UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________________________________________________________________
Form 6-K
_____________________________________________________________________________________________________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2020
Commission File Number: 001-35530
BROOKFIELD RENEWABLE
PARTNERS L.P.
(Translation of registrant's name into English)
_____________________________________________________________________________________________________________________
73 Front Street, 5th Floor
Hamilton HM 12
Bermuda
(Address of principal executive office)
_____________________________________________________________________________________________________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ý Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
The information contained in Exhibits 99.1, 99.2 and 99.3 of this Form 6-K is incorporated by reference into the registrant’s registration statement on Form F-3ASR filed with the Securities and Exchange Commission on April 9, 2018 (File No. 333-224206), as amended by Post-Effective Amendment No. 1 to the registration statement, filed with the Securities and Exchange Commission on February 19, 2020 and the registration statement on Form F-3 filed with the Securities and Exchange Commission on May 4, 2020 (File No. 333-237996).
 




EXHIBIT LIST
Exhibit
 
 
 
99.1
 
 
99.2
 
 
99.3
 
 
99.4
 
 
99.5

- 2 -



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
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

- 3 -
BEP2020Q1INTERIMREPORTCOVER.JPG





OUR OPERATIONS
We invest in renewable assets directly, as well as with institutional partners, joint venture partners and through other arrangements. Our portfolio of assets has approximately 19,300 megawatts ("MW") of capacity and annualized long-term average ("LTA") generation of approximately 57,400 gigawatt hours ("GWh"), in addition to a development pipeline of approximately 13,000 MW, making us one of the largest pure-play public renewable companies in the world. We leverage our extensive operating experience to maintain and enhance the value of assets, grow cash flows on an annual basis and cultivate positive relations with local stakeholders. The table below outlines our portfolio as at March 31, 2020:
 
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).




The following table presents the annualized long-term average generation of our portfolio as at March 31, 2020 on a consolidated and quarterly basis:
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.




The following table presents the annualized long-term average generation of our portfolio as at March 31, 2020 on a proportionate and quarterly basis:
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.
Statement Regarding Forward-Looking Statements and Use of Non-IFRS Measures
This Interim Report contains forward-looking information within the meaning of U.S. and Canadian securities laws. We may make such statements in this Interim Report and in other filings with the U.S. Securities and Exchange Commission ("SEC") and with securities regulators in Canada - see "PART 9 - Cautionary Statements". We make use of non-IFRS measures in this Interim Report - see "PART 9 - Cautionary Statements''. This Interim Report, our Form 20-F and additional information filed with the SEC and with securities regulators in Canada are available on our website at https://bep.brookfield.com, on the SEC's website at www.sec.gov or on SEDAR's website at www.sedar.com.




.Letter to Unitholders
.
 
 
 
Over the last two decades, Brookfield Renewable has become one of the premier, global, renewable energy companies. We have close to $50 billion of renewable assets, a $16 billion market capitalization (including our recently announced merger with TerraForm Power) and a 20-year track record of stable and growing dividends delivering a 17% compounded annual return to unitholders.
As a special advantage in this “greening world”, our business avoids over 28 million tonnes of CO2 annually and this number continues to grow each year. As the world transitions to renewable energy and looks to reduce CO2 consumption, we believe we are one of the entities of scale, with the track record and global capabilities to deliver investors a resilient, stable distribution plus meaningful growth through all market cycles. As always, our objective remains the same - deliver 12-15% total returns, on a per-unit basis, over the long-term.
We are currently in the midst of an unprecedented global health and financial crisis. In spite of the significant market volatility and a potentially deep recession, our operations remain resilient, our earnings are expected to be stable, and our financial position, which allows us to pursue growth, is in excellent shape.
First, as it relates to our operations, we are fortunate to benefit from a depth of technical and commercial expertise within the business from our approximately 3,000 colleagues around the world who manage our facilities at the highest standards, every day. Their expertise, dedication and hard work have been critical to our success for many years, but it is times like this, where their speed of decision-making, prudent risk management and ability to be flexible in light of unique working conditions, is both deeply evident and tremendously valuable.
Our business produces and delivers clean, renewable energy to over 600 customers around the world under long-term power purchase agreements. Over the years, we have focused on ensuring those agreements were both long-term and backed by creditworthy counterparties. Accordingly, the revenue profile of our business is very stable and diversified. More importantly, we believe the demand for renewable energy will continue to grow, perhaps at an even faster pace, as countries look to protect themselves from exogenous risks such as we are experiencing today.
From a financial perspective, we continue to capitalize the business utilizing a strong investment grade balance sheet and long duration non-recourse debt, while maintaining high levels of liquidity (over $3 billion currently) as a cushion against unexpected events. This ensures that we maintain a low risk financial profile. Accordingly, in the last two months, we raised over $1 billion of attractive asset level and corporate green financings. This includes $560 million of ten-year asset level financing at one of our hydro facilities in the United States with an all-in coupon of 4% and an additional approximately C$350 million of ten-year corporate bonds in Canada, at approximately 3.5%. We have operated the business this way for many years, always prioritizing financial strength and flexibility. We recognize that this can often get overlooked as part of investors' risk-reward equation, in particular during expansionary periods; however, we believe it is critical to our long-term success, and over time, contributes meaningfully to the compounding of our cash flows and the total returns delivered by our units.
In spite of the significant market turmoil, we continue to focus on building the business for the future. We recently agreed to merge our subsidiary, Terraform Power ("TERP"), into Brookfield Renewable, on an all stock basis1. The merger will simplify our structure, diversify our holdings, and strengthen our business in North America and Europe. It will increase our public float of shares by approximately $1.5 billion and will facilitate the issuance of Brookfield Renewable Corporation ("BEPC") shares, which should help current shareholders who may prefer to hold a C-Corp share and potentially attract new shareholders. In addition, we have continued to advance our healthy M&A and development pipeline, which remains on track to deliver investment opportunities of $700-800 million of net equity in 2020, in-line with our targets.

1The transaction is subject to customary closing conditions, including the non-waivable approval of TERP shareholders representing a majority of the outstanding shares of TERP Class A common stock not owned by Brookfield Renewable and its affiliates.
Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 5




Results from Operations
During the first quarter, we generated FFO of $217 million, or $0.70 per unit, reflecting solid performance, as our operations benefited from strong underlying asset availability and resource, and growth and efficiency initiatives. On a normalized basis, our results are up 5% over last year.
Our business continues to benefit from our growing and diverse generation portfolio, limited off-taker concentration risk, and a strong contract profile. During the quarter, overall generation was slightly ahead of long-term average as we continue to benefit from the diversity of our fleet. Our focus over the last decade has been to diversify the business which, over the long-term, mitigates exposure to water, wind and sun, regional or market disruptions, and potential credit events.
For example, with over 600 counterparties, we have a diversified high-quality customer base comprised primarily of public power authorities and utilities that is insulated from single counterparty risk. Our single largest non-government third-party customer represents 2% of generation, providing strong downside protection and safeguarding our cash flows. Furthermore, our cash flows are long duration, with a weighted-average remaining contract length of 14 years. The portfolio is largely contracted, with 95% of total generation contracted in 2020, meaning our business does not have meaningful exposure to short-term price declines from slowing economic activity or lower power demand.
During the quarter, our hydroelectric segment delivered FFO of $222 million. Our storage segment performed particularly well, generating $6 million of FFO in the quarter. Our focus in Latin America continues to be extending the average duration of our power purchase agreements where power price volatility provides opportunities to enhance and stabilize future revenues. In this regard, we signed 17 contracts in the quarter with high-quality, creditworthy counterparties for a total of 312 gigawatt-hours per year. As a result, today our contract profile stands at 9 years and 3 years in Brazil and Colombia, respectively.
In North America, where power prices remain low, we are focused on securing shorter term contracts at our hydroelectric facilities to ensure we retain upside optionality for when we believe prices will improve. Across our hydroelectric fleet in North America, starting next year, we have three contracts rolling off for assets that primarily deliver power to markets in the U.S. northeast. Fortunately, these contracts, on a net basis, deliver power at prices in the range of the current market. Therefore, on renewal, we expect minimal impact to our overall revenue. Beyond these contracts, we do not have any material PPA maturities in North America until 2029.
Our wind and solar segments generated a combined $62 million of FFO, as we continue to generate stable revenues from these assets and benefit from the diversification of our fleet and highly contracted cash flows with long duration power purchase agreements. We also continue to execute on opportunistic O&M outsourcing agreements aimed at de-risking our portfolios and, where appropriate, delivering cost savings. We are in the process of implementing four such agreements across our portfolio, all of which provide attractive availability guarantees and a more comprehensive scope than what is currently in place.
Balance Sheet and Liquidity
Our liquidity position remains robust, with over $3 billion of total available liquidity. During the quarter, we bolstered our liquidity position, by executing on key financing and capital raising initiatives, all while maintaining a low-risk balance sheet.
Our balance sheet has a BBB+ investment grade rating, no material maturities over the next five years, an average overall debt duration of 10 years, and 80% of our financings are non-recourse to BEP. So far this year, we have executed $1.4 billion of financings across the business, and we continued to advance our green financing initiatives. We further diversified our sources of capital by issuing our inaugural green perpetual preferred units for $200 million at 5.25% in the U.S. market, in addition to the approximately C$350 million of ten-year corporate green bonds issued in early April. In aggregate, we will have completed $2.8 billion in green financing initiatives over the last two years.

Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 6



We also continued to execute our capital recycling strategy of selling mature, de-risked or non-core assets to lower cost of capital buyers and redeploying the proceeds into higher yielding opportunities. During the quarter, we completed the sale of our solar assets in Thailand that we had acquired through our investment in TerraForm Global, for proceeds of $94 million ( $29 million net to BEP), allowing us to realize an over 30% return on our original invested capital.
We also have limited exposure to foreign exchange volatility as we employ a disciplined hedging strategy where we hedge developed market exposure and opportunistically hedge our emerging market exposure, where cost effective. As a result, 25% of our FFO in 2020 is exposed to foreign currency volatility, meaning an overall 10% move in the currencies of markets we operate in (developed or emerging) would have an overall 2.5% impact to our FFO. Indeed, during the quarter, while we saw a dramatic strengthening of the U.S. dollar versus all the foreign currencies in which we operate, the impact on our business was $9 million of FFO or less than 4%.
Outlook
We have seen heightened market volatility and unprecedented disruption around the world, but the strategic and operating decisions we have made across our business over the last number of years ensures that we are well positioned to withstand short-term economic impacts, while continuing to allocate capital and build the business for the future.
In light of all of this, we believe Brookfield Renewable represents one of the most compelling opportunities for investors to participate in the substantial, multi-decade effort to decarbonize global electricity grids and move to cleaner, renewable sources of energy.
As always, we remain focused on delivering on our long-term total return targets. Thank you for your continued support and stay safe.

Sincerely,

SSSIGA02.JPG
Sachin Shah
Chief Executive Officer
May 6, 2020


Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 7



OUR COMPETITIVE STRENGTHS
Brookfield Renewable Partners L.P. ("Brookfield Renewable") is a globally diversified, multi-technology, owner and operator of renewable power assets.
Our business model is to utilize our global reach to acquire and develop high quality renewable power assets below intrinsic value, finance them on a long-term, low-risk and investment grade basis through a conservative financing strategy and then optimize cash flows by applying our operating expertise to enhance value.
One of the largest, public pure play renewable businesses globally. Brookfield Renewable has a proven track record as a publicly-traded operator and investor in the renewable power sector for over 20 years. Today we have a large, multi-technology and globally diversified portfolio of pure-play renewable assets that are supported by approximately 3,000 experienced operators. Brookfield Renewable invests in renewable assets directly, as well as with institutional partners, joint venture partners and in other arrangements. Our portfolio consists of approximately 19,300 MW of installed capacity largely across four continents, a development pipeline of approximately 13,000 MW, and annualized long-term average generation on a proportionate basis of approximately 26,600 GWh.
The following charts illustrate annualized long-term average generation on a proportionate basis:
CHART-3E7EE72B4DD35174820.JPG CHART-12CEA5A0EAB255D8BD5.JPG
Helping to accelerate the decarbonization of the electricity girds. As the world transitions to renewable energy and looks to reduce CO2 consumption, we believe we are one of the entities of scale, with the track record and global capabilities to deliver investors a resilient, stable distribution plus meaningful growth through all market cycles.  Our carbon footprint is one of the lowest in the sector, and our annual generation of 57 terawatt-hours avoids approximately 28 million metric tons of carbon dioxide emissions annually.  As one of the largest issuers of green bonds globally, we offer debt investors the ability to invest in our renewable power portfolio or in assets directly. Finally, we offer customers the ability to procure renewable generation across multiple technologies, and in 2020, we have nearly 18,000 gigawatt-hours contracted with commercial and industrial customers, power authorities and utilities alike across all our core regions.
Stable, diversified and high-quality cash flows with attractive long-term value for LP Unitholders. We intend to maintain a highly stable, predictable cash flow profile sourced from a diversified portfolio of low operating cost, long-life hydroelectric, wind and solar assets that sell electricity under long-term, fixed price contracts with creditworthy counterparties. Approximately 95% of our 2020 proportionate generation output is contracted to public power authorities, load-serving utilities, industrial users or to affiliates of Brookfield. Our power purchase agreements have a weighted-average remaining duration of 14 years, on a proportionate basis, providing long-term cash flow visibility.
Strong financial profile and conservative financing strategy. Brookfield Renewable maintains a robust balance sheet, strong investment grade rating, and access to global capital markets to ensure cash flow resiliency through the cycle. Our approach to financing is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries on an investment grade basis with no financial maintenance covenants. Approximately 95% of our debt is either investment grade rated or sized to investment grade. Our corporate debt to total capitalization is 18%, and approximately 80% of our

Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 8



proportionate borrowings are non-recourse. Corporate borrowings and proportionate non-recourse borrowings each have weighted-average terms of approximately ten years, with no material maturities over the next five years. Approximately 90% of our financings are fixed rate, and only 5% of our debt in North America and Europe is exposed to changes in interest rates. Our available liquidity as at March 31, 2020 is approximately $3 billion of cash and cash equivalents, investments in marketable securities and the available portion of credit facilities, assuming the proceeds from the C$350 million ($248 million) medium term note issuances completed on April 3, 2020 were used to repay a portion of the credit facility. 
Best-in class operating expertise. Brookfield Renewable has approximately 3,000 operating employees and over 140 power marketing experts that are located across the globe to help optimize the performance and maximize the returns of all our assets. Our expertise in operating and managing power generation facilities spans over 100 years and includes full operating, development and power marketing capabilities.
Well positioned for cash flow growth. We are focused on driving cash flow growth from existing operations, fully funded by internally generated cash flow, including inflation escalations in our contracts, margin expansion through revenue growth and cost reduction initiatives, and building out our approximately 13,000 MW proprietary development pipeline at premium returns. While we do not rely on acquisitions to achieve our growth targets, our business seeks upside through engagement in mergers and acquisitions on an opportunistic basis. We employ a contrarian strategy, and our global scale and multi-technology capabilities allow us to rotate capital where it is scarce in order to earn strong risk-adjusted returns. We take a disciplined approach to allocating capital into development and acquisitions with a focus on downside protection and preservation of capital. In the last five years, we have deployed close to $2.5 billion in equity as we have invested in, acquired, or commissioned approximately 12,700 MW across hydroelectric, wind, solar and storage facilities. Our ability to develop and acquire assets is strengthened by our established operating and project development teams across the globe, strategic relationship with Brookfield, and our liquidity and capitalization profile. We have, in the past, and may continue in the future to pursue the acquisition or development of assets through arrangements with institutional investors in Brookfield sponsored or co-sponsored partnerships.
Attractive distribution profile. We pursue a strategy which we expect will provide for highly stable, predictable cash flows ensuring a sustainable distribution yield. We target a long-term distribution growth rate in the range of 5% to 9% annually.

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
This Management’s Discussion and Analysis for the three months ended March 31, 2020 is provided as of May 6, 2020. Unless the context indicates or requires otherwise, the terms “Brookfield Renewable”, “we”, “us”, and “our” mean Brookfield Renewable Partners L.P. and its controlled entities. The ultimate parent of Brookfield Renewable is Brookfield Asset Management Inc. (“Brookfield Asset Management”). Brookfield Asset Management and its subsidiaries, other than Brookfield Renewable, are also individually and collectively referred to as “Brookfield” in this Management’s Discussion and Analysis.
Brookfield Renewable’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP Units”) held by public unitholders and Brookfield, redeemable/exchangeable partnership units held by Brookfield (“Redeemable/Exchangeable partnership units”) in Brookfield Renewable Energy L.P. (“BRELP”). a holding subsidiary of Brookfield Renewable, and general partnership interest (“GP interest”) in BRELP held by Brookfield. Holders of the GP interest, Redeemable/Exchangeable partnership units, and LP Units will be collectively referred to throughout as “Unitholders”, “Units”, or as “per Unit”, unless the context indicates or requires otherwise. The LP Units and Redeemable/Exchangeable partnership units have the same economic attributes in all respects. See – “Part 8 – Presentation to Stakeholders and Performance Measurement”.
Brookfield Renewable’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), which require estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the amounts of revenue and expense during the reporting periods.
Certain comparative figures have been reclassified to conform to the current year’s presentation.
References to $, C$, €, R$, £, and COP are to United States (“U.S.”) dollars, Canadian dollars, Euros, Brazilian reais, British pounds sterling and Colombian pesos, respectively. Unless otherwise indicated, all dollar amounts are expressed in U.S. dollars.
For a description on our operational and segmented information and for the non-IFRS financial measures we use to explain our financial results see “Part 8 – Presentation to Stakeholders and Performance Measurement”. For a reconciliation of the non-IFRS financial measures to the most comparable IFRS financial measures, see “Part 4 – Financial Performance Review on Proportionate InformationReconciliation of non-IFRS measures”. This Management’s Discussion and Analysis contains forward-looking information within the meaning of U.S. and Canadian securities laws. Refer to – “Part 9 – Cautionary Statements” for cautionary statements regarding forward-looking statements and the use of non-IFRS measures. Our Annual Report and additional information filed with the Securities Exchange Commission (“SEC”) and with securities regulators in Canada are available on our website (https://bep.brookfield.com), on the SEC’s website (www.sec.gov/edgar.shtml), or on SEDAR (www.sedar.com).
 
 
 
 
 
Part 1 – Q1 2020 Highlights
11
 
Part 5 – Liquidity and Capital Resources
26
 
 
 
Capitalization and available liquidity
26
Part 2 – Financial Performance Review on Consolidated Information
13
 
Borrowings
27
 
 
Consolidated statements of cash flows
28
 
 
 
Shares and units outstanding
30
Part 3 – Additional Consolidated Financial Information
14
 
Dividends and distributions
30
Summary consolidated statements of financial position
14
 
Contractual obligations
30
Related party transactions
15
 
Off-statement of financial position arrangements
31
Equity
16
 
 
 
 
 
 
Part 6 – Selected Quarterly Information
32
Part 4 – Financial Performance Review on Proportionate Information
17
 
Summary of historical quarterly results
32
 
 
 
 
Proportionate results for the three months ended March 31
18
 
Part 7 – Critical Estimates, Accounting Policies and Internal Controls
33
Reconciliation of non-IFRS measures
22
 
 
Contract profile
25
 
Part 8 – Presentation to Stakeholders and Performance Measurement
35
 
 
 
 
 
 
 
Part 9 – Cautionary Statements
39

Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 10



PART 1 – Q1 2020 HIGHLIGHTS
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 InformationReconciliation 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



Operations
We delivered Funds From Operations of $217 million or $0.70 on a per unit basis driven by:
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
After deducting non-cash depreciation, net income attributable to Unitholders for the three months ended March 31, 2020 was $18 million or $0.06 per LP Unit, compared to $43 million or $0.14 per LP Unit in the prior year.
Continued to focus on extending our contract profile as we completed the following:
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 and Capital Resources
Further enhanced financial flexibility:
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)
Growth and Development
We recently agreed to merge our subsidiary, Terraform Power, into Brookfield Renewable, on an all stock basis. The merger will simplify our structure, diversify our holdings, and strengthen our business in North America and Europe. It will increase our public float of shares by approximately $1.5 billion and will facilitate the issuance of Brookfield Renewable Corporation shares which should help current shareholders who may prefer to hold a C-Corp share and potentially attract new shareholders. The transaction is subject to customary closing conditions, including the non-waivable approval of TERP shareholders representing a majority of the outstanding shares of TERP Class A common stock not owned by Brookfield Renewable and its affiliates.
Completed the commissioning of 184 MW of development projects (8 MW wind project in Europe, 170 MW solar projects in North America, and 6 MW distributed generation solar capacity in China).
Continued to progress our development pipeline:
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



PART 2 – FINANCIAL PERFORMANCE REVIEW ON CONSOLIDATED INFORMATION
The following table reflects key financial data for the three months ended March 31:
(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

Variance Analysis For The Three Months Ended March 31, 2020
Revenues totaling $792 million represents a decrease of $33 million over the prior year. On a same store, constant currency basis, revenues increased $20 million, primarily due to higher average realized revenue per MWh which benefited from inflation indexation, re-contracting initiatives and favorable generation mix. Recently acquired and commissioned facilities contributed 247 GWh and $17 million to revenues which was more than offset by recently completed asset sales that reduced revenues by 211 GWh and $29 million to revenues.
The strengthening of the U.S. dollar relative to the prior period, primarily against the Brazilian reais and Colombian peso, reduced revenues by approximately $41 million, which was partially offset by a $30 million favorable foreign exchange impact on our operating, interest and depreciation expense for the quarter.
Direct operating costs totaling $261 million represents an increase of $7 million over the prior year due to cost-saving initiatives across our business and the impact of foreign exchange movements noted above being more than offset by higher power purchases in Colombia, which are passed through to our customers, and additional costs due to growth from our recently acquired and commissioned facilities.
Management service costs totaling $31 million represents an increase of $10 million over the prior year due to the growth of our business.
Interest expense totaling $162 million represents a decrease of $11 million over the prior year due to the benefit of recent refinancing activities that reduced our average cost of borrowing and the foreign exchange movements noted above.
Share of loss from equity-accounted investments totaling $16 million compared to earnings from equity-accounted investments totaling $32 million in the prior year represents a decrease of $48 million driven by higher non-cash depreciation expense and deferred tax expenses, as the prior year benefited from a deferred tax recovery relating to the recognition of operating loss carryforwards.
Income tax expense of $18 million represents a decrease of $26 million due primarily to a decrease in net income before income taxes due to the above noted items.
Net income attributable to Unitholders totaling $18 million represents a decrease of $25 million over the prior year due to the above noted items.

Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 13



PART 3 – ADDITIONAL CONSOLIDATED FINANCIAL INFORMATION
SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
The following table provides a summary of the key line items on the unaudited interim consolidated statements of financial position:
(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

Our balance sheet remains strong and reflects the stable nature of the business and our continued growth.
Assets held for sale
Assets held for sale totaled $190 million as at March 31, 2020 compared to $352 million as at December 31, 2019. The $162 million decrease was primarily attributable to the completed sale of our solar portfolio in Thailand during the period. The remaining assets held for sale at March 31, 2020 correspond to a 33 MW solar project in South Africa and 19 MW of solar projects in Malaysia.
Property, plant and equipment
Property, plant and equipment totaled $27.9 billion as at March 31, 2020 compared to $30.7 billion as at December 31, 2019. The $2.8 billion decrease was primarily attributable to the impact of foreign exchange due to the strengthening of the U.S. dollar, which decreased property, plant and equipment by $2.7 billion and depreciation expense associated with property, plant and equipment of $206 million. The decrease was partially offset by the acquisition of 47 MW of operating solar capacity in India, 278 MW of development solar assets in Brazil and our continued investments in the development of our other power generating assets and sustaining capital expenditures, which increased property, plant and equipment by $97 million in aggregate.
Corporate borrowings
Corporate borrowings totaled $2.0 billion as at March 31, 2020 compared to $2.1 billion as at December 31, 2019. The decrease is primarily attributable to the foreign exchange impact of the strengthening United States dollar against the Canadian dollar.
Subsequent to quarter-end, we completed the issuance of C$350 million ($248 million) of ten-year corporate green bonds at approximately 3.5%.

Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 14



RELATED PARTY TRANSACTIONS
Brookfield Renewable's related party transactions are in the normal course of business, and are recorded at the exchange amount. Brookfield Renewable's related party transactions are primarily with Brookfield Asset Management.
Brookfield Renewable sells electricity to Brookfield through long-term power purchase agreements, or provides fixed price guarantees to provide contracted cash flow and reduce Brookfield Renewable’s exposure to electricity prices in deregulated power markets.
In 2011, on formation of Brookfield Renewable, Brookfield transferred certain development projects to Brookfield Renewable for no upfront consideration but is entitled to receive variable consideration on commercial operation or sale of these projects.
Brookfield Renewable has also entered into a number of voting agreements with Brookfield whereby Brookfield, as a managing member of entities related to Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III and Brookfield Infrastructure Fund IV, in which Brookfield Renewable holds investments in power generating operations with institutional partners, agreed to provide to Brookfield Renewable the authority to direct the election of the Boards of Directors of such entities. As a result, Brookfield Renewable controls and consolidates such investments.
Brookfield Renewable participates with institutional investors in Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV and Brookfield Infrastructure Debt Fund (“Private Funds”), each of which is a Brookfield sponsored fund, and in connection therewith. Brookfield Renewable, together with our institutional investors, has access to short-term financing using the Private Funds’ credit facilities.
Brookfield Asset Management has provided a $400 million committed unsecured revolving credit facility maturing in December 2020 and the interest rate applicable on the draws is LIBOR plus up to 1.8%. During the current period there were no draws on the committed unsecured revolving credit facility provided by Brookfield Asset Management. Brookfield Asset Management may from time to time place funds on deposit with Brookfield Renewable which are repayable on demand including any interest accrued. There were no funds placed on deposit with Brookfield Renewable in the first quarter of 2020 (2019: $600 million, of which $245 million was repaid during the period). There was no interest expense on the Brookfield Asset Management revolving credit facility or deposit for the three months ended March 31, 2020 (2019: $3 million).
The following table reflects the related party agreements and transactions in the unaudited interim consolidated statements of income for the three months ended March 31, 2020:
(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



EQUITY
General partnership interest in a holding subsidiary held by Brookfield
Brookfield, as the owner of the 1% GP interest in BRELP, is entitled to regular distributions plus an incentive distribution based on the amount by which quarterly LP Unit distributions exceed specified target levels. To the extent that LP Unit distributions exceed $0.375 per LP Unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that LP Unit distributions exceed $0.4225 per LP Unit per quarter, the incentive distribution is equal to 25% of distributions above this threshold. Incentive distributions of $16 million were declared during the three months ended March 31, 2020 (2019: $13 million).
Preferred limited partners' equity
During the first quarter of 2020, Brookfield Renewable issued 8,000,000 Class A Preferred Limited Partnership Units, Series 17 (the “Series 17 Preferred Units”) at a price of $25 per unit for gross proceeds of $200 million. The holders of the Series 17 Preferred Units are entitled to receive a cumulative quarterly fixed distribution yielding 5.25%.
The preferred limited partners’ equity units do not have a fixed maturity date and are not redeemable at the option of the holders. As at March 31, 2020, none of the preferred limited partners’ equity units have been redeemed by Brookfield Renewable.
In July 2019, Brookfield Renewable commenced a normal course issuer bid in connection with the outstanding Class A Preferred Limited Partnership Units. Under this normal course issuer bid, Brookfield Renewable is permitted to repurchase up to 10% of the total public float for each respective series of its Class A Preference Units. Repurchases were authorized to commence on July 9, 2019 and will terminate on July 8, 2020, or earlier should Brookfield Renewable complete its repurchases prior to such date.
Limited partners' equity
Brookfield Asset Management owns, directly and indirectly 185,727,567 LP Units and Redeemable/Exchangeable partnership units, representing approximately 60% of Brookfield Renewable on a fully-exchanged basis and the remaining approximately 40% is held by public investors.
During the three months ended March 31, 2020, Brookfield Renewable issued 39,178 LP Units (2019: 50,499 LP Units) under the distribution reinvestment plan at a total cost of $1 million (2019: $2 million).
In December 2019, Brookfield Renewable commenced a normal course issuer bid in connection with its LP Units. Under this normal course issuer bid Brookfield Renewable is permitted to repurchase up to 8.9 million LP Units, representing approximately 5% of the issued and outstanding LP Units, for capital management purposes. The bid will expire on December 11, 2020, or earlier should Brookfield Renewable complete its repurchases prior to such date. There were no LP units repurchased during the three months ended March 31, 2020 and 2019.

Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 16



PART 4 – FINANCIAL PERFORMANCE REVIEW ON PROPORTIONATE INFORMATION
SEGMENTED DISCLOSURES
Segmented information is prepared on the same basis that Brookfield Renewable's Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or "CODM") manages the business, evaluates financial results, and makes key operating decisions. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for information on segments and an explanation on the calculation and relevance of proportionate information.
PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED MARCH 31
The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended March 31:
 
(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



HYDROELECTRIC OPERATIONS ON PROPORTIONATE BASIS
The following table presents our proportionate results for hydroelectric operations for the three months ended March 31:
(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

The following table presents our proportionate results by geography for hydroelectric operations for the three months ended March 31:
 
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

North America
Funds From Operations at our North American business were $156 million versus $152 million in the prior year as we benefited from strong generation, both periods were above long-term average (15% and 17%, respectively), and strong average realized revenue per MWh, which benefited from inflation indexation and generation mix. Funds from Operations and generation were also impacted by the partial sale of a 25% interest in certain of our Canadian assets ($3 million and 64 GWh).
Net income attributable to Unitholders increased $9 million over the prior year primarily due to the above noted increase to Funds From Operations.
Brazil
Funds From Operations at our Brazilian business were $41 million versus $40 million in the prior year. On a local currency basis, Funds From Operations increased by 21% due to stronger generation. Average realized prices were in line with prior year as higher contracted pricing as a result of inflation indexation and re-contracting initiatives was offset by the impact of lower spot prices realized on volumes generated that were above long-term average levels. The increase was partially offset by the weakening of the Brazilian reais versus the U.S. dollar
Net income attributable to Unitholders increased $8 million over the prior year driven by the above noted increase in Funds From Operations and lower depreciation expense due to the weakening of the Brazilian reais versus the U.S. dollar.

Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 18



Colombia
Funds From Operations at our Colombian business were $25 million versus $26 million in the prior year. On a local currency basis, Funds From Operations increased 8% due to our cost-reduction initiatives and a 17% increase in average revenue per MWh as a result of inflation indexation, re-contracting initiatives and favorable market prices realized on our uncontracted volumes, which were impacted by low system-wide hydrology (69% of long-term average). The increase was partially offset by the weakening of the Colombian peso versus the U.S. dollar.
Net income attributable to Unitholders increased by $3 million over the prior year as the above noted decrease in Funds From Operations was more than offset by unrealized foreign exchange hedging gains.
WIND OPERATIONS ON PROPORTIONATE BASIS
The following table presents our proportionate results for wind operations for the three months ended March 31:
(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

The following table presents our proportionate results by geography for wind operations for the three months ended March 31:
 
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

North America
Funds From Operations at our North American business were $29 million, consistent with prior year, as the benefits from cost-reduction initiatives were offset by the impact of lower same store generation relative to prior year and lower average revenue per MWh due to generation mix.
Net loss attributable to Unitholders was $12 million versus net income of $4 million in the prior year primarily due to a deferred tax recovery that benefited the prior year relating to the recognition of operating loss carryforwards.
.

Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 19




Europe
Funds From Operations at our European business were $11 million versus $17 million in the prior year due to the sale of our Northern Ireland and Portuguese assets ($4 million and 53 GWh). On a same store basis, Funds From Operations decreased by $2 million due to a commercial initiative that benefited the prior year and the timing of maintenance activities.
Net loss attributable to Unitholders was $11 million versus net income $11 million in the prior year primarily due to the above noted decrease in Funds From Operations and higher unrealized losses on interest rate hedges.
Brazil
Funds From Operations at our Brazilian business were $1 million versus $2 million in the prior year as a result of lower generation and the weakening of the Brazilian reais versus the U.S. dollar.
Net loss attributable to Unitholders of $3 million was consistent with the prior year.
Asia
Funds From Operations at our Asian business were $3 million versus $1 million in the prior year, due to the contribution from growth following the acquisition of a 210 MW wind facility in India and a 200 MW wind portfolio in China ($2 million of Funds From Operations and 56 GWh of generation). On a same store basis, our assets continue to perform in line with plan and consistent with prior year.
Net income attributable to Unitholders was $2 million versus net loss of $1 million in the prior year due to the above noted increase in Funds From Operations.
SOLAR OPERATIONS ON PROPORTIONATE BASIS
The following table presents our proportionate results for solar operations for the three months ended March 31:
(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

Funds From Operations at our solar business were $18 million, consistent with the prior year as the contribution from the acquisition of X-Elio and TerraForm Power's expansion of its distributed generation business ($2 million and 82 GWh) were offset by the sale of our non-core solar assets.
Net loss attributable to Unitholders at our solar business was $10 million versus net income of $9 million in the prior year due to higher depreciation expenses as a result of the growth in our portfolio and a deferred tax recovery that benefited the prior year relating to the recognition of operating loss carryforwards.
.

Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 20



STORAGE & OTHER OPERATIONS ON PROPORTIONATE BASIS
The following table presents our proportionate results for storage and other operations for the three months ended March 31:
(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

 
$

Funds From Operations and net income attributable to unitholders at our storage & other businesses of $6 million and $1 million, respectively, was in-line with prior year.
CORPORATE
The following table presents our results for corporate for the three months ended March 31:
(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
)
Management service costs totaling $31 million increased $10 million compared to the prior year due to the growth of our business.
Distributions attributable to Preferred LP Units and Shares increased $3 million compared to the prior year primarily due to the $200 million Series 17 Preferred LP Units, completed in the first quarter of 2020.

Brookfield Renewable Partners L.P.
Interim Report
March 31, 2020
 
 
Page 21



RECONCILIATION OF NON-IFRS MEASURES
The following table reflects Adjusted EBITDA, Funds From Operations and provides reconciliation to net income (loss) attributable to Unitholders for the three months ended March 31, 2020:
 
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