|
)
|
|
(1,856,798
|
)
|
Balance, end of period/year
|
178,906,452
|
|
|
178,821,204
|
|
Total LP Units on a fully-exchanged basis
(3)
|
308,565,075
|
|
|
308,479,827
|
|
(1)
|
Class A Preference Shares are broken down by series as follows: 5,449,675 Series 1 Class A Preference Shares are outstanding; 4,510,389 Series 2 Class A Preference Shares are outstanding; 9,961,399 Series 3 Class A Preference Shares are outstanding; 4,114,504 Series 5 Class A Preference Shares are outstanding; and 7,000,000 Series 6 Class A Preference Shares are outstanding.
|
(2)
|
Preferred Units are broken down by series and certain series are convertible on a one for one basis at the option of the holder as follows: 2,885,496 Series 5 Preferred Units are outstanding; 7,000,000 Series 7 Preferred Units are outstanding (convertible for Series 8 Preferred Units beginning on January 31, 2021); 8,000,000 Series 9 Preferred Units are outstanding (convertible for Series 10 Preferred Units beginning on July 31, 2021); 10,000,000 Series 11 Preferred Units are outstanding (convertible for Series 12 Preferred Units beginning on April 30, 2022); 10,000,000 Series 13 Preferred Units are outstanding (convertible for Series 14 Preferred Units beginning on April 30, 2023); and 7,000,000 Series 15 Preferred Units are outstanding (convertible for Series 16 Preferred Units beginning on April 30, 2024).
|
(3)
|
The fully-exchanged amounts assume the exchange of all Redeemable/ Exchangeable partnership units for LP Units.
|
|
Three months ended Jun 30
|
|
Six months ended Jun 30
|
||||||||||||||||||||||||||||
|
Declared
|
|
Paid
|
|
Declared
|
|
Paid
|
||||||||||||||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||||||
Class A Preference Shares
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
13
|
|
Class A Preferred LP Units
|
$
|
11
|
|
|
$
|
9
|
|
|
$
|
11
|
|
|
$
|
10
|
|
|
$
|
21
|
|
|
$
|
18
|
|
|
$
|
20
|
|
|
$
|
17
|
|
Participating non-controlling interests - in operating subsidiaries
|
$
|
262
|
|
|
$
|
176
|
|
|
$
|
262
|
|
|
$
|
176
|
|
|
$
|
396
|
|
|
$
|
357
|
|
|
$
|
396
|
|
|
$
|
357
|
|
GP interest and Incentive distributions
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
14
|
|
|
$
|
11
|
|
|
$
|
28
|
|
|
$
|
23
|
|
|
$
|
27
|
|
|
$
|
22
|
|
Redeemable/Exchangeable partnership units
|
$
|
67
|
|
|
$
|
64
|
|
|
$
|
67
|
|
|
$
|
63
|
|
|
$
|
135
|
|
|
$
|
128
|
|
|
$
|
134
|
|
|
$
|
127
|
|
LP Units
|
$
|
92
|
|
|
$
|
88
|
|
|
$
|
90
|
|
|
$
|
87
|
|
|
$
|
185
|
|
|
$
|
178
|
|
|
$
|
181
|
|
|
$
|
172
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
24
|
•
|
Commitments
- Water, land, and dam usage agreements, and agreements and conditions on committed acquisitions of operating portfolios and development projects;
|
•
|
Contingencies
- Legal proceedings, arbitrations and actions arising in the normal course of business, and providing for letters of credit;
|
•
|
Guarantees
- Nature of all the indemnification undertakings.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
25
|
|
2019
|
|
|
2018
|
|
|
2017
|
||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
Q2
|
|
Q1
|
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
|
Q4
|
|
Q3
|
||||||||||||||||
Total Generation (GWh) - LTA
|
14,252
|
|
|
13,493
|
|
|
|
13,485
|
|
|
12,113
|
|
|
13,521
|
|
|
12,852
|
|
|
|
12,198
|
|
|
9,098
|
|
||||||||
Total Generation (GWh) - actual
|
14,881
|
|
|
14,125
|
|
|
|
14,445
|
|
|
11,609
|
|
|
13,122
|
|
|
12,880
|
|
|
|
11,913
|
|
|
9,370
|
|
||||||||
Proportionate Generation (GWh) - LTA
|
7,109
|
|
|
6,698
|
|
|
|
6,602
|
|
|
5,956
|
|
|
6,935
|
|
|
6,351
|
|
|
|
6,030
|
|
|
5,053
|
|
||||||||
Proportionate Generation (GWh) - actual
|
7,602
|
|
|
7,246
|
|
|
|
7,052
|
|
|
5,552
|
|
|
6,455
|
|
|
6,694
|
|
|
|
5,890
|
|
|
5,198
|
|
||||||||
Revenues
|
$
|
787
|
|
|
$
|
825
|
|
|
|
$
|
780
|
|
|
$
|
674
|
|
|
$
|
735
|
|
|
$
|
793
|
|
|
|
$
|
657
|
|
|
$
|
608
|
|
Net income (loss) attributable to Unitholders
|
17
|
|
|
43
|
|
|
|
91
|
|
|
(55
|
)
|
|
(2
|
)
|
|
8
|
|
|
|
(67
|
)
|
|
(43
|
)
|
||||||||
Basic earnings (loss) per LP Unit
|
0.05
|
|
|
0.14
|
|
|
|
0.29
|
|
|
(0.18
|
)
|
|
(0.01
|
)
|
|
0.03
|
|
|
|
(0.22
|
)
|
|
(0.14
|
)
|
||||||||
Consolidated Adjusted EBITDA
|
630
|
|
|
652
|
|
|
|
604
|
|
|
494
|
|
|
543
|
|
|
582
|
|
|
|
454
|
|
|
381
|
|
||||||||
Proportionate Adjusted EBITDA
|
400
|
|
|
395
|
|
|
|
371
|
|
|
277
|
|
|
324
|
|
|
351
|
|
|
|
296
|
|
|
232
|
|
||||||||
Funds From Operations
|
230
|
|
|
227
|
|
|
|
206
|
|
|
105
|
|
|
172
|
|
|
193
|
|
|
|
143
|
|
|
91
|
|
||||||||
Funds From Operations per Unit
|
0.74
|
|
|
0.73
|
|
|
|
0.66
|
|
|
0.33
|
|
|
0.55
|
|
|
0.62
|
|
|
|
0.46
|
|
|
0.29
|
|
||||||||
Distribution per LP Unit
|
0.515
|
|
|
0.515
|
|
|
|
0.490
|
|
|
0.490
|
|
|
0.490
|
|
|
0.490
|
|
|
|
0.468
|
|
|
0.468
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
26
|
|
(GWh)
|
|
|
(MILLIONS)
|
||||||||||||||||||||||||||||||||||||||||||||
|
Actual Generation
|
|
|
LTA Generation
|
|
|
Revenues
|
|
|
Adjusted EBITDA
|
|
|
Funds From Operations
|
|
|
Net Income (Loss)
|
||||||||||||||||||||||||||||||||
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
|
|
2019
|
|
|
2018
|
|
||||||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
7,983
|
|
|
7,178
|
|
|
|
6,883
|
|
|
7,261
|
|
|
|
$
|
539
|
|
|
$
|
489
|
|
|
|
$
|
406
|
|
|
$
|
356
|
|
|
|
$
|
320
|
|
|
$
|
269
|
|
|
|
$
|
146
|
|
|
$
|
133
|
|
Brazil
|
2,156
|
|
|
1,940
|
|
|
|
1,978
|
|
|
1,935
|
|
|
|
123
|
|
|
132
|
|
|
|
91
|
|
|
95
|
|
|
|
73
|
|
|
78
|
|
|
|
33
|
|
|
3
|
|
||||||||
Colombia
|
1,626
|
|
|
1,640
|
|
|
|
1,667
|
|
|
1,688
|
|
|
|
118
|
|
|
106
|
|
|
|
73
|
|
|
62
|
|
|
|
51
|
|
|
42
|
|
|
|
37
|
|
|
30
|
|
||||||||
|
11,765
|
|
|
10,758
|
|
|
|
10,528
|
|
|
10,884
|
|
|
|
780
|
|
|
727
|
|
|
|
570
|
|
|
513
|
|
|
|
444
|
|
|
389
|
|
|
|
216
|
|
|
166
|
|
||||||||
Wind
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
1,611
|
|
|
1,308
|
|
|
|
1,909
|
|
|
1,488
|
|
|
|
121
|
|
|
108
|
|
|
|
88
|
|
|
79
|
|
|
|
52
|
|
|
50
|
|
|
|
(18
|
)
|
|
(12
|
)
|
||||||||
Europe
|
478
|
|
|
272
|
|
|
|
531
|
|
|
288
|
|
|
|
50
|
|
|
29
|
|
|
|
35
|
|
|
18
|
|
|
|
28
|
|
|
11
|
|
|
|
—
|
|
|
(3
|
)
|
||||||||
Brazil
|
253
|
|
|
262
|
|
|
|
260
|
|
|
264
|
|
|
|
16
|
|
|
18
|
|
|
|
11
|
|
|
13
|
|
|
|
6
|
|
|
9
|
|
|
|
1
|
|
|
(6
|
)
|
||||||||
Asia
|
91
|
|
|
69
|
|
|
|
89
|
|
|
76
|
|
|
|
5
|
|
|
5
|
|
|
|
3
|
|
|
3
|
|
|
|
2
|
|
|
1
|
|
|
|
1
|
|
|
(4
|
)
|
||||||||
|
2,433
|
|
|
1,911
|
|
|
|
2,789
|
|
|
2,116
|
|
|
|
192
|
|
|
160
|
|
|
|
137
|
|
|
113
|
|
|
|
88
|
|
|
71
|
|
|
|
(16
|
)
|
|
(25
|
)
|
||||||||
Solar
|
486
|
|
|
290
|
|
|
|
490
|
|
|
286
|
|
|
|
89
|
|
|
48
|
|
|
|
74
|
|
|
41
|
|
|
|
45
|
|
|
26
|
|
|
|
13
|
|
|
—
|
|
||||||||
Storage & Other
|
164
|
|
|
190
|
|
|
|
—
|
|
|
—
|
|
|
|
45
|
|
|
37
|
|
|
|
21
|
|
|
19
|
|
|
|
14
|
|
|
12
|
|
|
|
1
|
|
|
(11
|
)
|
||||||||
Corporate
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(7
|
)
|
|
(11
|
)
|
|
|
(134
|
)
|
|
(133
|
)
|
|
|
(154
|
)
|
|
(124
|
)
|
||||||||
Total
|
14,848
|
|
|
13,149
|
|
|
|
13,807
|
|
|
13,286
|
|
|
|
1,106
|
|
|
972
|
|
|
|
795
|
|
|
675
|
|
|
|
457
|
|
|
365
|
|
|
|
60
|
|
|
6
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
27
|
|
Attributable to Unitholders
|
|
Contribution
from equity accounted investments |
|
|
Attributable to non-controlling interests
|
|
|
As per
IFRS financials (1) |
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and Other |
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
539
|
|
|
123
|
|
|
118
|
|
|
121
|
|
|
50
|
|
|
16
|
|
|
5
|
|
|
89
|
|
|
45
|
|
|
—
|
|
|
1,106
|
|
|
(189
|
)
|
|
695
|
|
|
1,612
|
|
Other income
|
9
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
4
|
|
|
21
|
|
|
(6
|
)
|
|
10
|
|
|
25
|
|
Direct operating costs
|
(142
|
)
|
|
(35
|
)
|
|
(45
|
)
|
|
(35
|
)
|
|
(16
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|
(17
|
)
|
|
(24
|
)
|
|
(11
|
)
|
|
(332
|
)
|
|
56
|
|
|
(230
|
)
|
|
(506
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
12
|
|
|
151
|
|
Adjusted EBITDA
|
406
|
|
|
91
|
|
|
73
|
|
|
88
|
|
|
35
|
|
|
11
|
|
|
3
|
|
|
74
|
|
|
21
|
|
|
(7
|
)
|
|
795
|
|
|
—
|
|
|
487
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
Interest expense - borrowings
|
(80
|
)
|
|
(12
|
)
|
|
(16
|
)
|
|
(35
|
)
|
|
(7
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(29
|
)
|
|
(7
|
)
|
|
(49
|
)
|
|
(240
|
)
|
|
50
|
|
|
(161
|
)
|
|
(351
|
)
|
Current income taxes
|
(6
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
1
|
|
|
(20
|
)
|
|
(39
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
(9
|
)
|
|
(60
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(297
|
)
|
|
(297
|
)
|
Funds From Operations
|
320
|
|
|
73
|
|
|
51
|
|
|
52
|
|
|
28
|
|
|
6
|
|
|
2
|
|
|
45
|
|
|
14
|
|
|
(134
|
)
|
|
457
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(111
|
)
|
|
(44
|
)
|
|
(10
|
)
|
|
(79
|
)
|
|
(23
|
)
|
|
(9
|
)
|
|
(2
|
)
|
|
(28
|
)
|
|
(12
|
)
|
|
(2
|
)
|
|
(320
|
)
|
|
69
|
|
|
(149
|
)
|
|
(400
|
)
|
Foreign exchange and unrealized financial instrument loss
|
3
|
|
|
3
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(1
|
)
|
|
—
|
|
|
4
|
|
|
(1
|
)
|
|
(28
|
)
|
|
(31
|
)
|
|
5
|
|
|
(4
|
)
|
|
(30
|
)
|
Deferred income tax expense
|
(40
|
)
|
|
2
|
|
|
(4
|
)
|
|
17
|
|
|
6
|
|
|
—
|
|
|
(1
|
)
|
|
16
|
|
|
—
|
|
|
18
|
|
|
14
|
|
|
(36
|
)
|
|
(12
|
)
|
|
(34
|
)
|
Other
|
(26
|
)
|
|
(1
|
)
|
|
1
|
|
|
(7
|
)
|
|
(2
|
)
|
|
5
|
|
|
2
|
|
|
(24
|
)
|
|
—
|
|
|
(8
|
)
|
|
(60
|
)
|
|
21
|
|
|
36
|
|
|
(3
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
(59
|
)
|
Net income attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
|
129
|
|
Net income (loss) attributable to Unitholders
(2)
|
146
|
|
|
33
|
|
|
37
|
|
|
(18
|
)
|
|
—
|
|
|
1
|
|
|
1
|
|
|
13
|
|
|
1
|
|
|
(154
|
)
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
(1)
|
Share of earnings from equity-accounted investments of
$32 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$168 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
28
|
|
Attributable to Unitholders
|
|
Contribution
from equity accounted investments |
|
|
Attributable
to non- controlling interests |
|
|
As per
IFRS financials (1) |
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage
and Other |
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
489
|
|
|
132
|
|
|
106
|
|
|
108
|
|
|
29
|
|
|
18
|
|
|
5
|
|
|
48
|
|
|
37
|
|
|
—
|
|
|
972
|
|
|
(97
|
)
|
|
653
|
|
|
1,528
|
|
Other income
|
5
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
14
|
|
|
(4
|
)
|
|
9
|
|
|
19
|
|
Direct operating costs
|
(138
|
)
|
|
(39
|
)
|
|
(45
|
)
|
|
(30
|
)
|
|
(12
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|
(10
|
)
|
|
(18
|
)
|
|
(12
|
)
|
|
(311
|
)
|
|
32
|
|
|
(224
|
)
|
|
(503
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
12
|
|
|
81
|
|
Adjusted EBITDA
|
356
|
|
|
95
|
|
|
62
|
|
|
79
|
|
|
18
|
|
|
13
|
|
|
3
|
|
|
41
|
|
|
19
|
|
|
(11
|
)
|
|
675
|
|
|
—
|
|
|
450
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
Interest expense - borrowings
|
(84
|
)
|
|
(12
|
)
|
|
(20
|
)
|
|
(28
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(15
|
)
|
|
(7
|
)
|
|
(48
|
)
|
|
(226
|
)
|
|
25
|
|
|
(157
|
)
|
|
(358
|
)
|
Current income taxes
|
(3
|
)
|
|
(5
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
1
|
|
|
(5
|
)
|
|
(14
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(10
|
)
|
|
(36
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(278
|
)
|
|
(278
|
)
|
Funds From Operations
|
269
|
|
|
78
|
|
|
42
|
|
|
50
|
|
|
11
|
|
|
9
|
|
|
1
|
|
|
26
|
|
|
12
|
|
|
(133
|
)
|
|
365
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(113
|
)
|
|
(71
|
)
|
|
(10
|
)
|
|
(55
|
)
|
|
(17
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
(13
|
)
|
|
(12
|
)
|
|
—
|
|
|
(300
|
)
|
|
29
|
|
|
(148
|
)
|
|
(419
|
)
|
Foreign exchange and unrealized financial instrument loss
|
1
|
|
|
(1
|
)
|
|
1
|
|
|
3
|
|
|
5
|
|
|
(8
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
13
|
|
|
8
|
|
|
(6
|
)
|
|
(27
|
)
|
|
(25
|
)
|
Deferred income tax expense
|
(6
|
)
|
|
1
|
|
|
(3
|
)
|
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
(3
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(13
|
)
|
Other
|
(18
|
)
|
|
(4
|
)
|
|
—
|
|
|
(5
|
)
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|
(10
|
)
|
|
(9
|
)
|
|
(13
|
)
|
|
(64
|
)
|
|
17
|
|
|
(7
|
)
|
|
(54
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
(39
|
)
|
Net income attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
191
|
|
|
191
|
|
Net income (loss) attributable to Unitholders
(2)
|
133
|
|
|
3
|
|
|
30
|
|
|
(12
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|
—
|
|
|
(11
|
)
|
|
(124
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
(1)
|
Share of earnings from equity-accounted investments of
$6 million
is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of
$87 million
is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.
|
(2)
|
Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
29
|
|
|
|
|
|
Per unit
|
||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Net income attributable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners' equity
|
$
|
34
|
|
|
$
|
4
|
|
|
$
|
0.19
|
|
|
$
|
0.02
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
25
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Net income attributable to Unitholders
|
$
|
60
|
|
|
$
|
6
|
|
|
$
|
0.19
|
|
|
$
|
0.02
|
|
Adjusted for proportionate share of:
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
321
|
|
|
300
|
|
|
1.03
|
|
|
0.96
|
|
||||
Foreign exchange and unrealized financial instruments (gain) loss
|
31
|
|
|
(8
|
)
|
|
0.10
|
|
|
(0.02
|
)
|
||||
Deferred income tax expense
|
(14
|
)
|
|
3
|
|
|
(0.04
|
)
|
|
0.01
|
|
||||
Other
|
59
|
|
|
64
|
|
|
0.19
|
|
|
0.20
|
|
||||
Funds From Operations
|
$
|
457
|
|
|
$
|
365
|
|
|
$
|
1.47
|
|
|
$
|
1.17
|
|
Weighted average Units outstanding
(1)
|
|
|
|
|
311.1
|
|
|
312.7
|
|
(1)
|
Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
30
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
31
|
•
|
Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than twelve months of lease term; and
|
•
|
Excluded initial direct costs from measuring the right-of-use assets at the date of initial application.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
32
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
33
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
34
|
•
|
The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and
|
•
|
Other companies may calculate proportionate results differently than we do.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
35
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
36
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
37
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
June 30, 2019
|
|
|
Page
38
|
1.
|
Review:
I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Brookfield Renewable Partners L.P., (the "issuer") for the interim period ended June 30, 2019.
|
2.
|
No misrepresentations:
Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
|
3.
|
Fair presentation:
Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
|
4.
|
Responsibility:
The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.
|
5.
|
Design:
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings
|
(a)
|
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
|
i.
|
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
|
ii.
|
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
|
(b)
|
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.
|
5.1
|
Control framework:
The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is
the Internal Control - Integrated Framework (2013 Framework)
published by The Committee of Sponsoring Organizations of the Treadway Commission.
|
5.2
|
N/A
|
5.3
|
N/A
|
6.
|
Reporting changes in ICFR:
The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on April 1, 2019 and ended on June 30, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.
|
Date:
July 31, 2019
|
|
|
|
/s/ Sachin Shah
|
|
Name:
|
Sachin Shah
|
Title:
|
Chief Executive Officer of its Service Provider, BRP Energy Group L.P.
|
(Principal Executive Officer)
|
1.
|
Review:
I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Brookfield Renewable Partners L.P., (the "issuer") for the interim period ended June 30, 2019.
|
2.
|
No misrepresentations:
Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
|
3.
|
Fair presentation:
Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
|
4.
|
Responsibility:
The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.
|
5.
|
Design:
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings
|
(a)
|
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
|
i.
|
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
|
ii.
|
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
|
(b)
|
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.
|
5.1
|
Control framework:
The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is
the Internal Control - Integrated Framework (2013 Framework)
published by The Committee of Sponsoring Organizations of the Treadway Commission.
|
5.2
|
N/A
|
5.3
|
N/A
|
6.
|
Reporting changes in ICFR:
The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on April 1, 2019 and ended on June 30, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.
|
Date:
July 31, 2019
|
|
|
|
/s/ Wyatt Hartley
|
|
Name:
|
Wyatt Hartley
|
Title:
|
Chief Financial Officer of its Service Provider, BRP Energy Group L.P.
|
(Principal Executive Officer)
|