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

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

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

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

Our business continued to perform well in the third quarter as we advanced our key strategic priorities. Our priorities remain focused on deploying capital for value, improving our operations, and maintaining high levels of liquidity and a strong balance sheet. Our objective, as always, is to deliver total returns on a per-unit basis of 12% to 15% over the long-term.

Of note, this quarter we:

Unit Split and Creation of an Exchange Corporation

We remain focused on continuing to broaden our investor base, facilitating increased demand, and enhancing trading liquidity for Brookfield Renewable. As our business continues to grow and globalize, we are seeing increased demand from prospective investors. As such, we are pleased to announce that we are creating a structure that will allow our investors additional optionality to invest in Brookfield Renewable through either the current Partnership (BEP LP) or through a newly-created, publicly-listed Canadian corporation (BEPC), both of which will provide investors access to the same globally diversified renewable power portfolio with a strong track record of growth. BEPC will be created via an effective stock split, and the class A shares should be economically equivalent to the existing LP units as it will pay identical dividends and distributions, and the BEPC class A shares will be exchangeable into the LP units at any time at the option of the holder. We believe this initiative should support the expansion of our investor base by attracting new investors that are currently unable or unwilling to invest in our LP structure due to tax reporting or other attributes, and will allow us to be eligible for certain indices or ETFs that the BEP LP units are not.

Update on Growth Initiatives

Subsequent to the quarter-end we invested an incremental $50 million into TerraForm Power as an investor in its recent $300 million equity issuance. Following this issuance, BEP’s proportionate interest in TerraForm Power is largely unchanged at approximately 30%. TerraForm Power recently closed its acquisition of a 322 megawatt distributed generation portfolio in the U.S., making it one of the largest owner and operators of distributed generation in the U.S. This capital, combined with its recent equity and debt financings, enables TerraForm Power to be well positioned for future growth with $1.2 billion of available liquidity.

During the quarter we, along with our institutional partners, acquired a 200 megawatt recently constructed, fully contracted wind farm in China for $100 million ($45 million net to BEP). We also continued to advance our distributed generation joint venture in the country, commissioning 8 megawatts of rooftop solar during

the quarter and advancing an additional 12 megawatts that we expect to be on-line by the end of the year. We continue to remain disciplined on growth in China by looking for high value, low-risk investment opportunities.

We also advanced the build-out of development projects globally. We remain on-track to close our acquisition, with our institutional partners, of a 50% interest in X-Elio, a premier global solar developer, in the fourth quarter which will significantly enhance our solar development capabilities. We also progressed construction of 151 megawatts of capacity, 960 megawatts of advanced-stage projects globally, including 60 megawatts of wind repowering projects in the United States.

Operations

During the third quarter, we generated FFO of $133 million, up from $105 million during the same period the prior year.

In the third quarter, our hydroelectric segment generated FFO of $125 million, up 20% relative to the same quarter the prior year. While generation for the quarter was below the long-term average level, driven largely by drier conditions in the U.S. Northeast and Canada, generation so far this year has exceeded the long-term average by 5%. As we have stated for many years, we do not manage the business based on under-or over-performance of generation relative to the long-term average and do not factor this into our planning. Instead, we remain focused on diversifying the business from both a geographic and technology perspective, which mitigates exposure to resource volatility, and regional or market disruptions. Additionally, we continue to advance initiatives to extract additional value from our hydroelectric portfolio. For example, earlier this year we qualified our 820 megawatt Sogamoso hydro facility in Colombia, which has 12 months of reservoir capacity, to provide grid-stabilizing ancillary services which is expected to add an incremental $3 million to our FFO on an annualized basis.

Our wind and solar segments generated a combined $72 million of FFO, up 20% relative to the same period the prior year. We benefitted from contributions from our operating and growth initiatives, including 210 megawatts of wind acquired in India, 51 megawatts of wind capacity commissioned and acquired last year in Ireland, and significant cost savings realized from the implementation of TerraForm Power’s new long-term service agreement for its North American wind fleet.

Our storage and other segments generated $6 million of FFO during the quarter as our portfolio continues to provide critical grid-stabilizing ancillary services and back-up capacity to increasingly intermittent grids. For example, in mid-August the U.K. experienced a major electricity disconnection event that resulted in a blackout affecting more than 1.1 million customers. Between 60 seconds to 4 minutes after the disconnection event, our First Hydro portfolio, which represents 75% of the U.K.’s storage capacity and has very fast ramp-up capabilities, provided more than half of the power used to restart the grid. We were the critical link to re-starting the electricity grid in the U.K. on that day. We continue to work with all stakeholders to highlight the strategic importance of First Hydro in the U.K. and Bear Swamp in the U.S., and how the scale and speed of their response capabilities can be instrumental in managing the grid.

Balance Sheet and Liquidity

Our liquidity position remains robust, with $2.5 billion of total available liquidity. During the quarter, we continued to take advantage of the low interest environment to execute on $2.3 billion of financings and approximately $210 million of capital recycling initiatives, raising a total $320 million of incremental liquidity to BEP.

During the quarter, we issued a C$600 million, investment grade, corporate green bond offering, through which we completed the early refinancing our 2020 corporate maturity (C$450 million). This issuance represents the largest corporate green bond ever issued in Canada and our fifth green bond issuance to date for total outstanding green bonds of approximately $1.8 billion. This bond was issued in two tranches - 10 years and 30 years - which nearly doubled the average term of our corporate debt to over 10 years. We

also reduced the average cost of our debt and completed a $100 million up-financing with no impact on interest expense.

We also advanced our capital recycling program, and subsequent to quarter-end, closed the sales of two mature European wind portfolios as private investors continue to view high-quality, contracted renewable power assets as a proxy to government bonds, but with a higher yield. The first sale was of our 68 megawatt wind portfolio in Northern Ireland which we developed between 2016 and 2018. The second sale was of our 123 megawatt wind portfolio in Portugal which we acquired in 2015 and subsequently de-risked by enhancing the capital structure and renegotiating the O&M contracts on better terms. Together, these sales generated proceeds of $186 million ($74 million net to BEP) and crystallized an 18% compounded annual return to BEP since acquisition.

Outlook

Looking ahead, we continue to focus on executing our key priorities including maintaining a robust balance sheet and access to diverse sources of capital, enhancing cash flows from our existing business and assessing acquisition opportunities. In September we held our annual Investor Day where we reiterated the key drivers of our business including the continued growth of the renewables investible universe, the application of our value-enhancing “toolkit” to de-risk acquisitions while maintaining strong returns, and the value of our stable financial profile in executing our growth strategy. We would like to thank those of you who were able to attend this event.

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

Sincerely,

Sachin Shah

Chief Executive Officer

November 11, 2019

OUR COMPETITIVE STRENGTHS

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

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

One of the largest, public pure play renewable businesses globally. Brookfield Renewable has a 20-year track record as a publicly-traded operator and investor in the renewable power sector. Today we have a large, multi-technology and globally diversified portfolio of pure-play renewable assets that are supported by over 2,500 experienced operators. Brookfield Renewable invests in renewable assets directly, as well as with institutional partners, joint venture partners and in other arrangements. Our portfolio consists of approximately 18,000 MW of installed capacity largely across four continents, a development pipeline of approximately 8,000 MW, and annualized long-term average generation on a proportionate basis of approximately 26,400 GWh.

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

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

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

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

an investment grade basis with no financial maintenance covenants. Approximately 95% of our debt is either investment grade rated or sized to investment grade. Our corporate debt to total capitalization is 17%, and 76% of our proportionate borrowings are non-recourse. Corporate borrowings and proportionate non-recourse borrowings each have weighted-average terms of approximately nine years and ten years, respectively, with no material maturities over the next four years. Approximately 85% of our financings are fixed rate, and only 5% of our debt in North America and Europe, on a proportionate basis, is exposed to changes in interest rates. Our available liquidity as at September 30, 2019 is approximately $2.5 billion of cash and cash equivalents, investments in marketable securities and the available portion of credit facilities, after assuming the repayment of Series 7 medium term notes that occurred post quarter-end. 

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

Well positioned for cash flow growth. We are focused on driving cash flow growth from existing operations, fully funded by internally generated cash flow, including inflation escalations in our contracts, margin expansion through revenue growth and cost reduction initiatives, and building out our approximately 8,000 MW proprietary development pipeline at premium returns. While we do not rely on acquisitions to achieve our growth targets, our business has upside from mergers and acquisitions on an opportunistic basis. We employ a contrarian strategy, and our global scale and multi-technology capabilities allow us to rotate capital where it is scarce in order to earn strong risk-adjusted returns. We take a disciplined approach to allocating capital into development and acquisitions with a focus on downside protection and preservation of capital. Since 2013, we have deployed over $3.5 billion in equity as we have invested in, acquired, or commissioned 50 hydroelectric facilities totaling approximately 4,200 MW, 107 wind facilities totaling approximately 4,300 MW, 833 solar facilities totaling approximately 2,100 MW, four biomass facilities totaling 175 MW, two hydroelectric pumped storage facilities and nine battery storage asset totaling 2,100 MW and one 300 MW cogeneration plant. Our ability to develop and acquire assets is strengthened by our established operating and project development teams across the globe, strategic relationship with Brookfield Asset Management, and our liquidity and capitalization profile. We have, in the past, and may continue in the future to pursue the acquisition or development of assets through arrangements with institutional investors in Brookfield Asset Management sponsored or co-sponsored partnerships.

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

This Management’s Discussion and Analysis for the three and nine months ended September 30, 2019 is provided as of November 11, 2019. Unless the context indicates or requires otherwise, the terms “Brookfield Renewable”, “we”, “us”, and “our” mean Brookfield Renewable Partners L.P. and its controlled entities. The ultimate parent of Brookfield Renewable is Brookfield Asset Management Inc. (“Brookfield Asset Management”). Brookfield Asset Management and its subsidiaries, other than Brookfield Renewable, are also individually and collectively referred to as “Brookfield” in this Management’s Discussion and Analysis.

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

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

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

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

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

Operations

Funds From Operations increased to $133 million and $0.43 on a per unit basis, representing a 27% and 30% increase, respectively, from the prior year, driven by:

After deducting non-cash depreciation, net loss attributable to Unitholders for the three months ended September 30, 2019 was $53 million or $0.17 per LP Unit, compared to $55 million or $0.18 per LP Unit in the prior year.

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

Liquidity and Capital Resources

Further enhanced financial flexibility:

Subsequent to quarter-end, we announced our intention to create a Canadian corporation (“BEPC”) with publicly-traded shares that we expect will be economically-equivalent to the limited partnership units of Brookfield Renewable.

Growth and Development

TerraForm Power completed the previously announced acquisition of a large-scale distributed generation business in the U.S. totaling 322 MW of recently constructed and fully contracted portfolio capacity, underpinned by a 17-year average remaining PPA term with credit-worthy offtakers.

Together with our institutional partners, we completed the acquisition of 200 MW of operating wind assets in China for total consideration of $160 million.

Completed the commissioning of 8 MW of new rooftop solar capacity in China.

Continued to progress our development pipeline:

Variance Analysis For The Three Months Ended September 30, 2019

Revenues totaling $642 million represents a decrease of $32 million over the prior year. The benefit from growth in our portfolio, both through our recent investments and recently commissioned facilities, and the inflation indexation of our contracts, commercial contracting initiatives and higher market prices in Colombia were partially offset by the foreign exchange impact of a strengthening United States dollar versus the Colombian peso, resulting in a net $1 million increase to revenues. Generation on a same-store basis decreased by 709 GWh or 6% compared to the prior year, primarily due to below average hydrology conditions in Canada which reduced revenues by $19 million, and completed asset sales reduced revenues by $14 million.

Direct operating costs totaling $239 million represents a decrease of $18 million over the prior year due to cost-saving initiatives across our business and the impact of the foreign exchange movements noted above.

Interest expense - borrowings totaling $164 million represents a decrease of $12 million over the prior year due to the benefit of recent refinancing activities that reduced our average cost of borrowing, as well as lower corporate borrowings and the favorable foreign exchange movements noted above.

Share of earnings from equity-accounted investments totaling $1 million represents a decrease of $5 million over the prior year as the higher revenues from our increased ownership in TerraForm Power was more than offset by unrealized hedging losses.

Management service costs totaling $29 million represents an increase of $7 million over prior year due to the growth of our business.

Net loss attributable to Unitholders totaling $53 million represents a decrease of $2 million as lower revenues were more than offset by operating cost savings and lower borrowing costs.

Variance Analysis For The Nine Months Ended September 30, 2019

Revenues totaling $2,254 million represents an increase of $52 million over the prior year. On a same-store basis, revenues increased $153 million, primarily due to higher average realized prices which contributed $88 million to revenues, attributable to the inflation indexation of our contracts, commercial contracting initiatives and higher market prices on our uncontracted volumes in Colombia. We benefited from a 7% increase in generation primarily due to above average hydrology conditions in North America during the first half of the year which increased revenues by $65 million relative to the prior year. Recently acquired and commissioned facilities contributed 441 GWh and $34 million to revenues which was partially offset by recently completed asset sales that reduced revenues by $20 million. Foreign currency movements negatively impacted our revenues by $115 million as a result of the strengthening of the United States dollar.

Direct operating costs totaling $745 million represents a decrease of $15 million over the prior year driven by cost-savings realized in the year across our business and the foreign exchange impact noted above. This was partially offset by the operating costs of our recently commissioned and acquired facilities and the timing of certain maintenance activities in North America, Brazil and Europe.

Interest expense - borrowings totaling $515 million represents a decrease of $19 million over the prior year due to the benefit of recent refinancing activities that reduced our average cost of borrowing, lower corporate borrowings and the foreign exchange movements noted above.

Share of earnings from equity-accounted investments totaling $33 million represents an increase of $21 million over the prior year driven by our increased ownership in TerraForm Power.

Management service costs totaling $73 million represents an increase of $9 million over the prior year due to the growth of our business.

Income tax expense of $60 million represents an increase of $38 million as a result of higher taxable income relative to the prior period, particularly in Colombia, due to the strong performance of the business.

Net income attributable to Unitholders totaling $7 million represents an increase of $56 million over the prior year primarily a result of the above noted increase in revenues.

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

Assets held for sale

Assets held for sale totaled $782 million as at September 30, 2019 compared to $920 million as at December 31, 2018. The $138 million decrease was attributable to the sale of almost all of our South African wind and solar portfolio, offset by the classification of six operating wind facilities (191 MW) in Europe as assets held for sale.

As at September 30, 2019, Brookfield Renewable has presented seven solar facilities (91 MW) in Asia and South Africa and six wind facilities (191 MW) in Europe as held for sale. The sale of six wind facilities in Europe was completed subsequent to the quarter-end.

Property, plant and equipment

Property, plant and equipment totaled $28.4 billion as at September 30, 2019 compared to $29.0 billion as at December 31, 2018. The $675 million decrease was partially attributable to a $345 million transfer to assets held for sale relating to the sale of six operating wind facilities in Europe that was completed subsequent to quarter-end and a $543 million foreign exchange revaluation driven by the strengthening of the United States dollar. The decrease was also attributable to depreciation expense associated with property, plant and equipment of $600 million for the period. The above decreases were partially offset by the acquisitions of 410 MW of operating wind capacity in Asia that increased property, plant and equipment by $550 million and capitalized additions of $118 million primarily attributable to the sustaining capital expenditures of our hydroelectric assets as well as our on-going construction projects in Brazil. Upon adoption of IFRS 16 on January 1, 2019, we recognized $145 million of capitalized lease arrangements.

Corporate borrowings

Corporate borrowings totaled $2.1 billion as at September 30, 2019 compared to $2.3 billion as at December 31, 2018. The decrease is primarily due to net credit facility repayments of $709 million. This was partially offset by the issuance of the largest corporate green bond in Canada - C$300 million ($227 million) Series 12 medium term notes and C$300 million ($227 million) Series 13 medium term notes. Subsequent to quarter-end, we repaid the Series 7 medium term notes, extending the average corporate term to maturity to 10 years and reducing the average interest rate to 4.1%.

RELATED PARTY TRANSACTIONS

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

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

Brookfield Renewable and Brookfield completed a transaction to internalize all energy marketing capabilities in North America into Brookfield Renewable. Refer to Note 27 - Related Party Transactions in our 2018 annual audited consolidated financial statements for additional details of the energy marketing internalization.

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

Brookfield Renewable has also entered into a number of voting agreements with Brookfield whereby Brookfield, as managing member of entities related to Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III and Brookfield Infrastructure Fund IV, in which Brookfield Renewable holds investments in power generating operations with institutional partners, agreed to provide to Brookfield Renewable the authority to direct the election of the Boards of Directors of such entities.

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

Brookfield Asset Management has provided a $400 million committed unsecured revolving credit facility maturing in December 2019 and the interest rate applicable on the draws is LIBOR plus up to 2%. During the year there were no draws on the committed unsecured revolving credit facility provided by Brookfield Asset Management. Brookfield Asset Management placed up to $600 million on deposit with Brookfield Renewable in 2019 which have been paid back in full prior to September 30, 2019, including any interest that had been accrued. The interest expense on the deposit for the three and nine months ended September 30, 2019 totaled $2 million and $5 million, respectively (2018: $2 million and $7 million).

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