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(1)LTA is calculated based on our portfolio as at June 30, 2021, 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 for why we do not consider LTA for our pumped storage and certain of our other facilities.

(2)Includes a battery storage facility in North America (20 MW).

(3)Includes four wind facilities (391 MW) in the United States that have been presented as assets held for sale.

(4)Includes a battery storage facility in North America (10 MW).

(5)Includes three solar facilities (19 MW) in Asia that have been presented as assets held for sale.

(6)Includes nine fuel cell facilities in North America (10 MW).

(7)Includes pumped storage in North America (600 MW) and Europe (2,088 MW), four biomass facilities in Brazil (175 MW), one cogeneration plant in Colombia (300 MW), one cogeneration plant in North America (105 MW) and two cogeneration plants in Europe (124 MW).

The following table presents the annualized long-term average generation of our portfolio as at June 30, 2021 on a consolidated and quarterly basis:

(1)LTA is calculated on a consolidated basis, including equity-accounted investments, 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 wind facilities (391 MW) in the United States that have been presented as assets held for sale.

(3)Includes three solar facilities (19 MW) in 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 June 30, 2021 on a proportionate and quarterly basis:

(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 wind facilities (391 MW) in the United States that have been presented as assets held for sale.

(3)Includes three solar facilities (19 MW) in 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 .

The tailwinds for renewables continue to accelerate as stakeholders around the world increasingly focus on the global imperative to decarbonize, driving increased demand for green energy and other clean solutions. It should come as no surprise that there is both a growing investment opportunity, as well as increasing capital allocations towards the sector. As one of the few businesses with the scale, track record and global capabilities to both partner with governments and businesses and also invest to help them achieve their decarbonization goals, we believe we have a great runway ahead of us.

Despite competition, we have continued to earn excellent returns in these market conditions. We have remained focused on opportunities where we can leverage our global reach, operating and development expertise and scale access to capital. And as industry tailwinds accelerate, the number of scale, value-add opportunities that favor investors with our capabilities also increases.

Highlights for the quarter include:

•Generated FFO of $268 million, or $0.42 per unit, a 23% increase on a normalized per unit basis over the same period in the prior year as our assets continue to perform well with high levels of asset availability, and we benefit from growth from new acquisitions and development assets coming online;

•We signed 28 agreements for approximately 800 GWh of renewable generation with corporate off-takers across all major industries. Our momentum with corporate contracting continues to grow and demonstrates our leadership in a rapidly growing industry trend;

•Progressed approximately 7,500 megawatts of development projects through construction and advanced stage permitting. We also added approximately 4,000 megawatts to our global development pipeline, which is now approximately 31,000 megawatts;

•Invested or agreed to invest approximately $1.9 billion (approximately $500 million net to Brookfield Renewable) of equity across a range of transactions year-to-date;

•Our balance sheet remains robust with almost $3.3 billion of available liquidity and no meaningful near-term maturities; and

•Raised approximately $1.3 billion (over $650 million net to Brookfield Renewable) from asset recycling and strategic upfinancing activities this year.

Update on Growth Initiatives

As more capital continues to flow into renewable energy and decarbonization solutions, our approach to growth will continue to favor opportunities that allow us to utilize our strengths – investing for value and leveraging our operating capabilities to drive cashflow growth. We recently executed several agreements and transactions that highlight this approach.

In June, we commenced the repowering of the fully contracted 845-megawatt Shepherds Flat wind project, which we acquired earlier this year. Shepherds Flat, located in the United States, is one of the largest repowering projects in the world. We will replace the turbine hardware with longer rotors and more efficient equipment while maintaining the rest of the infrastructure. This is expected to increase production by approximately 25%, generating 400 gigawatt hours of additional clean energy annually, while meaningfully extending the asset’s useful life. Furthermore, given that it costs only a fraction of a comparable greenfield project and the enhanced generation can support a more robust capital structure, the repowering requires no additional equity investment from us, generating attractive mid-to-high teens returns on this investment.

This repowering is an example of how we capitalize on our competitive advantages in the current market environment. By the time we complete the repowering by the end of 2022, it is expected that 320 turbines will have been retrofitted with almost 130 meter rotors and other technologically advanced equipment, as we continue to deliver power and receive revenues under the power purchase agreement. Doing so requires the combination of our operating capabilities as well as our position as one of the leading renewable power platforms in the world. We are leveraging our existing relationships with equipment suppliers, financing partners, and power offtakes to largely de-risk this project.

With an estimated 200 gigawatts of global wind capacity reaching 15 years of age within the next five years, the global market for repowerings is large – Shepherds Flat is by no means the only opportunity – and is only one segment where we continue to grow our business at attractive returns. Given our global reach and operating capabilities, we expect to capitalize on scale opportunities to repower other facilities, both across our existing portfolio as well as those we acquire, to deliver attractive returns for our investors.

This quarter, we signed a strategic collaboration agreement with Amazon to develop new renewable energy projects supported by power purchase agreements and to work together on additional green energy opportunities in the future. This agreement, with the world’s largest corporate buyer of renewable power, will leverage our deep operating capabilities and local teams in North America, Europe, Brazil, and Asia to support the construction of projects from our 31,000 megawatt global development pipeline. We are excited to collaborate with Amazon and support them in achieving their climate goals and the transition of global electricity grids to greener energy.

We also agreed with Trane Technologies, a global climate innovator, to jointly pursue and offer decarbonization-as-a-service for commercial, industrial, and public sector customers, comprising energy efficient retrofits and upgrades of building energy infrastructure along with captive distributed solar, energy storage and other power generation across North America. The agreement leverages our leading U.S. distributed generation business and Trane’s leading energy efficiency and technical, engineering, construction and project development experience to jointly develop and implement new customer opportunities. The innovative decarbonization solutions provided will help customers meet sustainability targets while reducing operating costs through upgrading critical energy infrastructure and installing onsite renewable energy.

At our Polish renewable business, we made significant progress on our development activities. We secured a 25-year contract to support the buildout of almost 1.5 gigawatts of offshore projects at a very attractive price, escalating with inflation, with no basis or curtailment risk. As we have stated previously, we believe these are the most attractive contract structures available in the global offshore sector. We are now focused on executing construction activities, with the goal of delivering the facilities starting in 2025. In addition, we are on track to deliver our 200-megawatt under construction onshore wind portfolio by next year and are advancing opportunities to grow our onshore wind and solar footprint in the country. To fund these growth activities, shareholders have agreed to the capital increase required over the next two years, providing the framework for us to invest an additional €150 million (approximately $50 million net to Brookfield Renewable) and increase our stake in the business to almost 40%.

In Brazil, our construction activities continue to progress on budget and schedule across our almost 2-gigawatt portfolio of under construction solar projects. Recently, we completed construction activities at our approximately 300-megawatt project ahead of schedule and under budget. Our global procurement platform and construction capabilities have positioned us well and we are on track to deliver an additional approximately 900 megawatts of fully contracted projects in 2022.

Alongside Apple’s China Renewable Energy Fund, which was raised by Apple and its suppliers to advance their collective transition to net zero in the country, we agreed to acquire a 55% stake in a 213-megawatt high quality, contracted portfolio of wind assets in China for ~$60 million ($15 million net to Brookfield Renewable). This transaction continues to expand and diversify our platform in China, providing a path to continue to prudently grow our capacity in the country. The acquisition is expected to close in the third quarter.

In India, we agreed to invest $130 million ($35 million net to Brookfield Renewable), totaling 900 megawatts of capacity across two transactions. The first is with a local solar developer from whom we

acquired assets in 2019. We will acquire a 450-megawatt fully contracted ready-to-build solar project. The opportunity is a part of a 1.7-gigawatt pipeline that we are developing in a joint venture with them, where they undertake development activities, and we have the option to acquire the projects once they are fully permitted and ready to begin construction. The second is with a large Indian solar developer that was one of the underlying borrowers in a portfolio of loans we acquired in late 2020. The investment gives us the right to acquire a 450-megawatt fully contracted solar project one year following commissioning once the project has been substantially de-risked.

Brookfield Renewable Corporation (BEPC)

It has been 12 months since we spun out our corporate entity, Brookfield Renewable Corporation (BEPC). In that time, it has achieved many of the goals we set at launch including welcoming almost 250 new institutional investors and the addition to many indices including the Russell 1000, the MSCI Canada and the S&P Global Clean Energy Index. We were able to offer BEPC shares as consideration in the privatization of TerraForm Power and expanded the public float since launch by approximately 300%. We are pleased with the positive market reception. Looking forward, we expect that BEPC will continue to offer investors an additional way to access our globally leading portfolio of renewable and decarbonization assets, broadening our investor base and enhancing the liquidity of our securities.

Results from Operations

During the second quarter, we generated FFO of $268 million, or $0.42 per unit, as our business benefited from recent acquisitions, strong asset availability, and margin enhancing initiatives. On a normalized basis, our per unit results were up 23% year-over-year.

During the quarter, our hydroelectric segment delivered FFO of $154 million. Despite generation for the quarter coming in below the long-term average, the portfolio continues to exhibit strong cash flow resiliency given the increasingly diversified asset base and contract profile. As we have reiterated previously, resource cyclicality is expected but does not impact how we manage the business. Our focus remains on mitigating exposure to any single resource, market, or counterparty by continuously diversifying and contracting the business while prudently managing the assets. Securing contracts that value the uniqueness of our fleet as a generator of dispatchable clean electricity and ancillary services further bolsters our portfolio against inevitable variability.

Brazil has been impacted by a drier than normal rainy season, particularly in the Southeastern region of the country, and reservoirs are well below long-term average. As a result, spot prices have increased significantly, as the grid operator has been forced to dispatch higher priced thermal generation, and there is modest risk of energy rationing. Our portfolio is well positioned in this environment. We have little to no risk of being short of our power delivery obligations for the rest of this year and 2022, and we could potentially realize very strong pricing on contracts we sign for next year.

Our wind and solar segments generated a combined $178 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. Further, to take advantage of the strong pricing environment in Brazil, we executed on a regulatory mechanism to uncontract our generation for 2022 from our approximately 300-megawatt solar project. Concurrently, we executed on new contracts for this generation in the free market at double the power purchase agreement price, generating an additional R$135 million (US$27 million) of revenue from the project.

Our energy transition segment generated $44 million of FFO during the quarter as our portfolio continues to grow while we assist commercial and industrial partners achieve their decarbonization goals and provide critical grid-stabilizing ancillary services and back-up capacity required to address the increasing intermittency of greener electricity grids.

Balance Sheet and Liquidity

Our financial position continues to be strong. We have approximately $3.3 billion of available liquidity, our investment grade balance sheet has no meaningful near-term maturities, and approximately 90% of our financings are non-recourse to Brookfield Renewable. Recently, Fitch initiated coverage of our business, assigning a BBB+ rating, which is consistent with our existing rating from S&P.

During the quarter, we continued to take advantage of the low interest rate environment and executed on approximately $1.5 billion of investment grade financings and upfinancings across the business. We also continued to execute on several initiatives to further bolster our liquidity and support growth. Recently, we raised over $850 million (approximately $410 million net to Brookfield Renewable) of equity proceeds from capital recycling initiatives. Looking forward, we expect to continue to generate meaningful proceeds from strategic upfinancing and capital recycling initiatives, so we are not reliant on capital markets to fund the growth of our business.

Outlook

Looking ahead, we continue to focus on growing our business and executing on our key operational priorities, including maintaining a robust balance sheet, maintaining access to diverse sources of capital, and surfacing value through enhanced cash flows from our existing portfolio.

We remain committed to helping our customers achieve their decarbonization goals and in the process, earn our investors a strong total return of 12-15% over the long term.

On behalf of the Board and management of Brookfield Renewable, we thank all our unitholders and shareholders for their ongoing support.

Sincerely,

Connor Teskey

Chief Executive Officer

August 5, 2021

OUR COMPETITIVE STRENGTHS

Brookfield Renewable Partners L.P. (together with its controlled entities, "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 20,400 MW of installed capacity largely across four continents, a development pipeline of over 31,000 MW, and annualized long-term average generation on a proportionate basis of approximately 30,000 GWh.

The following charts illustrate revenue on a proportionate basis(1):

(1) Figures based on normalized revenue for the last twelve months, proportionate to Brookfield Renewable.

Helping to accelerate the decarbonization of the electricity girds. Climate change is one of the most significant and urgent issues facing the global economy, posing immense risks to social and economic prosperity. In response, governments and businesses have adopted ambitious plans to support a transition to a decarbonized economy. We believe that we are well positioned to deliver investment solutions in support of decarbonization. With our scale and global operating, development and investing capabilities, we are well situated to partner with governments and businesses to help them achieve their goal of greening the global electricity grids.

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 85% of our proportionate generation output in 2021 is contracted with high-quality counterparties including 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 economic 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 90% of our debt is either investment grade rated or sized to investment grade. Our corporate debt to total capitalization is 7%, and approximately 90% of our borrowings are non-recourse. Corporate borrowings and proportionate non-recourse borrowings each have weighted-average terms of approximately 13 years and 10 years, respectively, with no material maturities over the next five years. Approximately 90% of our financings are fixed rate and only 3% of our debt in North America and Europe is exposed to changes in interest rates. Our available liquidity as at June 30, 2021 was approximately $3.3 billion of cash and cash equivalents, investments in marketable securities and the available portion of credit facilities. 

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 120 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 over 31,000 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. Since 2016, we have deployed approximately $6 billion in equity as we have invested in, acquired, or commissioned approximately 15,100 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, our 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.

Management’s Discussion and Analysis
For the three and six months ended June 30, 2021

This Management’s Discussion and Analysis for the three and six months ended June 30, 2021 is provided as of August 5, 2021. Unless the context indicates or requires otherwise, the terms “Brookfield Renewable”, “we”, “us”, and “our company” 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, class A BEPC exchangeable subordinate voting shares ("BEPC exchangeable shares") of Brookfield Renewable Corporation ("BEPC") held by public shareholders and Brookfield, redeemable/exchangeable partnership units ("Redeemable/Exchangeable partnership units") in Brookfield Renewable Energy L.P. (“BRELP”), a holding subsidiary of Brookfield Renewable, held by Brookfield, and general partnership interest (“GP interest”) in BRELP held by Brookfield. Holders of the LP units, Redeemable/Exchangeable partnership units, GP interest, and BEPC exchangeable shares will be collectively referred to throughout as “Unitholders” unless the context indicates or requires otherwise. LP units, Redeemable/Exchangeable partnership units, GP interest, and BEPC exchangeable shares will be collectively referred to throughout as “Units”, or as “per Unit”, unless the context indicates or requires otherwise. The LP units, BEPC exchangeable shares 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 Information – Reconciliation of non-IFRS measures”. This Management’s Discussion and Analysis contains forward-looking information within the meaning of U.S. and Canadian securities laws. Refer to – “Part 9 – Cautionary Statements” for cautionary statements regarding forward-looking statements and the use of non-IFRS measures. Our Annual Report and additional information filed with the Securities Exchange Commission (“SEC”) and with securities regulators in Canada are available on our website (https://bep.brookfield.com), on the SEC’s website (www.sec.gov/edgar.shtml), or on SEDAR (www.sedar.com).

Organization of the Management’s Discussion and Analysis
Part 1 – Q2 2021 Highlights			12						Part 5 – Liquidity and Capital Resources (continued)
									Capital expenditures			31
Part 2 – Financial Performance Review on Consolidated Information			15						Consolidated statements of cash flows			32
									Shares and units outstanding			33
									Dividends and distributions			34
Part 3 – Additional Consolidated Financial Information			17						Contractual obligations			34
Summary consolidated statements of financial position			17						Supplemental guarantor financial information			34
Related party transactions			17						Off-statement of financial position arrangements			35
Equity			18
									Part 6 – Selected Quarterly Information			36
Part 4 – Financial Performance Review on Proportionate Information			20						Summary of historical quarterly results			36
									Proportionate results for the six months ended June 30			37
Proportionate results for the three months ended June 30			20						Reconciliation of non-IFRS measures			38
Reconciliation of non-IFRS measures			25
Contract profile			28						Part 7 – Critical Estimates, Accounting Policies and Internal Controls			41
Part 5 – Liquidity and Capital Resources			29						Part 8 – Presentation to Stakeholders and Performance Measurement			43
Capitalization and available liquidity			29
Borrowings			30						Part 9 – Cautionary Statements			47

(1)For the three and six months ended June 30, 2021, average LP units totaled 274.9 million and 274.9 million, respectively (2020: 268.5 million and 268.5 million, respectively).

(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”.

(3)Average Units outstanding for the three and six months ended June 30, 2021 were 645.6 million and 645.5 million, respectively (2020: 583.8 million and 583.7 million, respectively), being inclusive of our LP units, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and GP interest.

(1)Adjusted to reflect the redemption of C$200 million Series 9 preferred units that was completed on July 31, 2021.

(2)Excludes 5% (2020: 5%) floating rate debt exposure of certain regions outside of North America and Europe due to the higher cost of hedging associated with those regions.

Operations

Funds From Operations of $268 million or $0.42 on a per Unit basis, representing a 5% increase from the same period in the prior year driven by:

•Contributions from organic growth initiatives and acquisitions including the acquisition of an 845 MW wind farm in Oregon and our increased ownership in TerraForm Power; and

•Higher realized prices across most markets, on the back of inflation escalation and recontracting initiatives, as well as successful energy marketing initiatives

•Partially offset by lower generation, primarily at our hydroelectric facilities in North America

After deducting depreciation and one-time non-cash charges, net loss attributable to Unitholders for the three months ended June 30, 2021 was $63 million or $0.13 per LP unit.

We continued to focus on extending our contract profile and leveraging our deep customer relationships

•Signed 28 agreements for approximately 800 GWh of renewable generation with corporate offtakers globally and across all major industries in the last quarter.

•Secured a 25 year contract to support the build-out of almost 1.5 GW of offshore wind at our Polish renewable business.

Liquidity and Capital Resources

Our financial position continues to be strong and backed by a resilient balance sheet

•Liquidity position remains robust, with approximately $3.3 billion of total available liquidity with no meaningful near-term maturities

•Strength of balance sheet reaffirmed by Fitch, which initiated coverage with a BBB+ equivalent credit rating

•Capitalized on both the low interest rate environment and long-term nature of our assets by executing on approximately $1.5 billion of investment grade financings and upfinancings:

◦Secured over $1.1 billion of non-recourse financings during the quarter

◦Issued our inaugural perpetual green subordinated notes for $350 million at a fixed rate of 4.625%

•So far this year, we expect to generate over $850 million of proceeds ($410 million net to Brookfield Renewable) from capital recycling initiatives including the sale of mature wind portfolios in Ireland and in the U.S., returning, in the aggregate, approximately two times our invested capital

Growth and Development

As the opportunity to invest in renewables and decarbonization expands, we focus on opportunities that leverage our competitive advantages including scale, global reach and operating expertise, including this quarter:

•Agreed with Trane Technologies, a global climate innovator, to jointly pursue and offer decarbonization-as-a-service for commercial, industrial, and public sector customers across North America.

•A strategic collaboration agreement with Amazon to develop new renewable energy projects with power purchase agreements and to work together on additional green energy opportunities in the future. This agreement will leverage our deep operating capabilities to support the construction of projects from our 31,000 MW global development pipeline.

Together with our institutional partners, we agreed to invest approximately $130 million ($35 million net to Brookfield Renewable), totaling 900 MW of capacity across two solar projects in India once projects have been substantially de-risked from local developers with which we had a pre-existing relationship.

Subsequent to the quarter, together with our institutional partners and investing alongside Apple Inc.’s China Renewable Energy Fund, we agreed to acquire a 55% stake in a 213 MW high quality, contracted portfolio of wind assets in China for $60 million ($15 million net to Brookfield Renewable).

During the quarter, we continued to progress our development pipeline

•Commissioned 30 MW of development projects and continued to advance the construction of 4,696 MW of hydroelectric, wind, pumped storage, solar PV and rooftop solar development projects, including commencing the repowering of an 845 MW wind farm in Oregon, that are expected to generate annualized Funds From Operations of approximately $69 million in aggregate.

Variance Analysis For The Three Months Ended June 30, 2021

Revenues totaling $1,019 million represents an increase of $77 million over the same period in the prior year due to the growth of our business. Recently acquired and commissioned facilities contributed 806 GWh of generation and $85 million to revenue which was partially offset by recently completed asset sales that reduced generation by 74 GWh and revenue by $9 million. On a same store, local currency basis, revenue decreased by $33 million as the benefit from higher realized revenue per MWh across most markets primarily due to inflation escalation and recontracting initiatives was more than offset by lower generation, primarily at our hydroelectric facilities in North America.

The weakening of the U.S. dollar relative to the same period in the prior year across most of the currencies increased revenue by $34 million, which was partially offset by an $18 million unfavorable foreign exchange impact on our operating and interest expense for the quarter.

Direct operating costs totaling $307 million represents a decrease of $3 million over the same period in the prior year due to cost-saving initiatives across our business and recently completed asset sales which were partially offset by additional costs from our recently acquired and commissioned facilities and the impact of foreign exchange movements noted above.

Management service costs totaling $72 million represents an increase of $26 million over the same period in the prior year due to the growth of our business.

Interest expense totaling $246 million represents a decrease of $15 million over the same period in the prior year due to the benefit of recent refinancing activities that reduced our average cost of borrowing, partially offset by the impact of foreign exchange movements noted above.

Depreciation expense totaling $379 million represents an increase of $55 million over the same period in the prior year due to the growth of our business and the impact of foreign exchange movements.

Net income was $110 million compared to a net loss of $10 million in the same period in the prior year due to the above noted items and realized gains from our recently completed asset sales.

Variance Analysis For The Six Months Ended June 30, 2021

Revenues totaling $2,039 million represents an increase of $48 million over the same period in the prior year due to the growth of our business. Recently acquired and commissioned facilities contributed 814 GWh of generation and $89 million to revenue, which was partially offset by recently completed asset sales that reduced generation by 121 GWh and revenue by $19 million. On a same store, local currency basis, revenue decreased by $57 million as the benefit from higher average realized revenue per MWh primarily due to inflation indexation and recontracting initiatives, and higher market prices realized on generation from our wind assets in Texas during the winter storm in the first quarter of 2021, which contributed $52 million, was more than offset by lower generation, primarily at our hydroelectric facilities in North America.

The weakening of the U.S. dollar relative to the same period in the prior year across most of the currencies increased revenue by $35 million, which was partially offset by a $21 million unfavorable foreign exchange impact on our operating and interest expense for the year.

Direct operating costs totaling $618 million, excluding the impact of the Texas winter storm, represents a decrease of $18 million over the prior year due to cost-saving initiatives across our business, partially offset by additional costs from our recently acquired and commissioned facilities and the impact of foreign exchange movements noted above.

Direct operating costs relating to the Texas winter storm event totaled $80 million which reflect the cost of acquiring energy to cover our contractual obligations for our wind assets that were not generating during the period due to freezing conditions, net of hedging initiatives. The total consolidated impact of the Texas winter storm, net of the $52 million of revenues noted above, amounted to a $28 million loss, of which Brookfield Renewable’s share was not material.

Management service costs totaling $153 million represents an increase of $67 million over the same period in the prior year due to the growth of our business.

Interest expense totaling $479 million represents a decrease of $21 million over the same period in the prior year due to the benefit of recent refinancing activities that reduced our average cost of borrowing, partially offset by the growth of our business and the impact of foreign exchange movements noted above.

Depreciation expense totaling $747 million represents an increase of $86 million over the same period in the prior year due to the growth of our business and the impact of foreign exchange movements.

Net income totaled $55 million compared to $79 million in the same period in the prior year due to the above noted items and realized gains from our recently completed asset sales.

Assets held for sale

Assets held for sale totaled $854 million as at June 30, 2021 compared to $57 million as at December 31, 2020. The increase is entirely attributable to the classification of a 391 MW wind portfolio in the United States as held for sale.

Property, plant and equipment

Property, plant and equipment totaled $44.7 billion as at June 30, 2021 compared to $44.6 billion as at December 31, 2020. The $0.1 billion increase was primarily attributable to the acquisition of an 845 MW wind portfolio as well as a distributed generation platform comprised of 360 MW of operating and under construction assets and over 700 MW of development assets in the United States, and our continued investments in the development of power generating assets and our sustaining capital expenditure all of which increased property, plant and equipment by $2.9 billion. The increase was partially offset by the sale of a 656 MW operating and development wind portfolio in Ireland and a 271 MW development wind portfolio in Scotland, decreasing property, plant and equipment by $0.6 billion, the impact of foreign exchange due to the weakening of the United States dollar of $0.5 billion, and depreciation expense associated with property, plant and equipment of $0.7 billion. During the first quarter, we transferred $1.0 billion of property, plant and equipment to assets held for sale relating to a 391 MW wind portfolio in the United States.

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 a single long-term PPA across Brookfield Renewable’s New York hydroelectric facilities.

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 entered into voting agreements with Brookfield, whereby Brookfield Renewable gained control of the entities that own certain renewable power generating facilities in the United States, Brazil, Europe and Asia. Brookfield Renewable has also entered into a voting agreement with its consortium partners in respect of the Colombian business. The voting agreements provide Brookfield Renewable the authority to direct the election of the Boards of Directors of the relevant entities, among other things, and therefore provide Brookfield Renewable with control. Accordingly, Brookfield Renewable consolidates the accounts of these entities.

Brookfield Renewable participates with institutional investors in Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV, Brookfield Infrastructure Debt Fund and Brookfield Global Transition 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 2021 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 $545 million funds placed on deposit with Brookfield Renewable as at June 30, 2021 (2020: $325 million). The interest expense on the Brookfield Asset Management revolving credit facility and deposit for the three and six months ended June 30, 2021, totaled nil and $1 million, respectively (2020: nil and $1 million).

In addition, our company has executed, amended, or terminated other agreements with Brookfield that are described in Note 19 – Related party transactions in the unaudited interim consolidated financial statements.

The following table reflects the related party agreements and transactions in the unaudited interim consolidated statements of income for the three and six months ended June 30:

(1)Insurance services were paid to a subsidiary of Brookfield Asset Management that brokers external insurance providers on behalf of Brookfield Renewable. Beginning in 2020, insurance services are paid for directly to external insurance providers. The fees paid to the subsidiary of Brookfield Asset Management for the for the three and six months ended June 30, 2020 were less than $1 million.

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. As at June 30, 2021, to the extent that LP unit distributions exceed $0.2000 per LP unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that LP unit distributions exceed $0.2253 per LP unit per quarter, the incentive distribution is equal to 25% of distributions above this threshold. Incentive distributions of $20 million and $40 million were declared during the three and six months ended June 30, 2021, respectively (2020: $15 million and $31 million, respectively).

Preferred equity

The Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. (“BRP Equity”) do not have a fixed maturity date and are not redeemable at the option of the holders. As at June 30, 2021, none of the issued Class A, Series 5 and 6 Preference Shares have been redeemed by BRP Equity.

In July 2021, the Toronto Stock Exchange accepted notice of BRP Equity's intention to renew the normal course issuer bid in connection with its outstanding Class A Preference Shares for another year to July 8, 2022, or earlier should the repurchases be completed prior to such date. 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 the Class A Preference Shares. Shareholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. There were no repurchases of Class A Preference Shares during 2021 in connection with the normal course issuer bid.

Perpetual subordinated notes

In April 2021, Brookfield BRP Holdings (Canada) Inc., a wholly-owned subsidiary of Brookfield Renewable, issued $350 million of perpetual subordinated notes at a fixed rate of 4.625%. The perpetual subordinated notes are classified as a separate class of non-controlling interest on Brookfield Renewable's consolidated statements of financial position. Brookfield Renewable accrued interest of $3 million on the perpetual subordinated notes during the three and six months ended June 30, 2021. Interest accrued on the perpetual subordinated notes are presented as distributions in the consolidated statements of changes in equity. The carrying value of the perpetual subordinated notes, net of transaction costs, is $340 million (2020: nil) as at June 30, 2021.

Preferred limited partners' equity

The Class A Preferred Limited Partnership Units (“Preferred units”) of Brookfield Renewable do not have a fixed maturity date and are not redeemable at the option of the holders. As at June 30, 2021, none of the Class A, Series 5 Preferred Limited Partnership Units have been redeemed by Brookfield Renewable.

Subsequent to the quarter, Brookfield Renewable redeemed all of the outstanding units of Series 9 Preferred Limited Partnership units for C$200 million or C$25 per Preferred Limited Partnership Unit.

In July 2021, the Toronto Stock Exchange accepted notice of Brookfield Renewable's intention to renew the normal course issuer bid in connection with the outstanding Preferred units for another year to July 8, 2022, or earlier should the repurchases be completed prior to such date. 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 Preferred units. Preferred unit holders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. There were no repurchases of Preferred units during 2021 in connection with the normal course issuer bid.

Limited partners' equity, Redeemable/Exchangeable partnership units, and exchangeable shares

As at June 30, 2021, Brookfield Asset Management owns, directly and indirectly, 308,051,190 LP units, Redeemable/Exchangeable partnership units, and BEPC exchangeable shares representing approximately 48% of Brookfield Renewable on a fully-exchanged basis (assuming the exchange of all of the outstanding Redeemable/Exchangeable partnership units and BEPC exchangeable shares) and the remaining approximately 52% is held by public investors.

During the three and six months ended June 30, 2021, Brookfield Renewable issued 51,857 LP units and 93,667 LP units, respectively (2020: 45,687 LP units and 104,454 LP units, respectively) under the distribution reinvestment plan at a total value of $2 million and $4 million, respectively (2020: $2 million and $3 million, respectively).

During the three and six months ended June 30, 2021, exchangeable shareholders of BEPC exchanged 6,033 and 9,642 BEPC exchangeable shares for an equivalent number of LP units amounting to less than $1 million LP units.

In December 2020, Brookfield Renewable renewed its normal course issuer bid in connection with its LP units and entered into a normal course issuer bid for its outstanding BEPC exchangeable shares. Brookfield Renewable is authorized to repurchase up to 13,740,072 LP units and 8,609,220 BEPC exchangeable shares, representing approximately 5% of each of its issued and outstanding LP units and BEPC exchangeable shares. The bid will expire on December 15, 2021, or earlier should Brookfield Renewable complete its repurchases prior to such date. There were no LP units or BEPC exchangeable shares repurchased during the three and six months ended June 30, 2021 and 2020.

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.

(1)Actual generation includes 123 GWh (2020: 86 GWh) from facilities that do not have a corresponding long-term average. See Part 8 – Presentation to Stakeholders and Performance Measurement for why we do not consider long-term average for certain of our facilities.

The following table presents our proportionate results by geography for hydroelectric operations for the three months ended June 30:

(1)Includes realized foreign exchange hedge gains of approximately $8 million included in other income.

(2)Average revenue per MWh was adjusted to exclude the impact of power purchases, which are passed through to our customers.

North America

Funds From Operations at our North American business was $90 million versus $137 million in the prior year as the benefit from strong asset availability and higher average revenue per MWh due to the benefit of inflation indexation and favorable generation mix were more than offset by generation that was below long-term average.

Net loss attributable to Unitholders was $16 million versus a net income of $7 million in the same period in the prior year primarily due to the above noted decrease in Funds From Operations.

Brazil

Funds From Operations at our Brazilian business was $31 million versus $29 million in the prior year due to higher generation despite a drier than normal rainy season due to our generation shaping strategy. This was partially offset by lower average realized revenue per MWh as the benefit from inflation indexation on our contracts was more than offset by one-time energy marketing initiatives that benefited the prior year.

Net income attributable to Unitholders decreased $5 million from the same period in the prior year as the above noted increase in Funds From Operations was more than offset by unrealized losses on our energy hedging activities.

Colombia

Funds From Operations at our Colombian business was $33 million versus $19 million in the prior year as we benefited from cost saving initiatives and higher generation (10% above long-term average) which were partially offset by lower average revenue per MWh as the positive impact from inflation indexation and recontracting initiatives were more than offset by lower market prices realized on our surplus generation compared to prior year where market prices were high due to unseasonably low system-wide hydrology. Funds From Operations also benefited from the acquisition of a 40 MW of hydroelectric facilities during the first quarter of 2021 ($1 million and 19 GWh).

Net income attributable to Unitholders increased $9 million from the same period in the prior year primarily driven by the above noted increase in Funds From Operations.

The following table presents our proportionate results by geography for wind operations for the three months ended June 30:

North America

Funds From Operations at our North American business was $54 million versus $31 million in the prior year primarily due to growth from our increased ownership in TerraForm Power and the acquisition of our 845 MW wind portfolio in the United States which in aggregate contributed $23 million and 489 GWh. On a same store basis, Funds From Operations was in-line with prior year as the benefit of cost saving initiatives and higher average revenue per MWh due to generation mix were offset by lower resource.

Net loss attributable to Unitholders increased by $25 million from the same period in the prior year as the above noted increase in Funds From Operations was more than offset by higher non-cash depreciation as a result of the growth in our business and unrealized losses on our energy hedging activities.

Europe

Funds From Operations at our European business was $63 million versus $11 million in the prior year due to growth from our increased ownership in TerraForm Power and other acquisitions which in aggregate contributed $4 million and 93 GWh (net of asset sales) and a $48 million gain on the sale of our development assets in Ireland. On a same store basis, Funds From Operations was consistent with the prior year as the benefit from higher average revenue per MWh primarily due to generation mix was offset by lower resource.

Net income attributable to Unitholders was $31 million versus a net loss of $9 million in the same period in the prior year primarily due to the above noted increase in Funds From Operations.

Brazil

Funds From Operations and net income attributable to Unitholders at our Brazilian business of $4 million and nil, respectively, was consistent with the same period in the prior year as the benefit from inflation indexation of our contracts was offset by higher interest expense as a result of recent upfinancing initiatives.

Asia

Funds From Operations and net income attributable to Unitholders at our Asian business of $4 million and $1 million, respectively, was consistent with the same period in the prior year as the benefit from stronger resources (10% above long-term average) was offset by timing of major maintenance activities.

Funds From Operations at our solar business were $53 million versus $29 million in the prior year primarily due to the contribution from our increased ownership in TerraForm Power and other acquisitions ($29 million and 209 GWh) that was partially offset primarily due to a gain from the sale of a solar development project in the United States that benefited the prior year. On a same store basis, our business performed in-line with the prior year.

Net income attributable to Unitholders at our solar business was $13 million versus a net loss of $10 million in the same period in the prior year due to the above noted increase in Funds From Operations.

Funds From Operations at our energy transition business was $44 million versus $27 million in the prior year due to the growth of our distributed generation portfolio and other acquisitions ($19 million and 163 GWh).

Net income attributable to Unitholders of $10 million was consistent with the same period in prior year as the above noted increase to Funds From Operations was offset by non-cash depreciation as a result of the growth of our business.

Management service costs totaling $72 million increased $32 million compared to the same period in the prior year due to the growth of our business.