|
|
Exhibit
|
|
|
|
99.1
|
|
|
|
99.2
|
|
|
|
99.3
|
|
|
|
99.4
|
|
|
|
99.5
|
|
BROOKFIELD RENEWABLE PARTNERS L.P. by
its general partner, Brookfield Renewable Partners Limited
|
|
|
||
|
|
|
|
|
|
Date: November 11, 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
|
|
|
1,888
|
|
|
6,898
|
|
|
—
|
|
Canada
|
—
|
|
|
4
|
|
|
482
|
|
|
1,437
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
2,370
|
|
|
8,335
|
|
|
—
|
|
Europe(2)
|
—
|
|
|
50
|
|
|
1,247
|
|
|
2,868
|
|
|
—
|
|
Brazil
|
—
|
|
|
19
|
|
|
552
|
|
|
1,901
|
|
|
—
|
|
Asia
|
—
|
|
|
9
|
|
|
660
|
|
|
1,633
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
4,829
|
|
|
14,737
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Solar
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility(3)
|
—
|
|
|
57
|
|
|
1,285
|
|
|
2,596
|
|
|
—
|
|
Distributed generation
|
—
|
|
|
4,850
|
|
|
716
|
|
|
1,054
|
|
|
—
|
|
|
—
|
|
|
4,907
|
|
|
2,001
|
|
|
3,650
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Storage(4)
|
2
|
|
|
4
|
|
|
2,698
|
|
|
—
|
|
|
5,220
|
|
Other(5)
|
—
|
|
|
15
|
|
|
590
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
5,253
|
|
|
18,042
|
|
|
54,955
|
|
|
12,707
|
|
(1)
|
LTA is calculated based on our portfolio as at September 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 six wind facilities (191 MW) in Europe that have been presented as Assets held for sale.
|
(3)
|
Includes seven solar facilities (91 MW) in South Africa, Thailand, and Malaysia that have been presented as Assets held for sale.
|
(4)
|
Includes pumped storage in North America (600 MW) and Europe (2,088 MW) and battery storage in North America (10 MW).
|
(5)
|
Includes four biomass facilities in Brazil (175 MW), one cogeneration plant in Colombia (300 MW), and one cogeneration plant (105 MW) and nine fuel cell facilities in North America (10 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(2)
|
877
|
|
|
647
|
|
|
573
|
|
|
771
|
|
|
2,868
|
|
Brazil
|
361
|
|
|
423
|
|
|
627
|
|
|
490
|
|
|
1,901
|
|
Asia
|
345
|
|
|
422
|
|
|
509
|
|
|
357
|
|
|
1,633
|
|
|
3,889
|
|
|
3,670
|
|
|
3,334
|
|
|
3,844
|
|
|
14,737
|
|
Solar
|
|
|
|
|
|
|
|
|
|
|||||
Utility(3)
|
520
|
|
|
800
|
|
|
803
|
|
|
473
|
|
|
2,596
|
|
Distributed generation
|
210
|
|
|
336
|
|
|
322
|
|
|
186
|
|
|
1,054
|
|
|
730
|
|
|
1,136
|
|
|
1,125
|
|
|
659
|
|
|
3,650
|
|
Total
|
13,782
|
|
|
14,628
|
|
|
12,636
|
|
|
13,909
|
|
|
54,955
|
|
(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 six wind facilities (191 MW) in Europe that have been presented as Assets held for sale.
|
(3)
|
Includes seven solar facilities (91 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
|
|
|
853
|
|
|
969
|
|
|
3,489
|
|
Brazil
|
988
|
|
|
998
|
|
|
1,009
|
|
|
1,009
|
|
|
4,004
|
|
|
5,016
|
|
|
5,450
|
|
|
4,305
|
|
|
4,890
|
|
|
19,661
|
|
Wind
|
|
|
|
|
|
|
|
|
|
|||||
North America
|
|
|
|
|
|
|
|
|
|
|||||
United States
|
624
|
|
|
642
|
|
|
465
|
|
|
584
|
|
|
2,315
|
|
Canada
|
347
|
|
|
308
|
|
|
248
|
|
|
366
|
|
|
1,269
|
|
|
971
|
|
|
950
|
|
|
713
|
|
|
950
|
|
|
3,584
|
|
Europe(2)
|
303
|
|
|
223
|
|
|
198
|
|
|
270
|
|
|
994
|
|
Brazil
|
119
|
|
|
141
|
|
|
215
|
|
|
172
|
|
|
647
|
|
Asia
|
100
|
|
|
122
|
|
|
147
|
|
|
104
|
|
|
473
|
|
|
1,493
|
|
|
1,436
|
|
|
1,273
|
|
|
1,496
|
|
|
5,698
|
|
Solar
|
|
|
|
|
|
|
|
|
|
|||||
Utility(3)
|
152
|
|
|
236
|
|
|
238
|
|
|
137
|
|
|
763
|
|
Distributed generation
|
63
|
|
|
101
|
|
|
96
|
|
|
56
|
|
|
316
|
|
|
215
|
|
|
337
|
|
|
334
|
|
|
193
|
|
|
1,079
|
|
Total
|
6,724
|
|
|
7,223
|
|
|
5,912
|
|
|
6,579
|
|
|
26,438
|
|
(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 six wind facilities (191 MW) in Europe that have been presented as Assets held for sale.
|
(3)
|
Includes seven solar facilities (91 MW) in South Africa, Thailand, and Malaysia that have been presented as Assets held for sale.
|
.Letter to Unitholders
.
|
||
|
|
|
•
|
Generated FFO of $133 million, a 27% increase over the prior year;
|
•
|
Invested $100 million of BEP equity into TerraForm Power and the acquisition of a 200 megawatt wind farm in China;
|
•
|
Sold two mature European wind portfolios for total combined proceeds of US$186 million ($74 million net to BEP), and crystallized an ~18% compounded annual return to BEP since acquisition; we have also now completed the sale of five of our six assets in South Africa for total proceeds of $135 million ($42 million net to BEP) returning almost two times our capital invested into the country;
|
•
|
Completed a C$600 million green bond issuance - the largest corporate-level green bond ever issued in Canada - increasing the average term of our corporate debt to 10 years and reducing the average cost of our debt; and
|
•
|
Maintain robust total available liquidity of $2.5 billion
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 1
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 2
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 3
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 4
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 5
|
Management’s Discussion and Analysis
|
For the three and nine months ended September 30, 2019
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 6
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Operational information
|
|
|
|
|
|
|
|
||||||||
Capacity (MW)
|
18,042
|
|
|
17,392
|
|
|
18,042
|
|
|
17,392
|
|
||||
Total generation (GWh)
|
|
|
|
|
|
|
|
||||||||
Long-term average generation
|
12,332
|
|
|
12,113
|
|
|
40,077
|
|
|
38,486
|
|
||||
Actual generation
|
11,089
|
|
|
11,609
|
|
|
40,095
|
|
|
37,611
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Proportionate generation (GWh)
|
|
|
|
|
|
|
|
||||||||
Long-term average generation
|
5,821
|
|
|
5,956
|
|
|
19,628
|
|
|
19,242
|
|
||||
Actual generation
|
5,213
|
|
|
5,552
|
|
|
20,061
|
|
|
18,701
|
|
||||
Average revenue ($ per MWh)
|
82
|
|
|
79
|
|
|
77
|
|
|
76
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Selected financial information(1)
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Unitholders
|
$
|
(53
|
)
|
|
$
|
(55
|
)
|
|
$
|
7
|
|
|
$
|
(49
|
)
|
Basic income (loss) per LP Unit
|
(0.17
|
)
|
|
(0.18
|
)
|
|
0.02
|
|
|
(0.16
|
)
|
||||
Consolidated Adjusted EBITDA(2)
|
507
|
|
|
494
|
|
|
1,789
|
|
|
1,619
|
|
||||
Proportionate Adjusted EBITDA(2)
|
301
|
|
|
277
|
|
|
1,096
|
|
|
952
|
|
||||
Funds From Operations(2)
|
133
|
|
|
105
|
|
|
590
|
|
|
470
|
|
||||
Funds From Operations per Unit(1)(2)
|
0.43
|
|
|
0.33
|
|
|
1.90
|
|
|
1.50
|
|
||||
Distribution per LP Unit
|
0.52
|
|
|
0.49
|
|
|
1.55
|
|
|
1.47
|
|
(1)
|
For the three and nine months ended September 30, 2019, weighted average LP Units, Redeemable/Exchangeable partnership units and GP interest totaled 311.2 million and 311.2 million, respectively (2018: 312.6 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)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Liquidity and Capital Resources
|
|
|
|
|
|
||
Available liquidity(1)
|
$
|
2,470
|
|
$
|
1,974
|
||
Debt to capitalization - Corporate
|
|
17
|
%
|
|
|
15
|
%
|
Debt to capitalization - Consolidated
|
|
34
|
%
|
|
|
32
|
%
|
Borrowings non-recourse to Brookfield Renewable on a proportionate basis
|
|
76
|
%
|
|
|
75
|
%
|
Floating rate debt exposure on a proportionate basis(2)(3)
|
|
5
|
%
|
|
|
7
|
%
|
Medium term notes(1)
|
|
|
|
|
|
||
Average debt term to maturity
|
|
10 years
|
|
|
|
7 years
|
|
Average interest rate
|
|
4.1
|
%
|
|
|
4.4
|
%
|
Subsidiary borrowings on a proportionate basis
|
|
|
|
|
|
||
Average debt term to maturity(3)
|
|
10 years
|
|
|
|
10 years
|
|
Average interest rate(3)
|
|
5.2
|
%
|
|
|
5.4
|
%
|
(1)
|
Available liquidity and Medium term notes are adjusted to reflect the repayment of Series 7 (C$450) medium term notes of $340 million that was completed on October 15, 2019.
|
(2)
|
Excludes 6% (2018: 7%) 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.
|
(3)
|
Includes non-recourse borrowings put in place subsequent to September 30, 2019. Average debt term to maturity is 9 years and average interest rate is 5.3% at September 30, 2019.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 7
|
•
|
Higher realized prices, primarily in Colombia and Canada on the back of our commercial and re-contracting initiatives
|
•
|
Growth in our wind segment through the acquisition of a 210 MW wind portfolio in India and the commissioning of 51 MW of new wind capacity in Europe
|
•
|
Realization of costing-saving initiatives across our business
|
•
|
Partially offset by lower generation, primarily at our hydroelectric facilities in Canada (10% below long-term average and 5% lower than prior year generation on a same-store basis)
|
•
|
In Colombia, we contracted 2,287 GWh/year, including individual contracts with up to ten years in duration
|
•
|
In Brazil, we entered into seven new contracts to deliver 139 GWh/year until 2026
|
•
|
Available liquidity of $2.5 billion
|
•
|
Capitalized on the low interest rate environment while maintaining a well-laddered debt maturity profile and secured diverse sources of capital to execute on $2.3 billion of financings and $210 million of capital recycling initiatives
|
◦
|
Secured over $1.1 billion from non-recourse financings during the quarter, reducing our weighted average cost of borrowing
|
◦
|
Issued the largest corporate green bond in Canada - C$300 million due in January 2030 and C$300 million due in November 2049 - to complete the early refinancing of our 2020 corporate bond of C$450 million, extending our corporate debt maturity to ten years
|
◦
|
Completed the sale of a solar facility in South Africa for total proceeds of $27 million ($9 million net to Brookfield Renewable)
|
◦
|
Subsequent to quarter-end, completed the sale of a wind portfolio in Northern Ireland and a wind portfolio in Portugal for total proceeds of $186 million ($74 million net to Brookfield Renewable)
|
◦
|
Subsequent to quarter-end, TerraForm Power completed a $250 million equity offering of its Class A common shares concurrent with a $50 million private placement with Brookfield Renewable and issued $700 million of senior notes to refinance upcoming maturities, reducing the cost and extending the term of its debt portfolio
|
•
|
Continued to advance the construction of 151 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
|
September 30, 2019
|
|
|
Page 8
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenues
|
$
|
642
|
|
|
$
|
674
|
|
|
$
|
2,254
|
|
|
$
|
2,202
|
|
Direct operating costs
|
(239
|
)
|
|
(257
|
)
|
|
(745
|
)
|
|
(760
|
)
|
||||
Management service costs
|
(29
|
)
|
|
(22
|
)
|
|
(73
|
)
|
|
(64
|
)
|
||||
Interest expense – borrowings
|
(164
|
)
|
|
(176
|
)
|
|
(515
|
)
|
|
(534
|
)
|
||||
Share of earnings from equity-accounted investment
|
1
|
|
|
6
|
|
|
33
|
|
|
12
|
|
||||
Foreign exchange and unrealized financial instrument loss
|
(10
|
)
|
|
(10
|
)
|
|
(40
|
)
|
|
(35
|
)
|
||||
Depreciation
|
(200
|
)
|
|
(192
|
)
|
|
(600
|
)
|
|
(611
|
)
|
||||
Income tax recovery (expense)
|
13
|
|
|
5
|
|
|
(60
|
)
|
|
(22
|
)
|
||||
Net income (loss) attributable to Unitholders
|
$
|
(53
|
)
|
|
$
|
(55
|
)
|
|
$
|
7
|
|
|
$
|
(49
|
)
|
|
Average FX rates to USD
|
||||||||||||||
C$
|
1.32
|
|
|
1.31
|
|
|
1.33
|
|
|
1.29
|
|
||||
€
|
0.90
|
|
|
0.86
|
|
|
0.89
|
|
|
0.84
|
|
||||
R$
|
3.97
|
|
|
3.96
|
|
|
3.89
|
|
|
3.60
|
|
||||
£
|
0.81
|
|
|
0.77
|
|
|
0.79
|
|
|
0.74
|
|
||||
COP
|
3,339
|
|
|
2,959
|
|
|
3,239
|
|
|
2,886
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 9
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 10
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Assets held for sale
|
$
|
782
|
|
|
$
|
920
|
|
Current assets
|
1,942
|
|
|
1,961
|
|
||
Equity-accounted investments
|
1,536
|
|
|
1,569
|
|
||
Property, plant and equipment
|
28,350
|
|
|
29,025
|
|
||
Total assets
|
33,435
|
|
|
34,103
|
|
||
Liabilities directly associated with assets held for sale
|
385
|
|
|
533
|
|
||
Corporate borrowings
|
2,119
|
|
|
2,334
|
|
||
Non-recourse borrowings
|
8,506
|
|
|
8,390
|
|
||
Deferred income tax liabilities
|
4,096
|
|
|
4,140
|
|
||
Total liabilities and equity
|
$
|
33,435
|
|
|
$
|
34,103
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 11
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Power purchase and revenue agreements
|
$
|
101
|
|
|
$
|
101
|
|
|
$
|
469
|
|
|
$
|
375
|
|
Wind levelization agreement
|
—
|
|
|
2
|
|
|
1
|
|
|
6
|
|
||||
|
$
|
101
|
|
|
$
|
103
|
|
|
$
|
470
|
|
|
$
|
381
|
|
Direct operating costs
|
|
|
|
|
|
|
|
||||||||
Energy purchases
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
(8
|
)
|
|
$
|
(8
|
)
|
Energy marketing fee
|
(6
|
)
|
|
(6
|
)
|
|
(18
|
)
|
|
(18
|
)
|
||||
Insurance services(1)
|
(6
|
)
|
|
(6
|
)
|
|
(20
|
)
|
|
(19
|
)
|
||||
|
$
|
(15
|
)
|
|
$
|
(15
|
)
|
|
$
|
(46
|
)
|
|
$
|
(45
|
)
|
Interest expense - borrowings
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(5
|
)
|
|
$
|
(7
|
)
|
Management service costs
|
$
|
(29
|
)
|
|
$
|
(22
|
)
|
|
$
|
(73
|
)
|
|
$
|
(64
|
)
|
(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 nine months ended September 30, 2019 were less than $1 million (2018: less than $1 million)..
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 12
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 13
|
|
(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
|
2,277
|
|
|
2,526
|
|
|
|
2,443
|
|
|
2,654
|
|
|
|
$
|
161
|
|
|
$
|
166
|
|
|
|
$
|
95
|
|
|
$
|
99
|
|
|
|
$
|
55
|
|
|
$
|
53
|
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
Brazil
|
734
|
|
|
791
|
|
|
|
1,009
|
|
|
996
|
|
|
|
50
|
|
|
53
|
|
|
|
53
|
|
|
38
|
|
|
|
46
|
|
|
31
|
|
|
|
22
|
|
|
2
|
|
||||||||
Colombia
|
721
|
|
|
742
|
|
|
|
853
|
|
|
859
|
|
|
|
56
|
|
|
54
|
|
|
|
34
|
|
|
29
|
|
|
|
24
|
|
|
20
|
|
|
|
19
|
|
|
11
|
|
||||||||
|
3,732
|
|
|
4,059
|
|
|
|
4,305
|
|
|
4,509
|
|
|
|
267
|
|
|
273
|
|
|
|
182
|
|
|
166
|
|
|
|
125
|
|
|
104
|
|
|
|
41
|
|
|
10
|
|
||||||||
Wind
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
579
|
|
|
597
|
|
|
|
713
|
|
|
723
|
|
|
|
46
|
|
|
50
|
|
|
|
32
|
|
|
30
|
|
|
|
15
|
|
|
14
|
|
|
|
(26
|
)
|
|
(27
|
)
|
||||||||
Europe
|
185
|
|
|
141
|
|
|
|
198
|
|
|
208
|
|
|
|
21
|
|
|
17
|
|
|
|
15
|
|
|
9
|
|
|
|
9
|
|
|
2
|
|
|
|
(7
|
)
|
|
(9
|
)
|
||||||||
Brazil
|
201
|
|
|
211
|
|
|
|
215
|
|
|
215
|
|
|
|
11
|
|
|
15
|
|
|
|
9
|
|
|
13
|
|
|
|
7
|
|
|
11
|
|
|
|
(3
|
)
|
|
5
|
|
||||||||
Asia
|
93
|
|
|
48
|
|
|
|
97
|
|
|
41
|
|
|
|
8
|
|
|
4
|
|
|
|
7
|
|
|
3
|
|
|
|
5
|
|
|
2
|
|
|
|
1
|
|
|
1
|
|
||||||||
|
1,058
|
|
|
997
|
|
|
|
1,223
|
|
|
1,187
|
|
|
|
86
|
|
|
86
|
|
|
|
63
|
|
|
55
|
|
|
|
36
|
|
|
29
|
|
|
|
(35
|
)
|
|
(30
|
)
|
||||||||
Solar
|
279
|
|
|
279
|
|
|
|
293
|
|
|
260
|
|
|
|
56
|
|
|
58
|
|
|
|
49
|
|
|
46
|
|
|
|
36
|
|
|
31
|
|
|
|
10
|
|
|
19
|
|
||||||||
Storage & Other
|
144
|
|
|
217
|
|
|
|
—
|
|
|
—
|
|
|
|
21
|
|
|
25
|
|
|
|
9
|
|
|
14
|
|
|
|
6
|
|
|
11
|
|
|
|
(1
|
)
|
|
5
|
|
||||||||
Corporate
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(2
|
)
|
|
(4
|
)
|
|
|
(70
|
)
|
|
(70
|
)
|
|
|
(68
|
)
|
|
(59
|
)
|
||||||||
Total
|
5,213
|
|
|
5,552
|
|
|
|
5,821
|
|
|
5,956
|
|
|
|
$
|
430
|
|
|
$
|
442
|
|
|
|
$
|
301
|
|
|
$
|
277
|
|
|
|
$
|
133
|
|
|
$
|
105
|
|
|
|
$
|
(53
|
)
|
|
$
|
(55
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 14
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
4,305
|
|
|
4,509
|
|
||
Generation (GWh) - actual
|
3,732
|
|
|
4,059
|
|
||
Revenue
|
$
|
267
|
|
|
$
|
273
|
|
Other income
|
19
|
|
|
2
|
|
||
Direct operating costs
|
(104
|
)
|
|
(109
|
)
|
||
Adjusted EBITDA
|
182
|
|
|
166
|
|
||
Interest expense
|
(52
|
)
|
|
(58
|
)
|
||
Current income taxes
|
(5
|
)
|
|
(4
|
)
|
||
Funds From Operations
|
$
|
125
|
|
|
$
|
104
|
|
Depreciation
|
(84
|
)
|
|
(93
|
)
|
||
Deferred taxes and other
|
—
|
|
|
(1
|
)
|
||
Net income
|
$
|
41
|
|
|
$
|
10
|
|
|
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
|
1,464
|
|
|
1,477
|
|
|
$
|
75
|
|
|
$
|
70
|
|
|
$
|
55
|
|
|
$
|
51
|
|
|
$
|
28
|
|
|
$
|
21
|
|
|
$
|
(19
|
)
|
|
$
|
(14
|
)
|
Canada
|
813
|
|
|
1,049
|
|
|
63
|
|
|
59
|
|
|
40
|
|
|
48
|
|
|
27
|
|
|
32
|
|
|
19
|
|
|
11
|
|
||||||||
|
2,277
|
|
|
2,526
|
|
|
71
|
|
|
66
|
|
|
95
|
|
|
99
|
|
|
55
|
|
|
53
|
|
|
—
|
|
|
(3
|
)
|
||||||||
Brazil
|
734
|
|
|
791
|
|
|
68
|
|
|
67
|
|
|
53
|
|
|
38
|
|
|
46
|
|
|
31
|
|
|
22
|
|
|
2
|
|
||||||||
Colombia
|
721
|
|
|
742
|
|
|
78
|
|
|
73
|
|
|
34
|
|
|
29
|
|
|
24
|
|
|
20
|
|
|
19
|
|
|
11
|
|
||||||||
Total
|
3,732
|
|
|
4,059
|
|
|
$
|
72
|
|
|
$
|
67
|
|
|
$
|
182
|
|
|
$
|
166
|
|
|
$
|
125
|
|
|
$
|
104
|
|
|
$
|
41
|
|
|
$
|
10
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 15
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
1,223
|
|
|
1,187
|
|
||
Generation (GWh) - actual
|
1,058
|
|
|
997
|
|
||
Revenue
|
$
|
86
|
|
|
$
|
86
|
|
Other income
|
2
|
|
|
—
|
|
||
Direct operating costs
|
(25
|
)
|
|
(31
|
)
|
||
Adjusted EBITDA
|
63
|
|
|
55
|
|
||
Interest expense
|
(26
|
)
|
|
(25
|
)
|
||
Current income taxes
|
(1
|
)
|
|
(1
|
)
|
||
Funds From Operations
|
36
|
|
|
29
|
|
||
Depreciation
|
(54
|
)
|
|
(50
|
)
|
||
Deferred taxes and other
|
(17
|
)
|
|
(9
|
)
|
||
Net income (loss)
|
$
|
(35
|
)
|
|
$
|
(30
|
)
|
|
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
|
404
|
|
|
421
|
|
|
$
|
77
|
|
|
$
|
83
|
|
|
$
|
21
|
|
|
$
|
19
|
|
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
(11
|
)
|
|
$
|
(13
|
)
|
Canada
|
175
|
|
|
176
|
|
|
87
|
|
|
85
|
|
|
11
|
|
|
11
|
|
|
6
|
|
|
6
|
|
|
(15
|
)
|
|
(14
|
)
|
||||||||
|
579
|
|
|
597
|
|
|
80
|
|
|
84
|
|
|
32
|
|
|
30
|
|
|
15
|
|
|
14
|
|
|
(26
|
)
|
|
(27
|
)
|
||||||||
Europe
|
185
|
|
|
141
|
|
|
111
|
|
|
121
|
|
|
15
|
|
|
9
|
|
|
9
|
|
|
2
|
|
|
(7
|
)
|
|
(9
|
)
|
||||||||
Brazil
|
201
|
|
|
211
|
|
|
55
|
|
|
71
|
|
|
9
|
|
|
13
|
|
|
7
|
|
|
11
|
|
|
(3
|
)
|
|
5
|
|
||||||||
Asia
|
93
|
|
|
48
|
|
|
85
|
|
|
62
|
|
|
7
|
|
|
3
|
|
|
5
|
|
|
2
|
|
|
1
|
|
|
1
|
|
||||||||
Total
|
1,058
|
|
|
997
|
|
|
$
|
81
|
|
|
$
|
85
|
|
|
$
|
63
|
|
|
$
|
55
|
|
|
$
|
36
|
|
|
$
|
29
|
|
|
$
|
(35
|
)
|
|
$
|
(30
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 16
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
293
|
|
|
260
|
|
||
Generation (GWh) - actual
|
279
|
|
|
279
|
|
||
Revenue
|
$
|
56
|
|
|
$
|
58
|
|
Other income
|
3
|
|
|
1
|
|
||
Direct operating costs
|
(10
|
)
|
|
(13
|
)
|
||
Adjusted EBITDA
|
49
|
|
|
46
|
|
||
Interest expense
|
(13
|
)
|
|
(15
|
)
|
||
Current income taxes
|
—
|
|
|
—
|
|
||
Funds From Operations
|
$
|
36
|
|
|
$
|
31
|
|
Depreciation
|
(13
|
)
|
|
(11
|
)
|
||
Deferred taxes and other
|
(13
|
)
|
|
(1
|
)
|
||
Net income
|
$
|
10
|
|
|
$
|
19
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 17
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - actual
|
144
|
|
|
217
|
|
||
Revenue
|
$
|
21
|
|
|
$
|
25
|
|
Other income
|
—
|
|
|
—
|
|
||
Direct operating costs
|
(12
|
)
|
|
(11
|
)
|
||
Adjusted EBITDA
|
9
|
|
|
14
|
|
||
Interest expense
|
(3
|
)
|
|
(3
|
)
|
||
Other
|
—
|
|
|
—
|
|
||
Funds From Operations
|
$
|
6
|
|
|
$
|
11
|
|
Depreciation
|
(6
|
)
|
|
(5
|
)
|
||
Deferred taxes and other
|
(1
|
)
|
|
(1
|
)
|
||
Net income
|
$
|
(1
|
)
|
|
$
|
5
|
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Other income
|
$
|
4
|
|
|
$
|
1
|
|
Direct operating costs
|
(6
|
)
|
|
(5
|
)
|
||
Adjusted EBITDA
|
(2
|
)
|
|
(4
|
)
|
||
Management service costs
|
(29
|
)
|
|
(22
|
)
|
||
Interest expense
|
(21
|
)
|
|
(27
|
)
|
||
Distributions on Preferred LP Units and Shares
|
(18
|
)
|
|
(17
|
)
|
||
Funds From Operations
|
$
|
(70
|
)
|
|
$
|
(70
|
)
|
Deferred taxes and other
|
2
|
|
|
12
|
|
||
Net loss
|
$
|
(68
|
)
|
|
$
|
(58
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 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
|
161
|
|
|
50
|
|
|
56
|
|
|
46
|
|
|
21
|
|
|
11
|
|
|
8
|
|
|
56
|
|
|
21
|
|
|
—
|
|
|
430
|
|
|
(97
|
)
|
|
309
|
|
|
642
|
|
Other income
|
2
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|
28
|
|
|
(5
|
)
|
|
2
|
|
|
25
|
|
Direct operating costs
|
(68
|
)
|
|
(14
|
)
|
|
(22
|
)
|
|
(14
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(10
|
)
|
|
(12
|
)
|
|
(6
|
)
|
|
(157
|
)
|
|
26
|
|
|
(108
|
)
|
|
(239
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
3
|
|
|
79
|
|
Adjusted EBITDA
|
95
|
|
|
53
|
|
|
34
|
|
|
32
|
|
|
15
|
|
|
9
|
|
|
7
|
|
|
49
|
|
|
9
|
|
|
(2
|
)
|
|
301
|
|
|
—
|
|
|
206
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
Interest expense - borrowings
|
(39
|
)
|
|
(4
|
)
|
|
(9
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
(21
|
)
|
|
(115
|
)
|
|
28
|
|
|
(77
|
)
|
|
(164
|
)
|
Current income taxes
|
(1
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
3
|
|
|
(7
|
)
|
|
(10
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
2
|
|
|
(29
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124
|
)
|
|
(124
|
)
|
Funds From Operations
|
55
|
|
|
46
|
|
|
24
|
|
|
15
|
|
|
9
|
|
|
7
|
|
|
5
|
|
|
36
|
|
|
6
|
|
|
(70
|
)
|
|
133
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(57
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(38
|
)
|
|
(11
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(158
|
)
|
|
35
|
|
|
(77
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
(3
|
)
|
|
(2
|
)
|
|
2
|
|
|
3
|
|
|
(10
|
)
|
|
(2
|
)
|
|
—
|
|
|
(4
|
)
|
|
(1
|
)
|
|
3
|
|
|
(14
|
)
|
|
8
|
|
|
(4
|
)
|
|
(10
|
)
|
Deferred income tax recovery (expense)
|
25
|
|
|
1
|
|
|
(1
|
)
|
|
(4
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
4
|
|
|
26
|
|
|
1
|
|
|
(4
|
)
|
|
23
|
|
Other
|
(20
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
3
|
|
|
(4
|
)
|
|
(3
|
)
|
|
(8
|
)
|
|
—
|
|
|
(4
|
)
|
|
(40
|
)
|
|
5
|
|
|
(3
|
)
|
|
(38
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49
|
)
|
|
—
|
|
|
(49
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
88
|
|
Net income (loss) attributable to Unitholders(2)
|
—
|
|
|
22
|
|
|
19
|
|
|
(26
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
1
|
|
|
10
|
|
|
(1
|
)
|
|
(68
|
)
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
(1)
|
Share of earnings from equity-accounted investments of $1 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 $36 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
|
September 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
|
166
|
|
|
53
|
|
|
54
|
|
|
50
|
|
|
17
|
|
|
15
|
|
|
4
|
|
|
58
|
|
|
25
|
|
|
—
|
|
|
442
|
|
|
(100
|
)
|
|
332
|
|
|
674
|
|
Other income
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
(1
|
)
|
|
4
|
|
|
7
|
|
Direct operating costs
|
(68
|
)
|
|
(16
|
)
|
|
(25
|
)
|
|
(20
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(11
|
)
|
|
(5
|
)
|
|
(169
|
)
|
|
31
|
|
|
(119
|
)
|
|
(257
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
70
|
|
Adjusted EBITDA
|
99
|
|
|
38
|
|
|
29
|
|
|
30
|
|
|
9
|
|
|
13
|
|
|
3
|
|
|
46
|
|
|
14
|
|
|
(4
|
)
|
|
277
|
|
|
—
|
|
|
217
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
Interest expense - borrowings
|
(44
|
)
|
|
(5
|
)
|
|
(9
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(3
|
)
|
|
(27
|
)
|
|
(128
|
)
|
|
29
|
|
|
(77
|
)
|
|
(176
|
)
|
Current income taxes
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
2
|
|
|
(3
|
)
|
|
(6
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(137
|
)
|
|
(137
|
)
|
Funds From Operations
|
53
|
|
|
31
|
|
|
20
|
|
|
14
|
|
|
2
|
|
|
11
|
|
|
2
|
|
|
31
|
|
|
11
|
|
|
(70
|
)
|
|
105
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(57
|
)
|
|
(32
|
)
|
|
(4
|
)
|
|
(34
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
—
|
|
|
(11
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(160
|
)
|
|
32
|
|
|
(64
|
)
|
|
(192
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(6
|
)
|
|
—
|
|
|
(4
|
)
|
|
(10
|
)
|
Deferred income tax recovery (expense)
|
7
|
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
15
|
|
|
17
|
|
|
3
|
|
|
(9
|
)
|
|
11
|
|
Other
|
(1
|
)
|
|
2
|
|
|
(4
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
(11
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(18
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
82
|
|
Net income (loss) attributable to Unitholders(2)
|
(3
|
)
|
|
2
|
|
|
11
|
|
|
(27
|
)
|
|
(9
|
)
|
|
5
|
|
|
1
|
|
|
19
|
|
|
5
|
|
|
(59
|
)
|
|
(55
|
)
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
(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 $55 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
|
September 30, 2019
|
|
|
Page 20
|
|
|
|
|
|
Per unit
|
||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners' equity
|
$
|
(30
|
)
|
|
$
|
(32
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.18
|
)
|
General partnership interest in a holding subsidiary held by Brookfield
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
(22
|
)
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
||||
Net (loss) income attributable to Unitholders
|
$
|
(53
|
)
|
|
$
|
(55
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.18
|
)
|
Adjusted for proportionate share of:
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
158
|
|
|
160
|
|
|
0.51
|
|
|
0.51
|
|
||||
Foreign exchange and unrealized financial instruments (gain) loss
|
14
|
|
|
6
|
|
|
0.04
|
|
|
0.02
|
|
||||
Deferred income tax (recovery) expense
|
(26
|
)
|
|
(17
|
)
|
|
(0.08
|
)
|
|
(0.05
|
)
|
||||
Other
|
40
|
|
|
11
|
|
|
0.13
|
|
|
0.03
|
|
||||
Funds From Operations
|
$
|
133
|
|
|
$
|
105
|
|
|
$
|
0.43
|
|
|
$
|
0.33
|
|
Weighted average Units outstanding(1)
|
|
|
|
|
311.2
|
|
|
312.6
|
|
(1)
|
Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 21
|
(GWh, except as noted)
|
Balance of 2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States(1)
|
1,739
|
|
|
7,486
|
|
|
5,444
|
|
|
4,446
|
|
|
4,446
|
|
|||||
Canada(1)
|
809
|
|
|
3,908
|
|
|
2,779
|
|
|
2,152
|
|
|
2,074
|
|
|||||
|
2,548
|
|
|
11,394
|
|
|
8,223
|
|
|
6,598
|
|
|
6,520
|
|
|||||
Wind
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
|
535
|
|
|
2,054
|
|
|
1,978
|
|
|
2,027
|
|
|
2,028
|
|
|||||
Canada
|
366
|
|
|
1,270
|
|
|
1,269
|
|
|
1,269
|
|
|
1,269
|
|
|||||
|
901
|
|
|
3,324
|
|
|
3,247
|
|
|
3,296
|
|
|
3,297
|
|
|||||
Europe
|
260
|
|
|
894
|
|
|
888
|
|
|
858
|
|
|
847
|
|
|||||
Asia (2)
|
183
|
|
|
453
|
|
|
453
|
|
|
457
|
|
|
457
|
|
|||||
|
1,344
|
|
|
4,671
|
|
|
4,588
|
|
|
4,611
|
|
|
4,601
|
|
|||||
Solar(2)
|
195
|
|
|
1,054
|
|
|
1,053
|
|
|
1,052
|
|
|
1,051
|
|
|||||
Contracted on a proportionate basis
|
4,087
|
|
|
17,119
|
|
|
13,864
|
|
|
12,261
|
|
|
12,172
|
|
|||||
Uncontracted on a proportionate basis
|
502
|
|
|
1,431
|
|
|
4,681
|
|
|
6,285
|
|
|
6,376
|
|
|||||
|
4,589
|
|
|
18,550
|
|
|
18,545
|
|
|
18,546
|
|
|
18,548
|
|
|||||
Contracted generation as a % of total generation on a proportionate basis
|
89
|
%
|
|
92
|
%
|
|
75
|
%
|
|
66
|
%
|
|
66
|
%
|
|||||
Price per MWh - total generation on a proportionate basis
|
$
|
76
|
|
|
$
|
78
|
|
|
$
|
86
|
|
|
$
|
91
|
|
|
$
|
92
|
|
(1)
|
Includes generation of 545 GWh for 2019, 3,171 GWh for 2020 and 866 GWh for 2021 secured under financial contracts.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 22
|
|
Corporate
|
|
Consolidated
|
||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||||
Corporate credit facility(1)(2)
|
$
|
353
|
|
|
$
|
721
|
|
|
$
|
353
|
|
|
$
|
721
|
|
Debt
|
|
|
|
|
|
|
|
||||||||
Medium term notes(2)(3)
|
1,775
|
|
|
1,613
|
|
|
1,775
|
|
|
1,613
|
|
||||
Non-recourse borrowings(4)
|
—
|
|
|
—
|
|
|
8,562
|
|
|
8,465
|
|
||||
|
1,775
|
|
|
1,613
|
|
|
10,337
|
|
|
10,078
|
|
||||
Deferred income tax liabilities, net(5)
|
—
|
|
|
—
|
|
|
3,982
|
|
|
4,049
|
|
||||
Equity
|
|
|
|
|
|
|
|
||||||||
Non-controlling interest
|
—
|
|
|
—
|
|
|
7,841
|
|
|
8,129
|
|
||||
Preferred equity
|
585
|
|
|
568
|
|
|
585
|
|
|
568
|
|
||||
Preferred limited partners' equity
|
833
|
|
|
707
|
|
|
833
|
|
|
707
|
|
||||
Unitholders equity
|
7,139
|
|
|
7,802
|
|
|
7,139
|
|
|
7,802
|
|
||||
Total capitalization
|
$
|
10,332
|
|
|
$
|
10,690
|
|
|
$
|
30,717
|
|
|
$
|
31,333
|
|
Debt to total capitalization
|
17
|
%
|
|
15
|
%
|
|
34
|
%
|
|
32
|
%
|
(1)
|
Draws on corporate credit facilities are excluded from the debt to total capitalization ratios as they are not a permanent source of capital.
|
(2)
|
Corporate credit facility and Medium term notes as at September 30, 2019 are adjusted to reflect repayment of $340 million Series 7 (C$450 million) medium term notes that was completed on October 15, 2019.
|
(3)
|
Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes $9 million (2018: $6 million) of deferred financing fees.
|
(4)
|
Consolidated non-recourse borrowings include $11 million (2018: $6 million) borrowed under a subscription facility of a Brookfield sponsored private fund and excludes $56 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)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Brookfield Renewable's share of cash and cash equivalents
|
$
|
158
|
|
|
$
|
169
|
|
Investments in marketable securities
|
118
|
|
|
117
|
|
||
Corporate credit facilities
|
|
|
|
||||
Authorized credit facilities(1)
|
2,100
|
|
|
2,100
|
|
||
Draws on credit facilities(2)
|
(353
|
)
|
|
(721
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
300
|
|
||
Issued letters of credit
|
(219
|
)
|
|
(209
|
)
|
||
Available portion of corporate credit facilities
|
1,928
|
|
|
1,470
|
|
||
Available portion of subsidiary credit facilities on a proportionate basis(3)
|
266
|
|
|
218
|
|
||
Available group-wide liquidity
|
$
|
2,470
|
|
|
$
|
1,974
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
(2)
|
Draws on credit facilities include $340 million to reflect the repayment of Series 7 medium term notes that was completed on October 15, 2019.
|
(3)
|
Includes $60 million of proportionate subsidiary credit facility secured subsequent to September 30, 2019.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 23
|
|
September 30, 2019
|
|
December 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(2)
|
4.1
|
%
|
|
10
|
|
|
$
|
1,775
|
|
|
4.4
|
%
|
|
7
|
|
|
$
|
1,613
|
|
Credit facilities(2)
|
3.6
|
%
|
|
5
|
|
|
353
|
|
|
3.3
|
%
|
|
4
|
|
|
721
|
|
||
Proportionate subsidiary borrowings(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hydroelectric
|
5.7
|
%
|
|
9
|
|
|
3,513
|
|
|
5.8
|
%
|
|
9
|
|
|
3,640
|
|
||
Wind
|
4.8
|
%
|
|
10
|
|
|
1,798
|
|
|
4.7
|
%
|
|
10
|
|
|
1,792
|
|
||
Solar
|
4.9
|
%
|
|
9
|
|
|
1,151
|
|
|
5.2
|
%
|
|
11
|
|
|
1,022
|
|
||
Storage and other
|
5.5
|
%
|
|
5
|
|
|
231
|
|
|
5.4
|
%
|
|
6
|
|
|
249
|
|
||
|
5.3
|
%
|
|
9
|
|
|
6,693
|
|
|
5.4
|
%
|
|
10
|
|
|
6,703
|
|
||
|
|
|
|
|
8,821
|
|
|
|
|
|
|
9,037
|
|
||||||
Proportionate deferred financing fees, net of unamortized premiums
|
|
(43
|
)
|
|
|
|
|
|
(48
|
)
|
|||||||||
|
|
8,778
|
|
|
|
|
|
|
8,989
|
|
|||||||||
Equity-accounted borrowings
|
|
(2,131
|
)
|
|
|
|
|
|
(1,972
|
)
|
|||||||||
Non-controlling interests
|
|
3,978
|
|
|
|
|
|
|
3,701
|
|
|||||||||
As per IFRS Statements
|
|
$
|
10,625
|
|
|
|
|
|
|
$
|
10,718
|
|
(1)
|
Excludes $88 million of proportionate debt associated with our portfolios that are classified as held for sale as at September 30, 2019 (2018: $60 million).
|
(2)
|
Medium term notes and corporate credit facility are adjusted to exclude Series 7 (C$450) medium term notes of $340 million that were repaid on October 15, 2019.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 24
|
(MILLIONS)
|
Balance of 2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
Thereafter
|
|
|
Total
|
|
||||||||
Debt Principal repayments(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Medium term notes(2)(3)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
302
|
|
|
$
|
—
|
|
|
$
|
1,473
|
|
|
$
|
1,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Credit facilities
|
—
|
|
|
—
|
|
|
9
|
|
|
14
|
|
|
107
|
|
|
—
|
|
|
130
|
|
||||||||
Hydroelectric
|
21
|
|
|
359
|
|
|
—
|
|
|
205
|
|
|
427
|
|
|
1,742
|
|
|
2,754
|
|
||||||||
Wind
|
—
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|
101
|
|
|
286
|
|
|
483
|
|
||||||||
Solar
|
—
|
|
|
142
|
|
|
—
|
|
|
53
|
|
|
112
|
|
|
221
|
|
|
528
|
|
||||||||
Storage and other
|
—
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
155
|
|
|
211
|
|
||||||||
|
21
|
|
|
501
|
|
|
65
|
|
|
368
|
|
|
747
|
|
|
2,404
|
|
|
4,106
|
|
||||||||
Amortizing debt principal repayments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Hydroelectric
|
29
|
|
|
36
|
|
|
67
|
|
|
61
|
|
|
49
|
|
|
515
|
|
|
757
|
|
||||||||
Wind
|
31
|
|
|
106
|
|
|
107
|
|
|
113
|
|
|
108
|
|
|
781
|
|
|
1,246
|
|
||||||||
Solar
|
17
|
|
|
38
|
|
|
40
|
|
|
43
|
|
|
43
|
|
|
382
|
|
|
563
|
|
||||||||
Storage and other
|
1
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|
7
|
|
|
21
|
|
||||||||
|
78
|
|
|
183
|
|
|
217
|
|
|
220
|
|
|
204
|
|
|
1,685
|
|
|
2,587
|
|
||||||||
Total
|
$
|
99
|
|
|
$
|
684
|
|
|
$
|
282
|
|
|
$
|
890
|
|
|
$
|
951
|
|
|
$
|
5,562
|
|
|
$
|
8,468
|
|
(1)
|
Draws on corporate credit facilities are excluded from the debt repayment schedule as they are not a permanent source of capital.
|
(2)
|
Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes $9 million (2018: $6 million) of deferred financing fees.
|
(3)
|
Adjusted to reflect the repayment of Series 7 medium term notes of $340 million that were repaid on October 15, 2019.
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Cash flow provided by (used in):
|
|
|
|
|
|
|
|
||||||||
Operating activities
|
$
|
266
|
|
|
$
|
236
|
|
|
$
|
1,005
|
|
|
$
|
817
|
|
Financing activities
|
(319
|
)
|
|
(52
|
)
|
|
(828
|
)
|
|
(639
|
)
|
||||
Investing activities
|
(49
|
)
|
|
(105
|
)
|
|
(123
|
)
|
|
(635
|
)
|
||||
Foreign exchange loss on cash
|
(9
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(14
|
)
|
||||
Increase (decrease) in cash and cash equivalents
|
$
|
(111
|
)
|
|
$
|
73
|
|
|
$
|
46
|
|
|
$
|
(471
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 25
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Trade receivables and other current assets
|
$
|
(34
|
)
|
|
$
|
(79
|
)
|
|
$
|
24
|
|
|
$
|
(66
|
)
|
Accounts payable and accrued liabilities
|
16
|
|
|
64
|
|
|
(25
|
)
|
|
10
|
|
||||
Other assets and liabilities
|
4
|
|
|
14
|
|
|
(11
|
)
|
|
10
|
|
||||
|
$
|
(14
|
)
|
|
$
|
(1
|
)
|
|
$
|
(12
|
)
|
|
$
|
(46
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 26
|
(MILLIONS, EXCEPT AS NOTED)
|
September 30, 2019
|
|
|
December 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
|
144,245
|
|
|
289,641
|
|
Repurchase of LP Units for cancellation
|
(20,000
|
)
|
|
(1,856,798
|
)
|
Balance, end of period/year
|
178,945,449
|
|
|
178,821,204
|
|
Total LP Units on a fully-exchanged basis(3)
|
308,604,072
|
|
|
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 September 30
|
|
Nine months ended September 30
|
||||||||||||||||||||||||||||
|
Declared
|
|
Paid
|
|
Declared
|
|
Paid
|
||||||||||||||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||||||
Class A Preference Shares
|
$
|
6
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
19
|
|
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
20
|
|
Class A Preferred LP Units
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
33
|
|
|
$
|
29
|
|
|
$
|
32
|
|
|
$
|
27
|
|
Participating non-controlling interests - in operating subsidiaries
|
$
|
124
|
|
|
$
|
81
|
|
|
$
|
124
|
|
|
$
|
81
|
|
|
$
|
520
|
|
|
$
|
438
|
|
|
$
|
520
|
|
|
$
|
438
|
|
GP interest and Incentive distributions
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
41
|
|
|
$
|
34
|
|
|
$
|
40
|
|
|
$
|
33
|
|
Redeemable/Exchangeable partnership units
|
$
|
66
|
|
|
$
|
64
|
|
|
$
|
66
|
|
|
$
|
64
|
|
|
$
|
201
|
|
|
$
|
192
|
|
|
$
|
200
|
|
|
$
|
191
|
|
LP Units
|
$
|
92
|
|
|
$
|
88
|
|
|
$
|
94
|
|
|
$
|
86
|
|
|
$
|
277
|
|
|
$
|
266
|
|
|
$
|
275
|
|
|
$
|
258
|
|
•
|
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; and
|
•
|
Guarantees - Nature of all the indemnification undertakings.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 27
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 28
|
|
2019
|
|
|
2018
|
|
|
2017
|
||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
Q3
|
|
Q2
|
|
Q1
|
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
|
Q4
|
||||||||||||||||
Total Generation (GWh) - LTA
|
12,332
|
|
|
14,252
|
|
|
13,493
|
|
|
|
13,485
|
|
|
12,113
|
|
|
13,521
|
|
|
12,852
|
|
|
|
12,198
|
|
||||||||
Total Generation (GWh) - actual
|
11,089
|
|
|
14,881
|
|
|
14,125
|
|
|
|
14,445
|
|
|
11,609
|
|
|
13,122
|
|
|
12,880
|
|
|
|
11,913
|
|
||||||||
Proportionate Generation (GWh) - LTA
|
5,821
|
|
|
7,109
|
|
|
6,698
|
|
|
|
6,602
|
|
|
5,956
|
|
|
6,935
|
|
|
6,351
|
|
|
|
6,030
|
|
||||||||
Proportionate Generation (GWh) - actual
|
5,213
|
|
|
7,602
|
|
|
7,246
|
|
|
|
7,052
|
|
|
5,552
|
|
|
6,455
|
|
|
6,694
|
|
|
|
5,890
|
|
||||||||
Revenues
|
$
|
642
|
|
|
$
|
787
|
|
|
$
|
825
|
|
|
|
$
|
780
|
|
|
$
|
674
|
|
|
$
|
735
|
|
|
$
|
793
|
|
|
|
$
|
657
|
|
Net income (loss) attributable to Unitholders
|
(53
|
)
|
|
17
|
|
|
43
|
|
|
|
91
|
|
|
(55
|
)
|
|
(2
|
)
|
|
8
|
|
|
|
(67
|
)
|
||||||||
Basic and diluted earnings (loss) per LP Unit
|
(0.17
|
)
|
|
0.05
|
|
|
0.14
|
|
|
|
0.29
|
|
|
(0.18
|
)
|
|
(0.01
|
)
|
|
0.03
|
|
|
|
(0.22
|
)
|
||||||||
Consolidated Adjusted EBITDA
|
507
|
|
|
630
|
|
|
652
|
|
|
|
604
|
|
|
494
|
|
|
543
|
|
|
582
|
|
|
|
454
|
|
||||||||
Proportionate Adjusted EBITDA
|
301
|
|
|
400
|
|
|
395
|
|
|
|
371
|
|
|
277
|
|
|
324
|
|
|
351
|
|
|
|
296
|
|
||||||||
Funds From Operations
|
133
|
|
|
230
|
|
|
227
|
|
|
|
206
|
|
|
105
|
|
|
172
|
|
|
193
|
|
|
|
143
|
|
||||||||
Funds From Operations per Unit
|
0.43
|
|
|
0.74
|
|
|
0.73
|
|
|
|
0.66
|
|
|
0.33
|
|
|
0.55
|
|
|
0.62
|
|
|
|
0.46
|
|
||||||||
Distribution per LP Unit
|
0.515
|
|
|
0.515
|
|
|
0.515
|
|
|
|
0.490
|
|
|
0.490
|
|
|
0.490
|
|
|
0.490
|
|
|
|
0.468
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 29
|
|
(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
|
10,260
|
|
|
9,704
|
|
|
|
9,326
|
|
|
9,915
|
|
|
|
$
|
700
|
|
|
$
|
655
|
|
|
|
$
|
501
|
|
|
$
|
455
|
|
|
|
$
|
375
|
|
|
$
|
322
|
|
|
|
$
|
146
|
|
|
$
|
130
|
|
Brazil
|
2,890
|
|
|
2,731
|
|
|
|
2,987
|
|
|
2,931
|
|
|
|
173
|
|
|
185
|
|
|
|
144
|
|
|
133
|
|
|
|
119
|
|
|
109
|
|
|
|
55
|
|
|
5
|
|
||||||||
Colombia
|
2,347
|
|
|
2,382
|
|
|
|
2,520
|
|
|
2,547
|
|
|
|
174
|
|
|
160
|
|
|
|
107
|
|
|
91
|
|
|
|
75
|
|
|
62
|
|
|
|
56
|
|
|
41
|
|
||||||||
|
15,497
|
|
|
14,817
|
|
|
|
14,833
|
|
|
15,393
|
|
|
|
1,047
|
|
|
1,000
|
|
|
|
752
|
|
|
679
|
|
|
|
569
|
|
|
493
|
|
|
|
257
|
|
|
176
|
|
||||||||
Wind
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
2,190
|
|
|
1,905
|
|
|
|
2,622
|
|
|
2,215
|
|
|
|
167
|
|
|
158
|
|
|
|
120
|
|
|
109
|
|
|
|
67
|
|
|
64
|
|
|
|
(44
|
)
|
|
(39
|
)
|
||||||||
Europe
|
663
|
|
|
413
|
|
|
|
729
|
|
|
496
|
|
|
|
71
|
|
|
46
|
|
|
|
50
|
|
|
27
|
|
|
|
37
|
|
|
13
|
|
|
|
(7
|
)
|
|
(12
|
)
|
||||||||
Brazil
|
454
|
|
|
473
|
|
|
|
475
|
|
|
475
|
|
|
|
27
|
|
|
33
|
|
|
|
20
|
|
|
26
|
|
|
|
13
|
|
|
20
|
|
|
|
(2
|
)
|
|
(1
|
)
|
||||||||
Asia
|
184
|
|
|
117
|
|
|
|
186
|
|
|
117
|
|
|
|
13
|
|
|
9
|
|
|
|
10
|
|
|
6
|
|
|
|
7
|
|
|
3
|
|
|
|
2
|
|
|
(3
|
)
|
||||||||
|
3,491
|
|
|
2,908
|
|
|
|
4,012
|
|
|
3,303
|
|
|
|
278
|
|
|
246
|
|
|
|
200
|
|
|
168
|
|
|
|
124
|
|
|
100
|
|
|
|
(51
|
)
|
|
(55
|
)
|
||||||||
Solar
|
765
|
|
|
569
|
|
|
|
783
|
|
|
546
|
|
|
|
145
|
|
|
106
|
|
|
|
123
|
|
|
87
|
|
|
|
81
|
|
|
57
|
|
|
|
23
|
|
|
19
|
|
||||||||
Storage & Other
|
308
|
|
|
407
|
|
|
|
—
|
|
|
—
|
|
|
|
66
|
|
|
62
|
|
|
|
30
|
|
|
33
|
|
|
|
20
|
|
|
23
|
|
|
|
—
|
|
|
(6
|
)
|
||||||||
Corporate
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(9
|
)
|
|
(15
|
)
|
|
|
(204
|
)
|
|
(203
|
)
|
|
|
(222
|
)
|
|
(183
|
)
|
||||||||
Total
|
20,061
|
|
|
18,701
|
|
|
|
19,628
|
|
|
19,242
|
|
|
|
$
|
1,536
|
|
|
$
|
1,414
|
|
|
|
$
|
1,096
|
|
|
$
|
952
|
|
|
|
$
|
590
|
|
|
$
|
470
|
|
|
|
$
|
7
|
|
|
$
|
(49
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 30
|
|
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
|
700
|
|
|
173
|
|
|
174
|
|
|
167
|
|
|
71
|
|
|
27
|
|
|
13
|
|
|
145
|
|
|
66
|
|
|
—
|
|
|
1,536
|
|
|
(286
|
)
|
|
1,004
|
|
|
2,254
|
|
Other income
|
11
|
|
|
20
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
8
|
|
|
49
|
|
|
(11
|
)
|
|
12
|
|
|
50
|
|
Direct operating costs
|
(210
|
)
|
|
(49
|
)
|
|
(67
|
)
|
|
(49
|
)
|
|
(24
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
(27
|
)
|
|
(36
|
)
|
|
(17
|
)
|
|
(489
|
)
|
|
82
|
|
|
(338
|
)
|
|
(745
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215
|
|
|
15
|
|
|
230
|
|
Adjusted EBITDA
|
501
|
|
|
144
|
|
|
107
|
|
|
120
|
|
|
50
|
|
|
20
|
|
|
10
|
|
|
123
|
|
|
30
|
|
|
(9
|
)
|
|
1,096
|
|
|
—
|
|
|
693
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73
|
)
|
|
(73
|
)
|
|
—
|
|
|
—
|
|
|
(73
|
)
|
Interest expense - borrowings
|
(119
|
)
|
|
(16
|
)
|
|
(25
|
)
|
|
(51
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
(42
|
)
|
|
(10
|
)
|
|
(70
|
)
|
|
(355
|
)
|
|
78
|
|
|
(238
|
)
|
|
(515
|
)
|
Current income taxes
|
(7
|
)
|
|
(9
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
4
|
|
|
(27
|
)
|
|
(49
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(82
|
)
|
|
(7
|
)
|
|
(89
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(421
|
)
|
|
(421
|
)
|
Funds From Operations
|
375
|
|
|
119
|
|
|
75
|
|
|
67
|
|
|
37
|
|
|
13
|
|
|
7
|
|
|
81
|
|
|
20
|
|
|
(204
|
)
|
|
590
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(168
|
)
|
|
(66
|
)
|
|
(15
|
)
|
|
(117
|
)
|
|
(34
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
(41
|
)
|
|
(18
|
)
|
|
(3
|
)
|
|
(478
|
)
|
|
104
|
|
|
(226
|
)
|
|
(600
|
)
|
Foreign exchange and unrealized financial instrument loss
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
(19
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(25
|
)
|
|
(45
|
)
|
|
13
|
|
|
(8
|
)
|
|
(40
|
)
|
Deferred income tax expense
|
(15
|
)
|
|
3
|
|
|
(5
|
)
|
|
13
|
|
|
8
|
|
|
—
|
|
|
(1
|
)
|
|
15
|
|
|
—
|
|
|
22
|
|
|
40
|
|
|
(35
|
)
|
|
(16
|
)
|
|
(11
|
)
|
Other
|
(46
|
)
|
|
(2
|
)
|
|
—
|
|
|
(9
|
)
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
|
(32
|
)
|
|
—
|
|
|
(12
|
)
|
|
(100
|
)
|
|
26
|
|
|
33
|
|
|
(41
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(108
|
)
|
|
—
|
|
|
(108
|
)
|
Net income attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
217
|
|
|
217
|
|
Net income (loss) attributable to Unitholders(2)
|
146
|
|
|
55
|
|
|
56
|
|
|
(44
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
2
|
|
|
23
|
|
|
—
|
|
|
(222
|
)
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
(1)
|
Share of earnings from equity-accounted investments of $33 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 $204 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
|
September 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
|
655
|
|
|
185
|
|
|
160
|
|
|
158
|
|
|
46
|
|
|
33
|
|
|
9
|
|
|
106
|
|
|
62
|
|
|
—
|
|
|
1,414
|
|
|
(197
|
)
|
|
985
|
|
|
2,202
|
|
Other income
|
6
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
2
|
|
|
18
|
|
|
(5
|
)
|
|
13
|
|
|
26
|
|
Direct operating costs
|
(206
|
)
|
|
(55
|
)
|
|
(70
|
)
|
|
(50
|
)
|
|
(20
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
(23
|
)
|
|
(29
|
)
|
|
(17
|
)
|
|
(480
|
)
|
|
63
|
|
|
(343
|
)
|
|
(760
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
12
|
|
|
151
|
|
Adjusted EBITDA
|
455
|
|
|
133
|
|
|
91
|
|
|
109
|
|
|
27
|
|
|
26
|
|
|
6
|
|
|
87
|
|
|
33
|
|
|
(15
|
)
|
|
952
|
|
|
—
|
|
|
667
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
|
(64
|
)
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
Interest expense - borrowings
|
(128
|
)
|
|
(17
|
)
|
|
(29
|
)
|
|
(44
|
)
|
|
(12
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
(30
|
)
|
|
(10
|
)
|
|
(75
|
)
|
|
(354
|
)
|
|
54
|
|
|
(234
|
)
|
|
(534
|
)
|
Current income taxes
|
(5
|
)
|
|
(7
|
)
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
3
|
|
|
(8
|
)
|
|
(20
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
|
(10
|
)
|
|
(67
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(415
|
)
|
|
(415
|
)
|
Funds From Operations
|
322
|
|
|
109
|
|
|
62
|
|
|
64
|
|
|
13
|
|
|
20
|
|
|
3
|
|
|
57
|
|
|
23
|
|
|
(203
|
)
|
|
470
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(170
|
)
|
|
(103
|
)
|
|
(14
|
)
|
|
(89
|
)
|
|
(30
|
)
|
|
(10
|
)
|
|
(2
|
)
|
|
(24
|
)
|
|
(17
|
)
|
|
(1
|
)
|
|
(460
|
)
|
|
61
|
|
|
(212
|
)
|
|
(611
|
)
|
Foreign exchange and unrealized financial instrument loss
|
(4
|
)
|
|
—
|
|
|
1
|
|
|
3
|
|
|
6
|
|
|
(11
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
14
|
|
|
2
|
|
|
(6
|
)
|
|
(31
|
)
|
|
(35
|
)
|
Deferred income tax expense
|
1
|
|
|
1
|
|
|
(4
|
)
|
|
(9
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
24
|
|
|
14
|
|
|
2
|
|
|
(18
|
)
|
|
(2
|
)
|
Other
|
(19
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|
(10
|
)
|
|
(10
|
)
|
|
(17
|
)
|
|
(75
|
)
|
|
15
|
|
|
(12
|
)
|
|
(72
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|
—
|
|
|
(72
|
)
|
Net income attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
273
|
|
|
273
|
|
Net income (loss) attributable to Unitholders(2)
|
130
|
|
|
5
|
|
|
41
|
|
|
(39
|
)
|
|
(12
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
19
|
|
|
(6
|
)
|
|
(183
|
)
|
|
(49
|
)
|
|
—
|
|
|
—
|
|
|
(49
|
)
|
(1)
|
Share of earnings from equity-accounted investments of $12 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 $142 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
|
September 30, 2019
|
|
|
Page 32
|
|
|
|
|
|
Per unit
|
||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners' equity
|
$
|
4
|
|
|
$
|
(28
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.16
|
)
|
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
|
3
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
||||
Net income (loss) attributable to Unitholders
|
$
|
7
|
|
|
$
|
(49
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.16
|
)
|
Adjusted for proportionate share of:
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
478
|
|
|
460
|
|
|
1.54
|
|
|
1.47
|
|
||||
Foreign exchange and unrealized financial instruments (gain) loss
|
45
|
|
|
(2
|
)
|
|
0.14
|
|
|
(0.01
|
)
|
||||
Deferred income tax expense
|
(40
|
)
|
|
(14
|
)
|
|
(0.13
|
)
|
|
(0.04
|
)
|
||||
Other
|
100
|
|
|
75
|
|
|
0.33
|
|
|
0.24
|
|
||||
Funds From Operations
|
$
|
590
|
|
|
$
|
470
|
|
|
$
|
1.90
|
|
|
$
|
1.50
|
|
Weighted average Units outstanding(1)
|
|
|
|
|
311.2
|
|
|
312.7
|
|
(1)
|
Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 33
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 34
|
•
|
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
|
September 30, 2019
|
|
|
Page 35
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 36
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 37
|
•
|
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
|
September 30, 2019
|
|
|
Page 38
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 39
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 40
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 41
|
UNAUDITED
(MILLIONS, EXCEPT AS NOTED)
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|||||
Revenues
|
19
|
|
$
|
642
|
|
|
$
|
674
|
|
|
$
|
2,254
|
|
|
$
|
2,202
|
|
Other income
|
|
|
25
|
|
|
7
|
|
|
50
|
|
|
26
|
|
||||
Direct operating costs
|
|
|
(239
|
)
|
|
(257
|
)
|
|
(745
|
)
|
|
(760
|
)
|
||||
Management service costs
|
19
|
|
(29
|
)
|
|
(22
|
)
|
|
(73
|
)
|
|
(64
|
)
|
||||
Interest expense - borrowings
|
9
|
|
(164
|
)
|
|
(176
|
)
|
|
(515
|
)
|
|
(534
|
)
|
||||
Share of earnings from equity-accounted investments
|
13
|
|
1
|
|
|
6
|
|
|
33
|
|
|
12
|
|
||||
Foreign exchange and unrealized financial instrument loss
|
5
|
|
(10
|
)
|
|
(10
|
)
|
|
(40
|
)
|
|
(35
|
)
|
||||
Depreciation
|
8
|
|
(200
|
)
|
|
(192
|
)
|
|
(600
|
)
|
|
(611
|
)
|
||||
Other
|
|
|
(38
|
)
|
|
(18
|
)
|
|
(41
|
)
|
|
(72
|
)
|
||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
||||||||
Current
|
7
|
|
(10
|
)
|
|
(6
|
)
|
|
(49
|
)
|
|
(20
|
)
|
||||
Deferred
|
7
|
|
23
|
|
|
11
|
|
|
(11
|
)
|
|
(2
|
)
|
||||
|
|
|
13
|
|
|
5
|
|
|
(60
|
)
|
|
(22
|
)
|
||||
Net income
|
|
|
$
|
1
|
|
|
$
|
17
|
|
|
$
|
263
|
|
|
$
|
142
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
||||||||
Non-controlling interests
|
|
|
|
|
|
|
|
|
|
||||||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
$
|
36
|
|
|
$
|
55
|
|
|
$
|
204
|
|
|
$
|
142
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
10
|
|
(22
|
)
|
|
(22
|
)
|
|
3
|
|
|
(20
|
)
|
||||
Preferred equity
|
10
|
|
6
|
|
|
7
|
|
|
19
|
|
|
20
|
|
||||
Preferred limited partners' equity
|
11
|
|
12
|
|
|
10
|
|
|
33
|
|
|
29
|
|
||||
Limited partners' equity
|
12
|
|
(30
|
)
|
|
(32
|
)
|
|
4
|
|
|
(28
|
)
|
||||
|
|
|
$
|
1
|
|
|
$
|
17
|
|
|
$
|
263
|
|
|
$
|
142
|
|
Basic and diluted (loss) earnings per LP Unit
|
|
|
$
|
(0.17
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.16
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 42
|
UNAUDITED
(MILLIONS)
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|||||
Net income
|
|
|
$
|
1
|
|
|
$
|
17
|
|
|
$
|
263
|
|
|
$
|
142
|
|
Other comprehensive loss that will not be reclassified to net income
|
|
|
|
|
|
|
|
|
|
||||||||
Revaluations of property, plant and equipment
|
8
|
|
83
|
|
|
(13
|
)
|
|
83
|
|
|
163
|
|
||||
Actuarial (loss) gain on defined benefit plans
|
|
|
—
|
|
|
4
|
|
|
(13
|
)
|
|
9
|
|
||||
Deferred income taxes on above items
|
|
|
(16
|
)
|
|
2
|
|
|
(12
|
)
|
|
(49
|
)
|
||||
Total items that will not be reclassified to net income
|
|
|
67
|
|
|
(7
|
)
|
|
58
|
|
|
123
|
|
||||
Other comprehensive income (loss) that may be reclassified to net income
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation
|
|
|
(631
|
)
|
|
(126
|
)
|
|
(463
|
)
|
|
(534
|
)
|
||||
(Losses) gains arising during the period on financial instruments designated as cash-flow hedges
|
5
|
|
(17
|
)
|
|
(12
|
)
|
|
(15
|
)
|
|
2
|
|
||||
Unrealized gain (loss) on foreign exchange swaps net investment hedge
|
5
|
|
21
|
|
|
(11
|
)
|
|
22
|
|
|
50
|
|
||||
Unrealized gain (loss) on investments in equity securities
|
5
|
|
14
|
|
|
10
|
|
|
37
|
|
|
(1
|
)
|
||||
Reclassification adjustments for amounts recognized in net income
|
5
|
|
(1
|
)
|
|
3
|
|
|
(1
|
)
|
|
17
|
|
||||
Deferred income taxes on above items
|
|
|
(1
|
)
|
|
4
|
|
|
—
|
|
|
(12
|
)
|
||||
Total items that may be reclassified subsequently to net income
|
|
|
(615
|
)
|
|
(132
|
)
|
|
(420
|
)
|
|
(478
|
)
|
||||
Other comprehensive loss
|
|
|
(548
|
)
|
|
(139
|
)
|
|
(362
|
)
|
|
(355
|
)
|
||||
Comprehensive loss
|
|
|
$
|
(547
|
)
|
|
$
|
(122
|
)
|
|
$
|
(99
|
)
|
|
$
|
(213
|
)
|
Comprehensive loss attributable to:
|
|
|
|
|
|
|
|
|
|
||||||||
Non-controlling interests
|
|
|
|
|
|
|
|
|
|
||||||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
(274
|
)
|
|
(21
|
)
|
|
(21
|
)
|
|
118
|
|
||||
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
10
|
|
(119
|
)
|
|
(53
|
)
|
|
(61
|
)
|
|
(151
|
)
|
||||
Preferred equity
|
10
|
|
(1
|
)
|
|
17
|
|
|
35
|
|
|
4
|
|
||||
Preferred limited partners' equity
|
11
|
|
12
|
|
|
10
|
|
|
33
|
|
|
29
|
|
||||
Limited partners' equity
|
12
|
|
$
|
(163
|
)
|
|
$
|
(74
|
)
|
|
$
|
(84
|
)
|
|
$
|
(210
|
)
|
|
|
|
(547
|
)
|
|
(122
|
)
|
|
(99
|
)
|
|
(213
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 43
|
UNAUDITED
(MILLIONS)
|
Notes
|
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Assets
|
|
|
|
|
|
||||
Current assets
|
|
|
|
|
|
||||
Cash and cash equivalents
|
14
|
|
$
|
209
|
|
|
$
|
173
|
|
Restricted cash
|
15
|
|
166
|
|
|
136
|
|
||
Trade receivables and other current assets
|
16
|
|
635
|
|
|
607
|
|
||
Financial instrument assets
|
5
|
|
75
|
|
|
60
|
|
||
Due from related parties
|
19
|
|
75
|
|
|
65
|
|
||
Assets held for sale
|
4
|
|
782
|
|
|
920
|
|
||
|
|
|
1,942
|
|
|
1,961
|
|
||
Financial instrument assets
|
5
|
|
197
|
|
|
124
|
|
||
Equity-accounted investments
|
13
|
|
1,536
|
|
|
1,569
|
|
||
Property, plant and equipment
|
8
|
|
28,350
|
|
|
29,025
|
|
||
Goodwill
|
|
|
777
|
|
|
828
|
|
||
Deferred income tax assets
|
7
|
|
114
|
|
|
91
|
|
||
Other long-term assets
|
|
|
519
|
|
|
505
|
|
||
Total Assets
|
|
|
$
|
33,435
|
|
|
$
|
34,103
|
|
Liabilities
|
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
17
|
|
$
|
675
|
|
|
$
|
533
|
|
Financial instrument liabilities
|
5
|
|
21
|
|
|
27
|
|
||
Payables due to related parties
|
19
|
|
133
|
|
|
101
|
|
||
Non-recourse borrowings
|
9
|
|
384
|
|
|
495
|
|
||
Liabilities directly associated with assets held for sale
|
4
|
|
385
|
|
|
533
|
|
||
|
|
|
1,598
|
|
|
1,689
|
|
||
Financial instrument liabilities
|
5
|
|
146
|
|
|
111
|
|
||
Corporate borrowings
|
9
|
|
2,119
|
|
|
2,328
|
|
||
Non-recourse borrowings
|
9
|
|
8,122
|
|
|
7,895
|
|
||
Deferred income tax liabilities
|
7
|
|
4,096
|
|
|
4,140
|
|
||
Other long-term liabilities
|
|
|
956
|
|
|
734
|
|
||
Equity
|
|
|
|
|
|
||||
Non-controlling interests
|
|
|
|
|
|
||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
7,841
|
|
|
8,129
|
|
||
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
61
|
|
|
66
|
|
||
Participating non-controlling interests - in a holding subsidiary ‑ Redeemable/Exchangeable units held by Brookfield
|
10
|
|
2,974
|
|
|
3,252
|
|
||
Preferred equity
|
10
|
|
585
|
|
|
568
|
|
||
Preferred limited partners' equity
|
11
|
|
833
|
|
|
707
|
|
||
Limited partners' equity
|
12
|
|
4,104
|
|
|
4,484
|
|
||
Total Equity
|
|
|
16,398
|
|
|
17,206
|
|
||
Total Liabilities and Equity
|
|
|
$
|
33,435
|
|
|
$
|
34,103
|
|
Approved on behalf of Brookfield Renewable Partners L.P.:
|
|
|
|
Patricia Zuccotti
Director
|
David Mann
Director
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 44
|
|
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
Non-controlling interests
|
|
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
THREE MONTHS ENDED SEPTEMBER 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 June 30, 2019
|
$
|
(882
|
)
|
|
$
|
(625
|
)
|
|
$
|
5,918
|
|
|
$
|
(9
|
)
|
|
$
|
(38
|
)
|
|
$
|
5
|
|
|
$
|
4,369
|
|
|
$
|
833
|
|
|
$
|
591
|
|
|
$
|
8,226
|
|
|
$
|
65
|
|
|
$
|
3,166
|
|
|
$
|
17,250
|
|
Net income
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
12
|
|
|
6
|
|
|
36
|
|
|
(1
|
)
|
|
(22
|
)
|
|
1
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(153
|
)
|
|
15
|
|
|
—
|
|
|
(4
|
)
|
|
9
|
|
|
(133
|
)
|
|
—
|
|
|
(7
|
)
|
|
(310
|
)
|
|
(1
|
)
|
|
(97
|
)
|
|
(548
|
)
|
|||||||||||||
Capital contributions (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|||||||||||||
Disposals (Note 3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|||||||||||||
Distributions or dividends declared
|
(92
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(92
|
)
|
|
(12
|
)
|
|
(6
|
)
|
|
(124
|
)
|
|
(13
|
)
|
|
(66
|
)
|
|
(313
|
)
|
|||||||||||||
Distribution reinvestment plan
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||||||
Other
|
(9
|
)
|
|
1
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(12
|
)
|
|
—
|
|
|
1
|
|
|
8
|
|
|
11
|
|
|
(7
|
)
|
|
1
|
|
|||||||||||||
Change in period
|
(129
|
)
|
|
(152
|
)
|
|
12
|
|
|
—
|
|
|
(4
|
)
|
|
8
|
|
|
(265
|
)
|
|
—
|
|
|
(6
|
)
|
|
(385
|
)
|
|
(4
|
)
|
|
(192
|
)
|
|
(852
|
)
|
|||||||||||||
Balance as at September 30, 2019
|
$
|
(1,011
|
)
|
|
$
|
(777
|
)
|
|
$
|
5,930
|
|
|
$
|
(9
|
)
|
|
$
|
(42
|
)
|
|
$
|
13
|
|
|
$
|
4,104
|
|
|
$
|
833
|
|
|
$
|
585
|
|
|
$
|
7,841
|
|
|
$
|
61
|
|
|
$
|
2,974
|
|
|
$
|
16,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Balance, as at June 30, 2018
|
$
|
(448
|
)
|
|
$
|
(533
|
)
|
|
$
|
4,628
|
|
|
$
|
(7
|
)
|
|
$
|
(21
|
)
|
|
$
|
9
|
|
|
$
|
3,628
|
|
|
$
|
707
|
|
|
$
|
589
|
|
|
$
|
6,140
|
|
|
$
|
53
|
|
|
$
|
2,609
|
|
|
13,726
|
|
|
Net income (loss)
|
(32
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
10
|
|
|
7
|
|
|
55
|
|
|
(1
|
)
|
|
(22
|
)
|
|
17
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(45
|
)
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
|
5
|
|
|
(42
|
)
|
|
—
|
|
|
10
|
|
|
(76
|
)
|
|
—
|
|
|
(31
|
)
|
|
(139
|
)
|
|||||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|||||||||||||
Distributions or dividends declared
|
(88
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(88
|
)
|
|
(10
|
)
|
|
(6
|
)
|
|
(81
|
)
|
|
(11
|
)
|
|
(64
|
)
|
|
(260
|
)
|
|||||||||||||
Distribution reinvestment plan
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||||||
Other
|
(6
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
10
|
|
|
(3
|
)
|
|
(1
|
)
|
|||||||||||||
Change in period
|
(124
|
)
|
|
(45
|
)
|
|
(3
|
)
|
|
1
|
|
|
(1
|
)
|
|
5
|
|
|
(167
|
)
|
|
—
|
|
|
11
|
|
|
(94
|
)
|
|
(2
|
)
|
|
(120
|
)
|
|
(372
|
)
|
|||||||||||||
Balance as at September 30, 2018
|
$
|
(572
|
)
|
|
$
|
(578
|
)
|
|
$
|
4,625
|
|
|
$
|
(6
|
)
|
|
$
|
(22
|
)
|
|
$
|
14
|
|
|
$
|
3,461
|
|
|
$
|
707
|
|
|
$
|
600
|
|
|
$
|
6,046
|
|
|
$
|
51
|
|
|
$
|
2,489
|
|
|
$
|
13,354
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 45
|
|
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
Non-controlling interests
|
|
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
NINE MONTHS ENDED SEPTEMBER 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
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
33
|
|
|
19
|
|
|
204
|
|
|
—
|
|
|
3
|
|
|
263
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(112
|
)
|
|
16
|
|
|
(4
|
)
|
|
(8
|
)
|
|
20
|
|
|
(88
|
)
|
|
—
|
|
|
16
|
|
|
(225
|
)
|
|
(1
|
)
|
|
(64
|
)
|
|
(362
|
)
|
|||||||||||||
Preferred LP Units issued (Note 11)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|||||||||||||
LP Units purchased for cancellation (Note 12)
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||||||||
Capital contributions (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
333
|
|
|
—
|
|
|
—
|
|
|
333
|
|
|||||||||||||
Disposals (Note 3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|||||||||||||
Distributions or dividends declared
|
(277
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(277
|
)
|
|
(33
|
)
|
|
(19
|
)
|
|
(520
|
)
|
|
(41
|
)
|
|
(201
|
)
|
|
(1,091
|
)
|
|||||||||||||
Distribution reinvestment plan
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||||||||||
Other
|
206
|
|
|
(13
|
)
|
|
(206
|
)
|
|
1
|
|
|
—
|
|
|
(11
|
)
|
|
(23
|
)
|
|
—
|
|
|
1
|
|
|
3
|
|
|
37
|
|
|
(16
|
)
|
|
2
|
|
|||||||||||||
Change in period
|
(63
|
)
|
|
(125
|
)
|
|
(190
|
)
|
|
(3
|
)
|
|
(8
|
)
|
|
9
|
|
|
(380
|
)
|
|
126
|
|
|
17
|
|
|
(288
|
)
|
|
(5
|
)
|
|
(278
|
)
|
|
(808
|
)
|
|||||||||||||
Balance as at September 30, 2019
|
$
|
(1,011
|
)
|
|
$
|
(777
|
)
|
|
$
|
5,930
|
|
|
$
|
(9
|
)
|
|
$
|
(42
|
)
|
|
$
|
13
|
|
|
$
|
4,104
|
|
|
$
|
833
|
|
|
$
|
585
|
|
|
$
|
7,841
|
|
|
$
|
61
|
|
|
$
|
2,974
|
|
|
$
|
16,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
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
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28
|
)
|
|
29
|
|
|
20
|
|
|
142
|
|
|
(1
|
)
|
|
(20
|
)
|
|
142
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(200
|
)
|
|
9
|
|
|
3
|
|
|
7
|
|
|
(1
|
)
|
|
(182
|
)
|
|
—
|
|
|
(16
|
)
|
|
(24
|
)
|
|
(2
|
)
|
|
(131
|
)
|
|
(355
|
)
|
|||||||||||||
Preferred LP Units issued
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|||||||||||||
LP Units purchased for cancellation
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|||||||||||||
Acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||||||||||
Distributions or dividends declared
|
(266
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(266
|
)
|
|
(29
|
)
|
|
(20
|
)
|
|
(438
|
)
|
|
(34
|
)
|
|
(192
|
)
|
|
(979
|
)
|
|||||||||||||
Distribution reinvestment plan
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||||||||||
Other
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
34
|
|
|
30
|
|
|
(11
|
)
|
|
35
|
|
|||||||||||||
Change in period
|
(313
|
)
|
|
(200
|
)
|
|
9
|
|
|
3
|
|
|
7
|
|
|
(1
|
)
|
|
(495
|
)
|
|
196
|
|
|
(16
|
)
|
|
(252
|
)
|
|
(7
|
)
|
|
(354
|
)
|
|
(928
|
)
|
|||||||||||||
Balance as at September 30, 2018
|
$
|
(572
|
)
|
|
$
|
(578
|
)
|
|
$
|
4,625
|
|
|
$
|
(6
|
)
|
|
$
|
(22
|
)
|
|
$
|
14
|
|
|
$
|
3,461
|
|
|
$
|
707
|
|
|
$
|
600
|
|
|
$
|
6,046
|
|
|
$
|
51
|
|
|
$
|
2,489
|
|
|
$
|
13,354
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 46
|
UNAUDITED
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Operating activities
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
|
$
|
1
|
|
|
$
|
17
|
|
|
$
|
263
|
|
|
$
|
142
|
|
Adjustments for the following non-cash items:
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
8
|
|
200
|
|
|
192
|
|
|
600
|
|
|
611
|
|
||||
Unrealized foreign exchange and financial instruments loss
|
5
|
|
11
|
|
|
5
|
|
|
42
|
|
|
14
|
|
||||
Share of earnings from equity-accounted investments
|
13
|
|
(1
|
)
|
|
(5
|
)
|
|
(33
|
)
|
|
(11
|
)
|
||||
Deferred income tax expense
|
7
|
|
(23
|
)
|
|
(11
|
)
|
|
11
|
|
|
2
|
|
||||
Other non-cash items
|
|
|
19
|
|
|
10
|
|
|
69
|
|
|
50
|
|
||||
Dividends received from equity-accounted investments
|
13
|
|
16
|
|
|
13
|
|
|
44
|
|
|
27
|
|
||||
Changes in due to or from related parties
|
|
|
56
|
|
|
16
|
|
|
20
|
|
|
28
|
|
||||
Net change in working capital balances
|
|
|
(13
|
)
|
|
(1
|
)
|
|
(11
|
)
|
|
(46
|
)
|
||||
|
|
|
266
|
|
|
236
|
|
|
1,005
|
|
|
817
|
|
||||
Financing activities
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term debt - borrowings
|
9
|
|
$
|
449
|
|
|
$
|
231
|
|
|
$
|
449
|
|
|
$
|
231
|
|
Corporate credit facilities, net
|
9
|
|
12
|
|
|
174
|
|
|
(709
|
)
|
|
354
|
|
||||
Proceeds from non-recourse borrowings
|
9
|
|
336
|
|
|
308
|
|
|
1,281
|
|
|
1,698
|
|
||||
Repayment of non-recourse borrowings
|
9
|
|
(517
|
)
|
|
(316
|
)
|
|
(1,183
|
)
|
|
(2,156
|
)
|
||||
Capital contributions from participating non-controlling interests - in operating subsidiaries
|
10
|
|
35
|
|
|
9
|
|
|
292
|
|
|
13
|
|
||||
Issuance of preferred limited partnership units
|
11
|
|
—
|
|
|
—
|
|
|
126
|
|
|
196
|
|
||||
Repurchase of LP Units
|
12
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(8
|
)
|
||||
Distributions paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
To participating non-controlling interests - in operating subsidiaries
|
10
|
|
(124
|
)
|
|
(81
|
)
|
|
(520
|
)
|
|
(438
|
)
|
||||
To preferred shareholders
|
10
|
|
(6
|
)
|
|
(7
|
)
|
|
(19
|
)
|
|
(20
|
)
|
||||
To preferred limited partners' unitholders
|
11
|
|
(11
|
)
|
|
(9
|
)
|
|
(31
|
)
|
|
(27
|
)
|
||||
To unitholders of Brookfield Renewable or BRELP
|
10, 12
|
|
(171
|
)
|
|
(161
|
)
|
|
(513
|
)
|
|
(482
|
)
|
||||
Borrowings from related party
|
19
|
|
14
|
|
|
—
|
|
|
936
|
|
|
200
|
|
||||
Repayments to related party
|
19
|
|
(336
|
)
|
|
(200
|
)
|
|
(936
|
)
|
|
(200
|
)
|
||||
|
|
|
(319
|
)
|
|
(52
|
)
|
|
(828
|
)
|
|
(639
|
)
|
||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment in equity-accounted investments
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(420
|
)
|
||||
Acquisitions net of cash and cash equivalents in acquired entity
|
2
|
|
(55
|
)
|
|
—
|
|
|
(81
|
)
|
|
(12
|
)
|
||||
Investment in property, plant and equipment
|
8
|
|
(52
|
)
|
|
(59
|
)
|
|
(115
|
)
|
|
(153
|
)
|
||||
Proceeds from disposal of assets
|
3
|
|
16
|
|
|
—
|
|
|
98
|
|
|
—
|
|
||||
(Investment in) disposal of securities
|
5
|
|
65
|
|
|
—
|
|
|
(9
|
)
|
|
25
|
|
||||
Restricted cash and other
|
|
|
(23
|
)
|
|
(46
|
)
|
|
(12
|
)
|
|
(75
|
)
|
||||
|
|
|
(49
|
)
|
|
(105
|
)
|
|
(123
|
)
|
|
(635
|
)
|
||||
Foreign exchange gain (loss) on cash
|
|
|
(9
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(14
|
)
|
||||
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Increase (decrease)
|
|
|
(111
|
)
|
|
73
|
|
|
46
|
|
|
(471
|
)
|
||||
Net change in cash classified within assets held for sale
|
|
|
(2
|
)
|
|
3
|
|
|
(10
|
)
|
|
(15
|
)
|
||||
Balance, beginning of period
|
|
|
322
|
|
|
237
|
|
|
173
|
|
|
799
|
|
||||
Balance, end of period
|
|
|
$
|
209
|
|
|
$
|
313
|
|
|
$
|
209
|
|
|
$
|
313
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest paid
|
|
|
$
|
144
|
|
|
$
|
154
|
|
|
$
|
463
|
|
|
$
|
469
|
|
Interest received
|
|
|
$
|
6
|
|
|
$
|
5
|
|
|
$
|
16
|
|
|
$
|
17
|
|
Income taxes paid
|
|
|
$
|
16
|
|
|
$
|
10
|
|
|
$
|
53
|
|
|
$
|
33
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 47
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 48
|
•
|
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
|
September 30, 2019
|
|
|
Page 49
|
•
|
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
|
September 30, 2019
|
|
|
Page 50
|
•
|
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
|
September 30, 2019
|
|
|
Page 51
|
•
|
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
|
September 30, 2019
|
|
|
Page 52
|
(MILLIONS)
|
India Wind
|
|
|
China Wind
|
|
|
Total
|
|
|||
Restricted cash
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
6
|
|
Trade receivables and other current assets
|
14
|
|
|
51
|
|
|
65
|
|
|||
Property, plant and equipment
|
243
|
|
|
307
|
|
|
550
|
|
|||
Other non-current assets
|
10
|
|
|
—
|
|
|
10
|
|
|||
Current liabilities
|
(1
|
)
|
|
(23
|
)
|
|
(24
|
)
|
|||
Current portion of non-recourse borrowings
|
(12
|
)
|
|
(18
|
)
|
|
(30
|
)
|
|||
Financial instruments
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Non-recourse borrowings
|
(158
|
)
|
|
(131
|
)
|
|
(289
|
)
|
|||
Deferred income tax liabilities
|
(8
|
)
|
|
(28
|
)
|
|
(36
|
)
|
|||
Other long-term liabilities
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|||
Fair value of net assets acquired
|
$
|
79
|
|
|
$
|
160
|
|
|
$
|
239
|
|
(MILLIONS)
|
|
South Africa
|
|
|
Proceeds
|
|
$
|
112
|
|
Carrying value of net assets held for sale
|
|
|
||
Assets
|
|
616
|
|
|
Liabilities
|
|
(410
|
)
|
|
Non-controlling interests
|
|
(86
|
)
|
|
|
|
120
|
|
|
Loss on disposal
|
|
$
|
(8
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 53
|
(MILLIONS)
|
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
19
|
|
|
$
|
8
|
|
Restricted cash
|
|
20
|
|
|
47
|
|
||
Trade receivables and other current assets
|
|
24
|
|
|
28
|
|
||
Property, plant and equipment
|
|
716
|
|
|
749
|
|
||
Goodwill
|
|
—
|
|
|
22
|
|
||
Other long-term assets
|
|
3
|
|
|
66
|
|
||
Assets held for sale
|
|
$
|
782
|
|
|
$
|
920
|
|
Liabilities
|
|
|
|
|
||||
Current liabilities
|
|
$
|
15
|
|
|
$
|
23
|
|
Long-term debt
|
|
255
|
|
|
360
|
|
||
Other long-term liabilities
|
|
115
|
|
|
150
|
|
||
Liabilities directly associated with assets held for sale
|
|
$
|
385
|
|
|
$
|
533
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 54
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 55
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||
(MILLIONS)
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Total
|
|
|||||
Assets measured at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
209
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
209
|
|
|
$
|
173
|
|
Restricted cash(1)
|
209
|
|
|
—
|
|
|
—
|
|
|
209
|
|
|
181
|
|
|||||
Financial instrument assets(2)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
|
3
|
|
|||||
Interest rate swaps
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
9
|
|
|||||
Foreign exchange swaps
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
|
55
|
|
|||||
Investments in equity securities
|
72
|
|
|
63
|
|
|
46
|
|
|
181
|
|
|
117
|
|
|||||
Property, plant and equipment
|
—
|
|
|
—
|
|
|
28,350
|
|
|
28,350
|
|
|
29,025
|
|
|||||
Liabilities measured at fair value:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Financial instrument liabilities(3)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
(22
|
)
|
|||||
Interest rate swaps
|
—
|
|
|
(155
|
)
|
|
—
|
|
|
(155
|
)
|
|
(116
|
)
|
|||||
Foreign exchange swaps
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|||||
Contingent consideration(3)
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
(14
|
)
|
|
(3
|
)
|
|||||
Assets for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Equity-accounted investments(4)
|
1,143
|
|
|
—
|
|
|
—
|
|
|
1,143
|
|
|
703
|
|
|||||
Liabilities for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate borrowings
|
(2,237
|
)
|
|
(13
|
)
|
|
—
|
|
|
(2,250
|
)
|
|
(2,367
|
)
|
|||||
Non-recourse borrowing
|
(412
|
)
|
|
(8,867
|
)
|
|
—
|
|
|
(9,279
|
)
|
|
(8,696
|
)
|
|||||
Total
|
$
|
(1,016
|
)
|
|
$
|
(8,893
|
)
|
|
$
|
28,382
|
|
|
$
|
18,473
|
|
|
$
|
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 2019 to 2024.
|
(4)
|
The fair value corresponds to Brookfield Renewable's investment in publicly-quoted common shares of TerraForm Power, Inc.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
(MILLIONS)
|
Assets
|
|
|
Liabilities
|
|
|
Net Assets
(Liabilities)
|
|
|
Net Assets
(Liabilities)
|
|
||||
Energy derivative contracts
|
$
|
45
|
|
|
$
|
3
|
|
|
$
|
42
|
|
|
$
|
(19
|
)
|
Interest rate swaps
|
1
|
|
|
155
|
|
|
(154
|
)
|
|
(107
|
)
|
||||
Foreign exchange swaps
|
45
|
|
|
9
|
|
|
36
|
|
|
55
|
|
||||
Investments in equity securities
|
181
|
|
|
—
|
|
|
181
|
|
|
117
|
|
||||
Total
|
272
|
|
|
167
|
|
|
105
|
|
|
46
|
|
||||
Less: current portion
|
75
|
|
|
21
|
|
|
54
|
|
|
33
|
|
||||
Long-term portion
|
$
|
197
|
|
|
$
|
146
|
|
|
$
|
51
|
|
|
$
|
13
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 56
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
9
|
|
|
$
|
(1
|
)
|
Interest rate swaps
|
(9
|
)
|
|
4
|
|
|
(41
|
)
|
|
24
|
|
||||
Foreign exchange swaps - cash flow
|
20
|
|
|
10
|
|
|
1
|
|
|
56
|
|
||||
Foreign exchange gain (loss)
|
(18
|
)
|
|
(21
|
)
|
|
(9
|
)
|
|
(114
|
)
|
||||
|
$
|
(10
|
)
|
|
$
|
(10
|
)
|
|
$
|
(40
|
)
|
|
$
|
(35
|
)
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
(7
|
)
|
|
$
|
(14
|
)
|
|
$
|
31
|
|
|
$
|
(11
|
)
|
Interest rate swaps
|
(10
|
)
|
|
2
|
|
|
(46
|
)
|
|
13
|
|
||||
|
(17
|
)
|
|
(12
|
)
|
|
(15
|
)
|
|
2
|
|
||||
Foreign exchange swaps - net investment
|
21
|
|
|
(11
|
)
|
|
22
|
|
|
50
|
|
||||
Investments in equity securities
|
14
|
|
|
10
|
|
|
37
|
|
|
(1
|
)
|
||||
|
$
|
18
|
|
|
$
|
(13
|
)
|
|
$
|
44
|
|
|
$
|
51
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
(11
|
)
|
|
$
|
8
|
|
Interest rate swaps
|
3
|
|
|
3
|
|
|
10
|
|
|
9
|
|
||||
|
$
|
(1
|
)
|
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
$
|
17
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 57
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 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
|
161
|
|
|
50
|
|
|
56
|
|
|
46
|
|
|
21
|
|
|
11
|
|
|
8
|
|
|
56
|
|
|
21
|
|
|
—
|
|
|
430
|
|
|
(97
|
)
|
|
309
|
|
|
642
|
|
Other income
|
2
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|
28
|
|
|
(5
|
)
|
|
2
|
|
|
25
|
|
Direct operating costs
|
(68
|
)
|
|
(14
|
)
|
|
(22
|
)
|
|
(14
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(10
|
)
|
|
(12
|
)
|
|
(6
|
)
|
|
(157
|
)
|
|
26
|
|
|
(108
|
)
|
|
(239
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
3
|
|
|
79
|
|
Adjusted EBITDA
|
95
|
|
|
53
|
|
|
34
|
|
|
32
|
|
|
15
|
|
|
9
|
|
|
7
|
|
|
49
|
|
|
9
|
|
|
(2
|
)
|
|
301
|
|
|
—
|
|
|
206
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
Interest expense - borrowings
|
(39
|
)
|
|
(4
|
)
|
|
(9
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
(21
|
)
|
|
(115
|
)
|
|
28
|
|
|
(77
|
)
|
|
(164
|
)
|
Current income taxes
|
(1
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
3
|
|
|
(7
|
)
|
|
(10
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
2
|
|
|
(29
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124
|
)
|
|
(124
|
)
|
Funds From Operations
|
55
|
|
|
46
|
|
|
24
|
|
|
15
|
|
|
9
|
|
|
7
|
|
|
5
|
|
|
36
|
|
|
6
|
|
|
(70
|
)
|
|
133
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(57
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(38
|
)
|
|
(11
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(158
|
)
|
|
35
|
|
|
(77
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instrument loss
|
(3
|
)
|
|
(2
|
)
|
|
2
|
|
|
3
|
|
|
(10
|
)
|
|
(2
|
)
|
|
—
|
|
|
(4
|
)
|
|
(1
|
)
|
|
3
|
|
|
(14
|
)
|
|
8
|
|
|
(4
|
)
|
|
(10
|
)
|
Deferred income tax expense
|
25
|
|
|
1
|
|
|
(1
|
)
|
|
(4
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
4
|
|
|
26
|
|
|
1
|
|
|
(4
|
)
|
|
23
|
|
Other
|
(20
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
3
|
|
|
(4
|
)
|
|
(3
|
)
|
|
(8
|
)
|
|
—
|
|
|
(4
|
)
|
|
(40
|
)
|
|
5
|
|
|
(3
|
)
|
|
(38
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49
|
)
|
|
—
|
|
|
(49
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
88
|
|
Net income (loss) attributable to Unitholders(2)
|
—
|
|
|
22
|
|
|
19
|
|
|
(26
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
1
|
|
|
10
|
|
|
(1
|
)
|
|
(68
|
)
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
(1)
|
Share of earnings from equity-accounted investments of $1 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 $36 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
|
September 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
|
166
|
|
|
53
|
|
|
54
|
|
|
50
|
|
|
17
|
|
|
15
|
|
|
4
|
|
|
58
|
|
|
25
|
|
|
—
|
|
|
442
|
|
|
(100
|
)
|
|
332
|
|
|
674
|
|
Other income
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
(1
|
)
|
|
4
|
|
|
7
|
|
Direct operating costs
|
(68
|
)
|
|
(16
|
)
|
|
(25
|
)
|
|
(20
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(11
|
)
|
|
(5
|
)
|
|
(169
|
)
|
|
31
|
|
|
(119
|
)
|
|
(257
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
70
|
|
Adjusted EBITDA
|
99
|
|
|
38
|
|
|
29
|
|
|
30
|
|
|
9
|
|
|
13
|
|
|
3
|
|
|
46
|
|
|
14
|
|
|
(4
|
)
|
|
277
|
|
|
—
|
|
|
217
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
Interest expense - borrowings
|
(44
|
)
|
|
(5
|
)
|
|
(9
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(3
|
)
|
|
(27
|
)
|
|
(128
|
)
|
|
29
|
|
|
(77
|
)
|
|
(176
|
)
|
Current income taxes
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
2
|
|
|
(3
|
)
|
|
(6
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(137
|
)
|
|
(137
|
)
|
Funds From Operations
|
53
|
|
|
31
|
|
|
20
|
|
|
14
|
|
|
2
|
|
|
11
|
|
|
2
|
|
|
31
|
|
|
11
|
|
|
(70
|
)
|
|
105
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(57
|
)
|
|
(32
|
)
|
|
(4
|
)
|
|
(34
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
—
|
|
|
(11
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(160
|
)
|
|
32
|
|
|
(64
|
)
|
|
(192
|
)
|
Foreign exchange and unrealized financial instrument loss
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(6
|
)
|
|
—
|
|
|
(4
|
)
|
|
(10
|
)
|
Deferred income tax expense
|
7
|
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
15
|
|
|
17
|
|
|
3
|
|
|
(9
|
)
|
|
11
|
|
Other
|
(1
|
)
|
|
2
|
|
|
(4
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
(11
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(18
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
82
|
|
Net income (loss) attributable to Unitholders(2)
|
(3
|
)
|
|
2
|
|
|
11
|
|
|
(27
|
)
|
|
(9
|
)
|
|
5
|
|
|
1
|
|
|
19
|
|
|
5
|
|
|
(59
|
)
|
|
(55
|
)
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
(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 $55 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
|
September 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
|
700
|
|
|
173
|
|
|
174
|
|
|
167
|
|
|
71
|
|
|
27
|
|
|
13
|
|
|
145
|
|
|
66
|
|
|
—
|
|
|
1,536
|
|
|
(286
|
)
|
|
1,004
|
|
|
2,254
|
|
Other income
|
11
|
|
|
20
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
8
|
|
|
49
|
|
|
(11
|
)
|
|
12
|
|
|
50
|
|
Direct operating costs
|
(210
|
)
|
|
(49
|
)
|
|
(67
|
)
|
|
(49
|
)
|
|
(24
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
(27
|
)
|
|
(36
|
)
|
|
(17
|
)
|
|
(489
|
)
|
|
82
|
|
|
(338
|
)
|
|
(745
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215
|
|
|
15
|
|
|
230
|
|
Adjusted EBITDA
|
501
|
|
|
144
|
|
|
107
|
|
|
120
|
|
|
50
|
|
|
20
|
|
|
10
|
|
|
123
|
|
|
30
|
|
|
(9
|
)
|
|
1,096
|
|
|
—
|
|
|
693
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73
|
)
|
|
(73
|
)
|
|
—
|
|
|
—
|
|
|
(73
|
)
|
Interest expense - borrowings
|
(119
|
)
|
|
(16
|
)
|
|
(25
|
)
|
|
(51
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
(42
|
)
|
|
(10
|
)
|
|
(70
|
)
|
|
(355
|
)
|
|
78
|
|
|
(238
|
)
|
|
(515
|
)
|
Current income taxes
|
(7
|
)
|
|
(9
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
4
|
|
|
(27
|
)
|
|
(49
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(82
|
)
|
|
(7
|
)
|
|
(89
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(421
|
)
|
|
(421
|
)
|
Funds From Operations
|
375
|
|
|
119
|
|
|
75
|
|
|
67
|
|
|
37
|
|
|
13
|
|
|
7
|
|
|
81
|
|
|
20
|
|
|
(204
|
)
|
|
590
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(168
|
)
|
|
(66
|
)
|
|
(15
|
)
|
|
(117
|
)
|
|
(34
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
(41
|
)
|
|
(18
|
)
|
|
(3
|
)
|
|
(478
|
)
|
|
104
|
|
|
(226
|
)
|
|
(600
|
)
|
Foreign exchange and unrealized financial instrument loss
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
(19
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(25
|
)
|
|
(45
|
)
|
|
13
|
|
|
(8
|
)
|
|
(40
|
)
|
Deferred income tax expense
|
(15
|
)
|
|
3
|
|
|
(5
|
)
|
|
13
|
|
|
8
|
|
|
—
|
|
|
(1
|
)
|
|
15
|
|
|
—
|
|
|
22
|
|
|
40
|
|
|
(35
|
)
|
|
(16
|
)
|
|
(11
|
)
|
Other
|
(46
|
)
|
|
(2
|
)
|
|
—
|
|
|
(9
|
)
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
|
(32
|
)
|
|
—
|
|
|
(12
|
)
|
|
(100
|
)
|
|
26
|
|
|
33
|
|
|
(41
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(108
|
)
|
|
—
|
|
|
(108
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
217
|
|
|
217
|
|
Net income (loss) attributable to Unitholders(2)
|
146
|
|
|
55
|
|
|
56
|
|
|
(44
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
2
|
|
|
23
|
|
|
—
|
|
|
(222
|
)
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
(1)
|
Share of earnings from equity-accounted investments of $33 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 $204 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
|
September 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
|
655
|
|
|
185
|
|
|
160
|
|
|
158
|
|
|
46
|
|
|
33
|
|
|
9
|
|
|
106
|
|
|
62
|
|
|
—
|
|
|
1,414
|
|
|
(197
|
)
|
|
985
|
|
|
2,202
|
|
Other income
|
6
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
2
|
|
|
18
|
|
|
(5
|
)
|
|
13
|
|
|
26
|
|
Direct operating costs
|
(206
|
)
|
|
(55
|
)
|
|
(70
|
)
|
|
(50
|
)
|
|
(20
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
(23
|
)
|
|
(29
|
)
|
|
(17
|
)
|
|
(480
|
)
|
|
63
|
|
|
(343
|
)
|
|
(760
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
12
|
|
|
151
|
|
Adjusted EBITDA
|
455
|
|
|
133
|
|
|
91
|
|
|
109
|
|
|
27
|
|
|
26
|
|
|
6
|
|
|
87
|
|
|
33
|
|
|
(15
|
)
|
|
952
|
|
|
—
|
|
|
667
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
|
(64
|
)
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
Interest expense - borrowings
|
(128
|
)
|
|
(17
|
)
|
|
(29
|
)
|
|
(44
|
)
|
|
(12
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
(30
|
)
|
|
(10
|
)
|
|
(75
|
)
|
|
(354
|
)
|
|
54
|
|
|
(234
|
)
|
|
(534
|
)
|
Current income taxes
|
(5
|
)
|
|
(7
|
)
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
3
|
|
|
(8
|
)
|
|
(20
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
|
(10
|
)
|
|
(67
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(415
|
)
|
|
(415
|
)
|
Funds From Operations
|
322
|
|
|
109
|
|
|
62
|
|
|
64
|
|
|
13
|
|
|
20
|
|
|
3
|
|
|
57
|
|
|
23
|
|
|
(203
|
)
|
|
470
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(170
|
)
|
|
(103
|
)
|
|
(14
|
)
|
|
(89
|
)
|
|
(30
|
)
|
|
(10
|
)
|
|
(2
|
)
|
|
(24
|
)
|
|
(17
|
)
|
|
(1
|
)
|
|
(460
|
)
|
|
61
|
|
|
(212
|
)
|
|
(611
|
)
|
Foreign exchange and unrealized financial instrument loss
|
(4
|
)
|
|
—
|
|
|
1
|
|
|
3
|
|
|
6
|
|
|
(11
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
14
|
|
|
2
|
|
|
(6
|
)
|
|
(31
|
)
|
|
(35
|
)
|
Deferred income tax expense
|
1
|
|
|
1
|
|
|
(4
|
)
|
|
(9
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
24
|
|
|
14
|
|
|
2
|
|
|
(18
|
)
|
|
(2
|
)
|
Other
|
(19
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|
(10
|
)
|
|
(10
|
)
|
|
(17
|
)
|
|
(75
|
)
|
|
15
|
|
|
(12
|
)
|
|
(72
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|
—
|
|
|
(72
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
273
|
|
|
273
|
|
Net income (loss) attributable to Unitholders(2)
|
130
|
|
|
5
|
|
|
41
|
|
|
(39
|
)
|
|
(12
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
19
|
|
|
(6
|
)
|
|
(183
|
)
|
|
(49
|
)
|
|
—
|
|
|
—
|
|
|
(49
|
)
|
(1)
|
Share of loss from equity-accounted investments of $12 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 $142 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
|
September 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 September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
14
|
|
|
$
|
13
|
|
|
$
|
26
|
|
|
$
|
24
|
|
|
$
|
25
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
43
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
158
|
|
|
$
|
(76
|
)
|
|
$
|
127
|
|
|
$
|
209
|
|
Property, plant and equipment
|
11,075
|
|
|
1,737
|
|
|
1,502
|
|
|
2,449
|
|
|
624
|
|
|
313
|
|
|
189
|
|
|
1,547
|
|
|
669
|
|
|
—
|
|
|
20,105
|
|
|
(3,688
|
)
|
|
11,933
|
|
|
28,350
|
|
||||||||||||||
Total assets
|
11,793
|
|
|
1,903
|
|
|
1,762
|
|
|
2,579
|
|
|
912
|
|
|
335
|
|
|
230
|
|
|
1,751
|
|
|
714
|
|
|
128
|
|
|
22,107
|
|
|
(2,681
|
)
|
|
14,009
|
|
|
33,435
|
|
||||||||||||||
Total borrowings
|
2,899
|
|
|
177
|
|
|
437
|
|
|
1,278
|
|
|
312
|
|
|
72
|
|
|
136
|
|
|
1,151
|
|
|
231
|
|
|
2,128
|
|
|
8,821
|
|
|
(2,131
|
)
|
|
3,935
|
|
|
10,625
|
|
||||||||||||||
Other liabilities
|
2,823
|
|
|
135
|
|
|
414
|
|
|
476
|
|
|
217
|
|
|
8
|
|
|
62
|
|
|
343
|
|
|
27
|
|
|
—
|
|
|
4,505
|
|
|
(549
|
)
|
|
2,456
|
|
|
6,412
|
|
||||||||||||||
For the nine months ended September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
78
|
|
|
26
|
|
|
11
|
|
|
109
|
|
|
16
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
2
|
|
|
262
|
|
|
(104
|
)
|
|
105
|
|
|
263
|
|
||||||||||||||
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 nine months ended September 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
55
|
|
|
22
|
|
|
4
|
|
|
9
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
2
|
|
|
6
|
|
|
117
|
|
|
(15
|
)
|
|
56
|
|
|
158
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 63
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
United States
|
$
|
177
|
|
|
$
|
196
|
|
|
$
|
719
|
|
|
$
|
691
|
|
Colombia
|
230
|
|
|
222
|
|
|
718
|
|
|
664
|
|
||||
Canada
|
64
|
|
|
76
|
|
|
299
|
|
|
302
|
|
||||
Brazil
|
98
|
|
|
119
|
|
|
297
|
|
|
328
|
|
||||
Europe
|
25
|
|
|
19
|
|
|
94
|
|
|
87
|
|
||||
Asia
|
48
|
|
|
42
|
|
|
127
|
|
|
130
|
|
||||
|
$
|
642
|
|
|
$
|
674
|
|
|
$
|
2,254
|
|
|
$
|
2,202
|
|
(MILLIONS)
|
Sep 30, 2019
|
|
|
Dec 31, 2018
|
|
||
United States
|
$
|
12,651
|
|
|
$
|
12,705
|
|
Colombia
|
6,234
|
|
|
6,665
|
|
||
Canada
|
5,759
|
|
|
5,705
|
|
||
Brazil
|
3,223
|
|
|
3,553
|
|
||
Europe
|
1,152
|
|
|
1,624
|
|
||
Asia
|
867
|
|
|
342
|
|
||
|
$
|
29,886
|
|
|
$
|
30,594
|
|
(1)
|
Includes storage, biomass and cogeneration.
|
(2)
|
Includes intangible assets of $10 million (2018: $11 million) and assets under construction of $382 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
|
September 30, 2019
|
|
|
Page 64
|
|
September 30, 2019
|
|
December 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
|
3.6
|
|
5
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
3.3
|
|
4
|
|
|
$
|
721
|
|
|
$
|
721
|
|
Medium Term Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Series 4 (C$150)
|
5.8
|
|
17
|
|
|
113
|
|
|
$
|
138
|
|
|
5.8
|
|
18
|
|
|
$
|
110
|
|
|
$
|
124
|
|
|
Series 7 (C$450)
|
5.1
|
|
1
|
|
|
340
|
|
|
350
|
|
|
5.1
|
|
2
|
|
|
330
|
|
|
342
|
|
||||
Series 8 (C$400)
|
4.8
|
|
2
|
|
|
302
|
|
|
319
|
|
|
4.8
|
|
3
|
|
|
293
|
|
|
309
|
|
||||
Series 9 (C$400)
|
3.8
|
|
6
|
|
|
302
|
|
|
317
|
|
|
3.8
|
|
6
|
|
|
293
|
|
|
288
|
|
||||
Series 10 (C$500)
|
3.6
|
|
7
|
|
|
377
|
|
|
395
|
|
|
3.6
|
|
8
|
|
|
367
|
|
|
357
|
|
||||
Series 11 (C$300)
|
4.3
|
|
9
|
|
|
227
|
|
|
246
|
|
|
4.3
|
|
10
|
|
|
220
|
|
|
220
|
|
||||
Series 12 (C$300)
|
3.4
|
|
10
|
|
|
227
|
|
|
229
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Series 13 (C$300)
|
4.3
|
|
30
|
|
|
227
|
|
|
232
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
4.3
|
|
9
|
|
|
$
|
2,115
|
|
|
$
|
2,226
|
|
|
4.4
|
|
7
|
|
|
$
|
1,613
|
|
|
$
|
1,640
|
|
Total corporate borrowings
|
|
2,128
|
|
|
2,239
|
|
|
|
|
|
|
2,334
|
|
|
2,361
|
|
|||||||||
Less: Unamortized financing fees(1)
|
|
(9
|
)
|
|
|
|
|
|
|
|
(6
|
)
|
|
|
|||||||||||
|
|
|
|
|
$
|
2,119
|
|
|
|
|
|
|
|
|
$
|
2,328
|
|
|
|
(1)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Authorized corporate credit facilities(1)
|
$
|
2,100
|
|
|
$
|
2,100
|
|
Draws on corporate credit facilities(1)
|
(13
|
)
|
|
(721
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
300
|
|
||
Issued letters of credit
|
(219
|
)
|
|
(209
|
)
|
||
Available portion of corporate credit facilities
|
$
|
2,268
|
|
|
$
|
1,470
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 65
|
|
September 30, 2019
|
|
December 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
|
6.0
|
|
9
|
|
|
$
|
6,354
|
|
|
$
|
6,939
|
|
|
6.1
|
|
9
|
|
|
$
|
6,318
|
|
|
$
|
6,517
|
|
Wind
|
5.3
|
|
11
|
|
|
1,974
|
|
|
2,099
|
|
|
4.7
|
|
11
|
|
|
1,914
|
|
|
1,957
|
|
||||
Solar
|
5.9
|
|
6
|
|
|
146
|
|
|
150
|
|
|
6.0
|
|
7
|
|
|
142
|
|
|
133
|
|
||||
Storage and other
|
4.0
|
|
4
|
|
|
88
|
|
|
91
|
|
|
4.1
|
|
5
|
|
|
91
|
|
|
95
|
|
||||
Total
|
5.8
|
|
9
|
|
|
$
|
8,562
|
|
|
$
|
9,279
|
|
|
5.7
|
|
10
|
|
|
$
|
8,465
|
|
|
$
|
8,702
|
|
Add: Unamortized premiums(1)
|
|
9
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|||||||||||
Less: Unamortized financing fees(1)
|
|
(65
|
)
|
|
|
|
|
|
|
|
(76
|
)
|
|
|
|||||||||||
Less: Current portion
|
|
(384
|
)
|
|
|
|
|
|
|
|
(495
|
)
|
|
|
|||||||||||
|
|
|
|
|
$
|
8,122
|
|
|
|
|
|
|
|
|
$
|
7,895
|
|
|
|
(1)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 66
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Participating non-controlling interests - in operating subsidiaries
|
$
|
7,841
|
|
|
$
|
8,129
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
61
|
|
|
66
|
|
||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
2,974
|
|
|
3,252
|
|
||
Preferred equity
|
585
|
|
|
568
|
|
||
|
$
|
11,461
|
|
|
$
|
12,015
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 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)
|
4
|
|
|
(13
|
)
|
|
52
|
|
|
3
|
|
|
15
|
|
|
18
|
|
|
118
|
|
|
—
|
|
|
7
|
|
|
204
|
|
||||||||||
OCI
|
(10
|
)
|
|
11
|
|
|
(89
|
)
|
|
(1
|
)
|
|
6
|
|
|
—
|
|
|
(140
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(225
|
)
|
||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
2
|
|
|
64
|
|
|
269
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
333
|
|
||||||||||
Disposal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
(83
|
)
|
||||||||||
Distributions
|
(16
|
)
|
|
(64
|
)
|
|
(224
|
)
|
|
—
|
|
|
(1
|
)
|
|
(11
|
)
|
|
(189
|
)
|
|
(1
|
)
|
|
(14
|
)
|
|
(520
|
)
|
||||||||||
Other
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
3
|
|
|
(1
|
)
|
|
5
|
|
|
3
|
|
||||||||||
As at September 30, 2019
|
$
|
878
|
|
|
$
|
1,864
|
|
|
$
|
2,211
|
|
|
$
|
66
|
|
|
$
|
559
|
|
|
$
|
131
|
|
|
$
|
2,004
|
|
|
$
|
10
|
|
|
$
|
118
|
|
|
$
|
7,841
|
|
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
|
September 30, 2019
|
|
|
Page 68
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
General partnership interest in a holding subsidiary held by Brookfield
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
4
|
|
Incentive distribution
|
12
|
|
|
10
|
|
|
37
|
|
|
30
|
|
||||
|
13
|
|
|
11
|
|
|
41
|
|
|
34
|
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
66
|
|
|
64
|
|
|
201
|
|
|
192
|
|
||||
|
$
|
79
|
|
|
$
|
75
|
|
|
$
|
242
|
|
|
$
|
226
|
|
|
Shares
outstanding |
|
|
Cumulative
distribution rate (%) |
|
Earliest
permitted redemption date |
|
Distributions declared for the nine months ended September 30
|
|
Carrying value as at
|
||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
|
|||||||||||||||||||||
|
2019
|
|
|
2018
|
|
|
September 30, 2019
|
|
|
December 31, 2018
|
|
|||||||||||
Series 1 (C$136)
|
5.45
|
|
|
3.36
|
|
Apr 2020
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
104
|
|
|
$
|
100
|
|
Series 2 (C$113)(1)
|
4.51
|
|
|
4.27
|
|
Apr 2020
|
|
3
|
|
|
3
|
|
|
86
|
|
|
83
|
|
||||
Series 3 (C$249)
|
9.96
|
|
|
4.40
|
|
Jul 2019
|
|
6
|
|
|
6
|
|
|
190
|
|
|
182
|
|
||||
Series 5 (C$103)
|
4.11
|
|
|
5.00
|
|
Apr 2018
|
|
3
|
|
|
3
|
|
|
78
|
|
|
75
|
|
||||
Series 6 (C$175)
|
7.00
|
|
|
5.00
|
|
Jul 2018
|
|
5
|
|
|
5
|
|
|
133
|
|
|
128
|
|
||||
|
31.04
|
|
|
|
|
|
|
$
|
19
|
|
|
$
|
20
|
|
|
$
|
591
|
|
|
$
|
568
|
|
(1)
|
Dividend rate represents annualized distribution based on the most recent quarterly floating rate.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 69
|
(MILLIONS, EXCEPT AS NOTED)
|
|
Shares outstanding
|
|
|
Cumulative distribution rate (%)
|
|
Earliest permitted redemption date
|
|
Distributions declared for the nine months ended September 30
|
|
Carrying value as at
|
||||||||||||
|
|
2019
|
|
|
2018
|
|
|
September 30, 2019
|
|
|
December 31, 2018
|
|
|||||||||||
Series 5 (C$72)
|
|
2.89
|
|
|
5.59
|
|
Apr 2018
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
49
|
|
|
$
|
49
|
|
Series 7 (C$175)
|
|
7.00
|
|
|
5.50
|
|
Jan 2021
|
|
6
|
|
|
6
|
|
|
128
|
|
|
128
|
|
||||
Series 9 (C$200)
|
|
8.00
|
|
|
5.75
|
|
Jul 2021
|
|
7
|
|
|
6
|
|
|
147
|
|
|
147
|
|
||||
Series 11 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2022
|
|
7
|
|
|
7
|
|
|
187
|
|
|
187
|
|
||||
Series 13 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2023
|
|
7
|
|
|
7
|
|
|
196
|
|
|
196
|
|
||||
Series 15 (C$175)
|
|
7.00
|
|
|
5.75
|
|
Apr 2024
|
|
4
|
|
|
—
|
|
|
126
|
|
|
—
|
|
||||
|
|
44.89
|
|
|
|
|
|
|
$
|
33
|
|
|
$
|
29
|
|
|
$
|
833
|
|
|
$
|
707
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 70
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Brookfield
|
$
|
29
|
|
|
$
|
27
|
|
|
$
|
87
|
|
|
$
|
82
|
|
External LP Unitholders
|
63
|
|
|
61
|
|
|
190
|
|
|
184
|
|
||||
|
$
|
92
|
|
|
$
|
88
|
|
|
$
|
277
|
|
|
$
|
266
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenue
|
$
|
345
|
|
|
$
|
334
|
|
|
$
|
1,060
|
|
|
$
|
812
|
|
Net income
|
2
|
|
|
24
|
|
|
103
|
|
|
12
|
|
||||
Share of net income(1)
|
1
|
|
|
6
|
|
|
33
|
|
|
12
|
|
(1)
|
Brookfield Renewable's ownership interest in these entities ranges from 14% to 50%.
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Current assets
|
$
|
713
|
|
|
$
|
682
|
|
Property, plant and equipment
|
12,508
|
|
|
11,999
|
|
||
Other assets
|
604
|
|
|
608
|
|
||
Current liabilities
|
1,530
|
|
|
1,080
|
|
||
Non-recourse borrowings
|
6,098
|
|
|
6,078
|
|
||
Other liabilities
|
1,442
|
|
|
1,197
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 71
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Cash
|
$
|
188
|
|
|
$
|
127
|
|
Short-term deposits
|
21
|
|
|
46
|
|
||
|
$
|
209
|
|
|
$
|
173
|
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Operations
|
$
|
94
|
|
|
$
|
119
|
|
Credit obligations
|
111
|
|
|
60
|
|
||
Development projects
|
4
|
|
|
2
|
|
||
Total
|
209
|
|
|
181
|
|
||
Less: non-current
|
(43
|
)
|
|
(45
|
)
|
||
Current
|
$
|
166
|
|
|
$
|
136
|
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Trade receivables
|
$
|
359
|
|
|
$
|
339
|
|
Prepaids and others
|
103
|
|
|
114
|
|
||
Other short-term receivables
|
125
|
|
|
109
|
|
||
Current portion of contract asset
|
48
|
|
|
45
|
|
||
|
$
|
635
|
|
|
$
|
607
|
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Operating accrued liabilities
|
$
|
234
|
|
|
$
|
263
|
|
Accounts payable
|
89
|
|
|
76
|
|
||
Interest payable on corporate and subsidiary borrowings
|
92
|
|
|
76
|
|
||
Deferred consideration
|
183
|
|
|
30
|
|
||
LP Unitholders distributions, preferred limited partnership unit distributions and preferred dividends payable(1)
|
33
|
|
|
30
|
|
||
Other
|
44
|
|
|
58
|
|
||
|
$
|
675
|
|
|
$
|
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
|
September 30, 2019
|
|
|
Page 72
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Brookfield Renewable along with institutional investors
|
$
|
52
|
|
|
$
|
51
|
|
Brookfield Renewable's subsidiaries
|
332
|
|
|
338
|
|
||
|
$
|
384
|
|
|
$
|
389
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 30, 2019
|
|
|
Page 73
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Power purchase and revenue agreements
|
$
|
101
|
|
|
$
|
101
|
|
|
$
|
469
|
|
|
$
|
375
|
|
Wind levelization agreement
|
—
|
|
|
2
|
|
|
1
|
|
|
6
|
|
||||
|
$
|
101
|
|
|
$
|
103
|
|
|
$
|
470
|
|
|
$
|
381
|
|
Direct operating costs
|
|
|
|
|
|
|
|
||||||||
Energy purchases
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
(8
|
)
|
|
$
|
(8
|
)
|
Energy marketing fee
|
(6
|
)
|
|
(6
|
)
|
|
(18
|
)
|
|
(18
|
)
|
||||
Insurance services(1)
|
(6
|
)
|
|
(6
|
)
|
|
(20
|
)
|
|
(19
|
)
|
||||
|
$
|
(15
|
)
|
|
$
|
(15
|
)
|
|
$
|
(46
|
)
|
|
$
|
(45
|
)
|
Interest expense - borrowings
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(5
|
)
|
|
$
|
(7
|
)
|
Management service costs
|
$
|
(29
|
)
|
|
$
|
(22
|
)
|
|
$
|
(73
|
)
|
|
$
|
(64
|
)
|
(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 nine months ended September 30, 2019 were less than $1 million (2018: less than $1 million).
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
September 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 September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current assets
|
$
|
32
|
|
|
$
|
400
|
|
|
$
|
2,142
|
|
|
$
|
96
|
|
|
$
|
3,911
|
|
|
$
|
(4,639
|
)
|
|
$
|
1,942
|
|
Long-term assets
|
4,957
|
|
|
246
|
|
|
—
|
|
|
23,427
|
|
|
31,788
|
|
|
(28,925
|
)
|
|
31,493
|
|
|||||||
Current liabilities
|
41
|
|
|
7
|
|
|
24
|
|
|
4,335
|
|
|
1,829
|
|
|
(4,638
|
)
|
|
1,598
|
|
|||||||
Long-term liabilities
|
—
|
|
|
—
|
|
|
2,107
|
|
|
113
|
|
|
13,881
|
|
|
(662
|
)
|
|
15,439
|
|
|||||||
Participating non-controlling interests - in operating subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,841
|
|
|
—
|
|
|
7,841
|
|
|||||||
Participating non-controlling interests -in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
2,974
|
|
|
—
|
|
|
—
|
|
|
2,974
|
|
|||||||
Preferred equity
|
—
|
|
|
585
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
585
|
|
|||||||
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
|
September 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 September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
643
|
|
|
$
|
(1
|
)
|
|
$
|
642
|
|
Net income (loss)
|
(19
|
)
|
|
—
|
|
|
3
|
|
|
(158
|
)
|
|
211
|
|
|
(36
|
)
|
|
1
|
|
|||||||
Three months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
673
|
|
|
$
|
—
|
|
|
$
|
674
|
|
Net income (loss)
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
(182
|
)
|
|
205
|
|
|
16
|
|
|
17
|
|
|||||||
Nine months ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,255
|
|
|
$
|
(1
|
)
|
|
$
|
2,254
|
|
Net income (loss)
|
37
|
|
|
—
|
|
|
5
|
|
|
(103
|
)
|
|
957
|
|
|
(633
|
)
|
|
263
|
|
|||||||
Nine months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2,200
|
|
|
$
|
—
|
|
|
$
|
2,202
|
|
Net income (loss)
|
1
|
|
|
7
|
|
|
—
|
|
|
(172
|
)
|
|
644
|
|
|
(338
|
)
|
|
142
|
|
(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
|
September 30, 2019
|
|
|
Page 76
|
GENERAL INFORMATION
|
|
|
Corporate Office
73 Front Street
Fifth Floor
Hamilton, HM12
Bermuda
Tel: (441) 294-3304
Fax: (441) 516-1988
https://bep.brookfield.com
Officers of Brookfield Renewable Partners L.P.`s Service Provider,
BRP Energy Group L.P.
Sachin Shah
Chief Executive Officer
Wyatt Hartley
Chief Financial Officer
Transfer Agent & Registrar
Computershare Trust Company of Canada
100 University Avenue
9th floor
Toronto, Ontario, M5J 2Y1
Tel Toll Free: (800) 564-6253
Fax Toll Free: (888) 453-0330
www.computershare.com
|
|
Directors of the General Partner of
Brookfield Renewable Partners L.P.
Jeffrey Blidner
Eleazar de Carvalho Filho
Nancy Dorn
David Mann
Lou Maroun
Patricia Zuccotti
Stephen Westwell
Exchange Listing
NYSE: BEP (LP Units)
TSX: BEP.UN (LP Units)
TSX: BEP.PR.E (Preferred LP Units - Series 5)
TSX: BEP.PR.G (Preferred LP Units - Series 7)
TSX: BEP.PR.I (Preferred LP Units - Series 9)
TSX: BEP.PR.K (Preferred LP Units - Series 11)
TSX: BEP.PR.M (Preferred LP Units - Series 13)
TSX: BRF.PR.O (Preferred LP Units - Series 15)
TSX: BRF.PR.A (Preferred shares - Series 1)
TSX: BRF.PR.B (Preferred shares - Series 2)
TSX: BRF.PR.C (Preferred shares - Series 3)
TSX: BRF.PR.E (Preferred shares - Series 5)
TSX: BRF.PR.F (Preferred shares - Series 6)
Investor Information
Visit Brookfield Renewable online at
https://bep.brookfield.com for more information. The 2018 Annual Report and Form 20-F are also available online. For detailed and up-to-date news and information, please visit the News Release section.
Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR at www.sedar.com.
Shareholder enquiries should be directed to the Investor Relations Department at (416) 369-2616 or
enquiries@brookfieldrenewable.com
|
UNAUDITED
(MILLIONS, EXCEPT AS NOTED)
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|||||
Revenues
|
19
|
|
$
|
642
|
|
|
$
|
674
|
|
|
$
|
2,254
|
|
|
$
|
2,202
|
|
Other income
|
|
|
25
|
|
|
7
|
|
|
50
|
|
|
26
|
|
||||
Direct operating costs
|
|
|
(239
|
)
|
|
(257
|
)
|
|
(745
|
)
|
|
(760
|
)
|
||||
Management service costs
|
19
|
|
(29
|
)
|
|
(22
|
)
|
|
(73
|
)
|
|
(64
|
)
|
||||
Interest expense - borrowings
|
9
|
|
(164
|
)
|
|
(176
|
)
|
|
(515
|
)
|
|
(534
|
)
|
||||
Share of earnings from equity-accounted investments
|
13
|
|
1
|
|
|
6
|
|
|
33
|
|
|
12
|
|
||||
Foreign exchange and unrealized financial instrument loss
|
5
|
|
(10
|
)
|
|
(10
|
)
|
|
(40
|
)
|
|
(35
|
)
|
||||
Depreciation
|
8
|
|
(200
|
)
|
|
(192
|
)
|
|
(600
|
)
|
|
(611
|
)
|
||||
Other
|
|
|
(38
|
)
|
|
(18
|
)
|
|
(41
|
)
|
|
(72
|
)
|
||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
||||||||
Current
|
7
|
|
(10
|
)
|
|
(6
|
)
|
|
(49
|
)
|
|
(20
|
)
|
||||
Deferred
|
7
|
|
23
|
|
|
11
|
|
|
(11
|
)
|
|
(2
|
)
|
||||
|
|
|
13
|
|
|
5
|
|
|
(60
|
)
|
|
(22
|
)
|
||||
Net income
|
|
|
$
|
1
|
|
|
$
|
17
|
|
|
$
|
263
|
|
|
$
|
142
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
||||||||
Non-controlling interests
|
|
|
|
|
|
|
|
|
|
||||||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
$
|
36
|
|
|
$
|
55
|
|
|
$
|
204
|
|
|
$
|
142
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
10
|
|
(22
|
)
|
|
(22
|
)
|
|
3
|
|
|
(20
|
)
|
||||
Preferred equity
|
10
|
|
6
|
|
|
7
|
|
|
19
|
|
|
20
|
|
||||
Preferred limited partners' equity
|
11
|
|
12
|
|
|
10
|
|
|
33
|
|
|
29
|
|
||||
Limited partners' equity
|
12
|
|
(30
|
)
|
|
(32
|
)
|
|
4
|
|
|
(28
|
)
|
||||
|
|
|
$
|
1
|
|
|
$
|
17
|
|
|
$
|
263
|
|
|
$
|
142
|
|
Basic and diluted (loss) earnings per LP Unit
|
|
|
$
|
(0.17
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.16
|
)
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 2
|
UNAUDITED
(MILLIONS)
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|||||
Net income
|
|
|
$
|
1
|
|
|
$
|
17
|
|
|
$
|
263
|
|
|
$
|
142
|
|
Other comprehensive loss that will not be reclassified to net income
|
|
|
|
|
|
|
|
|
|
||||||||
Revaluations of property, plant and equipment
|
8
|
|
83
|
|
|
(13
|
)
|
|
83
|
|
|
163
|
|
||||
Actuarial (loss) gain on defined benefit plans
|
|
|
—
|
|
|
4
|
|
|
(13
|
)
|
|
9
|
|
||||
Deferred income taxes on above items
|
|
|
(16
|
)
|
|
2
|
|
|
(12
|
)
|
|
(49
|
)
|
||||
Total items that will not be reclassified to net income
|
|
|
67
|
|
|
(7
|
)
|
|
58
|
|
|
123
|
|
||||
Other comprehensive income (loss) that may be reclassified to net income
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation
|
|
|
(631
|
)
|
|
(126
|
)
|
|
(463
|
)
|
|
(534
|
)
|
||||
(Losses) gains arising during the period on financial instruments designated as cash-flow hedges
|
5
|
|
(17
|
)
|
|
(12
|
)
|
|
(15
|
)
|
|
2
|
|
||||
Unrealized gain (loss) on foreign exchange swaps net investment hedge
|
5
|
|
21
|
|
|
(11
|
)
|
|
22
|
|
|
50
|
|
||||
Unrealized gain (loss) on investments in equity securities
|
5
|
|
14
|
|
|
10
|
|
|
37
|
|
|
(1
|
)
|
||||
Reclassification adjustments for amounts recognized in net income
|
5
|
|
(1
|
)
|
|
3
|
|
|
(1
|
)
|
|
17
|
|
||||
Deferred income taxes on above items
|
|
|
(1
|
)
|
|
4
|
|
|
—
|
|
|
(12
|
)
|
||||
Total items that may be reclassified subsequently to net income
|
|
|
(615
|
)
|
|
(132
|
)
|
|
(420
|
)
|
|
(478
|
)
|
||||
Other comprehensive loss
|
|
|
(548
|
)
|
|
(139
|
)
|
|
(362
|
)
|
|
(355
|
)
|
||||
Comprehensive loss
|
|
|
$
|
(547
|
)
|
|
$
|
(122
|
)
|
|
$
|
(99
|
)
|
|
$
|
(213
|
)
|
Comprehensive loss attributable to:
|
|
|
|
|
|
|
|
|
|
||||||||
Non-controlling interests
|
|
|
|
|
|
|
|
|
|
||||||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
(274
|
)
|
|
(21
|
)
|
|
(21
|
)
|
|
118
|
|
||||
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
10
|
|
(119
|
)
|
|
(53
|
)
|
|
(61
|
)
|
|
(151
|
)
|
||||
Preferred equity
|
10
|
|
(1
|
)
|
|
17
|
|
|
35
|
|
|
4
|
|
||||
Preferred limited partners' equity
|
11
|
|
12
|
|
|
10
|
|
|
33
|
|
|
29
|
|
||||
Limited partners' equity
|
12
|
|
$
|
(163
|
)
|
|
$
|
(74
|
)
|
|
$
|
(84
|
)
|
|
$
|
(210
|
)
|
|
|
|
(547
|
)
|
|
(122
|
)
|
|
(99
|
)
|
|
(213
|
)
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 3
|
UNAUDITED
(MILLIONS)
|
Notes
|
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Assets
|
|
|
|
|
|
||||
Current assets
|
|
|
|
|
|
||||
Cash and cash equivalents
|
14
|
|
$
|
209
|
|
|
$
|
173
|
|
Restricted cash
|
15
|
|
166
|
|
|
136
|
|
||
Trade receivables and other current assets
|
16
|
|
635
|
|
|
607
|
|
||
Financial instrument assets
|
5
|
|
75
|
|
|
60
|
|
||
Due from related parties
|
19
|
|
75
|
|
|
65
|
|
||
Assets held for sale
|
4
|
|
782
|
|
|
920
|
|
||
|
|
|
1,942
|
|
|
1,961
|
|
||
Financial instrument assets
|
5
|
|
197
|
|
|
124
|
|
||
Equity-accounted investments
|
13
|
|
1,536
|
|
|
1,569
|
|
||
Property, plant and equipment
|
8
|
|
28,350
|
|
|
29,025
|
|
||
Goodwill
|
|
|
777
|
|
|
828
|
|
||
Deferred income tax assets
|
7
|
|
114
|
|
|
91
|
|
||
Other long-term assets
|
|
|
519
|
|
|
505
|
|
||
Total Assets
|
|
|
$
|
33,435
|
|
|
$
|
34,103
|
|
Liabilities
|
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
17
|
|
$
|
675
|
|
|
$
|
533
|
|
Financial instrument liabilities
|
5
|
|
21
|
|
|
27
|
|
||
Payables due to related parties
|
19
|
|
133
|
|
|
101
|
|
||
Non-recourse borrowings
|
9
|
|
384
|
|
|
495
|
|
||
Liabilities directly associated with assets held for sale
|
4
|
|
385
|
|
|
533
|
|
||
|
|
|
1,598
|
|
|
1,689
|
|
||
Financial instrument liabilities
|
5
|
|
146
|
|
|
111
|
|
||
Corporate borrowings
|
9
|
|
2,119
|
|
|
2,328
|
|
||
Non-recourse borrowings
|
9
|
|
8,122
|
|
|
7,895
|
|
||
Deferred income tax liabilities
|
7
|
|
4,096
|
|
|
4,140
|
|
||
Other long-term liabilities
|
|
|
956
|
|
|
734
|
|
||
Equity
|
|
|
|
|
|
||||
Non-controlling interests
|
|
|
|
|
|
||||
Participating non-controlling interests - in operating subsidiaries
|
10
|
|
7,841
|
|
|
8,129
|
|
||
General partnership interest in a holding subsidiary held by Brookfield
|
10
|
|
61
|
|
|
66
|
|
||
Participating non-controlling interests - in a holding subsidiary ‑ Redeemable/Exchangeable units held by Brookfield
|
10
|
|
2,974
|
|
|
3,252
|
|
||
Preferred equity
|
10
|
|
585
|
|
|
568
|
|
||
Preferred limited partners' equity
|
11
|
|
833
|
|
|
707
|
|
||
Limited partners' equity
|
12
|
|
4,104
|
|
|
4,484
|
|
||
Total Equity
|
|
|
16,398
|
|
|
17,206
|
|
||
Total Liabilities and Equity
|
|
|
$
|
33,435
|
|
|
$
|
34,103
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 4
|
|
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
Non-controlling interests
|
|
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
THREE MONTHS ENDED SEPTEMBER 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 June 30, 2019
|
$
|
(882
|
)
|
|
$
|
(625
|
)
|
|
$
|
5,918
|
|
|
$
|
(9
|
)
|
|
$
|
(38
|
)
|
|
$
|
5
|
|
|
$
|
4,369
|
|
|
$
|
833
|
|
|
$
|
591
|
|
|
$
|
8,226
|
|
|
$
|
65
|
|
|
$
|
3,166
|
|
|
$
|
17,250
|
|
Net income
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
12
|
|
|
6
|
|
|
36
|
|
|
(1
|
)
|
|
(22
|
)
|
|
1
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(153
|
)
|
|
15
|
|
|
—
|
|
|
(4
|
)
|
|
9
|
|
|
(133
|
)
|
|
—
|
|
|
(7
|
)
|
|
(310
|
)
|
|
(1
|
)
|
|
(97
|
)
|
|
(548
|
)
|
|||||||||||||
Capital contributions (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|||||||||||||
Disposals (Note 3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|||||||||||||
Distributions or dividends declared
|
(92
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(92
|
)
|
|
(12
|
)
|
|
(6
|
)
|
|
(124
|
)
|
|
(13
|
)
|
|
(66
|
)
|
|
(313
|
)
|
|||||||||||||
Distribution reinvestment plan
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||||||
Other
|
(9
|
)
|
|
1
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(12
|
)
|
|
—
|
|
|
1
|
|
|
8
|
|
|
11
|
|
|
(7
|
)
|
|
1
|
|
|||||||||||||
Change in period
|
(129
|
)
|
|
(152
|
)
|
|
12
|
|
|
—
|
|
|
(4
|
)
|
|
8
|
|
|
(265
|
)
|
|
—
|
|
|
(6
|
)
|
|
(385
|
)
|
|
(4
|
)
|
|
(192
|
)
|
|
(852
|
)
|
|||||||||||||
Balance as at September 30, 2019
|
$
|
(1,011
|
)
|
|
$
|
(777
|
)
|
|
$
|
5,930
|
|
|
$
|
(9
|
)
|
|
$
|
(42
|
)
|
|
$
|
13
|
|
|
$
|
4,104
|
|
|
$
|
833
|
|
|
$
|
585
|
|
|
$
|
7,841
|
|
|
$
|
61
|
|
|
$
|
2,974
|
|
|
$
|
16,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Balance, as at June 30, 2018
|
$
|
(448
|
)
|
|
$
|
(533
|
)
|
|
$
|
4,628
|
|
|
$
|
(7
|
)
|
|
$
|
(21
|
)
|
|
$
|
9
|
|
|
$
|
3,628
|
|
|
$
|
707
|
|
|
$
|
589
|
|
|
$
|
6,140
|
|
|
$
|
53
|
|
|
$
|
2,609
|
|
|
13,726
|
|
|
Net income (loss)
|
(32
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
10
|
|
|
7
|
|
|
55
|
|
|
(1
|
)
|
|
(22
|
)
|
|
17
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(45
|
)
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
|
5
|
|
|
(42
|
)
|
|
—
|
|
|
10
|
|
|
(76
|
)
|
|
—
|
|
|
(31
|
)
|
|
(139
|
)
|
|||||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|||||||||||||
Distributions or dividends declared
|
(88
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(88
|
)
|
|
(10
|
)
|
|
(6
|
)
|
|
(81
|
)
|
|
(11
|
)
|
|
(64
|
)
|
|
(260
|
)
|
|||||||||||||
Distribution reinvestment plan
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||||||
Other
|
(6
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
10
|
|
|
(3
|
)
|
|
(1
|
)
|
|||||||||||||
Change in period
|
(124
|
)
|
|
(45
|
)
|
|
(3
|
)
|
|
1
|
|
|
(1
|
)
|
|
5
|
|
|
(167
|
)
|
|
—
|
|
|
11
|
|
|
(94
|
)
|
|
(2
|
)
|
|
(120
|
)
|
|
(372
|
)
|
|||||||||||||
Balance as at September 30, 2018
|
$
|
(572
|
)
|
|
$
|
(578
|
)
|
|
$
|
4,625
|
|
|
$
|
(6
|
)
|
|
$
|
(22
|
)
|
|
$
|
14
|
|
|
$
|
3,461
|
|
|
$
|
707
|
|
|
$
|
600
|
|
|
$
|
6,046
|
|
|
$
|
51
|
|
|
$
|
2,489
|
|
|
$
|
13,354
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 5
|
|
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
Non-controlling interests
|
|
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
NINE MONTHS ENDED SEPTEMBER 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
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
33
|
|
|
19
|
|
|
204
|
|
|
—
|
|
|
3
|
|
|
263
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(112
|
)
|
|
16
|
|
|
(4
|
)
|
|
(8
|
)
|
|
20
|
|
|
(88
|
)
|
|
—
|
|
|
16
|
|
|
(225
|
)
|
|
(1
|
)
|
|
(64
|
)
|
|
(362
|
)
|
|||||||||||||
Preferred LP Units issued (Note 11)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|||||||||||||
LP Units purchased for cancellation (Note 12)
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||||||||
Capital contributions (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
333
|
|
|
—
|
|
|
—
|
|
|
333
|
|
|||||||||||||
Disposals (Note 3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|||||||||||||
Distributions or dividends declared
|
(277
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(277
|
)
|
|
(33
|
)
|
|
(19
|
)
|
|
(520
|
)
|
|
(41
|
)
|
|
(201
|
)
|
|
(1,091
|
)
|
|||||||||||||
Distribution reinvestment plan
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||||||||||
Other
|
206
|
|
|
(13
|
)
|
|
(206
|
)
|
|
1
|
|
|
—
|
|
|
(11
|
)
|
|
(23
|
)
|
|
—
|
|
|
1
|
|
|
3
|
|
|
37
|
|
|
(16
|
)
|
|
2
|
|
|||||||||||||
Change in period
|
(63
|
)
|
|
(125
|
)
|
|
(190
|
)
|
|
(3
|
)
|
|
(8
|
)
|
|
9
|
|
|
(380
|
)
|
|
126
|
|
|
17
|
|
|
(288
|
)
|
|
(5
|
)
|
|
(278
|
)
|
|
(808
|
)
|
|||||||||||||
Balance as at September 30, 2019
|
$
|
(1,011
|
)
|
|
$
|
(777
|
)
|
|
$
|
5,930
|
|
|
$
|
(9
|
)
|
|
$
|
(42
|
)
|
|
$
|
13
|
|
|
$
|
4,104
|
|
|
$
|
833
|
|
|
$
|
585
|
|
|
$
|
7,841
|
|
|
$
|
61
|
|
|
$
|
2,974
|
|
|
$
|
16,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
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
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28
|
)
|
|
29
|
|
|
20
|
|
|
142
|
|
|
(1
|
)
|
|
(20
|
)
|
|
142
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(200
|
)
|
|
9
|
|
|
3
|
|
|
7
|
|
|
(1
|
)
|
|
(182
|
)
|
|
—
|
|
|
(16
|
)
|
|
(24
|
)
|
|
(2
|
)
|
|
(131
|
)
|
|
(355
|
)
|
|||||||||||||
Preferred LP Units issued
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|||||||||||||
LP Units purchased for cancellation
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|||||||||||||
Acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||||||||||
Distributions or dividends declared
|
(266
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(266
|
)
|
|
(29
|
)
|
|
(20
|
)
|
|
(438
|
)
|
|
(34
|
)
|
|
(192
|
)
|
|
(979
|
)
|
|||||||||||||
Distribution reinvestment plan
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||||||||||
Other
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
34
|
|
|
30
|
|
|
(11
|
)
|
|
35
|
|
|||||||||||||
Change in period
|
(313
|
)
|
|
(200
|
)
|
|
9
|
|
|
3
|
|
|
7
|
|
|
(1
|
)
|
|
(495
|
)
|
|
196
|
|
|
(16
|
)
|
|
(252
|
)
|
|
(7
|
)
|
|
(354
|
)
|
|
(928
|
)
|
|||||||||||||
Balance as at September 30, 2018
|
$
|
(572
|
)
|
|
$
|
(578
|
)
|
|
$
|
4,625
|
|
|
$
|
(6
|
)
|
|
$
|
(22
|
)
|
|
$
|
14
|
|
|
$
|
3,461
|
|
|
$
|
707
|
|
|
$
|
600
|
|
|
$
|
6,046
|
|
|
$
|
51
|
|
|
$
|
2,489
|
|
|
$
|
13,354
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 6
|
UNAUDITED
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
Notes
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Operating activities
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
|
$
|
1
|
|
|
$
|
17
|
|
|
$
|
263
|
|
|
$
|
142
|
|
Adjustments for the following non-cash items:
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
8
|
|
200
|
|
|
192
|
|
|
600
|
|
|
611
|
|
||||
Unrealized foreign exchange and financial instruments loss
|
5
|
|
11
|
|
|
5
|
|
|
42
|
|
|
14
|
|
||||
Share of earnings from equity-accounted investments
|
13
|
|
(1
|
)
|
|
(5
|
)
|
|
(33
|
)
|
|
(11
|
)
|
||||
Deferred income tax expense
|
7
|
|
(23
|
)
|
|
(11
|
)
|
|
11
|
|
|
2
|
|
||||
Other non-cash items
|
|
|
19
|
|
|
10
|
|
|
69
|
|
|
50
|
|
||||
Dividends received from equity-accounted investments
|
13
|
|
16
|
|
|
13
|
|
|
44
|
|
|
27
|
|
||||
Changes in due to or from related parties
|
|
|
56
|
|
|
16
|
|
|
20
|
|
|
28
|
|
||||
Net change in working capital balances
|
|
|
(13
|
)
|
|
(1
|
)
|
|
(11
|
)
|
|
(46
|
)
|
||||
|
|
|
266
|
|
|
236
|
|
|
1,005
|
|
|
817
|
|
||||
Financing activities
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term debt - borrowings
|
9
|
|
$
|
449
|
|
|
$
|
231
|
|
|
$
|
449
|
|
|
$
|
231
|
|
Corporate credit facilities, net
|
9
|
|
12
|
|
|
174
|
|
|
(709
|
)
|
|
354
|
|
||||
Proceeds from non-recourse borrowings
|
9
|
|
336
|
|
|
308
|
|
|
1,281
|
|
|
1,698
|
|
||||
Repayment of non-recourse borrowings
|
9
|
|
(517
|
)
|
|
(316
|
)
|
|
(1,183
|
)
|
|
(2,156
|
)
|
||||
Capital contributions from participating non-controlling interests - in operating subsidiaries
|
10
|
|
35
|
|
|
9
|
|
|
292
|
|
|
13
|
|
||||
Issuance of preferred limited partnership units
|
11
|
|
—
|
|
|
—
|
|
|
126
|
|
|
196
|
|
||||
Repurchase of LP Units
|
12
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(8
|
)
|
||||
Distributions paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
To participating non-controlling interests - in operating subsidiaries
|
10
|
|
(124
|
)
|
|
(81
|
)
|
|
(520
|
)
|
|
(438
|
)
|
||||
To preferred shareholders
|
10
|
|
(6
|
)
|
|
(7
|
)
|
|
(19
|
)
|
|
(20
|
)
|
||||
To preferred limited partners' unitholders
|
11
|
|
(11
|
)
|
|
(9
|
)
|
|
(31
|
)
|
|
(27
|
)
|
||||
To unitholders of Brookfield Renewable or BRELP
|
10, 12
|
|
(171
|
)
|
|
(161
|
)
|
|
(513
|
)
|
|
(482
|
)
|
||||
Borrowings from related party
|
19
|
|
14
|
|
|
—
|
|
|
936
|
|
|
200
|
|
||||
Repayments to related party
|
19
|
|
(336
|
)
|
|
(200
|
)
|
|
(936
|
)
|
|
(200
|
)
|
||||
|
|
|
(319
|
)
|
|
(52
|
)
|
|
(828
|
)
|
|
(639
|
)
|
||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment in equity-accounted investments
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(420
|
)
|
||||
Acquisitions net of cash and cash equivalents in acquired entity
|
2
|
|
(55
|
)
|
|
—
|
|
|
(81
|
)
|
|
(12
|
)
|
||||
Investment in property, plant and equipment
|
8
|
|
(52
|
)
|
|
(59
|
)
|
|
(115
|
)
|
|
(153
|
)
|
||||
Proceeds from disposal of assets
|
3
|
|
16
|
|
|
—
|
|
|
98
|
|
|
—
|
|
||||
(Investment in) disposal of securities
|
5
|
|
65
|
|
|
—
|
|
|
(9
|
)
|
|
25
|
|
||||
Restricted cash and other
|
|
|
(23
|
)
|
|
(46
|
)
|
|
(12
|
)
|
|
(75
|
)
|
||||
|
|
|
(49
|
)
|
|
(105
|
)
|
|
(123
|
)
|
|
(635
|
)
|
||||
Foreign exchange gain (loss) on cash
|
|
|
(9
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(14
|
)
|
||||
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Increase (decrease)
|
|
|
(111
|
)
|
|
73
|
|
|
46
|
|
|
(471
|
)
|
||||
Net change in cash classified within assets held for sale
|
|
|
(2
|
)
|
|
3
|
|
|
(10
|
)
|
|
(15
|
)
|
||||
Balance, beginning of period
|
|
|
322
|
|
|
237
|
|
|
173
|
|
|
799
|
|
||||
Balance, end of period
|
|
|
$
|
209
|
|
|
$
|
313
|
|
|
$
|
209
|
|
|
$
|
313
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest paid
|
|
|
$
|
144
|
|
|
$
|
154
|
|
|
$
|
463
|
|
|
$
|
469
|
|
Interest received
|
|
|
$
|
6
|
|
|
$
|
5
|
|
|
$
|
16
|
|
|
$
|
17
|
|
Income taxes paid
|
|
|
$
|
16
|
|
|
$
|
10
|
|
|
$
|
53
|
|
|
$
|
33
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 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 partners' 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
|
|
21.
|
Subsequent events
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 12
|
(MILLIONS)
|
India Wind
|
|
|
China Wind
|
|
|
Total
|
|
|||
Restricted cash
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
6
|
|
Trade receivables and other current assets
|
14
|
|
|
51
|
|
|
65
|
|
|||
Property, plant and equipment
|
243
|
|
|
307
|
|
|
550
|
|
|||
Other non-current assets
|
10
|
|
|
—
|
|
|
10
|
|
|||
Current liabilities
|
(1
|
)
|
|
(23
|
)
|
|
(24
|
)
|
|||
Current portion of non-recourse borrowings
|
(12
|
)
|
|
(18
|
)
|
|
(30
|
)
|
|||
Financial instruments
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Non-recourse borrowings
|
(158
|
)
|
|
(131
|
)
|
|
(289
|
)
|
|||
Deferred income tax liabilities
|
(8
|
)
|
|
(28
|
)
|
|
(36
|
)
|
|||
Other long-term liabilities
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|||
Fair value of net assets acquired
|
$
|
79
|
|
|
$
|
160
|
|
|
$
|
239
|
|
(MILLIONS)
|
|
South Africa
|
|
|
Proceeds
|
|
$
|
112
|
|
Carrying value of net assets held for sale
|
|
|
||
Assets
|
|
616
|
|
|
Liabilities
|
|
(410
|
)
|
|
Non-controlling interests
|
|
(86
|
)
|
|
|
|
120
|
|
|
Loss on disposal
|
|
$
|
(8
|
)
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 13
|
(MILLIONS)
|
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
19
|
|
|
$
|
8
|
|
Restricted cash
|
|
20
|
|
|
47
|
|
||
Trade receivables and other current assets
|
|
24
|
|
|
28
|
|
||
Property, plant and equipment
|
|
716
|
|
|
749
|
|
||
Goodwill
|
|
—
|
|
|
22
|
|
||
Other long-term assets
|
|
3
|
|
|
66
|
|
||
Assets held for sale
|
|
$
|
782
|
|
|
$
|
920
|
|
Liabilities
|
|
|
|
|
||||
Current liabilities
|
|
$
|
15
|
|
|
$
|
23
|
|
Long-term debt
|
|
255
|
|
|
360
|
|
||
Other long-term liabilities
|
|
115
|
|
|
150
|
|
||
Liabilities directly associated with assets held for sale
|
|
$
|
385
|
|
|
$
|
533
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 14
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 15
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||
(MILLIONS)
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Total
|
|
|||||
Assets measured at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
209
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
209
|
|
|
$
|
173
|
|
Restricted cash(1)
|
209
|
|
|
—
|
|
|
—
|
|
|
209
|
|
|
181
|
|
|||||
Financial instrument assets(2)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
|
3
|
|
|||||
Interest rate swaps
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
9
|
|
|||||
Foreign exchange swaps
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
|
55
|
|
|||||
Investments in equity securities
|
72
|
|
|
63
|
|
|
46
|
|
|
181
|
|
|
117
|
|
|||||
Property, plant and equipment
|
—
|
|
|
—
|
|
|
28,350
|
|
|
28,350
|
|
|
29,025
|
|
|||||
Liabilities measured at fair value:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Financial instrument liabilities(3)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
(22
|
)
|
|||||
Interest rate swaps
|
—
|
|
|
(155
|
)
|
|
—
|
|
|
(155
|
)
|
|
(116
|
)
|
|||||
Foreign exchange swaps
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|||||
Contingent consideration(3)
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
(14
|
)
|
|
(3
|
)
|
|||||
Assets for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Equity-accounted investments(4)
|
1,143
|
|
|
—
|
|
|
—
|
|
|
1,143
|
|
|
703
|
|
|||||
Liabilities for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate borrowings
|
(2,237
|
)
|
|
(13
|
)
|
|
—
|
|
|
(2,250
|
)
|
|
(2,367
|
)
|
|||||
Non-recourse borrowing
|
(412
|
)
|
|
(8,867
|
)
|
|
—
|
|
|
(9,279
|
)
|
|
(8,696
|
)
|
|||||
Total
|
$
|
(1,016
|
)
|
|
$
|
(8,893
|
)
|
|
$
|
28,382
|
|
|
$
|
18,473
|
|
|
$
|
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 2019 to 2024.
|
(4)
|
The fair value corresponds to Brookfield Renewable's investment in publicly-quoted common shares of TerraForm Power, Inc.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
(MILLIONS)
|
Assets
|
|
|
Liabilities
|
|
|
Net Assets
(Liabilities)
|
|
|
Net Assets
(Liabilities)
|
|
||||
Energy derivative contracts
|
$
|
45
|
|
|
$
|
3
|
|
|
$
|
42
|
|
|
$
|
(19
|
)
|
Interest rate swaps
|
1
|
|
|
155
|
|
|
(154
|
)
|
|
(107
|
)
|
||||
Foreign exchange swaps
|
45
|
|
|
9
|
|
|
36
|
|
|
55
|
|
||||
Investments in equity securities
|
181
|
|
|
—
|
|
|
181
|
|
|
117
|
|
||||
Total
|
272
|
|
|
167
|
|
|
105
|
|
|
46
|
|
||||
Less: current portion
|
75
|
|
|
21
|
|
|
54
|
|
|
33
|
|
||||
Long-term portion
|
$
|
197
|
|
|
$
|
146
|
|
|
$
|
51
|
|
|
$
|
13
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 16
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
9
|
|
|
$
|
(1
|
)
|
Interest rate swaps
|
(9
|
)
|
|
4
|
|
|
(41
|
)
|
|
24
|
|
||||
Foreign exchange swaps - cash flow
|
20
|
|
|
10
|
|
|
1
|
|
|
56
|
|
||||
Foreign exchange gain (loss)
|
(18
|
)
|
|
(21
|
)
|
|
(9
|
)
|
|
(114
|
)
|
||||
|
$
|
(10
|
)
|
|
$
|
(10
|
)
|
|
$
|
(40
|
)
|
|
$
|
(35
|
)
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
(7
|
)
|
|
$
|
(14
|
)
|
|
$
|
31
|
|
|
$
|
(11
|
)
|
Interest rate swaps
|
(10
|
)
|
|
2
|
|
|
(46
|
)
|
|
13
|
|
||||
|
(17
|
)
|
|
(12
|
)
|
|
(15
|
)
|
|
2
|
|
||||
Foreign exchange swaps - net investment
|
21
|
|
|
(11
|
)
|
|
22
|
|
|
50
|
|
||||
Investments in equity securities
|
14
|
|
|
10
|
|
|
37
|
|
|
(1
|
)
|
||||
|
$
|
18
|
|
|
$
|
(13
|
)
|
|
$
|
44
|
|
|
$
|
51
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Energy derivative contracts
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
(11
|
)
|
|
$
|
8
|
|
Interest rate swaps
|
3
|
|
|
3
|
|
|
10
|
|
|
9
|
|
||||
|
$
|
(1
|
)
|
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
$
|
17
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 17
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 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
|
161
|
|
|
50
|
|
|
56
|
|
|
46
|
|
|
21
|
|
|
11
|
|
|
8
|
|
|
56
|
|
|
21
|
|
|
—
|
|
|
430
|
|
|
(97
|
)
|
|
309
|
|
|
642
|
|
Other income
|
2
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|
28
|
|
|
(5
|
)
|
|
2
|
|
|
25
|
|
Direct operating costs
|
(68
|
)
|
|
(14
|
)
|
|
(22
|
)
|
|
(14
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(10
|
)
|
|
(12
|
)
|
|
(6
|
)
|
|
(157
|
)
|
|
26
|
|
|
(108
|
)
|
|
(239
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
3
|
|
|
79
|
|
Adjusted EBITDA
|
95
|
|
|
53
|
|
|
34
|
|
|
32
|
|
|
15
|
|
|
9
|
|
|
7
|
|
|
49
|
|
|
9
|
|
|
(2
|
)
|
|
301
|
|
|
—
|
|
|
206
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
Interest expense - borrowings
|
(39
|
)
|
|
(4
|
)
|
|
(9
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
(21
|
)
|
|
(115
|
)
|
|
28
|
|
|
(77
|
)
|
|
(164
|
)
|
Current income taxes
|
(1
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
3
|
|
|
(7
|
)
|
|
(10
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
2
|
|
|
(29
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124
|
)
|
|
(124
|
)
|
Funds From Operations
|
55
|
|
|
46
|
|
|
24
|
|
|
15
|
|
|
9
|
|
|
7
|
|
|
5
|
|
|
36
|
|
|
6
|
|
|
(70
|
)
|
|
133
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(57
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(38
|
)
|
|
(11
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(158
|
)
|
|
35
|
|
|
(77
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instrument loss
|
(3
|
)
|
|
(2
|
)
|
|
2
|
|
|
3
|
|
|
(10
|
)
|
|
(2
|
)
|
|
—
|
|
|
(4
|
)
|
|
(1
|
)
|
|
3
|
|
|
(14
|
)
|
|
8
|
|
|
(4
|
)
|
|
(10
|
)
|
Deferred income tax expense
|
25
|
|
|
1
|
|
|
(1
|
)
|
|
(4
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
4
|
|
|
26
|
|
|
1
|
|
|
(4
|
)
|
|
23
|
|
Other
|
(20
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
3
|
|
|
(4
|
)
|
|
(3
|
)
|
|
(8
|
)
|
|
—
|
|
|
(4
|
)
|
|
(40
|
)
|
|
5
|
|
|
(3
|
)
|
|
(38
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49
|
)
|
|
—
|
|
|
(49
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
88
|
|
Net income (loss) attributable to Unitholders(2)
|
—
|
|
|
22
|
|
|
19
|
|
|
(26
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
1
|
|
|
10
|
|
|
(1
|
)
|
|
(68
|
)
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
(1)
|
Share of earnings from equity-accounted investments of $1 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 $36 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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 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
|
166
|
|
|
53
|
|
|
54
|
|
|
50
|
|
|
17
|
|
|
15
|
|
|
4
|
|
|
58
|
|
|
25
|
|
|
—
|
|
|
442
|
|
|
(100
|
)
|
|
332
|
|
|
674
|
|
Other income
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
(1
|
)
|
|
4
|
|
|
7
|
|
Direct operating costs
|
(68
|
)
|
|
(16
|
)
|
|
(25
|
)
|
|
(20
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(11
|
)
|
|
(5
|
)
|
|
(169
|
)
|
|
31
|
|
|
(119
|
)
|
|
(257
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
70
|
|
Adjusted EBITDA
|
99
|
|
|
38
|
|
|
29
|
|
|
30
|
|
|
9
|
|
|
13
|
|
|
3
|
|
|
46
|
|
|
14
|
|
|
(4
|
)
|
|
277
|
|
|
—
|
|
|
217
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
Interest expense - borrowings
|
(44
|
)
|
|
(5
|
)
|
|
(9
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(3
|
)
|
|
(27
|
)
|
|
(128
|
)
|
|
29
|
|
|
(77
|
)
|
|
(176
|
)
|
Current income taxes
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
2
|
|
|
(3
|
)
|
|
(6
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(137
|
)
|
|
(137
|
)
|
Funds From Operations
|
53
|
|
|
31
|
|
|
20
|
|
|
14
|
|
|
2
|
|
|
11
|
|
|
2
|
|
|
31
|
|
|
11
|
|
|
(70
|
)
|
|
105
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(57
|
)
|
|
(32
|
)
|
|
(4
|
)
|
|
(34
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
—
|
|
|
(11
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(160
|
)
|
|
32
|
|
|
(64
|
)
|
|
(192
|
)
|
Foreign exchange and unrealized financial instrument loss
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(6
|
)
|
|
—
|
|
|
(4
|
)
|
|
(10
|
)
|
Deferred income tax expense
|
7
|
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
15
|
|
|
17
|
|
|
3
|
|
|
(9
|
)
|
|
11
|
|
Other
|
(1
|
)
|
|
2
|
|
|
(4
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
(11
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(18
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
82
|
|
Net income (loss) attributable to Unitholders(2)
|
(3
|
)
|
|
2
|
|
|
11
|
|
|
(27
|
)
|
|
(9
|
)
|
|
5
|
|
|
1
|
|
|
19
|
|
|
5
|
|
|
(59
|
)
|
|
(55
|
)
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
(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 $55 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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 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
|
700
|
|
|
173
|
|
|
174
|
|
|
167
|
|
|
71
|
|
|
27
|
|
|
13
|
|
|
145
|
|
|
66
|
|
|
—
|
|
|
1,536
|
|
|
(286
|
)
|
|
1,004
|
|
|
2,254
|
|
Other income
|
11
|
|
|
20
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
8
|
|
|
49
|
|
|
(11
|
)
|
|
12
|
|
|
50
|
|
Direct operating costs
|
(210
|
)
|
|
(49
|
)
|
|
(67
|
)
|
|
(49
|
)
|
|
(24
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
(27
|
)
|
|
(36
|
)
|
|
(17
|
)
|
|
(489
|
)
|
|
82
|
|
|
(338
|
)
|
|
(745
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215
|
|
|
15
|
|
|
230
|
|
Adjusted EBITDA
|
501
|
|
|
144
|
|
|
107
|
|
|
120
|
|
|
50
|
|
|
20
|
|
|
10
|
|
|
123
|
|
|
30
|
|
|
(9
|
)
|
|
1,096
|
|
|
—
|
|
|
693
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73
|
)
|
|
(73
|
)
|
|
—
|
|
|
—
|
|
|
(73
|
)
|
Interest expense - borrowings
|
(119
|
)
|
|
(16
|
)
|
|
(25
|
)
|
|
(51
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
(42
|
)
|
|
(10
|
)
|
|
(70
|
)
|
|
(355
|
)
|
|
78
|
|
|
(238
|
)
|
|
(515
|
)
|
Current income taxes
|
(7
|
)
|
|
(9
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
4
|
|
|
(27
|
)
|
|
(49
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(82
|
)
|
|
(7
|
)
|
|
(89
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(421
|
)
|
|
(421
|
)
|
Funds From Operations
|
375
|
|
|
119
|
|
|
75
|
|
|
67
|
|
|
37
|
|
|
13
|
|
|
7
|
|
|
81
|
|
|
20
|
|
|
(204
|
)
|
|
590
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(168
|
)
|
|
(66
|
)
|
|
(15
|
)
|
|
(117
|
)
|
|
(34
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
(41
|
)
|
|
(18
|
)
|
|
(3
|
)
|
|
(478
|
)
|
|
104
|
|
|
(226
|
)
|
|
(600
|
)
|
Foreign exchange and unrealized financial instrument loss
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
(19
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(25
|
)
|
|
(45
|
)
|
|
13
|
|
|
(8
|
)
|
|
(40
|
)
|
Deferred income tax expense
|
(15
|
)
|
|
3
|
|
|
(5
|
)
|
|
13
|
|
|
8
|
|
|
—
|
|
|
(1
|
)
|
|
15
|
|
|
—
|
|
|
22
|
|
|
40
|
|
|
(35
|
)
|
|
(16
|
)
|
|
(11
|
)
|
Other
|
(46
|
)
|
|
(2
|
)
|
|
—
|
|
|
(9
|
)
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
|
(32
|
)
|
|
—
|
|
|
(12
|
)
|
|
(100
|
)
|
|
26
|
|
|
33
|
|
|
(41
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(108
|
)
|
|
—
|
|
|
(108
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
217
|
|
|
217
|
|
Net income (loss) attributable to Unitholders(2)
|
146
|
|
|
55
|
|
|
56
|
|
|
(44
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
2
|
|
|
23
|
|
|
—
|
|
|
(222
|
)
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
(1)
|
Share of earnings from equity-accounted investments of $33 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 $204 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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 21
|
|
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
|
655
|
|
|
185
|
|
|
160
|
|
|
158
|
|
|
46
|
|
|
33
|
|
|
9
|
|
|
106
|
|
|
62
|
|
|
—
|
|
|
1,414
|
|
|
(197
|
)
|
|
985
|
|
|
2,202
|
|
Other income
|
6
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
2
|
|
|
18
|
|
|
(5
|
)
|
|
13
|
|
|
26
|
|
Direct operating costs
|
(206
|
)
|
|
(55
|
)
|
|
(70
|
)
|
|
(50
|
)
|
|
(20
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
(23
|
)
|
|
(29
|
)
|
|
(17
|
)
|
|
(480
|
)
|
|
63
|
|
|
(343
|
)
|
|
(760
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
12
|
|
|
151
|
|
Adjusted EBITDA
|
455
|
|
|
133
|
|
|
91
|
|
|
109
|
|
|
27
|
|
|
26
|
|
|
6
|
|
|
87
|
|
|
33
|
|
|
(15
|
)
|
|
952
|
|
|
—
|
|
|
667
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
|
(64
|
)
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
Interest expense - borrowings
|
(128
|
)
|
|
(17
|
)
|
|
(29
|
)
|
|
(44
|
)
|
|
(12
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
(30
|
)
|
|
(10
|
)
|
|
(75
|
)
|
|
(354
|
)
|
|
54
|
|
|
(234
|
)
|
|
(534
|
)
|
Current income taxes
|
(5
|
)
|
|
(7
|
)
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
3
|
|
|
(8
|
)
|
|
(20
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
|
(10
|
)
|
|
(67
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(415
|
)
|
|
(415
|
)
|
Funds From Operations
|
322
|
|
|
109
|
|
|
62
|
|
|
64
|
|
|
13
|
|
|
20
|
|
|
3
|
|
|
57
|
|
|
23
|
|
|
(203
|
)
|
|
470
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(170
|
)
|
|
(103
|
)
|
|
(14
|
)
|
|
(89
|
)
|
|
(30
|
)
|
|
(10
|
)
|
|
(2
|
)
|
|
(24
|
)
|
|
(17
|
)
|
|
(1
|
)
|
|
(460
|
)
|
|
61
|
|
|
(212
|
)
|
|
(611
|
)
|
Foreign exchange and unrealized financial instrument loss
|
(4
|
)
|
|
—
|
|
|
1
|
|
|
3
|
|
|
6
|
|
|
(11
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
14
|
|
|
2
|
|
|
(6
|
)
|
|
(31
|
)
|
|
(35
|
)
|
Deferred income tax expense
|
1
|
|
|
1
|
|
|
(4
|
)
|
|
(9
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
24
|
|
|
14
|
|
|
2
|
|
|
(18
|
)
|
|
(2
|
)
|
Other
|
(19
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|
(10
|
)
|
|
(10
|
)
|
|
(17
|
)
|
|
(75
|
)
|
|
15
|
|
|
(12
|
)
|
|
(72
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|
—
|
|
|
(72
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
273
|
|
|
273
|
|
Net income (loss) attributable to Unitholders(2)
|
130
|
|
|
5
|
|
|
41
|
|
|
(39
|
)
|
|
(12
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
19
|
|
|
(6
|
)
|
|
(183
|
)
|
|
(49
|
)
|
|
—
|
|
|
—
|
|
|
(49
|
)
|
(1)
|
Share of loss from equity-accounted investments of $12 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 $142 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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 22
|
|
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 September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
14
|
|
|
$
|
13
|
|
|
$
|
26
|
|
|
$
|
24
|
|
|
$
|
25
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
43
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
158
|
|
|
$
|
(76
|
)
|
|
$
|
127
|
|
|
$
|
209
|
|
Property, plant and equipment
|
11,075
|
|
|
1,737
|
|
|
1,502
|
|
|
2,449
|
|
|
624
|
|
|
313
|
|
|
189
|
|
|
1,547
|
|
|
669
|
|
|
—
|
|
|
20,105
|
|
|
(3,688
|
)
|
|
11,933
|
|
|
28,350
|
|
||||||||||||||
Total assets
|
11,793
|
|
|
1,903
|
|
|
1,762
|
|
|
2,579
|
|
|
912
|
|
|
335
|
|
|
230
|
|
|
1,751
|
|
|
714
|
|
|
128
|
|
|
22,107
|
|
|
(2,681
|
)
|
|
14,009
|
|
|
33,435
|
|
||||||||||||||
Total borrowings
|
2,899
|
|
|
177
|
|
|
437
|
|
|
1,278
|
|
|
312
|
|
|
72
|
|
|
136
|
|
|
1,151
|
|
|
231
|
|
|
2,128
|
|
|
8,821
|
|
|
(2,131
|
)
|
|
3,935
|
|
|
10,625
|
|
||||||||||||||
Other liabilities
|
2,823
|
|
|
135
|
|
|
414
|
|
|
476
|
|
|
217
|
|
|
8
|
|
|
62
|
|
|
343
|
|
|
27
|
|
|
—
|
|
|
4,505
|
|
|
(549
|
)
|
|
2,456
|
|
|
6,412
|
|
||||||||||||||
For the nine months ended September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
78
|
|
|
26
|
|
|
11
|
|
|
109
|
|
|
16
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
2
|
|
|
262
|
|
|
(104
|
)
|
|
105
|
|
|
263
|
|
||||||||||||||
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 nine months ended September 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
55
|
|
|
22
|
|
|
4
|
|
|
9
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
2
|
|
|
6
|
|
|
117
|
|
|
(15
|
)
|
|
56
|
|
|
158
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 23
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
United States
|
$
|
177
|
|
|
$
|
196
|
|
|
$
|
719
|
|
|
$
|
691
|
|
Colombia
|
230
|
|
|
222
|
|
|
718
|
|
|
664
|
|
||||
Canada
|
64
|
|
|
76
|
|
|
299
|
|
|
302
|
|
||||
Brazil
|
98
|
|
|
119
|
|
|
297
|
|
|
328
|
|
||||
Europe
|
25
|
|
|
19
|
|
|
94
|
|
|
87
|
|
||||
Asia
|
48
|
|
|
42
|
|
|
127
|
|
|
130
|
|
||||
|
$
|
642
|
|
|
$
|
674
|
|
|
$
|
2,254
|
|
|
$
|
2,202
|
|
(MILLIONS)
|
Sep 30, 2019
|
|
|
Dec 31, 2018
|
|
||
United States
|
$
|
12,651
|
|
|
$
|
12,705
|
|
Colombia
|
6,234
|
|
|
6,665
|
|
||
Canada
|
5,759
|
|
|
5,705
|
|
||
Brazil
|
3,223
|
|
|
3,553
|
|
||
Europe
|
1,152
|
|
|
1,624
|
|
||
Asia
|
867
|
|
|
342
|
|
||
|
$
|
29,886
|
|
|
$
|
30,594
|
|
(1)
|
Includes storage, biomass and cogeneration.
|
(2)
|
Includes intangible assets of $10 million (2018: $11 million) and assets under construction of $382 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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 24
|
|
September 30, 2019
|
|
December 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
|
3.6
|
|
5
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
3.3
|
|
4
|
|
|
$
|
721
|
|
|
$
|
721
|
|
Medium Term Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Series 4 (C$150)
|
5.8
|
|
17
|
|
|
113
|
|
|
$
|
138
|
|
|
5.8
|
|
18
|
|
|
$
|
110
|
|
|
$
|
124
|
|
|
Series 7 (C$450)
|
5.1
|
|
1
|
|
|
340
|
|
|
350
|
|
|
5.1
|
|
2
|
|
|
330
|
|
|
342
|
|
||||
Series 8 (C$400)
|
4.8
|
|
2
|
|
|
302
|
|
|
319
|
|
|
4.8
|
|
3
|
|
|
293
|
|
|
309
|
|
||||
Series 9 (C$400)
|
3.8
|
|
6
|
|
|
302
|
|
|
317
|
|
|
3.8
|
|
6
|
|
|
293
|
|
|
288
|
|
||||
Series 10 (C$500)
|
3.6
|
|
7
|
|
|
377
|
|
|
395
|
|
|
3.6
|
|
8
|
|
|
367
|
|
|
357
|
|
||||
Series 11 (C$300)
|
4.3
|
|
9
|
|
|
227
|
|
|
246
|
|
|
4.3
|
|
10
|
|
|
220
|
|
|
220
|
|
||||
Series 12 (C$300)
|
3.4
|
|
10
|
|
|
227
|
|
|
229
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Series 13 (C$300)
|
4.3
|
|
30
|
|
|
227
|
|
|
232
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
4.3
|
|
9
|
|
|
$
|
2,115
|
|
|
$
|
2,226
|
|
|
4.4
|
|
7
|
|
|
$
|
1,613
|
|
|
$
|
1,640
|
|
Total corporate borrowings
|
|
2,128
|
|
|
2,239
|
|
|
|
|
|
|
2,334
|
|
|
2,361
|
|
|||||||||
Less: Unamortized financing fees(1)
|
|
(9
|
)
|
|
|
|
|
|
|
|
(6
|
)
|
|
|
|||||||||||
|
|
|
|
|
$
|
2,119
|
|
|
|
|
|
|
|
|
$
|
2,328
|
|
|
|
(1)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Authorized corporate credit facilities(1)
|
$
|
2,100
|
|
|
$
|
2,100
|
|
Draws on corporate credit facilities(1)
|
(13
|
)
|
|
(721
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
300
|
|
||
Issued letters of credit
|
(219
|
)
|
|
(209
|
)
|
||
Available portion of corporate credit facilities
|
$
|
2,268
|
|
|
$
|
1,470
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 25
|
|
September 30, 2019
|
|
December 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
|
6.0
|
|
9
|
|
|
$
|
6,354
|
|
|
$
|
6,939
|
|
|
6.1
|
|
9
|
|
|
$
|
6,318
|
|
|
$
|
6,517
|
|
Wind
|
5.3
|
|
11
|
|
|
1,974
|
|
|
2,099
|
|
|
4.7
|
|
11
|
|
|
1,914
|
|
|
1,957
|
|
||||
Solar
|
5.9
|
|
6
|
|
|
146
|
|
|
150
|
|
|
6.0
|
|
7
|
|
|
142
|
|
|
133
|
|
||||
Storage and other
|
4.0
|
|
4
|
|
|
88
|
|
|
91
|
|
|
4.1
|
|
5
|
|
|
91
|
|
|
95
|
|
||||
Total
|
5.8
|
|
9
|
|
|
$
|
8,562
|
|
|
$
|
9,279
|
|
|
5.7
|
|
10
|
|
|
$
|
8,465
|
|
|
$
|
8,702
|
|
Add: Unamortized premiums(1)
|
|
9
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|||||||||||
Less: Unamortized financing fees(1)
|
|
(65
|
)
|
|
|
|
|
|
|
|
(76
|
)
|
|
|
|||||||||||
Less: Current portion
|
|
(384
|
)
|
|
|
|
|
|
|
|
(495
|
)
|
|
|
|||||||||||
|
|
|
|
|
$
|
8,122
|
|
|
|
|
|
|
|
|
$
|
7,895
|
|
|
|
(1)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 26
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Participating non-controlling interests - in operating subsidiaries
|
$
|
7,841
|
|
|
$
|
8,129
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
61
|
|
|
66
|
|
||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
2,974
|
|
|
3,252
|
|
||
Preferred equity
|
585
|
|
|
568
|
|
||
|
$
|
11,461
|
|
|
$
|
12,015
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 27
|
(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)
|
4
|
|
|
(13
|
)
|
|
52
|
|
|
3
|
|
|
15
|
|
|
18
|
|
|
118
|
|
|
—
|
|
|
7
|
|
|
204
|
|
||||||||||
OCI
|
(10
|
)
|
|
11
|
|
|
(89
|
)
|
|
(1
|
)
|
|
6
|
|
|
—
|
|
|
(140
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(225
|
)
|
||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
2
|
|
|
64
|
|
|
269
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
333
|
|
||||||||||
Disposal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
(83
|
)
|
||||||||||
Distributions
|
(16
|
)
|
|
(64
|
)
|
|
(224
|
)
|
|
—
|
|
|
(1
|
)
|
|
(11
|
)
|
|
(189
|
)
|
|
(1
|
)
|
|
(14
|
)
|
|
(520
|
)
|
||||||||||
Other
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
3
|
|
|
(1
|
)
|
|
5
|
|
|
3
|
|
||||||||||
As at September 30, 2019
|
$
|
878
|
|
|
$
|
1,864
|
|
|
$
|
2,211
|
|
|
$
|
66
|
|
|
$
|
559
|
|
|
$
|
131
|
|
|
$
|
2,004
|
|
|
$
|
10
|
|
|
$
|
118
|
|
|
$
|
7,841
|
|
Interests held by third parties
|
75-80%
|
|
|
43-60%
|
|
|
23-71%
|
|
|
71
|
%
|
|
50
|
%
|
|
25
|
%
|
|
53
|
%
|
|
0.5
|
%
|
|
20-50%
|
|
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 28
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
General partnership interest in a holding subsidiary held by Brookfield
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
4
|
|
Incentive distribution
|
12
|
|
|
10
|
|
|
37
|
|
|
30
|
|
||||
|
13
|
|
|
11
|
|
|
41
|
|
|
34
|
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
66
|
|
|
64
|
|
|
201
|
|
|
192
|
|
||||
|
$
|
79
|
|
|
$
|
75
|
|
|
$
|
242
|
|
|
$
|
226
|
|
|
Shares
outstanding |
|
|
Cumulative
distribution rate (%) |
|
Earliest
permitted redemption date |
|
Distributions declared for the nine months ended September 30
|
|
Carrying value as at
|
||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
|
|||||||||||||||||||||
|
2019
|
|
|
2018
|
|
|
September 30, 2019
|
|
|
December 31, 2018
|
|
|||||||||||
Series 1 (C$136)
|
5.45
|
|
|
3.36
|
|
Apr 2020
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
104
|
|
|
$
|
100
|
|
Series 2 (C$113)(1)
|
4.51
|
|
|
4.27
|
|
Apr 2020
|
|
3
|
|
|
3
|
|
|
86
|
|
|
83
|
|
||||
Series 3 (C$249)
|
9.96
|
|
|
4.40
|
|
Jul 2019
|
|
6
|
|
|
6
|
|
|
190
|
|
|
182
|
|
||||
Series 5 (C$103)
|
4.11
|
|
|
5.00
|
|
Apr 2018
|
|
3
|
|
|
3
|
|
|
78
|
|
|
75
|
|
||||
Series 6 (C$175)
|
7.00
|
|
|
5.00
|
|
Jul 2018
|
|
5
|
|
|
5
|
|
|
133
|
|
|
128
|
|
||||
|
31.04
|
|
|
|
|
|
|
$
|
19
|
|
|
$
|
20
|
|
|
$
|
591
|
|
|
$
|
568
|
|
(1)
|
Dividend rate represents annualized distribution based on the most recent quarterly floating rate.
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 29
|
(MILLIONS, EXCEPT AS NOTED)
|
|
Shares outstanding
|
|
|
Cumulative distribution rate (%)
|
|
Earliest permitted redemption date
|
|
Distributions declared for the nine months ended September 30
|
|
Carrying value as at
|
||||||||||||
|
|
2019
|
|
|
2018
|
|
|
September 30, 2019
|
|
|
December 31, 2018
|
|
|||||||||||
Series 5 (C$72)
|
|
2.89
|
|
|
5.59
|
|
Apr 2018
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
49
|
|
|
$
|
49
|
|
Series 7 (C$175)
|
|
7.00
|
|
|
5.50
|
|
Jan 2021
|
|
6
|
|
|
6
|
|
|
128
|
|
|
128
|
|
||||
Series 9 (C$200)
|
|
8.00
|
|
|
5.75
|
|
Jul 2021
|
|
7
|
|
|
6
|
|
|
147
|
|
|
147
|
|
||||
Series 11 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2022
|
|
7
|
|
|
7
|
|
|
187
|
|
|
187
|
|
||||
Series 13 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2023
|
|
7
|
|
|
7
|
|
|
196
|
|
|
196
|
|
||||
Series 15 (C$175)
|
|
7.00
|
|
|
5.75
|
|
Apr 2024
|
|
4
|
|
|
—
|
|
|
126
|
|
|
—
|
|
||||
|
|
44.89
|
|
|
|
|
|
|
$
|
33
|
|
|
$
|
29
|
|
|
$
|
833
|
|
|
$
|
707
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 30
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Brookfield
|
$
|
29
|
|
|
$
|
27
|
|
|
$
|
87
|
|
|
$
|
82
|
|
External LP Unitholders
|
63
|
|
|
61
|
|
|
190
|
|
|
184
|
|
||||
|
$
|
92
|
|
|
$
|
88
|
|
|
$
|
277
|
|
|
$
|
266
|
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenue
|
$
|
345
|
|
|
$
|
334
|
|
|
$
|
1,060
|
|
|
$
|
812
|
|
Net income
|
2
|
|
|
24
|
|
|
103
|
|
|
12
|
|
||||
Share of net income(1)
|
1
|
|
|
6
|
|
|
33
|
|
|
12
|
|
(1)
|
Brookfield Renewable's ownership interest in these entities ranges from 14% to 50%.
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Current assets
|
$
|
713
|
|
|
$
|
682
|
|
Property, plant and equipment
|
12,508
|
|
|
11,999
|
|
||
Other assets
|
604
|
|
|
608
|
|
||
Current liabilities
|
1,530
|
|
|
1,080
|
|
||
Non-recourse borrowings
|
6,098
|
|
|
6,078
|
|
||
Other liabilities
|
1,442
|
|
|
1,197
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 31
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Cash
|
$
|
188
|
|
|
$
|
127
|
|
Short-term deposits
|
21
|
|
|
46
|
|
||
|
$
|
209
|
|
|
$
|
173
|
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Operations
|
$
|
94
|
|
|
$
|
119
|
|
Credit obligations
|
111
|
|
|
60
|
|
||
Development projects
|
4
|
|
|
2
|
|
||
Total
|
209
|
|
|
181
|
|
||
Less: non-current
|
(43
|
)
|
|
(45
|
)
|
||
Current
|
$
|
166
|
|
|
$
|
136
|
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Trade receivables
|
$
|
359
|
|
|
$
|
339
|
|
Prepaids and others
|
103
|
|
|
114
|
|
||
Other short-term receivables
|
125
|
|
|
109
|
|
||
Current portion of contract asset
|
48
|
|
|
45
|
|
||
|
$
|
635
|
|
|
$
|
607
|
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Operating accrued liabilities
|
$
|
234
|
|
|
$
|
263
|
|
Accounts payable
|
89
|
|
|
76
|
|
||
Interest payable on corporate and subsidiary borrowings
|
92
|
|
|
76
|
|
||
Deferred consideration
|
183
|
|
|
30
|
|
||
LP Unitholders distributions, preferred limited partnership unit distributions and preferred dividends payable(1)
|
33
|
|
|
30
|
|
||
Other
|
44
|
|
|
58
|
|
||
|
$
|
675
|
|
|
$
|
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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 32
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Brookfield Renewable along with institutional investors
|
$
|
52
|
|
|
$
|
51
|
|
Brookfield Renewable's subsidiaries
|
332
|
|
|
338
|
|
||
|
$
|
384
|
|
|
$
|
389
|
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 33
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Power purchase and revenue agreements
|
$
|
101
|
|
|
$
|
101
|
|
|
$
|
469
|
|
|
$
|
375
|
|
Wind levelization agreement
|
—
|
|
|
2
|
|
|
1
|
|
|
6
|
|
||||
|
$
|
101
|
|
|
$
|
103
|
|
|
$
|
470
|
|
|
$
|
381
|
|
Direct operating costs
|
|
|
|
|
|
|
|
||||||||
Energy purchases
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
(8
|
)
|
|
$
|
(8
|
)
|
Energy marketing fee
|
(6
|
)
|
|
(6
|
)
|
|
(18
|
)
|
|
(18
|
)
|
||||
Insurance services(1)
|
(6
|
)
|
|
(6
|
)
|
|
(20
|
)
|
|
(19
|
)
|
||||
|
$
|
(15
|
)
|
|
$
|
(15
|
)
|
|
$
|
(46
|
)
|
|
$
|
(45
|
)
|
Interest expense - borrowings
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(5
|
)
|
|
$
|
(7
|
)
|
Management service costs
|
$
|
(29
|
)
|
|
$
|
(22
|
)
|
|
$
|
(73
|
)
|
|
$
|
(64
|
)
|
(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 nine months ended September 30, 2019 were less than $1 million (2018: less than $1 million).
|
Brookfield Renewable Partners L.P.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 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
|
|
|||||||
As at September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current assets
|
$
|
32
|
|
|
$
|
400
|
|
|
$
|
2,142
|
|
|
$
|
96
|
|
|
$
|
3,911
|
|
|
$
|
(4,639
|
)
|
|
$
|
1,942
|
|
Long-term assets
|
4,957
|
|
|
246
|
|
|
—
|
|
|
23,427
|
|
|
31,788
|
|
|
(28,925
|
)
|
|
31,493
|
|
|||||||
Current liabilities
|
41
|
|
|
7
|
|
|
24
|
|
|
4,335
|
|
|
1,829
|
|
|
(4,638
|
)
|
|
1,598
|
|
|||||||
Long-term liabilities
|
—
|
|
|
—
|
|
|
2,107
|
|
|
113
|
|
|
13,881
|
|
|
(662
|
)
|
|
15,439
|
|
|||||||
Participating non-controlling interests - in operating subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,841
|
|
|
—
|
|
|
7,841
|
|
|||||||
Participating non-controlling interests -in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
2,974
|
|
|
—
|
|
|
—
|
|
|
2,974
|
|
|||||||
Preferred equity
|
—
|
|
|
585
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
585
|
|
|||||||
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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 35
|
(MILLIONS)
|
Brookfield
Renewable(1)
|
|
|
BRP
Equity
|
|
|
Finco
|
|
|
Holding
Entities(1)(2)
|
|
|
Other
Subsidiaries(1)(3)
|
|
|
Consolidating
adjustments(4)
|
|
|
Brookfield
Renewable
consolidated
|
|
|||||||
Three months ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
643
|
|
|
$
|
(1
|
)
|
|
$
|
642
|
|
Net income (loss)
|
(19
|
)
|
|
—
|
|
|
3
|
|
|
(158
|
)
|
|
211
|
|
|
(36
|
)
|
|
1
|
|
|||||||
Three months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
673
|
|
|
$
|
—
|
|
|
$
|
674
|
|
Net income (loss)
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
(182
|
)
|
|
205
|
|
|
16
|
|
|
17
|
|
|||||||
Nine months ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,255
|
|
|
$
|
(1
|
)
|
|
$
|
2,254
|
|
Net income (loss)
|
37
|
|
|
—
|
|
|
5
|
|
|
(103
|
)
|
|
957
|
|
|
(633
|
)
|
|
263
|
|
|||||||
Nine months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2,200
|
|
|
$
|
—
|
|
|
$
|
2,202
|
|
Net income (loss)
|
1
|
|
|
7
|
|
|
—
|
|
|
(172
|
)
|
|
644
|
|
|
(338
|
)
|
|
142
|
|
(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.
|
Q3 2019 Interim Consolidated Financial Statements and Notes
|
September 30, 2019
|
|
Page 36
|
GENERAL INFORMATION
|
|
|
Corporate Office
73 Front Street
Fifth Floor
Hamilton, HM12
Bermuda
Tel: (441) 294-3304
Fax: (441) 516-1988
https://bep.brookfield.com
Officers of Brookfield Renewable Partners L.P.`s Service Provider,
BRP Energy Group L.P.
Sachin Shah
Chief Executive Officer
Wyatt Hartley
Chief Financial Officer
Transfer Agent & Registrar
Computershare Trust Company of Canada
100 University Avenue
9th floor
Toronto, Ontario, M5J 2Y1
Tel Toll Free: (800) 564-6253
Fax Toll Free: (888) 453-0330
www.computershare.com
|
|
Directors of the General Partner of
Brookfield Renewable Partners L.P.
Jeffrey Blidner
Eleazar de Carvalho Filho
Nancy Dorn
David Mann
Lou Maroun
Patricia Zuccotti
Stephen Westwell
Exchange Listing
NYSE: BEP (LP Units)
TSX: BEP.UN (LP Units)
TSX: BEP.PR.E (Preferred LP Units - Series 5)
TSX: BEP.PR.G (Preferred LP Units - Series 7)
TSX: BEP.PR.I (Preferred LP Units - Series 9)
TSX: BEP.PR.K (Preferred LP Units - Series 11)
TSX: BEP.PR.M (Preferred LP Units - Series 13)
TSX: BRF.PR.O (Preferred LP Units - Series 15)
TSX: BRF.PR.A (Preferred shares - Series 1)
TSX: BRF.PR.B (Preferred shares - Series 2)
TSX: BRF.PR.C (Preferred shares - Series 3)
TSX: BRF.PR.E (Preferred shares - Series 5)
TSX: BRF.PR.F (Preferred shares - Series 6)
Investor Information
Visit Brookfield Renewable online at
https://bep.brookfield.com for more information. The 2018 Annual Report and Form 20-F are also available online. For detailed and up-to-date news and information, please visit the News Release section.
Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR at www.sedar.com.
Shareholder enquiries should be directed to the Investor Relations Department at (416) 369-2616 or
enquiries@brookfieldrenewable.com
|
Management’s Discussion and Analysis
|
For the three and nine months ended September 30, 2019
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 2
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Operational information
|
|
|
|
|
|
|
|
||||||||
Capacity (MW)
|
18,042
|
|
|
17,392
|
|
|
18,042
|
|
|
17,392
|
|
||||
Total generation (GWh)
|
|
|
|
|
|
|
|
||||||||
Long-term average generation
|
12,332
|
|
|
12,113
|
|
|
40,077
|
|
|
38,486
|
|
||||
Actual generation
|
11,089
|
|
|
11,609
|
|
|
40,095
|
|
|
37,611
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Proportionate generation (GWh)
|
|
|
|
|
|
|
|
||||||||
Long-term average generation
|
5,821
|
|
|
5,956
|
|
|
19,628
|
|
|
19,242
|
|
||||
Actual generation
|
5,213
|
|
|
5,552
|
|
|
20,061
|
|
|
18,701
|
|
||||
Average revenue ($ per MWh)
|
82
|
|
|
79
|
|
|
77
|
|
|
76
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Selected financial information(1)
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Unitholders
|
$
|
(53
|
)
|
|
$
|
(55
|
)
|
|
$
|
7
|
|
|
$
|
(49
|
)
|
Basic income (loss) per LP Unit
|
(0.17
|
)
|
|
(0.18
|
)
|
|
0.02
|
|
|
(0.16
|
)
|
||||
Consolidated Adjusted EBITDA(2)
|
507
|
|
|
494
|
|
|
1,789
|
|
|
1,619
|
|
||||
Proportionate Adjusted EBITDA(2)
|
301
|
|
|
277
|
|
|
1,096
|
|
|
952
|
|
||||
Funds From Operations(2)
|
133
|
|
|
105
|
|
|
590
|
|
|
470
|
|
||||
Funds From Operations per Unit(1)(2)
|
0.43
|
|
|
0.33
|
|
|
1.90
|
|
|
1.50
|
|
||||
Distribution per LP Unit
|
0.52
|
|
|
0.49
|
|
|
1.55
|
|
|
1.47
|
|
(1)
|
For the three and nine months ended September 30, 2019, weighted average LP Units, Redeemable/Exchangeable partnership units and GP interest totaled 311.2 million and 311.2 million, respectively (2018: 312.6 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)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Liquidity and Capital Resources
|
|
|
|
|
|
||
Available liquidity(1)
|
$
|
2,470
|
|
$
|
1,974
|
||
Debt to capitalization - Corporate
|
|
17
|
%
|
|
|
15
|
%
|
Debt to capitalization - Consolidated
|
|
34
|
%
|
|
|
32
|
%
|
Borrowings non-recourse to Brookfield Renewable on a proportionate basis
|
|
76
|
%
|
|
|
75
|
%
|
Floating rate debt exposure on a proportionate basis(2)(3)
|
|
5
|
%
|
|
|
7
|
%
|
Medium term notes(1)
|
|
|
|
|
|
||
Average debt term to maturity
|
|
10 years
|
|
|
|
7 years
|
|
Average interest rate
|
|
4.1
|
%
|
|
|
4.4
|
%
|
Subsidiary borrowings on a proportionate basis
|
|
|
|
|
|
||
Average debt term to maturity (3)
|
|
10 years
|
|
|
|
10 years
|
|
Average interest rate (3)
|
|
5.2
|
%
|
|
|
5.4
|
%
|
(1)
|
Available liquidity and Medium term notes are adjusted to reflect the repayment of Series 7 (C$450) medium term notes of $340 million that was completed on October 15, 2019.
|
(2)
|
Excludes 6% (2018: 7%) 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.
|
(3)
|
Includes non-recourse borrowings put in place subsequent to September 30, 2019. Average debt term to maturity is 9 years and average interest rate is 5.3% at September 30, 2019.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 3
|
•
|
Higher realized prices, primarily in Colombia and Canada on the back of our commercial and re-contracting initiatives
|
•
|
Growth in our wind segment through the acquisition of a 210 MW wind portfolio in India and the commissioning of 51 MW of new wind capacity in Europe
|
•
|
Realization of costing-saving initiatives across our business
|
•
|
Partially offset by lower generation, primarily at our hydroelectric facilities in Canada (10% below long-term average and 5% lower than prior year generation on a same-store basis)
|
•
|
In Colombia, we contracted 2,287 GWh/year, including individual contracts with up to ten years in duration
|
•
|
In Brazil, we entered into seven new contracts to deliver 139 GWh/year until 2026
|
•
|
Available liquidity of $2.5 billion
|
•
|
Capitalized on the low interest rate environment while maintaining a well-laddered debt maturity profile and secured diverse sources of capital to execute on $2.3 billion of financings and $210 million of capital recycling initiatives
|
◦
|
Secured over $1.1 billion from non-recourse financings during the quarter, reducing our weighted average cost of borrowing
|
◦
|
Issued the largest corporate green bond in Canada - C$300 million due in January 2030 and C$300 million due in November 2049 - to complete the early refinancing of our 2020 corporate bond of C$450 million, extending our corporate debt maturity to ten years
|
◦
|
Completed the sale of a solar facility in South Africa for total proceeds of $27 million ($9 million net to Brookfield Renewable)
|
◦
|
Subsequent to quarter-end, completed the sale of a wind portfolio in Northern Ireland and a wind portfolio in Portugal for total proceeds of $186 million ($74 million net to Brookfield Renewable)
|
◦
|
Subsequent to quarter-end, TerraForm Power completed a $250 million equity offering of its Class A common shares concurrent with a $50 million private placement with Brookfield Renewable and issued $700 million of senior notes to refinance upcoming maturities, reducing the cost and extending the term of its debt portfolio
|
•
|
Continued to advance the construction of 151 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.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 4
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenues
|
$
|
642
|
|
|
$
|
674
|
|
|
$
|
2,254
|
|
|
$
|
2,202
|
|
Direct operating costs
|
(239
|
)
|
|
(257
|
)
|
|
(745
|
)
|
|
(760
|
)
|
||||
Management service costs
|
(29
|
)
|
|
(22
|
)
|
|
(73
|
)
|
|
(64
|
)
|
||||
Interest expense – borrowings
|
(164
|
)
|
|
(176
|
)
|
|
(515
|
)
|
|
(534
|
)
|
||||
Share of earnings from equity-accounted investment
|
1
|
|
|
6
|
|
|
33
|
|
|
12
|
|
||||
Foreign exchange and unrealized financial instrument loss
|
(10
|
)
|
|
(10
|
)
|
|
(40
|
)
|
|
(35
|
)
|
||||
Depreciation
|
(200
|
)
|
|
(192
|
)
|
|
(600
|
)
|
|
(611
|
)
|
||||
Income tax recovery (expense)
|
13
|
|
|
5
|
|
|
(60
|
)
|
|
(22
|
)
|
||||
Net income (loss) attributable to Unitholders
|
$
|
(53
|
)
|
|
$
|
(55
|
)
|
|
$
|
7
|
|
|
$
|
(49
|
)
|
|
Average FX rates to USD
|
||||||||||||||
C$
|
1.32
|
|
|
1.31
|
|
|
1.33
|
|
|
1.29
|
|
||||
€
|
0.90
|
|
|
0.86
|
|
|
0.89
|
|
|
0.84
|
|
||||
R$
|
3.97
|
|
|
3.96
|
|
|
3.89
|
|
|
3.60
|
|
||||
£
|
0.81
|
|
|
0.77
|
|
|
0.79
|
|
|
0.74
|
|
||||
COP
|
3,339
|
|
|
2,959
|
|
|
3,239
|
|
|
2,886
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 5
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 6
|
(MILLIONS)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Assets held for sale
|
$
|
782
|
|
|
$
|
920
|
|
Current assets
|
1,942
|
|
|
1,961
|
|
||
Equity-accounted investments
|
1,536
|
|
|
1,569
|
|
||
Property, plant and equipment
|
28,350
|
|
|
29,025
|
|
||
Total assets
|
33,435
|
|
|
34,103
|
|
||
Liabilities directly associated with assets held for sale
|
385
|
|
|
533
|
|
||
Corporate borrowings
|
2,119
|
|
|
2,334
|
|
||
Non-recourse borrowings
|
8,506
|
|
|
8,390
|
|
||
Deferred income tax liabilities
|
4,096
|
|
|
4,140
|
|
||
Total liabilities and equity
|
$
|
33,435
|
|
|
$
|
34,103
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 7
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Power purchase and revenue agreements
|
$
|
101
|
|
|
$
|
101
|
|
|
$
|
469
|
|
|
$
|
375
|
|
Wind levelization agreement
|
—
|
|
|
2
|
|
|
1
|
|
|
6
|
|
||||
|
$
|
101
|
|
|
$
|
103
|
|
|
$
|
470
|
|
|
$
|
381
|
|
Direct operating costs
|
|
|
|
|
|
|
|
||||||||
Energy purchases
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
(8
|
)
|
|
$
|
(8
|
)
|
Energy marketing fee
|
(6
|
)
|
|
(6
|
)
|
|
(18
|
)
|
|
(18
|
)
|
||||
Insurance services(1)
|
(6
|
)
|
|
(6
|
)
|
|
(20
|
)
|
|
(19
|
)
|
||||
|
$
|
(15
|
)
|
|
$
|
(15
|
)
|
|
$
|
(46
|
)
|
|
$
|
(45
|
)
|
Interest expense - borrowings
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(5
|
)
|
|
$
|
(7
|
)
|
Management service costs
|
$
|
(29
|
)
|
|
$
|
(22
|
)
|
|
$
|
(73
|
)
|
|
$
|
(64
|
)
|
(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 nine months ended September 30, 2019 were less than $1 million (2018: less than $1 million)..
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 8
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 9
|
|
(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
|
2,277
|
|
|
2,526
|
|
|
|
2,443
|
|
|
2,654
|
|
|
|
$
|
161
|
|
|
$
|
166
|
|
|
|
$
|
95
|
|
|
$
|
99
|
|
|
|
$
|
55
|
|
|
$
|
53
|
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
Brazil
|
734
|
|
|
791
|
|
|
|
1,009
|
|
|
996
|
|
|
|
50
|
|
|
53
|
|
|
|
53
|
|
|
38
|
|
|
|
46
|
|
|
31
|
|
|
|
22
|
|
|
2
|
|
||||||||
Colombia
|
721
|
|
|
742
|
|
|
|
853
|
|
|
859
|
|
|
|
56
|
|
|
54
|
|
|
|
34
|
|
|
29
|
|
|
|
24
|
|
|
20
|
|
|
|
19
|
|
|
11
|
|
||||||||
|
3,732
|
|
|
4,059
|
|
|
|
4,305
|
|
|
4,509
|
|
|
|
267
|
|
|
273
|
|
|
|
182
|
|
|
166
|
|
|
|
125
|
|
|
104
|
|
|
|
41
|
|
|
10
|
|
||||||||
Wind
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
579
|
|
|
597
|
|
|
|
713
|
|
|
723
|
|
|
|
46
|
|
|
50
|
|
|
|
32
|
|
|
30
|
|
|
|
15
|
|
|
14
|
|
|
|
(26
|
)
|
|
(27
|
)
|
||||||||
Europe
|
185
|
|
|
141
|
|
|
|
198
|
|
|
208
|
|
|
|
21
|
|
|
17
|
|
|
|
15
|
|
|
9
|
|
|
|
9
|
|
|
2
|
|
|
|
(7
|
)
|
|
(9
|
)
|
||||||||
Brazil
|
201
|
|
|
211
|
|
|
|
215
|
|
|
215
|
|
|
|
11
|
|
|
15
|
|
|
|
9
|
|
|
13
|
|
|
|
7
|
|
|
11
|
|
|
|
(3
|
)
|
|
5
|
|
||||||||
Asia
|
93
|
|
|
48
|
|
|
|
97
|
|
|
41
|
|
|
|
8
|
|
|
4
|
|
|
|
7
|
|
|
3
|
|
|
|
5
|
|
|
2
|
|
|
|
1
|
|
|
1
|
|
||||||||
|
1,058
|
|
|
997
|
|
|
|
1,223
|
|
|
1,187
|
|
|
|
86
|
|
|
86
|
|
|
|
63
|
|
|
55
|
|
|
|
36
|
|
|
29
|
|
|
|
(35
|
)
|
|
(30
|
)
|
||||||||
Solar
|
279
|
|
|
279
|
|
|
|
293
|
|
|
260
|
|
|
|
56
|
|
|
58
|
|
|
|
49
|
|
|
46
|
|
|
|
36
|
|
|
31
|
|
|
|
10
|
|
|
19
|
|
||||||||
Storage & Other
|
144
|
|
|
217
|
|
|
|
—
|
|
|
—
|
|
|
|
21
|
|
|
25
|
|
|
|
9
|
|
|
14
|
|
|
|
6
|
|
|
11
|
|
|
|
(1
|
)
|
|
5
|
|
||||||||
Corporate
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(2
|
)
|
|
(4
|
)
|
|
|
(70
|
)
|
|
(70
|
)
|
|
|
(68
|
)
|
|
(59
|
)
|
||||||||
Total
|
5,213
|
|
|
5,552
|
|
|
|
5,821
|
|
|
5,956
|
|
|
|
$
|
430
|
|
|
$
|
442
|
|
|
|
$
|
301
|
|
|
$
|
277
|
|
|
|
$
|
133
|
|
|
$
|
105
|
|
|
|
$
|
(53
|
)
|
|
$
|
(55
|
)
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 10
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
4,305
|
|
|
4,509
|
|
||
Generation (GWh) - actual
|
3,732
|
|
|
4,059
|
|
||
Revenue
|
$
|
267
|
|
|
$
|
273
|
|
Other income
|
19
|
|
|
2
|
|
||
Direct operating costs
|
(104
|
)
|
|
(109
|
)
|
||
Adjusted EBITDA
|
182
|
|
|
166
|
|
||
Interest expense
|
(52
|
)
|
|
(58
|
)
|
||
Current income taxes
|
(5
|
)
|
|
(4
|
)
|
||
Funds From Operations
|
$
|
125
|
|
|
$
|
104
|
|
Depreciation
|
(84
|
)
|
|
(93
|
)
|
||
Deferred taxes and other
|
—
|
|
|
(1
|
)
|
||
Net income
|
$
|
41
|
|
|
$
|
10
|
|
|
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
|
1,464
|
|
|
1,477
|
|
|
$
|
75
|
|
|
$
|
70
|
|
|
$
|
55
|
|
|
$
|
51
|
|
|
$
|
28
|
|
|
$
|
21
|
|
|
$
|
(19
|
)
|
|
$
|
(14
|
)
|
Canada
|
813
|
|
|
1,049
|
|
|
63
|
|
|
59
|
|
|
40
|
|
|
48
|
|
|
27
|
|
|
32
|
|
|
19
|
|
|
11
|
|
||||||||
|
2,277
|
|
|
2,526
|
|
|
71
|
|
|
66
|
|
|
95
|
|
|
99
|
|
|
55
|
|
|
53
|
|
|
—
|
|
|
(3
|
)
|
||||||||
Brazil
|
734
|
|
|
791
|
|
|
68
|
|
|
67
|
|
|
53
|
|
|
38
|
|
|
46
|
|
|
31
|
|
|
22
|
|
|
2
|
|
||||||||
Colombia
|
721
|
|
|
742
|
|
|
78
|
|
|
73
|
|
|
34
|
|
|
29
|
|
|
24
|
|
|
20
|
|
|
19
|
|
|
11
|
|
||||||||
Total
|
3,732
|
|
|
4,059
|
|
|
$
|
72
|
|
|
$
|
67
|
|
|
$
|
182
|
|
|
$
|
166
|
|
|
$
|
125
|
|
|
$
|
104
|
|
|
$
|
41
|
|
|
$
|
10
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 11
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
1,223
|
|
|
1,187
|
|
||
Generation (GWh) - actual
|
1,058
|
|
|
997
|
|
||
Revenue
|
$
|
86
|
|
|
$
|
86
|
|
Other income
|
2
|
|
|
—
|
|
||
Direct operating costs
|
(25
|
)
|
|
(31
|
)
|
||
Adjusted EBITDA
|
63
|
|
|
55
|
|
||
Interest expense
|
(26
|
)
|
|
(25
|
)
|
||
Current income taxes
|
(1
|
)
|
|
(1
|
)
|
||
Funds From Operations
|
36
|
|
|
29
|
|
||
Depreciation
|
(54
|
)
|
|
(50
|
)
|
||
Deferred taxes and other
|
(17
|
)
|
|
(9
|
)
|
||
Net income (loss)
|
$
|
(35
|
)
|
|
$
|
(30
|
)
|
|
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
|
404
|
|
|
421
|
|
|
$
|
77
|
|
|
$
|
83
|
|
|
$
|
21
|
|
|
$
|
19
|
|
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
(11
|
)
|
|
$
|
(13
|
)
|
Canada
|
175
|
|
|
176
|
|
|
87
|
|
|
85
|
|
|
11
|
|
|
11
|
|
|
6
|
|
|
6
|
|
|
(15
|
)
|
|
(14
|
)
|
||||||||
|
579
|
|
|
597
|
|
|
80
|
|
|
84
|
|
|
32
|
|
|
30
|
|
|
15
|
|
|
14
|
|
|
(26
|
)
|
|
(27
|
)
|
||||||||
Europe
|
185
|
|
|
141
|
|
|
111
|
|
|
121
|
|
|
15
|
|
|
9
|
|
|
9
|
|
|
2
|
|
|
(7
|
)
|
|
(9
|
)
|
||||||||
Brazil
|
201
|
|
|
211
|
|
|
55
|
|
|
71
|
|
|
9
|
|
|
13
|
|
|
7
|
|
|
11
|
|
|
(3
|
)
|
|
5
|
|
||||||||
Asia
|
93
|
|
|
48
|
|
|
85
|
|
|
62
|
|
|
7
|
|
|
3
|
|
|
5
|
|
|
2
|
|
|
1
|
|
|
1
|
|
||||||||
Total
|
1,058
|
|
|
997
|
|
|
$
|
81
|
|
|
$
|
85
|
|
|
$
|
63
|
|
|
$
|
55
|
|
|
$
|
36
|
|
|
$
|
29
|
|
|
$
|
(35
|
)
|
|
$
|
(30
|
)
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 12
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - LTA
|
293
|
|
|
260
|
|
||
Generation (GWh) - actual
|
279
|
|
|
279
|
|
||
Revenue
|
$
|
56
|
|
|
$
|
58
|
|
Other income
|
3
|
|
|
1
|
|
||
Direct operating costs
|
(10
|
)
|
|
(13
|
)
|
||
Adjusted EBITDA
|
49
|
|
|
46
|
|
||
Interest expense
|
(13
|
)
|
|
(15
|
)
|
||
Current income taxes
|
—
|
|
|
—
|
|
||
Funds From Operations
|
$
|
36
|
|
|
$
|
31
|
|
Depreciation
|
(13
|
)
|
|
(11
|
)
|
||
Deferred taxes and other
|
(13
|
)
|
|
(1
|
)
|
||
Net income
|
$
|
10
|
|
|
$
|
19
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 13
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Generation (GWh) - actual
|
144
|
|
|
217
|
|
||
Revenue
|
$
|
21
|
|
|
$
|
25
|
|
Other income
|
—
|
|
|
—
|
|
||
Direct operating costs
|
(12
|
)
|
|
(11
|
)
|
||
Adjusted EBITDA
|
9
|
|
|
14
|
|
||
Interest expense
|
(3
|
)
|
|
(3
|
)
|
||
Other
|
—
|
|
|
—
|
|
||
Funds From Operations
|
$
|
6
|
|
|
$
|
11
|
|
Depreciation
|
(6
|
)
|
|
(5
|
)
|
||
Deferred taxes and other
|
(1
|
)
|
|
(1
|
)
|
||
Net income
|
$
|
(1
|
)
|
|
$
|
5
|
|
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
||
Other income
|
$
|
4
|
|
|
$
|
1
|
|
Direct operating costs
|
(6
|
)
|
|
(5
|
)
|
||
Adjusted EBITDA
|
(2
|
)
|
|
(4
|
)
|
||
Management service costs
|
(29
|
)
|
|
(22
|
)
|
||
Interest expense
|
(21
|
)
|
|
(27
|
)
|
||
Distributions on Preferred LP Units and Shares
|
(18
|
)
|
|
(17
|
)
|
||
Funds From Operations
|
$
|
(70
|
)
|
|
$
|
(70
|
)
|
Deferred taxes and other
|
2
|
|
|
12
|
|
||
Net loss
|
$
|
(68
|
)
|
|
$
|
(58
|
)
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 14
|
|
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
|
161
|
|
|
50
|
|
|
56
|
|
|
46
|
|
|
21
|
|
|
11
|
|
|
8
|
|
|
56
|
|
|
21
|
|
|
—
|
|
|
430
|
|
|
(97
|
)
|
|
309
|
|
|
642
|
|
Other income
|
2
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|
28
|
|
|
(5
|
)
|
|
2
|
|
|
25
|
|
Direct operating costs
|
(68
|
)
|
|
(14
|
)
|
|
(22
|
)
|
|
(14
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(10
|
)
|
|
(12
|
)
|
|
(6
|
)
|
|
(157
|
)
|
|
26
|
|
|
(108
|
)
|
|
(239
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
3
|
|
|
79
|
|
Adjusted EBITDA
|
95
|
|
|
53
|
|
|
34
|
|
|
32
|
|
|
15
|
|
|
9
|
|
|
7
|
|
|
49
|
|
|
9
|
|
|
(2
|
)
|
|
301
|
|
|
—
|
|
|
206
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
Interest expense - borrowings
|
(39
|
)
|
|
(4
|
)
|
|
(9
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
(21
|
)
|
|
(115
|
)
|
|
28
|
|
|
(77
|
)
|
|
(164
|
)
|
Current income taxes
|
(1
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
3
|
|
|
(7
|
)
|
|
(10
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
2
|
|
|
(29
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124
|
)
|
|
(124
|
)
|
Funds From Operations
|
55
|
|
|
46
|
|
|
24
|
|
|
15
|
|
|
9
|
|
|
7
|
|
|
5
|
|
|
36
|
|
|
6
|
|
|
(70
|
)
|
|
133
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(57
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(38
|
)
|
|
(11
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(158
|
)
|
|
35
|
|
|
(77
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
(3
|
)
|
|
(2
|
)
|
|
2
|
|
|
3
|
|
|
(10
|
)
|
|
(2
|
)
|
|
—
|
|
|
(4
|
)
|
|
(1
|
)
|
|
3
|
|
|
(14
|
)
|
|
8
|
|
|
(4
|
)
|
|
(10
|
)
|
Deferred income tax recovery (expense)
|
25
|
|
|
1
|
|
|
(1
|
)
|
|
(4
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
4
|
|
|
26
|
|
|
1
|
|
|
(4
|
)
|
|
23
|
|
Other
|
(20
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
3
|
|
|
(4
|
)
|
|
(3
|
)
|
|
(8
|
)
|
|
—
|
|
|
(4
|
)
|
|
(40
|
)
|
|
5
|
|
|
(3
|
)
|
|
(38
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49
|
)
|
|
—
|
|
|
(49
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
88
|
|
Net income (loss) attributable to Unitholders(2)
|
—
|
|
|
22
|
|
|
19
|
|
|
(26
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
1
|
|
|
10
|
|
|
(1
|
)
|
|
(68
|
)
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
(1)
|
Share of earnings from equity-accounted investments of $1 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 $36 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.
|
Management's Discussion and Analysis
|
September 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
|
166
|
|
|
53
|
|
|
54
|
|
|
50
|
|
|
17
|
|
|
15
|
|
|
4
|
|
|
58
|
|
|
25
|
|
|
—
|
|
|
442
|
|
|
(100
|
)
|
|
332
|
|
|
674
|
|
Other income
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
(1
|
)
|
|
4
|
|
|
7
|
|
Direct operating costs
|
(68
|
)
|
|
(16
|
)
|
|
(25
|
)
|
|
(20
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(11
|
)
|
|
(5
|
)
|
|
(169
|
)
|
|
31
|
|
|
(119
|
)
|
|
(257
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
70
|
|
Adjusted EBITDA
|
99
|
|
|
38
|
|
|
29
|
|
|
30
|
|
|
9
|
|
|
13
|
|
|
3
|
|
|
46
|
|
|
14
|
|
|
(4
|
)
|
|
277
|
|
|
—
|
|
|
217
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
Interest expense - borrowings
|
(44
|
)
|
|
(5
|
)
|
|
(9
|
)
|
|
(16
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(3
|
)
|
|
(27
|
)
|
|
(128
|
)
|
|
29
|
|
|
(77
|
)
|
|
(176
|
)
|
Current income taxes
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
2
|
|
|
(3
|
)
|
|
(6
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(137
|
)
|
|
(137
|
)
|
Funds From Operations
|
53
|
|
|
31
|
|
|
20
|
|
|
14
|
|
|
2
|
|
|
11
|
|
|
2
|
|
|
31
|
|
|
11
|
|
|
(70
|
)
|
|
105
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(57
|
)
|
|
(32
|
)
|
|
(4
|
)
|
|
(34
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
—
|
|
|
(11
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(160
|
)
|
|
32
|
|
|
(64
|
)
|
|
(192
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(6
|
)
|
|
—
|
|
|
(4
|
)
|
|
(10
|
)
|
Deferred income tax recovery (expense)
|
7
|
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
15
|
|
|
17
|
|
|
3
|
|
|
(9
|
)
|
|
11
|
|
Other
|
(1
|
)
|
|
2
|
|
|
(4
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
(11
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(18
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
82
|
|
Net income (loss) attributable to Unitholders(2)
|
(3
|
)
|
|
2
|
|
|
11
|
|
|
(27
|
)
|
|
(9
|
)
|
|
5
|
|
|
1
|
|
|
19
|
|
|
5
|
|
|
(59
|
)
|
|
(55
|
)
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
(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 $55 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.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 16
|
|
|
|
|
|
Per unit
|
||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners' equity
|
$
|
(30
|
)
|
|
$
|
(32
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.18
|
)
|
General partnership interest in a holding subsidiary held by Brookfield
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield
|
(22
|
)
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
||||
Net (loss) income attributable to Unitholders
|
$
|
(53
|
)
|
|
$
|
(55
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.18
|
)
|
Adjusted for proportionate share of:
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
158
|
|
|
160
|
|
|
0.51
|
|
|
0.51
|
|
||||
Foreign exchange and unrealized financial instruments (gain) loss
|
14
|
|
|
6
|
|
|
0.04
|
|
|
0.02
|
|
||||
Deferred income tax (recovery) expense
|
(26
|
)
|
|
(17
|
)
|
|
(0.08
|
)
|
|
(0.05
|
)
|
||||
Other
|
40
|
|
|
11
|
|
|
0.13
|
|
|
0.03
|
|
||||
Funds From Operations
|
$
|
133
|
|
|
$
|
105
|
|
|
$
|
0.43
|
|
|
$
|
0.33
|
|
Weighted average Units outstanding(1)
|
|
|
|
|
311.2
|
|
|
312.6
|
|
(1)
|
Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 17
|
(GWh, except as noted)
|
Balance of 2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States(1)
|
1,739
|
|
|
7,486
|
|
|
5,444
|
|
|
4,446
|
|
|
4,446
|
|
|||||
Canada(1)
|
809
|
|
|
3,908
|
|
|
2,779
|
|
|
2,152
|
|
|
2,074
|
|
|||||
|
2,548
|
|
|
11,394
|
|
|
8,223
|
|
|
6,598
|
|
|
6,520
|
|
|||||
Wind
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
|
535
|
|
|
2,054
|
|
|
1,978
|
|
|
2,027
|
|
|
2,028
|
|
|||||
Canada
|
366
|
|
|
1,270
|
|
|
1,269
|
|
|
1,269
|
|
|
1,269
|
|
|||||
|
901
|
|
|
3,324
|
|
|
3,247
|
|
|
3,296
|
|
|
3,297
|
|
|||||
Europe
|
260
|
|
|
894
|
|
|
888
|
|
|
858
|
|
|
847
|
|
|||||
Asia (2)
|
183
|
|
|
453
|
|
|
453
|
|
|
457
|
|
|
457
|
|
|||||
|
1,344
|
|
|
4,671
|
|
|
4,588
|
|
|
4,611
|
|
|
4,601
|
|
|||||
Solar(2)
|
195
|
|
|
1,054
|
|
|
1,053
|
|
|
1,052
|
|
|
1,051
|
|
|||||
Contracted on a proportionate basis
|
4,087
|
|
|
17,119
|
|
|
13,864
|
|
|
12,261
|
|
|
12,172
|
|
|||||
Uncontracted on a proportionate basis
|
502
|
|
|
1,431
|
|
|
4,681
|
|
|
6,285
|
|
|
6,376
|
|
|||||
|
4,589
|
|
|
18,550
|
|
|
18,545
|
|
|
18,546
|
|
|
18,548
|
|
|||||
Contracted generation as a % of total generation on a proportionate basis
|
89
|
%
|
|
92
|
%
|
|
75
|
%
|
|
66
|
%
|
|
66
|
%
|
|||||
Price per MWh - total generation on a proportionate basis
|
$
|
76
|
|
|
$
|
78
|
|
|
$
|
86
|
|
|
$
|
91
|
|
|
$
|
92
|
|
(1)
|
Includes generation of 545 GWh for 2019, 3,171 GWh for 2020 and 866 GWh for 2021 secured under financial contracts.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 18
|
|
Corporate
|
|
Consolidated
|
||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||||
Corporate credit facility(1)(2)
|
$
|
353
|
|
|
$
|
721
|
|
|
$
|
353
|
|
|
$
|
721
|
|
Debt
|
|
|
|
|
|
|
|
||||||||
Medium term notes(2)(3)
|
1,775
|
|
|
1,613
|
|
|
1,775
|
|
|
1,613
|
|
||||
Non-recourse borrowings(4)
|
—
|
|
|
—
|
|
|
8,562
|
|
|
8,465
|
|
||||
|
1,775
|
|
|
1,613
|
|
|
10,337
|
|
|
10,078
|
|
||||
Deferred income tax liabilities, net(5)
|
—
|
|
|
—
|
|
|
3,982
|
|
|
4,049
|
|
||||
Equity
|
|
|
|
|
|
|
|
||||||||
Non-controlling interest
|
—
|
|
|
—
|
|
|
7,841
|
|
|
8,129
|
|
||||
Preferred equity
|
585
|
|
|
568
|
|
|
585
|
|
|
568
|
|
||||
Preferred limited partners' equity
|
833
|
|
|
707
|
|
|
833
|
|
|
707
|
|
||||
Unitholders equity
|
7,139
|
|
|
7,802
|
|
|
7,139
|
|
|
7,802
|
|
||||
Total capitalization
|
$
|
10,332
|
|
|
$
|
10,690
|
|
|
$
|
30,717
|
|
|
$
|
31,333
|
|
Debt to total capitalization
|
17
|
%
|
|
15
|
%
|
|
34
|
%
|
|
32
|
%
|
(1)
|
Draws on corporate credit facilities are excluded from the debt to total capitalization ratios as they are not a permanent source of capital.
|
(2)
|
Corporate credit facility and Medium term notes as at September 30, 2019 are adjusted to reflect repayment of $340 million Series 7 (C$450 million) medium term notes that was completed on October 15, 2019.
|
(3)
|
Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes $9 million (2018: $6 million) of deferred financing fees.
|
(4)
|
Consolidated non-recourse borrowings include $11 million (2018: $6 million) borrowed under a subscription facility of a Brookfield sponsored private fund and excludes $56 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)
|
September 30, 2019
|
|
|
December 31, 2018
|
|
||
Brookfield Renewable's share of cash and cash equivalents
|
$
|
158
|
|
|
$
|
169
|
|
Investments in marketable securities
|
118
|
|
|
117
|
|
||
Corporate credit facilities
|
|
|
|
||||
Authorized credit facilities(1)
|
2,100
|
|
|
2,100
|
|
||
Draws on credit facilities(2)
|
(353
|
)
|
|
(721
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
300
|
|
||
Issued letters of credit
|
(219
|
)
|
|
(209
|
)
|
||
Available portion of corporate credit facilities
|
1,928
|
|
|
1,470
|
|
||
Available portion of subsidiary credit facilities on a proportionate basis(3)
|
266
|
|
|
218
|
|
||
Available group-wide liquidity
|
$
|
2,470
|
|
|
$
|
1,974
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
(2)
|
Draws on credit facilities include $340 million to reflect the repayment of Series 7 medium term notes that was completed on October 15, 2019.
|
(3)
|
Includes $60 million of proportionate subsidiary credit facility secured subsequent to September 30, 2019.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 19
|
|
September 30, 2019
|
|
December 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(2)
|
4.1
|
%
|
|
10
|
|
|
$
|
1,775
|
|
|
4.4
|
%
|
|
7
|
|
|
$
|
1,613
|
|
Credit facilities(2)
|
3.6
|
%
|
|
5
|
|
|
353
|
|
|
3.3
|
%
|
|
4
|
|
|
721
|
|
||
Proportionate subsidiary borrowings(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hydroelectric
|
5.7
|
%
|
|
9
|
|
|
3,513
|
|
|
5.8
|
%
|
|
9
|
|
|
3,640
|
|
||
Wind
|
4.8
|
%
|
|
10
|
|
|
1,798
|
|
|
4.7
|
%
|
|
10
|
|
|
1,792
|
|
||
Solar
|
4.9
|
%
|
|
9
|
|
|
1,151
|
|
|
5.2
|
%
|
|
11
|
|
|
1,022
|
|
||
Storage and other
|
5.5
|
%
|
|
5
|
|
|
231
|
|
|
5.4
|
%
|
|
6
|
|
|
249
|
|
||
|
5.3
|
%
|
|
9
|
|
|
6,693
|
|
|
5.4
|
%
|
|
10
|
|
|
6,703
|
|
||
|
|
|
|
|
8,821
|
|
|
|
|
|
|
9,037
|
|
||||||
Proportionate deferred financing fees, net of unamortized premiums
|
|
(43
|
)
|
|
|
|
|
|
(48
|
)
|
|||||||||
|
|
8,778
|
|
|
|
|
|
|
8,989
|
|
|||||||||
Equity-accounted borrowings
|
|
(2,131
|
)
|
|
|
|
|
|
(1,972
|
)
|
|||||||||
Non-controlling interests
|
|
3,978
|
|
|
|
|
|
|
3,701
|
|
|||||||||
As per IFRS Statements
|
|
$
|
10,625
|
|
|
|
|
|
|
$
|
10,718
|
|
(1)
|
Excludes $88 million of proportionate debt associated with our portfolios that are classified as held for sale as at September 30, 2019 (2018: $60 million).
|
(2)
|
Medium term notes and corporate credit facility are adjusted to exclude Series 7 (C$450) medium term notes of $340 million that were repaid on October 15, 2019.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 20
|
(MILLIONS)
|
Balance of 2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
Thereafter
|
|
|
Total
|
|
||||||||
Debt Principal repayments(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Medium term notes(2)(3)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
302
|
|
|
$
|
—
|
|
|
$
|
1,473
|
|
|
$
|
1,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Credit facilities
|
—
|
|
|
—
|
|
|
9
|
|
|
14
|
|
|
107
|
|
|
—
|
|
|
130
|
|
||||||||
Hydroelectric
|
21
|
|
|
359
|
|
|
—
|
|
|
205
|
|
|
427
|
|
|
1,742
|
|
|
2,754
|
|
||||||||
Wind
|
—
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|
101
|
|
|
286
|
|
|
483
|
|
||||||||
Solar
|
—
|
|
|
142
|
|
|
—
|
|
|
53
|
|
|
112
|
|
|
221
|
|
|
528
|
|
||||||||
Storage and other
|
—
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
155
|
|
|
211
|
|
||||||||
|
21
|
|
|
501
|
|
|
65
|
|
|
368
|
|
|
747
|
|
|
2,404
|
|
|
4,106
|
|
||||||||
Amortizing debt principal repayments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Hydroelectric
|
29
|
|
|
36
|
|
|
67
|
|
|
61
|
|
|
49
|
|
|
515
|
|
|
757
|
|
||||||||
Wind
|
31
|
|
|
106
|
|
|
107
|
|
|
113
|
|
|
108
|
|
|
781
|
|
|
1,246
|
|
||||||||
Solar
|
17
|
|
|
38
|
|
|
40
|
|
|
43
|
|
|
43
|
|
|
382
|
|
|
563
|
|
||||||||
Storage and other
|
1
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|
7
|
|
|
21
|
|
||||||||
|
78
|
|
|
183
|
|
|
217
|
|
|
220
|
|
|
204
|
|
|
1,685
|
|
|
2,587
|
|
||||||||
Total
|
$
|
99
|
|
|
$
|
684
|
|
|
$
|
282
|
|
|
$
|
890
|
|
|
$
|
951
|
|
|
$
|
5,562
|
|
|
$
|
8,468
|
|
(1)
|
Draws on corporate credit facilities are excluded from the debt repayment schedule as they are not a permanent source of capital.
|
(2)
|
Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes $9 million (2018: $6 million) of deferred financing fees.
|
(3)
|
Adjusted to reflect the repayment of Series 7 medium term notes of $340 million that were repaid on October 15, 2019.
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Cash flow provided by (used in):
|
|
|
|
|
|
|
|
||||||||
Operating activities
|
$
|
266
|
|
|
$
|
236
|
|
|
$
|
1,005
|
|
|
$
|
817
|
|
Financing activities
|
(319
|
)
|
|
(52
|
)
|
|
(828
|
)
|
|
(639
|
)
|
||||
Investing activities
|
(49
|
)
|
|
(105
|
)
|
|
(123
|
)
|
|
(635
|
)
|
||||
Foreign exchange loss on cash
|
(9
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(14
|
)
|
||||
Increase (decrease) in cash and cash equivalents
|
$
|
(111
|
)
|
|
$
|
73
|
|
|
$
|
46
|
|
|
$
|
(471
|
)
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 21
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Trade receivables and other current assets
|
$
|
(34
|
)
|
|
$
|
(79
|
)
|
|
$
|
24
|
|
|
$
|
(66
|
)
|
Accounts payable and accrued liabilities
|
16
|
|
|
64
|
|
|
(25
|
)
|
|
10
|
|
||||
Other assets and liabilities
|
4
|
|
|
14
|
|
|
(11
|
)
|
|
10
|
|
||||
|
$
|
(14
|
)
|
|
$
|
(1
|
)
|
|
$
|
(12
|
)
|
|
$
|
(46
|
)
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 22
|
(MILLIONS, EXCEPT AS NOTED)
|
September 30, 2019
|
|
|
December 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
|
144,245
|
|
|
289,641
|
|
Repurchase of LP Units for cancellation
|
(20,000
|
)
|
|
(1,856,798
|
)
|
Balance, end of period/year
|
178,945,449
|
|
|
178,821,204
|
|
Total LP Units on a fully-exchanged basis(3)
|
308,604,072
|
|
|
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 September 30
|
|
Nine months ended September 30
|
||||||||||||||||||||||||||||
|
Declared
|
|
Paid
|
|
Declared
|
|
Paid
|
||||||||||||||||||||||||
(MILLIONS)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||||||
Class A Preference Shares
|
$
|
6
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
19
|
|
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
20
|
|
Class A Preferred LP Units
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
33
|
|
|
$
|
29
|
|
|
$
|
32
|
|
|
$
|
27
|
|
Participating non-controlling interests - in operating subsidiaries
|
$
|
124
|
|
|
$
|
81
|
|
|
$
|
124
|
|
|
$
|
81
|
|
|
$
|
520
|
|
|
$
|
438
|
|
|
$
|
520
|
|
|
$
|
438
|
|
GP interest and Incentive distributions
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
41
|
|
|
$
|
34
|
|
|
$
|
40
|
|
|
$
|
33
|
|
Redeemable/Exchangeable partnership units
|
$
|
66
|
|
|
$
|
64
|
|
|
$
|
66
|
|
|
$
|
64
|
|
|
$
|
201
|
|
|
$
|
192
|
|
|
$
|
200
|
|
|
$
|
191
|
|
LP Units
|
$
|
92
|
|
|
$
|
88
|
|
|
$
|
94
|
|
|
$
|
86
|
|
|
$
|
277
|
|
|
$
|
266
|
|
|
$
|
275
|
|
|
$
|
258
|
|
•
|
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; and
|
•
|
Guarantees - Nature of all the indemnification undertakings.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 23
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 24
|
|
2019
|
|
|
2018
|
|
|
2017
|
||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
Q3
|
|
Q2
|
|
Q1
|
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
|
Q4
|
||||||||||||||||
Total Generation (GWh) - LTA
|
12,332
|
|
|
14,252
|
|
|
13,493
|
|
|
|
13,485
|
|
|
12,113
|
|
|
13,521
|
|
|
12,852
|
|
|
|
12,198
|
|
||||||||
Total Generation (GWh) - actual
|
11,089
|
|
|
14,881
|
|
|
14,125
|
|
|
|
14,445
|
|
|
11,609
|
|
|
13,122
|
|
|
12,880
|
|
|
|
11,913
|
|
||||||||
Proportionate Generation (GWh) - LTA
|
5,821
|
|
|
7,109
|
|
|
6,698
|
|
|
|
6,602
|
|
|
5,956
|
|
|
6,935
|
|
|
6,351
|
|
|
|
6,030
|
|
||||||||
Proportionate Generation (GWh) - actual
|
5,213
|
|
|
7,602
|
|
|
7,246
|
|
|
|
7,052
|
|
|
5,552
|
|
|
6,455
|
|
|
6,694
|
|
|
|
5,890
|
|
||||||||
Revenues
|
$
|
642
|
|
|
$
|
787
|
|
|
$
|
825
|
|
|
|
$
|
780
|
|
|
$
|
674
|
|
|
$
|
735
|
|
|
$
|
793
|
|
|
|
$
|
657
|
|
Net income (loss) attributable to Unitholders
|
(53
|
)
|
|
17
|
|
|
43
|
|
|
|
91
|
|
|
(55
|
)
|
|
(2
|
)
|
|
8
|
|
|
|
(67
|
)
|
||||||||
Basic and diluted earnings (loss) per LP Unit
|
(0.17
|
)
|
|
0.05
|
|
|
0.14
|
|
|
|
0.29
|
|
|
(0.18
|
)
|
|
(0.01
|
)
|
|
0.03
|
|
|
|
(0.22
|
)
|
||||||||
Consolidated Adjusted EBITDA
|
507
|
|
|
630
|
|
|
652
|
|
|
|
604
|
|
|
494
|
|
|
543
|
|
|
582
|
|
|
|
454
|
|
||||||||
Proportionate Adjusted EBITDA
|
301
|
|
|
400
|
|
|
395
|
|
|
|
371
|
|
|
277
|
|
|
324
|
|
|
351
|
|
|
|
296
|
|
||||||||
Funds From Operations
|
133
|
|
|
230
|
|
|
227
|
|
|
|
206
|
|
|
105
|
|
|
172
|
|
|
193
|
|
|
|
143
|
|
||||||||
Funds From Operations per Unit
|
0.43
|
|
|
0.74
|
|
|
0.73
|
|
|
|
0.66
|
|
|
0.33
|
|
|
0.55
|
|
|
0.62
|
|
|
|
0.46
|
|
||||||||
Distribution per LP Unit
|
0.515
|
|
|
0.515
|
|
|
0.515
|
|
|
|
0.490
|
|
|
0.490
|
|
|
0.490
|
|
|
0.490
|
|
|
|
0.468
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 25
|
|
(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
|
10,260
|
|
|
9,704
|
|
|
|
9,326
|
|
|
9,915
|
|
|
|
$
|
700
|
|
|
$
|
655
|
|
|
|
$
|
501
|
|
|
$
|
455
|
|
|
|
$
|
375
|
|
|
$
|
322
|
|
|
|
$
|
146
|
|
|
$
|
130
|
|
Brazil
|
2,890
|
|
|
2,731
|
|
|
|
2,987
|
|
|
2,931
|
|
|
|
173
|
|
|
185
|
|
|
|
144
|
|
|
133
|
|
|
|
119
|
|
|
109
|
|
|
|
55
|
|
|
5
|
|
||||||||
Colombia
|
2,347
|
|
|
2,382
|
|
|
|
2,520
|
|
|
2,547
|
|
|
|
174
|
|
|
160
|
|
|
|
107
|
|
|
91
|
|
|
|
75
|
|
|
62
|
|
|
|
56
|
|
|
41
|
|
||||||||
|
15,497
|
|
|
14,817
|
|
|
|
14,833
|
|
|
15,393
|
|
|
|
1,047
|
|
|
1,000
|
|
|
|
752
|
|
|
679
|
|
|
|
569
|
|
|
493
|
|
|
|
257
|
|
|
176
|
|
||||||||
Wind
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
2,190
|
|
|
1,905
|
|
|
|
2,622
|
|
|
2,215
|
|
|
|
167
|
|
|
158
|
|
|
|
120
|
|
|
109
|
|
|
|
67
|
|
|
64
|
|
|
|
(44
|
)
|
|
(39
|
)
|
||||||||
Europe
|
663
|
|
|
413
|
|
|
|
729
|
|
|
496
|
|
|
|
71
|
|
|
46
|
|
|
|
50
|
|
|
27
|
|
|
|
37
|
|
|
13
|
|
|
|
(7
|
)
|
|
(12
|
)
|
||||||||
Brazil
|
454
|
|
|
473
|
|
|
|
475
|
|
|
475
|
|
|
|
27
|
|
|
33
|
|
|
|
20
|
|
|
26
|
|
|
|
13
|
|
|
20
|
|
|
|
(2
|
)
|
|
(1
|
)
|
||||||||
Asia
|
184
|
|
|
117
|
|
|
|
186
|
|
|
117
|
|
|
|
13
|
|
|
9
|
|
|
|
10
|
|
|
6
|
|
|
|
7
|
|
|
3
|
|
|
|
2
|
|
|
(3
|
)
|
||||||||
|
3,491
|
|
|
2,908
|
|
|
|
4,012
|
|
|
3,303
|
|
|
|
278
|
|
|
246
|
|
|
|
200
|
|
|
168
|
|
|
|
124
|
|
|
100
|
|
|
|
(51
|
)
|
|
(55
|
)
|
||||||||
Solar
|
765
|
|
|
569
|
|
|
|
783
|
|
|
546
|
|
|
|
145
|
|
|
106
|
|
|
|
123
|
|
|
87
|
|
|
|
81
|
|
|
57
|
|
|
|
23
|
|
|
19
|
|
||||||||
Storage & Other
|
308
|
|
|
407
|
|
|
|
—
|
|
|
—
|
|
|
|
66
|
|
|
62
|
|
|
|
30
|
|
|
33
|
|
|
|
20
|
|
|
23
|
|
|
|
—
|
|
|
(6
|
)
|
||||||||
Corporate
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(9
|
)
|
|
(15
|
)
|
|
|
(204
|
)
|
|
(203
|
)
|
|
|
(222
|
)
|
|
(183
|
)
|
||||||||
Total
|
20,061
|
|
|
18,701
|
|
|
|
19,628
|
|
|
19,242
|
|
|
|
$
|
1,536
|
|
|
$
|
1,414
|
|
|
|
$
|
1,096
|
|
|
$
|
952
|
|
|
|
$
|
590
|
|
|
$
|
470
|
|
|
|
$
|
7
|
|
|
$
|
(49
|
)
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 26
|
|
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
|
700
|
|
|
173
|
|
|
174
|
|
|
167
|
|
|
71
|
|
|
27
|
|
|
13
|
|
|
145
|
|
|
66
|
|
|
—
|
|
|
1,536
|
|
|
(286
|
)
|
|
1,004
|
|
|
2,254
|
|
Other income
|
11
|
|
|
20
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
8
|
|
|
49
|
|
|
(11
|
)
|
|
12
|
|
|
50
|
|
Direct operating costs
|
(210
|
)
|
|
(49
|
)
|
|
(67
|
)
|
|
(49
|
)
|
|
(24
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
(27
|
)
|
|
(36
|
)
|
|
(17
|
)
|
|
(489
|
)
|
|
82
|
|
|
(338
|
)
|
|
(745
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215
|
|
|
15
|
|
|
230
|
|
Adjusted EBITDA
|
501
|
|
|
144
|
|
|
107
|
|
|
120
|
|
|
50
|
|
|
20
|
|
|
10
|
|
|
123
|
|
|
30
|
|
|
(9
|
)
|
|
1,096
|
|
|
—
|
|
|
693
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73
|
)
|
|
(73
|
)
|
|
—
|
|
|
—
|
|
|
(73
|
)
|
Interest expense - borrowings
|
(119
|
)
|
|
(16
|
)
|
|
(25
|
)
|
|
(51
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
(42
|
)
|
|
(10
|
)
|
|
(70
|
)
|
|
(355
|
)
|
|
78
|
|
|
(238
|
)
|
|
(515
|
)
|
Current income taxes
|
(7
|
)
|
|
(9
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
4
|
|
|
(27
|
)
|
|
(49
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(82
|
)
|
|
(7
|
)
|
|
(89
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(421
|
)
|
|
(421
|
)
|
Funds From Operations
|
375
|
|
|
119
|
|
|
75
|
|
|
67
|
|
|
37
|
|
|
13
|
|
|
7
|
|
|
81
|
|
|
20
|
|
|
(204
|
)
|
|
590
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(168
|
)
|
|
(66
|
)
|
|
(15
|
)
|
|
(117
|
)
|
|
(34
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
(41
|
)
|
|
(18
|
)
|
|
(3
|
)
|
|
(478
|
)
|
|
104
|
|
|
(226
|
)
|
|
(600
|
)
|
Foreign exchange and unrealized financial instrument loss
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
(19
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(25
|
)
|
|
(45
|
)
|
|
13
|
|
|
(8
|
)
|
|
(40
|
)
|
Deferred income tax expense
|
(15
|
)
|
|
3
|
|
|
(5
|
)
|
|
13
|
|
|
8
|
|
|
—
|
|
|
(1
|
)
|
|
15
|
|
|
—
|
|
|
22
|
|
|
40
|
|
|
(35
|
)
|
|
(16
|
)
|
|
(11
|
)
|
Other
|
(46
|
)
|
|
(2
|
)
|
|
—
|
|
|
(9
|
)
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
|
(32
|
)
|
|
—
|
|
|
(12
|
)
|
|
(100
|
)
|
|
26
|
|
|
33
|
|
|
(41
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(108
|
)
|
|
—
|
|
|
(108
|
)
|
Net income attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
217
|
|
|
217
|
|
Net income (loss) attributable to Unitholders(2)
|
146
|
|
|
55
|
|
|
56
|
|
|
(44
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
2
|
|
|
23
|
|
|
—
|
|
|
(222
|
)
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
(1)
|
Share of earnings from equity-accounted investments of $33 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 $204 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.
|
Management's Discussion and Analysis
|
September 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
|
655
|
|
|
185
|
|
|
160
|
|
|
158
|
|
|
46
|
|
|
33
|
|
|
9
|
|
|
106
|
|
|
62
|
|
|
—
|
|
|
1,414
|
|
|
(197
|
)
|
|
985
|
|
|
2,202
|
|
Other income
|
6
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
2
|
|
|
18
|
|
|
(5
|
)
|
|
13
|
|
|
26
|
|
Direct operating costs
|
(206
|
)
|
|
(55
|
)
|
|
(70
|
)
|
|
(50
|
)
|
|
(20
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
(23
|
)
|
|
(29
|
)
|
|
(17
|
)
|
|
(480
|
)
|
|
63
|
|
|
(343
|
)
|
|
(760
|
)
|
Share of Adjusted EBITDA from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
12
|
|
|
151
|
|
Adjusted EBITDA
|
455
|
|
|
133
|
|
|
91
|
|
|
109
|
|
|
27
|
|
|
26
|
|
|
6
|
|
|
87
|
|
|
33
|
|
|
(15
|
)
|
|
952
|
|
|
—
|
|
|
667
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
|
(64
|
)
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
Interest expense - borrowings
|
(128
|
)
|
|
(17
|
)
|
|
(29
|
)
|
|
(44
|
)
|
|
(12
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
(30
|
)
|
|
(10
|
)
|
|
(75
|
)
|
|
(354
|
)
|
|
54
|
|
|
(234
|
)
|
|
(534
|
)
|
Current income taxes
|
(5
|
)
|
|
(7
|
)
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
3
|
|
|
(8
|
)
|
|
(20
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
|
(10
|
)
|
|
(67
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(415
|
)
|
|
(415
|
)
|
Funds From Operations
|
322
|
|
|
109
|
|
|
62
|
|
|
64
|
|
|
13
|
|
|
20
|
|
|
3
|
|
|
57
|
|
|
23
|
|
|
(203
|
)
|
|
470
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(170
|
)
|
|
(103
|
)
|
|
(14
|
)
|
|
(89
|
)
|
|
(30
|
)
|
|
(10
|
)
|
|
(2
|
)
|
|
(24
|
)
|
|
(17
|
)
|
|
(1
|
)
|
|
(460
|
)
|
|
61
|
|
|
(212
|
)
|
|
(611
|
)
|
Foreign exchange and unrealized financial instrument loss
|
(4
|
)
|
|
—
|
|
|
1
|
|
|
3
|
|
|
6
|
|
|
(11
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
14
|
|
|
2
|
|
|
(6
|
)
|
|
(31
|
)
|
|
(35
|
)
|
Deferred income tax expense
|
1
|
|
|
1
|
|
|
(4
|
)
|
|
(9
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
24
|
|
|
14
|
|
|
2
|
|
|
(18
|
)
|
|
(2
|
)
|
Other
|
(19
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(8
|
)
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|
(10
|
)
|
|
(10
|
)
|
|
(17
|
)
|
|
(75
|
)
|
|
15
|
|
|
(12
|
)
|
|
(72
|
)
|
Share of earnings from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|
—
|
|
|
(72
|
)
|
Net income attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
273
|
|
|
273
|
|
Net income (loss) attributable to Unitholders(2)
|
130
|
|
|
5
|
|
|
41
|
|
|
(39
|
)
|
|
(12
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
19
|
|
|
(6
|
)
|
|
(183
|
)
|
|
(49
|
)
|
|
—
|
|
|
—
|
|
|
(49
|
)
|
(1)
|
Share of earnings from equity-accounted investments of $12 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 $142 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.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 28
|
|
|
|
|
|
Per unit
|
||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners' equity
|
$
|
4
|
|
|
$
|
(28
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.16
|
)
|
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
|
3
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
||||
Net income (loss) attributable to Unitholders
|
$
|
7
|
|
|
$
|
(49
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.16
|
)
|
Adjusted for proportionate share of:
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
478
|
|
|
460
|
|
|
1.54
|
|
|
1.47
|
|
||||
Foreign exchange and unrealized financial instruments (gain) loss
|
45
|
|
|
(2
|
)
|
|
0.14
|
|
|
(0.01
|
)
|
||||
Deferred income tax expense
|
(40
|
)
|
|
(14
|
)
|
|
(0.13
|
)
|
|
(0.04
|
)
|
||||
Other
|
100
|
|
|
75
|
|
|
0.33
|
|
|
0.24
|
|
||||
Funds From Operations
|
$
|
590
|
|
|
$
|
470
|
|
|
$
|
1.90
|
|
|
$
|
1.50
|
|
Weighted average Units outstanding(1)
|
|
|
|
|
311.2
|
|
|
312.7
|
|
(1)
|
Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 29
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 30
|
•
|
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.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 31
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 32
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 33
|
•
|
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.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 34
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 35
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 36
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
September 30, 2019
|
|
|
Page 37
|
GENERAL INFORMATION
|
|
|
Corporate Office
73 Front Street
Fifth Floor
Hamilton, HM12
Bermuda
Tel: (441) 294-3304
Fax: (441) 516-1988
https://bep.brookfield.com
Officers of Brookfield Renewable Partners L.P.`s Service Provider,
BRP Energy Group L.P.
Sachin Shah
Chief Executive Officer
Wyatt Hartley
Chief Financial Officer
Transfer Agent & Registrar
Computershare Trust Company of Canada
100 University Avenue
9th floor
Toronto, Ontario, M5J 2Y1
Tel Toll Free: (800) 564-6253
Fax Toll Free: (888) 453-0330
www.computershare.com
|
|
Directors of the General Partner of
Brookfield Renewable Partners L.P.
Jeffrey Blidner
Eleazar de Carvalho Filho
Nancy Dorn
David Mann
Lou Maroun
Patricia Zuccotti
Stephen Westwell
Exchange Listing
NYSE: BEP (LP Units)
TSX: BEP.UN (LP Units)
TSX: BEP.PR.E (Preferred LP Units - Series 5)
TSX: BEP.PR.G (Preferred LP Units - Series 7)
TSX: BEP.PR.I (Preferred LP Units - Series 9)
TSX: BEP.PR.K (Preferred LP Units - Series 11)
TSX: BEP.PR.M (Preferred LP Units - Series 13)
TSX: BRF.PR.O (Preferred LP Units - Series 15)
TSX: BRF.PR.A (Preferred shares - Series 1)
TSX: BRF.PR.B (Preferred shares - Series 2)
TSX: BRF.PR.C (Preferred shares - Series 3)
TSX: BRF.PR.E (Preferred shares - Series 5)
TSX: BRF.PR.F (Preferred shares - Series 6)
Investor Information
Visit Brookfield Renewable online at
https://bep.brookfield.com for more information. The 2018 Annual Report and Form 20-F are also available online. For detailed and up-to-date news and information, please visit the News Release section.
Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR at www.sedar.com.
Shareholder enquiries should be directed to the Investor Relations Department at (416) 369-2616 or
enquiries@brookfieldrenewable.com
|
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 September 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 July 1, 2019 and ended on September 30, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.
|
Date: November 11, 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 September 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 July 1, 2019 and ended on September 30, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.
|
Date: November 11, 2019
|
|
|
|
/s/ Wyatt Hartley
|
|
Name:
|
Wyatt Hartley
|
Title:
|
Chief Financial Officer of its Service Provider, BRP Energy Group L.P.
|
(Principal Executive Officer)
|