|
|
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: May 6, 2020
|
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
|
31
|
|
|
140
|
|
|
3,148
|
|
|
13,503
|
|
|
2,523
|
|
Canada
|
18
|
|
|
29
|
|
|
1,098
|
|
|
3,656
|
|
|
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
|
|
|
2,065
|
|
|
6,926
|
|
|
—
|
|
Canada
|
—
|
|
|
4
|
|
|
483
|
|
|
1,437
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
2,548
|
|
|
8,363
|
|
|
—
|
|
Europe
|
—
|
|
|
45
|
|
|
1,062
|
|
|
2,405
|
|
|
—
|
|
Brazil
|
—
|
|
|
19
|
|
|
457
|
|
|
1,950
|
|
|
—
|
|
Asia
|
—
|
|
|
9
|
|
|
660
|
|
|
1,650
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
4,727
|
|
|
14,368
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Solar
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility(2)
|
—
|
|
|
95
|
|
|
2,545
|
|
|
5,354
|
|
|
—
|
|
Distributed generation
|
—
|
|
|
4,852
|
|
|
788
|
|
|
1,107
|
|
|
—
|
|
|
—
|
|
|
4,947
|
|
|
3,333
|
|
|
6,461
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Storage(3)
|
2
|
|
|
4
|
|
|
2,698
|
|
|
—
|
|
|
5,220
|
|
Other(4)
|
—
|
|
|
15
|
|
|
590
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
5,288
|
|
|
19,272
|
|
|
57,397
|
|
|
12,707
|
|
(1)
|
LTA is calculated based on our portfolio as at March 31, 2020, 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 four solar facilities (52 MW) in South Africa and Asia that have been presented as Assets held for sale.
|
(3)
|
Includes pumped storage in North America (600 MW) and Europe (2,088 MW) and battery storage in North America (10 MW).
|
(4)
|
Includes four biomass facilities in Brazil (175 MW), one cogeneration plant in Colombia (300 MW), one cogeneration plant in North America (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
|
3,794
|
|
|
3,918
|
|
|
2,525
|
|
|
3,266
|
|
|
13,503
|
|
Canada
|
841
|
|
|
1,064
|
|
|
873
|
|
|
878
|
|
|
3,656
|
|
|
4,635
|
|
|
4,982
|
|
|
3,398
|
|
|
4,144
|
|
|
17,159
|
|
Colombia
|
3,315
|
|
|
3,614
|
|
|
3,502
|
|
|
4,054
|
|
|
14,485
|
|
Brazil
|
1,215
|
|
|
1,228
|
|
|
1,241
|
|
|
1,240
|
|
|
4,924
|
|
|
9,165
|
|
|
9,824
|
|
|
8,141
|
|
|
9,438
|
|
|
36,568
|
|
Wind
|
|
|
|
|
|
|
|
|
|
|||||
North America
|
|
|
|
|
|
|
|
|
|
|||||
United States
|
1,877
|
|
|
1,851
|
|
|
1,392
|
|
|
1,806
|
|
|
6,926
|
|
Canada
|
400
|
|
|
345
|
|
|
273
|
|
|
419
|
|
|
1,437
|
|
|
2,277
|
|
|
2,196
|
|
|
1,665
|
|
|
2,225
|
|
|
8,363
|
|
Europe
|
775
|
|
|
533
|
|
|
452
|
|
|
645
|
|
|
2,405
|
|
Brazil
|
371
|
|
|
494
|
|
|
606
|
|
|
479
|
|
|
1,950
|
|
Asia
|
368
|
|
|
439
|
|
|
454
|
|
|
389
|
|
|
1,650
|
|
|
3,791
|
|
|
3,662
|
|
|
3,177
|
|
|
3,738
|
|
|
14,368
|
|
Solar
|
|
|
|
|
|
|
|
|
|
|||||
Utility(2)
|
995
|
|
|
1,697
|
|
|
1,775
|
|
|
887
|
|
|
5,354
|
|
Distributed generation
|
218
|
|
|
339
|
|
|
334
|
|
|
216
|
|
|
1,107
|
|
|
1,213
|
|
|
2,036
|
|
|
2,109
|
|
|
1,103
|
|
|
6,461
|
|
Total
|
14,169
|
|
|
15,522
|
|
|
13,427
|
|
|
14,279
|
|
|
57,397
|
|
(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 four solar facilities (52 MW) in South Africa and Asia that have been presented as Assets held for sale.
|
GENERATION (GWh)(1)
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Total
|
|
Hydroelectric
|
|
|
|
|
|
|
|
|
|
|||||
North America
|
|
|
|
|
|
|
|
|
|
|||||
United States
|
2,614
|
|
|
2,805
|
|
|
1,819
|
|
|
2,293
|
|
|
9,531
|
|
Canada
|
619
|
|
|
775
|
|
|
624
|
|
|
619
|
|
|
2,637
|
|
|
3,233
|
|
|
3,580
|
|
|
2,443
|
|
|
2,912
|
|
|
12,168
|
|
Colombia
|
798
|
|
|
870
|
|
|
843
|
|
|
978
|
|
|
3,489
|
|
Brazil
|
988
|
|
|
998
|
|
|
1,009
|
|
|
1,009
|
|
|
4,004
|
|
|
5,019
|
|
|
5,448
|
|
|
4,295
|
|
|
4,899
|
|
|
19,661
|
|
Wind
|
|
|
|
|
|
|
|
|
|
|||||
North America
|
|
|
|
|
|
|
|
|
|
|||||
United States
|
598
|
|
|
632
|
|
|
465
|
|
|
567
|
|
|
2,262
|
|
Canada
|
346
|
|
|
307
|
|
|
248
|
|
|
365
|
|
|
1,266
|
|
|
944
|
|
|
939
|
|
|
713
|
|
|
932
|
|
|
3,528
|
|
Europe
|
255
|
|
|
176
|
|
|
151
|
|
|
216
|
|
|
798
|
|
Brazil
|
127
|
|
|
167
|
|
|
210
|
|
|
165
|
|
|
669
|
|
Asia
|
99
|
|
|
118
|
|
|
121
|
|
|
104
|
|
|
442
|
|
|
1,425
|
|
|
1,400
|
|
|
1,195
|
|
|
1,417
|
|
|
5,437
|
|
Solar
|
|
|
|
|
|
|
|
|
|
|||||
Utility(2)
|
214
|
|
|
362
|
|
|
375
|
|
|
191
|
|
|
1,142
|
|
Distributed generation
|
63
|
|
|
98
|
|
|
97
|
|
|
62
|
|
|
320
|
|
|
277
|
|
|
460
|
|
|
472
|
|
|
253
|
|
|
1,462
|
|
Total
|
6,721
|
|
|
7,308
|
|
|
5,962
|
|
|
6,569
|
|
|
26,560
|
|
(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 four solar facilities (52 MW) in South Africa and Asia that have been presented as Assets held for sale.
|
.Letter to Unitholders
.
|
||
|
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 5
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 6
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 7
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 8
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 9
|
Management’s Discussion and Analysis
|
For the three months ended March 31, 2020
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 10
|
THREE MONTHS ENDED MARCH 31
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Operational information
|
|
|
|
||||
Capacity (MW)
|
19,272
|
|
|
17,438
|
|
||
Total generation (GWh)
|
|
|
|
||||
Long-term average generation
|
14,151
|
|
|
13,493
|
|
||
Actual generation
|
14,264
|
|
|
14,125
|
|
||
|
|
|
|
||||
Proportionate generation (GWh)
|
|
|
|
||||
Long-term average generation
|
6,717
|
|
|
6,698
|
|
||
Actual generation
|
7,164
|
|
|
7,246
|
|
||
Average revenue ($ per MWh)
|
76
|
|
|
76
|
|
||
|
|
|
|
||||
Selected financial information(1)
|
|
|
|
||||
Net income attributable to Unitholders
|
$
|
18
|
|
|
$
|
43
|
|
Basic income per LP Unit
|
0.06
|
|
|
0.14
|
|
||
Consolidated Adjusted EBITDA(2)
|
618
|
|
|
652
|
|
||
Proportionate Adjusted EBITDA(2)
|
391
|
|
|
395
|
|
||
Funds From Operations(2)
|
217
|
|
|
227
|
|
||
Funds From Operations per Unit(1)(2)
|
0.70
|
|
|
0.73
|
|
||
Distribution per LP Unit
|
0.54
|
|
|
0.52
|
|
(1)
|
For the three months ended March 31, 2020, weighted average LP Units, Redeemable/Exchangeable partnership units and GP interest totaled 311.3 million (2019: 311.1 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)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Liquidity and Capital Resources
|
|
|
|
|
|
||
Available liquidity(1)
|
$
|
3,009
|
|
$
|
2,695
|
||
Debt to capitalization – Corporate(1)
|
|
18
|
%
|
|
|
16
|
%
|
Debt to capitalization – Consolidated(1)
|
|
34
|
%
|
|
|
32
|
%
|
Borrowings non-recourse to Brookfield Renewable on a proportionate basis(1)
|
|
78
|
%
|
|
|
77
|
%
|
Floating rate debt exposure on a proportionate basis(1)(2)
|
|
5
|
%
|
|
|
5
|
%
|
Medium term notes(1)
|
|
|
|
|
|
||
Average debt term to maturity
|
|
10 years
|
|
|
|
10 years
|
|
Average interest rate
|
|
4.1
|
%
|
|
|
4.1
|
%
|
Non-recourse borrowings on a proportionate basis
|
|
|
|
|
|
||
Average debt term to maturity
|
|
10 years
|
|
|
|
10 years
|
|
Average interest rate
|
|
5.1
|
%
|
|
|
5.1
|
%
|
(1)
|
Available liquidity and medium term notes are adjusted to reflect the issuance of C$175 million of Series 11 ($124 million) and C$175 million of Series 12 ($124 million) medium term notes on April 3, 2020.
|
(2)
|
Excludes 5% (2019: 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, adjusted for the medium term notes issuance on April 3, 2020.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 11
|
•
|
Strong operational performance and above average resource
|
•
|
Higher realized prices as we benefited from our commercial and re-contracting initiatives;
|
•
|
Higher margins due to cost-reduction initiatives; and
|
•
|
Unfavorable foreign exchange movement due to the strengthening of the U.S. dollar
|
•
|
In Colombia, we contracted 157 GWh/year, including individual contracts with up to ten years in duration
|
•
|
In Brazil, we entered into eight new contracts to deliver 155 GWh/year, including individual contracts with up to three years in duration
|
•
|
Liquidity position remains robust, with over $3 billion of total available liquidity, no material maturities over the next five years and a strong investment grade balance sheet (BBB+)
|
•
|
Bolstered our liquidity and sourced diverse funding levers, by executing on $1.4 billion of investment grade financings and $94 million ($29 million net to Brookfield Renewable) of capital recycling initiatives:
|
◦
|
Secured over $920 million from non-recourse financings during the quarter
|
◦
|
Issued our inaugural green perpetual preferred units for $200 million at 5.25% in the U.S. market and subsequent to quarter end, completed the issuance of approximately C$350 million of ten-year corporate green bonds at approximately 3.5%
|
◦
|
Completed the sale of our solar assets in Thailand for total proceeds of $94 million ($29 million net to Brookfield Renewable)
|
•
|
Continued to advance the construction of 831 MW of hydroelectric, wind, pumped storage and rooftop solar development projects. These projects are expected to be commissioned between 2020 and 2022 and to generate annualized Funds From Operations net to Brookfield Renewable of $21 million.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 12
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Revenues
|
$
|
792
|
|
|
$
|
825
|
|
Direct operating costs
|
(261
|
)
|
|
(254
|
)
|
||
Management service costs
|
(31
|
)
|
|
(21
|
)
|
||
Interest expense
|
(162
|
)
|
|
(173
|
)
|
||
Share of (loss) earnings from equity-accounted investments
|
(16
|
)
|
|
32
|
|
||
Foreign exchange and unrealized financial instrument gain (loss)
|
20
|
|
|
(18
|
)
|
||
Depreciation
|
(206
|
)
|
|
(200
|
)
|
||
Income tax expense
|
(18
|
)
|
|
(44
|
)
|
||
Net income attributable to Unitholders
|
$
|
18
|
|
|
$
|
43
|
|
|
Average FX rates to USD
|
||||||
C$
|
1.34
|
|
|
1.33
|
|
||
€
|
0.91
|
|
|
0.88
|
|
||
R$
|
4.46
|
|
|
3.77
|
|
||
£
|
0.78
|
|
|
0.77
|
|
||
COP
|
3,533
|
|
|
3,137
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 13
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Assets held for sale
|
$
|
190
|
|
|
$
|
352
|
|
Current assets
|
1,564
|
|
|
1,474
|
|
||
Equity-accounted investments
|
1,791
|
|
|
1,889
|
|
||
Property, plant and equipment
|
27,873
|
|
|
30,714
|
|
||
Total assets
|
32,663
|
|
|
35,691
|
|
||
Liabilities directly associated with assets held for sale
|
95
|
|
|
137
|
|
||
Corporate borrowings
|
2,002
|
|
|
2,100
|
|
||
Non-recourse borrowings
|
8,269
|
|
|
8,904
|
|
||
Deferred income tax liabilities
|
4,095
|
|
|
4,537
|
|
||
Total liabilities and equity
|
32,663
|
|
|
35,691
|
|
||
|
FX rates to USD
|
||||||
C$
|
1.41
|
|
|
1.30
|
|
||
€
|
0.91
|
|
|
0.89
|
|
||
R$
|
5.20
|
|
|
4.03
|
|
||
£
|
0.81
|
|
|
0.75
|
|
||
COP
|
4,065
|
|
|
3,277
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 14
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Revenues
|
|
|
|
||||
Power purchase and revenue agreements
|
$
|
96
|
|
|
$
|
159
|
|
Wind levelization agreement
|
—
|
|
|
1
|
|
||
|
$
|
96
|
|
|
$
|
160
|
|
Direct operating costs
|
|
|
|
||||
Energy purchases
|
$
|
—
|
|
|
$
|
(3
|
)
|
Energy marketing fee
|
—
|
|
|
(6
|
)
|
||
Insurance services(1)
|
(6
|
)
|
|
(7
|
)
|
||
|
$
|
(6
|
)
|
|
$
|
(16
|
)
|
Interest expense
|
|
|
|
||||
Borrowings
|
$
|
—
|
|
|
$
|
(3
|
)
|
Contract balance accretion
|
(4
|
)
|
|
(2
|
)
|
||
|
$
|
(4
|
)
|
|
$
|
(5
|
)
|
Management service costs
|
$
|
(31
|
)
|
|
$
|
(21
|
)
|
(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 months ended March 31, 2020 were less than $1 million (2019: less than $1 million)..
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 15
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 16
|
|
(GWh)
|
|
|
(MILLIONS)
|
||||||||||||||||||||||||||||||||||||||||||||
|
Actual Generation
|
|
|
LTA Generation
|
|
|
Revenues
|
|
|
Adjusted EBITDA
|
|
|
Funds From Operations
|
|
|
Net Income (Loss)
|
||||||||||||||||||||||||||||||||
|
2020
|
|
|
2019
|
|
|
|
2020
|
|
|
2019
|
|
|
|
2020
|
|
|
2019
|
|
|
|
2020
|
|
|
2019
|
|
|
|
2020
|
|
|
2019
|
|
|
|
2020
|
|
|
2019
|
|
||||||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
3,722
|
|
|
3,849
|
|
|
|
3,233
|
|
|
3,300
|
|
|
|
$
|
265
|
|
|
$
|
262
|
|
|
|
$
|
198
|
|
|
$
|
195
|
|
|
|
$
|
156
|
|
|
$
|
152
|
|
|
|
$
|
76
|
|
|
$
|
67
|
|
Brazil
|
1,227
|
|
|
1,090
|
|
|
|
988
|
|
|
980
|
|
|
|
61
|
|
|
65
|
|
|
|
47
|
|
|
49
|
|
|
|
41
|
|
|
40
|
|
|
|
25
|
|
|
17
|
|
||||||||
Colombia
|
709
|
|
|
765
|
|
|
|
798
|
|
|
798
|
|
|
|
60
|
|
|
62
|
|
|
|
36
|
|
|
38
|
|
|
|
25
|
|
|
26
|
|
|
|
23
|
|
|
20
|
|
||||||||
|
5,658
|
|
|
5,704
|
|
|
|
5,019
|
|
|
5,078
|
|
|
|
386
|
|
|
389
|
|
|
|
281
|
|
|
282
|
|
|
|
222
|
|
|
218
|
|
|
|
124
|
|
|
104
|
|
||||||||
Wind
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
831
|
|
|
850
|
|
|
|
944
|
|
|
960
|
|
|
|
60
|
|
|
63
|
|
|
|
48
|
|
|
48
|
|
|
|
29
|
|
|
29
|
|
|
|
(12
|
)
|
|
4
|
|
||||||||
Europe
|
221
|
|
|
274
|
|
|
|
253
|
|
|
308
|
|
|
|
22
|
|
|
28
|
|
|
|
13
|
|
|
20
|
|
|
|
11
|
|
|
17
|
|
|
|
(11
|
)
|
|
11
|
|
||||||||
Brazil
|
68
|
|
|
106
|
|
|
|
126
|
|
|
119
|
|
|
|
4
|
|
|
7
|
|
|
|
3
|
|
|
5
|
|
|
|
1
|
|
|
2
|
|
|
|
(3
|
)
|
|
(3
|
)
|
||||||||
Asia
|
90
|
|
|
39
|
|
|
|
100
|
|
|
38
|
|
|
|
6
|
|
|
2
|
|
|
|
5
|
|
|
1
|
|
|
|
3
|
|
|
1
|
|
|
|
2
|
|
|
(1
|
)
|
||||||||
|
1,210
|
|
|
1,269
|
|
|
|
1,423
|
|
|
1,425
|
|
|
|
92
|
|
|
100
|
|
|
|
69
|
|
|
74
|
|
|
|
44
|
|
|
49
|
|
|
|
(24
|
)
|
|
11
|
|
||||||||
Solar
|
240
|
|
|
199
|
|
|
|
275
|
|
|
195
|
|
|
|
49
|
|
|
38
|
|
|
|
36
|
|
|
32
|
|
|
|
18
|
|
|
18
|
|
|
|
(10
|
)
|
|
9
|
|
||||||||
Storage & Other
|
56
|
|
|
74
|
|
|
|
—
|
|
|
—
|
|
|
|
18
|
|
|
24
|
|
|
|
8
|
|
|
11
|
|
|
|
6
|
|
|
7
|
|
|
|
1
|
|
|
—
|
|
||||||||
Corporate
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(3
|
)
|
|
(4
|
)
|
|
|
(73
|
)
|
|
(65
|
)
|
|
|
(73
|
)
|
|
(81
|
)
|
||||||||
Total
|
7,164
|
|
|
7,246
|
|
|
|
6,717
|
|
|
6,698
|
|
|
|
$
|
545
|
|
|
$
|
551
|
|
|
|
$
|
391
|
|
|
$
|
395
|
|
|
|
$
|
217
|
|
|
$
|
227
|
|
|
|
$
|
18
|
|
|
$
|
43
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 17
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Generation (GWh) – LTA
|
5,019
|
|
|
5,078
|
|
||
Generation (GWh) – actual
|
5,658
|
|
|
5,704
|
|
||
Revenue
|
$
|
386
|
|
|
$
|
389
|
|
Other income
|
7
|
|
|
2
|
|||
Direct operating costs
|
(112
|
)
|
|
(109)
|
|||
Adjusted EBITDA
|
281
|
|
|
282
|
|
||
Interest expense
|
(50
|
)
|
|
(55
|
)
|
||
Current income taxes
|
(9
|
)
|
|
(9
|
)
|
||
Funds From Operations
|
$
|
222
|
|
|
$
|
218
|
|
Depreciation
|
(84
|
)
|
|
(82
|
)
|
||
Deferred taxes and other
|
(14
|
)
|
|
(32
|
)
|
||
Net income
|
$
|
124
|
|
|
$
|
104
|
|
|
Actual
Generation (GWh)
|
|
Average
revenue
per MWh
|
|
Adjusted
EBITDA
|
|
Funds From
Operations
|
|
Net
Income
|
||||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
United States
|
3,064
|
|
|
3,080
|
|
|
$
|
70
|
|
|
$
|
67
|
|
|
$
|
158
|
|
|
$
|
149
|
|
|
$
|
129
|
|
|
$
|
118
|
|
|
$
|
68
|
|
|
$
|
52
|
|
Canada
|
658
|
|
|
769
|
|
|
75
|
|
|
75
|
|
|
40
|
|
|
46
|
|
|
27
|
|
|
34
|
|
|
8
|
|
|
15
|
|
||||||||
|
3,722
|
|
|
3,849
|
|
|
71
|
|
|
68
|
|
|
198
|
|
|
195
|
|
|
156
|
|
|
152
|
|
|
76
|
|
|
67
|
|
||||||||
Brazil
|
1,227
|
|
|
1,090
|
|
|
50
|
|
|
59
|
|
|
47
|
|
|
49
|
|
|
41
|
|
|
40
|
|
|
25
|
|
|
17
|
|
||||||||
Colombia
|
709
|
|
|
765
|
|
|
84
|
|
|
81
|
|
|
36
|
|
|
38
|
|
|
25
|
|
|
26
|
|
|
23
|
|
|
20
|
|
||||||||
Total
|
5,658
|
|
|
5,704
|
|
|
$
|
68
|
|
|
$
|
68
|
|
|
$
|
281
|
|
|
$
|
282
|
|
|
$
|
222
|
|
|
$
|
218
|
|
|
$
|
124
|
|
|
$
|
104
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 18
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Generation (GWh) – LTA
|
1,423
|
|
|
1,425
|
|
||
Generation (GWh) – actual
|
1,210
|
|
|
1,269
|
|
||
Revenue
|
$
|
92
|
|
|
$
|
100
|
|
Other income
|
2
|
|
|
2
|
|
||
Direct operating costs
|
(25
|
)
|
|
(28
|
)
|
||
Adjusted EBITDA
|
69
|
|
|
74
|
|
||
Interest expense
|
(24
|
)
|
|
(24
|
)
|
||
Current income taxes
|
(1
|
)
|
|
(1
|
)
|
||
Funds From Operations
|
44
|
|
|
49
|
|
||
Depreciation
|
(60
|
)
|
|
(55
|
)
|
||
Deferred taxes and other
|
(8
|
)
|
|
17
|
|
||
Net (loss) income
|
$
|
(24
|
)
|
|
$
|
11
|
|
|
Actual
Generation (GWh)
|
|
Average
revenue
per MWh
|
|
Adjusted
EBITDA
|
|
Funds From
Operations
|
|
Net
Income (Loss)
|
||||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
United States
|
492
|
|
|
522
|
|
|
$
|
60
|
|
|
$
|
63
|
|
|
$
|
22
|
|
|
$
|
22
|
|
|
$
|
10
|
|
|
$
|
9
|
|
|
$
|
(13
|
)
|
|
$
|
2
|
|
Canada
|
339
|
|
|
328
|
|
|
89
|
|
|
91
|
|
|
26
|
|
|
26
|
|
|
19
|
|
|
20
|
|
|
1
|
|
|
2
|
|
||||||||
|
831
|
|
|
850
|
|
|
72
|
|
|
74
|
|
|
48
|
|
|
48
|
|
|
29
|
|
|
29
|
|
|
(12
|
)
|
|
4
|
|
||||||||
Europe
|
221
|
|
|
274
|
|
|
100
|
|
|
104
|
|
|
13
|
|
|
20
|
|
|
11
|
|
|
17
|
|
|
(11
|
)
|
|
11
|
|
||||||||
Brazil
|
68
|
|
|
106
|
|
|
64
|
|
|
69
|
|
|
3
|
|
|
5
|
|
|
1
|
|
|
2
|
|
|
(3
|
)
|
|
(3
|
)
|
||||||||
Asia
|
90
|
|
|
39
|
|
|
68
|
|
|
51
|
|
|
5
|
|
|
1
|
|
|
3
|
|
|
1
|
|
|
2
|
|
|
(1
|
)
|
||||||||
Total
|
1,210
|
|
|
1,269
|
|
|
$
|
76
|
|
|
$
|
80
|
|
|
$
|
69
|
|
|
$
|
74
|
|
|
$
|
44
|
|
|
$
|
49
|
|
|
$
|
(24
|
)
|
|
$
|
11
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 19
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Generation (GWh) – LTA
|
275
|
|
|
195
|
|
||
Generation (GWh) – actual
|
240
|
|
|
199
|
|
||
Revenue
|
$
|
49
|
|
|
$
|
38
|
|
Other income
|
1
|
|
|
1
|
|
||
Direct operating costs
|
(14
|
)
|
|
(7
|
)
|
||
Adjusted EBITDA
|
36
|
|
|
32
|
|
||
Interest expense
|
(17
|
)
|
|
(14
|
)
|
||
Current income taxes
|
(1
|
)
|
|
—
|
|
||
Funds From Operations
|
$
|
18
|
|
|
$
|
18
|
|
Depreciation
|
(22
|
)
|
|
(13
|
)
|
||
Deferred taxes and other
|
(6
|
)
|
|
4
|
|
||
Net (loss) income
|
$
|
(10
|
)
|
|
$
|
9
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 20
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Generation (GWh) – actual
|
56
|
|
|
74
|
|
||
Revenue
|
$
|
18
|
|
|
$
|
24
|
|
Direct operating costs
|
(10
|
)
|
|
(13
|
)
|
||
Adjusted EBITDA
|
8
|
|
|
11
|
|
||
Interest expense
|
(2
|
)
|
|
(4
|
)
|
||
Other
|
—
|
|
|
—
|
|
||
Funds From Operations
|
$
|
6
|
|
|
$
|
7
|
|
Depreciation
|
(5
|
)
|
|
(6
|
)
|
||
Deferred taxes and other
|
—
|
|
|
(1
|
)
|
||
Net income
|
$
|
1
|
|
|
$
|
—
|
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Other income
|
$
|
2
|
|
|
$
|
2
|
|
Direct operating costs
|
(5
|
)
|
|
(6
|
)
|
||
Adjusted EBITDA
|
(3
|
)
|
|
(4
|
)
|
||
Management service costs
|
(31
|
)
|
|
(21
|
)
|
||
Interest expense
|
(20
|
)
|
|
(24
|
)
|
||
Distributions on Preferred LP Units and Shares
|
(19
|
)
|
|
(16
|
)
|
||
Funds From Operations
|
$
|
(73
|
)
|
|
$
|
(65
|
)
|
Deferred taxes and other
|
—
|
|
|
(16
|
)
|
||
Net loss
|
$
|
(73
|
)
|
|
$
|
(81
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 21
|
|
Attributable to Unitholders
|
|
Contribution from equity-accounted investments
|
|
|
Attributable
to non-controlling
interests
|
|
|
As per
IFRS
financials(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage & Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
265
|
|
|
61
|
|
|
60
|
|
|
60
|
|
|
22
|
|
|
4
|
|
|
6
|
|
|
49
|
|
|
18
|
|
|
—
|
|
|
545
|
|
|
(95
|
)
|
|
342
|
|
|
792
|
|
Other income
|
2
|
|
|
3
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
12
|
|
|
(2
|
)
|
|
—
|
|
|
10
|
|
Direct operating costs
|
(69
|
)
|
|
(17
|
)
|
|
(26
|
)
|
|
(14
|
)
|
|
(9
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(14
|
)
|
|
(10
|
)
|
|
(5
|
)
|
|
(166
|
)
|
|
28
|
|
|
(123
|
)
|
|
(261
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
8
|
|
|
77
|
|
Adjusted EBITDA
|
198
|
|
|
47
|
|
|
36
|
|
|
48
|
|
|
13
|
|
|
3
|
|
|
5
|
|
|
36
|
|
|
8
|
|
|
(3
|
)
|
|
391
|
|
|
—
|
|
|
227
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
Interest expense
|
(39
|
)
|
|
(4
|
)
|
|
(7
|
)
|
|
(19
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(17
|
)
|
|
(2
|
)
|
|
(20
|
)
|
|
(113
|
)
|
|
27
|
|
|
(76
|
)
|
|
(162
|
)
|
Current income taxes
|
(3
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
4
|
|
|
(12
|
)
|
|
(19
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(3
|
)
|
|
(34
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(136
|
)
|
|
(136
|
)
|
Funds From Operations
|
156
|
|
|
41
|
|
|
25
|
|
|
29
|
|
|
11
|
|
|
1
|
|
|
3
|
|
|
18
|
|
|
6
|
|
|
(73
|
)
|
|
217
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(58
|
)
|
|
(20
|
)
|
|
(6
|
)
|
|
(42
|
)
|
|
(12
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(172
|
)
|
|
48
|
|
|
(82
|
)
|
|
(206
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
18
|
|
|
7
|
|
|
5
|
|
|
(2
|
)
|
|
(11
|
)
|
|
—
|
|
|
(1
|
)
|
|
(5
|
)
|
|
1
|
|
|
(13
|
)
|
|
(1
|
)
|
|
12
|
|
|
9
|
|
|
20
|
|
Deferred income tax recovery (expense)
|
(20
|
)
|
|
1
|
|
|
(1
|
)
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
16
|
|
|
(6
|
)
|
|
5
|
|
|
2
|
|
|
1
|
|
Other
|
(20
|
)
|
|
(4
|
)
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(20
|
)
|
|
(6
|
)
|
|
18
|
|
|
(8
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
(59
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
53
|
|
Net income (loss) attributable to Unitholders(2)
|
76
|
|
|
25
|
|
|
23
|
|
|
(12
|
)
|
|
(11
|
)
|
|
(3
|
)
|
|
2
|
|
|
(10
|
)
|
|
1
|
|
|
(73
|
)
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
(1)
|
Share of loss from equity-accounted investments of $16 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 $83 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
|
March 31, 2020
|
|
|
Page 22
|
|
Attributable to Unitholders
|
|
Contribution from equity-accounted investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage & Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
262
|
|
|
65
|
|
|
62
|
|
|
63
|
|
|
28
|
|
|
7
|
|
|
2
|
|
|
38
|
|
|
24
|
|
|
—
|
|
|
551
|
|
|
(91
|
)
|
|
365
|
|
|
825
|
|
Other income
|
1
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
7
|
|
|
(4
|
)
|
|
5
|
|
|
8
|
|
Direct operating costs
|
(68
|
)
|
|
(17
|
)
|
|
(24
|
)
|
|
(17
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(163
|
)
|
|
29
|
|
|
(120
|
)
|
|
(254
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|
7
|
|
|
73
|
|
Adjusted EBITDA
|
195
|
|
|
49
|
|
|
38
|
|
|
48
|
|
|
20
|
|
|
5
|
|
|
1
|
|
|
32
|
|
|
11
|
|
|
(4
|
)
|
|
395
|
|
|
—
|
|
|
257
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Interest expense
|
(41
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(19
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|
(14
|
)
|
|
(4
|
)
|
|
(24
|
)
|
|
(121
|
)
|
|
24
|
|
|
(76
|
)
|
|
(173
|
)
|
Current income taxes
|
(2
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
1
|
|
|
(15
|
)
|
|
(24
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
(4
|
)
|
|
(29
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(162
|
)
|
|
(162
|
)
|
Funds From Operations
|
152
|
|
|
40
|
|
|
26
|
|
|
29
|
|
|
17
|
|
|
2
|
|
|
1
|
|
|
18
|
|
|
7
|
|
|
(65
|
)
|
|
227
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(55
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(40
|
)
|
|
(10
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(157
|
)
|
|
33
|
|
|
(76
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(16
|
)
|
|
(18
|
)
|
|
1
|
|
|
(1
|
)
|
|
(18
|
)
|
Deferred income tax recovery (expense)
|
(17
|
)
|
|
1
|
|
|
(2
|
)
|
|
16
|
|
|
5
|
|
|
—
|
|
|
(1
|
)
|
|
16
|
|
|
—
|
|
|
6
|
|
|
24
|
|
|
(35
|
)
|
|
(9
|
)
|
|
(20
|
)
|
Other
|
(15
|
)
|
|
(1
|
)
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(5
|
)
|
|
(33
|
)
|
|
13
|
|
|
18
|
|
|
(2
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68
|
|
|
68
|
|
Net income (loss) attributable to Unitholders(2)
|
67
|
|
|
17
|
|
|
20
|
|
|
4
|
|
|
11
|
|
|
(3
|
)
|
|
(1
|
)
|
|
9
|
|
|
—
|
|
|
(81
|
)
|
|
43
|
|
|
—
|
|
|
—
|
|
|
43
|
|
(1)
|
Share of earnings from equity-accounted investments of $32 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $94 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
|
March 31, 2020
|
|
|
Page 23
|
|
|
|
|
|
Per unit
|
||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Net income attributable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners' equity
|
$
|
10
|
|
|
$
|
25
|
|
|
$
|
0.06
|
|
|
$
|
0.14
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
8
|
|
|
18
|
|
|
—
|
|
|
—
|
|
||||
Net income attributable to Unitholders
|
$
|
18
|
|
|
$
|
43
|
|
|
$
|
0.06
|
|
|
$
|
0.14
|
|
Adjusted for proportionate share of:
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
172
|
|
|
157
|
|
|
0.55
|
|
|
0.50
|
|
||||
Foreign exchange and unrealized financial instruments loss
|
1
|
|
|
18
|
|
|
—
|
|
|
0.06
|
|
||||
Deferred income tax expense (recovery)
|
6
|
|
|
(24
|
)
|
|
0.02
|
|
|
(0.08
|
)
|
||||
Other
|
20
|
|
|
33
|
|
|
0.07
|
|
|
0.11
|
|
||||
Funds From Operations
|
$
|
217
|
|
|
$
|
227
|
|
|
$
|
0.70
|
|
|
$
|
0.73
|
|
Distributions attributable to:
|
|
|
|
|
|
|
|
||||||||
Preferred limited partners' equity
|
12
|
|
|
10
|
|
|
|
|
|
||||||
Preferred equity
|
7
|
|
|
6
|
|
|
|
|
|
||||||
Current income taxes
|
11
|
|
|
10
|
|
|
|
|
|
||||||
Interest expense
|
113
|
|
|
121
|
|
|
|
|
|
||||||
Management service costs
|
31
|
|
|
21
|
|
|
|
|
|
||||||
Proportionate Adjusted EBITDA
|
391
|
|
|
395
|
|
|
|
|
|
||||||
Attributable to non-controlling interests
|
227
|
|
|
257
|
|
|
|
|
|
||||||
Consolidated Adjusted EBITDA
|
$
|
618
|
|
|
$
|
652
|
|
|
|
|
|
||||
Weighted average Units outstanding(1)
|
|
|
|
|
311.3
|
|
|
311.1
|
|
(1)
|
Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 24
|
(GWh, except as noted)
|
Balance of 2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
2024
|
|
|||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States(1)
|
6,712
|
|
|
6,443
|
|
|
4,446
|
|
|
4,446
|
|
|
4,446
|
|
|||||
Canada(1)
|
2,015
|
|
|
2,144
|
|
|
2,097
|
|
|
2,020
|
|
|
2,006
|
|
|||||
|
8,727
|
|
|
8,587
|
|
|
6,543
|
|
|
6,466
|
|
|
6,452
|
|
|||||
Wind
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
|
1,491
|
|
|
1,935
|
|
|
1,981
|
|
|
1,981
|
|
|
1,767
|
|
|||||
Canada
|
920
|
|
|
1,266
|
|
|
1,266
|
|
|
1,266
|
|
|
1,266
|
|
|||||
|
2,411
|
|
|
3,201
|
|
|
3,247
|
|
|
3,247
|
|
|
3,033
|
|
|||||
Europe
|
522
|
|
|
768
|
|
|
768
|
|
|
758
|
|
|
698
|
|
|||||
Asia (2)
|
326
|
|
|
400
|
|
|
400
|
|
|
400
|
|
|
400
|
|
|||||
|
3,259
|
|
|
4,369
|
|
|
4,415
|
|
|
4,405
|
|
|
4,131
|
|
|||||
Solar(2)
|
1,063
|
|
|
1,370
|
|
|
1,364
|
|
|
1,362
|
|
|
1,356
|
|
|||||
Contracted on a proportionate basis
|
13,049
|
|
|
14,326
|
|
|
12,322
|
|
|
12,233
|
|
|
11,939
|
|
|||||
Uncontracted on a proportionate basis
|
687
|
|
|
4,269
|
|
|
6,271
|
|
|
6,360
|
|
|
6,652
|
|
|||||
|
13,736
|
|
|
18,595
|
|
|
18,593
|
|
|
18,593
|
|
|
18,591
|
|
|||||
Contracted generation as a % of total generation on a proportionate basis
|
95
|
%
|
|
77
|
%
|
|
66
|
%
|
|
66
|
%
|
|
64
|
%
|
|||||
Price per MWh – total generation on a proportionate basis
|
$
|
77
|
|
|
$
|
83
|
|
|
$
|
90
|
|
|
$
|
90
|
|
|
$
|
92
|
|
(1)
|
Includes generation of 2,685 GWh for 2020 and 1,284 GWh for 2021 secured under financial contracts.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 25
|
|
Corporate
|
|
Consolidated
|
||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||||
Commercial paper and corporate credit facility(1)(2)(3)
|
$
|
90
|
|
|
$
|
299
|
|
|
$
|
90
|
|
|
$
|
299
|
|
Debt
|
|
|
|
|
|
|
|
||||||||
Medium term notes(2)(4)
|
1,920
|
|
|
1,808
|
|
|
1,920
|
|
|
1,808
|
|
||||
Non-recourse borrowings(5)
|
—
|
|
|
—
|
|
|
8,324
|
|
|
8,964
|
|
||||
|
1,920
|
|
|
1,808
|
|
|
10,244
|
|
|
10,772
|
|
||||
Deferred income tax liabilities, net(6)
|
—
|
|
|
—
|
|
|
3,972
|
|
|
4,421
|
|
||||
Equity
|
|
|
|
|
|
|
|
||||||||
Non-controlling interest
|
—
|
|
|
—
|
|
|
7,760
|
|
|
8,742
|
|
||||
Preferred equity
|
551
|
|
|
597
|
|
|
551
|
|
|
597
|
|
||||
Preferred limited partners' equity
|
1,028
|
|
|
833
|
|
|
1,028
|
|
|
833
|
|
||||
Unitholders equity
|
7,018
|
|
|
7,959
|
|
|
7,018
|
|
|
7,959
|
|
||||
Total capitalization
|
$
|
10,517
|
|
|
$
|
11,197
|
|
|
$
|
30,573
|
|
|
$
|
33,324
|
|
Debt to total capitalization
|
18
|
%
|
|
16
|
%
|
|
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 March 31, 2020 are adjusted to reflect the issuance of C$175 million of Series 11 ($124 million) and C$175 million of Series 12 ($124 million) medium term notes on April 3, 2020.
|
(3)
|
Our commercial paper program is supplemented by our $1.75 billion corporate credit facilities with a weighted average maturity of four years. As at March 31, 2020, $100 million of commercial papers are outstanding.
|
(4)
|
Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes $8 million (2019: $7 million) of deferred financing fees.
|
(5)
|
Consolidated non-recourse borrowings include $53 million (2019: $142 million) borrowed under a subscription facility of a Brookfield sponsored private fund and excludes $55 million (2019: $60 million) of deferred financing fees, net of unamortized premiums.
|
(6)
|
Deferred income tax liabilities less deferred income assets.
|
(MILLIONS, EXCEPT AS NOTED)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Brookfield Renewable's share of cash and cash equivalents
|
$
|
212
|
|
|
$
|
143
|
|
Investments in marketable securities
|
120
|
|
|
95
|
|
||
Corporate credit facilities
|
|
|
|
||||
Authorized credit facilities(1)
|
2,150
|
|
|
2,150
|
|
||
Draws on commercial paper and credit facilities(2)
|
(90
|
)
|
|
(299
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
400
|
|
||
Issued letters of credit
|
(243
|
)
|
|
(266
|
)
|
||
Available portion of corporate credit facilities
|
2,217
|
|
|
1,985
|
|
||
Available portion of subsidiary credit facilities on a proportionate basis
|
460
|
|
|
472
|
|
||
Available group-wide liquidity
|
$
|
3,009
|
|
|
$
|
2,695
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
(2)
|
Draws on credit facilities include the offset of C$350 million ($248 million) of proceeds from the issuance of Series 11 and Series 12 medium term notes on April 3, 2020.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 26
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||
|
Weighted-average
|
|
|
|
Weighted-average
|
|
|
||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
Interest
rate (%)
|
|
|
Term
(years)
|
|
|
Total
|
|
|
Interest
rate (%)
|
|
|
Term
(years)
|
|
|
Total
|
|
||
Corporate borrowings
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Medium term notes(1)
|
4.1
|
%
|
|
10
|
|
|
$
|
1,920
|
|
|
4.1
|
%
|
|
10
|
|
|
$
|
1,808
|
|
Commercial paper and credit facilities(3)
|
2.2
|
%
|
|
4
|
|
|
90
|
|
|
2.9
|
%
|
|
5
|
|
|
299
|
|
||
Proportionate subsidiary borrowings(2)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hydroelectric
|
5.5
|
%
|
|
9
|
|
|
3,534
|
|
|
5.6
|
%
|
|
10
|
|
|
3,727
|
|
||
Wind
|
4.6
|
%
|
|
11
|
|
|
1,810
|
|
|
4.5
|
%
|
|
10
|
|
|
1,742
|
|
||
Solar
|
4.9
|
%
|
|
11
|
|
|
1,386
|
|
|
4.7
|
%
|
|
10
|
|
|
1,470
|
|
||
Storage and other
|
5.4
|
%
|
|
4
|
|
|
225
|
|
|
5.5
|
%
|
|
5
|
|
|
235
|
|
||
|
5.1
|
%
|
|
10
|
|
|
6,955
|
|
|
5.1
|
%
|
|
10
|
|
|
7,174
|
|
||
|
|
|
|
|
8,965
|
|
|
|
|
|
|
9,281
|
|
||||||
Proportionate deferred financing fees, net of unamortized premiums
|
|
(41
|
)
|
|
|
|
|
|
(46
|
)
|
|||||||||
|
|
8,924
|
|
|
|
|
|
|
9,235
|
|
|||||||||
Equity-accounted borrowings
|
|
(2,306
|
)
|
|
|
|
|
|
(2,157
|
)
|
|||||||||
Non-controlling interests
|
|
3,653
|
|
|
|
|
|
|
3,926
|
|
|||||||||
As per IFRS Statements
|
|
$
|
10,271
|
|
|
|
|
|
|
$
|
11,004
|
|
(1)
|
Adjusted to reflect the issuance of Series 11 and Series 12 (C$350) medium term notes of $248 million that was completed on April 3, 2020 and the use of proceeds to repay corporate credit facility indebtedness.
|
(2)
|
Excludes $9 million of proportionate debt associated with our portfolios that are classified as held for sale as at March 31, 2020 (2019: $11 million).
|
(3)
|
Our commercial paper program is supplemented by our $1.75 billion corporate credit facilities with a weighted average maturity of 4 years. As at March 31, 2020, $100 million of commercial papers are outstanding.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 27
|
(MILLIONS)
|
Balance of 2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
2024
|
|
|
Thereafter
|
|
|
Total
|
|
||||||||
Debt Principal repayments(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Medium term notes(2)(3)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
284
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,636
|
|
|
$
|
1,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Credit facilities
|
—
|
|
|
—
|
|
|
61
|
|
|
50
|
|
|
18
|
|
|
—
|
|
|
129
|
|
||||||||
Hydroelectric
|
—
|
|
|
—
|
|
|
215
|
|
|
377
|
|
|
77
|
|
|
2,060
|
|
|
2,729
|
|
||||||||
Wind
|
—
|
|
|
—
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|
395
|
|
|
500
|
|
||||||||
Solar
|
—
|
|
|
141
|
|
|
—
|
|
|
103
|
|
|
—
|
|
|
284
|
|
|
528
|
|
||||||||
Storage & other
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
209
|
|
||||||||
|
—
|
|
|
198
|
|
|
276
|
|
|
635
|
|
|
95
|
|
|
2,891
|
|
|
4,095
|
|
||||||||
Amortizing debt principal repayments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Hydroelectric
|
44
|
|
|
50
|
|
|
64
|
|
|
53
|
|
|
61
|
|
|
466
|
|
|
738
|
|
||||||||
Wind
|
87
|
|
|
108
|
|
|
120
|
|
|
114
|
|
|
123
|
|
|
734
|
|
|
1,286
|
|
||||||||
Solar
|
56
|
|
|
51
|
|
|
55
|
|
|
55
|
|
|
58
|
|
|
545
|
|
|
820
|
|
||||||||
Storage & other
|
2
|
|
|
3
|
|
|
2
|
|
|
3
|
|
|
4
|
|
|
2
|
|
|
16
|
|
||||||||
|
189
|
|
|
212
|
|
|
241
|
|
|
225
|
|
|
246
|
|
|
1,747
|
|
|
2,860
|
|
||||||||
Total
|
$
|
189
|
|
|
$
|
410
|
|
|
$
|
801
|
|
|
$
|
860
|
|
|
$
|
341
|
|
|
$
|
6,274
|
|
|
$
|
8,875
|
|
(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 $8 million (2019: $7 million) of deferred financing fees.
|
(3)
|
Adjusted to reflect the Series 11 and Series 12 medium term notes of $248 million that were issued on April 3, 2020.
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Cash flow provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
355
|
|
|
$
|
367
|
|
Financing activities
|
(131
|
)
|
|
(284
|
)
|
||
Investing activities
|
(29
|
)
|
|
(79
|
)
|
||
Foreign exchange loss on cash
|
(12
|
)
|
|
—
|
|
||
Increase (decrease) in cash and cash equivalents
|
$
|
183
|
|
|
$
|
4
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 28
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Trade receivables and other current assets
|
$
|
(2
|
)
|
|
$
|
6
|
|
Accounts payable and accrued liabilities
|
(12
|
)
|
|
(9
|
)
|
||
Other assets and liabilities
|
—
|
|
|
(27
|
)
|
||
|
$
|
(14
|
)
|
|
$
|
(30
|
)
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 29
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
Class A Preference Shares(1)
|
31,035,967
|
|
|
31,035,967
|
|
Preferred Units(2)
|
|
|
|
|
|
Balance, beginning of year
|
44,885,496
|
|
|
37,885,496
|
|
Issuance
|
8,000,000
|
|
|
7,000,000
|
|
Balance, end of period/year
|
52,885,496
|
|
|
44,885,496
|
|
GP interest
|
2,651,506
|
|
|
2,651,506
|
|
Redeemable/Exchangeable partnership units
|
129,658,623
|
|
|
129,658,623
|
|
LP Units
|
|
|
|
|
|
Balance, beginning of year
|
178,977,800
|
|
|
178,821,204
|
|
Distribution reinvestment plan
|
39,178
|
|
|
176,596
|
|
Repurchase of LP Units for cancellation
|
—
|
|
|
(20,000
|
)
|
Balance, end of period/year
|
179,016,978
|
|
|
178,977,800
|
|
Total LP Units on a fully-exchanged basis(3)
|
308,675,601
|
|
|
308,636,423
|
|
(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); 7,000,000 Series 15 Preferred Units are outstanding (convertible for Series 16 Preferred Units beginning on April 30, 2024); and 8,000,000 Series 17 Preferred Units are outstanding.
|
(3)
|
The fully-exchanged amounts assume the exchange of all Redeemable/Exchangeable partnership units for LP Units.
|
|
|
Declared
|
|
Paid
|
||||||||||||
(MILLIONS)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Class A Preference Shares
|
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
7
|
|
|
$
|
7
|
|
Class A Preferred LP Units
|
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
11
|
|
|
$
|
9
|
|
Participating non-controlling interests – in operating subsidiaries
|
|
$
|
77
|
|
|
$
|
134
|
|
|
$
|
77
|
|
|
$
|
134
|
|
GP interest and Incentive distributions
|
|
$
|
17
|
|
|
$
|
15
|
|
|
$
|
16
|
|
|
$
|
13
|
|
Redeemable/Exchangeable partnership units
|
|
$
|
72
|
|
|
$
|
68
|
|
|
$
|
70
|
|
|
$
|
67
|
|
LP Units
|
|
$
|
99
|
|
|
$
|
93
|
|
|
$
|
95
|
|
|
$
|
91
|
|
•
|
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
|
March 31, 2020
|
|
|
Page 30
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 31
|
|
2020
|
|
2019
|
|
2018
|
||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
||||||||||||||||
Total Generation (GWh) – LTA
|
14,151
|
|
|
13,850
|
|
|
12,332
|
|
|
14,252
|
|
|
13,493
|
|
|
13,485
|
|
|
12,113
|
|
|
13,521
|
|
||||||||
Total Generation (GWh) – actual
|
14,264
|
|
|
12,465
|
|
|
11,089
|
|
|
14,881
|
|
|
14,125
|
|
|
14,445
|
|
|
11,609
|
|
|
13,122
|
|
||||||||
Proportionate Generation (GWh) – LTA
|
6,717
|
|
|
6,561
|
|
|
5,821
|
|
|
7,109
|
|
|
6,698
|
|
|
6,602
|
|
|
5,956
|
|
|
6,935
|
|
||||||||
Proportionate Generation (GWh) – actual
|
7,164
|
|
|
5,977
|
|
|
5,213
|
|
|
7,602
|
|
|
7,246
|
|
|
7,052
|
|
|
5,552
|
|
|
6,455
|
|
||||||||
Revenues
|
$
|
792
|
|
|
$
|
726
|
|
|
$
|
642
|
|
|
$
|
787
|
|
|
$
|
825
|
|
|
$
|
780
|
|
|
$
|
674
|
|
|
$
|
735
|
|
Net income (loss) attributable to Unitholders
|
18
|
|
|
(66
|
)
|
|
(53
|
)
|
|
17
|
|
|
43
|
|
|
91
|
|
|
(55
|
)
|
|
(2
|
)
|
||||||||
Basic and diluted earnings (loss) per LP Unit
|
0.06
|
|
|
0.21
|
|
|
(0.17
|
)
|
|
0.05
|
|
|
0.14
|
|
|
0.29
|
|
|
(0.18
|
)
|
|
(0.01
|
)
|
||||||||
Consolidated Adjusted EBITDA
|
618
|
|
|
550
|
|
|
507
|
|
|
630
|
|
|
652
|
|
|
604
|
|
|
494
|
|
|
543
|
|
||||||||
Proportionate Adjusted EBITDA
|
391
|
|
|
348
|
|
|
301
|
|
|
400
|
|
|
395
|
|
|
371
|
|
|
277
|
|
|
324
|
|
||||||||
Funds From Operations
|
217
|
|
|
171
|
|
|
133
|
|
|
230
|
|
|
227
|
|
|
206
|
|
|
105
|
|
|
172
|
|
||||||||
Funds From Operations per Unit
|
0.70
|
|
|
0.55
|
|
|
0.43
|
|
|
0.74
|
|
|
0.73
|
|
|
0.66
|
|
|
0.33
|
|
|
0.55
|
|
||||||||
Distribution per LP Unit
|
0.543
|
|
|
0.515
|
|
|
0.515
|
|
|
0.515
|
|
|
0.515
|
|
|
0.490
|
|
|
0.490
|
|
|
0.490
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 32
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 33
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 34
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 35
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 36
|
•
|
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
|
March 31, 2020
|
|
|
Page 37
|
•
|
Proportionate debt amounts do not represent the consolidated obligation for debt underlying a consolidated investment. If an individual project does not generate sufficient cash flows to service the entire amount of its debt payments, management may determine, in their discretion, to pay the shortfall through an equity injection to avoid defaulting on the obligation. Such a shortfall may not be apparent from or may not equal the difference between aggregate proportionate Adjusted EBITDA for all of the portfolio investments of Brookfield Renewable and aggregate proportionate debt for all of the portfolio investments of Brookfield Renewable; and
|
•
|
Other companies may calculate proportionate debt differently.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 38
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 39
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 40
|
UNAUDITED
(MILLIONS)
|
Notes
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Assets
|
|
|
|
|
|
||||
Current assets
|
|
|
|
|
|
||||
Cash and cash equivalents
|
13
|
|
$
|
294
|
|
|
$
|
115
|
|
Restricted cash
|
14
|
|
219
|
|
|
154
|
|
||
Trade receivables and other current assets
|
15
|
|
645
|
|
|
718
|
|
||
Financial instrument assets
|
4
|
|
126
|
|
|
75
|
|
||
Due from related parties
|
18
|
|
90
|
|
|
60
|
|
||
Assets held for sale
|
3
|
|
190
|
|
|
352
|
|
||
|
|
|
1,564
|
|
|
1,474
|
|
||
Financial instrument assets
|
4
|
|
188
|
|
|
165
|
|
||
Equity-accounted investments
|
12
|
|
1,791
|
|
|
1,889
|
|
||
Property, plant and equipment
|
7
|
|
27,873
|
|
|
30,714
|
|
||
Goodwill
|
|
|
662
|
|
|
821
|
|
||
Deferred income tax assets
|
6
|
|
123
|
|
|
116
|
|
||
Other long-term assets
|
|
|
462
|
|
|
512
|
|
||
Total Assets
|
|
|
$
|
32,663
|
|
|
$
|
35,691
|
|
Liabilities
|
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
16
|
|
$
|
530
|
|
|
$
|
590
|
|
Financial instrument liabilities
|
4
|
|
142
|
|
|
139
|
|
||
Payables due to related parties
|
18
|
|
142
|
|
|
127
|
|
||
Corporate borrowings
|
8
|
|
100
|
|
|
—
|
|
||
Non-recourse borrowings
|
8
|
|
580
|
|
|
685
|
|
||
Liabilities directly associated with assets held for sale
|
3
|
|
95
|
|
|
137
|
|
||
|
|
|
1,589
|
|
|
1,678
|
|
||
Financial instrument liabilities
|
4
|
|
54
|
|
|
39
|
|
||
Corporate borrowings
|
8
|
|
1,902
|
|
|
2,100
|
|
||
Non-recourse borrowings
|
8
|
|
7,689
|
|
|
8,219
|
|
||
Deferred income tax liabilities
|
6
|
|
4,095
|
|
|
4,537
|
|
||
Other long-term liabilities
|
|
|
977
|
|
|
987
|
|
||
Equity
|
|
|
|
|
|
||||
Non-controlling interests
|
|
|
|
|
|
||||
Participating non-controlling interests – in operating subsidiaries
|
9
|
|
7,760
|
|
|
8,742
|
|
||
General partnership interest in a holding subsidiary held by Brookfield
|
9
|
|
60
|
|
|
68
|
|
||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
9
|
|
2,923
|
|
|
3,315
|
|
||
Preferred equity
|
9
|
|
551
|
|
|
597
|
|
||
Preferred limited partners' equity
|
10
|
|
1,028
|
|
|
833
|
|
||
Limited partners' equity
|
11
|
|
4,035
|
|
|
4,576
|
|
||
Total Equity
|
|
|
16,357
|
|
|
18,131
|
|
||
Total Liabilities and Equity
|
|
|
$
|
32,663
|
|
|
$
|
35,691
|
|
Approved on behalf of Brookfield Renewable Partners L.P.:
|
|
|
|
Patricia Zuccotti
Director
|
David Mann
Director
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 41
|
UNAUDITED
THREE MONTHS ENDED MARCH 31
(MILLIONS, EXCEPT PER UNIT INFORMATION)
|
|
|
|
||||||
Notes
|
|
2020
|
|
|
2019
|
|
|||
Revenues
|
18
|
|
$
|
792
|
|
|
$
|
825
|
|
Other income
|
|
|
10
|
|
|
8
|
|
||
Direct operating costs
|
|
|
(261
|
)
|
|
(254
|
)
|
||
Management service costs
|
18
|
|
(31
|
)
|
|
(21
|
)
|
||
Interest expense
|
8
|
|
(162
|
)
|
|
(173
|
)
|
||
Share of (loss) earnings from equity-accounted investments
|
12
|
|
(16
|
)
|
|
32
|
|
||
Foreign exchange and unrealized financial instrument gain (loss)
|
4
|
|
20
|
|
|
(18
|
)
|
||
Depreciation
|
7
|
|
(206
|
)
|
|
(200
|
)
|
||
Other
|
|
|
(8
|
)
|
|
(2
|
)
|
||
Income tax expense
|
|
|
|
|
|
||||
Current
|
6
|
|
(19
|
)
|
|
(24
|
)
|
||
Deferred
|
6
|
|
1
|
|
|
(20
|
)
|
||
|
|
|
(18
|
)
|
|
(44
|
)
|
||
Net income
|
|
|
$
|
120
|
|
|
$
|
153
|
|
Net income attributable to:
|
|
|
|
|
|
||||
Non-controlling interests
|
|
|
|
|
|
||||
Participating non-controlling interests – in operating subsidiaries
|
9
|
|
$
|
83
|
|
|
$
|
94
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
9
|
|
—
|
|
|
—
|
|
||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
9
|
|
8
|
|
|
18
|
|
||
Preferred equity
|
9
|
|
7
|
|
|
6
|
|
||
Preferred limited partners' equity
|
10
|
|
12
|
|
|
10
|
|
||
Limited partners' equity
|
11
|
|
10
|
|
|
25
|
|
||
|
|
|
$
|
120
|
|
|
$
|
153
|
|
Basic and diluted earnings per LP Unit
|
|
|
$
|
0.06
|
|
|
$
|
0.14
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 42
|
UNAUDITED
THREE MONTHS ENDED MARCH 31
(MILLIONS)
|
|
|
|
||||||
Notes
|
|
2020
|
|
|
2019
|
|
|||
Net income
|
|
|
$
|
120
|
|
|
$
|
153
|
|
Other comprehensive (loss) income that will not be reclassified to net income
|
|
|
|
|
|
||||
Actuarial gain (loss) on defined benefit plans
|
|
|
2
|
|
|
(5
|
)
|
||
Total items that will not be reclassified to net income
|
|
|
2
|
|
|
(5
|
)
|
||
Other comprehensive (loss) income that may be reclassified to net income
|
|
|
|
|
|
||||
Foreign currency translation
|
|
|
(1,786
|
)
|
|
126
|
|
||
Gains (losses) arising during the period on financial instruments designated as cash-flow hedges
|
4
|
|
18
|
|
|
(3
|
)
|
||
Unrealized gain (loss) on foreign exchange swaps net investment hedge
|
4
|
|
29
|
|
|
(7
|
)
|
||
Unrealized (loss) gain on investments in equity securities
|
4
|
|
(9
|
)
|
|
26
|
|
||
Reclassification adjustments for amounts recognized in net income
|
4
|
|
(19
|
)
|
|
4
|
|
||
Deferred income taxes on above items
|
|
|
—
|
|
|
(1
|
)
|
||
Equity-accounted investments
|
12
|
|
(23
|
)
|
|
9
|
|
||
Total items that may be reclassified subsequently to net income
|
|
|
(1,790
|
)
|
|
154
|
|
||
Other comprehensive (loss) income
|
|
|
(1,788
|
)
|
|
149
|
|
||
Comprehensive (loss) income
|
|
|
$
|
(1,668
|
)
|
|
$
|
302
|
|
Comprehensive (loss) income attributable to:
|
|
|
|
|
|
||||
Non-controlling interests
|
|
|
|
|
|
||||
Participating non-controlling interests – in operating subsidiaries
|
9
|
|
(897
|
)
|
|
177
|
|
||
General partnership interest in a holding subsidiary held by Brookfield
|
9
|
|
(6
|
)
|
|
1
|
|
||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
9
|
|
(310
|
)
|
|
40
|
|
||
Preferred equity
|
9
|
|
(39
|
)
|
|
19
|
|
||
Preferred limited partners' equity
|
10
|
|
12
|
|
|
10
|
|
||
Limited partners' equity
|
11
|
|
$
|
(428
|
)
|
|
$
|
55
|
|
|
|
|
(1,668
|
)
|
|
302
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 43
|
|
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
Non-controlling interests
|
|
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
THREE MONTHS ENDED MARCH 31
(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, 2019
|
$
|
(1,119
|
)
|
|
$
|
(700
|
)
|
|
$
|
6,424
|
|
|
$
|
(9
|
)
|
|
$
|
(32
|
)
|
|
$
|
12
|
|
|
$
|
4,576
|
|
|
$
|
833
|
|
|
$
|
597
|
|
|
$
|
8,742
|
|
|
$
|
68
|
|
|
$
|
3,315
|
|
|
$
|
18,131
|
|
Net income
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
12
|
|
|
7
|
|
|
83
|
|
|
—
|
|
|
8
|
|
|
120
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(428
|
)
|
|
—
|
|
|
1
|
|
|
(6
|
)
|
|
(5
|
)
|
|
(438
|
)
|
|
—
|
|
|
(46
|
)
|
|
(980
|
)
|
|
(6
|
)
|
|
(318
|
)
|
|
(1,788
|
)
|
|||||||||||||
Preferred LP Units issued (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|||||||||||||
Capital contributions (Note 9)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||||||||||
Distributions or dividends declared
|
(99
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(99
|
)
|
|
(12
|
)
|
|
(7
|
)
|
|
(77
|
)
|
|
(17
|
)
|
|
(72
|
)
|
|
(284
|
)
|
|||||||||||||
Distribution reinvestment plan
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||||||||
Other
|
9
|
|
|
(2
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
15
|
|
|
(10
|
)
|
|
(26
|
)
|
|||||||||||||
Change in period
|
(79
|
)
|
|
(430
|
)
|
|
(11
|
)
|
|
1
|
|
|
(6
|
)
|
|
(16
|
)
|
|
(541
|
)
|
|
195
|
|
|
(46
|
)
|
|
(982
|
)
|
|
(8
|
)
|
|
(392
|
)
|
|
(1,774
|
)
|
|||||||||||||
Balance as at March 31, 2020
|
$
|
(1,198
|
)
|
|
$
|
(1,130
|
)
|
|
$
|
6,413
|
|
|
$
|
(8
|
)
|
|
$
|
(38
|
)
|
|
$
|
(4
|
)
|
|
$
|
4,035
|
|
|
$
|
1,028
|
|
|
$
|
551
|
|
|
$
|
7,760
|
|
|
$
|
60
|
|
|
$
|
2,923
|
|
|
$
|
16,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
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
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
10
|
|
|
6
|
|
|
94
|
|
|
—
|
|
|
18
|
|
|
153
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
20
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
14
|
|
|
30
|
|
|
—
|
|
|
13
|
|
|
83
|
|
|
1
|
|
|
22
|
|
|
149
|
|
|||||||||||||
Preferred LP Units Issued
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|||||||||||||
LP Units purchased for cancellation
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
288
|
|
|
—
|
|
|
—
|
|
|
288
|
|
|||||||||||||
Distributions or dividends declared
|
(93
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(93
|
)
|
|
(10
|
)
|
|
(6
|
)
|
|
(134
|
)
|
|
(15
|
)
|
|
(68
|
)
|
|
(326
|
)
|
|||||||||||||
Distribution reinvestment plan
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||||||
Other
|
205
|
|
|
(12
|
)
|
|
(199
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
14
|
|
|
(3
|
)
|
|
1
|
|
|||||||||||||
Change in period
|
138
|
|
|
8
|
|
|
(199
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
14
|
|
|
(42
|
)
|
|
126
|
|
|
12
|
|
|
327
|
|
|
—
|
|
|
(31
|
)
|
|
392
|
|
|||||||||||||
Balance as at March 31, 2019
|
$
|
(810
|
)
|
|
$
|
(644
|
)
|
|
$
|
5,921
|
|
|
$
|
(7
|
)
|
|
$
|
(36
|
)
|
|
$
|
18
|
|
|
$
|
4,442
|
|
|
$
|
833
|
|
|
$
|
580
|
|
|
$
|
8,456
|
|
|
$
|
66
|
|
|
$
|
3,221
|
|
|
$
|
17,598
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 44
|
UNAUDITED
THREE MONTHS ENDED MARCH 31
|
|
|
|
||||||
(MILLIONS)
|
Notes
|
|
2020
|
|
|
2019
|
|
||
Operating activities
|
|
|
|
|
|
||||
Net income
|
|
|
$
|
120
|
|
|
$
|
153
|
|
Adjustments for the following non-cash items:
|
|
|
|
|
|
||||
Depreciation
|
7
|
|
206
|
|
|
200
|
|
||
Unrealized foreign exchange and financial instruments (gain) loss
|
4
|
|
(21
|
)
|
|
20
|
|
||
Share of earnings from equity-accounted investments
|
12
|
|
16
|
|
|
(32
|
)
|
||
Deferred income tax expense
|
6
|
|
(1
|
)
|
|
20
|
|
||
Other non-cash items
|
|
|
22
|
|
|
17
|
|
||
Dividends received from equity-accounted investments
|
12
|
|
28
|
|
|
14
|
|
||
Changes in due to or from related parties
|
|
|
(1
|
)
|
|
5
|
|
||
Net change in working capital balances
|
|
|
(14
|
)
|
|
(30
|
)
|
||
|
|
|
355
|
|
|
367
|
|
||
Financing activities
|
|
|
|
|
|
||||
Commercial paper and corporate credit facilities, net
|
8
|
|
39
|
|
|
(696
|
)
|
||
Proceeds from non-recourse borrowings
|
8
|
|
216
|
|
|
93
|
|
||
Repayment of non-recourse borrowings
|
8
|
|
(311
|
)
|
|
(88
|
)
|
||
Capital contributions from participating non-controlling interests – in operating subsidiaries
|
9
|
|
7
|
|
|
247
|
|
||
Issuance of preferred limited partnership units
|
10
|
|
195
|
|
|
126
|
|
||
Repurchase of LP Units
|
11
|
|
—
|
|
|
(1
|
)
|
||
Distributions paid:
|
|
|
|
|
|
|
|
||
To participating non-controlling interests – in operating subsidiaries
|
9
|
|
(77
|
)
|
|
(134
|
)
|
||
To preferred shareholders
|
9
|
|
(7
|
)
|
|
(6
|
)
|
||
To preferred limited partners' unitholders
|
10
|
|
(11
|
)
|
|
(9
|
)
|
||
To unitholders of Brookfield Renewable or BRELP
|
10, 12
|
|
(182
|
)
|
|
(171
|
)
|
||
Borrowings from related party
|
18
|
|
—
|
|
|
600
|
|
||
Repayments to related party
|
18
|
|
—
|
|
|
(245
|
)
|
||
|
|
|
(131
|
)
|
|
(284
|
)
|
||
Investing activities
|
|
|
|
|
|
|
|
||
Investment in equity-accounted investments
|
|
|
(12
|
)
|
|
—
|
|
||
Investment in property, plant and equipment
|
7
|
|
(53
|
)
|
|
(29
|
)
|
||
Proceeds from disposal of assets
|
2
|
|
94
|
|
|
—
|
|
||
Disposal of securities
|
4
|
|
2
|
|
|
5
|
|
||
Restricted cash and other
|
|
|
(60
|
)
|
|
(55
|
)
|
||
|
|
|
(29
|
)
|
|
(79
|
)
|
||
Foreign exchange loss on cash
|
|
|
(12
|
)
|
|
—
|
|
||
Cash and cash equivalents
|
|
|
|
|
|
|
|
||
Increase
|
|
|
183
|
|
|
4
|
|
||
Net change in cash classified within assets held for sale
|
|
|
(4
|
)
|
|
—
|
|
||
Balance, beginning of period
|
|
|
115
|
|
|
173
|
|
||
Balance, end of period
|
|
|
$
|
294
|
|
|
$
|
177
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
||
Interest paid
|
|
|
$
|
150
|
|
|
$
|
143
|
|
Interest received
|
|
|
$
|
6
|
|
|
$
|
4
|
|
Income taxes paid
|
|
|
$
|
21
|
|
|
$
|
19
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 45
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 46
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 47
|
(MILLIONS)
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2
|
|
|
$
|
14
|
|
Restricted cash
|
|
17
|
|
|
22
|
|
||
Trade receivables and other current assets
|
|
8
|
|
|
13
|
|
||
Property, plant and equipment
|
|
163
|
|
|
303
|
|
||
Assets held for sale
|
|
$
|
190
|
|
|
$
|
352
|
|
Liabilities
|
|
|
|
|
||||
Current liabilities
|
|
$
|
8
|
|
|
$
|
18
|
|
Long-term debt
|
|
56
|
|
|
73
|
|
||
Other long-term liabilities
|
|
31
|
|
|
46
|
|
||
Liabilities directly associated with assets held for sale
|
|
$
|
95
|
|
|
$
|
137
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 48
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 49
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||
(MILLIONS)
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Total
|
|
|||||
Assets measured at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
294
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
294
|
|
|
$
|
115
|
|
Restricted cash(1)
|
234
|
|
|
—
|
|
|
—
|
|
|
234
|
|
|
173
|
|
|||||
Financial instrument assets(2)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
106
|
|
|
20
|
|
|
126
|
|
|
76
|
|
|||||
Interest rate swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Foreign exchange swaps
|
—
|
|
|
37
|
|
|
—
|
|
|
37
|
|
|
4
|
|
|||||
Investments in equity securities
|
42
|
|
|
64
|
|
|
45
|
|
|
151
|
|
|
160
|
|
|||||
Property, plant and equipment
|
—
|
|
|
—
|
|
|
27,873
|
|
|
27,873
|
|
|
30,714
|
|
|||||
Liabilities measured at fair value:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Financial instrument liabilities(2)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|
(8
|
)
|
|||||
Interest rate swaps
|
—
|
|
|
(173
|
)
|
|
—
|
|
|
(173
|
)
|
|
(131
|
)
|
|||||
Foreign exchange swaps
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|
(39
|
)
|
|||||
Contingent consideration(3)
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
(27
|
)
|
|
(11
|
)
|
|||||
Assets for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Equity-accounted investments(4)
|
1,035
|
|
|
—
|
|
|
—
|
|
|
1,035
|
|
|
1,010
|
|
|||||
Liabilities for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate borrowings
|
(1,681
|
)
|
|
(338
|
)
|
|
—
|
|
|
(2,019
|
)
|
|
(2,204
|
)
|
|||||
Non-recourse borrowing
|
(394
|
)
|
|
(8,328
|
)
|
|
—
|
|
|
(8,722
|
)
|
|
(9,573
|
)
|
|||||
Total
|
$
|
(470
|
)
|
|
$
|
(8,655
|
)
|
|
$
|
27,911
|
|
|
$
|
18,786
|
|
|
$
|
20,286
|
|
(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 acquisitions with obligations lapsing in 2021 to 2024.
|
(4)
|
The fair value corresponds to Brookfield Renewable's investment in publicly-quoted common shares of TerraForm Power, Inc.
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
(MILLIONS)
|
Assets
|
|
|
Liabilities
|
|
|
Net Assets
(Liabilities)
|
|
|
Net Assets
(Liabilities)
|
|
||||
Energy derivative contracts
|
$
|
126
|
|
|
$
|
15
|
|
|
$
|
111
|
|
|
$
|
68
|
|
Interest rate swaps
|
—
|
|
|
173
|
|
|
(173
|
)
|
|
(131
|
)
|
||||
Foreign exchange swaps
|
37
|
|
|
8
|
|
|
29
|
|
|
(35
|
)
|
||||
Investments in equity securities
|
151
|
|
|
—
|
|
|
151
|
|
|
160
|
|
||||
Total
|
314
|
|
|
196
|
|
|
118
|
|
|
62
|
|
||||
Less: current portion
|
126
|
|
|
142
|
|
|
(16
|
)
|
|
(64
|
)
|
||||
Long-term portion
|
$
|
188
|
|
|
$
|
54
|
|
|
$
|
134
|
|
|
$
|
126
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 50
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Energy derivative contracts
|
$
|
24
|
|
|
$
|
6
|
|
Interest rate swaps
|
(22
|
)
|
|
(13
|
)
|
||
Foreign exchange swaps
|
54
|
|
|
(11
|
)
|
||
Foreign exchange gain (loss)
|
(36
|
)
|
|
—
|
|
||
|
$
|
20
|
|
|
$
|
(18
|
)
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Energy derivative contracts
|
$
|
40
|
|
|
$
|
13
|
|
Interest rate swaps
|
(33
|
)
|
|
(17
|
)
|
||
|
7
|
|
|
(4
|
)
|
||
Foreign exchange swaps – net investment
|
32
|
|
|
(6
|
)
|
||
Investments in equity securities
|
(9
|
)
|
|
26
|
|
||
|
$
|
30
|
|
|
$
|
16
|
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Energy derivative contracts
|
$
|
(22
|
)
|
|
$
|
1
|
|
Interest rate swaps
|
3
|
|
|
3
|
|
||
|
$
|
(19
|
)
|
|
$
|
4
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 51
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 52
|
|
Attributable to Unitholders
|
|
Contribution from equity-accounted investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage & Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
265
|
|
|
61
|
|
|
60
|
|
|
60
|
|
|
22
|
|
|
4
|
|
|
6
|
|
|
49
|
|
|
18
|
|
|
—
|
|
|
545
|
|
|
(95
|
)
|
|
342
|
|
|
792
|
|
Other income
|
2
|
|
|
3
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
12
|
|
|
(2
|
)
|
|
—
|
|
|
10
|
|
Direct operating costs
|
(69
|
)
|
|
(17
|
)
|
|
(26
|
)
|
|
(14
|
)
|
|
(9
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(14
|
)
|
|
(10
|
)
|
|
(5
|
)
|
|
(166
|
)
|
|
28
|
|
|
(123
|
)
|
|
(261
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
8
|
|
|
77
|
|
Adjusted EBITDA
|
198
|
|
|
47
|
|
|
36
|
|
|
48
|
|
|
13
|
|
|
3
|
|
|
5
|
|
|
36
|
|
|
8
|
|
|
(3
|
)
|
|
391
|
|
|
—
|
|
|
227
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
Interest expense
|
(39
|
)
|
|
(4
|
)
|
|
(7
|
)
|
|
(19
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(17
|
)
|
|
(2
|
)
|
|
(20
|
)
|
|
(113
|
)
|
|
27
|
|
|
(76
|
)
|
|
(162
|
)
|
Current income taxes
|
(3
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
4
|
|
|
(12
|
)
|
|
(19
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(3
|
)
|
|
(34
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(136
|
)
|
|
(136
|
)
|
Funds From Operations
|
156
|
|
|
41
|
|
|
25
|
|
|
29
|
|
|
11
|
|
|
1
|
|
|
3
|
|
|
18
|
|
|
6
|
|
|
(73
|
)
|
|
217
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(58
|
)
|
|
(20
|
)
|
|
(6
|
)
|
|
(42
|
)
|
|
(12
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(172
|
)
|
|
48
|
|
|
(82
|
)
|
|
(206
|
)
|
Foreign exchange and unrealized financial instrument loss
|
18
|
|
|
7
|
|
|
5
|
|
|
(2
|
)
|
|
(11
|
)
|
|
—
|
|
|
(1
|
)
|
|
(5
|
)
|
|
1
|
|
|
(13
|
)
|
|
(1
|
)
|
|
12
|
|
|
9
|
|
|
20
|
|
Deferred income tax expense
|
(20
|
)
|
|
1
|
|
|
(1
|
)
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
16
|
|
|
(6
|
)
|
|
5
|
|
|
2
|
|
|
1
|
|
Other
|
(20
|
)
|
|
(4
|
)
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(20
|
)
|
|
(6
|
)
|
|
18
|
|
|
(8
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
(59
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
53
|
|
Net income (loss) attributable to Unitholders(2)
|
76
|
|
|
25
|
|
|
23
|
|
|
(12
|
)
|
|
(11
|
)
|
|
(3
|
)
|
|
2
|
|
|
(10
|
)
|
|
1
|
|
|
(73
|
)
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
(1)
|
Share of loss from equity-accounted investments of $16 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 $83 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
|
March 31, 2020
|
|
|
Page 53
|
|
Attributable to Unitholders
|
|
Contribution from equity-accounted investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage & Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
262
|
|
|
65
|
|
|
62
|
|
|
63
|
|
|
28
|
|
|
7
|
|
|
2
|
|
|
38
|
|
|
24
|
|
|
—
|
|
|
551
|
|
|
(91
|
)
|
|
365
|
|
|
825
|
|
Other income
|
1
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
7
|
|
|
(4
|
)
|
|
5
|
|
|
8
|
|
Direct operating costs
|
(68
|
)
|
|
(17
|
)
|
|
(24
|
)
|
|
(17
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(163
|
)
|
|
29
|
|
|
(120
|
)
|
|
(254
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|
7
|
|
|
73
|
|
Adjusted EBITDA
|
195
|
|
|
49
|
|
|
38
|
|
|
48
|
|
|
20
|
|
|
5
|
|
|
1
|
|
|
32
|
|
|
11
|
|
|
(4
|
)
|
|
395
|
|
|
—
|
|
|
257
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Interest expense
|
(41
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(19
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|
(14
|
)
|
|
(4
|
)
|
|
(24
|
)
|
|
(121
|
)
|
|
24
|
|
|
(76
|
)
|
|
(173
|
)
|
Current income taxes
|
(2
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
1
|
|
|
(15
|
)
|
|
(24
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
(4
|
)
|
|
(29
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(162
|
)
|
|
(162
|
)
|
Funds From Operations
|
152
|
|
|
40
|
|
|
26
|
|
|
29
|
|
|
17
|
|
|
2
|
|
|
1
|
|
|
18
|
|
|
7
|
|
|
(65
|
)
|
|
227
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(55
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(40
|
)
|
|
(10
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(157
|
)
|
|
33
|
|
|
(76
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instrument loss
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(16
|
)
|
|
(18
|
)
|
|
1
|
|
|
(1
|
)
|
|
(18
|
)
|
Deferred income tax expense
|
(17
|
)
|
|
1
|
|
|
(2
|
)
|
|
16
|
|
|
5
|
|
|
—
|
|
|
(1
|
)
|
|
16
|
|
|
—
|
|
|
6
|
|
|
24
|
|
|
(35
|
)
|
|
(9
|
)
|
|
(20
|
)
|
Other
|
(15
|
)
|
|
(1
|
)
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(5
|
)
|
|
(33
|
)
|
|
13
|
|
|
18
|
|
|
(2
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68
|
|
|
68
|
|
Net income (loss) attributable to Unitholders(2)
|
67
|
|
|
17
|
|
|
20
|
|
|
4
|
|
|
11
|
|
|
(3
|
)
|
|
(1
|
)
|
|
9
|
|
|
—
|
|
|
(81
|
)
|
|
43
|
|
|
—
|
|
|
—
|
|
|
43
|
|
(1)
|
Share of earnings from equity-accounted investments of $32 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of $94 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
|
March 31, 2020
|
|
|
Page 54
|
|
Attributable to Unitholders
|
|
Contribution from equity-accounted investments
|
|
|
Attributable
to non- controlling interests |
|
|
As per
IFRS financials |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage & Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||||||||||||||||
As at March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
22
|
|
|
$
|
14
|
|
|
$
|
25
|
|
|
$
|
26
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
12
|
|
|
$
|
84
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
212
|
|
|
$
|
(101
|
)
|
|
$
|
183
|
|
|
$
|
294
|
|
Property, plant and equipment
|
11,110
|
|
|
1,493
|
|
|
1,423
|
|
|
2,454
|
|
|
642
|
|
|
282
|
|
|
172
|
|
|
2,184
|
|
|
717
|
|
|
—
|
|
|
20,477
|
|
|
(4,316
|
)
|
|
11,712
|
|
|
27,873
|
|
||||||||||||||
Total assets
|
11,921
|
|
|
1,657
|
|
|
1,651
|
|
|
2,616
|
|
|
705
|
|
|
308
|
|
|
222
|
|
|
2,436
|
|
|
761
|
|
|
98
|
|
|
22,375
|
|
|
(3,112
|
)
|
|
13,400
|
|
|
32,663
|
|
||||||||||||||
Total borrowings
|
2,986
|
|
|
166
|
|
|
382
|
|
|
1,301
|
|
|
317
|
|
|
68
|
|
|
124
|
|
|
1,386
|
|
|
225
|
|
|
2,010
|
|
|
8,965
|
|
|
(2,306
|
)
|
|
3,612
|
|
|
10,271
|
|
||||||||||||||
Other liabilities
|
2,901
|
|
|
115
|
|
|
400
|
|
|
529
|
|
|
113
|
|
|
7
|
|
|
22
|
|
|
440
|
|
|
44
|
|
|
243
|
|
|
4,814
|
|
|
(806
|
)
|
|
2,027
|
|
|
6,035
|
|
||||||||||||||
For the three months ended March 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
12
|
|
|
8
|
|
|
1
|
|
|
9
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
2
|
|
|
1
|
|
|
56
|
|
|
(17
|
)
|
|
58
|
|
|
97
|
|
||||||||||||||
As at December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
10
|
|
|
$
|
7
|
|
|
$
|
10
|
|
|
$
|
18
|
|
|
$
|
21
|
|
|
$
|
2
|
|
|
$
|
5
|
|
|
$
|
63
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
143
|
|
|
$
|
(89
|
)
|
|
$
|
61
|
|
|
$
|
115
|
|
Property, plant and equipment
|
11,488
|
|
|
1,938
|
|
|
1,773
|
|
|
2,556
|
|
|
628
|
|
|
368
|
|
|
187
|
|
|
2,018
|
|
|
732
|
|
|
—
|
|
|
21,688
|
|
|
(4,147
|
)
|
|
13,173
|
|
|
30,714
|
|
||||||||||||||
Total assets
|
12,218
|
|
|
2,126
|
|
|
2,027
|
|
|
2,705
|
|
|
692
|
|
|
391
|
|
|
233
|
|
|
2,266
|
|
|
780
|
|
|
103
|
|
|
23,541
|
|
|
(2,872
|
)
|
|
15,022
|
|
|
35,691
|
|
||||||||||||||
Total borrowings
|
3,070
|
|
|
208
|
|
|
449
|
|
|
1,221
|
|
|
326
|
|
|
71
|
|
|
124
|
|
|
1,470
|
|
|
235
|
|
|
2,107
|
|
|
9,281
|
|
|
(2,157
|
)
|
|
3,880
|
|
|
11,004
|
|
||||||||||||||
Other liabilities
|
2,877
|
|
|
148
|
|
|
499
|
|
|
597
|
|
|
100
|
|
|
10
|
|
|
28
|
|
|
335
|
|
|
31
|
|
|
248
|
|
|
4,873
|
|
|
(715
|
)
|
|
2,398
|
|
|
6,556
|
|
||||||||||||||
For the three months ended March 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
8
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|
23
|
|
|
(7
|
)
|
|
16
|
|
|
32
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 55
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
United States
|
$
|
299
|
|
|
$
|
302
|
|
Colombia
|
247
|
|
|
257
|
|
||
Canada
|
90
|
|
|
84
|
|
||
Brazil
|
85
|
|
|
100
|
|
||
Europe
|
27
|
|
|
42
|
|
||
Asia
|
44
|
|
|
40
|
|
||
|
$
|
792
|
|
|
$
|
825
|
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
United States
|
$
|
14,717
|
|
|
$
|
14,952
|
|
Colombia
|
5,909
|
|
|
7,353
|
|
||
Canada
|
3,918
|
|
|
4,268
|
|
||
Brazil
|
2,812
|
|
|
3,631
|
|
||
Europe
|
1,441
|
|
|
1,539
|
|
||
Asia
|
867
|
|
|
860
|
|
||
|
$
|
29,664
|
|
|
$
|
32,603
|
|
(MILLIONS)
|
Notes
|
|
Hydro
|
|
|
Wind
|
|
|
Solar
|
|
|
Storage & other(1)
|
|
|
Total(2)
|
|
|||||
As at December 31, 2019
|
|
|
$
|
26,024
|
|
|
$
|
4,258
|
|
|
$
|
197
|
|
|
$
|
235
|
|
|
$
|
30,714
|
|
Additions
|
|
|
27
|
|
|
6
|
|
|
63
|
|
|
1
|
|
|
97
|
|
|||||
Items recognized through OCI
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation
|
|
|
(2,336
|
)
|
|
(339
|
)
|
|
(10
|
)
|
|
(47
|
)
|
|
(2,732
|
)
|
|||||
Items recognized through net income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation
|
|
|
(130
|
)
|
|
(69
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
(206
|
)
|
|||||
March 31, 2020(3)
|
|
|
$
|
23,585
|
|
|
$
|
3,856
|
|
|
$
|
247
|
|
|
$
|
185
|
|
|
$
|
27,873
|
|
(1)
|
Includes biomass and cogeneration.
|
(2)
|
Includes intangible assets of $8 million (2019: $10 million) and assets under construction of $346 million (2019: $334 million).
|
(3)
|
Includes right-of-use assets not subject to revaluation of $63 million (2019: $71 million) in our hydroelectric segment, $52 million (2019: $51 million) in our wind segment and $3 million (2019: $3 million) in our storage & other segment.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 56
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||||
|
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
|
|
||||
Commercial paper and credit facilities
|
2.2
|
|
4
|
|
|
$
|
338
|
|
|
$
|
338
|
|
|
2.9
|
|
5
|
|
|
$
|
299
|
|
|
$
|
299
|
|
Medium Term Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Series 4 (C$150)
|
5.8
|
|
17
|
|
|
107
|
|
|
$
|
119
|
|
|
5.8
|
|
17
|
|
|
$
|
115
|
|
|
$
|
142
|
|
|
Series 8 (C$400)
|
4.8
|
|
2
|
|
|
285
|
|
|
295
|
|
|
4.8
|
|
2
|
|
|
308
|
|
|
324
|
|
||||
Series 9 (C$400)
|
3.8
|
|
5
|
|
|
285
|
|
|
292
|
|
|
3.8
|
|
5
|
|
|
308
|
|
|
322
|
|
||||
Series 10 (C$500)
|
3.6
|
|
7
|
|
|
356
|
|
|
362
|
|
|
3.6
|
|
7
|
|
|
384
|
|
|
400
|
|
||||
Series 11 (C$300)
|
4.3
|
|
9
|
|
|
213
|
|
|
218
|
|
|
4.3
|
|
9
|
|
|
231
|
|
|
248
|
|
||||
Series 12 (C$300)
|
3.4
|
|
10
|
|
|
213
|
|
|
209
|
|
|
3.4
|
|
10
|
|
|
231
|
|
|
232
|
|
||||
Series 13 (C$300)
|
4.3
|
|
30
|
|
|
213
|
|
|
186
|
|
|
4.3
|
|
30
|
|
|
231
|
|
|
237
|
|
||||
|
4.1
|
|
10
|
|
|
$
|
1,672
|
|
|
$
|
1,681
|
|
|
4.1
|
|
10
|
|
|
$
|
1,808
|
|
|
$
|
1,905
|
|
Total corporate borrowings
|
|
2,010
|
|
|
2,019
|
|
|
|
|
|
|
2,107
|
|
|
2,204
|
|
|||||||||
Less: Unamortized financing fees(1)
|
|
(8
|
)
|
|
|
|
|
|
|
|
(7
|
)
|
|
|
|||||||||||
Less: Current portion
|
|
(100
|
)
|
|
|
|
|
|
|
|
—
|
|
|
|
|||||||||||
|
|
|
|
|
$
|
1,902
|
|
|
|
|
|
|
|
|
$
|
2,100
|
|
|
|
(1)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Authorized corporate credit facilities(1)
|
$
|
2,150
|
|
|
$
|
2,150
|
|
Draws on corporate credit facilities(1)
|
(338
|
)
|
|
(299
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
400
|
|
||
Issued letters of credit
|
(243
|
)
|
|
(266
|
)
|
||
Available portion of corporate credit facilities
|
$
|
1,969
|
|
|
$
|
1,985
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 57
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||||
|
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(1)
|
5.7
|
|
9
|
|
|
$
|
6,178
|
|
|
$
|
6,538
|
|
|
5.9
|
|
10
|
|
|
$
|
6,616
|
|
|
$
|
7,106
|
|
Wind
|
5.2
|
|
11
|
|
|
1,835
|
|
|
1,875
|
|
|
5.2
|
|
11
|
|
|
1,899
|
|
|
2,006
|
|
||||
Solar
|
5.8
|
|
6
|
|
|
236
|
|
|
233
|
|
|
5.1
|
|
5
|
|
|
355
|
|
|
363
|
|
||||
Storage & other
|
3.3
|
|
1
|
|
|
75
|
|
|
76
|
|
|
3.9
|
|
4
|
|
|
94
|
|
|
98
|
|
||||
Total
|
5.6
|
|
9
|
|
|
$
|
8,324
|
|
|
$
|
8,722
|
|
|
5.7
|
|
10
|
|
|
$
|
8,964
|
|
|
$
|
9,573
|
|
Add: Unamortized premiums(2)
|
|
8
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|||||||||||
Less: Unamortized financing fees(2)
|
|
(63
|
)
|
|
|
|
|
|
|
|
(69
|
)
|
|
|
|||||||||||
Less: Current portion
|
|
(580
|
)
|
|
|
|
|
|
|
|
(685
|
)
|
|
|
|||||||||||
|
|
|
|
|
$
|
7,689
|
|
|
|
|
|
|
|
|
$
|
8,219
|
|
|
|
(1)
|
Includes a lease liability of $329 million associated with a hydroelectric facility included in property, plant and equipment, at fair value, which is subject to revaluation. At the beginning of May, Brookfield Renewable exercised the buy out option related to this lease liability. Refer to Note 20 – Subsequent events.
|
(2)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 58
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Participating non-controlling interests – in operating subsidiaries
|
$
|
7,760
|
|
|
$
|
8,742
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
60
|
|
|
68
|
|
||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
2,923
|
|
|
3,315
|
|
||
Preferred equity
|
551
|
|
|
597
|
|
||
|
$
|
11,294
|
|
|
$
|
12,722
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 59
|
(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, 2018
|
$
|
900
|
|
|
$
|
1,929
|
|
|
$
|
2,469
|
|
|
$
|
—
|
|
|
$
|
276
|
|
|
$
|
124
|
|
|
$
|
2,212
|
|
|
$
|
15
|
|
|
$
|
204
|
|
|
$
|
8,129
|
|
Net income (loss)
|
—
|
|
|
(13
|
)
|
|
73
|
|
|
6
|
|
|
19
|
|
|
17
|
|
|
154
|
|
|
1
|
|
|
5
|
|
|
262
|
|
||||||||||
OCI
|
46
|
|
|
134
|
|
|
330
|
|
|
(3
|
)
|
|
61
|
|
|
(41
|
)
|
|
266
|
|
|
2
|
|
|
—
|
|
|
795
|
|
||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
2
|
|
|
159
|
|
|
268
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
3
|
|
|
430
|
|
||||||||||
Disposal
|
—
|
|
|
(87
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(85
|
)
|
|
(172
|
)
|
||||||||||
Distributions
|
(24
|
)
|
|
(120
|
)
|
|
(274
|
)
|
|
—
|
|
|
(1
|
)
|
|
(11
|
)
|
|
(259
|
)
|
|
(1
|
)
|
|
(16
|
)
|
|
(706
|
)
|
||||||||||
Other
|
—
|
|
|
8
|
|
|
(3
|
)
|
|
1
|
|
|
(5
|
)
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
3
|
|
|
4
|
|
||||||||||
As at December 31, 2019
|
$
|
922
|
|
|
$
|
1,851
|
|
|
$
|
2,597
|
|
|
$
|
163
|
|
|
$
|
618
|
|
|
$
|
89
|
|
|
$
|
2,375
|
|
|
$
|
13
|
|
|
$
|
114
|
|
|
$
|
8,742
|
|
Net income (loss)
|
—
|
|
|
(1
|
)
|
|
14
|
|
|
4
|
|
|
9
|
|
|
7
|
|
|
41
|
|
|
—
|
|
|
9
|
|
|
83
|
|
||||||||||
OCI
|
(32
|
)
|
|
(90
|
)
|
|
(327
|
)
|
|
4
|
|
|
(46
|
)
|
|
—
|
|
|
(470
|
)
|
|
(3
|
)
|
|
(17
|
)
|
|
(981
|
)
|
||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
1
|
|
|
13
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||||||||
Distributions
|
(2
|
)
|
|
(12
|
)
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34
|
)
|
|
—
|
|
|
(3
|
)
|
|
(77
|
)
|
||||||||||
Other
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
||||||||||
As at March 31, 2020
|
$
|
888
|
|
|
$
|
1,748
|
|
|
$
|
2,243
|
|
|
$
|
185
|
|
|
$
|
574
|
|
|
$
|
96
|
|
|
$
|
1,913
|
|
|
$
|
10
|
|
|
$
|
103
|
|
|
$
|
7,760
|
|
Interests held by third parties
|
75%-80%
|
|
|
43%-60%
|
|
|
23%-71%
|
|
|
75
|
%
|
|
50
|
%
|
|
25
|
%
|
|
53
|
%
|
|
0.4
|
%
|
|
20%-50%
|
|
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 60
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
General partnership interest in a holding subsidiary held by Brookfield
|
$
|
1
|
|
|
$
|
2
|
|
Incentive distribution
|
16
|
|
|
13
|
|
||
|
17
|
|
|
15
|
|
||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
72
|
|
|
68
|
|
||
|
$
|
89
|
|
|
$
|
83
|
|
(MILLIONS EXCEPT AS NOTED)
|
Shares
outstanding |
|
|
Cumulative
distribution rate (%) |
|
Earliest
permitted redemption date |
|
Distributions declared for the three months ended March 31
|
|
Carrying value as at
|
||||||||||||
|
||||||||||||||||||||||
|
2020
|
|
|
2019
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
|||||||||||
Series 1 (C$136)
|
5.45
|
|
|
3.36
|
|
Apr 2020
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
97
|
|
|
$
|
105
|
|
Series 2 (C$113)(1)
|
4.51
|
|
|
4.20
|
|
Apr 2020
|
|
1
|
|
|
1
|
|
|
79
|
|
|
86
|
|
||||
Series 3 (C$249)
|
9.96
|
|
|
4.40
|
|
Jul 2019
|
|
2
|
|
|
2
|
|
|
177
|
|
|
192
|
|
||||
Series 5 (C$103)
|
4.11
|
|
|
5.00
|
|
Apr 2018
|
|
1
|
|
|
1
|
|
|
73
|
|
|
79
|
|
||||
Series 6 (C$175)
|
7.00
|
|
|
5.00
|
|
Jul 2018
|
|
2
|
|
|
1
|
|
|
124
|
|
|
135
|
|
||||
|
31.04
|
|
|
|
|
|
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
550
|
|
|
$
|
597
|
|
(1)
|
Dividend rate represents annualized distribution based on the most recent quarterly floating rate.
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 61
|
(MILLIONS, EXCEPT AS NOTED)
|
|
Shares outstanding
|
|
|
Cumulative distribution rate (%)
|
|
Earliest permitted redemption date
|
|
Distributions declared for the three months ended March 31
|
|
Carrying value as at
|
||||||||||||
|
|
2020
|
|
|
2019
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
|||||||||||
Series 5 (C$72)
|
|
2.89
|
|
|
5.59
|
|
Apr 2018
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
49
|
|
|
$
|
49
|
|
Series 7 (C$175)
|
|
7.00
|
|
|
5.50
|
|
Jan 2021
|
|
2
|
|
|
2
|
|
|
128
|
|
|
128
|
|
||||
Series 9 (C$200)
|
|
8.00
|
|
|
5.75
|
|
Jul 2021
|
|
2
|
|
|
2
|
|
|
147
|
|
|
147
|
|
||||
Series 11 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2022
|
|
2
|
|
|
2
|
|
|
187
|
|
|
187
|
|
||||
Series 13 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2023
|
|
2
|
|
|
2
|
|
|
196
|
|
|
196
|
|
||||
Series 15 (C$175)
|
|
7.00
|
|
|
5.75
|
|
Apr 2024
|
|
2
|
|
|
1
|
|
|
126
|
|
|
126
|
|
||||
Series 17 ($200)
|
|
8.00
|
|
|
5.25
|
|
Mar 2025
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
195
|
|
|
$
|
—
|
|
|
|
52.89
|
|
|
|
|
|
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
1,028
|
|
|
$
|
833
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 62
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Brookfield
|
$
|
31
|
|
|
$
|
29
|
|
External LP Unitholders
|
68
|
|
|
64
|
|
||
|
$
|
99
|
|
|
$
|
93
|
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Revenue
|
$
|
384
|
|
|
$
|
359
|
|
Net income
|
(72
|
)
|
|
110
|
|
||
Share of net income (loss)(1)
|
(16
|
)
|
|
32
|
|
(1)
|
Brookfield Renewable's ownership interest in these entities ranges from 14% to 50%.
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Current assets
|
$
|
1,110
|
|
|
$
|
1,102
|
|
Property, plant and equipment
|
16,864
|
|
|
16,256
|
|
||
Other assets
|
657
|
|
|
571
|
|
||
Current liabilities
|
1,412
|
|
|
1,279
|
|
||
Non-recourse borrowings
|
7,908
|
|
|
7,365
|
|
||
Other liabilities
|
3,016
|
|
|
2,580
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 63
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Cash
|
$
|
268
|
|
|
$
|
103
|
|
Short-term deposits
|
26
|
|
|
12
|
|
||
|
$
|
294
|
|
|
$
|
115
|
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Operations
|
$
|
122
|
|
|
$
|
87
|
|
Credit obligations
|
101
|
|
|
69
|
|
||
Development projects
|
11
|
|
|
17
|
|
||
Total
|
234
|
|
|
173
|
|
||
Less: non-current
|
(15
|
)
|
|
(19
|
)
|
||
Current
|
$
|
219
|
|
|
$
|
154
|
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Trade receivables
|
$
|
361
|
|
|
$
|
406
|
|
Prepaids and other
|
96
|
|
|
119
|
|
||
Other short-term receivables
|
133
|
|
|
142
|
|
||
Current portion of contract asset
|
55
|
|
|
51
|
|
||
|
$
|
645
|
|
|
$
|
718
|
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Operating accrued liabilities
|
$
|
180
|
|
|
$
|
237
|
|
Accounts payable
|
66
|
|
|
111
|
|
||
Interest payable on borrowings
|
83
|
|
|
73
|
|
||
Deferred consideration
|
40
|
|
|
60
|
|
||
LP Unitholders distributions, preferred limited partnership unit distributions and preferred dividends payable(1)
|
34
|
|
|
33
|
|
||
Current portion of lease liabilities
|
15
|
|
|
15
|
|
||
Other
|
112
|
|
|
61
|
|
||
|
$
|
530
|
|
|
$
|
590
|
|
(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
|
March 31, 2020
|
|
|
Page 64
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Brookfield Renewable along with institutional investors
|
$
|
49
|
|
|
$
|
50
|
|
Brookfield Renewable's subsidiaries
|
268
|
|
|
286
|
|
||
|
$
|
317
|
|
|
$
|
336
|
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 65
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Revenues
|
|
|
|
||||
Power purchase and revenue agreements
|
$
|
96
|
|
|
$
|
159
|
|
Wind levelization agreement
|
—
|
|
|
1
|
|
||
|
$
|
96
|
|
|
$
|
160
|
|
Direct operating costs
|
|
|
|
||||
Energy purchases
|
$
|
—
|
|
|
$
|
(3
|
)
|
Energy marketing fee
|
—
|
|
|
(6
|
)
|
||
Insurance services(1)
|
(6
|
)
|
|
(7
|
)
|
||
|
$
|
(6
|
)
|
|
$
|
(16
|
)
|
Interest expense
|
|
|
|
|
|
||
Borrowings
|
$
|
—
|
|
|
$
|
(3
|
)
|
Contract balance accretion
|
(4
|
)
|
|
(2
|
)
|
||
|
$
|
(4
|
)
|
|
$
|
(5
|
)
|
Management service costs
|
$
|
(31
|
)
|
|
$
|
(21
|
)
|
(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 months ended March 31, 2020 were less than $1 million (2019: less than $1 million).
|
Brookfield Renewable Partners L.P.
|
Interim Report
|
March 31, 2020
|
|
|
Page 66
|
(MILLIONS)
|
Brookfield
Renewable(1)
|
|
|
BRP
Equity
|
|
|
Finco
|
|
|
Holding
Entities(1)(2)
|
|
|
Other
Subsidiaries(1)(3)
|
|
|
Consolidating
adjustments(4)
|
|
|
Brookfield
Renewable
consolidated
|
|
|||||||
As at March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current assets
|
$
|
34
|
|
|
$
|
377
|
|
|
$
|
1,690
|
|
|
$
|
116
|
|
|
$
|
3,275
|
|
|
$
|
(3,928
|
)
|
|
$
|
1,564
|
|
Long-term assets
|
5,079
|
|
|
232
|
|
|
2
|
|
|
23,125
|
|
|
31,363
|
|
|
(28,702
|
)
|
|
31,099
|
|
|||||||
Current liabilities
|
39
|
|
|
6
|
|
|
19
|
|
|
3,841
|
|
|
1,612
|
|
|
(3,928
|
)
|
|
1,589
|
|
|||||||
Long-term liabilities
|
—
|
|
|
—
|
|
|
1,664
|
|
|
241
|
|
|
13,446
|
|
|
(634
|
)
|
|
14,717
|
|
|||||||
Participating non-controlling interests – in operating subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,760
|
|
|
—
|
|
|
7,760
|
|
|||||||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
2,923
|
|
|
—
|
|
|
—
|
|
|
2,923
|
|
|||||||
Preferred equity
|
—
|
|
|
551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
551
|
|
|||||||
Preferred limited partners' equity
|
1,028
|
|
|
—
|
|
|
—
|
|
|
1,039
|
|
|
—
|
|
|
(1,039
|
)
|
|
1,028
|
|
|||||||
As at December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current assets
|
$
|
32
|
|
|
$
|
408
|
|
|
$
|
1,832
|
|
|
$
|
133
|
|
|
$
|
3,230
|
|
|
$
|
(4,161
|
)
|
|
$
|
1,474
|
|
Long-term assets
|
5,428
|
|
|
251
|
|
|
2
|
|
|
25,068
|
|
|
34,500
|
|
|
(31,032
|
)
|
|
34,217
|
|
|||||||
Current liabilities
|
40
|
|
|
7
|
|
|
24
|
|
|
3,918
|
|
|
1,852
|
|
|
(4,163
|
)
|
|
1,678
|
|
|||||||
Long-term liabilities
|
—
|
|
|
—
|
|
|
1,801
|
|
|
300
|
|
|
14,440
|
|
|
(659
|
)
|
|
15,882
|
|
|||||||
Participating non-controlling interests – in operating subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,742
|
|
|
—
|
|
|
8,742
|
|
|||||||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
3,315
|
|
|
—
|
|
|
—
|
|
|
3,315
|
|
|||||||
Preferred equity
|
—
|
|
|
597
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
597
|
|
|||||||
Preferred limited partners' equity
|
833
|
|
|
—
|
|
|
—
|
|
|
844
|
|
|
—
|
|
|
(844
|
)
|
|
833
|
|
(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
|
March 31, 2020
|
|
|
Page 67
|
(MILLIONS)
|
Brookfield
Renewable(1)
|
|
|
BRP
Equity
|
|
|
Finco
|
|
|
Holding
Entities(1)(2)
|
|
|
Other
Subsidiaries(1)(3)
|
|
|
Consolidating
adjustments(4)
|
|
|
Brookfield
Renewable
consolidated
|
|
|||||||
Three months ended March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
792
|
|
|
$
|
—
|
|
|
$
|
792
|
|
Net income (loss)
|
22
|
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
|
332
|
|
|
(171
|
)
|
|
120
|
|
|||||||
Three months ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
826
|
|
|
$
|
—
|
|
|
$
|
825
|
|
Net income (loss)
|
35
|
|
|
—
|
|
|
2
|
|
|
11
|
|
|
332
|
|
|
(227
|
)
|
|
153
|
|
(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
|
March 31, 2020
|
|
|
Page 68
|
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: BEP.PR.O (Preferred LP Units - Series 15)
NYSE: BEP.PR.A (Preferred LP Units - Series 17)
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 2019 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)
|
Notes
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Assets
|
|
|
|
|
|
||||
Current assets
|
|
|
|
|
|
||||
Cash and cash equivalents
|
13
|
|
$
|
294
|
|
|
$
|
115
|
|
Restricted cash
|
14
|
|
219
|
|
|
154
|
|
||
Trade receivables and other current assets
|
15
|
|
645
|
|
|
718
|
|
||
Financial instrument assets
|
4
|
|
126
|
|
|
75
|
|
||
Due from related parties
|
18
|
|
90
|
|
|
60
|
|
||
Assets held for sale
|
3
|
|
190
|
|
|
352
|
|
||
|
|
|
1,564
|
|
|
1,474
|
|
||
Financial instrument assets
|
4
|
|
188
|
|
|
165
|
|
||
Equity-accounted investments
|
12
|
|
1,791
|
|
|
1,889
|
|
||
Property, plant and equipment
|
7
|
|
27,873
|
|
|
30,714
|
|
||
Goodwill
|
|
|
662
|
|
|
821
|
|
||
Deferred income tax assets
|
6
|
|
123
|
|
|
116
|
|
||
Other long-term assets
|
|
|
462
|
|
|
512
|
|
||
Total Assets
|
|
|
$
|
32,663
|
|
|
$
|
35,691
|
|
Liabilities
|
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
16
|
|
$
|
530
|
|
|
$
|
590
|
|
Financial instrument liabilities
|
4
|
|
142
|
|
|
139
|
|
||
Payables due to related parties
|
18
|
|
142
|
|
|
127
|
|
||
Corporate borrowings
|
8
|
|
100
|
|
|
—
|
|
||
Non-recourse borrowings
|
8
|
|
580
|
|
|
685
|
|
||
Liabilities directly associated with assets held for sale
|
3
|
|
95
|
|
|
137
|
|
||
|
|
|
1,589
|
|
|
1,678
|
|
||
Financial instrument liabilities
|
4
|
|
54
|
|
|
39
|
|
||
Corporate borrowings
|
8
|
|
1,902
|
|
|
2,100
|
|
||
Non-recourse borrowings
|
8
|
|
7,689
|
|
|
8,219
|
|
||
Deferred income tax liabilities
|
6
|
|
4,095
|
|
|
4,537
|
|
||
Other long-term liabilities
|
|
|
977
|
|
|
987
|
|
||
Equity
|
|
|
|
|
|
||||
Non-controlling interests
|
|
|
|
|
|
||||
Participating non-controlling interests – in operating subsidiaries
|
9
|
|
7,760
|
|
|
8,742
|
|
||
General partnership interest in a holding subsidiary held by Brookfield
|
9
|
|
60
|
|
|
68
|
|
||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
9
|
|
2,923
|
|
|
3,315
|
|
||
Preferred equity
|
9
|
|
551
|
|
|
597
|
|
||
Preferred limited partners' equity
|
10
|
|
1,028
|
|
|
833
|
|
||
Limited partners' equity
|
11
|
|
4,035
|
|
|
4,576
|
|
||
Total Equity
|
|
|
16,357
|
|
|
18,131
|
|
||
Total Liabilities and Equity
|
|
|
$
|
32,663
|
|
|
$
|
35,691
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 2
|
UNAUDITED
THREE MONTHS ENDED MARCH 31
(MILLIONS, EXCEPT PER UNIT INFORMATION)
|
|
|
|
||||||
Notes
|
|
2020
|
|
|
2019
|
|
|||
Revenues
|
18
|
|
$
|
792
|
|
|
$
|
825
|
|
Other income
|
|
|
10
|
|
|
8
|
|
||
Direct operating costs
|
|
|
(261
|
)
|
|
(254
|
)
|
||
Management service costs
|
18
|
|
(31
|
)
|
|
(21
|
)
|
||
Interest expense
|
8
|
|
(162
|
)
|
|
(173
|
)
|
||
Share of (loss) earnings from equity-accounted investments
|
12
|
|
(16
|
)
|
|
32
|
|
||
Foreign exchange and unrealized financial instrument gain (loss)
|
4
|
|
20
|
|
|
(18
|
)
|
||
Depreciation
|
7
|
|
(206
|
)
|
|
(200
|
)
|
||
Other
|
|
|
(8
|
)
|
|
(2
|
)
|
||
Income tax expense
|
|
|
|
|
|
||||
Current
|
6
|
|
(19
|
)
|
|
(24
|
)
|
||
Deferred
|
6
|
|
1
|
|
|
(20
|
)
|
||
|
|
|
(18
|
)
|
|
(44
|
)
|
||
Net income
|
|
|
$
|
120
|
|
|
$
|
153
|
|
Net income attributable to:
|
|
|
|
|
|
||||
Non-controlling interests
|
|
|
|
|
|
||||
Participating non-controlling interests – in operating subsidiaries
|
9
|
|
$
|
83
|
|
|
$
|
94
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
9
|
|
—
|
|
|
—
|
|
||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
9
|
|
8
|
|
|
18
|
|
||
Preferred equity
|
9
|
|
7
|
|
|
6
|
|
||
Preferred limited partners' equity
|
10
|
|
12
|
|
|
10
|
|
||
Limited partners' equity
|
11
|
|
10
|
|
|
25
|
|
||
|
|
|
$
|
120
|
|
|
$
|
153
|
|
Basic and diluted earnings per LP Unit
|
|
|
$
|
0.06
|
|
|
$
|
0.14
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 3
|
UNAUDITED
THREE MONTHS ENDED MARCH 31
(MILLIONS)
|
|
|
|
||||||
Notes
|
|
2020
|
|
|
2019
|
|
|||
Net income
|
|
|
$
|
120
|
|
|
$
|
153
|
|
Other comprehensive (loss) income that will not be reclassified to net income
|
|
|
|
|
|
||||
Actuarial gain (loss) on defined benefit plans
|
|
|
2
|
|
|
(5
|
)
|
||
Total items that will not be reclassified to net income
|
|
|
2
|
|
|
(5
|
)
|
||
Other comprehensive (loss) income that may be reclassified to net income
|
|
|
|
|
|
||||
Foreign currency translation
|
|
|
(1,786
|
)
|
|
126
|
|
||
Gains (losses) arising during the period on financial instruments designated as cash-flow hedges
|
4
|
|
18
|
|
|
(3
|
)
|
||
Unrealized gain (loss) on foreign exchange swaps net investment hedge
|
4
|
|
29
|
|
|
(7
|
)
|
||
Unrealized (loss) gain on investments in equity securities
|
4
|
|
(9
|
)
|
|
26
|
|
||
Reclassification adjustments for amounts recognized in net income
|
4
|
|
(19
|
)
|
|
4
|
|
||
Deferred income taxes on above items
|
|
|
—
|
|
|
(1
|
)
|
||
Equity-accounted investments
|
12
|
|
(23
|
)
|
|
9
|
|
||
Total items that may be reclassified subsequently to net income
|
|
|
(1,790
|
)
|
|
154
|
|
||
Other comprehensive (loss) income
|
|
|
(1,788
|
)
|
|
149
|
|
||
Comprehensive (loss) income
|
|
|
$
|
(1,668
|
)
|
|
$
|
302
|
|
Comprehensive (loss) income attributable to:
|
|
|
|
|
|
||||
Non-controlling interests
|
|
|
|
|
|
||||
Participating non-controlling interests – in operating subsidiaries
|
9
|
|
(897
|
)
|
|
177
|
|
||
General partnership interest in a holding subsidiary held by Brookfield
|
9
|
|
(6
|
)
|
|
1
|
|
||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
9
|
|
(310
|
)
|
|
40
|
|
||
Preferred equity
|
9
|
|
(39
|
)
|
|
19
|
|
||
Preferred limited partners' equity
|
10
|
|
12
|
|
|
10
|
|
||
Limited partners' equity
|
11
|
|
$
|
(428
|
)
|
|
$
|
55
|
|
|
|
|
(1,668
|
)
|
|
302
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 4
|
|
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
Non-controlling interests
|
|
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
THREE MONTHS ENDED MARCH 31
(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, 2019
|
$
|
(1,119
|
)
|
|
$
|
(700
|
)
|
|
$
|
6,424
|
|
|
$
|
(9
|
)
|
|
$
|
(32
|
)
|
|
$
|
12
|
|
|
$
|
4,576
|
|
|
$
|
833
|
|
|
$
|
597
|
|
|
$
|
8,742
|
|
|
$
|
68
|
|
|
$
|
3,315
|
|
|
$
|
18,131
|
|
Net income
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
12
|
|
|
7
|
|
|
83
|
|
|
—
|
|
|
8
|
|
|
120
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
(428
|
)
|
|
—
|
|
|
1
|
|
|
(6
|
)
|
|
(5
|
)
|
|
(438
|
)
|
|
—
|
|
|
(46
|
)
|
|
(980
|
)
|
|
(6
|
)
|
|
(318
|
)
|
|
(1,788
|
)
|
|||||||||||||
Preferred LP Units issued (Note 10)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|||||||||||||
Capital contributions (Note 9)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||||||||||
Distributions or dividends declared
|
(99
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(99
|
)
|
|
(12
|
)
|
|
(7
|
)
|
|
(77
|
)
|
|
(17
|
)
|
|
(72
|
)
|
|
(284
|
)
|
|||||||||||||
Distribution reinvestment plan
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||||||||
Other
|
9
|
|
|
(2
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
15
|
|
|
(10
|
)
|
|
(26
|
)
|
|||||||||||||
Change in period
|
(79
|
)
|
|
(430
|
)
|
|
(11
|
)
|
|
1
|
|
|
(6
|
)
|
|
(16
|
)
|
|
(541
|
)
|
|
195
|
|
|
(46
|
)
|
|
(982
|
)
|
|
(8
|
)
|
|
(392
|
)
|
|
(1,774
|
)
|
|||||||||||||
Balance as at March 31, 2020
|
$
|
(1,198
|
)
|
|
$
|
(1,130
|
)
|
|
$
|
6,413
|
|
|
$
|
(8
|
)
|
|
$
|
(38
|
)
|
|
$
|
(4
|
)
|
|
$
|
4,035
|
|
|
$
|
1,028
|
|
|
$
|
551
|
|
|
$
|
7,760
|
|
|
$
|
60
|
|
|
$
|
2,923
|
|
|
$
|
16,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
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
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
10
|
|
|
6
|
|
|
94
|
|
|
—
|
|
|
18
|
|
|
153
|
|
|||||||||||||
Other comprehensive income (loss)
|
—
|
|
|
20
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
14
|
|
|
30
|
|
|
—
|
|
|
13
|
|
|
83
|
|
|
1
|
|
|
22
|
|
|
149
|
|
|||||||||||||
Preferred LP Units Issued
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|||||||||||||
LP Units purchased for cancellation
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
288
|
|
|
—
|
|
|
—
|
|
|
288
|
|
|||||||||||||
Distributions or dividends declared
|
(93
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(93
|
)
|
|
(10
|
)
|
|
(6
|
)
|
|
(134
|
)
|
|
(15
|
)
|
|
(68
|
)
|
|
(326
|
)
|
|||||||||||||
Distribution reinvestment plan
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||||||
Other
|
205
|
|
|
(12
|
)
|
|
(199
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
14
|
|
|
(3
|
)
|
|
1
|
|
|||||||||||||
Change in period
|
138
|
|
|
8
|
|
|
(199
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
14
|
|
|
(42
|
)
|
|
126
|
|
|
12
|
|
|
327
|
|
|
—
|
|
|
(31
|
)
|
|
392
|
|
|||||||||||||
Balance as at March 31, 2019
|
$
|
(810
|
)
|
|
$
|
(644
|
)
|
|
$
|
5,921
|
|
|
$
|
(7
|
)
|
|
$
|
(36
|
)
|
|
$
|
18
|
|
|
$
|
4,442
|
|
|
$
|
833
|
|
|
$
|
580
|
|
|
$
|
8,456
|
|
|
$
|
66
|
|
|
$
|
3,221
|
|
|
$
|
17,598
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 5
|
UNAUDITED
THREE MONTHS ENDED MARCH 31
|
|
|
|
||||||
(MILLIONS)
|
Notes
|
|
2020
|
|
|
2019
|
|
||
Operating activities
|
|
|
|
|
|
||||
Net income
|
|
|
$
|
120
|
|
|
$
|
153
|
|
Adjustments for the following non-cash items:
|
|
|
|
|
|
||||
Depreciation
|
7
|
|
206
|
|
|
200
|
|
||
Unrealized foreign exchange and financial instruments (gain) loss
|
4
|
|
(21
|
)
|
|
20
|
|
||
Share of earnings from equity-accounted investments
|
12
|
|
16
|
|
|
(32
|
)
|
||
Deferred income tax expense
|
6
|
|
(1
|
)
|
|
20
|
|
||
Other non-cash items
|
|
|
22
|
|
|
17
|
|
||
Dividends received from equity-accounted investments
|
12
|
|
28
|
|
|
14
|
|
||
Changes in due to or from related parties
|
|
|
(1
|
)
|
|
5
|
|
||
Net change in working capital balances
|
|
|
(14
|
)
|
|
(30
|
)
|
||
|
|
|
355
|
|
|
367
|
|
||
Financing activities
|
|
|
|
|
|
||||
Commercial paper and corporate credit facilities, net
|
8
|
|
39
|
|
|
(696
|
)
|
||
Proceeds from non-recourse borrowings
|
8
|
|
216
|
|
|
93
|
|
||
Repayment of non-recourse borrowings
|
8
|
|
(311
|
)
|
|
(88
|
)
|
||
Capital contributions from participating non-controlling interests – in operating subsidiaries
|
9
|
|
7
|
|
|
247
|
|
||
Issuance of preferred limited partnership units
|
10
|
|
195
|
|
|
126
|
|
||
Repurchase of LP Units
|
11
|
|
—
|
|
|
(1
|
)
|
||
Distributions paid:
|
|
|
|
|
|
|
|
||
To participating non-controlling interests – in operating subsidiaries
|
9
|
|
(77
|
)
|
|
(134
|
)
|
||
To preferred shareholders
|
9
|
|
(7
|
)
|
|
(6
|
)
|
||
To preferred limited partners' unitholders
|
10
|
|
(11
|
)
|
|
(9
|
)
|
||
To unitholders of Brookfield Renewable or BRELP
|
10, 12
|
|
(182
|
)
|
|
(171
|
)
|
||
Borrowings from related party
|
18
|
|
—
|
|
|
600
|
|
||
Repayments to related party
|
18
|
|
—
|
|
|
(245
|
)
|
||
|
|
|
(131
|
)
|
|
(284
|
)
|
||
Investing activities
|
|
|
|
|
|
|
|
||
Investment in equity-accounted investments
|
|
|
(12
|
)
|
|
—
|
|
||
Investment in property, plant and equipment
|
7
|
|
(53
|
)
|
|
(29
|
)
|
||
Proceeds from disposal of assets
|
2
|
|
94
|
|
|
—
|
|
||
Disposal of securities
|
4
|
|
2
|
|
|
5
|
|
||
Restricted cash and other
|
|
|
(60
|
)
|
|
(55
|
)
|
||
|
|
|
(29
|
)
|
|
(79
|
)
|
||
Foreign exchange loss on cash
|
|
|
(12
|
)
|
|
—
|
|
||
Cash and cash equivalents
|
|
|
|
|
|
|
|
||
Increase
|
|
|
183
|
|
|
4
|
|
||
Net change in cash classified within assets held for sale
|
|
|
(4
|
)
|
|
—
|
|
||
Balance, beginning of period
|
|
|
115
|
|
|
173
|
|
||
Balance, end of period
|
|
|
$
|
294
|
|
|
$
|
177
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
||
Interest paid
|
|
|
$
|
150
|
|
|
$
|
143
|
|
Interest received
|
|
|
$
|
6
|
|
|
$
|
4
|
|
Income taxes paid
|
|
|
$
|
21
|
|
|
$
|
19
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 6
|
Page
|
||
|
||
1.
|
Basis of preparation and significant accounting policies
|
|
2.
|
Disposal of assets
|
|
3.
|
Assets held for sale
|
|
4.
|
Risk management and financial instruments
|
|
5.
|
Segmented information
|
|
|
|
|
6.
|
Income taxes
|
|
|
|
|
7.
|
Property, plant and equipment
|
|
8.
|
Borrowings
|
|
9.
|
Non-controlling interests
|
|
10.
|
Preferred limited partners' equity
|
|
11.
|
Limited partners' equity
|
|
12.
|
Equity-accounted investments
|
|
13.
|
Cash and cash equivalents
|
|
14.
|
Restricted cash
|
|
15.
|
Trade receivables and other current assets
|
|
16.
|
Accounts payable and accrued liabilities
|
|
17.
|
Commitments, contingencies and guarantees
|
|
|
|
|
|
||
18.
|
Related party transactions
|
|
19.
|
Subsidiary public issuers
|
|
20.
|
Subsequent events
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 7
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 8
|
(MILLIONS)
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2
|
|
|
$
|
14
|
|
Restricted cash
|
|
17
|
|
|
22
|
|
||
Trade receivables and other current assets
|
|
8
|
|
|
13
|
|
||
Property, plant and equipment
|
|
163
|
|
|
303
|
|
||
Assets held for sale
|
|
$
|
190
|
|
|
$
|
352
|
|
Liabilities
|
|
|
|
|
||||
Current liabilities
|
|
$
|
8
|
|
|
$
|
18
|
|
Long-term debt
|
|
56
|
|
|
73
|
|
||
Other long-term liabilities
|
|
31
|
|
|
46
|
|
||
Liabilities directly associated with assets held for sale
|
|
$
|
95
|
|
|
$
|
137
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 9
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 10
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||
(MILLIONS)
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Total
|
|
|||||
Assets measured at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
294
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
294
|
|
|
$
|
115
|
|
Restricted cash(1)
|
234
|
|
|
—
|
|
|
—
|
|
|
234
|
|
|
173
|
|
|||||
Financial instrument assets(2)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
106
|
|
|
20
|
|
|
126
|
|
|
76
|
|
|||||
Interest rate swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Foreign exchange swaps
|
—
|
|
|
37
|
|
|
—
|
|
|
37
|
|
|
4
|
|
|||||
Investments in equity securities
|
42
|
|
|
64
|
|
|
45
|
|
|
151
|
|
|
160
|
|
|||||
Property, plant and equipment
|
—
|
|
|
—
|
|
|
27,873
|
|
|
27,873
|
|
|
30,714
|
|
|||||
Liabilities measured at fair value:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Financial instrument liabilities(2)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy derivative contracts
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|
(8
|
)
|
|||||
Interest rate swaps
|
—
|
|
|
(173
|
)
|
|
—
|
|
|
(173
|
)
|
|
(131
|
)
|
|||||
Foreign exchange swaps
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|
(39
|
)
|
|||||
Contingent consideration(3)
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
(27
|
)
|
|
(11
|
)
|
|||||
Assets for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Equity-accounted investments(4)
|
1,035
|
|
|
—
|
|
|
—
|
|
|
1,035
|
|
|
1,010
|
|
|||||
Liabilities for which fair value is disclosed:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate borrowings
|
(1,681
|
)
|
|
(338
|
)
|
|
—
|
|
|
(2,019
|
)
|
|
(2,204
|
)
|
|||||
Non-recourse borrowing
|
(394
|
)
|
|
(8,328
|
)
|
|
—
|
|
|
(8,722
|
)
|
|
(9,573
|
)
|
|||||
Total
|
$
|
(470
|
)
|
|
$
|
(8,655
|
)
|
|
$
|
27,911
|
|
|
$
|
18,786
|
|
|
$
|
20,286
|
|
(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 acquisitions with obligations lapsing in 2021 to 2024.
|
(4)
|
The fair value corresponds to Brookfield Renewable's investment in publicly-quoted common shares of TerraForm Power, Inc.
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
(MILLIONS)
|
Assets
|
|
|
Liabilities
|
|
|
Net Assets
(Liabilities)
|
|
|
Net Assets
(Liabilities)
|
|
||||
Energy derivative contracts
|
$
|
126
|
|
|
$
|
15
|
|
|
$
|
111
|
|
|
$
|
68
|
|
Interest rate swaps
|
—
|
|
|
173
|
|
|
(173
|
)
|
|
(131
|
)
|
||||
Foreign exchange swaps
|
37
|
|
|
8
|
|
|
29
|
|
|
(35
|
)
|
||||
Investments in equity securities
|
151
|
|
|
—
|
|
|
151
|
|
|
160
|
|
||||
Total
|
314
|
|
|
196
|
|
|
118
|
|
|
62
|
|
||||
Less: current portion
|
126
|
|
|
142
|
|
|
(16
|
)
|
|
(64
|
)
|
||||
Long-term portion
|
$
|
188
|
|
|
$
|
54
|
|
|
$
|
134
|
|
|
$
|
126
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 11
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Energy derivative contracts
|
$
|
24
|
|
|
$
|
6
|
|
Interest rate swaps
|
(22
|
)
|
|
(13
|
)
|
||
Foreign exchange swaps
|
54
|
|
|
(11
|
)
|
||
Foreign exchange gain (loss)
|
(36
|
)
|
|
—
|
|
||
|
$
|
20
|
|
|
$
|
(18
|
)
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Energy derivative contracts
|
$
|
40
|
|
|
$
|
13
|
|
Interest rate swaps
|
(33
|
)
|
|
(17
|
)
|
||
|
7
|
|
|
(4
|
)
|
||
Foreign exchange swaps – net investment
|
32
|
|
|
(6
|
)
|
||
Investments in equity securities
|
(9
|
)
|
|
26
|
|
||
|
$
|
30
|
|
|
$
|
16
|
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Energy derivative contracts
|
$
|
(22
|
)
|
|
$
|
1
|
|
Interest rate swaps
|
3
|
|
|
3
|
|
||
|
$
|
(19
|
)
|
|
$
|
4
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 12
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 13
|
|
Attributable to Unitholders
|
|
Contribution from equity-accounted investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage & Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
265
|
|
|
61
|
|
|
60
|
|
|
60
|
|
|
22
|
|
|
4
|
|
|
6
|
|
|
49
|
|
|
18
|
|
|
—
|
|
|
545
|
|
|
(95
|
)
|
|
342
|
|
|
792
|
|
Other income
|
2
|
|
|
3
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
12
|
|
|
(2
|
)
|
|
—
|
|
|
10
|
|
Direct operating costs
|
(69
|
)
|
|
(17
|
)
|
|
(26
|
)
|
|
(14
|
)
|
|
(9
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(14
|
)
|
|
(10
|
)
|
|
(5
|
)
|
|
(166
|
)
|
|
28
|
|
|
(123
|
)
|
|
(261
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
8
|
|
|
77
|
|
Adjusted EBITDA
|
198
|
|
|
47
|
|
|
36
|
|
|
48
|
|
|
13
|
|
|
3
|
|
|
5
|
|
|
36
|
|
|
8
|
|
|
(3
|
)
|
|
391
|
|
|
—
|
|
|
227
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
Interest expense
|
(39
|
)
|
|
(4
|
)
|
|
(7
|
)
|
|
(19
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(17
|
)
|
|
(2
|
)
|
|
(20
|
)
|
|
(113
|
)
|
|
27
|
|
|
(76
|
)
|
|
(162
|
)
|
Current income taxes
|
(3
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
4
|
|
|
(12
|
)
|
|
(19
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(3
|
)
|
|
(34
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(136
|
)
|
|
(136
|
)
|
Funds From Operations
|
156
|
|
|
41
|
|
|
25
|
|
|
29
|
|
|
11
|
|
|
1
|
|
|
3
|
|
|
18
|
|
|
6
|
|
|
(73
|
)
|
|
217
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(58
|
)
|
|
(20
|
)
|
|
(6
|
)
|
|
(42
|
)
|
|
(12
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(172
|
)
|
|
48
|
|
|
(82
|
)
|
|
(206
|
)
|
Foreign exchange and unrealized financial instrument loss
|
18
|
|
|
7
|
|
|
5
|
|
|
(2
|
)
|
|
(11
|
)
|
|
—
|
|
|
(1
|
)
|
|
(5
|
)
|
|
1
|
|
|
(13
|
)
|
|
(1
|
)
|
|
12
|
|
|
9
|
|
|
20
|
|
Deferred income tax expense
|
(20
|
)
|
|
1
|
|
|
(1
|
)
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
16
|
|
|
(6
|
)
|
|
5
|
|
|
2
|
|
|
1
|
|
Other
|
(20
|
)
|
|
(4
|
)
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(20
|
)
|
|
(6
|
)
|
|
18
|
|
|
(8
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
(59
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
53
|
|
Net income (loss) attributable to Unitholders(2)
|
76
|
|
|
25
|
|
|
23
|
|
|
(12
|
)
|
|
(11
|
)
|
|
(3
|
)
|
|
2
|
|
|
(10
|
)
|
|
1
|
|
|
(73
|
)
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
(1)
|
Share of loss from equity-accounted investments of $16 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 $83 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.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 14
|
|
Attributable to Unitholders
|
|
Contribution from equity-accounted investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage & Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
262
|
|
|
65
|
|
|
62
|
|
|
63
|
|
|
28
|
|
|
7
|
|
|
2
|
|
|
38
|
|
|
24
|
|
|
—
|
|
|
551
|
|
|
(91
|
)
|
|
365
|
|
|
825
|
|
Other income
|
1
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
7
|
|
|
(4
|
)
|
|
5
|
|
|
8
|
|
Direct operating costs
|
(68
|
)
|
|
(17
|
)
|
|
(24
|
)
|
|
(17
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(163
|
)
|
|
29
|
|
|
(120
|
)
|
|
(254
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|
7
|
|
|
73
|
|
Adjusted EBITDA
|
195
|
|
|
49
|
|
|
38
|
|
|
48
|
|
|
20
|
|
|
5
|
|
|
1
|
|
|
32
|
|
|
11
|
|
|
(4
|
)
|
|
395
|
|
|
—
|
|
|
257
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Interest expense
|
(41
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(19
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|
(14
|
)
|
|
(4
|
)
|
|
(24
|
)
|
|
(121
|
)
|
|
24
|
|
|
(76
|
)
|
|
(173
|
)
|
Current income taxes
|
(2
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
1
|
|
|
(15
|
)
|
|
(24
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
(4
|
)
|
|
(29
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(162
|
)
|
|
(162
|
)
|
Funds From Operations
|
152
|
|
|
40
|
|
|
26
|
|
|
29
|
|
|
17
|
|
|
2
|
|
|
1
|
|
|
18
|
|
|
7
|
|
|
(65
|
)
|
|
227
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(55
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(40
|
)
|
|
(10
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(157
|
)
|
|
33
|
|
|
(76
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instrument loss
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(16
|
)
|
|
(18
|
)
|
|
1
|
|
|
(1
|
)
|
|
(18
|
)
|
Deferred income tax expense
|
(17
|
)
|
|
1
|
|
|
(2
|
)
|
|
16
|
|
|
5
|
|
|
—
|
|
|
(1
|
)
|
|
16
|
|
|
—
|
|
|
6
|
|
|
24
|
|
|
(35
|
)
|
|
(9
|
)
|
|
(20
|
)
|
Other
|
(15
|
)
|
|
(1
|
)
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(5
|
)
|
|
(33
|
)
|
|
13
|
|
|
18
|
|
|
(2
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68
|
|
|
68
|
|
Net income (loss) attributable to Unitholders(2)
|
67
|
|
|
17
|
|
|
20
|
|
|
4
|
|
|
11
|
|
|
(3
|
)
|
|
(1
|
)
|
|
9
|
|
|
—
|
|
|
(81
|
)
|
|
43
|
|
|
—
|
|
|
—
|
|
|
43
|
|
(1)
|
Share of earnings from equity-accounted investments of $32 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests - in operating subsidiaries of $94 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.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 15
|
|
Attributable to Unitholders
|
|
Contribution from equity-accounted investments
|
|
|
Attributable
to non- controlling interests |
|
|
As per
IFRS financials |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage & Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||||||||||||||||
As at March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
22
|
|
|
$
|
14
|
|
|
$
|
25
|
|
|
$
|
26
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
12
|
|
|
$
|
84
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
212
|
|
|
$
|
(101
|
)
|
|
$
|
183
|
|
|
$
|
294
|
|
Property, plant and equipment
|
11,110
|
|
|
1,493
|
|
|
1,423
|
|
|
2,454
|
|
|
642
|
|
|
282
|
|
|
172
|
|
|
2,184
|
|
|
717
|
|
|
—
|
|
|
20,477
|
|
|
(4,316
|
)
|
|
11,712
|
|
|
27,873
|
|
||||||||||||||
Total assets
|
11,921
|
|
|
1,657
|
|
|
1,651
|
|
|
2,616
|
|
|
705
|
|
|
308
|
|
|
222
|
|
|
2,436
|
|
|
761
|
|
|
98
|
|
|
22,375
|
|
|
(3,112
|
)
|
|
13,400
|
|
|
32,663
|
|
||||||||||||||
Total borrowings
|
2,986
|
|
|
166
|
|
|
382
|
|
|
1,301
|
|
|
317
|
|
|
68
|
|
|
124
|
|
|
1,386
|
|
|
225
|
|
|
2,010
|
|
|
8,965
|
|
|
(2,306
|
)
|
|
3,612
|
|
|
10,271
|
|
||||||||||||||
Other liabilities
|
2,901
|
|
|
115
|
|
|
400
|
|
|
529
|
|
|
113
|
|
|
7
|
|
|
22
|
|
|
440
|
|
|
44
|
|
|
243
|
|
|
4,814
|
|
|
(806
|
)
|
|
2,027
|
|
|
6,035
|
|
||||||||||||||
For the three months ended March 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
12
|
|
|
8
|
|
|
1
|
|
|
9
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
2
|
|
|
1
|
|
|
56
|
|
|
(17
|
)
|
|
58
|
|
|
97
|
|
||||||||||||||
As at December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
10
|
|
|
$
|
7
|
|
|
$
|
10
|
|
|
$
|
18
|
|
|
$
|
21
|
|
|
$
|
2
|
|
|
$
|
5
|
|
|
$
|
63
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
143
|
|
|
$
|
(89
|
)
|
|
$
|
61
|
|
|
$
|
115
|
|
Property, plant and equipment
|
11,488
|
|
|
1,938
|
|
|
1,773
|
|
|
2,556
|
|
|
628
|
|
|
368
|
|
|
187
|
|
|
2,018
|
|
|
732
|
|
|
—
|
|
|
21,688
|
|
|
(4,147
|
)
|
|
13,173
|
|
|
30,714
|
|
||||||||||||||
Total assets
|
12,218
|
|
|
2,126
|
|
|
2,027
|
|
|
2,705
|
|
|
692
|
|
|
391
|
|
|
233
|
|
|
2,266
|
|
|
780
|
|
|
103
|
|
|
23,541
|
|
|
(2,872
|
)
|
|
15,022
|
|
|
35,691
|
|
||||||||||||||
Total borrowings
|
3,070
|
|
|
208
|
|
|
449
|
|
|
1,221
|
|
|
326
|
|
|
71
|
|
|
124
|
|
|
1,470
|
|
|
235
|
|
|
2,107
|
|
|
9,281
|
|
|
(2,157
|
)
|
|
3,880
|
|
|
11,004
|
|
||||||||||||||
Other liabilities
|
2,877
|
|
|
148
|
|
|
499
|
|
|
597
|
|
|
100
|
|
|
10
|
|
|
28
|
|
|
335
|
|
|
31
|
|
|
248
|
|
|
4,873
|
|
|
(715
|
)
|
|
2,398
|
|
|
6,556
|
|
||||||||||||||
For the three months ended March 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Additions to property, plant and equipment
|
8
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|
23
|
|
|
(7
|
)
|
|
16
|
|
|
32
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 16
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
United States
|
$
|
299
|
|
|
$
|
302
|
|
Colombia
|
247
|
|
|
257
|
|
||
Canada
|
90
|
|
|
84
|
|
||
Brazil
|
85
|
|
|
100
|
|
||
Europe
|
27
|
|
|
42
|
|
||
Asia
|
44
|
|
|
40
|
|
||
|
$
|
792
|
|
|
$
|
825
|
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
United States
|
$
|
14,717
|
|
|
$
|
14,952
|
|
Colombia
|
5,909
|
|
|
7,353
|
|
||
Canada
|
3,918
|
|
|
4,268
|
|
||
Brazil
|
2,812
|
|
|
3,631
|
|
||
Europe
|
1,441
|
|
|
1,539
|
|
||
Asia
|
867
|
|
|
860
|
|
||
|
$
|
29,664
|
|
|
$
|
32,603
|
|
(MILLIONS)
|
Notes
|
|
Hydro
|
|
|
Wind
|
|
|
Solar
|
|
|
Storage & other(1)
|
|
|
Total(2)
|
|
|||||
As at December 31, 2019
|
|
|
$
|
26,024
|
|
|
$
|
4,258
|
|
|
$
|
197
|
|
|
$
|
235
|
|
|
$
|
30,714
|
|
Additions
|
|
|
27
|
|
|
6
|
|
|
63
|
|
|
1
|
|
|
97
|
|
|||||
Items recognized through OCI
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation
|
|
|
(2,336
|
)
|
|
(339
|
)
|
|
(10
|
)
|
|
(47
|
)
|
|
(2,732
|
)
|
|||||
Items recognized through net income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation
|
|
|
(130
|
)
|
|
(69
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
(206
|
)
|
|||||
March 31, 2020(3)
|
|
|
$
|
23,585
|
|
|
$
|
3,856
|
|
|
$
|
247
|
|
|
$
|
185
|
|
|
$
|
27,873
|
|
(1)
|
Includes biomass and cogeneration.
|
(2)
|
Includes intangible assets of $8 million (2019: $10 million) and assets under construction of $346 million (2019: $334 million).
|
(3)
|
Includes right-of-use assets not subject to revaluation of $63 million (2019: $71 million) in our hydroelectric segment, $52 million (2019: $51 million) in our wind segment and $3 million (2019: $3 million) in our storage & other segment.
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 17
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||||
|
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
|
|
||||
Commercial paper and credit facilities
|
2.2
|
|
4
|
|
|
$
|
338
|
|
|
$
|
338
|
|
|
2.9
|
|
5
|
|
|
$
|
299
|
|
|
$
|
299
|
|
Medium Term Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Series 4 (C$150)
|
5.8
|
|
17
|
|
|
107
|
|
|
$
|
119
|
|
|
5.8
|
|
17
|
|
|
$
|
115
|
|
|
$
|
142
|
|
|
Series 8 (C$400)
|
4.8
|
|
2
|
|
|
285
|
|
|
295
|
|
|
4.8
|
|
2
|
|
|
308
|
|
|
324
|
|
||||
Series 9 (C$400)
|
3.8
|
|
5
|
|
|
285
|
|
|
292
|
|
|
3.8
|
|
5
|
|
|
308
|
|
|
322
|
|
||||
Series 10 (C$500)
|
3.6
|
|
7
|
|
|
356
|
|
|
362
|
|
|
3.6
|
|
7
|
|
|
384
|
|
|
400
|
|
||||
Series 11 (C$300)
|
4.3
|
|
9
|
|
|
213
|
|
|
218
|
|
|
4.3
|
|
9
|
|
|
231
|
|
|
248
|
|
||||
Series 12 (C$300)
|
3.4
|
|
10
|
|
|
213
|
|
|
209
|
|
|
3.4
|
|
10
|
|
|
231
|
|
|
232
|
|
||||
Series 13 (C$300)
|
4.3
|
|
30
|
|
|
213
|
|
|
186
|
|
|
4.3
|
|
30
|
|
|
231
|
|
|
237
|
|
||||
|
4.1
|
|
10
|
|
|
$
|
1,672
|
|
|
$
|
1,681
|
|
|
4.1
|
|
10
|
|
|
$
|
1,808
|
|
|
$
|
1,905
|
|
Total corporate borrowings
|
|
2,010
|
|
|
2,019
|
|
|
|
|
|
|
2,107
|
|
|
2,204
|
|
|||||||||
Less: Unamortized financing fees(1)
|
|
(8
|
)
|
|
|
|
|
|
|
|
(7
|
)
|
|
|
|||||||||||
Less: Current portion
|
|
(100
|
)
|
|
|
|
|
|
|
|
—
|
|
|
|
|||||||||||
|
|
|
|
|
$
|
1,902
|
|
|
|
|
|
|
|
|
$
|
2,100
|
|
|
|
(1)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Authorized corporate credit facilities(1)
|
$
|
2,150
|
|
|
$
|
2,150
|
|
Draws on corporate credit facilities(1)
|
(338
|
)
|
|
(299
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
400
|
|
||
Issued letters of credit
|
(243
|
)
|
|
(266
|
)
|
||
Available portion of corporate credit facilities
|
$
|
1,969
|
|
|
$
|
1,985
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 18
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||||
|
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(1)
|
5.7
|
|
9
|
|
|
$
|
6,178
|
|
|
$
|
6,538
|
|
|
5.9
|
|
10
|
|
|
$
|
6,616
|
|
|
$
|
7,106
|
|
Wind
|
5.2
|
|
11
|
|
|
1,835
|
|
|
1,875
|
|
|
5.2
|
|
11
|
|
|
1,899
|
|
|
2,006
|
|
||||
Solar
|
5.8
|
|
6
|
|
|
236
|
|
|
233
|
|
|
5.1
|
|
5
|
|
|
355
|
|
|
363
|
|
||||
Storage & other
|
3.3
|
|
1
|
|
|
75
|
|
|
76
|
|
|
3.9
|
|
4
|
|
|
94
|
|
|
98
|
|
||||
Total
|
5.6
|
|
9
|
|
|
$
|
8,324
|
|
|
$
|
8,722
|
|
|
5.7
|
|
10
|
|
|
$
|
8,964
|
|
|
$
|
9,573
|
|
Add: Unamortized premiums(2)
|
|
8
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|||||||||||
Less: Unamortized financing fees(2)
|
|
(63
|
)
|
|
|
|
|
|
|
|
(69
|
)
|
|
|
|||||||||||
Less: Current portion
|
|
(580
|
)
|
|
|
|
|
|
|
|
(685
|
)
|
|
|
|||||||||||
|
|
|
|
|
$
|
7,689
|
|
|
|
|
|
|
|
|
$
|
8,219
|
|
|
|
(1)
|
Includes a lease liability of $329 million associated with a hydroelectric facility included in property, plant and equipment, at fair value, which is subject to revaluation. At the beginning of May, Brookfield Renewable exercised the buy out option related to this lease liability. Refer to Note 20 – Subsequent events.
|
(2)
|
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 19
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Participating non-controlling interests – in operating subsidiaries
|
$
|
7,760
|
|
|
$
|
8,742
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
60
|
|
|
68
|
|
||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
2,923
|
|
|
3,315
|
|
||
Preferred equity
|
551
|
|
|
597
|
|
||
|
$
|
11,294
|
|
|
$
|
12,722
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 20
|
(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, 2018
|
$
|
900
|
|
|
$
|
1,929
|
|
|
$
|
2,469
|
|
|
$
|
—
|
|
|
$
|
276
|
|
|
$
|
124
|
|
|
$
|
2,212
|
|
|
$
|
15
|
|
|
$
|
204
|
|
|
$
|
8,129
|
|
Net income (loss)
|
—
|
|
|
(13
|
)
|
|
73
|
|
|
6
|
|
|
19
|
|
|
17
|
|
|
154
|
|
|
1
|
|
|
5
|
|
|
262
|
|
||||||||||
OCI
|
46
|
|
|
134
|
|
|
330
|
|
|
(3
|
)
|
|
61
|
|
|
(41
|
)
|
|
266
|
|
|
2
|
|
|
—
|
|
|
795
|
|
||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
2
|
|
|
159
|
|
|
268
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
3
|
|
|
430
|
|
||||||||||
Disposal
|
—
|
|
|
(87
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(85
|
)
|
|
(172
|
)
|
||||||||||
Distributions
|
(24
|
)
|
|
(120
|
)
|
|
(274
|
)
|
|
—
|
|
|
(1
|
)
|
|
(11
|
)
|
|
(259
|
)
|
|
(1
|
)
|
|
(16
|
)
|
|
(706
|
)
|
||||||||||
Other
|
—
|
|
|
8
|
|
|
(3
|
)
|
|
1
|
|
|
(5
|
)
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
3
|
|
|
4
|
|
||||||||||
As at December 31, 2019
|
$
|
922
|
|
|
$
|
1,851
|
|
|
$
|
2,597
|
|
|
$
|
163
|
|
|
$
|
618
|
|
|
$
|
89
|
|
|
$
|
2,375
|
|
|
$
|
13
|
|
|
$
|
114
|
|
|
$
|
8,742
|
|
Net income (loss)
|
—
|
|
|
(1
|
)
|
|
14
|
|
|
4
|
|
|
9
|
|
|
7
|
|
|
41
|
|
|
—
|
|
|
9
|
|
|
83
|
|
||||||||||
OCI
|
(32
|
)
|
|
(90
|
)
|
|
(327
|
)
|
|
4
|
|
|
(46
|
)
|
|
—
|
|
|
(470
|
)
|
|
(3
|
)
|
|
(17
|
)
|
|
(981
|
)
|
||||||||||
Capital contributions
|
—
|
|
|
—
|
|
|
1
|
|
|
13
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||||||||
Distributions
|
(2
|
)
|
|
(12
|
)
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34
|
)
|
|
—
|
|
|
(3
|
)
|
|
(77
|
)
|
||||||||||
Other
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
||||||||||
As at March 31, 2020
|
$
|
888
|
|
|
$
|
1,748
|
|
|
$
|
2,243
|
|
|
$
|
185
|
|
|
$
|
574
|
|
|
$
|
96
|
|
|
$
|
1,913
|
|
|
$
|
10
|
|
|
$
|
103
|
|
|
$
|
7,760
|
|
Interests held by third parties
|
75%-80%
|
|
|
43%-60%
|
|
|
23%-71%
|
|
|
75
|
%
|
|
50
|
%
|
|
25
|
%
|
|
53
|
%
|
|
0.4
|
%
|
|
20%-50%
|
|
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 21
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
General partnership interest in a holding subsidiary held by Brookfield
|
$
|
1
|
|
|
$
|
2
|
|
Incentive distribution
|
16
|
|
|
13
|
|
||
|
17
|
|
|
15
|
|
||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
72
|
|
|
68
|
|
||
|
$
|
89
|
|
|
$
|
83
|
|
(MILLIONS EXCEPT AS NOTED)
|
Shares
outstanding |
|
|
Cumulative
distribution rate (%) |
|
Earliest
permitted redemption date |
|
Distributions declared for the three months ended March 31
|
|
Carrying value as at
|
||||||||||||
|
||||||||||||||||||||||
|
2020
|
|
|
2019
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
|||||||||||
Series 1 (C$136)
|
5.45
|
|
|
3.36
|
|
Apr 2020
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
97
|
|
|
$
|
105
|
|
Series 2 (C$113)(1)
|
4.51
|
|
|
4.20
|
|
Apr 2020
|
|
1
|
|
|
1
|
|
|
79
|
|
|
86
|
|
||||
Series 3 (C$249)
|
9.96
|
|
|
4.40
|
|
Jul 2019
|
|
2
|
|
|
2
|
|
|
177
|
|
|
192
|
|
||||
Series 5 (C$103)
|
4.11
|
|
|
5.00
|
|
Apr 2018
|
|
1
|
|
|
1
|
|
|
73
|
|
|
79
|
|
||||
Series 6 (C$175)
|
7.00
|
|
|
5.00
|
|
Jul 2018
|
|
2
|
|
|
1
|
|
|
124
|
|
|
135
|
|
||||
|
31.04
|
|
|
|
|
|
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
550
|
|
|
$
|
597
|
|
(1)
|
Dividend rate represents annualized distribution based on the most recent quarterly floating rate.
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 22
|
(MILLIONS, EXCEPT AS NOTED)
|
|
Shares outstanding
|
|
|
Cumulative distribution rate (%)
|
|
Earliest permitted redemption date
|
|
Distributions declared for the three months ended March 31
|
|
Carrying value as at
|
||||||||||||
|
|
2020
|
|
|
2019
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
|||||||||||
Series 5 (C$72)
|
|
2.89
|
|
|
5.59
|
|
Apr 2018
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
49
|
|
|
$
|
49
|
|
Series 7 (C$175)
|
|
7.00
|
|
|
5.50
|
|
Jan 2021
|
|
2
|
|
|
2
|
|
|
128
|
|
|
128
|
|
||||
Series 9 (C$200)
|
|
8.00
|
|
|
5.75
|
|
Jul 2021
|
|
2
|
|
|
2
|
|
|
147
|
|
|
147
|
|
||||
Series 11 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2022
|
|
2
|
|
|
2
|
|
|
187
|
|
|
187
|
|
||||
Series 13 (C$250)
|
|
10.00
|
|
|
5.00
|
|
Apr 2023
|
|
2
|
|
|
2
|
|
|
196
|
|
|
196
|
|
||||
Series 15 (C$175)
|
|
7.00
|
|
|
5.75
|
|
Apr 2024
|
|
2
|
|
|
1
|
|
|
126
|
|
|
126
|
|
||||
Series 17 ($200)
|
|
8.00
|
|
|
5.25
|
|
Mar 2025
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
195
|
|
|
$
|
—
|
|
|
|
52.89
|
|
|
|
|
|
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
1,028
|
|
|
$
|
833
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 23
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Brookfield
|
$
|
31
|
|
|
$
|
29
|
|
External LP Unitholders
|
68
|
|
|
64
|
|
||
|
$
|
99
|
|
|
$
|
93
|
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Revenue
|
$
|
384
|
|
|
$
|
359
|
|
Net income
|
(72
|
)
|
|
110
|
|
||
Share of net income (loss)(1)
|
(16
|
)
|
|
32
|
|
(1)
|
Brookfield Renewable's ownership interest in these entities ranges from 14% to 50%.
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Current assets
|
$
|
1,110
|
|
|
$
|
1,102
|
|
Property, plant and equipment
|
16,864
|
|
|
16,256
|
|
||
Other assets
|
657
|
|
|
571
|
|
||
Current liabilities
|
1,412
|
|
|
1,279
|
|
||
Non-recourse borrowings
|
7,908
|
|
|
7,365
|
|
||
Other liabilities
|
3,016
|
|
|
2,580
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 24
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Cash
|
$
|
268
|
|
|
$
|
103
|
|
Short-term deposits
|
26
|
|
|
12
|
|
||
|
$
|
294
|
|
|
$
|
115
|
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Operations
|
$
|
122
|
|
|
$
|
87
|
|
Credit obligations
|
101
|
|
|
69
|
|
||
Development projects
|
11
|
|
|
17
|
|
||
Total
|
234
|
|
|
173
|
|
||
Less: non-current
|
(15
|
)
|
|
(19
|
)
|
||
Current
|
$
|
219
|
|
|
$
|
154
|
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Trade receivables
|
$
|
361
|
|
|
$
|
406
|
|
Prepaids and other
|
96
|
|
|
119
|
|
||
Other short-term receivables
|
133
|
|
|
142
|
|
||
Current portion of contract asset
|
55
|
|
|
51
|
|
||
|
$
|
645
|
|
|
$
|
718
|
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Operating accrued liabilities
|
$
|
180
|
|
|
$
|
237
|
|
Accounts payable
|
66
|
|
|
111
|
|
||
Interest payable on borrowings
|
83
|
|
|
73
|
|
||
Deferred consideration
|
40
|
|
|
60
|
|
||
LP Unitholders distributions, preferred limited partnership unit distributions and preferred dividends payable(1)
|
34
|
|
|
33
|
|
||
Current portion of lease liabilities
|
15
|
|
|
15
|
|
||
Other
|
112
|
|
|
61
|
|
||
|
$
|
530
|
|
|
$
|
590
|
|
(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.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 25
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Brookfield Renewable along with institutional investors
|
$
|
49
|
|
|
$
|
50
|
|
Brookfield Renewable's subsidiaries
|
268
|
|
|
286
|
|
||
|
$
|
317
|
|
|
$
|
336
|
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 26
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Revenues
|
|
|
|
||||
Power purchase and revenue agreements
|
$
|
96
|
|
|
$
|
159
|
|
Wind levelization agreement
|
—
|
|
|
1
|
|
||
|
$
|
96
|
|
|
$
|
160
|
|
Direct operating costs
|
|
|
|
||||
Energy purchases
|
$
|
—
|
|
|
$
|
(3
|
)
|
Energy marketing fee
|
—
|
|
|
(6
|
)
|
||
Insurance services(1)
|
(6
|
)
|
|
(7
|
)
|
||
|
$
|
(6
|
)
|
|
$
|
(16
|
)
|
Interest expense
|
|
|
|
|
|
||
Borrowings
|
$
|
—
|
|
|
$
|
(3
|
)
|
Contract balance accretion
|
(4
|
)
|
|
(2
|
)
|
||
|
$
|
(4
|
)
|
|
$
|
(5
|
)
|
Management service costs
|
$
|
(31
|
)
|
|
$
|
(21
|
)
|
(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 months ended March 31, 2020 were less than $1 million (2019: less than $1 million).
|
Brookfield Renewable Partners L.P.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 27
|
(MILLIONS)
|
Brookfield
Renewable(1)
|
|
|
BRP
Equity
|
|
|
Finco
|
|
|
Holding
Entities(1)(2)
|
|
|
Other
Subsidiaries(1)(3)
|
|
|
Consolidating
adjustments(4)
|
|
|
Brookfield
Renewable
consolidated
|
|
|||||||
As at March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current assets
|
$
|
34
|
|
|
$
|
377
|
|
|
$
|
1,690
|
|
|
$
|
116
|
|
|
$
|
3,275
|
|
|
$
|
(3,928
|
)
|
|
$
|
1,564
|
|
Long-term assets
|
5,079
|
|
|
232
|
|
|
2
|
|
|
23,125
|
|
|
31,363
|
|
|
(28,702
|
)
|
|
31,099
|
|
|||||||
Current liabilities
|
39
|
|
|
6
|
|
|
19
|
|
|
3,841
|
|
|
1,612
|
|
|
(3,928
|
)
|
|
1,589
|
|
|||||||
Long-term liabilities
|
—
|
|
|
—
|
|
|
1,664
|
|
|
241
|
|
|
13,446
|
|
|
(634
|
)
|
|
14,717
|
|
|||||||
Participating non-controlling interests – in operating subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,760
|
|
|
—
|
|
|
7,760
|
|
|||||||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
2,923
|
|
|
—
|
|
|
—
|
|
|
2,923
|
|
|||||||
Preferred equity
|
—
|
|
|
551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
551
|
|
|||||||
Preferred limited partners' equity
|
1,028
|
|
|
—
|
|
|
—
|
|
|
1,039
|
|
|
—
|
|
|
(1,039
|
)
|
|
1,028
|
|
|||||||
As at December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current assets
|
$
|
32
|
|
|
$
|
408
|
|
|
$
|
1,832
|
|
|
$
|
133
|
|
|
$
|
3,230
|
|
|
$
|
(4,161
|
)
|
|
$
|
1,474
|
|
Long-term assets
|
5,428
|
|
|
251
|
|
|
2
|
|
|
25,068
|
|
|
34,500
|
|
|
(31,032
|
)
|
|
34,217
|
|
|||||||
Current liabilities
|
40
|
|
|
7
|
|
|
24
|
|
|
3,918
|
|
|
1,852
|
|
|
(4,163
|
)
|
|
1,678
|
|
|||||||
Long-term liabilities
|
—
|
|
|
—
|
|
|
1,801
|
|
|
300
|
|
|
14,440
|
|
|
(659
|
)
|
|
15,882
|
|
|||||||
Participating non-controlling interests – in operating subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,742
|
|
|
—
|
|
|
8,742
|
|
|||||||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
3,315
|
|
|
—
|
|
|
—
|
|
|
3,315
|
|
|||||||
Preferred equity
|
—
|
|
|
597
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
597
|
|
|||||||
Preferred limited partners' equity
|
833
|
|
|
—
|
|
|
—
|
|
|
844
|
|
|
—
|
|
|
(844
|
)
|
|
833
|
|
(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.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 28
|
(MILLIONS)
|
Brookfield
Renewable(1)
|
|
|
BRP
Equity
|
|
|
Finco
|
|
|
Holding
Entities(1)(2)
|
|
|
Other
Subsidiaries(1)(3)
|
|
|
Consolidating
adjustments(4)
|
|
|
Brookfield
Renewable
consolidated
|
|
|||||||
Three months ended March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
792
|
|
|
$
|
—
|
|
|
$
|
792
|
|
Net income (loss)
|
22
|
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
|
332
|
|
|
(171
|
)
|
|
120
|
|
|||||||
Three months ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
826
|
|
|
$
|
—
|
|
|
$
|
825
|
|
Net income (loss)
|
35
|
|
|
—
|
|
|
2
|
|
|
11
|
|
|
332
|
|
|
(227
|
)
|
|
153
|
|
(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.
|
Q1 2020 Interim Consolidated Financial Statements and Notes
|
March 31, 2020
|
|
Page 29
|
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: BEP.PR.O (Preferred LP Units - Series 15)
NYSE: BEP.PR.A (Preferred LP Units - Series 17)
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 2019 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 months ended March 31, 2020
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 2
|
THREE MONTHS ENDED MARCH 31
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Operational information
|
|
|
|
||||
Capacity (MW)
|
19,272
|
|
|
17,438
|
|
||
Total generation (GWh)
|
|
|
|
||||
Long-term average generation
|
14,151
|
|
|
13,493
|
|
||
Actual generation
|
14,264
|
|
|
14,125
|
|
||
|
|
|
|
||||
Proportionate generation (GWh)
|
|
|
|
||||
Long-term average generation
|
6,717
|
|
|
6,698
|
|
||
Actual generation
|
7,164
|
|
|
7,246
|
|
||
Average revenue ($ per MWh)
|
76
|
|
|
76
|
|
||
|
|
|
|
||||
Selected financial information(1)
|
|
|
|
||||
Net income attributable to Unitholders
|
$
|
18
|
|
|
$
|
43
|
|
Basic income per LP Unit
|
0.06
|
|
|
0.14
|
|
||
Consolidated Adjusted EBITDA(2)
|
618
|
|
|
652
|
|
||
Proportionate Adjusted EBITDA(2)
|
391
|
|
|
395
|
|
||
Funds From Operations(2)
|
217
|
|
|
227
|
|
||
Funds From Operations per Unit(1)(2)
|
0.70
|
|
|
0.73
|
|
||
Distribution per LP Unit
|
0.54
|
|
|
0.52
|
|
(1)
|
For the three months ended March 31, 2020, weighted average LP Units, Redeemable/Exchangeable partnership units and GP interest totaled 311.3 million (2019: 311.1 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)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Liquidity and Capital Resources
|
|
|
|
|
|
||
Available liquidity(1)
|
$
|
3,009
|
|
$
|
2,695
|
||
Debt to capitalization – Corporate(1)
|
|
18
|
%
|
|
|
16
|
%
|
Debt to capitalization – Consolidated(1)
|
|
34
|
%
|
|
|
32
|
%
|
Borrowings non-recourse to Brookfield Renewable on a proportionate basis(1)
|
|
78
|
%
|
|
|
77
|
%
|
Floating rate debt exposure on a proportionate basis(1)(2)
|
|
5
|
%
|
|
|
5
|
%
|
Medium term notes(1)
|
|
|
|
|
|
||
Average debt term to maturity
|
|
10 years
|
|
|
|
10 years
|
|
Average interest rate
|
|
4.1
|
%
|
|
|
4.1
|
%
|
Non-recourse borrowings on a proportionate basis
|
|
|
|
|
|
||
Average debt term to maturity
|
|
10 years
|
|
|
|
10 years
|
|
Average interest rate
|
|
5.1
|
%
|
|
|
5.1
|
%
|
(1)
|
Available liquidity and medium term notes are adjusted to reflect the issuance of C$175 million of Series 11 ($124 million) and C$175 million of Series 12 ($124 million) medium term notes on April 3, 2020.
|
(2)
|
Excludes 5% (2019: 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, adjusted for the medium term notes issuance on April 3, 2020.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 3
|
•
|
Strong operational performance and above average resource
|
•
|
Higher realized prices as we benefited from our commercial and re-contracting initiatives;
|
•
|
Higher margins due to cost-reduction initiatives; and
|
•
|
Unfavorable foreign exchange movement due to the strengthening of the U.S. dollar
|
•
|
In Colombia, we contracted 157 GWh/year, including individual contracts with up to ten years in duration
|
•
|
In Brazil, we entered into eight new contracts to deliver 155 GWh/year, including individual contracts with up to three years in duration
|
•
|
Liquidity position remains robust, with over $3 billion of total available liquidity, no material maturities over the next five years and a strong investment grade balance sheet (BBB+)
|
•
|
Bolstered our liquidity and sourced diverse funding levers, by executing on $1.4 billion of investment grade financings and $94 million ($29 million net to Brookfield Renewable) of capital recycling initiatives:
|
◦
|
Secured over $920 million from non-recourse financings during the quarter
|
◦
|
Issued our inaugural green perpetual preferred units for $200 million at 5.25% in the U.S. market and subsequent to quarter end, completed the issuance of approximately C$350 million of ten-year corporate green bonds at approximately 3.5%
|
◦
|
Completed the sale of our solar assets in Thailand for total proceeds of $94 million ($29 million net to Brookfield Renewable)
|
•
|
Continued to advance the construction of 831 MW of hydroelectric, wind, pumped storage and rooftop solar development projects. These projects are expected to be commissioned between 2020 and 2022 and to generate annualized Funds From Operations net to Brookfield Renewable of $21 million.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 4
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Revenues
|
$
|
792
|
|
|
$
|
825
|
|
Direct operating costs
|
(261
|
)
|
|
(254
|
)
|
||
Management service costs
|
(31
|
)
|
|
(21
|
)
|
||
Interest expense
|
(162
|
)
|
|
(173
|
)
|
||
Share of (loss) earnings from equity-accounted investments
|
(16
|
)
|
|
32
|
|
||
Foreign exchange and unrealized financial instrument gain (loss)
|
20
|
|
|
(18
|
)
|
||
Depreciation
|
(206
|
)
|
|
(200
|
)
|
||
Income tax expense
|
(18
|
)
|
|
(44
|
)
|
||
Net income attributable to Unitholders
|
$
|
18
|
|
|
$
|
43
|
|
|
Average FX rates to USD
|
||||||
C$
|
1.34
|
|
|
1.33
|
|
||
€
|
0.91
|
|
|
0.88
|
|
||
R$
|
4.46
|
|
|
3.77
|
|
||
£
|
0.78
|
|
|
0.77
|
|
||
COP
|
3,533
|
|
|
3,137
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 5
|
(MILLIONS)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Assets held for sale
|
$
|
190
|
|
|
$
|
352
|
|
Current assets
|
1,564
|
|
|
1,474
|
|
||
Equity-accounted investments
|
1,791
|
|
|
1,889
|
|
||
Property, plant and equipment
|
27,873
|
|
|
30,714
|
|
||
Total assets
|
32,663
|
|
|
35,691
|
|
||
Liabilities directly associated with assets held for sale
|
95
|
|
|
137
|
|
||
Corporate borrowings
|
2,002
|
|
|
2,100
|
|
||
Non-recourse borrowings
|
8,269
|
|
|
8,904
|
|
||
Deferred income tax liabilities
|
4,095
|
|
|
4,537
|
|
||
Total liabilities and equity
|
32,663
|
|
|
35,691
|
|
||
|
FX rates to USD
|
||||||
C$
|
1.41
|
|
|
1.30
|
|
||
€
|
0.91
|
|
|
0.89
|
|
||
R$
|
5.20
|
|
|
4.03
|
|
||
£
|
0.81
|
|
|
0.75
|
|
||
COP
|
4,065
|
|
|
3,277
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 6
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Revenues
|
|
|
|
||||
Power purchase and revenue agreements
|
$
|
96
|
|
|
$
|
159
|
|
Wind levelization agreement
|
—
|
|
|
1
|
|
||
|
$
|
96
|
|
|
$
|
160
|
|
Direct operating costs
|
|
|
|
||||
Energy purchases
|
$
|
—
|
|
|
$
|
(3
|
)
|
Energy marketing fee
|
—
|
|
|
(6
|
)
|
||
Insurance services(1)
|
(6
|
)
|
|
(7
|
)
|
||
|
$
|
(6
|
)
|
|
$
|
(16
|
)
|
Interest expense
|
|
|
|
||||
Borrowings
|
$
|
—
|
|
|
$
|
(3
|
)
|
Contract balance accretion
|
(4
|
)
|
|
(2
|
)
|
||
|
$
|
(4
|
)
|
|
$
|
(5
|
)
|
Management service costs
|
$
|
(31
|
)
|
|
$
|
(21
|
)
|
(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 months ended March 31, 2020 were less than $1 million (2019: less than $1 million)..
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 7
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 8
|
|
(GWh)
|
|
|
(MILLIONS)
|
||||||||||||||||||||||||||||||||||||||||||||
|
Actual Generation
|
|
|
LTA Generation
|
|
|
Revenues
|
|
|
Adjusted EBITDA
|
|
|
Funds From Operations
|
|
|
Net Income (Loss)
|
||||||||||||||||||||||||||||||||
|
2020
|
|
|
2019
|
|
|
|
2020
|
|
|
2019
|
|
|
|
2020
|
|
|
2019
|
|
|
|
2020
|
|
|
2019
|
|
|
|
2020
|
|
|
2019
|
|
|
|
2020
|
|
|
2019
|
|
||||||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
3,722
|
|
|
3,849
|
|
|
|
3,233
|
|
|
3,300
|
|
|
|
$
|
265
|
|
|
$
|
262
|
|
|
|
$
|
198
|
|
|
$
|
195
|
|
|
|
$
|
156
|
|
|
$
|
152
|
|
|
|
$
|
76
|
|
|
$
|
67
|
|
Brazil
|
1,227
|
|
|
1,090
|
|
|
|
988
|
|
|
980
|
|
|
|
61
|
|
|
65
|
|
|
|
47
|
|
|
49
|
|
|
|
41
|
|
|
40
|
|
|
|
25
|
|
|
17
|
|
||||||||
Colombia
|
709
|
|
|
765
|
|
|
|
798
|
|
|
798
|
|
|
|
60
|
|
|
62
|
|
|
|
36
|
|
|
38
|
|
|
|
25
|
|
|
26
|
|
|
|
23
|
|
|
20
|
|
||||||||
|
5,658
|
|
|
5,704
|
|
|
|
5,019
|
|
|
5,078
|
|
|
|
386
|
|
|
389
|
|
|
|
281
|
|
|
282
|
|
|
|
222
|
|
|
218
|
|
|
|
124
|
|
|
104
|
|
||||||||
Wind
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
831
|
|
|
850
|
|
|
|
944
|
|
|
960
|
|
|
|
60
|
|
|
63
|
|
|
|
48
|
|
|
48
|
|
|
|
29
|
|
|
29
|
|
|
|
(12
|
)
|
|
4
|
|
||||||||
Europe
|
221
|
|
|
274
|
|
|
|
253
|
|
|
308
|
|
|
|
22
|
|
|
28
|
|
|
|
13
|
|
|
20
|
|
|
|
11
|
|
|
17
|
|
|
|
(11
|
)
|
|
11
|
|
||||||||
Brazil
|
68
|
|
|
106
|
|
|
|
126
|
|
|
119
|
|
|
|
4
|
|
|
7
|
|
|
|
3
|
|
|
5
|
|
|
|
1
|
|
|
2
|
|
|
|
(3
|
)
|
|
(3
|
)
|
||||||||
Asia
|
90
|
|
|
39
|
|
|
|
100
|
|
|
38
|
|
|
|
6
|
|
|
2
|
|
|
|
5
|
|
|
1
|
|
|
|
3
|
|
|
1
|
|
|
|
2
|
|
|
(1
|
)
|
||||||||
|
1,210
|
|
|
1,269
|
|
|
|
1,423
|
|
|
1,425
|
|
|
|
92
|
|
|
100
|
|
|
|
69
|
|
|
74
|
|
|
|
44
|
|
|
49
|
|
|
|
(24
|
)
|
|
11
|
|
||||||||
Solar
|
240
|
|
|
199
|
|
|
|
275
|
|
|
195
|
|
|
|
49
|
|
|
38
|
|
|
|
36
|
|
|
32
|
|
|
|
18
|
|
|
18
|
|
|
|
(10
|
)
|
|
9
|
|
||||||||
Storage & Other
|
56
|
|
|
74
|
|
|
|
—
|
|
|
—
|
|
|
|
18
|
|
|
24
|
|
|
|
8
|
|
|
11
|
|
|
|
6
|
|
|
7
|
|
|
|
1
|
|
|
—
|
|
||||||||
Corporate
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(3
|
)
|
|
(4
|
)
|
|
|
(73
|
)
|
|
(65
|
)
|
|
|
(73
|
)
|
|
(81
|
)
|
||||||||
Total
|
7,164
|
|
|
7,246
|
|
|
|
6,717
|
|
|
6,698
|
|
|
|
$
|
545
|
|
|
$
|
551
|
|
|
|
$
|
391
|
|
|
$
|
395
|
|
|
|
$
|
217
|
|
|
$
|
227
|
|
|
|
$
|
18
|
|
|
$
|
43
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 9
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Generation (GWh) – LTA
|
5,019
|
|
|
5,078
|
|
||
Generation (GWh) – actual
|
5,658
|
|
|
5,704
|
|
||
Revenue
|
$
|
386
|
|
|
$
|
389
|
|
Other income
|
7
|
|
|
2
|
|||
Direct operating costs
|
(112
|
)
|
|
(109)
|
|||
Adjusted EBITDA
|
281
|
|
|
282
|
|
||
Interest expense
|
(50
|
)
|
|
(55
|
)
|
||
Current income taxes
|
(9
|
)
|
|
(9
|
)
|
||
Funds From Operations
|
$
|
222
|
|
|
$
|
218
|
|
Depreciation
|
(84
|
)
|
|
(82
|
)
|
||
Deferred taxes and other
|
(14
|
)
|
|
(32
|
)
|
||
Net income
|
$
|
124
|
|
|
$
|
104
|
|
|
Actual
Generation (GWh)
|
|
Average
revenue
per MWh
|
|
Adjusted
EBITDA
|
|
Funds From
Operations
|
|
Net
Income
|
||||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
United States
|
3,064
|
|
|
3,080
|
|
|
$
|
70
|
|
|
$
|
67
|
|
|
$
|
158
|
|
|
$
|
149
|
|
|
$
|
129
|
|
|
$
|
118
|
|
|
$
|
68
|
|
|
$
|
52
|
|
Canada
|
658
|
|
|
769
|
|
|
75
|
|
|
75
|
|
|
40
|
|
|
46
|
|
|
27
|
|
|
34
|
|
|
8
|
|
|
15
|
|
||||||||
|
3,722
|
|
|
3,849
|
|
|
71
|
|
|
68
|
|
|
198
|
|
|
195
|
|
|
156
|
|
|
152
|
|
|
76
|
|
|
67
|
|
||||||||
Brazil
|
1,227
|
|
|
1,090
|
|
|
50
|
|
|
59
|
|
|
47
|
|
|
49
|
|
|
41
|
|
|
40
|
|
|
25
|
|
|
17
|
|
||||||||
Colombia
|
709
|
|
|
765
|
|
|
84
|
|
|
81
|
|
|
36
|
|
|
38
|
|
|
25
|
|
|
26
|
|
|
23
|
|
|
20
|
|
||||||||
Total
|
5,658
|
|
|
5,704
|
|
|
$
|
68
|
|
|
$
|
68
|
|
|
$
|
281
|
|
|
$
|
282
|
|
|
$
|
222
|
|
|
$
|
218
|
|
|
$
|
124
|
|
|
$
|
104
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 10
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Generation (GWh) – LTA
|
1,423
|
|
|
1,425
|
|
||
Generation (GWh) – actual
|
1,210
|
|
|
1,269
|
|
||
Revenue
|
$
|
92
|
|
|
$
|
100
|
|
Other income
|
2
|
|
|
2
|
|
||
Direct operating costs
|
(25
|
)
|
|
(28
|
)
|
||
Adjusted EBITDA
|
69
|
|
|
74
|
|
||
Interest expense
|
(24
|
)
|
|
(24
|
)
|
||
Current income taxes
|
(1
|
)
|
|
(1
|
)
|
||
Funds From Operations
|
44
|
|
|
49
|
|
||
Depreciation
|
(60
|
)
|
|
(55
|
)
|
||
Deferred taxes and other
|
(8
|
)
|
|
17
|
|
||
Net (loss) income
|
$
|
(24
|
)
|
|
$
|
11
|
|
|
Actual
Generation (GWh)
|
|
Average
revenue
per MWh
|
|
Adjusted
EBITDA
|
|
Funds From
Operations
|
|
Net
Income (Loss)
|
||||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
United States
|
492
|
|
|
522
|
|
|
$
|
60
|
|
|
$
|
63
|
|
|
$
|
22
|
|
|
$
|
22
|
|
|
$
|
10
|
|
|
$
|
9
|
|
|
$
|
(13
|
)
|
|
$
|
2
|
|
Canada
|
339
|
|
|
328
|
|
|
89
|
|
|
91
|
|
|
26
|
|
|
26
|
|
|
19
|
|
|
20
|
|
|
1
|
|
|
2
|
|
||||||||
|
831
|
|
|
850
|
|
|
72
|
|
|
74
|
|
|
48
|
|
|
48
|
|
|
29
|
|
|
29
|
|
|
(12
|
)
|
|
4
|
|
||||||||
Europe
|
221
|
|
|
274
|
|
|
100
|
|
|
104
|
|
|
13
|
|
|
20
|
|
|
11
|
|
|
17
|
|
|
(11
|
)
|
|
11
|
|
||||||||
Brazil
|
68
|
|
|
106
|
|
|
64
|
|
|
69
|
|
|
3
|
|
|
5
|
|
|
1
|
|
|
2
|
|
|
(3
|
)
|
|
(3
|
)
|
||||||||
Asia
|
90
|
|
|
39
|
|
|
68
|
|
|
51
|
|
|
5
|
|
|
1
|
|
|
3
|
|
|
1
|
|
|
2
|
|
|
(1
|
)
|
||||||||
Total
|
1,210
|
|
|
1,269
|
|
|
$
|
76
|
|
|
$
|
80
|
|
|
$
|
69
|
|
|
$
|
74
|
|
|
$
|
44
|
|
|
$
|
49
|
|
|
$
|
(24
|
)
|
|
$
|
11
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 11
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Generation (GWh) – LTA
|
275
|
|
|
195
|
|
||
Generation (GWh) – actual
|
240
|
|
|
199
|
|
||
Revenue
|
$
|
49
|
|
|
$
|
38
|
|
Other income
|
1
|
|
|
1
|
|
||
Direct operating costs
|
(14
|
)
|
|
(7
|
)
|
||
Adjusted EBITDA
|
36
|
|
|
32
|
|
||
Interest expense
|
(17
|
)
|
|
(14
|
)
|
||
Current income taxes
|
(1
|
)
|
|
—
|
|
||
Funds From Operations
|
$
|
18
|
|
|
$
|
18
|
|
Depreciation
|
(22
|
)
|
|
(13
|
)
|
||
Deferred taxes and other
|
(6
|
)
|
|
4
|
|
||
Net (loss) income
|
$
|
(10
|
)
|
|
$
|
9
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 12
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Generation (GWh) – actual
|
56
|
|
|
74
|
|
||
Revenue
|
$
|
18
|
|
|
$
|
24
|
|
Direct operating costs
|
(10
|
)
|
|
(13
|
)
|
||
Adjusted EBITDA
|
8
|
|
|
11
|
|
||
Interest expense
|
(2
|
)
|
|
(4
|
)
|
||
Other
|
—
|
|
|
—
|
|
||
Funds From Operations
|
$
|
6
|
|
|
$
|
7
|
|
Depreciation
|
(5
|
)
|
|
(6
|
)
|
||
Deferred taxes and other
|
—
|
|
|
(1
|
)
|
||
Net income
|
$
|
1
|
|
|
$
|
—
|
|
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
||
Other income
|
$
|
2
|
|
|
$
|
2
|
|
Direct operating costs
|
(5
|
)
|
|
(6
|
)
|
||
Adjusted EBITDA
|
(3
|
)
|
|
(4
|
)
|
||
Management service costs
|
(31
|
)
|
|
(21
|
)
|
||
Interest expense
|
(20
|
)
|
|
(24
|
)
|
||
Distributions on Preferred LP Units and Shares
|
(19
|
)
|
|
(16
|
)
|
||
Funds From Operations
|
$
|
(73
|
)
|
|
$
|
(65
|
)
|
Deferred taxes and other
|
—
|
|
|
(16
|
)
|
||
Net loss
|
$
|
(73
|
)
|
|
$
|
(81
|
)
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 13
|
|
Attributable to Unitholders
|
|
Contribution from equity-accounted investments
|
|
|
Attributable
to non-controlling
interests
|
|
|
As per
IFRS
financials(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage & Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America
|
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America
|
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
265
|
|
|
61
|
|
|
60
|
|
|
60
|
|
|
22
|
|
|
4
|
|
|
6
|
|
|
49
|
|
|
18
|
|
|
—
|
|
|
545
|
|
|
(95
|
)
|
|
342
|
|
|
792
|
|
Other income
|
2
|
|
|
3
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
12
|
|
|
(2
|
)
|
|
—
|
|
|
10
|
|
Direct operating costs
|
(69
|
)
|
|
(17
|
)
|
|
(26
|
)
|
|
(14
|
)
|
|
(9
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(14
|
)
|
|
(10
|
)
|
|
(5
|
)
|
|
(166
|
)
|
|
28
|
|
|
(123
|
)
|
|
(261
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
8
|
|
|
77
|
|
Adjusted EBITDA
|
198
|
|
|
47
|
|
|
36
|
|
|
48
|
|
|
13
|
|
|
3
|
|
|
5
|
|
|
36
|
|
|
8
|
|
|
(3
|
)
|
|
391
|
|
|
—
|
|
|
227
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
Interest expense
|
(39
|
)
|
|
(4
|
)
|
|
(7
|
)
|
|
(19
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(17
|
)
|
|
(2
|
)
|
|
(20
|
)
|
|
(113
|
)
|
|
27
|
|
|
(76
|
)
|
|
(162
|
)
|
Current income taxes
|
(3
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
4
|
|
|
(12
|
)
|
|
(19
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
Share of interest and cash taxes from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(3
|
)
|
|
(34
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(136
|
)
|
|
(136
|
)
|
Funds From Operations
|
156
|
|
|
41
|
|
|
25
|
|
|
29
|
|
|
11
|
|
|
1
|
|
|
3
|
|
|
18
|
|
|
6
|
|
|
(73
|
)
|
|
217
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(58
|
)
|
|
(20
|
)
|
|
(6
|
)
|
|
(42
|
)
|
|
(12
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(172
|
)
|
|
48
|
|
|
(82
|
)
|
|
(206
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
18
|
|
|
7
|
|
|
5
|
|
|
(2
|
)
|
|
(11
|
)
|
|
—
|
|
|
(1
|
)
|
|
(5
|
)
|
|
1
|
|
|
(13
|
)
|
|
(1
|
)
|
|
12
|
|
|
9
|
|
|
20
|
|
Deferred income tax recovery (expense)
|
(20
|
)
|
|
1
|
|
|
(1
|
)
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
16
|
|
|
(6
|
)
|
|
5
|
|
|
2
|
|
|
1
|
|
Other
|
(20
|
)
|
|
(4
|
)
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(20
|
)
|
|
(6
|
)
|
|
18
|
|
|
(8
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
(59
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
53
|
|
Net income (loss) attributable to Unitholders(2)
|
76
|
|
|
25
|
|
|
23
|
|
|
(12
|
)
|
|
(11
|
)
|
|
(3
|
)
|
|
2
|
|
|
(10
|
)
|
|
1
|
|
|
(73
|
)
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
(1)
|
Share of loss from equity-accounted investments of $16 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 $83 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
|
March 31, 2020
|
|
|
Page 14
|
|
Attributable to Unitholders
|
|
Contribution from equity-accounted investments
|
|
|
Attributable
to non-
controlling
interests
|
|
|
As per
IFRS
financials(1)
|
|
|||||||||||||||||||||||||||||||
|
Hydroelectric
|
|
Wind
|
|
Solar
|
|
|
Storage & Other
|
|
|
Corporate
|
|
|
Total
|
|
|
|||||||||||||||||||||||||
(MILLIONS)
|
North
America |
|
|
Brazil
|
|
|
Colombia
|
|
|
North
America |
|
|
Europe
|
|
|
Brazil
|
|
|
Asia
|
|
|
|
|||||||||||||||||||
Revenues
|
262
|
|
|
65
|
|
|
62
|
|
|
63
|
|
|
28
|
|
|
7
|
|
|
2
|
|
|
38
|
|
|
24
|
|
|
—
|
|
|
551
|
|
|
(91
|
)
|
|
365
|
|
|
825
|
|
Other income
|
1
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
7
|
|
|
(4
|
)
|
|
5
|
|
|
8
|
|
Direct operating costs
|
(68
|
)
|
|
(17
|
)
|
|
(24
|
)
|
|
(17
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(163
|
)
|
|
29
|
|
|
(120
|
)
|
|
(254
|
)
|
Share of Adjusted EBITDA from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|
7
|
|
|
73
|
|
Adjusted EBITDA
|
195
|
|
|
49
|
|
|
38
|
|
|
48
|
|
|
20
|
|
|
5
|
|
|
1
|
|
|
32
|
|
|
11
|
|
|
(4
|
)
|
|
395
|
|
|
—
|
|
|
257
|
|
|
|
|
Management service costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
Interest expense
|
(41
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
(19
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|
(14
|
)
|
|
(4
|
)
|
|
(24
|
)
|
|
(121
|
)
|
|
24
|
|
|
(76
|
)
|
|
(173
|
)
|
Current income taxes
|
(2
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
1
|
|
|
(15
|
)
|
|
(24
|
)
|
Distributions attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred limited partners equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
Preferred equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
Share of interest and cash taxes from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
(4
|
)
|
|
(29
|
)
|
Share of Funds From Operations attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(162
|
)
|
|
(162
|
)
|
Funds From Operations
|
152
|
|
|
40
|
|
|
26
|
|
|
29
|
|
|
17
|
|
|
2
|
|
|
1
|
|
|
18
|
|
|
7
|
|
|
(65
|
)
|
|
227
|
|
|
—
|
|
|
—
|
|
|
|
|
Depreciation
|
(55
|
)
|
|
(22
|
)
|
|
(5
|
)
|
|
(40
|
)
|
|
(10
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(157
|
)
|
|
33
|
|
|
(76
|
)
|
|
(200
|
)
|
Foreign exchange and unrealized financial instruments gain (loss)
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(16
|
)
|
|
(18
|
)
|
|
1
|
|
|
(1
|
)
|
|
(18
|
)
|
Deferred income tax recovery (expense)
|
(17
|
)
|
|
1
|
|
|
(2
|
)
|
|
16
|
|
|
5
|
|
|
—
|
|
|
(1
|
)
|
|
16
|
|
|
—
|
|
|
6
|
|
|
24
|
|
|
(35
|
)
|
|
(9
|
)
|
|
(20
|
)
|
Other
|
(15
|
)
|
|
(1
|
)
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(5
|
)
|
|
(33
|
)
|
|
13
|
|
|
18
|
|
|
(2
|
)
|
Share of earnings from equity-accounted investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68
|
|
|
68
|
|
Net income (loss) attributable to Unitholders(2)
|
67
|
|
|
17
|
|
|
20
|
|
|
4
|
|
|
11
|
|
|
(3
|
)
|
|
(1
|
)
|
|
9
|
|
|
—
|
|
|
(81
|
)
|
|
43
|
|
|
—
|
|
|
—
|
|
|
43
|
|
(1)
|
Share of earnings from equity-accounted investments of $32 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $94 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
|
March 31, 2020
|
|
|
Page 15
|
|
|
|
|
|
Per unit
|
||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Net income attributable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners' equity
|
$
|
10
|
|
|
$
|
25
|
|
|
$
|
0.06
|
|
|
$
|
0.14
|
|
General partnership interest in a holding subsidiary held by Brookfield
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
|
8
|
|
|
18
|
|
|
—
|
|
|
—
|
|
||||
Net income attributable to Unitholders
|
$
|
18
|
|
|
$
|
43
|
|
|
$
|
0.06
|
|
|
$
|
0.14
|
|
Adjusted for proportionate share of:
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
172
|
|
|
157
|
|
|
0.55
|
|
|
0.50
|
|
||||
Foreign exchange and unrealized financial instruments loss
|
1
|
|
|
18
|
|
|
—
|
|
|
0.06
|
|
||||
Deferred income tax expense (recovery)
|
6
|
|
|
(24
|
)
|
|
0.02
|
|
|
(0.08
|
)
|
||||
Other
|
20
|
|
|
33
|
|
|
0.07
|
|
|
0.11
|
|
||||
Funds From Operations
|
$
|
217
|
|
|
$
|
227
|
|
|
$
|
0.70
|
|
|
$
|
0.73
|
|
Distributions attributable to:
|
|
|
|
|
|
|
|
||||||||
Preferred limited partners' equity
|
12
|
|
|
10
|
|
|
|
|
|
||||||
Preferred equity
|
7
|
|
|
6
|
|
|
|
|
|
||||||
Current income taxes
|
11
|
|
|
10
|
|
|
|
|
|
||||||
Interest expense
|
113
|
|
|
121
|
|
|
|
|
|
||||||
Management service costs
|
31
|
|
|
21
|
|
|
|
|
|
||||||
Proportionate Adjusted EBITDA
|
391
|
|
|
395
|
|
|
|
|
|
||||||
Attributable to non-controlling interests
|
227
|
|
|
257
|
|
|
|
|
|
||||||
Consolidated Adjusted EBITDA
|
$
|
618
|
|
|
$
|
652
|
|
|
|
|
|
||||
Weighted average Units outstanding(1)
|
|
|
|
|
311.3
|
|
|
311.1
|
|
(1)
|
Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 16
|
(GWh, except as noted)
|
Balance of 2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
2024
|
|
|||||
Hydroelectric
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States(1)
|
6,712
|
|
|
6,443
|
|
|
4,446
|
|
|
4,446
|
|
|
4,446
|
|
|||||
Canada(1)
|
2,015
|
|
|
2,144
|
|
|
2,097
|
|
|
2,020
|
|
|
2,006
|
|
|||||
|
8,727
|
|
|
8,587
|
|
|
6,543
|
|
|
6,466
|
|
|
6,452
|
|
|||||
Wind
|
|
|
|
|
|
|
|
|
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
United States
|
1,491
|
|
|
1,935
|
|
|
1,981
|
|
|
1,981
|
|
|
1,767
|
|
|||||
Canada
|
920
|
|
|
1,266
|
|
|
1,266
|
|
|
1,266
|
|
|
1,266
|
|
|||||
|
2,411
|
|
|
3,201
|
|
|
3,247
|
|
|
3,247
|
|
|
3,033
|
|
|||||
Europe
|
522
|
|
|
768
|
|
|
768
|
|
|
758
|
|
|
698
|
|
|||||
Asia (2)
|
326
|
|
|
400
|
|
|
400
|
|
|
400
|
|
|
400
|
|
|||||
|
3,259
|
|
|
4,369
|
|
|
4,415
|
|
|
4,405
|
|
|
4,131
|
|
|||||
Solar(2)
|
1,063
|
|
|
1,370
|
|
|
1,364
|
|
|
1,362
|
|
|
1,356
|
|
|||||
Contracted on a proportionate basis
|
13,049
|
|
|
14,326
|
|
|
12,322
|
|
|
12,233
|
|
|
11,939
|
|
|||||
Uncontracted on a proportionate basis
|
687
|
|
|
4,269
|
|
|
6,271
|
|
|
6,360
|
|
|
6,652
|
|
|||||
|
13,736
|
|
|
18,595
|
|
|
18,593
|
|
|
18,593
|
|
|
18,591
|
|
|||||
Contracted generation as a % of total generation on a proportionate basis
|
95
|
%
|
|
77
|
%
|
|
66
|
%
|
|
66
|
%
|
|
64
|
%
|
|||||
Price per MWh – total generation on a proportionate basis
|
$
|
77
|
|
|
$
|
83
|
|
|
$
|
90
|
|
|
$
|
90
|
|
|
$
|
92
|
|
(1)
|
Includes generation of 2,685 GWh for 2020 and 1,284 GWh for 2021 secured under financial contracts.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 17
|
|
Corporate
|
|
Consolidated
|
||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||||
Commercial paper and corporate credit facility(1)(2)(3)
|
$
|
90
|
|
|
$
|
299
|
|
|
$
|
90
|
|
|
$
|
299
|
|
Debt
|
|
|
|
|
|
|
|
||||||||
Medium term notes(2)(4)
|
1,920
|
|
|
1,808
|
|
|
1,920
|
|
|
1,808
|
|
||||
Non-recourse borrowings(5)
|
—
|
|
|
—
|
|
|
8,324
|
|
|
8,964
|
|
||||
|
1,920
|
|
|
1,808
|
|
|
10,244
|
|
|
10,772
|
|
||||
Deferred income tax liabilities, net(6)
|
—
|
|
|
—
|
|
|
3,972
|
|
|
4,421
|
|
||||
Equity
|
|
|
|
|
|
|
|
||||||||
Non-controlling interest
|
—
|
|
|
—
|
|
|
7,760
|
|
|
8,742
|
|
||||
Preferred equity
|
551
|
|
|
597
|
|
|
551
|
|
|
597
|
|
||||
Preferred limited partners' equity
|
1,028
|
|
|
833
|
|
|
1,028
|
|
|
833
|
|
||||
Unitholders equity
|
7,018
|
|
|
7,959
|
|
|
7,018
|
|
|
7,959
|
|
||||
Total capitalization
|
$
|
10,517
|
|
|
$
|
11,197
|
|
|
$
|
30,573
|
|
|
$
|
33,324
|
|
Debt to total capitalization
|
18
|
%
|
|
16
|
%
|
|
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 March 31, 2020 are adjusted to reflect the issuance of C$175 million of Series 11 ($124 million) and C$175 million of Series 12 ($124 million) medium term notes on April 3, 2020.
|
(3)
|
Our commercial paper program is supplemented by our $1.75 billion corporate credit facilities with a weighted average maturity of four years. As at March 31, 2020, $100 million of commercial papers are outstanding.
|
(4)
|
Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes $8 million (2019: $7 million) of deferred financing fees.
|
(5)
|
Consolidated non-recourse borrowings include $53 million (2019: $142 million) borrowed under a subscription facility of a Brookfield sponsored private fund and excludes $55 million (2019: $60 million) of deferred financing fees, net of unamortized premiums.
|
(6)
|
Deferred income tax liabilities less deferred income assets.
|
(MILLIONS, EXCEPT AS NOTED)
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Brookfield Renewable's share of cash and cash equivalents
|
$
|
212
|
|
|
$
|
143
|
|
Investments in marketable securities
|
120
|
|
|
95
|
|
||
Corporate credit facilities
|
|
|
|
||||
Authorized credit facilities(1)
|
2,150
|
|
|
2,150
|
|
||
Draws on commercial paper and credit facilities(2)
|
(90
|
)
|
|
(299
|
)
|
||
Authorized letter of credit facility
|
400
|
|
|
400
|
|
||
Issued letters of credit
|
(243
|
)
|
|
(266
|
)
|
||
Available portion of corporate credit facilities
|
2,217
|
|
|
1,985
|
|
||
Available portion of subsidiary credit facilities on a proportionate basis
|
460
|
|
|
472
|
|
||
Available group-wide liquidity
|
$
|
3,009
|
|
|
$
|
2,695
|
|
(1)
|
Amounts are guaranteed by Brookfield Renewable.
|
(2)
|
Draws on credit facilities include the offset of C$350 million ($248 million) of proceeds from the issuance of Series 11 and Series 12 medium term notes on April 3, 2020.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 18
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||
|
Weighted-average
|
|
|
|
Weighted-average
|
|
|
||||||||||||
(MILLIONS EXCEPT AS NOTED)
|
Interest
rate (%)
|
|
|
Term
(years)
|
|
|
Total
|
|
|
Interest
rate (%)
|
|
|
Term
(years)
|
|
|
Total
|
|
||
Corporate borrowings
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Medium term notes(1)
|
4.1
|
%
|
|
10
|
|
|
$
|
1,920
|
|
|
4.1
|
%
|
|
10
|
|
|
$
|
1,808
|
|
Commercial paper and credit facilities(3)
|
2.2
|
%
|
|
4
|
|
|
90
|
|
|
2.9
|
%
|
|
5
|
|
|
299
|
|
||
Proportionate subsidiary borrowings(2)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hydroelectric
|
5.5
|
%
|
|
9
|
|
|
3,534
|
|
|
5.6
|
%
|
|
10
|
|
|
3,727
|
|
||
Wind
|
4.6
|
%
|
|
11
|
|
|
1,810
|
|
|
4.5
|
%
|
|
10
|
|
|
1,742
|
|
||
Solar
|
4.9
|
%
|
|
11
|
|
|
1,386
|
|
|
4.7
|
%
|
|
10
|
|
|
1,470
|
|
||
Storage and other
|
5.4
|
%
|
|
4
|
|
|
225
|
|
|
5.5
|
%
|
|
5
|
|
|
235
|
|
||
|
5.1
|
%
|
|
10
|
|
|
6,955
|
|
|
5.1
|
%
|
|
10
|
|
|
7,174
|
|
||
|
|
|
|
|
8,965
|
|
|
|
|
|
|
9,281
|
|
||||||
Proportionate deferred financing fees, net of unamortized premiums
|
|
(41
|
)
|
|
|
|
|
|
(46
|
)
|
|||||||||
|
|
8,924
|
|
|
|
|
|
|
9,235
|
|
|||||||||
Equity-accounted borrowings
|
|
(2,306
|
)
|
|
|
|
|
|
(2,157
|
)
|
|||||||||
Non-controlling interests
|
|
3,653
|
|
|
|
|
|
|
3,926
|
|
|||||||||
As per IFRS Statements
|
|
$
|
10,271
|
|
|
|
|
|
|
$
|
11,004
|
|
(1)
|
Adjusted to reflect the issuance of Series 11 and Series 12 (C$350) medium term notes of $248 million that was completed on April 3, 2020 and the use of proceeds to repay corporate credit facility indebtedness.
|
(2)
|
Excludes $9 million of proportionate debt associated with our portfolios that are classified as held for sale as at March 31, 2020 (2019: $11 million).
|
(3)
|
Our commercial paper program is supplemented by our $1.75 billion corporate credit facilities with a weighted average maturity of 4 years. As at March 31, 2020, $100 million of commercial papers are outstanding.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 19
|
(MILLIONS)
|
Balance of 2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
2024
|
|
|
Thereafter
|
|
|
Total
|
|
||||||||
Debt Principal repayments(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Medium term notes(2)(3)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
284
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,636
|
|
|
$
|
1,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Credit facilities
|
—
|
|
|
—
|
|
|
61
|
|
|
50
|
|
|
18
|
|
|
—
|
|
|
129
|
|
||||||||
Hydroelectric
|
—
|
|
|
—
|
|
|
215
|
|
|
377
|
|
|
77
|
|
|
2,060
|
|
|
2,729
|
|
||||||||
Wind
|
—
|
|
|
—
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|
395
|
|
|
500
|
|
||||||||
Solar
|
—
|
|
|
141
|
|
|
—
|
|
|
103
|
|
|
—
|
|
|
284
|
|
|
528
|
|
||||||||
Storage & other
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
209
|
|
||||||||
|
—
|
|
|
198
|
|
|
276
|
|
|
635
|
|
|
95
|
|
|
2,891
|
|
|
4,095
|
|
||||||||
Amortizing debt principal repayments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-recourse borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Hydroelectric
|
44
|
|
|
50
|
|
|
64
|
|
|
53
|
|
|
61
|
|
|
466
|
|
|
738
|
|
||||||||
Wind
|
87
|
|
|
108
|
|
|
120
|
|
|
114
|
|
|
123
|
|
|
734
|
|
|
1,286
|
|
||||||||
Solar
|
56
|
|
|
51
|
|
|
55
|
|
|
55
|
|
|
58
|
|
|
545
|
|
|
820
|
|
||||||||
Storage & other
|
2
|
|
|
3
|
|
|
2
|
|
|
3
|
|
|
4
|
|
|
2
|
|
|
16
|
|
||||||||
|
189
|
|
|
212
|
|
|
241
|
|
|
225
|
|
|
246
|
|
|
1,747
|
|
|
2,860
|
|
||||||||
Total
|
$
|
189
|
|
|
$
|
410
|
|
|
$
|
801
|
|
|
$
|
860
|
|
|
$
|
341
|
|
|
$
|
6,274
|
|
|
$
|
8,875
|
|
(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 $8 million (2019: $7 million) of deferred financing fees.
|
(3)
|
Adjusted to reflect the Series 11 and Series 12 medium term notes of $248 million that were issued on April 3, 2020.
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Cash flow provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
355
|
|
|
$
|
367
|
|
Financing activities
|
(131
|
)
|
|
(284
|
)
|
||
Investing activities
|
(29
|
)
|
|
(79
|
)
|
||
Foreign exchange loss on cash
|
(12
|
)
|
|
—
|
|
||
Increase (decrease) in cash and cash equivalents
|
$
|
183
|
|
|
$
|
4
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 20
|
(MILLIONS)
|
2020
|
|
|
2019
|
|
||
Trade receivables and other current assets
|
$
|
(2
|
)
|
|
$
|
6
|
|
Accounts payable and accrued liabilities
|
(12
|
)
|
|
(9
|
)
|
||
Other assets and liabilities
|
—
|
|
|
(27
|
)
|
||
|
$
|
(14
|
)
|
|
$
|
(30
|
)
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 21
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
Class A Preference Shares(1)
|
31,035,967
|
|
|
31,035,967
|
|
Preferred Units(2)
|
|
|
|
|
|
Balance, beginning of year
|
44,885,496
|
|
|
37,885,496
|
|
Issuance
|
8,000,000
|
|
|
7,000,000
|
|
Balance, end of period/year
|
52,885,496
|
|
|
44,885,496
|
|
GP interest
|
2,651,506
|
|
|
2,651,506
|
|
Redeemable/Exchangeable partnership units
|
129,658,623
|
|
|
129,658,623
|
|
LP Units
|
|
|
|
|
|
Balance, beginning of year
|
178,977,800
|
|
|
178,821,204
|
|
Distribution reinvestment plan
|
39,178
|
|
|
176,596
|
|
Repurchase of LP Units for cancellation
|
—
|
|
|
(20,000
|
)
|
Balance, end of period/year
|
179,016,978
|
|
|
178,977,800
|
|
Total LP Units on a fully-exchanged basis(3)
|
308,675,601
|
|
|
308,636,423
|
|
(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); 7,000,000 Series 15 Preferred Units are outstanding (convertible for Series 16 Preferred Units beginning on April 30, 2024); and 8,000,000 Series 17 Preferred Units are outstanding.
|
(3)
|
The fully-exchanged amounts assume the exchange of all Redeemable/Exchangeable partnership units for LP Units.
|
|
|
Declared
|
|
Paid
|
||||||||||||
(MILLIONS)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Class A Preference Shares
|
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
7
|
|
|
$
|
7
|
|
Class A Preferred LP Units
|
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
11
|
|
|
$
|
9
|
|
Participating non-controlling interests – in operating subsidiaries
|
|
$
|
77
|
|
|
$
|
134
|
|
|
$
|
77
|
|
|
$
|
134
|
|
GP interest and Incentive distributions
|
|
$
|
17
|
|
|
$
|
15
|
|
|
$
|
16
|
|
|
$
|
13
|
|
Redeemable/Exchangeable partnership units
|
|
$
|
72
|
|
|
$
|
68
|
|
|
$
|
70
|
|
|
$
|
67
|
|
LP Units
|
|
$
|
99
|
|
|
$
|
93
|
|
|
$
|
95
|
|
|
$
|
91
|
|
•
|
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
|
March 31, 2020
|
|
|
Page 22
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 23
|
|
2020
|
|
2019
|
|
2018
|
||||||||||||||||||||||||||
(MILLIONS, EXCEPT AS NOTED)
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
||||||||||||||||
Total Generation (GWh) – LTA
|
14,151
|
|
|
13,850
|
|
|
12,332
|
|
|
14,252
|
|
|
13,493
|
|
|
13,485
|
|
|
12,113
|
|
|
13,521
|
|
||||||||
Total Generation (GWh) – actual
|
14,264
|
|
|
12,465
|
|
|
11,089
|
|
|
14,881
|
|
|
14,125
|
|
|
14,445
|
|
|
11,609
|
|
|
13,122
|
|
||||||||
Proportionate Generation (GWh) – LTA
|
6,717
|
|
|
6,561
|
|
|
5,821
|
|
|
7,109
|
|
|
6,698
|
|
|
6,602
|
|
|
5,956
|
|
|
6,935
|
|
||||||||
Proportionate Generation (GWh) – actual
|
7,164
|
|
|
5,977
|
|
|
5,213
|
|
|
7,602
|
|
|
7,246
|
|
|
7,052
|
|
|
5,552
|
|
|
6,455
|
|
||||||||
Revenues
|
$
|
792
|
|
|
$
|
726
|
|
|
$
|
642
|
|
|
$
|
787
|
|
|
$
|
825
|
|
|
$
|
780
|
|
|
$
|
674
|
|
|
$
|
735
|
|
Net income (loss) attributable to Unitholders
|
18
|
|
|
(66
|
)
|
|
(53
|
)
|
|
17
|
|
|
43
|
|
|
91
|
|
|
(55
|
)
|
|
(2
|
)
|
||||||||
Basic and diluted earnings (loss) per LP Unit
|
0.06
|
|
|
0.21
|
|
|
(0.17
|
)
|
|
0.05
|
|
|
0.14
|
|
|
0.29
|
|
|
(0.18
|
)
|
|
(0.01
|
)
|
||||||||
Consolidated Adjusted EBITDA
|
618
|
|
|
550
|
|
|
507
|
|
|
630
|
|
|
652
|
|
|
604
|
|
|
494
|
|
|
543
|
|
||||||||
Proportionate Adjusted EBITDA
|
391
|
|
|
348
|
|
|
301
|
|
|
400
|
|
|
395
|
|
|
371
|
|
|
277
|
|
|
324
|
|
||||||||
Funds From Operations
|
217
|
|
|
171
|
|
|
133
|
|
|
230
|
|
|
227
|
|
|
206
|
|
|
105
|
|
|
172
|
|
||||||||
Funds From Operations per Unit
|
0.70
|
|
|
0.55
|
|
|
0.43
|
|
|
0.74
|
|
|
0.73
|
|
|
0.66
|
|
|
0.33
|
|
|
0.55
|
|
||||||||
Distribution per LP Unit
|
0.543
|
|
|
0.515
|
|
|
0.515
|
|
|
0.515
|
|
|
0.515
|
|
|
0.490
|
|
|
0.490
|
|
|
0.490
|
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 24
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 25
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 26
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 27
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 28
|
•
|
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
|
March 31, 2020
|
|
|
Page 29
|
•
|
Proportionate debt amounts do not represent the consolidated obligation for debt underlying a consolidated investment. If an individual project does not generate sufficient cash flows to service the entire amount of its debt payments, management may determine, in their discretion, to pay the shortfall through an equity injection to avoid defaulting on the obligation. Such a shortfall may not be apparent from or may not equal the difference between aggregate proportionate Adjusted EBITDA for all of the portfolio investments of Brookfield Renewable and aggregate proportionate debt for all of the portfolio investments of Brookfield Renewable; and
|
•
|
Other companies may calculate proportionate debt differently.
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 30
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 31
|
Brookfield Renewable Partners L.P.
|
Management's Discussion and Analysis
|
March 31, 2020
|
|
|
Page 32
|
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: BEP.PR.O (Preferred LP Units - Series 15)
NYSE: BEP.PR.A (Preferred LP Units - Series 17)
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 2019 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 March 31, 2020.
|
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 January 1, 2020 and ended on March 31, 2020 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.
|
Date: May 6, 2020
|
|
|
|
/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 March 31, 2020.
|
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 January 1, 2020 and ended on March 31, 2020 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.
|
Date: May 6, 2020
|
|
|
|
/s/ Wyatt Hartley
|
|
Name:
|
Wyatt Hartley
|
Title:
|
Chief Financial Officer of its Service Provider, BRP Energy Group L.P.
|
(Principal Executive Officer)
|