Brookfield Renewable Energy Partners LP (BEP.UN) 2024年年度報告「TSX」.pdf

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1、Our OperationsWe invest in renewable power and sustainable solutions assets directly,as well as with institutional partners,joint venture partners and through other arrangements.Across our business,we leverage our extensive operating experience to maintain and enhance the value of assets,grow cash f

2、lows on an annual basis and cultivate positive relations with local stakeholders.Our global diversified portfolio of power assets has approximately 46,200 MW of operating capacity,annualized LTA generation of approximately 121,200 GWh and a development pipeline of approximately 200,100 MW,with renew

3、ables making up over 98%of our operating capacity.The table below outlines our renewable power portfolio as at December 31,2024:RiverSystemsFacilitiesCapacity(MW)LTA(1)(GWh)StorageCapacity(GWh)HydroelectricNorth AmericaUnited States(2).29 139 2,905 11,882 2,559 Canada .19 33 1,368 5,193 1,261 48 172

4、 4,273 17,075 3,820 Colombia(3).11 27 3,153 16,348 3,703 Brazil .24 36 850 4,309 83 235 8,276 37,732 7,523 Wind(4)North America 57 6,934 21,665 Europe .75 5,332 17,806 Brazil .37 890 3,909 AsiaPacific .92 3,978 10,960 261 17,134 54,340 Utility-scale solar(5).309 12,050 23,757 Distributed energy&stor

5、age(6)(7).2 7,320 7,291 4,376 5,221 Total renewable power 85 8,125 44,751 120,205 12,744(1)LTA is calculated based on our portfolio as at December 31,2024,reflecting all facilities on a consolidated and an annualized basis from the beginning of the year,regardless of the acquisition,disposition or c

6、ommercial operation date.See Item 5.A“Part 9 Presentation to Stakeholders and Performance Measurement”for an explanation on our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.(2)Includes three battery storage facilities in North

7、 America(36 MW).(3)Includes two wind plants(32 MW)and five solar plants(199 MW)in Colombia.(4)Excludes 320 MW of wind capacity with an LTA of 784 GWh included in our sustainable solutions segment.(5)Excludes 118 MW of solar capacity with an LTA of 244 GWh included in our sustainable solutions segmen

8、t.(6)Includes a battery storage facility in North America(10 MW).(7)Includes nine fuel cell facilities in North America(10 MW)and pumped storage in North America(633 MW)and Europe(2,088 MW).We also have investments in our sustainable solution portfolio comprised of assets and businesses that enable

9、the transition to net-zero through established but emerging technologies that require capital to scale,and in businesses where we believe we can leverage our access to capital and partnerships to accelerate growth.This portfolio includes our investment in Westinghouse(a leading global nuclear servic

10、es business)and a utility and independent power producer with operations in the Caribbean and Latin America,as well as both operating assets and a development pipeline of carbon capture and storage capacity,agricultural renewable natural gas and materials recycling and a pipeline of eFuels productio

11、n capacity.The following table presents the annualized long-term average generation of our renewable power portfolio as at December 31,2024 on a consolidated and quarterly basis:GENERATION(GWh)(1)Q1Q2Q3Q4TotalHydroelectricNorth AmericaUnited States .3,370 3,435 2,166 2,911 11,882 Canada .1,239 1,493

12、 1,240 1,221 5,193 4,609 4,928 3,406 4,132 17,075 Colombia(2).3,757 4,090 3,992 4,509 16,348 Brazil .1,059 1,073 1,087 1,090 4,309 9,425 10,091 8,485 9,731 37,732 Wind .14,517 13,128 11,641 15,054 54,340 Utility-scale solar .5,276 6,502 6,812 5,167 23,757 Distributed energy&storage .979 1,289 1,218

13、890 4,376 Total .30,197 31,010 28,156 30,842 120,205(1)LTA is calculated based on our portfolio as at December 31,2024,reflecting all facilities on an annualized basis from the beginning of the year,regardless of the acquisition,disposition or commercial operation date.See Item 5.A“Part 9 Presentati

14、on to Stakeholders and Performance Measurement”for an explanation on our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.(2)Includes two wind plants(174 GWh)and five solar plants(453 GWh)in Colombia.The following table presents t

15、he annualized long-term average generation of our renewable power portfolio as at December 31,2024 on a proportionate and quarterly basis:GENERATION(GWh)(1)Q1Q2Q3Q4TotalHydroelectricNorth AmericaUnited States .2,217 2,352 1,465 1,948 7,982 Canada .1,014 1,214 984 962 4,174 3,231 3,566 2,449 2,910 12

16、,156 Colombia(2).850 919 897 1,012 3,678 Brazil .956 968 981 983 3,888 5,037 5,453 4,327 4,905 19,722 Wind .2,534 2,461 2,081 2,614 9,690 Utility-scale solar .1,050 1,471 1,563 1,035 5,119 Distributed energy&storage .259 370 352 235 1,216 Total .8,880 9,755 8,323 8,789 35,747(1)LTA is calculated bas

17、ed on our portfolio as at December 31,2024,reflecting all facilities on an annualized basis from the beginning of the year,regardless of the acquisition,disposition or commercial operation date.See Item 5.A“Part 9 Presentation to Stakeholders and Performance Measurement”for an explanation on our met

18、hodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.(2)Includes two wind facilities(39 GWh)and five solar facilities(102 GWh)in Colombia.Statement Regarding Forward-Looking Statements and Use of Non-IFRS MeasuresThis Annual Report conta

19、ins forward-looking information within the meaning of U.S.and Canadian securities laws.We may make such statements in this Annual Report and in other filings with the U.S.Securities and Exchange Commission(“SEC”)and with securities regulators in Canada see“PART 10 Cautionary Statements”.We make use

20、of non-IFRS measures in this Annual Report see“Part 10 Cautionary Statements”.This Annual 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:/,on the SECs website at www.sec.gov or on SEDAR+s website at ww

21、w.sedarplus.ca.Letter to Unitholders2024 was another record year for our business.We delivered our strongest operating and financial results ever and positioned the business for significant further growth and value creation in the future.We derisked our business plan with strong operational executio

22、n and have clear line of sight on our growth prospects as we enter 2025,setting us up to build upon our proven track record of value creation for shareholders.We continue to be focused on deploying our capital in a disciplined manner into the most attractive risk-adjusted opportunities on a global b

23、asis.In light of the vast number of opportunities we saw in 2024,we exceeded our capital deployment targets,investing$12.5 billion($1.8 net to Brookfield Renewable)in some outstanding businesses,including our investment in Neoen,rsteds portfolio of operating offshore wind assets in the U.K.,and our

24、investment in eFuels manufacturer Infinium.Through these acquisitions,we added significant operating cash flows and an attractive pipeline of ready-to-contract,advanced development projects to our business.These transactions further cement our position as the preeminent global clean energy supermajo

25、r with an unmatched set of solutions,scale,and global reach that we can offer our partners.In a market with unprecedented corporate demand for electricity,our platform increasingly is gaining a competitive advantage,differentiating our growth prospects and ability to invest for value.In addition to

26、our success deploying capital into attractive opportunities,we closed numerous asset sales that enabled us to crystalize strong returns for our shareholders and generated a record$2.8 billion of proceeds(over$1 billion net to Brookfield Renewable)to fund future growth for the business.In 2025,we exp

27、ect to continue to build on our track record of completing select asset sales across our business and recycling capital into new growth opportunities.Broader market conditions continue to be very constructive for us,with electricity demand accelerating significantly,led by corporate customers and sp

28、ecifically the global technology players,who continue to invest vast sums of capital in the build-out of data centers to enable digitalization and AI supported applications.Investment by these firms grew 50%year-over-year in 2024,and it is expected that this will continue to increase tremendously th

29、roughout the rest of the decade.Further,actions taken by the new U.S.administration to drive greater industrial,manufacturing,and data center activity in the U.S.are expected to dramatically accelerate electricity demand in the country.As this demand is incremental to the generational step-change in

30、 electricity demand that was already taking place,we believe the growth prospects for low-cost,mature renewables technologies are better than at any point in history,as they will play the leading role in the requirements for“any-and-all”increases in generation capacity.This will significantly benefi

31、t those with existing and actionable large-scale pipelines of development projects that are available to meet this opportunity.In this environment,we feel few,if any,are as well positioned as us.Our global scale and operating and development capabilities position us as the partner of choice for the

32、largest buyers of clean power globally.This year alone we signed contracts to deliver over 100,000 gigawatt hours of generation to commercial and industrial customers,representing over 80%of our new contracts signed for commissioned assets.We also signed the landmark renewable energy framework agree

33、ment with Microsoft,where we are on track to not only meet,but exceed our delivery targets.We had strong financial performance this year.And with these record results,in conjunction with our solid liquidity and robust outlook for our business,we are pleased to announce an over 5%increase to our annu

34、al distribution to$1.492 per unit.Since Brookfield Renewable was publicly listed in 2011,we have delivered 14 consecutive years of annual distribution growth of at least 5%each year.Additional highlights for the year include that we:Generated record FFO for the year of$1.2 billion,or$1.83 per unit,a

35、 10%increase over last year benefitting from our inflation-linked and contracted cash flows,contributions from acquisitions and execution of various organic growth and value creation initiatives across our business.Secured contracts to deliver an incremental 19,000 GWh per year of generation to our

36、partners,including signing the landmark renewable energy framework agreement with Microsoft.Continued to scale our development activities commissioning 7,000 megawatts of new renewable energy capacity and are on track to reach a 10,000-megawatt run rate per annum by 2027.Strengthened our sector lead

37、ing balance sheet and liquidity,completing almost$27 billion in financings across the business,including$800 million in upfinancings which allowed us to end the year with over$4.3 billion of available liquidity at the corporate level.Dislocated Markets Create OpportunityThe renewables sector has tra

38、ded down in the public markets on weaker sentiment stemming from the new U.S.administrations announced executive orders and potential policy changes for renewables.Even though we are well positioned to significantly benefit in this environment,our shares have not been immune to lower public market p

39、rices across the sector.And while we are never pleased when our share price is down,we remain focused on the long-term and believe the outlook for our business is better than ever.As we continue to deliver on our growth targets and execute on our strategic priorities,our share price should respond a

40、nd better reflect the intrinsic value of our business.Following several decades of modest electricity demand growth,we are experiencing a dramatic shift driven by the AI revolution,one of(if not)the most significant advancements in technology in our lifetime.This is driving demand for our product,wh

41、ich has never been higher,supporting the highest development returns we have seen in over a decade.The current power market fundamentals mean that demand for derisked,long-life operating power assets is also very robust,which is allowing us to recycle assets and crystalize our development gains at e

42、xtremely attractive levels.We saw this in the past year,where we closed the sales of Saeta and a 50%interest in Shepherds Flat as well as reached agreements to sell several other assets that generated average returns of approximately 25%IRR,or nearly double our return targets.This is enabling us to

43、not only secure strong returns for our shareholders but also fund our growth without the use of public equity markets,at a time when the opportunity to invest is greatest.Over many years,we have consciously focused our business on the lowest-cost and most mature renewable technologies that have the

44、greatest demand from corporate customers and are not reliant on government subsidy.This strategy has positioned us very favorably in the current market we are not exposed to the sectors of the market seeing reduced support and,instead,are seeing record demand for our product.Given our scale,technolo

45、gy focus,and available capital,we feel we are the best positioned across the industry to capture the accelerating corporate demand.We feel that executing our business plan will create significant value in our company and as market sentiment passes we will see that translate into our shares.And our s

46、trong position,combined with lower public share prices across the sector and increased uncertainty for some private market investors,could create significant opportunity to acquire assets for value and further grow our business.Our Growth Outlook is Strong,Especially in the U.S.Our pipeline of growt

47、h opportunities is as robust as ever and is specifically focused on adding platforms and projects that can meet the growing demand from corporate buyers of electricity.We are in various stages of advancing several large-scale transactions where we will provide capital or strategic solutions at good

48、value.With our global team,capabilities and scale capital we can source and execute opportunities that few other players can,in the most attractive jurisdictions that offer the highest risk-adjusted returns.Recently there has been much discussion around the impact of potential regulatory changes on

49、the renewables sector in the U.S.While we see potential for regulatory changes,we do not expect any material adjustments to the policies that have the greatest impact on our business,as these largely have bipartisan support.More important to our business are the current fundamentals for clean power,

50、which are strong in the U.S.and abroad,and being driven by corporate customers and the demand from digitalization and electrification.We also expect that supportive fiscal policy in the U.S.,which we typically see following an election,will drive further growth in manufacturing,data center developme

51、nt and industry in the country,requiring more power on top of the already significant demand growth we are seeing today.Given the accelerating power needs of large corporate customers to support the expansion of their businesses,and the position of our renewable technologies as the lowest cost sourc

52、e of bulk power regardless of incentive schemes,we are well positioned to deliver the most viable solution to meet their needs across all our key markets.The opportunity to capture this demand is immense,but it is most valuable to those who already have a pipeline of advanced projects and developmen

53、t pipeline that can be accelerated.From this perspective,our significant investment in the U.S.in recent years,before this increase in demand became apparent,is proving fortuitous.Our pipeline of projects,alongside our relationships with the largest buyers of power and access to capital to fund the

54、buildout,places us at the epicenter of this opportunity.As one of the largest operators and developers of renewable power assets we also have very strong relationships with a diverse group of global suppliers.We have further strengthened our relationships and secured our development pipeline through

55、 the execution of framework agreements with a number of global and U.S.based OEMs to mitigate the impact of potential policy changes and maintain our commissioning timelines.Our supply chain strategy has helped maintain our development growth schedule and return targets,and we remain focused on our

56、procurement process,which is a differentiator for our business.With this supportive backdrop and our competitive advantages of scale capital,deep operating,development and procurement capabilities and market positioning we are more confident than ever on the growth prospects of the business,particul

57、arly in the U.S.Our Capital Recycling has Scaled and is Now a Regular Part of the BusinessIncreasingly we have been able to demonstrate our full cycle value creation through the sale of derisked operating assets and integrated platforms.Since 2020,we have generated almost$6 billion in proceeds($2.3

58、billion,net to Brookfield Renewable)at an average IRR of 22%and 2.1x multiple of invested capital.By monetizing assets and platforms to lower cost of capital buyers,we are capturing higher returns and accelerating the rotation of capital to redeploy into growth.Our development pipeline now stands at

59、 approximately 200,000 megawatts and our pace of commissioning projects is tracking towards 10,000 megawatts a year and growing.The scale of our business and our growing development activities have translated into more asset recycling opportunities for us than ever before,as we deliver an increasing

60、 number of high-quality,derisked,cash-generating assets into operation,which are in high demand today from investors.We are also selling our scale platforms with in-house development capabilities and development projects.In December,we closed the sale of Saeta,where we realized the significant value

61、 we created through operational enhancements and the build-out of their development function,generating 3 times our invested capital over our relatively short hold period.In 2024 alone,our commissioned capacity and asset recycling proceeds tripled from the average of the prior three years,highlighte

62、d by the delivery of 2,400 megawatts into production in the U.S.and 2,700 megawatts in APAC,the closing of the sales of Saeta and a 50%interest in Shepherds Flat,and the signing of agreements to sell First Hydro and a portfolio of assets in India.Going forward,asset recycling will continue as a reli

63、able and consistent way for us to deliver strong returns for our shareholders and generate capital to fund growth.We expect to build off of this strong momentum in 2025 and deliver even larger and more recurring monetizations in the future at similarly healthy returns.Operating ResultsWe generated F

64、FO of$1.2 billion,or$1.83 per unit,up 10%year-over-year.These strong results reflect the benefits of our increasingly diverse business and robust growth levers,despite historically weaker hydrology at our North American hydro assets.We continue to target 10%+FFO per unit growth going forward and tod

65、ay have more visibility on achieving this target than ever before.Almost 90%of our generation is contracted with approximately 70%of revenue linked to inflation,helping to expand the operating margins we earn.We also have significant re-contracting opportunities with our staggered contract profile.W

66、e continue to successfully recontract available generation at substantial increases to expiring contracts.These activities will continue to enhance our FFO in the current rising pricing environment over the medium term and provide substantial capacity to fund future growth.Our asset rotation is scal

67、ing and we will continue to crystalize gains on an ongoing basis from asset sales,contributing to our earnings.We will also generate incremental FFO going forward from our development activities,as we bring assets online from our large pipeline of advanced staged projects,in addition to our recently

68、 closed acquisitions that we expect to contribute to growth meaningfully in 2025 and beyond.Our hydroelectric segment delivered FFO of$511 million,helped by stronger results in the back half of the year from our Colombian assets where we had higher generation and realized pricing on the back of a ro

69、bust energy price environment.Our Colombian business,Isagen,ultimately generated FFO that was up year-over-year in the local currency after challenging hydrology in the first half due to dry El Nio conditions,demonstrating the resilient performance of the platform.While recent performance across the

70、 North American fleet has been challenged due to unusually low precipitation,we expect this to normalize over the long-term and contribute to growth in 2025 from the lows this year.We continue to see the long-term strategic benefits of our hydro portfolio and our commercial relationships.Demand for

71、dispatchable clean generation in our markets is very strong on the back of growing electricity needs to support data center build-out and broader electrification.And this is translating to favorable contract terms for our hydros,highlighted more recently by two agreements signed with U.S.utilities i

72、n the third quarter of 2024 at an average price of almost$90/MWh for an average duration of almost 15-years.Our large portfolio of hydro assets with their rolling contract profile has us well positioned to execute additional long-term contracts in the current market with favorable terms similar to t

73、hose recently signed.We have 6,000 GWh per year of generation coming available for contract over the next five years,which we expect to provide a significant uplift on cash flows from higher realized pricing and significant funding for growth from upfinancing opportunities on the back of executing n

74、ew contracts.Our wind and solar segments generated a combined$833 million of FFO,up 30%from the prior year as we benefited from a full year of contributions from our recent acquisitions.We expect to see further growth from our wind and solar segments in 2025 with the close of our investments in Neoe

75、n,rsteds 3,500-megawatt operating offshore wind portfolio in the U.K.,Leap Green and other various growth initiatives.Our distributed energy,storage,and sustainable solutions segments also saw significant growth year-over-year generating a combined$329 million of FFO,up 78%from the prior year,with s

76、trong performance from Westinghouse where we continue to see positive momentum.Nuclear power is increasingly being recognized as an integral part of the energy supply solution going forward given its scale baseload and clean characteristics.Westinghouse is well positioned to capture the increasing d

77、emand for nuclear power with its fuel supply business benefitting from global capacity growth and increasing interest in Westinghouses proven reactor solutions to expand baseload capacity and meet the needs of our partners.We also closed our investment in leading eFuels manufacturer Infinium this qu

78、arter,which will start to contribute to our results via our initial investment to build a production facility in Texas.The investment provides us with significant growth optionality to deploy more capital into the scaling eFuels market,as well as build the renewables projects to support these activi

79、ties,on a basis that is in line with our expectations for risk-adjusted returns.Balance Sheet and LiquidityWe finished the year with over$4.3 billion of available liquidity maintaining significant flexibility and our best-in-class balance sheet.Our diverse and robust funding model and continued comm

80、itment to sizing debt on investment grade metrics has positioned us to opportunistically deploy scale capital.We successfully completed nearly$27 billion in financings in 2024,a record for our business,opportunistically extending average maturities and optimizing our portfolios capital structure,inc

81、luding executing$800 million of upfinancings.In the fourth quarter,we took advantage of favorable market conditions issuing C$200 million of green subordinated hybrid notes at 5.45%.The reset spread on the notes was the lowest ever achieved in the Canadian corporate hybrid market and had the lowest

82、coupon since the start of 2022 for this type of note.Senior AppointmentsWe are pleased to announce the appointment of Jennifer Mazin and Wyatt Hartley as Co-Presidents of Brookfield Renewable Partners.Jennifer and Wyatt are key members of our senior leadership team,and these appointments will improv

83、e our ability to scale the business and expand our capabilities on a global basis.Jennifer will continue to serve as General Counsel.Wyatt will assume the role of Head of our North American Asset Management group,overseeing the operations we have in the region.Wyatt will succeed Mitch Davidson,who w

84、ill remain active within our business going forward and we will therefore continue to benefit from his counsel.We are also pleased to announce the appointment of Natalie Adomait as Chief Operating Officer and Patrick Taylor as Chief Financial Officer.Natalie joined Brookfield in 2011 and has held va

85、rious positions focused on origination,investment strategy,and asset management,including most recently as the Head of Transition Investments.Patrick also joined Brookfield in 2011 and has held a series of senior finance positions within overall Brookfield.Jeh Vevaina will continue as Brookfields Gl

86、obal Chief Investment Officer for renewable and transition investment activities,and will be supported by Ignacio Paz-Ares,who has assumed the role of Deputy Global Chief Investment Officer for this business.OutlookThe business is entering 2025 with tremendous momentum and we are well positioned to

87、capitalize on the current opportunity set and deliver strong value for shareholders.We remain focused on our goal to deliver 12-15%long-term total returns for investors through our disciplined approach to allocating capital and driving performance through improved operations.We look forward to conti

88、nuing to execute on our strategy,and on behalf of the Board and management,we thank all our unitholders and shareholders for their ongoing support and look forward to updating you on our progress throughout the year.Sincerely,Connor TeskeyChief Executive OfficerJanuary 31,2025OUR COMPETITIVE STRENGT

89、HSBrookfield Renewable Partners L.P.(together with its controlled entities,“Brookfield Renewable”)is a globally diversified,multi-technology,owner and operator of clean energy and sustainable solutions assets.Our strategy is to utilize our global reach,scale capital and experience to acquire and dev

90、elop high quality clean energy and sustainable solutions 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 or bring these assets into

91、 production generating incremental cash flows for our business.One of the largest,public decarbonization businesses globally with a strong track record of value creation.Brookfield Renewable has a 24-year track record as a publicly traded operator,developer and investor in renewable power and sustai

92、nable solution assets.Today we have a large,multi-technology and globally diversified portfolio that is supported by approximately 5,270 experienced employees(inclusive of employees employed by our consolidated portfolio companies).Brookfield Renewable invests in assets directly,as well as with inst

93、itutional partners,joint venture partners and through other arrangements.We have also made investments in sustainable solutions,comprised of assets and businesses that enable the transition to net-zero where we can leverage our access to capital and partnerships to accelerate growth,and emerging tra

94、nsition asset classes where our initial investment positions us for potential future large scale decarbonization investment.Our sustainable solutions portfolio also includes investments in power transformation opportunities where we have invested in businesses to enable the reduction of greenhouse g

95、as emissions through the deployment of traditional renewables.Our globally diverse portfolio helps to mitigate resource variability,and improves consistency of our cash flows.Our organic growth and acquisitions are typically done through Brookfields private funds and therefore on a proportionate bas

96、is Brookfield Renewables business will continue to diversify but remain heavily weighted to our premium hydroelectric assets.Our renewable power portfolio consists of hydroelectric,wind,utility-scale solar,DG and storage facilities in North America,South America,Europe and Asia-Pacific,and our total

97、 power portfolio consists of approximately 46,200 megawatts of installed capacity.We also have a large global development pipeline of approximately 200,000 megawatts.Our portfolio of sustainable solutions assets includes our investments in Westinghouse(a leading global nuclear services business)and

98、a utility and independent power producer with operations in the Caribbean and Latin America,as well as investments in an operating portfolio of 57 thousand metric tonnes per annum of CCS capacity,5 million MMBtu of annual agricultural RNG operating production capacity and over 1 million tons of recy

99、cled materials annually.The following charts illustrate Funds From Operation on a proportionate basis(1):Technology47%21%16%8%8%HydroelectricWindSolar utilityDistributed energy&StorageSustainable solutionsRegion57%18%21%4%North AmericaEuropeSouth AmericaAsia(1)Figures based on Funds From Operation f

100、or the last twelve months,proportionate to Brookfield Renewable,assuming long-term average generation in all segments and includes adjustments for non-recurring items.Diverse and high-quality portfolio of renewable power and sustainable solutions assets.Brookfield Renewable has a complementary portf

101、olio of hydroelectric,wind,utility-scale solar,energy storage and distributed generation and other sustainable solutions assets:Hydroelectric Power.Today,hydroelectric power is the largest segment in our portfolio and continues to be a premium and differentiated technology as one of the longest life

102、,lowest-cost and cleanest forms of power generation.Hydroelectric plants have high cash margins and storage capacity with the ability to dispatch power at all hours of the day.Wind&Solar Power.Our wind and utility-scale solar generation facilities provide exposure to some of the fastest growing rene

103、wable power sectors,with high cash margins,zero fuel input cost,and diverse and scalable applications.Wind and solar are now among the lowest cost forms of power generation available globally.Energy Storage&Distributed Generation.Our energy storage facilities provide the markets in which they are lo

104、cated with critical services to the grid including dispatchable generation,and our distributed generation assets provide independent,secure,behind the meter power solutions to customers.Sustainable Solutions.Our sustainable solutions assets,such as carbon capture,renewable natural gas capacity,our n

105、uclear service business and our eFuels business,are helping corporates and countries enhance their operations and achieve their net-zero goals.With our scale,diversity,operating and development capabilities and the quality of our assets,we are competitively positioned relative to other renewable pow

106、er and transition companies.Our large pipeline and differentiated capabilities provide significant scarcity value and growth potential for our investors.Best-in class operators and developers.Brookfield Renewable has approximately 5,270 experienced operators(inclusive of employees employed by our co

107、nsolidated portfolio companies)that are located across the globe to help optimize the performance and maximize the returns of all our assets.Our experience operating,developing,and managing power generation facilities span over 120 years.We continue to accelerate our development activities as we bui

108、ld out our approximately 200,000 MW renewable power pipeline,and further enhance our decarbonization offering to our customers through the build out of our sustainable solutions assets,which includes opportunities to invest in material recycling,CCS,RNG,eFuels and others.Increasingly,the combination

109、 of our operating and developing capabilities combined with our growth pipeline is differentiating our business as the partner of choice for buyers of clean power and entities looking to decarbonize,driving the growth of our business.Positioned to meet growing demand for power,accelerate decarboniza

110、tion and improve the stability of the electricity grids.Electricity demand is accelerating as a result of growth in digitalization and electrification,and renewables,which are the lowest cost source of bulk power generation in most regions,the most readily deployable to meet near term demand and ali

111、gned with net zero targets,are the most viable solution.We are positioned to meet this demand with our large,diverse global development pipeline and differentiated capabilities.In addition to power demand growth,renewables help mitigate the risks posed by climate change and energy security,which are

112、 viewed as two of the most significant and urgent issues facing the global economy.Climate change and energy insecurity pose immense risks to the safety and security of communities and to our collective economic prosperity.In response,governments and corporates have adopted ambitious plans to suppor

113、t a transition to a decarbonized economy.We believe that our scale and global operating,development and investing capabilities make us well positioned to partner with governments and corporates to help them achieve their decarbonization goals.Strong financial profile and conservative financing strat

114、egy.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 and flexibility to opportunistically deploy capital.Our approach to financing is to raise the majority of our debt in the for

115、m 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 metrics.Our corporate debt to total capitalization is approximately 15%and a

116、pproximately 91%of our borrowings are non-recourse.Corporate borrowings and proportionate non-recourse borrowings each have weighted-average terms of approximately 12 years and 11 years,respectively,with no material maturities over the next five years.Approximately 90%of our financings are effective

117、ly fixed rate and only 13%of our debt outside North America and Europe is exposed to changes in interest rates.Our available liquidity as at December 31,2024 is over$4.3 billion of cash and cash equivalents,investments in marketable securities and the available portion of credit facilities.Well posi

118、tioned for cash flow growth and an attractive long term distribution profile.We have diverse,reliable and derisked cash flow growth levers that help enable our stable distribution growth target of 5%to 9%annually.Our business is funded by internally generated cash flows,asset recycling and upfinanci

119、ng which support organic development and acquisition activities that contribute to cash flow growth.Our operating cash flows also have embedded growth levers including inflation escalations in the vast majority of our contracts,potential margin expansion through revenue growth and cost reduction ini

120、tiatives.Disciplined and contrarian investment strategy.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 focused on dow

121、nside protection and preservation of capital,leveraging Brookfields team of over 100 investment professionals globally who are dedicated to sourcing and underwriting accretive acquisitions on an opportunistic basis.Our ability to develop and acquire assets is strengthened by our operating and projec

122、t development teams across the globe,strategic relationship with Brookfield,and our liquidity and capitalization profile.Differentiated approach to asset development and asset management.We employ a conservative,differentiated approach with respect to asset development and management whereby we look

123、 to remove what we call“basis risk”before committing significant capital.To do this,we look to secure financing,customer agreements and engineering,procurement and construction contracts concurrently so we have strong visibility on cash flows and can lock-in our target returns.Where possible,we look

124、 to secure fixed rate financing,inflation indexed customer agreements and full wrap construction contracts to minimize uncertainty and provide strong visibility to our cash flows.ENVIRONMENTAL,SOCIAL AND GOVERNANCE(“ESG”)MANAGEMENTOur Approach to Sustainability Our approach to sustainability is a ke

125、y part of how we conduct our business as an investor,developer,owner and operator of one of the worlds largest publicly traded platforms for renewable power,sustainable solutions and decarbonization solutions.We believe that strong sustainability principles,practices and performance support creating

126、 a resilient business and generating long-term value for our stakeholders.We integrate sustainability throughout our investment lifecycle,starting with due diligence,through ongoing management and to our exit from the investment.We tailor sustainability due diligence,leveraging our investment and op

127、erating expertise and using guidance from the Sustainability Accounting Standards Board.We seek to proactively identify material sustainability risks and opportunities most relevant to the investment and tailor our due diligence work accordingly.After acquiring or investing in an asset,we implement

128、a tailored integration plan that includes material sustainability-related priorities.The management teams within each business are accountable for integrating new investments and managing sustainability risks and opportunities through the investments life cycle.Sustainability integration and perform

129、ance are reviewed centrally on a regular basis through our formal governance processes.Finally,as part of our divestiture process,we outline potential value creation from several different factors,including sustainability considerations.EnvironmentDecarbonization is a global goal shared by many gove

130、rnments,corporations and investors.As a leading investor,developer,owner and operator of clean energy,we built our position in this sector over many decades and will leverage our operational expertise to support the multi-decade transition required for global decarbonization.Our clean energy assets

131、already support countries and businesses globally in their decarbonization efforts and we will continue to partner to drive emissions reduction.We have set an ambition to deliver net-zero emissions across our business by 2050 or sooner and to accelerate the global transition.The ambition is aligned

132、with our strategy and underpinned by the following goals:From 2022,develop an additional 21,000 MW of new clean energy capacity by 2030,which would represent a doubling of our operating portfolio to 42,000 MW.In 2024,we developed approximately 7,000 MW of new clean energy capacity,and we have develo

133、ped approximately 15,000 MW since setting our target.We expect to accomplish the remaining capacity growth by executing on opportunities in our existing development pipeline as well as continuing to pursue acquisitions.See Item 3.D“Risk Factors Risks Relating to Our Growth Strategy”in our most recen

134、t Annual Report on Form 20-F.Set emissions reduction targets and plans to align with the Paris Agreement for 100%of carbon intensive investments.We seek opportunities to help businesses primarily those in the energy,utility and industrial sectors to align with the goals of the Paris Agreement by set

135、ting interim and long-term targets against Paris-aligned pathways and integrating these targets into the strategy,business plan and governance processes of new acquisitions.We also recognize the importance of reducing the emissions from our own operations and have set interim goals to achieve net ze

136、ro for Scope 1&Scope 2 market-based emissions by 2030 across our existing renewable operations.This target is supported by established plans with a primary focus on emissions reductions,including increasing the use of renewable energy to power our assets and offices.In addition,we measure our Scope

137、3 value chain emissions and continue to work towards setting a Scope 3 target in the future.We integrate wider environmental considerations,including biodiversity protection and water and waste management,into our decision-making and activities,while striving for continuous improvement in our enviro

138、nmental management system and overall performance.Our engagement and collaboration with stakeholders,including communities,Indigenous peoples,local agencies and environmental NGOs,enhance our understanding of ecosystems,the potential environmental impacts of our facilities and the development of ass

139、ociated management plans.We also support the market for green financing products,helping to accelerate the transformation and decarbonization of global electricity generation,while reducing the cost of our borrowing.Our Green Financing Committee,comprised of representatives from our Capital Markets

140、and Treasury teams,manages our sustainable financing strategy in collaboration with Brookfield Renewables Sustainability Team.The chief financial officer of BRP Energy Group L.P.,inclusive of any other affiliate of such entity that provides services to Brookfield Renewable pursuant to our Master Ser

141、vices Agreement or any other service agreement or arrangement(together,the“Service Provider”)oversees our strategy and includes these matters in reports to the board of directors of the Brookfield Renewable Partners Limited,which serves as BEPs general partner(“Managing General Partner”).In 2024,we

142、issued approximately$6.5 billion of green financings at both the corporate and project levels.This brought our aggregate green issuances to approximately$21.5 billion,as of December 31,2024.In January 2024,we updated our Green Financing Framework which received a medium green overall rating by secon

143、d-party opinion provider S&P,with all of our eligible investment categories receiving medium or dark green classifications under S&Ps Shade of Green methodology.All of our project-level green bonds received over 90 out of 100 Green Evaluation scores from S&P Global Ratings Canada,a business unit of

144、S&P Global Canada Corp(“S&P”),the highest on its scale.S&P cited that Brookfield Renewables environmental stewardship,commitment to renewable power and use of proceeds towards renewable power generation contributed to this top score.SocialWe seek to make a positive difference for our people and the

145、communities in which we operate.Within our operations,we maintain a strong focus on health and safety,support the development of our employees and strive to create an open and inclusive work environment for our teams to thrive.We continuously strive to achieve excellence in health and safety perform

146、ance and to be industry leaders in risk management and incident prevention.Our health and safety management philosophy emphasizes the importance of leadership,line management accountability,a managed system approach and the identification and elimination of high-risk hazards as the cornerstones of e

147、xceptional performance.Across our value chain,we strive to build strong relationships with our community partners.We proactively engage with communities and strive to create shared value.We believe having transparent and well-established relationships with local stakeholders is key to successfully d

148、eveloping and operating our facilities.When considering investing in or building a new facility,we conduct assessments and due diligence to identify local stakeholders.Stakeholders can include communities,Indigenous groups,landowners,business owners,municipalities,recreational organizations,NGOs or

149、others potentially affected by or interested in our operations.We consult and work proactively with local stakeholders to consider their interests in our decision-making,developments and operations.We are dedicated to treating stakeholders,including employees,customers,suppliers,and the communities

150、in which we operate with dignity and respect.Our human rights policy and associated programs include adhering to all laws and regulations that apply to our operations regarding fair labor and employment conditions and making efforts within our business to enhance our due diligence,key contract terms

151、,policies,procedures and collaboration with respect to our human rights and the supply chain.Our commitment to human rights is integrated throughout our decision-making and operations.GovernanceWe maintain high ethical standards across our organization,key elements of which include our Code of Busin

152、ess Conduct and Ethics,Anti-Bribery and Anti-Corruption Policy,a whistleblower hotline,and supporting controls and procedures.To ensure best practices are adopted by our contractors,we have established a Vendor Code of Conduct to better ensure that our contractors values,priorities and business prac

153、tices are aligned with our own.The standards set by these policies are designed to meet or exceed applicable law and regulation.We recognize the importance of transparently reporting our sustainability programs and our ESG progress to stakeholders including our investors.As such,we began publishing

154、an annual sustainability report in 2020 detailing how we embed sustainability considerations into our business and also continue to report in alignment with the recommendations of the Taskforce on Climate-related Financial Disclosures.Oversight of our sustainability matters resides with our Board of

155、 Directors and senior leadership team:Board of Directors:The board of directors of the Managing General Partner and its committees oversee our sustainability strategy,which is focused on decarbonization,and review our sustainability approach and performance throughout the year.It also reviews global

156、 policies related to sustainability and monitors the performance of our regional businesses.The board of directors of the Managing General Partner receives quarterly updates on sustainability performance.Executive Management Team:The Chief Executive Officer of the Service Provider has ultimate accou

157、ntability for implementing strategy for the business,including the delivery of sustainability programs and goals.The Chief Executive Officer of the Service Provider and the executive management team set and provide oversight for delivery of the strategic vision and priorities of our business.Regiona

158、l Business and Portfolio Company Leads:The Chief Executive Officers of our regional businesses and portfolio companies implement local objectives within their business and are accountable for sustainability performance.Sustainability Steering Committee:Our Sustainability Steering Committee sets sust

159、ainability goals,shares best practices,monitors progress and performance against our goals and seeks opportunities for improvement.The committee includes the Chief Executive Officers of our regional operating businesses,our Chief Sustainability Officer,and our Chief Risk Officer along with various s

160、ustainability and operations experts from across our businesses.HSS&E Steering Committee:Our HSS&E Steering Committee manages our strategic health and safety framework.The committee sets our comprehensive health and safety policies,upholds our robust health and safety culture and management system,s

161、hares best practices,seeks opportunities to continuously improve our safety performance and monitors performance against our goal to achieve zero high-risk incidents.Investment Review:The Service Provider incorporates sustainability factors,including climate-related considerations,into the due dilig

162、ence process for potential investments,including reviewing material sustainability and other findings from due diligence,prior to investment decisions being made.A proactive and focused approach continuing to build upon our high sustainability standards creates value in our business.The initiatives

163、we undertake and the investments we make in building our business are guided by value-enhancement as well as our core set of principles around sustainability,as we create a culture and organization that we believe can be successful today and in the future.For a discussion of the individuals from Bro

164、okfields management team that are expected to be involved in our business,please see“Risk Factors”included in our most recent Annual Report on Form 20-F.Managements Discussion and AnalysisFor the year ended December 31,2024This Managements Discussion and Analysis for the year ended December 31,2024

165、is provided as of February 28,2025.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 Corporation(“Brookfield Corpora

166、tion”).Brookfield Corporation and its subsidiaries,other than Brookfield Renewable,and unless the context otherwise requires,includes Brookfield Asset Management Ltd.(“Brookfield Asset Management”),are also individually and collectively referred to as“Brookfield”in this Managements Discussion and An

167、alysis.The term“Brookfield Holders”means Brookfield,Brookfield Wealth Solutions and their related parties.Brookfield Renewables consolidated equity interests include the non-voting publicly traded limited partnership units(“LP units”)held by public unitholders and Brookfield,class A BEPC exchangeabl

168、e subordinate voting shares(“BEPC exchangeable shares”)of Brookfield Renewable Corporation(“BEPC”)held by public shareholders and Brookfield Holders,class A.2 BRHC exchangeable non-voting shares(“class A.2 exchangeable shares”)of Brookfield Renewable Holdings Corporation(formerly,Brookfield Renewabl

169、e Corporation)“BRHC”held by 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 Br

170、ookfield.Holders of the LP units,Redeemable/Exchangeable partnership units,GP interest,BEPC exchangeable shares and class A.2 exchangeable shares will be collectively referred to throughout as“Unitholders”unless the context indicates or requires otherwise.LP units,Redeemable/Exchangeable partnership

171、 units,GP interest,BEPC exchangeable shares and class A.2 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 class A.2 exchangeable shares,and Redeemable/Exchangeable par

172、tnership units have the same economic attributes in all respects.See “Part 9 Presentation to Stakeholders and Performance Measurement”.Brookfield Renewables financial statements are prepared in accordance with International Financial Reporting Standards(“IFRS”)as issued by the International Accounti

173、ng 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 fi

174、gures have been reclassified to conform to the current years 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.

175、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 9 Presentation to Stakeholders and Performance Measurement”.For a reconciliation of the non-IFRS financial measures to the most comparable

176、 IFRS financial measures,see“Part 4 Financial Performance Review on Proportionate Information Reconciliation of non-IFRS measures”.This Managements Discussion and Analysis contains forward-looking information within the meaning of U.S.and Canadian securities laws.Refer to “Part 10 Cautionary Stateme

177、nts”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:/),on the SECs website(www.

178、sec.gov),or on SEDAR+(www.sedarplus.ca).Organization of Managements Discussion and AnalysisPART 1 2024 Highlights1PART 2 Financial Performance Review on Consolidated Information3PART 3 Additional Consolidated Financial Information5Summary consolidated statements of financial position5Related party t

179、ransactions6Equity10PART 4 Financial Performance Review on Proportionate Information12Proportionate results for the years ended December 31,2024 and 202312Proportionate results for the years ended December 31,2023 and 202217Reconciliation of non-IFRS measures22Contract profile26PART 5 Liquidity and

180、Capital Resources27Capitalization27Available liquidity28Borrowings29PART 5 Liquidity and Capital Resources(continued)27Capital expenditures30Consolidated statements of cash flows31Shares,notes and units outstanding33Dividends and distributions34Contractual obligations34Supplemental guarantor financi

181、al information34Off-statement of financial position arrangements35PART 6 Selected Annual and Quarterly Information36Summary of historical quarterly results37Proportionate results for the fourth quarter38PART 7 Business Risks and Risk Management42Risk management and financial instruments42PART 8 Crit

182、ical Estimates and Accounting Policies56PART 9 Presentation to Stakeholders and Performance Measurement61PART 1 2024 HIGHLIGHTSYEAR ENDED DECEMBER 31(MILLIONS,EXCEPT AS NOTED)20242023Selected financial informationRevenues .$5,876$5,038 Net(loss)attributable to Unitholders(1).(464)(100)Basic and dilu

183、ted net loss per LP unit(2).(0.89)(0.32)Proportionate Adjusted EBITDA(3).2,408 2,182 Funds From Operations(3).1,217 1,095 Funds From Operations per Unit(3)(4).1.83 1.67 Distribution per LP unit .1.42 1.35 Operational informationCapacity(MW).46,211 32,949 Total generation(GWh)Long-term average genera

184、tion .94,339 75,584 Actual generation .80,842 69,704 Proportionate generation(GWh)Actual Renewable generation .30,947 29,082 (1)Includes$255 million loss attributed to Limited Partner equity,$160 million loss attributed to BEPC exchangeable shares and class A.2 exchangeable shares,$174 million loss

185、attributed to Participating non-controlling interests in a holding subsidiary Redeemable/Exchangeable units held by Brookfield,and$125 million income attributed to General partnership interest in a holding subsidiary held by Brookfield.(2)Average LP units for the year ended December 31,2024 were 285

186、.5 million(2023:282.4 million).(3)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 10-Cautionary Statements”.(4)Average Units outstanding for the year e

187、nded December 31,2024 were 663.6 million(2023:657.1 million),being inclusive of our LP units,Redeemable/Exchangeable partnership units,BEPC exchangeable shares and class A.2 exchangeable shares and GP interest.AS AT DECEMBER 31(MILLIONS,EXCEPT AS NOTED)December 31,2024December 31,2023Liquidity and C

188、apital ResourcesAvailable liquidity .$4,320$4,121Debt to capitalization Corporate .15%12%Debt to capitalization Consolidated .40%40%Non-recourse borrowings as a percentage of total borrowings Consolidated .91%91%Fixed rate debt exposure on a proportionate basis(1).95%96%Corporate borrowingsAverage d

189、ebt term to maturity .12 years10 yearsAverage interest rate .4.5%4.3%Non-recourse borrowings on a proportionate basisAverage debt term to maturity .11 years12 yearsAverage interest rate .5.4%5.4%(1)Total floating rate exposure is 13%(2023:12%)of which 13%(2023:8%)is related to floating rate debt exp

190、osure of certain regions-outside of North America and Europe due to the high cost of hedging associated with those regions.Page 1OperationsFunds From Operations of$1,217 million or$1.83 on a per Unit basis is higher than the prior year driven by:Contributions from growth,including almost 7,000 MW of

191、 new development projects reaching commercial operation in the past 12 months;Strong all-in pricing across most of our fleet;andHigh asset availability across our portfolioAfter deducting non-cash depreciation,foreign exchange and derivative gains or losses and other,net loss attributable to Unithol

192、ders was$464 million or$0.89 per LP unit,compared to net loss attributable to Unitholders of$100 million or$0.32 per LP unit in the prior year.Refer to Part 2-Financial Performance Review on Consolidated Information in this Managements Discussion and Analysis for details on consolidated statements o

193、f income(loss).We continue to be the partner of choice to procure clean power:In 2024,we advanced commercial priorities,signing contracts to deliver an incremental 19,000 GWh per year of generation to our partnersWe also signed the landmark renewable energy framework agreement with Microsoft to deli

194、ver over 10.5 GW of clean energy capacity between 2026 and 2030 and are on track to not only meet,but exceed our delivery targets.Growth and DevelopmentDuring the year,together with our institutional partners,we have deployed,or committed to deploy$12.5 billion($1.8 billion net to Brookfield Renewab

195、le)into growth,further diversifying our business,marking our largest year for investment ever.We continued to accelerate our development activitiesOur development pipeline now stands at approximately 200,000 MW and our pace of commissioning projects is nearly 7,000 MW a year and we are on track to r

196、each a 10,000 MW run rate per annum by 2027.Liquidity and Capital ResourcesOur best-in-class balance sheet with investment grade BBB+credit rating and access to diverse sources of capital continues to differentiate our business.We finished the year with over$4.3 billion of available liquidity.Our di

197、verse and robust funding model and continued commitment to sizing debt on investment grade metrics has positioned us to opportunistically deploy scale capital We successfully completed nearly$27 billion in financings in 2024,a record for our business,opportunistically extending average maturities an

198、d optimizing our portfolios capital structure,including executing$800 million of upfinancingsIn the fourth quarter we took advantage of favorable market conditions and issued C$200 million of green subordinated hybrid notes at 5.45%.The reset spread on the notes was the lowest ever achieved in the C

199、anadian corporate hybrid market and had the lowest coupon since the start of 2022 for this type of noteTogether with our institutional partners,we completed or reached agreements in 2024 to sell assets generating$2.8 billion(over$1 billion net to Brookfield Renewable)at average returns of approximat

200、ely 25%IRR,or nearly double our return targets to fund future growth for the business in 2025,including:Closed the sale of a renewable platform with 682 MW of wind,63 MW of solar and a 1.6 GW development pipeline,across Portugal and Spain,and the partial sale of an 845 MW portfolio of wind assets in

201、 the U.S.Signed agreements to sell our interest in a joint venture with over 2 GW of pumped storage capacity in the U.K.and a 1.6 GW portfolio of operating and under construction wind and solar assets in India Page 2PART 2 FINANCIAL PERFORMANCE REVIEW ON CONSOLIDATED INFORMATIONThe following table r

202、eflects key financial data for the year ended December 31:(MILLIONS,EXCEPT AS NOTED)202420232022Revenues .$5,876$5,038$4,711 Direct operating costs .(2,580)(1,933)(1,434)Management service costs .(204)(205)(243)Interest expense .(1,988)(1,627)(1,224)Depreciation .(2,010)(1,852)(1,583)Income tax reco

203、very .191 48 2 Net(loss)income .(9)616 138 Average FX rates to USDC$.1.37 1.35 1.30 .0.92 0.92 0.95R$.5.39 4.99 5.16COP .4,071 4,328 4,253 Current Year Variance Analysis(2024 vs 2023)Revenues totaling$5,876 million represents an increase of$838 million compared to prior year due to the growth of our

204、 business,inflation escalation on contracted generation and high asset availability.Recently acquired and commissioned facilities contributed 14,376 GWh of generation and$764 million of revenues,which was partially offset by recently completed asset sales that reduced generation by 900 GWh and reven

205、ues by$80 million.On a same store,constant currency basis,revenues increased by$142 million as the benefits from inflation escalation on our contracted generation in Canada,Brazil and Colombia and stronger generation at our wind and solar portfolios were offset by lower resources at our hydroelectri

206、c portfolio.The strengthening of the Colombian peso relative to the U.S.dollar compared to the prior year was offset by the relative weakening of the Brazilian real and Canadian dollar and increased revenues by$12 million offset by a$32 million unfavorable impact on our operating and interest expens

207、es.Direct operating costs totaled$2,580 million representing an increase of$647 million compared to prior year due primarily to additional costs from our recently acquired and commissioned facilities,higher power purchases in Colombia,which are passed through to our customers,and the above noted for

208、eign exchange fluctuations partly offset by our recently completed asset sales.Management service costs totaled$204 million representing a decrease of$1 million compared to prior year.Interest expense totaling$1,988 million represents an increase of$361 million compared to prior year due to recent a

209、cquisitions,financing initiatives to fund development activities and the above noted foreign exchange fluctuations.Depreciation expense totaling$2,010 million represents an increase of$158 million compared to prior year due to the growth of our business and the strengthening of the Colombian peso re

210、lative to the U.S.dollar.Net loss totaling$9 million represents a decrease of$625 million compared to prior year due to the above noted items and other income relating to non-recurring items that benefited the prior year.Page 3Prior Year Variance Analysis(2023 vs 2022)Revenues totaling$5,038 million

211、 represents an increase of$327 million compared to prior year due to the growth of our business and higher realized prices.Recently acquired and commissioned facilities contributed 6,706 GWh of generation and$311 million of revenues,which was partially offset by recently completed asset sales that r

212、educed generation by 1,134 GWh and revenues by$89 million.On a same store,constant currency basis,revenues increased by$124 million as the benefits from higher realized prices across most markets on the back of inflation escalation and commercial initiatives were partially offset by lower hydrology

213、at our Canadian and Colombian hydroelectric assets and lower average revenue per MWh at our European wind and solar assets as a result of adjustments to the regulated price earned in Spain that decreased revenue in the short term but has no impact on the value of the asset given the regulatory const

214、ruct.During the year there was an unfavorable foreign exchange impact of$19 million on revenue as well as a$17 million unfavorable foreign exchange impact on our operating and interest expenses.Direct operating costs totaling$1,933 million represents an increase of$499 million compared to prior year

215、 due to additional costs from our recently acquired and commissioned facilities and higher power purchases in Colombia,which are passed through to our customers,partly offset by our recently completed asset sales and the above noted strengthening of the U.S.dollar.Management service costs totaling$2

216、05 million represent a decrease of$38 million compared to prior year.Interest expense totaling$1,627 million represents an increase of$403 million compared to prior year due to growth in our portfolio and upfinancings completed in the prior year at our North American and South American hydroelectric

217、 assets to fund the growth of our business.Depreciation expense totaling$1,852 million represents an increase of$269 million compared to prior year due to the growth of our business.Net income totaling$616 million represents an increase of$478 million compared to prior year due to the above noted it

218、ems,other income relating to non-recurring items and a gain on sale of non-core wind assets.Page 4PART 3 ADDITIONAL CONSOLIDATED FINANCIAL INFORMATIONSUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONThe following table provides a summary of the key line items on the audited annual consolidated s

219、tatements of financial position as at December 31:(MILLIONS)20242023Current assets .$8,835$4,610 Equity-accounted investments .2,740 2,546 Property,plant and equipment,at fair value .73,475 64,005 Assets held for sale .2,049 Total assets .94,809 76,128 Corporate borrowings .3,802 2,833 Non-recourse

220、borrowings .30,588 26,869 Deferred income tax liabilities .8,439 7,174 Liabilities directly associated with assets held for sale .1,036 Total liabilities and equity .94,809 76,128 FX rates to USDC$.1.44 1.33 .0.97 0.91R$.6.19 4.84COP .4,409 3,822Property,plant and equipmentProperty,plant and equipme

221、nt totaled$73.5 billion as at December 31,2024 compared to$64.0 billion as at December 31,2023 representing an increase of$9.5 billion.Acquisitions during the year,including a 53%controlling stake in Neoen,a 74%controlling stake in a leading wind-focused commercial and industrial renewable business

222、in India and a fully integrated distributed generation focused renewable platform in South Korea increased property,plant and equipment by$7.5 billion.Our continued investment in the development of power generating assets increased property plant and equipment by$4.2 billion.Our annual revaluation w

223、hich recognized the benefit of higher power prices across select markets and the expected growth in demand for renewable power increased property,plant and equipment by$5.3 billion.These increases were partly offset by dispositions and assets classified as held for sale that decreased property,plant

224、 and equipment by$2.2 billion,the strengthening of the U.S.dollar versus most currencies that decreased property,plant and equipment by$3.3 billion and depreciation expense that decreased property,plant and equipment by$2.0 billion.Assets held for sale and Liabilities directly associated with assets

225、 held for saleAssets held for sale and Liabilities directly associated with assets held for sale totaled$2,049 million and$1,036 million,respectively,as at December 31,2024 and comprised of a 25%interest in 2 GW of pumped storage facilities in the U.K.,a 30 MW biomass facility in Brazil and a 1,004

226、MW portfolio of wind and solar assets in India.Assets held for sale also include a 650 MW portfolio of wind and solar assets in Australia that were classified as held for sale upon the acquisition of Neoen.Page 5RELATED PARTY TRANSACTIONSBrookfield Renewables related party transactions are in the no

227、rmal course of business and are recorded at the exchange amount.Brookfield Renewables related party transactions are primarily with Brookfield Corporation.Brookfield Renewable sells electricity to Brookfield through a single long-term PPA across Brookfield Renewables New York hydroelectric facilitie

228、s.Brookfield will support the price that Brookfield Renewable receives for energy generated by certain facilities in the United States.In 2011,on formation of Brookfield Renewable,Brookfield transferred certain development projects to Brookfield Renewable for no upfront consideration but is entitled

229、 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.Brookfield Renewable has als

230、o entered into voting agreements with its consortium partners in respect of both the Colombian business and Neoen.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 Brook

231、field Renewable with control.Accordingly,Brookfield Renewable consolidates the accounts of these entities.Brookfield Renewable participates with institutional partners in Brookfield Americas Infrastructure Fund,Brookfield Infrastructure Fund II,Brookfield Infrastructure Fund III,Brookfield Infrastru

232、cture Fund IV,Brookfield Infrastructure Fund V,Brookfield Global Transition Fund I,Brookfield Global Transition Fund II,and Brookfield Infrastructure Debt Fund(“Private Funds”),each of which is a Brookfield sponsored fund,and in connection therewith,Brookfield Renewable,together with our institution

233、al partners,has access to financing using the Private Funds credit facilities.From time to time,in order to facilitate investment activities in a timely and efficient manner,Brookfield Renewable will fund deposits or incur other costs and expenses(including by use of loan facilities to consummate,su

234、pport,guarantee or issue letters of credit)in respect of an investment that ultimately will be shared with or made entirely by Brookfield sponsored vehicles,consortiums and/or partnerships(including private funds,joint ventures and similar arrangements),Brookfield Renewable,or by a co-investor.Brook

235、field Corporation has provided a$400 million committed unsecured revolving credit facility maturing in December 2029 and the draws bear interest at the Secured Overnight Financing Rate plus a margin.During the current period,there were no draws on the committed unsecured revolving credit facility pr

236、ovided by Brookfield Corporation.Brookfield Corporation may from time to time place funds on deposit with Brookfield Renewable which are repayable on demand including any interest accrued.There were nil funds placed on deposit with Brookfield Renewable as at December 31,2024(2023:nil).The interest e

237、xpense on the Brookfield Corporation credit facility and deposit for the year ended December 31,2024 totaled nil(2023:nil and 2022:nil)During the fourth quarter of 2024,Brookfield Renewable,together with its institutional partners,completed the sale of a 50%interest in a 845 MW portfolio of wind ass

238、ets in the U.S.for approximately$380 million(approximately$95 million net to Brookfield Renewable),of which a 25%interest was sold to an affiliate of Brookfield at a value equivalent to the third party that acquired the other 25%interest in the portfolio.Brookfield Renewable will maintain control of

239、 the portfolio subsequent to the partial sale.During the year ended December 31,2024,Brookfield Renewable,together with its institutional partners,completed the sale of a 95 MW under construction utility-scale solar development in Germany to an affiliate of Brookfield.As a result of the sale,a gain

240、on disposition of$23 million($5 million net to Brookfield Renewable)was recorded within Other Income in the consolidated statement of income(loss).Brookfield Renewable from time to time may enter into agreements with Brookfield and its subsidiaries to transfer income tax credits generated by renewab

241、le energy projects.These agreements are typically entered into at market rates.During the year ended December 31,2024,Brookfield Renewable transferred$131 million(2023:nil)of income tax credits to Brookfield and its subsidiaries.Page 6From time to time Brookfield Wealth Solutions and its related ent

242、ities may participate in capital raises undertaken by Brookfield Renewable.Brookfield Wealth Solutions frequently participates alongside market participants at market rates and as at December 31,2024,$65 million of non-recourse borrowings(2023:$101 million)and$7 million of corporate borrowings(2023:

243、$8 million)were due to Brookfield Wealth Solutions.Brookfield Wealth Solutions has also subscribed to tax equity financing of$1 million(2023:$2 million)and preferred limited partners equity of$10 million(2023:$11 million).As at December 31,2024,Brookfield Renewable had$348 million(2023:$450 million)

244、of borrowings from Brookfield Wealth Solutions classified as due to related party.On December 24,2024,Brookfield Renewable,Brookfield Renewable Holdings Corporation(“BRHC”)and BEPC completed an arrangement(the“Arrangement”),pursuant to which 1505127 B.C.Ltd.(which was renamed Brookfield Renewable Co

245、rporation)became the“successor issuer”(as defined in NI 44-101)to the former BEPC,which was renamed Brookfield Renewable Holdings Corporation and BRHCs class A exchangeable subordinate voting shares were delisted.The purpose of the Arrangement was to allow Brookfield Renewable to maintain the benefi

246、ts of its business structure,while addressing proposed amendments to the Income Tax Act(Canada)that were expected to result in additional costs to BEPC if no action was taken.In connection with the Arrangement,among other things,(i)holders of class A exchangeable subordinate voting shares of BRHC,ot

247、her than Brookfield,received BEPC exchangeable shares in exchange for their class A exchangeable subordinate voting shares of BRHC on a one-for-onebasis;(ii)Brookfield transferred their class A exchangeable subordinate voting shares of BRHC to BEPC in exchange for class A.2 exchangeable shares on a

248、one-for-one basis;(iii)the class A exchangeable subordinate voting shares of BRHC were delisted;(iv)the exchangeable shares of BEPC were listed on the NYSE and the TSX;(v)Brookfield Renewable transferred 55 class B shares of BRHC to BEPC in exchange for 55 class B shares of BEPC;and(vi)43,605 class

249、B shares of BEPC were issued to Brookfield Renewable in exchange for$1 million.The class A.2 exchangeable shares are exchangeable by Brookfield into BEPC exchangeable shares(subject to an ownership cap that limits the exchange by Brookfield of class A.2 exchangeable shares such that exchanges by Bro

250、okfield may not result in Brookfield owning 9.5%or more of the aggregate fair market value of all issued and outstanding shares of BEPC)or LP units on a one-for-one basis.In addition,our company has executed,amended,or terminated other agreements with Brookfield that are described in Note 29 Related

251、 party transactions in our audited annual consolidated financial statements.For a description of certain of our agreements with Brookfield,please see Item 7.B“Related Party Transactions”in our Form 20-F for the annual period ended December 31,2024.Page 7The following table reflects the related party

252、 agreements and transactions in the audited annual consolidated statements of income(loss),for the year ended December 31:(MILLIONS)202420232022RevenuesPower purchase and revenue agreements .$14$21 Other incomeGain on disposition.$23$Distribution income.3 8$26$8$Direct operating costsEnergy marketin

253、g fee and other services .$(12)$(5)$(1)Interest expenseBorrowings .$(63)$(35)$Contract balance accretion .(30)(26)(20)$(93)$(61)$(20)OtherOther related party services .$5$3$(5)Financial instrument gain .3 21 5$8$24$Management service costs .$(204)$(205)$(243)Current income taxInvestment tax credits

254、.$131$Page 8The following table reflects the impact of the related party agreements and transactions on the consolidated statements of financial position as at December 31:(MILLIONS)Related party20242023Current assetsTrade receivables and other current assetsContract assetBrookfield .$65$61 Due from

255、 related partiesAmounts due fromBrookfield(1).573 1,386 Equity-accounted investments and other .300 57 873 1,443 Assets held for saleEquity-accounted investments and other .125 Financial instrument assetsBrookfield .38 Non-current assetsFinancial instrument assets Brookfield .170 Other long-term ass

256、etsContract assetBrookfield .250 314 Due from related partiesEquity-accounted investments and other .8 135 Current liabilities Contract liabilityBrookfield .47 35 Financial instrument liabilitiesBrookfield Wealth Solutions .2 Due to related partiesAmounts due toBrookfield(2).4,005 541 Equity-account

257、ed investments and other .684 13 Brookfield Wealth Solutions .123 242 Accrued distributions payable on LP units,BEPC exchangeable shares,class A.2 exchangeable shares,Redeemable/Exchangeable partnership units and GP interestBrookfield .43 39 4,855 835 Liabilities held for saleBrookfield .31 Non-curr

258、ent liabilitiesFinancial instrument liabilitiesBrookfield .13 Brookfield Wealth Solutions .1 2 Due to related partiesAmounts due to Brookfield .309 496 Brookfield Wealth Solutions .225 208 Equity-accounted investments and other .58 1 592 705 Corporate borrowingsBrookfield Wealth Solutions .7 8 Brook

259、field Wealth Solutions .65 101 Other long-term liabilitiesContract liabilityBrookfield .686 680 EquityPreferred limited partners equityBrookfield Wealth Solutions .10 11(1)Includes receivables of$376 million(2023:$1,328 million)associated with the Brookfield Global Transition Fund credit facility(2)

260、Includes payables of$32 million(2023:$6 million),$87 million(2023:$81 million),and$3,493 million(2023:$307 million)associated with the Brookfield Infrastructure Fund IV,Brookfield Global Transition Fund,and Brookfield Global Transition Fund II credit facilities,respectivelyPage 9EQUITYGeneral partne

261、rship interest in a holding subsidiary held by BrookfieldBrookfield,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 December 31,2024,to the

262、 extent that LP unit distributions exceed$0.20 per LP unit per quarter,the incentive is 15%of distributions above this threshold.To the extent that quarterly LP unit distributions exceed$0.2253 per LP unit per quarter,the incentive distribution is equal to 25%of distributions above this threshold.In

263、centive distributions of$128 million were declared during the year ended December 31,2024(2023:$111 million).Preferred equityThe 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 ho

264、lders.As at December 31,2024,none of the issued Class A,Series 5 and 6 Preference Shares have been redeemed by BRP Equity.During the third quarter of 2024,Brookfield Renewable declared the fixed quarterly distributions on the Class A Preference Series 3 Shares during the five years commencing August

265、 1,2024 will be paid at an annual rate of 6.52%.In December 2024,the Toronto Stock Exchange accepted notice of BRP Equitys intention to renew the normal course issuer bid in connection with its outstanding Class A Preference Shares for another year to December 17,2025,or earlier should the repurchas

266、es be completed prior to such date.Under this normal course issuer bid,BRP Equity 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.

267、There were no repurchases of Class A Preference Shares during 2024 or 2023 in connection with the normal course issuer bid.Perpetual subordinated notesThe perpetual subordinated notes are classified as a separate class of non-controlling interest on Brookfield Renewables consolidated statements of f

268、inancial position.Brookfield Renewable incurred interest of$37 million on the perpetual subordinated notes during the year ended December 31,2024(2023:$29 million).Interest incurred on the perpetual subordinated notes are presented as distributions in the consolidated statements of changes in equity

269、.During the first quarter of 2024,Brookfield BRP Holdings(Canada)Inc.,a wholly-owned subsidiary of Brookfield Renewable,issued$150 million of perpetual subordinated notes at a fixed rate of 7.25%.Preferred limited partners equityThe Class A Preferred Limited Partnership Units(“Preferred units”)of Br

270、ookfield Renewable do not have a fixed maturity date and are not redeemable at the option of the holders.In the second quarter of 2024,Brookfield Renewable redeemed all of the outstanding units of Series 15 Preferred Units for C$175 million.In December 2024,the Toronto Stock Exchange accepted notice

271、 of Brookfield Renewables intention to renew the normal course issuer bid in connection with the outstanding Class A Preferred Limited Partnership Units for another year to December 17,2025,or earlier should the repurchases be completed prior to such date.Under this normal course issuer bid,Brookfie

272、ld Renewable is permitted to repurchase up to 10%of the total public float for each respective series of its Class A Preferred Limited Partnership Units.Unitholders may receive a copy of the notice,free of charge,by contacting Brookfield Renewable.No units were repurchased during 2024 or 2023.Limite

273、d partners equity,Redeemable/Exchangeable partnership units,and exchangeable sharesAs at December 31,2024,Brookfield Holders held a direct and indirect interest of approximately 48%of Brookfield Renewable on a fully-exchanged basis.Brookfield Holders held a direct and indirect interest of 313,640,82

274、3 LP units,Redeemable/Exchangeable partnership units,BEPC exchangeable shares and class A.2 exchangeable shares,on a combined basis and the remaining is held by public investors.Page 10During the year ended December 31,2024,Brookfield Renewable issued 285,010 LP units(2023:304,899 LP units)under the

275、 distribution reinvestment plan at a total value of$7 million(2023:$8 million).During the year ended December 31,2024,holders of BEPC exchangeable shares exchanged 10,675 BEPC exchangeable shares(2023:8,465 BEPC exchangeable shares)for an equivalent number of LP units amounting to less than$1 millio

276、n(2023:less than$1 million).In December 2024,Brookfield Renewable renewed its normal course issuer bid in connection with its LP units and outstanding BEPC exchangeable shares.Brookfield Renewable is authorized to repurchase up to 14,255,578 LP units and 8,982,042 BEPC exchangeable shares,representi

277、ng 5%of each of its issued and outstanding LP units and BEPC exchangeable shares.The bids will expire on December 17,2025,or earlier should Brookfield Renewable complete its repurchases prior to such date.During the year ended December 31,2024,there were 2,279,654 LP units(2023:1,856,044 units)repur

278、chased and cancelled at a total cost of$52 million(2023:$43 million).During the year ended December 31,2024,Brookfield Corporation purchased nil LP units(2023:441,363 units).There were no BEPC exchangeable shares repurchased during the years ended December 31,2024 or 2023.Page 11PART 4 FINANCIAL PER

279、FORMANCE REVIEW ON PROPORTIONATE INFORMATIONSEGMENTED DISCLOSURESSegmented information is prepared on the same basis that Brookfield Renewables Chief Executive Officer and Chief Financial Officer(collectively,the chief operating decision makers or“CODM”)manages the business,evaluates financial resul

280、ts,and makes key operating decisions.See“PART 9 Presentation to Stakeholders and Performance Measurement”for information on segments and an explanation on the calculation and relevance of proportionate information,Adjusted EBITDA and Funds From Operations which are non-IFRS measures.PROPORTIONATE RE

281、SULTS FOR THE YEAR ENDED DECEMBER 31The following chart reflects the generation and summary financial figures on a proportionate basis for the year ended December 31:(GWh)(MILLIONS)Renewable Actual GenerationRenewable LTA GenerationRevenuesAdjusted EBITDA(1)Funds From Operations(1)202420232024202320

282、2420232024202320242023HydroelectricNorth America .10,821 11,603 12,155 12,161$932$1,029$575$670$300$402 Brazil .3,809 3,974 4,043 4,099 208 240 151 172 130 146 Colombia .2,950 3,408 3,646 3,647 338 293 176 175 81 76 17,580 18,985 19,844 19,907 1,478 1,562 902 1,017 511 624 Wind 8,276 6,367 9,604 7,8

283、65 629 511 631 493 484 382 Utility-scale solar .3,712 2,489 4,365 3,123 416 365 464 372 349 261 Distributed energy&storage .1,379 1,241 1,111 956 227 241 229 180 186 133 Sustainable solutions .496 147 165 61 143 52 Corporate .17 59 (456)(357)Total 30,947 29,082 34,924 31,851$3,246$2,826$2,408$2,182$

284、1,217$1,095(1)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussion and Analysis.Page 12HYDROELECTRIC OPERATIONS ON A PROPORTIONATE BASISThe following table presents our proportionate results for hydr

285、oelectric operations for the year ended December 31:(MILLIONS,EXCEPT AS NOTED)20242023Revenue .$1,478$1,562 Other income .44 33 Direct operating costs .(620)(578)Adjusted EBITDA(1).902 1,017 Interest expense .(364)(367)Current income taxes .(27)(26)Funds From Operations .$511$624 Generation(GWh)LTA

286、.19,844 19,907 Generation(GWh)actual .17,580 18,985 Average revenue per MWh(2).74 72(1)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussion and Analysis.(2)Average revenue per MWh was adjusted to net

287、 the impact of power purchases and any revenue with no corresponding generation.The following table presents our proportionate results by geography for hydroelectric operations for the year ended December 31:ActualGeneration(GWh)Averagerevenueper MWh(1)AdjustedEBITDA(2)Funds FromOperations(MILLIONS,

288、EXCEPT AS NOTED)20242023202420232024202320242023North AmericaUnited States.7,235 7,766$83$84$358$425$198$271 Canada.3,586 3,837 67 63 217 245 102 131 10,821 11,603 78 77 575 670 300 402 Brazil .3,809 3,974 55 60 151 172 130 146 Colombia .2,950 3,408 82 69 176 175 81 76 Total .17,580 18,985$74$72$902

289、$1,017$511$624(1)Average revenue per MWh was adjusted to net the impact of power purchases and any revenue with no corresponding generation.(2)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussion and

290、 Analysis.North AmericaFunds From Operations at our North American business were$300 million in 2024 versus$402 million in the prior year as the benefit from recontracting initiatives and inflation indexation on our contracted generation was offset by weaker hydrology,lower average revenue per MWh i

291、n the U.S.due primarily to generation mix and the weakening of the Canadian dollar versus the U.S.dollar.BrazilFunds From Operations at our Brazilian business were$130 million in 2024 versus$146 million in the prior year.On a constant currency basis,Funds From Operations increased as the benefit of

292、inflation indexation of our contracts was partially offset by less favorable hydrology conditions and commercial initiatives that benefited the prior year.Page 13ColombiaFunds From Operations at our Colombian business were$81 million in 2024 versus$76 million in the prior year as we benefited from h

293、igher average revenue per MWh due to recontracting initiatives,inflation indexation on contracted generation,and higher pricing realized on our uncontracted generation,partially offset by lower resources.WIND OPERATIONS ON A PROPORTIONATE BASISThe following table presents our proportionate results f

294、or wind operations for the year ended December 31:(MILLIONS,EXCEPT AS NOTED)20242023Revenue .$629$511 Other income .235 146 Direct operating costs .(233)(164)Adjusted EBITDA(1).631 493 Interest expense .(130)(105)Current income taxes .(17)(6)Funds From Operations .$484$382 Generation(GWh)LTA .9,604

295、7,865 Generation(GWh)actual .8,276 6,367(1)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussion and Analysis.Funds From Operations at our wind business were$484 million in 2024 versus$382 million in

296、the prior year as we benefited from newly acquired and commissioned facilities,stronger generation on a same store basis and gains related to the partial sale of North American development assets and the sale of a European development portfolio,partially offset by gains on the sale of development as

297、sets that benefited the prior year.UTILITY-SCALE SOLAR OPERATIONS ON A PROPORTIONATE BASISThe following table presents our proportionate results for utility-scale solar operations for the year ended December 31:(MILLIONS,EXCEPT AS NOTED)20242023Revenue .$416$365 Other income .180 106 Direct operatin

298、g costs .(132)(99)Adjusted EBITDA(1).464 372 Interest expense .(114)(110)Current income taxes .(1)(1)Funds From Operations .$349$261 Generation(GWh)LTA .4,365 3,123 Generation(GWh)actual .3,712 2,489(1)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliat

299、ion of Non-IFRS Measures”in this Managements Discussion and Analysis.Funds From Operations at our utility-scale solar business were$349 million in 2024 versus$261 million in the prior year,as we benefited from newly acquired and commissioned facilities,stronger generation on a same store basis,gains

300、 related to the sale of certain North American development assets and a European development portfolio,partially offset by gains on the sale of development assets that benefited the prior year.Page 14DISTRIBUTED ENERGY&STORAGE OPERATIONS ON A PROPORTIONATE BASISThe following table presents our propo

301、rtionate results for distributed energy&storage business for the year ended December 31:(MILLIONS,EXCEPT AS NOTED)20242023Revenue .$227$241 Other income .88 20 Direct operating costs .(86)(81)Adjusted EBITDA(1).229 180 Interest expense .(38)(43)Current income taxes .(5)(4)Funds From Operations .$186

302、$133 Generation(GWh)LTA .1,111 956 Generation(GWh)actual .1,379 1,241(1)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussion and Analysis.Funds From Operations at our distributed energy&storage busin

303、ess were$186 million in 2024 versus$133 million in the prior year due to the benefits from recently acquired and commissioned facilities.SUSTAINABLE SOLUTIONS OPERATIONS ON A PROPORTIONATE BASIS The following table presents our proportionate results for sustainable solutions business for the year en

304、ded December 31:(MILLIONS,EXCEPT AS NOTED)20242023Revenue .$496$147 Other income .66 19 Direct operating costs .(397)(105)Adjusted EBITDA(1).165 61 Interest expense .(22)(6)Current income taxes .(3)Funds From Operations .$143$52(1)Non-IFRS measures.For reconciliations to the most directly comparable

305、 IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussion and Analysis.Funds From Operations at our sustainable solutions business were$143 million in 2024 versus$52 million in the prior year due to growth and development including our investment in our global nuclear serv

306、ices business.Page 15CORPORATEThe following table presents our results for corporate for the year ended December 31:(MILLIONS)20242023Other income .$56$88 Direct operating costs .(39)(29)Adjusted EBITDA(1).17 59 Management service costs .(204)(205)Interest expense .(167)(114)Distributions(2).(102)(9

307、7)Funds From Operations .$(456)$(357)(1)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussion and Analysis.(2)Distributions on Preferred Units,Class A Preference Shares and Perpetual Subordinated Note

308、s.Page 16PROPORTIONATE RESULTS FOR THE YEAR ENDED DECEMBER 31,2023 AND 2022The following chart reflects the generation and summary financial figures on a proportionate basis for the year ended December 31:(GWh)(MILLIONS)Renewable Actual GenerationRenewable LTA GenerationRevenuesAdjusted EBITDA(1)Fun

309、ds From Operations(1)2023202220232022202320222023202220232022HydroelectricNorth America .11,603 11,285 12,161 12,161$1,029$964$670$603$402$412 Brazil .3,974 3,828 4,099 4,060 240 197 172 167 146 138 Colombia .3,408 4,411 3,647 3,802 293 273 175 201 76 117 18,985 19,524 19,907 20,023 1,562 1,434 1,01

310、7 971 624 667 Wind .6,367 5,951 7,865 6,797 511 538 493 430 382 326 Utility-scale solar .2,489 1,878 3,123 2,406 365 374 372 362 261 253 Distributed energy&storage .1,241 1,050 956 886 241 242 180 189 133 148 Sustainable solutions .147 48 61 8 52 6 Corporate .59 42 (357)(395)Total .29,082 28,403 31,

311、851 30,112$2,826$2,636$2,182$2,002$1,095$1,005(1)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussion and Analysis.Page 17HYDROELECTRIC OPERATIONS ON A PROPORTIONATE BASISThe following table presents

312、 our proportionate results for hydroelectric operations the year ended December 31:(MILLIONS,EXCEPT AS NOTED)20232022Revenue .$1,562$1,434 Other income .33 47 Direct operating costs .(578)(510)Adjusted EBITDA(1).1,017 971 Interest expense .(367)(262)Current income taxes .(26)(42)Funds From Operation

313、s .$624$667 Generation(GWh)LTA .19,907 20,023 Generation(GWh)actual .18,985 19,524 Average revenue per MWh(2).72 68(1)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussion and Analysis.(2)Average reve

314、nue per MWh was adjusted to net the impact of power purchases and any revenue with no corresponding generation.The following table presents our proportionate results by geography for hydroelectric operations for the year ended December 31:ActualGeneration(GWh)AveragerevenuePer MWh(1)AdjustedEBITDA(2

315、)Funds FromOperations(MILLIONS,EXCEPT AS NOTED)20232022202320222023202220232022North AmericaUnited States .7,766 7,109$84$83$425$363$271$270 Canada .3,837 4,176 63 63 245 240 131 142 11,603 11,285 77 76 670 603 402 412 Brazil .3,974 3,828 60 51 172 167 146 138 Colombia .3,408 4,411 69 62 175 201 76

316、117 Total .18,985 19,524$72$68$1,017$971$624$667(1)Average revenue per MWh was adjusted to net the impact of power purchases and any revenue with no corresponding generation.(2)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”

317、in this Managements Discussion and Analysis.North AmericaFunds From Operations at our North American business were$402 million in 2023 versus$412 million in the prior year as the benefit from favorable hydrology conditions in the United States(9%above prior year)and higher average revenue per MWh du

318、e to inflation indexation on our contracted generation was offset by lower resources in our high value Canadian markets and higher interest expense due to financing initiatives completed to fund growth.BrazilFunds From Operations at our Brazilian business were$146 million in 2023 versus$138 million

319、in the prior year.Excluding a positive ruling that benefited the prior year($15 million),Funds From Operations was$23 million higher than the prior year due to favorable generation and higher average revenue per MWh due to inflation indexation on contracted generation.Page 18ColombiaFunds From Opera

320、tions at our Colombian business were$76 million in 2023 versus$117 million in the prior year.On a constant currency basis,Adjusted EBITDA was in-line with the prior year as the benefit from higher average revenue per MWh due to stronger market prices was offset by lower resources as the prior year b

321、enefited from well above LTA conditions.This was offset by higher interest expense as a result of accelerated refinancing initiatives completed in the first half of the prior year to fund growth and a weaker Colombian peso versus the U.S.dollar.WIND OPERATIONS ON A PROPORTIONATE BASISThe following t

322、able presents our proportionate results for wind operations for the year ended December 31:(MILLIONS,EXCEPT AS NOTED)20232022Revenue .$511$538 Other income .146 56 Direct operating costs .(164)(164)Adjusted EBITDA(1).493 430 Interest expense .(105)(96)Current income taxes .(6)(8)Funds From Operation

323、s .$382$326 Generation(GWh)LTA .7,865 6,797 Generation(GWh)actual .6,367 5,951(1)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussion and Analysis.Funds From Operations at our wind business were$382

324、million in 2023 versus$326 million in the prior year primarily due to the benefit from growth,including the completion of our 850-megawatt repowering project in the U.S,newly acquired and commissioned facilities($31 million and 1,084 GWh),inflation indexation on our contracted generation,and gains o

325、n sale of non-core assets and development assets being partially offset by lower average revenue per MWh as a result of adjustments to the regulated price earned by our Spanish assets that decreased revenues in the short term but has no impact on value given the regulatory construct.UTILITY-SCALE SO

326、LAR OPERATIONS ON A PROPORTIONATE BASISThe following table presents our proportionate results for utility-scale solar operations for the year ended December 31:(MILLIONS,EXCEPT AS NOTED)20232022Revenue .$365 374Other income .106 90Direct operating costs .(99)(102)Adjusted EBITDA(1).372 362 Interest

327、expense .(110)(102)Current income taxes .(1)(7)Funds From Operations .$261$253 Generation(GWh)LTA .3,123 2,406 Generation(GWh)actual .2,489 1,878(1)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussio

328、n and Analysis.Page 19Funds From Operations at our utility-scale solar business were$261 million in 2023 versus$253 million in the prior year,as the benefits from newly acquired and commissioned facilities($16 million and 560 GWh)and gains on sale of development assets was partially offset by lower

329、generation on a same store basis and lower average revenue per MWh due to adjustments to the regulated price earned by our Spanish assets that decreased revenues in the short term but has no impact on value given the regulatory construct.DISTRIBUTED ENERGY&STORAGE OPERATIONS ON A PROPORTIONATE BASIS

330、The following table presents our proportionate results for distributed energy&storage business for the year ended December 31:(MILLIONS,EXCEPT AS NOTED)20232022Revenue .$241$242 Other income .20 23 Direct operating costs .(81)(76)Adjusted EBITDA(1).180 189 Interest expense .(43)(40)Current income ta

331、xes .(4)(1)Funds From Operations .$133$148 Generation(GWh)LTA .956 886 Generation(GWh)actual .1,241 1,050(1)Non-IFRS measures.For reconciliations to the most directly comparable IFRS measure see“Reconciliation of Non-IFRS Measures”in this Managements Discussion and Analysis.Funds From Operations at

332、our distributed energy&storage business were$133 million in 2023 versus$148 million in the prior year as the benefits from recent acquisitions and development activities and stronger resources was offset by a decrease in average revenue per MWh due to generation mix and lower grid stability prices a

333、t our pumped storage facilities driven by lower pricing volatility.SUSTAINABLE SOLUTIONS ON A PROPORTIONATE BASISThe following table presents our proportionate results for sustainable solutions business for the year ended December 31:(MILLIONS,EXCEPT AS NOTED)20232022Revenue .$147$48 Other income .19 3 Direct operating costs .(105)(43)Adjusted EBITDA(1).61 8 Interest expense .(6)(2)Current income