Q3 2023 Brookfield Renewable Corp Earnings Call

November 3, 2023

Operator: Good day, and thank you for standing by. Welcome to the Brookfield Renewable Partners' Q3 2023 Results Conference Call and Webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. Owen, I'd like to hand the conference over to your speaker today, Connor Teskey, Chief Executive Officer. Please go ahead.

Good day and thank you for standing by welcome to the Brookfield Renewable partners third quarter 2023 results conference call and webcast.

Speaker 1: Good day and thank you for standing by. Welcome to the Brookfield Renewable Partners, third quarter, twenty twenty three results conference call in webcast. At this time, all participants are in listen only mode.

At this time, all participants are in listen only mode.

Speaker 1: After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Connor Tuske, Chief Executive Officer. Please go ahead.

After the speaker's presentation, there will be a question and answer session.

Ask a question during the session you will need to press star one on your telephone.

You will then hear an automated message advising you your hand is raised.

Your question. Please press star one again.

Please be advised that today's conference is being recorded.

I would now like to hand, the conference over to your Speaker today, Connor Tusky Chief Executive Officer. Please go ahead.

Connor Teskey: Thank you, operator. Good morning, everyone, and thank you for joining us for our Q3 2023 conference call. Before we begin, we would like to remind you that a copy of our news release, investor supplement, and letter to unit holders can be found on our website. We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks, and future results may differ materially. For more information, you are encouraged to review our regulatory filings available on CDAR, EDGAR, and on our website. On today's call, we will provide an update on the business and how we are positioned in the current market environment. Jenny Li, a vice president in our investment teams in Toronto, will provide an update on our growth activities.

Thank you operator.

Speaker 2: Good morning, everyone, and thank you for joining us for our third quarter 2023 conference call.

Good morning, everyone and thank you for joining us for our third quarter 2023 conference call.

Speaker 2: Before we begin, we would like to remind you that a copy of our news release, investor supplement and letter to unit holders can be found on our website.

Before we begin we would like to remind you that a copy of our news release Investor supplement and letter to unit holders can be found on our website. We also want to remind you that we may make forward looking statements on this call. These statements are subject to known and unknown risks and future results may differ materially for more information Youre encouraged to review our regulatory filings available on SEDAR and Edgar.

Speaker 2: We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks and future results may differ materially. For more information, you are encouraged to review our regulatory filings available on feed art, edgar, and on our web.

And on our website.

On today's call, we will provide an update on the business and how we are positioned in the current market environment.

Speaker 2: On today's call, we will provide an update on the business and how we are positioned in the current market environment.

Speaker 2: Jenny Lee, a Vice President in our investment teams in Toronto, will provide an update on our growth activity.

Jenny Lee Vice President and our investment teams in Toronto will provide an update on our growth activities.

Connor Teskey: And then lastly, Wyatt will conclude the call by discussing our operating results and financial position. Following our remarks, we look forward to taking your questions. We had another successful quarter utilizing our disciplined approach to growth and execution to outperform our targets and deliver strong operating results. Furthermore, as Jenny will highlight, we recently closed our acquisition of X-ELIO and Deriva Energy, formerly Duke Energy Renewables, as well as advanced our acquisitions of Westinghouse Electric, which we expect to close shortly, and Origin Energy. With the closing of these acquisitions, we are adding significant incremental FFO and are positioning ourselves to continue to deliver on our decade-long track record of 10%+ FFO per unit annual growth. That said, we want to also touch briefly on the market environment and our share price.

Speaker 2: And then lastly, Wyatt will conclude the call by discussing our operating results and financial position. Following our remarks, we look...

And then lastly, why it will conclude the call by discussing our operating results and financial position.

Following our remarks, we look forward to taking your questions.

We had another successful quarter utilizing our disciplined approach to growth and execution to outperform our targets and deliver strong operating results.

Speaker 2: We had another successful quarter utilizing our disciplined approach to growth and execution to outperform our targets and deliver strong operating results.

Speaker 2: Furthermore, as Jenny will highlight, we recently closed our acquisition of Exilio and Dereva Energy, formerly Duke Energy Renewables.

Furthermore, as Jenny will highlight we recently closed our acquisition of <unk> and <unk> energy, formerly Duke energy renewables.

Speaker 2: as well as advance their acquisitions of Westinghouse Electric, which we expect to close shortly, and origin in it.

As well as advanced our acquisitions of Westinghouse electric, which we expect to close shortly.

And origin energy.

With the closing of these acquisitions, we are adding significant incremental <unk> and are positioning ourselves to continue to deliver on our decade long track record of 10% plus <unk> per unit annual growth.

Speaker 2: With the closing of these acquisitions, we are adding significant incremental FFO and are positioning ourselves to continue to deliver on our decade-long track record of 10% plus FFO per unit annual growth.

That said.

Speaker 2: We want to also touch briefly on the market environment and our share price.

We want to also touch briefly on the market environment and our share price.

Connor Teskey: The renewable sector traded down in the public markets on the back of higher interest rates and a perceived tightening of industry margins. Even though we are well positioned to benefit in this environment and insulated from the challenges that are seemingly impacting others in the sector, we have not been immune to the lower trading environment. It is important to note that while we are never pleased when our share price is down, we are long-term focused investors, and between our strong position in the market, major global themes, and the overarching sector tailwinds, the outlook for our business has never been better. As we continue to deliver on our growth targets and execute on our strategic priorities, our share price should respond and better reflect the intrinsic value of the business. Most importantly, we are not seeing any reduction in the returns we are able to generate.

Speaker 2: The renewable sector traded down in the public markets on the back of higher interest rates and a perceived tightening of industry margin.

The renewable sector traded down in the public markets on the back of higher interest rates and a perceived tightening of industry margins.

And even though we are well positioned to benefit in this environment and insulated from the challenges that are seemingly impacting others in the sector, we have not been immune to the lower trading environment.

Speaker 2: And even though we are well positioned to benefit in this environment, and insulated from the challenges that are seemingly impacting others in the sector, we have not been immune to the lower trading environment.

Speaker 2: It is important to note that while we are never pleased when our share prices down, we are long-term focused investors in between our strong position in the market, major global things.

It is important to note that while we are never pleased when our share price is down we are long term focused investors and between our strong position in the market major global themes and the overarching sector tailwind the outlook for our business has never been better.

Speaker 2: In the overarching sector tailwinds, the outlook for our business has never been better.

As we continue to deliver on our growth targets and execute on our strategic priorities our share price should respond and better reflect the intrinsic value of the business.

Speaker 2: As we continue to deliver on our growth target and execute on our strategic priorities, our share price should respond and better reflect the intrinsic value of the business.

Most importantly, we are not seeing any reduction in the returns we are able to generate.

Speaker 2: Most importantly, we are not seeing any reduction in the returns we are able to generate. In fact,

Connor Teskey: In fact, quite the opposite. We are seeing an abundance of opportunities to invest at or above our target returns. The combination of accelerating demand for clean power from corporations and fewer players with access to capital is creating a favorable environment for those such as ourselves with capital, capabilities, and a pipeline of projects to deliver for our customers. Notably, we are seeing particularly attractive opportunities to acquire businesses with strong development pipelines but lack the access to capital or scale operating capabilities to build out these projects. This is creating a powerful and virtuous cycle.

In fact quite the opposite.

We are seeing an abundance of opportunities to invest at or above our target returns.

Speaker 2: We are seeing an abundance of opportunities to invest at or above our target return.

Speaker 2: The combination of accelerating demand for clean power from corporations and fewer players with access to capital is creating a favorable environment for those such as ourselves with capital, capabilities, and a pipeline of projects to deliver for our customers.

The combination of accelerating demand for clean power from corporations and fewer players with access to capital is creating a favorable environment for those such as ourselves with capital capabilities and the pipeline of projects to deliver for our customers.

Notably, we are seeing particularly attractive opportunities to acquire businesses with strong development pipelines, but lack the access to capital or scale operating capabilities to build out these projects.

Speaker 2: Notably, we are seeing particularly attractive opportunities to acquire businesses with strong development pipelines, but lack the access to capital or scale operating capabilities to build out these projects. This is creating

This is creating a powerful and virtuous cycle.

Connor Teskey: We are capturing increasing demand through our existing capabilities and pipeline, while at the same time using our access to capital to add leading platforms in core markets around the world, further enhancing our capabilities and positioning us to capture even further demand in the future as we position ourselves as the clean energy and decarbonization partner of choice for leading corporations. Over the past five years, the amount of clean energy procured annually by corporations has increased by almost 10 times, and looking forward, we do not expect this trend to slow down. Access to energy is now a key constraint for a number of these buyers, including leading technology companies, to execute on their growth plans in some of their highest margin segments.

Speaker 2: We are capturing increasing demand through our existing capabilities and pipeline. Well, at the same time, using our access to capital to add leading platforms in core markets around the world.

We are capturing increased demand, we are capturing increasing demand through our existing capabilities and pipeline.

At the same time, using our access to capital to add leading platforms in core markets around the world.

Speaker 2: further enhancing our capabilities and positioning us to capture even further demand in the future as we position ourselves as the clean energy and decarbonization partner of choice for leading corporations.

Further enhancing our capabilities and positioning us to capture even further demand in the future as we position ourselves as the clean energy and decarbonization partner of choice for leading corporations.

Over the past five years, the amount of clean energy procured annually by corporations has increased by almost 10 times and looking forward. We do not expect this trend to slow down.

Speaker 2: Over the past five years, the amount of clean energy procured annually by corporations has increased by almost 10 times. And looking forward, we do not expect this trend to slow down.

Speaker 2: Access to energy is now a key constraint for a number of these buyers, including leading technology companies to execute on their growth plans in some of their highest margin segments.

Access to energy is now a key constraint for a number of these buyers including.

Including leading technology companies to execute on their growth plans and some of their highest margin segments.

Connor Teskey: This strong and growing demand from these customers, combined with our ability to provide 24/7 clean power solutions from our technologically diversified fleet and our credibility to deliver scale projects globally and on time, is translating into signing contracts at prices that appropriately compensate us for higher construction and financing costs. As an example, by leveraging our development pipeline, our existing hydro facilities, and our power marketing capabilities, we recently signed an agreement with one of the leading global technology companies to provide them with a total of 18 terawatt-hours over the next 5 years to serve their growing requirements in the US. We continue to establish ourselves as a key enabler for the large tech companies, providing them the critical power to support their data centers and growing cloud and artificial intelligence activities. We also want to touch on our approach to development.

This strong.

Speaker 2: this strong and growing demand from these customers.

And growing demand from these customers.

Speaker 2: combined with our ability to provide 24-7 clean power solutions from our technologically diversified fleet.

Combined with our ability to provide $24 seven clean power solutions from our technologically diversified fleet.

And our credibility to deliver scale projects globally and on time is translating into signing contracts at prices that appropriately compensate us for higher construction and financing costs.

Speaker 2: and our credibility to deliver scale projects globally and on time is translating into signing contracts at prices that appropriately compensate us for higher construction and financing costs.

Speaker 2: As an example, by leveraging our development pipeline, our existing hydro facilities, and our power marketing capability.

As an example by.

By leveraging our development pipeline, our existing hydro facilities and our power marketing capabilities. We recently signed an agreement with one of the leading global technology companies to provide them with a total of 18 terawatt hours over the next five years to serve their growing requirements in the U S.

Speaker 2: We recently signed an agreement with one of the leading global technology companies to provide them with a total of 18 terawatt hours over the next five years to serve their growing requirements in the U.S.

Speaker 2: We continue to establish ourselves as a key enabler for the large tech company.

We continue to establish ourselves as a key enabler for the large tech companies, providing them the critical power to support their data centers and growing cloud and artificial intelligence activities.

Speaker 2: providing them the critical power to support their data centers and growing cloud and artificial intelligence activities. At this point we will focus on my internal excellence and in what we do to provide information and progress of our efforts. We will focus on our internal excellence and in what we do to provide information and progress of our efforts.

We also want to touch on our approach to development.

Connor Teskey: We continue to be focused on opportunities that we can de-risk quickly and deliver appropriately risk-adjusted returns. So while we are doing more development, we are not compromising on the principles that have served us well to this point and are taking our extensive knowledge built over the past decades to enhance our capabilities globally. We do not build on spec and reduce risks in our investments by not taking basis risk, meaning we simultaneously secure power purchase agreements, customer contracts, and financing before ever committing significant capital. We limit construction risk by using a localized approach to construction and development and manage our CapEx spend by leveraging our central procurement capabilities.

Speaker 2: We continue to be focused on opportunities that we can de-risk quickly and deliver appropriately risk adjusted returns.

We continue to be focused on opportunities that we can derisk quickly and deliver appropriately risk adjusted returns.

Speaker 2: So while we are doing more development, we are not compromising on the principles that have served us well to this point, and are taking our extensive knowledge built over the past decades to enhance our capabilities globally. Thank you.

So while we are doing more development, we are not compromising on the principles that have served us well to this point.

And our taking our extensive knowledge built over the past decades to enhance our capabilities globally.

We do not build on spec.

And reduce risks in our investments by not taking basis risk.

Speaker 2: and reduce risks in our investments by not taking basis risks.

Speaker 2: meaning we simultaneously secure power purchase agreements, customer contracts, and financing before ever committing significant counts.

Meaning we simultaneously secure power purchase agreements customer contracts and financing before ever committing significant capital.

Speaker 2: We limit construction risk by using a localized approach to construction and development, and manage our calf expend by leveraging our central procurement capability.

We limit construction risk by using a localized approach to construction and development.

And manage our capex spend by leveraging our central procurement capabilities.

Connor Teskey: We also look to leverage our commercial teams to source the highest quality offtakes and focus on the most mature and lowest-cost renewable power technologies in the highest growth regions to always ensure that our projects will produce the most de-risked, high-quality cash flows. As an example, while there have been recent announcements impacting the outlook for Offshore wind in the U.S., largely on the back of its competitive position, cost increases, and reliance on subsidies, the development of Onshore wind continues to be robust given the attributes of these projects. There are over 100 gigawatts of onshore capacity expected to come online in the United States by the end of the decade, including almost 9 gigawatts of onshore wind from our development pipeline. We are using this playbook to develop our large global pipeline, which now stands at nearly 150 gigawatts.

We also look to leverage our commercial teams to source the highest quality off takes and focus on the most mature and lowest cost renewable power technologies in the highest growth regions to always ensure that our projects will produce the most derisked high quality cash flows.

Speaker 2: We also look to leverage our commercial teams to source the highest quality off takes and focus on the most mature and lowest cost renewable power technologies in the highest growth rates.

Speaker 2: to always ensure that our projects will produce the most de-risk high-quality cash flow.

As an example, while there have been recent announcements impacting the outlook for offshore wind in the U S. Largely on the back of its competitive position cost increases and reliance on subsidies.

Speaker 2: as an example, well there have been recent announcements impacting the outlook for offshore wind in the US.

Speaker 2: largely on the back of its competitive position, cost increases, and reliance on subsidy.

Speaker 2: The development of onshore wind continues to be robust, given the attributes of these projects.

The development of onshore wind continues to be robust given the attributes of these projects.

Speaker 2: There are over 100 gigawatts of onshore capacity expected to come online in the United States by the end of the decade, including almost nine gigawatts of onshore wind from our development pipeline.

There are over 100 gigawatts of onshore capacity expected to come online in the United States by the end of the decade, including almost nine gigawatts of onshore wind from our development pipeline.

We are using this playbook to develop our large global pipeline, which now stands at nearly 150 Gigawatts, we expect to deliver five gigawatts of new capacity this year and another approximately 15 gigawatts over the next two years contributing approximately $270 million of additional <unk>.

Speaker 2: We are using this playbook to develop our large global pipeline, which now stands at nearly 150 gigawatts.

Connor Teskey: We expect to deliver 5GW of new capacity this year and another approximately 15GW over the next two years, contributing approximately $270 million of additional FFO annually. Much of the capital for these projects has already been invested, and like the rest of our business, these projects are expected to deliver attractive economics given our de-risk approach to execution. With that, we will turn the call over to Jenny to speak about our growth activities.

Speaker 2: We expect to deliver five gigawatts of new capacity this year, and another approximately 15 gigawatts over the next two years, contributing approximately 270 million of additional FFOA.

<unk> annually.

Speaker 2: Much of the capital for these projects has already been invested. And like the rest of our business, these projects are expected to deliver attractive economics, given our de-risk approach to execution.

Each of the capital for these projects has already been invested and like the rest of our business. These projects are expected to deliver attractive economics, given our de risked approach to execution.

With that we will turn the call over to Jenny to speak about our growth activities.

Speaker 2: With that, we will turn the call over to Jenny to speak about our growth activities. You

Jenny Li: Thank you, Connor, and good morning, everyone. This past quarter, we agreed to invest approximately $2.2 billion of equity capital, highlighted by our agreement to acquire Banks Renewables, a leading independent UK-based renewable energy development business with approximately 260 megawatts of onshore wind assets. The business also has approximately 800 megawatts of near-term development projects and a further 3,000 megawatt pipeline of earlier stage projects. Banks Renewables is a full-service end-to-end platform with strong capabilities across the entire project lifecycle, including origination, development, commercial contracting, financing, and operations. The team has been successful developing high-quality projects in the UK but have generally been limited by access to capital. Under our ownership, we believe we can accelerate organic growth in capital recycling and expand the business via M&A in the fragmented UK market. The transaction is expected to close before year-end.

Thank you Conor and good morning, everyone.

Speaker 3: This past quarter we agreed to invest approximately 2.2 billion of equity capital highlighted by our agreement.

This past quarter, we agreed to invest approximately $2 2 billion of equity capital.

Highlighted by our agreement to acquire <unk> renewables.

Speaker 3: a leading independent UK-based renewable energy development business with approximately 260 megawatts of onshore wind.

Leading independent U K based renewable energy development business with approximately 260 megawatts of onshore wind assets.

Speaker 3: The business also has approximately 800 megawatts of near-term development projects and a further 3,000 megawatt pipeline of earlier stage projects.

Business also has approximately 800 megawatts of near term development projects and a further 3000 megawatt pipeline of earlier stage projects.

Thanks, as a full service end to end platform.

Speaker 3: Banks is a full service and to end platform with strong capabilities across entire project life sites.

With strong capabilities across entire project lifecycle, including origination development commercial contracting financing and operations.

Speaker 3: including origination, development, commercial contracting, financing, and operations.

Speaker 3: The team has been successful developing high-quality projects in the UK, but have generally been limited by access to capital.

The team has been successful developing high quality projects in the UK, but have generally been limited by access to capital.

Under our ownership, we believe we can accelerate organic growth and capital recycling and expand the business by M&A and the fragmented U K market.

Speaker 3: under our ownership. We believe we can accelerate organic growth in capital recycling and expand the business via M&A in the fragmented UK market. The transaction is expected to close before year-end.

The transaction is expected to close before year end.

Jenny Li: We also agreed to partner with Axis Energy, a leading renewable developer in India, to create a new large-scale development platform through which we expect to develop approximately 2,500MW of wind and solar capacity over the next three years. Axis is a well-known partner to us through our previous joint venture partnership in which we have already successfully developed almost 2,000MW of capacity over the past two years. This quarter, we made good progress closing our previously announced highly accretive M&A transactions. First, we closed the acquisition of the remaining 50% interest in X-ELIO, our leading global solar developer, bringing our total ownership interest to 100%. We also closed the acquisition of Deriva Energy, formerly Duke Energy Renewables, one of the largest renewable platforms in the US.

We also agreed to partner with US is energy.

Speaker 3: a leading renewable developer in India to create a new large-scale development platform through which we expect to develop approximately 250 megawatts – 2,500 megawatts of wind and solar capacity over the next three years.

A leading renewables developer in India to create a new large scale development platform.

Through which we expect to develop approximately 250 megawatts to 2500 megawatts of wind and solar capacity over the next three years.

Speaker 3: Access is a well-known partner to us through our previous joint mentor partnership in which we have already successfully developed almost 2000 Maywatt's capacity over the past

Access is a well known partner to us through our previous joint venture partnership in which we have already successfully developed almost 2000 megawatts of capacity over the past two years.

Speaker 3: quarter, we made good progress closing our previously announced highly accretive M&A transaction.

This quarter, we made good progress closing, our previously announced highly accretive M&A transactions.

Speaker 3: First, we close the acquisition of the remaining 50% interest in Xelio, our leading global solar developer. Bringing our total ownership interest.

First we closed the acquisition of the remaining 50% interest in <unk>.

Our leading global solar developer.

Our total ownership interest to 100%.

We also closed the acquisition of <unk> energy, formerly Duke energy renewables.

Speaker 3: We also closed the acquisition of Doreba Energy, formerly Duke Energy Renewables.

One of the largest renewable platform in the U S with almost 6000 megawatts of operating and under construction assets diversified across Wang utility scale solar and storage.

Speaker 3: one of the largest renewable platforms in the US with almost 6,000 megawatts of operating another construction assets. Diversified across wind, utility scale solar, and storage.

Jenny Li: With almost 6,000MW of operating and under construction assets diversified across wind, utility-scale solar, and storage, with a sizable development pipeline of approximately 6,000MW. With this acquisition, we are adding a scale operating renewable platform generating strong contracted cash flows with a 13-year weighted average remaining contract life. The acquisition is immediately accretive, generating FFO yields in the mid-teens with opportunities to add value by leveraging commercial and operational synergies and executing on the significant optionality to repower the operating wind portfolio over time, using our recent experience repowering the Shepherds Flat wind farm. On our acquisition of Westinghouse Electric, we recently received all required regulatory approvals and expect to close the transaction early next week.

With a sizable development pipeline of approximately 6000 megawatts.

Speaker 3: with the size of our development pipeline of approximately 6,000 make-up.

Speaker 3: With this acquisition, we are adding a scale operating renewable platform generating strong contracted cash flows with the 13 year weighted average remaining contract life.

With this acquisition, we are adding a scale operating renewable platform generating strong contracted cash flows with a 13 year weighted average remaining contract life.

Speaker 3: The acquisition is immediately accreted, generating FFO yield in the mid-team with offered communities at value by leveraging commercial and operational synergies, and executing on the significant optionality to repower the operating wind portfolio over time. Using our recent experience.

The acquisition is immediately accretive.

Iterating ethical yield in the mid teens with opportunity add value by leveraging commercial and operational synergies and executing on the significant optionality to repower the operating wind portfolio over time.

Using our recent experience repairing the shepherds flat windfarm.

On our acquisition of Westinghouse Electric we recently received all required regulatory approvals and expect to close the transaction early next week.

Speaker 3: On our acquisition of Western House Electric, we recently received all required regulatory approvals and expected close to concoction early next.

Jenny Li: With this acquisition, we are adding a leading provider of mission-critical technology, services, and products to the nuclear industry from a business that generates infrastructure-like cash flows, servicing approximately half the global nuclear fleet. Approximately 85% of Westinghouse's revenues come from long-term contracted or highly recurring customer service provision with nearly 100% customer retention rate. Nuclear power is a reliable zero-carbon technology that supports the growth of renewables by providing critical baseload power to our grids and is essential to a net-zero economy, in our view. Since our announced acquisition, we have seen a resurgence in the growth of outlook for nuclear, with several new builds being announced, a number of which were new contracts awarded to Westinghouse, providing opportunities for growth for Westinghouse's engineering and design business as well as its core fuel and services business, none of which was underwritten in our acquisition.

Speaker 3: With this acquisition, we are adding a beating provider of mission critical technology, services, and products to the nuclear industry from the business that generates infrastructure like cash flow, servicing approximately half the global nuclear-

With this acquisition, we are adding a leading provider of mission critical technology services and products to the nuclear industry from a business that generates infrastructure like cash flow servicing approximately half the global nuclear fleet.

Speaker 3: Approximately 85% of Westinghouse's revenues come from long-term contracted or highly recurring customer service provision with nearly 100% customer revenue.

Approximately 85% of Westinghouse's revenues come from long term contracted or highly recurring customer service provision with nearly 100% customer retention rate.

Nuclear power is a reliable zero carbon technology that supports the growth of renewables by providing critical baseload power to a grid and it's essential to a net zero economy in our view.

Speaker 3: nuclear power is a reliable zero-carbon technology that supports the growth of renewables by providing critical, baseload power to our grid and a substantial to a net zero economy in our

Since our announced acquisition, we have seen a resurgence in the growth outlook for nuclear.

Speaker 3: This is our announced acquisition. We have seen a resurgence in the growth of outlook for news.

Speaker 3: with several new builds being announced, a number of which were new contracts awarded to Westinghouse, providing opportunities for growth for Westinghouse's engineering and design business, as well as its core few and services business. None of which.

With several new builds being announced a number of which were new contracts already to Westinghouse providing.

Opportunity for growth for Westinghouse's engineering, and design business as well as its core fuel and services business.

None of which was underwritten in our acquisition.

Jenny Li: Westinghouse is also capturing growth in its core business, winning contracts to service almost all of the operating nuclear plants in Eastern Europe, which have historically been served by Russian providers. With the close of this acquisition, we are adding a business which yields double-digit FFO based on highly visible and reliable cash flows. The business also provides significant upside to our underwriting returns, some of which have already materialized. Over time, we expect to leverage our commercial contracting capabilities to allow Westinghouse to further grow as our large customers are seeking sources of clean, dispatchable, and baseload power.

Westinghouse has also capturing growth and its core business winning contracts to service almost all of the operating nuclear plants in eastern Europe, which have historically been starts by Russian providers.

Speaker 3: Westing House is also captioned growth in its core business, winning contracts to service almost all of the operating nuclear plants in Eastern Europe , which have historically been served by Russian providers.

Speaker 3: with the close of this acquisition, we are adding a business which yields double digit FFO based on highly visible and reliable cash.

But the close of this acquisition, we are adding a business, which youll double digit SSO based on highly visible and reliable cash flows.

Speaker 3: The business also provides significant upsides to our underwriting return, some of which have already materialized.

The business also provides significant upside to our underwriting return.

Some of which have already materialized.

Over time, we expect to leverage our commercial contracting capabilities to allow Westinghouse to further grow as our large customers are seeking sources of clean dispatch able and baseload power.

Speaker 3: over time, we expect to leverage our commercial contracting capabilities to allow Western cows to further grow as our large customers are seeking sources of clean, dispatchable, and space load power.

Jenny Li: This quarter, we also move forward with our acquisition of Origin Energy, receiving authorizations from the Australian Competition and Consumer Commission in October, and received a unanimous recommendation from Origin's board having increased our offer to the top end of their independent experts' valuation range, providing a compelling opportunity for Origin's shareholders to realize the value of their investment. With the shareholder vote scheduled for late November, we expect to close the acquisition in early 2024, adding a large-scale strategic platform in Australia. Origin is Australia's largest integrated power generation and energy retailer with an industry-leading cost model, driving strong margins and cash flow visibility to fund the large-scale renewables buildout. With this acquisition, we have the opportunity to accelerate the development of renewable generation capacity to serve the existing retail energy customer base and to help decarbonize the Australian grid at this crucial time in its energy transition.

Speaker 3: We also move forward with our acquisition of origin energy.

This quarter, we also move forward with our acquisition of origin energy.

Receiving authorizations from the Australian competition and consumer Commission in October.

Speaker 3: receiving authorizations from the Australian Competition and Consumer Commission October , and received a unanimous recommendation from Organs Board, having increased our offer to the top end of their independent experts' valuation.

<unk> received a unanimous recommendation from Oregon sport, having increased our offer to the top end of their independent experts valuation range.

Speaker 3: providing a compelling opportunity for Oregon's shareholders to realize the value of their invests.

Providing a compelling opportunity for shareholders to realize the value of their investment.

With the shareholder vote scheduled for late November we expect to close the acquisition in early 2024, adding.

Speaker 3: With the shareholder vote scheduled for late November , we expect to close the acquisition in early 2024, adding a large-scale strategic platform in Australia.

Adding a large scale strategic platforms in Australia.

Speaker 3: Origin is Australia's largest integrated power generation and energy retailer with an industry leading cost model driving strong margins and casual visibility to fund the large-scale renewables build-out.

Oregon is Australia largest integrated power generation and energy retailer with an industry, leading cost model driving strong margin and cash flow visibility to fund the large scale renewables buildout.

Speaker 3: With this acquisition, we have the opportunity to accelerate the development of renewable generation capacity.

With this acquisition, we have the opportunity to accelerate the development of renewable generation capacity to serve the existing retail energy customer base.

Speaker 3: the existing retail energy customer base and to help decarbonize the Australian grid at this crucial time in its energy.

And to help Decarbonize the Australian grid at this crucial time and its energy transition.

Jenny Li: In total, over the coming months, we expect to have closed transactions totaling over $9 billion or around $1.5 billion net to Brookfield Renewable, deploying equity capital into immediately accretive transactions, adding approximately $200 million in incremental annual FFO. I will now turn it over to Wyatt to discuss our operating results and financial position.

Speaker 3: in total over the coming months, we expect to have closed transactions totaling over nine billion, or around 1.5 billion net-to-brop fuel renewals.

In total over the coming months, we expect to have closed transactions totaling over $9 billion.

Or around $1 5 billion net to Brookfield renewable.

Speaker 3: deploying equity capital into immediately a creative transaction.

Deploying equity capital into immediately accretive transactions.

Speaker 3: adding approximately 200 million in incremental annual SSO.

Adding approximately 200 million in incremental annual SSO.

Speaker 3: I will now turn over to Wyeth to discuss our operating results and find out.

I will now turn it over to white to discuss our operating results and financial position.

Wyatt Hartley: Thank you, Jenny. As Connor spoke to in his earlier remarks, we continue to build on our strong first half of the year. Operating results reflect our highly diversified platform, inflation-indexed cash flows, and strong all-in pricing. We generated FFO of $253 million or $1.29 per unit year to date, equating to a 7% increase compared to last year, and continue to be positioned to deliver our 10%+ FFO per unit growth target for the year. Our business is backed by high-quality cash flows, in large part from our perpetual hydro portfolio, which is becoming increasingly valuable in today's environment where customers are looking for 24/7 clean power solutions. The dispatchable baseload power that our hydros generate provides a unique advantage for us in partnering with buyers of clean power.

Thank you Jenny as Conor spoke to in his earlier remarks, we continue to build on our strong first half of the year operating results reflect our highly diversified platform inflation index cash flows and strong all in pricing.

Speaker 4: Thank you, Jenny. As Connor spoke to you in his earlier remarks, we continue to build on our strong first half of the year. Operating results reflect our highly diversified platform, inflation index cash flows, and strong all-in price.

We generated <unk> of $253 million.

Speaker 4: We generated FFO of $253 million or $1.29 per unit year to date, equating to a 7% increase compared to last year, and continue to be positioned to deliver our 10% plus FFO per unit growth target for the year.

Our $1 29 per unit year to date, equating to a 7% increase compared to last year and continue to be positioned to deliver our 10% plus <unk> unit growth target for the year.

Our business is backed by high quality cash flows.

Speaker 4: Our business is backed by high-quality cash flows. In large part from our perpetual hydro portfolio, which has become an increasingly valuable in today's environment, where customers are looking for 24, seven clean power solutions.

In large part from our perpetual hydro portfolio, which is becoming increasingly valuable in today's environment, where customers are looking for $24 seven clean power solutions.

Speaker 4: The despatchable, baseload power that our Hydro's generate provide a unique advantage for us in partnering with buyers of clean power.

The dispatch both base load power that our hydro is generate provide a unique advantage for us and partnering with buyers of clean power.

Wyatt Hartley: We are also set to benefit from recontracting these assets over the next several years, which will not only contribute additional FFO in the strong current pricing environment, but also act as a highly accretive funding source for growth as we up-finance many of the assets due to their low levels of debt. Our financial position remains strong. We expect to execute just short of $20 billion of non-recourse financing this year, generating over $800 million in up-financing proceeds while maintaining our strong investment-grade credit rating. We ended the quarter with $4.4 billion of available liquidity, providing significant flexibility to continue executing on our growth and development strategy. We have also been crystallizing and proving out our returns through asset recycling. In the past 18 months, we have generated $1.4 billion in proceeds from our asset recycling program, which on average represents almost three times our invested capital.

Speaker 4: We are also set to benefit from re-contracting these assets over the next several years, which will not only contribute additional FFO in the strong current pricing environment, but also act as a highly accretive funding source for growth as we outfinance many of the assets due to their low levels of debt.

We are also set to benefit from re contracting these assets over the next several years, which will not only contribute additional <unk> and the strong current pricing environment.

But also act as a highly accretive funding source for growth as we up finance many of the assets due to their low levels of debt.

Speaker 4: Our financial position remains strong. We expect to execute just short of $20 billion of non-recourse financing this year, generating over $800 million in up financing proceeds, while maintaining our strong and best-

Our financial position remains strong we expect to execute just short of $20 billion of nonrecourse financing this years generating over $800 million and.

Financing proceeds while maintaining our strong investment grade credit rating.

We ended the quarter with $4 4 billion of available liquidity, providing significant flexibility to continue executing on our growth and development strategy.

Speaker 4: We ended the quarter with $4.4 billion of available liquidity, providing significant flexibility to continue executing on our growth and development strategy.

We have also been crystallizing and proving out our returns through asset recycling.

Speaker 4: We have also been crystallizing and proving out our returns through acid recycling.

In the past 18 months, we have generated $1 4 billion in proceeds from our asset recycling program.

Speaker 4: In the past 18 months, we have generated $1.4 billion in proceeds from our asset recycling program, which on average represents almost three times our invested capital.

Which on average represents almost three times our invested capital.

Wyatt Hartley: Despite it being a scarcer environment for capital, we continue to see strong demand for appropriately sized, de-risked assets with long-term contracts and fixed-rate financing in place. As an example, we recently agreed to the sale of a 150MW solar facility in Europe that we commissioned earlier this year for proceeds of $100 million, representing almost three times our invested capital. In light of public market conditions and our strong conviction in the intrinsic value of our business and growth trajectory, we have also started to allocate capital to repurchase shares. Starting this quarter, we repurchased almost 1.5 million units under our normal course issuer bid. Looking forward, we will continue to allocate capital based on where we are seeing the best risk-adjusted returns and remain confident that we will continue to create meaningful value for our investors.

Speaker 4: Despite it being a scarcer environment for capital, we continue to see strong demand for appropriately sized, de-risk assets with long-term contracts and fixed straight financing in place.

Despite it being a scarcer environment for capital, we continue to see strong demand for appropriately sized de risked assets with long term contracts and fixed rate financing in place.

Speaker 4: As an example, we recently agreed to the sale of a 150 megawatt solar facility in Europe that we commissioned earlier this year for proceeds of $100 million representing almost three times our invested capital.

As an example, we recently agreed to the sale of a 150 megawatt solar facility in Europe that we commissioned earlier this year for proceeds of 100 $100 million, representing almost three times our invested capital.

Speaker 4: In light of public market conditions and our strong condition in the intrinsic value of our business and growth trajectory, we have also started to allocate capital to repurchase shares.

In light of public market conditions, and our strong conviction in the intrinsic value of our business and growth trajectory. We have also started to allocate capital to repurchase shares.

Starting this quarter, we repurchased almost one 5 million units under our normal course issuer bid.

Speaker 4: Starting this quarter, we repurchased almost 1.5 million units under our normal course issue or bit.

Speaker 4: Looking forward, we will continue to allocate capital based on where we are seeing the best risk adjusted returns and remain confident that we will continue to create meaningful value for our investment.

Looking forward, we will continue to allocate capital based on where we are seeing the best risk adjusted returns and remain confident that we will continue to create meaningful value for our investors.

Wyatt Hartley: In closing, we remain focused on delivering 12% to 15% long-term total returns for our investors while remaining disciplined allocators of capital, leveraging our deep funding sources and operational capabilities to enhance and de-risk our business. On behalf of the board and management, we thank all our unit holders and shareholders for the ongoing support. We are excited about Brookfield Renewable's future and look forward to updating you on our progress throughout the remainder of the year. That concludes our formal remarks for today's call. Thank you for joining us this morning, and with that, I'll pass it back to our operator for questions.

Speaker 4: In closing, we remain focused on delivering 12 to 15% long-term total returns for our investors, while remaining disciplined allocators of capital, leveraging our deep funding sources and operational capabilities to enhance and de-risk our business.

In closing, we remain focused on delivering 12% to 15% long term total returns for urban for our investors, while remaining disciplined allocators of capital and leveraging our deep funding sources and operational capabilities to enhance and Derisk our business.

Speaker 4: On behalf of the board and management, we thank all our unit holders and shareholders for the ongoing support. We are excited about Brookfield Renewable's future and look forward to updating you on our progress throughout the remainder of the year.

On behalf of the board and management, we thank all our unit holders and shareholders for the ongoing support we're excited about Brookfield renewable future and look forward to updating you on our progress throughout the remainder of the year.

Speaker 4: That concludes our formal remarks for today's call. Thank you for joining us this morning, and with that, I'll pass it back to our operator for questions.

That concludes our formal remarks for today's call. Thank you for joining us this morning, and with that I'll pass it back to our operator for questions.

Operator: Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. Our first question will come from Sean Steuart from TD Securities. Your line is open.

Thank you.

Speaker 1: As a reminder to ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. Please stand by when we compile the Q&A roster.

As a reminder to ask a question. Please press star one on your telephone and wait for your name to be announced to withdraw. Your question. Please press star one again, please standby, while we compile the Q&A roster.

And our first question will come from Sean Stewart from TD Securities. Your line is open.

Speaker 1: And our first question will come from Sean Stewart from TD Securities. Your line is open.

Sean Steuart: Thank you. Good morning, everyone. A couple of questions. Connor, you touched on, I guess, a broadening growth opportunity set given valuation contraction across the sector. We've seen an accelerating meltdown in public valuations, especially for offshore wind. You guys have taken a measured approach to that asset class. Do you have any updated thoughts on prospective growth initiatives in offshore wind as you potentially take advantage of valuation disconnect there?

Operator: Thank you. Good morning, everyone. A couple of questions. Connor, you touched on, I guess, a broadening growth opportunity set given valuation contraction across the sector. We've seen an accelerating meltdown in public valuations, especially for offshore wind. You guys have taken a measured approach to that asset class. Do you have any updated thoughts on prospective growth initiatives in offshore wind as you potentially take advantage of valuation disconnect there?

Okay.

Speaker 5: Thank you, good morning, everyone. A couple of questions. Connor, you touched on, I guess, a broadening growth opportunity set given valuation contraction across the sector. We've seen an accelerating meltdown in public valuations, especially for offshore wind. You guys have taken a measured approach to that asset class. Do you have any updated thoughts on?

Thank you good morning.

Everyone.

A couple of questions.

You touched on I guess, a broadening growth opportunity set given.

Valuation contraction across the sector, we've seen an accelerating meltdown in public valuations, especially for offshore wind you guys have taken a measured approach to that asset class do you have any updated thoughts on.

Speaker 5: Perspective growth initiative is an offshore wind as you potentially take advantage of valuation disconnect there.

Prospective growth initiatives and offshore wind.

As you potentially take advantage of.

The valuation disconnect there.

Connor Teskey: Good morning, Sean. Thanks for the question. I think it's important that we be clear here. We quite like offshore. We think it's a mature technology. It's a large-scale technology. It provides a differentiated load pattern that is very important to energy grids in certain markets around the world. And therefore, we would willingly invest in offshore if we saw the right risk-adjusted returns. Our lack of exposure to offshore traditionally is not a result of the technology but rather the investment profile that offshore opportunities have traditionally provided, where you had to invest significant amounts of capital, hundreds of millions, if not billions of dollars upfront for the right to buy or sorry, the right to build out a project in 3 or 4 or 5 or 6 years when you didn't know the environment you would be building it.

Operator: Good morning, Sean. Thanks for the question. I think it's important that we be clear here. We quite like offshore. We think it's a mature technology. It's a large-scale technology. It provides a differentiated load pattern that is very important to energy grids in certain markets around the world. And therefore, we would willingly invest in offshore if we saw the right risk-adjusted returns. Our lack of exposure to offshore traditionally is not a result of the technology but rather the investment profile that offshore opportunities have traditionally provided, where you had to invest significant amounts of capital, hundreds of millions, if not billions of dollars upfront for the right to buy or sorry, the right to build out a project in 3 or 4 or 5 or 6 years when you didn't know the environment you would be building it.

Speaker 2: Good morning, Sean. Thanks for the question.

Good morning, Sean Thanks for the question.

Yes.

Speaker 2: I think it's important that we be clear here. We quite like offshore. We think it's a mature technology. It's a large scale technology. It provides a differentiated load pattern that is very important to energy grids in certain markets around the world. And therefore, we would willingly invest in offshore if we saw the right risk-adjusted returns. With that, we can be a support for our portfolio."

I think it's important that we be clear here, we quite like offshore.

We think it's a mature technology it is a large scale technology.

It provides a differentiated load pattern that is very important to energy grids in certain markets around the world.

And therefore, we would willingly invest in offshore if we saw the right risk adjusted returns.

Our lack of exposure to offshore traditionally is not a result of the technology, but rather the investment profile that offshore opportunities has traditionally provided where you had to invest significant amounts of capital hundreds of millions if not billions of dollars upfront.

Speaker 2: lack of exposure to offshore, traditionally is not a result of the technology, but rather the investment profile that offshore opportunities have traditionally provided.

Speaker 2: where you had to invest significant amounts of capital, you know, hundreds of millions, if not billions of dollars, up front.

Speaker 2: for the rate to buy, or sorry, the rate to build out a project in three or four or five or six years.

For the right to buy or sorry, the right to build out a project in three or four or five or six years.

Speaker 2: When you didn't know the environment, you would be building it. You didn't know capex costs or financing costs or things like that.

You didn't know the environment you would be building. It you didn't know capex costs or financing costs or things like that.

Connor Teskey: You didn't know CapEx costs or financing costs or things like that. That is precisely the basis risk that we try to be very, very disciplined about and remove in the investment opportunities we pursue and the execution of our development pipeline. It was nothing to do with offshore technology itself. We simply didn't like the investment profile because it didn't fit with our approach of trying to remove basis risk. As we look at the opportunity today, we do think there are a number of opportunities where that basis risk is increasingly shrinking. If a project needed to win approvals three or four years ago when it is going to get built out next year or the year after, that basis risk has shrunk materially. Now, with some of the headwinds in the sector, there might be some eager sellers as well.

Operator: You didn't know CapEx costs or financing costs or things like that. That is precisely the basis risk that we try to be very, very disciplined about and remove in the investment opportunities we pursue and the execution of our development pipeline. It was nothing to do with offshore technology itself. We simply didn't like the investment profile because it didn't fit with our approach of trying to remove basis risk. As we look at the opportunity today, we do think there are a number of opportunities where that basis risk is increasingly shrinking. If a project needed to win approvals three or four years ago when it is going to get built out next year or the year after, that basis risk has shrunk materially. Now, with some of the headwinds in the sector, there might be some eager sellers as well.

Speaker 2: And that is precisely the basis risk that we try to be very, very disciplined about and remove in the investment opportunities we pursue and the execution of our development pipeline. So it was nothing to do with offshore technology itself. We simply didn't like the investment profile because it didn't fit with our approach of trying to remove basis risk.

And that is precisely the basis risk that we try to be very very disciplined about and remove in the investment opportunities, we pursue and the execution of our development pipeline. So it was nothing to do with offshore technology itself, we simply didn't like the investment profile.

Because it didn't fit with our approach.

Or trying to remove basis risk.

As we look at the opportunity today, we do think there are a number of opportunities where that basis risk is increasingly shrinking.

Speaker 2: As we look at the opportunity today, we do think there are a number of opportunities where that basis risk is increasingly shrinking.

Speaker 2: you know, if a project needed to win approval three or four years ago, and it's going to get built out, you know, next year or the year after, that basis risk has shrunk materially. And now with some of the headwinds in the sector, there might be some eager sellers as well. So I would say we feel comfortable with our discipline approach to entering the sector, and we do think it looks a lot more attractive to us today than it has in the past.

If a project needed to win approval three or four years ago. When it is going to get built out next year or the year after that basis risk has shrunk materially and now with some of the headwinds in the sector there might be some eager sellers as well so I would say we feel.

Connor Teskey: So I would say we feel comfortable with our disciplined approach to entering the sector, and we do think it looks a lot more attractive to us today than it has in the past.

Operator: So I would say we feel comfortable with our disciplined approach to entering the sector, and we do think it looks a lot more attractive to us today than it has in the past.

Comfortable with our disciplined approach to entering the sector and we do think it looks a lot more attractive to us today.

And then it has in the past.

Sean Steuart: Thanks for that detail. And just following on that, as you think about M&A prospects, even since the investor day in September, valuations have changed quite a bit. Can you speak to discrepancies between public and private opportunities across the M&A opportunities you're looking at right now?

Operator: Thanks for that detail. And just following on that, as you think about M&A prospects, even since the investor day in September, valuations have changed quite a bit. Can you speak to discrepancies between public and private opportunities across the M&A opportunities you're looking at right now?

Speaker 5: Thanks for that detail. And just following on that, you think about M&A prospects, even since the investor day in September , valuations have changed quite a bit. Can you speak to...

Okay, Thanks for that detail.

And just following on that.

As you think about M&A prospects.

Even since the Investor day in September probably wishes it changed quite a bit can you can you speak to.

Discrepancies between public and private opportunities.

Speaker 5: discrepancies between public and private opportunities across the M&A opportunities you're looking at right now.

Cross the M&A opportunities Youre looking at right now.

Connor Teskey: Certainly. I'd probably put it in two buckets. One is there's a continuing trend that I would say has been attractive for a couple of years and remains attractive today. And that is there are a number of high-quality, I will say, private, medium-sized developers in core markets that have fantastic pipelines and asset bases but simply don't have the scale, the access to capital, or the operating capabilities to build out those projects and really to capture the value in those pipelines that they have assembled. And we've been executing a number of those acquisitions, and I think that will continue in private markets going forward. And then in public markets, make no mistake about it. We're constantly tracking the public markets. And for a couple of years there, it was very difficult to execute in the public markets at our target returns.

Operator: Certainly. I'd probably put it in two buckets. One is there's a continuing trend that I would say has been attractive for a couple of years and remains attractive today. And that is there are a number of high-quality, I will say, private, medium-sized developers in core markets that have fantastic pipelines and asset bases but simply don't have the scale, the access to capital, or the operating capabilities to build out those projects and really to capture the value in those pipelines that they have assembled. And we've been executing a number of those acquisitions, and I think that will continue in private markets going forward. And then in public markets, make no mistake about it. We're constantly tracking the public markets. And for a couple of years there, it was very difficult to execute in the public markets at our target returns.

Speaker 2: Certainly. I probably put it in two buckets. One is there's a continuing trend that I would say has been attractive for a couple of years and remains attractive today. And that is there are.

Certainly.

I, probably put it in into bucket.

One is there is a continuing trend.

That I would say has been attractive for a couple of years and remains attractive today.

And that is there are.

Speaker 2: A number of high quality, I will say private, medium-sized developers in core markets that have been fantastic pipelines and asset bases, but simply don't have the scale, the access to capital, or the operating capabilities to build out those projects and really to capture the value in those pipelines.

A number of high quality I will say private medium sized developers in core markets that have been plastic pipelines and asset basis, but simply don't have the scale the access to capital or the operating capabilities to build out those projects and really to capture the value in in those pipes.

<unk>.

Speaker 2: that they have assembled. And we've been executing a number of those acquisitions, and I think that will continue in private markets going forward. And then in public...

That they have assembled.

And we've been executing a number of those acquisitions and I think that will continue in private markets.

Going forward.

And then in public markets.

Speaker 2: You know, make no mistake about it. We're constantly tracking the public markets and for a couple of years there, it was very difficult to execute in the public market.

Make no mistake about it.

We're constantly tracking the public markets and for a couple of years there it was very difficult to execute in the public markets.

Speaker 2: at our target returns, but given the adjustments in market valuations, there are a number of names that I would say are increasingly entering the strike zone in terms of attractive value. And therefore, we do think we could be more active on the public side going forward than we have been over the last couple years.

Connor Teskey: But given the adjustments in market valuations, there are a number of names that I would say are increasingly entering the strike zone in terms of attractive value. And therefore, we do think we could be more active on the public side going forward than we have been over the last couple of years.

Operator: But given the adjustments in market valuations, there are a number of names that I would say are increasingly entering the strike zone in terms of attractive value. And therefore, we do think we could be more active on the public side going forward than we have been over the last couple of years.

Our target returns, but given the adjustments.

<unk> and market valuations that there are a number of.

Names that I would say are increasingly.

Entering the strike zone in terms of.

Attractive value and therefore, we do think we could be more active on the public side going forward than we have been over the last couple of years.

Sean Steuart: Okay. That's all I have for now. I'll get back into queue. Thanks, Connor.

Operator: Okay. That's all I have for now. I'll get back into queue. Thanks, Connor.

Okay.

Speaker 5: That's all I have for now. I'll get back in the queue. Thanks, Connor.

That's all I have for now I'll get back in the queue. Thanks Connor.

Okay.

Operator: Thank you. Our next question will come from Robert Hope from Scotiabank. Your line is open.

Thank you.

Our next question will come from Robert Hope from Scotiabank. Your line is open.

Speaker 1: Our next question will come from Robert Hope from Scotia Bank. Your line is open.

Robert Hope: Good morning, everyone. In the letter and on the call so far, you've spoken very favorably about kind of prospective in the prospective investment environment, whether that's kind of private or public opportunities. You have a number of acquisitions closing here in the coming months as well. While your liquidity is strong, how do you think about the access to capital moving forward? Is the opportunity set in front of you in excess of your available capital, or could you see yourselves maybe accelerate some asset sales to further bolster your liquidity profile?

Speaker 6: Good morning, everyone. In the letter and on the call so far, you've spoken very favorably about kind of perspectives in the perspective of investment environment, whether that's kind of private or public opportunities. You have a number of acquisitions closing here in the coming months as well. While your liquidity is strong, how do you think about the access to capital moving forward?

Good morning, everyone.

In the letter and on the call. So far you've spoken very favorably about kind of perspective.

Prospective investment environment, whether that's kind of a private or public opportunities you have a number of acquisitions closing here in the coming months as well while your liquidity is strong how do you think about.

The access to capital and moving forward is the opportunity set in front of you in excess of your available capital or could you see yourselves, maybe accelerate some asset sales to further bolster your liquidity profile.

Speaker 6: is the opportunity set in front of you in excess of your available capital? Or could you see yourselves maybe accelerate some asset sales to further bolster your liquidity profile?

Connor Teskey: Certainly. So I think there's probably two things to highlight. As Wyatt mentioned in some of our disclosures, we've had a very active year for financings and, in particular, up-financings. We've done all of that while maintaining our investment-grade credit metrics and our investment-grade approach to asset-level non-recourse fixed-rate financing. That's really provided us a very meaningful component of the capital needed to fund the growth we've announced in a very accretive manner. The other thing I would highlight is when you close such large transactions such as Westinghouse and potentially Origin, those businesses have tremendous access to capital themselves. They come with large undrawn revolvers that can be used to fund their ongoing growth. Therefore, as our platform grows, so does our access to liquidity and capital going forward. So obviously, we're closing a number of transactions this quarter.

Robert Hope: Certainly. So I think there's probably two things to highlight. As Wyatt mentioned in some of our disclosures, we've had a very active year for financings and, in particular, up-financings. We've done all of that while maintaining our investment-grade credit metrics and our investment-grade approach to asset-level non-recourse fixed-rate financing. That's really provided us a very meaningful component of the capital needed to fund the growth we've announced in a very accretive manner. The other thing I would highlight is when you close such large transactions such as Westinghouse and potentially Origin, those businesses have tremendous access to capital themselves. They come with large undrawn revolvers that can be used to fund their ongoing growth. Therefore, as our platform grows, so does our access to liquidity and capital going forward. So obviously, we're closing a number of transactions this quarter.

Certainly so I think there's probably two things to highlight.

Speaker 2: Certainly. So I think there's probably two things to highlight. As Wyatt mentioned in some of our disclosures, we've had a very active year for financings and in particular upfinancing. And we've done all of that while maintaining our investment grade credit metrics and our investment grade approach to

As Wyatt mentioned and in some of our disclosures.

We've had a very active year.

For financings and in particular up financings.

And we've done all of that while maintaining our investment grade credit metrics and our investment grade approach to asset level non non recourse fixed rate financing and thats really provided us a very meaningful component of the capital needed to fund.

Speaker 2: asset level, non-recourse, fixed rate financing. And that's really provided us a very meaningful component that the capital needed to fund the growth we've announced in a very accretive manner. The other thing I would highlight is

The growth, we've announced in a very accretive manner.

The other thing I would highlight is <unk>.

Speaker 2: When you close such large transactions such as Westinghouse and potentially Origin, those businesses have tremendous access to capital themselves.

When you close such large transactions, such as Westinghouse and potentially origin.

Those businesses have tremendous access to capital themselves.

Speaker 2: and they come with large under-on-revolvers that can be used to fund their ongoing growth and therefore as our platform grows so does our access to liquidity in capital going forward. So, yeah.

And they come with large undrawn revolvers that can be used to fund their ongoing growth and therefore as our platform grows so does our access to liquidity and capital going forward. So.

Obviously.

Speaker 2: Obviously we're closing a number of transactions this quarter. We're at about 4.5 billion of liquidity today. If we closed all the transactions in our pipeline, we'd still be at at least 3.5 billion of liquidity rough numbers.

We're closing a number of transactions this quarter, we're at about $4 5 billion of liquidity today, if we closed all the transactions in our pipeline, we'd still be at it.

Connor Teskey: We're at about $4.5 billion of liquidity today. If we closed all the transactions in our pipeline, we'd still be at least $3.5 billion of liquidity, rough numbers. And that gives us plenty of dry powder to pursue any large and attractive opportunities that come our way. Given the environment, this is something we keep very top of mind. We want to make sure that we're always well-positioned to pursue growth in environments such as this where we see very attractive returns.

Robert Hope: We're at about $4.5 billion of liquidity today. If we closed all the transactions in our pipeline, we'd still be at least $3.5 billion of liquidity, rough numbers. And that gives us plenty of dry powder to pursue any large and attractive opportunities that come our way. Given the environment, this is something we keep very top of mind. We want to make sure that we're always well-positioned to pursue growth in environments such as this where we see very attractive returns.

At least $3 5 billion of liquidity rough numbers and that gives us plenty of dry powder to pursue any large and attractive opportunities that come our way.

Speaker 2: And that gives us plenty of dry powder to pursue any large and attractive opportunities that come our way. Given the environment, this is something we keep very top of mind. We want to make sure that we're always well positioned to pursue growth in environments such as this where we see very attractive returns.

Given the environment. This is something we keep very top of mind, we want to make sure that we're always well positioned.

To pursue growth in environment, such as this where we see very attractive returns.

Robert Hope: Appreciate that. And then just maybe moving to the unit and share buyback, can you maybe walk us through how you're thinking about intrinsic value there? And more specifically, in terms of access to capital, are you seeing or how do you think about the risk-adjusted returns of buying back your own share versus what appear to be very attractive returns in other areas of your business?

I appreciate that and then just moving maybe moving to the unit and share buybacks can you maybe walk us through how youre thinking about intrinsic value there and more specifically in terms of access to capital are you seeing.

Speaker 6: Appreciate that. And then just maybe moving to the unit unit and share by back to you. Maybe walking through how you're thinking about intrinsic value there. And more specifically in terms of access to capital are you seeing?

Speaker 6: Or how do you think about the risk-adjusted returns of buying back your own share versus what appeared to be very attract returns in other areas of your business?

Or how do you think about the risk adjusted returns of buying back your own share versus what appear to be very attractive returns.

Other areas of your business.

Connor Teskey: Certainly. So we think about it the same way, I would say. We always want to be disciplined in the use of our liquidity and the use of our investment capital. And with what we would view as kind of the irrational decline in our share prices over the last couple of months, for the first time in a long time, we saw it as a clear opportunity to buy back some of our shares for value. And to be clear, when we're buying back those shares, we're working within the daily volume restrictions of our NCIB. And we've been doing that for a number of weeks now and probably will likely continue to do it for a number of weeks going forward. But in terms of how we think about capital allocation between the two, we view our capital as fungible.

Robert Hope: Certainly. So we think about it the same way, I would say. We always want to be disciplined in the use of our liquidity and the use of our investment capital. And with what we would view as kind of the irrational decline in our share prices over the last couple of months, for the first time in a long time, we saw it as a clear opportunity to buy back some of our shares for value. And to be clear, when we're buying back those shares, we're working within the daily volume restrictions of our NCIB. And we've been doing that for a number of weeks now and probably will likely continue to do it for a number of weeks going forward. But in terms of how we think about capital allocation between the two, we view our capital as fungible.

Certainly.

<unk>.

Think about it the same way I would say, we always want to be disciplined in the use of our liquidity and the use of our investment capital and with what we would view as kind of the.

Speaker 2: Think about it the same way. I would say we always want to be disciplined in the use of our liquidity and the use of our investment capital. And with...

Speaker 2: what we would view as kind of the...

Speaker 2: Errational decline in our share prices over the last couple months

Irrational decline in our share prices over the last couple of months.

Speaker 2: For the first time in the long time, we saw it as a clear opportunity to buy back Some of our shares for value and and to be clear when we're buying back those shares We're working within the the daily volume restrictions of our NCIB and we've been doing that for a number of weeks now And and probably will likely continue to do it for a number of weeks going forward

For the first time in a long time, we saw it as a clear opportunity to buyback some of our shares for value and to be clear when we're buying back those shares.

We're working within the daily volume restrictions that are in CIB and we've been doing that for a number of weeks now and probably will likely continue to do it for a number of weeks going forward, but in terms of how we think about capital allocation.

Speaker 2: but in terms of how we think about capital allocation.

Speaker 2: between the two, we view our capital as fungible. And we equally wait the returns that we can make and buying back our own shares versus the returns we can make in investing in growth.

Between the two.

We view our capital is fungible.

Connor Teskey: We equally weight the returns that we can make in buying back our own shares versus the returns we can make in investing in growth. For years, that balance has been heavily tilted to growth. With the recent decline in the sectors, we expect to be doing both going forward.

Robert Hope: We equally weight the returns that we can make in buying back our own shares versus the returns we can make in investing in growth. For years, that balance has been heavily tilted to growth. With the recent decline in the sectors, we expect to be doing both going forward.

And we equally weight the returns that we can make in buying back our own shares versus the returns we can make it in investing in growth.

Speaker 2: For years, that balance has been heavily tilted to growth, but with the recent decline in the sectors, we expect to be doing both going forward. Next is impact.

For years.

That balance has been heavily tilted to growth, but with the recent decline in the sectors, we expect to be doing both going forward.

Robert Hope: Appreciate the color. Thank you.

Appreciate the color. Thank you.

Operator: Thank you. Our next question will come from David Quezada from Raymond James. Your line is open.

Thank you.

Speaker 1: Our next question will come from David Kusata from Raymond James. Your line is open.

Our next question will come from David <unk> from Raymond James Your line is open.

David Quezada: Thanks. Morning, everyone. Maybe just starting out with Westinghouse, sounds like that is shaping up pretty well for closing pretty soon. Just wondering if you could just remind us maybe longer-term how you see nuclear fitting into your future plans. I know that Westinghouse has that microreactor technology. I'm just curious: will your ambitions extend beyond Westinghouse, or will that be your vehicle for kind of targeting the nuclear market?

Thanks, Good morning, everyone, maybe just starting out with Westinghouse sounds like that shaping up pretty well for closing pretty soon I was just wondering if you could just remind us.

Speaker 7: Thanks, morning everyone. Maybe just starting out with Westinghouse sounds like that shaping up pretty well for closing pretty soon. Just wanting to get this remind us, maybe longer term how you see new clear fitting into your future plans. I know that Westinghouse has that microreactor technology and just curious will your ambitions extend beyond Westinghouse or will that be your vehicle for kind of targeting the new clear market?

Maybe longer term, how you see nuclear fitting into your future plans I know that.

Westinghouse has that micro reactor technology I'm just curious.

Are your ambitions extend beyond Westinghouse or will that be your vehicle.

We're kind of targeting the nuclear market.

Connor Teskey: Certainly. So maybe just a fun point of color for everyone. We actually got our last regulatory approval on Westinghouse, I would say, within an hour before this call. So we are all good to go, and we do expect to close this transaction next week. In terms of why we're so excited about Westinghouse, I would say two things off the top, and then I'll get into some of the detail. When we look at the growth drivers of wind and solar, they are very clearly decarbonization, electrification, and energy security. And when you look at what the drivers of nuclear power are, it's the same thing: decarbonization, electrification, and energy security. And then the second thing I would say is we've been tracking nuclear for a long number of years now.

David Quezada: Certainly. So maybe just a fun point of color for everyone. We actually got our last regulatory approval on Westinghouse, I would say, within an hour before this call. So we are all good to go, and we do expect to close this transaction next week. In terms of why we're so excited about Westinghouse, I would say two things off the top, and then I'll get into some of the detail. When we look at the growth drivers of wind and solar, they are very clearly decarbonization, electrification, and energy security. And when you look at what the drivers of nuclear power are, it's the same thing: decarbonization, electrification, and energy security. And then the second thing I would say is we've been tracking nuclear for a long number of years now.

Certainly so maybe just a fun point of color for everyone. We actually got our last regulatory approval on Westinghouse.

Speaker 2: Certainly, so maybe just a fun point of color for everyone. We actually got our last regulatory approval on Westinghouse. I would say within an hour before this call. So we are all good to go and we do expect to close this transaction next week. In terms of

I would say within an hour before this call.

So we are all good to go and we do expect to close this transaction next week.

In terms of.

Speaker 2: You know, why we're so excited about Westinghouse.

Why we're so excited about Westinghouse.

Speaker 2: I would say two things off the top and then I'll get into some of the detail.

I would say two things off the top and then I'll get into some of the detail.

Speaker 2: When we look at the growth drivers of wind and solar, they are very clearly decarbonization, electrification, and energy security. And when you look at what the drivers of nuclear power are, it's the same thing. Decarbonization, electrification, and energy security. And then the second thing I would say is,

When we look at the growth drivers of wind and solar they are very clearly decarbonization electrification and energy security and when you look at what the drivers of nuclear power are it's the same thing decarbonization electrification and energy security and then.

The second thing I would say is.

Speaker 2: We've been tracking nuclear for a long number of years now. And I think we've always had a very favorable view of it. Because of the front row seat, we have to the value of clean, dispatchable, base load power that we see through our own existing hydroportfolio.

We've been tracking nuclear for a long number of years now and I think we've always had a very very favorable view of it because of the front row seat, we have to the value of clean dispatch will baseload power that we see through our own existing hydro portfolio.

Connor Teskey: And I think we've always had a very favorable view of it because of the front-row seat we have to the value of clean dispatchable baseload power that we see through our own existing hydro portfolios. The value of that clean dispatchable baseload energy is not growing incrementally. It's inflecting higher. And today, there's really two places where you can get that type of energy supply, and that's hydro and nuclear. And going forward, we will have meaningful leading positions in both. When it comes to Westinghouse, Westinghouse obviously offers a full suite of nuclear power generation products. It's probably most well-known for its market-leading AP1000 reactor, which is what is typically used in large markets to support countries and major utilities get off large, I would say, coal or thermal supply stacks.

David Quezada: And I think we've always had a very favorable view of it because of the front-row seat we have to the value of clean dispatchable baseload power that we see through our own existing hydro portfolios. The value of that clean dispatchable baseload energy is not growing incrementally. It's inflecting higher. And today, there's really two places where you can get that type of energy supply, and that's hydro and nuclear. And going forward, we will have meaningful leading positions in both. When it comes to Westinghouse, Westinghouse obviously offers a full suite of nuclear power generation products. It's probably most well-known for its market-leading AP1000 reactor, which is what is typically used in large markets to support countries and major utilities get off large, I would say, coal or thermal supply stacks.

Speaker 2: The value of that clean, dispatchable energy, clean, dispatchable, base load energy is not growing incrementally, it's inflecting higher. And today there's really two places where you can get that type of energy supply, and that's hydro and nuclear, and going forward we will have meaningful leading positions in both.

The value of that clean this basketball energy.

Clean dispatch for base load energy is not growing incrementally it's inflicting higher.

And today there is really two places where you can get that type of energy supply and Thats hydro and nuclear and going forward, we will have meaningful leading positions in both.

Speaker 2: When it comes to Westinghouse, Westinghouse obviously offers a full suite of nuclear power generation products. It's probably most well known for its market leading AP 1000 reactor, which is what is typically used in large markets to support countries and major utilities, get off large, I would say, coal or thermal supply stack. But what's important to recognize.

When it comes to.

Westinghouse Westinghouse obviously offers a full suite of nuclear power generation products.

It's probably most well known for its market, leading AP 1000.

Reactor, which is what is typically used in large markets to support countries and major utilities get off large I would say coal or thermal supply stack.

Connor Teskey: But what's important to recognize about Westinghouse is they also have an AP300 technology, which is a small modular reactor technology. The important thing about the AP300 is it's the same design. It's the same technology. It's the same model as the AP1000, simply shrunk down. As a result, we don't expect the AP300 to have many of the first-of-its-kind issues that other SMR technologies will have. Lastly, Westinghouse has its microreactor technology, eVinci. This is very good for projects and businesses that are in remote locations and need to get off high-carbon, high-cost energy like diesel fuel oil. What I would say what we get really excited about Westinghouse is today, it typically supports large utilities and power grids of governments.

David Quezada: But what's important to recognize about Westinghouse is they also have an AP300 technology, which is a small modular reactor technology. The important thing about the AP300 is it's the same design. It's the same technology. It's the same model as the AP1000, simply shrunk down. As a result, we don't expect the AP300 to have many of the first-of-its-kind issues that other SMR technologies will have. Lastly, Westinghouse has its microreactor technology, eVinci. This is very good for projects and businesses that are in remote locations and need to get off high-carbon, high-cost energy like diesel fuel oil. What I would say what we get really excited about Westinghouse is today, it typically supports large utilities and power grids of governments.

But what's important to recognize about Westinghouse.

Speaker 2: Is they also have an AP 300 technology?

As they also have an AP 300 technology.

Which is a small small modular reactor technology and the important thing about the AP 300 is it the same design. Its the same technology. It's the same model as the AP 1000, simply shrunk down and as a result, we don't expect the AP 302 have many of the first of its kind issues that other.

Speaker 2: which is a small module of reactor technology. And the important thing about the AP 300 is it's the same design, it's the same technology, it's the same model as the AP 1000, simply shrunk down.

Speaker 2: And as a result, we don't expect the AP 300 to have many of the first of its kind issues that other SMR technologies will have. And then lastly, Westinghouse has its microreactor technology evenche. And this is very good for projects and businesses that are in remote locations and need to get off, high carbon, high cost energy like diesel fuel oil.

<unk> technologies will have and then lastly.

Westinghouse has its micro reactor technology <unk> and this is very good for projects and businesses that are in remote locations and need to get off high carbon high cost energy like like diesel fuel oil what I would say, what we get really excited about Westinghouse.

Speaker 2: what I would say what we get really excited about westing houses today it typically supports large utilities and power grids of government

Since today it typically supports large utilities and power grids of government, but with the huge increase in corporate demand that we're seeing around the world and with leading corporates now looking to procure the same amount of energy is leading countries. We do believe that we will be able to use Westinghouse.

Connor Teskey: But with the huge increase in corporate demand that we are seeing around the world and with leading corporates now looking to procure the same amount of energy as leading countries, we do believe that we will be able to use Westinghouse's products to service the large energy demands of our leading corporate customers. And the clean dispatchable baseload profile that they can provide matches very well with the buildout in renewables that we're already using to service that customer demand. So similar to how our hydro portfolio has really differentiated us in the past, we think adding nuclear to our portfolio will continue to really differentiate us in the future.

David Quezada: But with the huge increase in corporate demand that we are seeing around the world and with leading corporates now looking to procure the same amount of energy as leading countries, we do believe that we will be able to use Westinghouse's products to service the large energy demands of our leading corporate customers. And the clean dispatchable baseload profile that they can provide matches very well with the buildout in renewables that we're already using to service that customer demand. So similar to how our hydro portfolio has really differentiated us in the past, we think adding nuclear to our portfolio will continue to really differentiate us in the future.

Speaker 2: but with the huge increase in corporate demand that we are seeing around the world and with leading corporates now looking to procure the same amount of energy as leading countries we do believe that we will be able to use westing house's product

<unk> products.

Speaker 2: to service the large energy demands of our leading corporate customers. And the clean, dispatchable, base load profile that they can provide matches very well with the build out in renewables that we're already using to service that customer at the man. So similar to how our hydro portfolio has really differentiated us in the past, we think adding nuclear to our portfolio will continue to really differentiate us in the future.

To service the large energy demands.

Our leading corporate customers and the clean dispatch will base load profile that they can provide matches very well with with the build out in renewables that we're already using to service that customer demand. So similar to how our hydro portfolio has really differentiated us in the past, we think adding nuclear too.

Our portfolio will continue to really differentiate us in the future.

David Quezada: Awesome. That's great color. Thanks for that, Connor. And then maybe just kind of a follow-up to commentary around M&A. And I'm thinking about hydro specifically. I'm just wondering if hydro assets seems like historically, they've traded hands at higher multiples. Are you seeing any M&A opportunities shape up in the hydro space where you could look to grow your fleet there?

Speaker 7: Awesome, that's great color, thanks for that corner. And then maybe just kind of a fall up to commentary around M&A. And I'm thinking about Hydro specifically, just wondering if Hydro assets seem like historically, they traded hand but hire multiples. Are you seeing any opportunity, M&A opportunities shape up in the Hydro space where you could look to grow your fleet there?

Awesome, that's great color, thanks for that corner and then maybe just.

Kind of a follow up the commentary around M&A and I would think about hydro specifically I'm just wondering if hydro assets seems like historically, they've traded hand higher multiples are you seeing any.

Opportunities M&A opportunities shape up in the hydro space, where you could look to grow your fleet there.

Connor Teskey: Certainly. So it's a good question. But what I would say is there's simply less hydro being built around the world. The hydro fleet around the world is a much more contained perimeter of assets. And therefore, there is going to be less deal activity. I would say we monitor it in all of our core markets. We have been buyers of hydro over the last couple of years, most notably in South America. And those investments have performed really, really well for us. But what I would say is we look at acquisitions in hydro no different than we look at acquisitions in every other technology. If we can buy for good value, we'll obviously deploy the capital there. But if we're seeing better risk-adjusted returns elsewhere, we'll allocate that capital away. And the other point I would make is we increasingly look at asset sales the same way.

David Quezada: Certainly. So it's a good question. But what I would say is there's simply less hydro being built around the world. The hydro fleet around the world is a much more contained perimeter of assets. And therefore, there is going to be less deal activity. I would say we monitor it in all of our core markets. We have been buyers of hydro over the last couple of years, most notably in South America. And those investments have performed really, really well for us. But what I would say is we look at acquisitions in hydro no different than we look at acquisitions in every other technology. If we can buy for good value, we'll obviously deploy the capital there. But if we're seeing better risk-adjusted returns elsewhere, we'll allocate that capital away. And the other point I would make is we increasingly look at asset sales the same way.

Speaker 2: Certainly, so it's a good question, but what I would say is there's simply less hydro being built around the world. The hydro fleet around the world is a much more contained...

Certainly so so it's a good question, but what I would say is.

There is simply less hydro being built around the world.

Hydro fleet around the world is a much more contained.

Speaker 2: perimeter of assets and therefore there is going to be less

Perimeter of assets and therefore, there is going to be less.

Speaker 2: deal activity. I would say we monitor it in all of our core markets. We have been buyers of Hydro over the last couple of years, most notably in South America and those investments have performed really really well for us.

Deal activity I would say, we monitor it in all of our core markets.

We have been buyers of hydro over the last couple of years, most notably in South America and those investments have performed really really well for us.

Speaker 2: But what I would say is we look at acquisitions in hydro, no different than we look at acquisitions in every other technology.

But what I would say as we look at acquisitions and hydro no different than we look at acquisitions in every other technology.

Speaker 2: If we can buy for good value, we'll obviously deploy the capital there, but if we're seeing better risk adjusted or return elsewhere, we'll allocate that capital away. And the other point I would make is, we increasingly look at assets sales the same way. If someone is

If we can buy for good value, we'll obviously deploy the capital there, but if we're seeing better risk adjusted returns elsewhere.

Allocate that capital away and the other point I would make is we increasingly look at asset sales the same way if someone has to.

Connor Teskey: If someone is to offer us a value on a hydro asset that far exceeds what we think the value of that asset is in our portfolio, we would consider selling hydro as well. We look at hydro as a technology. We value it very, very significantly. But we look at it emotionlessly the similar way we look at all the other renewable asset classes.

David Quezada: If someone is to offer us a value on a hydro asset that far exceeds what we think the value of that asset is in our portfolio, we would consider selling hydro as well. We look at hydro as a technology. We value it very, very significantly. But we look at it emotionlessly the similar way we look at all the other renewable asset classes.

Speaker 2: to offer us a value on a hydro asset that forex feeds that what we think the value of that asset is in our portfolio, we would consider selling hydro as well. We look at hydro as a technology, we value it very, very significantly, but we look at it emotionally, the similar way we look at all the other renewable asset classes.

To offer us a value on a hydro asset that far exceeds that what we think the value of that asset is in our portfolio, we would consider selling hydro as well.

We look at hydro is a technology, we value at very very significantly.

But we look at it emotionally Leslie.

<unk> way, we look at all the other renewable asset classes.

David Quezada: Excellent. Thanks for that, Connor. I'll turn it over.

Excellent thanks for that color I'll turn it over.

Operator: Thank you. And as a reminder, to ask a question, please press star 11. Our next question will come from Rupert Merer from National Bank. Your line is open.

Speaker 1: Thank you. And as a reminder to ask a question, please press star 11.

Thank you.

As a reminder to ask a question. Please press star one one.

Yeah.

Speaker 1: Our next question will come from Rupert Mara from National Bank. Your line is open.

Our next question will come from Rupert <unk> from National Bank. Your line is open.

Operator: Hi. Good morning. Connor, on asset recycling, are you still seeing strong appetite in the market to support your recycling program? And can you comment on the direction of prices you're seeing and how that might vary by market?

Rupert Merer: Hi. Good morning. Connor, on asset recycling, are you still seeing strong appetite in the market to support your recycling program? And can you comment on the direction of prices you're seeing and how that might vary by market?

Hi, good morning, Conor on asset recycling or are you still seeing strong appetite in the market to support the recycling program and can you comment on.

Speaker 2: Hi, good morning. Connor, on asset recycling, are you still seeing strong appetite in the market to support your recycling program? And can you comment on the direction of prices you're seeing and how that might vary by market? Rupert, it's a really, really good question. I would say one thing we've seen this year, which is probably appropriate color that we can share is...

On the.

Direction of prices, you're seeing and how that might vary by market.

Connor Teskey: Rupert, it's a really, really good question. I would say one thing we've seen this year, which is probably appropriate color that we can share, is it's important to recognize what's happening in the market right now, which is there is still a huge influx of capital into the renewable power, energy transition, decarbonization space. But I would say the vast majority of that capital is flowing into the segment of the market that is looking for, I would say, small to medium-sized assets that are very de-risked and are operating in contracted. Larger-scale platforms that require more operational intensity and more development, that's where we've seen good opportunities to buy for value. Selling well-sized assets that are de-risked, that's where we're seeing good opportunities to sell for value. We've really taken that into account in terms of our approach to asset sales.

Rupert Merer: Rupert, it's a really, really good question. I would say one thing we've seen this year, which is probably appropriate color that we can share, is it's important to recognize what's happening in the market right now, which is there is still a huge influx of capital into the renewable power, energy transition, decarbonization space. But I would say the vast majority of that capital is flowing into the segment of the market that is looking for, I would say, small to medium-sized assets that are very de-risked and are operating in contracted. Larger-scale platforms that require more operational intensity and more development, that's where we've seen good opportunities to buy for value. Selling well-sized assets that are de-risked, that's where we're seeing good opportunities to sell for value. We've really taken that into account in terms of our approach to asset sales.

Rupert it's it's a really really good question and I would say one thing we've seen this year, which is probably appropriate color that we can share is.

It's important to recognize what's.

Speaker 2: It's important to recognize what's happening in the market right now, which is there is still a huge influx of capital into the renewable power, energy transition, decarbonization space.

What's happening in the market right now, which is there is still a.

Huge influx of capital into the renewable power energy transition decarbonization space, but I would say.

Speaker 2: But I would say the vast majority of that capital is flowing into the segment of the market that is looking for, I would say, small to medium-sized assets that are very de-risked and are operating in contract.

The vast majority of that capital is flowing into that segment of the market that is looking for I would say small to medium sized assets that are very de risked and our operating and contracted.

Speaker 2: larger scale platforms that require more operational intensity and more development. That's where we've seen good opportunities to buy for value, selling well-sized assets that are de-risk. That's where we're seeing good opportunities.

Larger scale platforms that require more operational intensity and more development, that's where we've seen good opportunities to buy for value selling well sized assets that are de risked.

That's where we're seeing good opportunities to sell for value add.

Speaker 2: And we've really taken that into account in terms of our approach to asset sales. And therefore, as we look at our, the asset sales we've completed recently and the ones in our pipeline going forward, they really focus on, I would say, small to medium size assets that are very de-rift and can attract a very low cost capital. And we continue to see a very, very strong bid for those assets.

And we've really taken that into account in terms of our approach to asset sale and therefore as we look at our the asset sales, we've completed recently and the ones in our pipeline going forward. They really focus on I would say small to medium sized assets that are very derisked and can attract.

Connor Teskey: Therefore, as we look at the asset sales we've completed recently and the ones in our pipeline going forward, they really focus on, I would say, small to medium-sized assets that are very de-risked and can attract a very low cost of capital. We continue to see a very, very strong bid for those assets. In general, I would say across almost all our major markets around the world, off the top of my head, I can't really think of one now where we aren't seeing still a robust bid for those well-sized, de-risked, contracted assets.

Rupert Merer: Therefore, as we look at the asset sales we've completed recently and the ones in our pipeline going forward, they really focus on, I would say, small to medium-sized assets that are very de-risked and can attract a very low cost of capital. We continue to see a very, very strong bid for those assets. In general, I would say across almost all our major markets around the world, off the top of my head, I can't really think of one now where we aren't seeing still a robust bid for those well-sized, de-risked, contracted assets.

Very low cost of capital and we continue to see a very very strong bid for those assets.

Sure.

Speaker 2: In general, I would say across almost all our major markets around the world. Off the top of my head, I can't really think of one now where we aren't seeing still a robust bid for those well-sized, de-risk, contracted assets.

In general I would say across almost all our.

Major markets around the world.

Off the top of my head I can't really think of one now where we are seeing still a robust bid.

For those well sized derisked our contracted assets.

Operator: So with that interest in investing in the sector from other investors in the space, how are you seeing the capital being made available through your private partnerships and your other institutional partners? Are they still writing checks to support deals alongside Brookfield?

Rupert Merer: So with that interest in investing in the sector from other investors in the space, how are you seeing the capital being made available through your private partnerships and your other institutional partners? Are they still writing checks to support deals alongside Brookfield?

So with that interest in investing in the sector from other investors in the space. How are you seeing the capital being made available through your private partnerships and your other institutional partners are they.

Speaker 8: So with that interest in investing in the sector from other investors in the space, how are you seeing the capital being made available through your private partnerships and your other institutional partners? Are they still writing checks to support deals alongside Brookfield?

Phil.

Writing checks to support deals alongside Brookfield.

Connor Teskey: Yeah, absolutely. Stronger today than ever before. And I think we're seeing that not only through Brookfield's broader funds business but also the willingness of large, global, institutional, highly sophisticated investors to, on a discretionary basis, co-invest into some of our larger transactions. And Westinghouse, which we will close next week, is a great example of that. We saw very significant co-investor demand to come alongside of Brookfield Renewable in investing in that transaction. And we feel that's great. One, really validates our investment thesis. And two, it also allows us to continue to look to execute on the largest and most attractive opportunities at a scale that very few around the world can match. So we continue to see very, very robust demand for exposure to this space from large, sophisticated institutional investors.

Rupert Merer: Yeah, absolutely. Stronger today than ever before. And I think we're seeing that not only through Brookfield's broader funds business but also the willingness of large, global, institutional, highly sophisticated investors to, on a discretionary basis, co-invest into some of our larger transactions. And Westinghouse, which we will close next week, is a great example of that. We saw very significant co-investor demand to come alongside of Brookfield Renewable in investing in that transaction. And we feel that's great. One, really validates our investment thesis. And two, it also allows us to continue to look to execute on the largest and most attractive opportunities at a scale that very few around the world can match. So we continue to see very, very robust demand for exposure to this space from large, sophisticated institutional investors.

Speaker 2: Yeah, absolutely stronger today than ever before. And I think, you know, we're seeing that not only through our Brookfield's broader funds business, but also the willingness of large global institutional, highly sophisticated investors to discretion it, to want a discretionary basis, co-invests.

Slightly stronger today than ever before.

And I think.

We're seeing that not only are.

Through our Brookfield broader funds business, but also the willingness of large global institutional highly sophisticated investors to discretionary to on a discretionary basis co invest.

Speaker 2: into some of our larger transactions. And Westinghouse, which we will close next week, is a great example of that.

Into some of our larger transactions and Westinghouse, which we will close next week is a great example of that.

Speaker 2: We saw a very significant co-investor demand to come along side of Brookfield Renewable and investing in that transaction. And we feel that's great. It one really validates our investment thesis.

Very significant co investor demand to come alongside us.

Field renewable and investing in that transaction and we feel thats great. It one really validates our investment thesis and two it also allows us to continue to look to execute on the largest and most attractive opportunities at a scale that very few around the world can match.

Speaker 2: And two, it also allows us to continue to look to execute on the largest and most attractive opportunities at a scale that very few around the world can match. So we see, continue to see very, very robust demand for exposure to this space from large sophisticated institutional index.

So.

We see continue to see very very robust demand.

For exposure to this space from large sophisticated institutional investors.

Operator: Great. And then just finally, you may not want to comment on this, but it seems the Origin Energy deal doesn't have support from all of the shareholders. Just wondering what the options are to get that deal over the line or what your next steps will be if you have some challenges there. Any thoughts on Origin?

Rupert Merer: Great. And then just finally, you may not want to comment on this, but it seems the Origin Energy deal doesn't have support from all of the shareholders. Just wondering what the options are to get that deal over the line or what your next steps will be if you have some challenges there. Any thoughts on Origin?

Speaker 8: Great, and then just finally, you may not want to comment on this, but it seems the Origin Energy Deal doesn't have support from all of the shareholders. Just wondering what the options are to get that deal over the line or what your next steps will be if you have some challenges there. Any thoughts on Origin?

Great and then just finally.

You may not want to comment on this but it.

It seems the origin energy deal doesn't have support from all of the shareholders. Just wondering what the options are to get that deal over the line or what's your next steps will be.

If you if you have some chunky ones you, Sir any any thoughts on Richard.

Connor Teskey: Certainly. So unfortunately, this is a live transaction involving a public company. So we can't comment on it on this call. We did get our ACCC approval. We, this past week, increased our bid on the back of very strong outperformance by the company between the signing of the transaction earlier this year and the point to date that we're at now. And we got a unanimous support from the board and have increased our price to the top end or slightly above the range of value provided in a third-party fairness opinion. At that point, this is probably all I can say. But we continue to work to execute the transaction, and we'll do so in the coming weeks.

Rupert Merer: Certainly. So unfortunately, this is a live transaction involving a public company. So we can't comment on it on this call. We did get our ACCC approval. We, this past week, increased our bid on the back of very strong outperformance by the company between the signing of the transaction earlier this year and the point to date that we're at now. And we got a unanimous support from the board and have increased our price to the top end or slightly above the range of value provided in a third-party fairness opinion. At that point, this is probably all I can say. But we continue to work to execute the transaction, and we'll do so in the coming weeks.

Certainly so unfortunately this is a live transaction involving a public company. So we can't comment on it.

Speaker 2: Certainly. So unfortunately this is a live transaction involving a public company. So we can't comment on it on this call. We did get our A-Triple-C approval. We this past week increased our bid on the back of very strong outperformance by the company between the signing of the transaction earlier this year and the point to date that we're at now. And we got a unanimous support from the board and have increased our price to the top end or slightly above.

On this call fair enough.

Did get are a triple C approval.

We this past week increased our bid on the back of very strong outperformance by the company.

Queen the signing of that transaction earlier this year and the points to date that we're at now and we got a unanimous support from the board.

And have increased our price to the top end or slightly above.

Speaker 2: the range of value provided in a third-party fairness opinion.

The range of value provided in our third party fairness opinion.

At that point. This is probably all I can say, but we continue to work to execute the transaction and will do so in the coming weeks.

Speaker 9: At that point, this is probably all I can say, but we continue to work to execute the transaction and we'll do so in the coming weeks.

Operator: Understood. Thanks for that. I'll get back in the queue.

Rupert Merer: Understood. Thanks for that. I'll get back in the queue.

Understood. Thanks for that I'll get back in the queue.

Operator: Thank you. I am showing no further questions from our phone lines. I now like to turn the conference back over to Connor Teskey for any closing remarks.

Yes.

Thank you.

And I am showing no further questions from our phone lines I would now like to turn the conference back over to calendar <unk> for any closing remarks.

Speaker 1: And I am showing no further questions from our phone lines. I now like to turn the conference back over to counter TESCII for any closing remarks.

Connor Teskey: Great. Thank you, operator. Thank you, everyone, for joining the call today. We appreciate your continued interest and support of Brookfield Renewable. We look forward to updating you next quarter on our Q4 and full-year results. Have a fantastic day.

Operator: Great. Thank you, operator. Thank you, everyone, for joining the call today. We appreciate your continued interest and support of Brookfield Renewable. We look forward to updating you next quarter on our Q4 and full-year results. Have a fantastic day.

Great.

Thank you operator, and thank you everyone for joining the call today.

Speaker 2: Thank you operator and thank you everyone for joining the call today. We appreciate your continued interest in support of Brookfield Renewable and we look forward to updating you next quarter on our Q4 and full year results. Have a fantastic day.

We appreciate your continued interest and support of Brookfield renewable and we look forward to updating you next quarter on our Q4 and full year results have a fantastic day.

Operator: Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day. Good day and thank you for standing by. Welcome to the Brookfield Renewable Partners' Q3 2023 Results Conference Call and Webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. How would I like to hand the conference over to your speaker today, Connor Teskey, Chief Executive Officer? Please go ahead.

Speaker 1: Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

Thank you. This concludes today's conference call. Thank you for your participation you may now disconnect everyone have a wonderful day.

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Speaker 1: Good day and thank you for standing by. Welcome to the Brookfield Renewable Partners, 3rd quarter, 2023 Results Conference call and webcast. At the time, all participants are in the list.

Good day and thank you for standing by welcome to the Brookfield Renewable partners third quarter 2023 results conference call and webcast at.

At this time, all participants are in listen only mode.

After the speaker's presentation, there will be a question and answer session.

To ask a question during the session you will need to press star one on your telephone.

You will then hear an automated message advising you your hand is raised.

Withdraw your question. Please press star one again.

Please be advised that today's conference is being recorded.

I'd now like to hand, the conference over to your Speaker today, Connor Tusky Chief Executive Officer. Please go ahead.

Operator: Thank you, operator. Good morning, everyone, and thank you for joining us for our Q3 2023 conference call. Before we begin, we would like to remind you that a copy of our news release, investor supplement, and letter to unit holders can be found on our website. We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks, and future results may differ materially. For more information, you are encouraged to review our regulatory filings available on CDAR, EDGAR, and on our website. On today's call, we will provide an update on the business and how we are positioned in the current market environment. Jenny Li, a vice president in our investment teams in Toronto, will provide an update on our growth activities.

Thank you operator.

Speaker 2: Good morning, everyone, and thank you for joining us for our third quarter 2023 conference call.

Good morning, everyone and thank you for joining us for our third quarter 2023 conference call.

Speaker 9: Before we begin, we would like to remind you that a copy of our news release, investor supplement, and letter to unit holders can be found on our web.

Speaker 9: We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks and future results may differ materially. For more information, you are encouraged to review our regulatory filings available on Feed art, edger, and on our web.

And on our website.

Okay.

Speaker 9: On today's call, we will provide an update on the business and how we are positioned in the current market environment.

On today's call, we will provide an update on the business and how we are positioned in the current market environment.

Speaker 9: Jenny Lee, a Vice President in our Investment Teams in Toronto, will provide an update on our growth activity.

Jenny Lee Vice President and our investment teams in Toronto will provide an update on our growth activities.

Operator: And then lastly, Wyatt will conclude the call by discussing our operating results and financial position. Following our remarks, we look forward to taking your questions. We had another successful quarter utilizing our disciplined approach to growth and execution to outperform our targets and deliver strong operating results. Furthermore, as Jenny will highlight, we recently closed our acquisition of X-ELIO and Deriva Energy, formerly Duke Energy Renewables, as well as advanced our acquisitions of Westinghouse Electric, which we expect to close shortly, and Origin Energy. With the closing of these acquisitions, we are adding significant incremental FFO and are positioning ourselves to continue to deliver on our decade-long track record of 10%+ FFO per unit annual growth. That said, we want to also touch briefly on the market environment and our share price.

Speaker 9: And then lastly, why it will conclude the call by discussing our operating results in financial position. Following our remarks, we look...

And then lastly, why it will conclude the call by discussing our operating results and financial position.

Following our remarks, we look forward to taking your questions.

Speaker 9: We had another successful quarter utilizing our disciplined approach to growth and execution to outperform our targets and deliver strong operating results.

We had another successful quarter utilizing our disciplined approach to growth and execution to outperform our targets and deliver strong operating results.

Speaker 9: Furthermore, as Jenny will highlight, we recently closed our acquisition of Exilio and Dereva Energy, formerly Duke Energy Renewables.

Furthermore, as Jenny will highlight we recently closed our acquisition of <unk> and <unk> energy, formerly Duke energy renewables.

Speaker 9: as well as advance our acquisitions of Westinghouse Electric, which we expect to close shortly, and origin-enter.

As well as advanced our acquisitions of Westinghouse electric, which we expect to close shortly.

And origin energy.

Speaker 9: With the closing of these acquisitions, we are adding significant incremental FFO and our positioning ourselves to continue to deliver on our decade-long track record of 10% plus FFO per unit annual growth.

That said.

Speaker 9: We want to also touch briefly on the market environment and our share price.

We want to also touch briefly on the market environment and our share price.

Operator: The renewable sector traded down in the public markets on the back of higher interest rates and a perceived tightening of industry margins. Even though we are well positioned to benefit in this environment and insulated from the challenges that are seemingly impacting others in the sector, we have not been immune to the lower trading environment. It is important to note that while we are never pleased when our share price is down, we are long-term focused investors, and between our strong position in the market, major global themes, and the overarching sector tailwinds, the outlook for our business has never been better. As we continue to deliver on our growth targets and execute on our strategic priorities, our share price should respond and better reflect the intrinsic value of the business. Most importantly, we are not seeing any reduction in the returns we are able to generate.

Speaker 9: The renewable sector traded down in the public markets on the back of higher interest rates and a perceived tightening of industry margin.

The renewable sector traded down in the public markets on the back of higher interest rates and a perceived tightening of industry margins.

Speaker 9: And even though we are well positioned to benefit in this environment and insulated from the challenges that are seemingly impacting others in the sector, we have not been immune to the lower trading environment.

And even though we are well positioned to benefit in this environment and insulated from the challenges that are seemingly impacting others in the sector. We.

We have not been immune to the lower trading environment.

Speaker 9: It is important to note that while we are never pleased when our share prices down, we are long-term focused investors in between our strong position in the market, major global things.

Speaker 9: And the overarching sector tailwinds, the outlook for our business has never been better.

Speaker 9: As we continue to deliver on our growth targets and execute on our strategic priorities, our share price should respond and better reflect the intrinsic value of the business.

As we continue to deliver on our growth targets and execute on our strategic priorities our share price should respond and better reflect the intrinsic value of the business.

Speaker 9: Most importantly, we are not seeing any reduction in the returns we are able to generate. In fact,

Most importantly, we are not seeing any reduction in the returns we are able to generate.

Operator: In fact, quite the opposite. We are seeing an abundance of opportunities to invest at or above our target returns. The combination of accelerating demand for clean power from corporations and fewer players with access to capital is creating a favorable environment for those such as ourselves with capital, capabilities, and a pipeline of projects to deliver for our customers. Notably, we are seeing particularly attractive opportunities to acquire businesses with strong development pipelines but lack the access to capital or scale operating capabilities to build out these projects. This is creating a powerful and virtuous cycle.

In fact quite the opposite.

Speaker 9: We are seeing an abundance of opportunities to invest at or above our target returns.

We are seeing an abundance of opportunities to invest at or above our target returns.

Speaker 9: The combination of accelerating demand for clean power from corporations and fewer players with access to capital is creating a favorable environment for those such as ourselves with capital, capabilities, and a pipeline of projects to deliver for our customers.

The combination of accelerating demand for clean power from corporations and fewer players with access to capital is creating a favorable environment for those such as ourselves with capital capabilities and a pipeline of projects to deliver for our customers.

Speaker 9: Notably, we are seeing particularly attractive opportunities to acquire businesses with strong development pipelines, but lack the access to capital or scale operating capabilities to build out these projects. This is creating.

Notably, we are seeing particularly attractive opportunities to acquire businesses with strong development pipeline, but lack the access to capital or scale operating capabilities to build out these projects.

This is creating a powerful and virtuous cycle we're.

Operator: We are capturing increasing demand through our existing capabilities and pipeline, while at the same time using our access to capital to add leading platforms in core markets around the world, further enhancing our capabilities and positioning us to capture even further demand in the future as we position ourselves as the clean energy and decarbonization partner of choice for leading corporations. Over the past five years, the amount of clean energy procured annually by corporations has increased by almost 10x, and looking forward, we do not expect this trend to slow down. Access to energy is now a key constraint for a number of these buyers, including leading technology companies, to execute on their growth plans in some of their highest margin segments.

Speaker 9: We are capturing increasing demand through our existing capabilities and pipeline. Well, at the same time, using our access to capital to add leading platforms in core markets around the world.

We are capturing increased.

We are capturing increasing demand through our existing capabilities and pipeline.

At the same time, using our access to capital to add leading platforms in core markets around the world.

Speaker 9: further enhancing our capabilities and positioning us to capture even further demand in the future as we position ourselves as the clean energy and decarbonization partner of choice for leading corporation.

Speaker 9: Over the past five years, the amount of clean energy procured annually by corporations has increased by almost 10 times. And looking forward, we do not expect this trend to slow down.

Over the past five years, the amount of clean energy procured annually by corporations has increased by almost 10 times and looking forward. We do not expect this trend to slow down.

Speaker 9: Access to energy is now a key constraint for a number of these buyers, including leading technology companies to execute on their growth plans in some of their highest margin segments.

Access to energy is now a key constraint for a number of these buyers including.

Including leading technology companies to execute on their growth plans and some of their highest margin segments.

Connor Teskey: This strong and growing demand from these customers, combined with our ability to provide 24/7 clean power solutions from our technologically diversified fleet and our credibility to deliver scale projects globally and on time, is translating into signing contracts at prices that appropriately compensate us for higher construction and financing costs. As an example, by leveraging our development pipeline, our existing hydro facilities, and our power marketing capabilities, we recently signed an agreement with one of the leading global technology companies to provide them with a total of 18 terawatt-hours over the next five years to serve their growing requirements in the US. We continue to establish ourselves as a key enabler for the large tech companies, providing them the critical power to support their data centers and growing cloud and artificial intelligence activities. We also want to touch on our approach to development.

Operator: This strong and growing demand from these customers, combined with our ability to provide 24/7 clean power solutions from our technologically diversified fleet and our credibility to deliver scale projects globally and on time, is translating into signing contracts at prices that appropriately compensate us for higher construction and financing costs. As an example, by leveraging our development pipeline, our existing hydro facilities, and our power marketing capabilities, we recently signed an agreement with one of the leading global technology companies to provide them with a total of 18 terawatt-hours over the next five years to serve their growing requirements in the US. We continue to establish ourselves as a key enabler for the large tech companies, providing them the critical power to support their data centers and growing cloud and artificial intelligence activities. We also want to touch on our approach to development.

Speaker 9: This strong and growing demand from these customers.

This strong.

And growing demand from these customers.

Speaker 9: Combined with our ability to provide 24-7 clean power solutions from our technologically diversified fleet.

Combined with our ability to provide $24 seven clean power solutions from our technologically diversified fleet.

Speaker 9: and our credibility to deliver scale projects globally and on time is translating into signing contracts at prices that appropriately compensate us for higher construction and financing costs.

And our credibility to deliver scale projects globally.

On time is translating into signing contracts at prices that appropriately compensate us for higher construction and financing costs.

As an example by.

Speaker 9: As an example, by leveraging our development pipeline, our existing hydro facilities, and our power marketing capability.

By leveraging our development pipeline, our existing hydro facilities and our power marketing capabilities. We recently signed an agreement with one of the leading global technology company to provide them with a total of 18 terawatt hours over the next five years to serve their growing requirements in the U S.

Speaker 9: We recently signed an agreement with one of the leading global technology companies to provide them with a total of 18 terawatt hours over the next five years to serve their growing requirements in the US.

Speaker 9: We continue to establish ourselves as a key enabler for the large tech company.

Speaker 9: providing them the critical power to support their data centers and growing cloud and artificial intelligence activities. Mhm.

We also want to touch on our approach to development.

Operator: We continue to be focused on opportunities that we can de-risk quickly and deliver appropriately risk-adjusted returns. So while we are doing more development, we are not compromising on the principles that have served us well to this point and are taking our extensive knowledge built over the past decades to enhance our capabilities globally. We do not build on spec and reduce risks in our investments by not taking basis risk, meaning we simultaneously secure power purchase agreements, customer contracts, and financing before ever committing significant capital. We limit construction risk by using a localized approach to construction and development and manage our CapEx spend by leveraging our central procurement capabilities.

Speaker 9: We continue to be focused on opportunities that we can de-risk quickly and deliver appropriately risk-adjusted returns.

We continue to be focused on opportunities that we can derisk quickly and deliver appropriately risk adjusted returns.

So while we are doing more development, we are not compromising on the principles that have served us well to this point.

And our taking our extensive knowledge built over the past decade to enhance our capabilities globally.

We do not build on spec.

Speaker 9: and reduce risks in our investments by not taking basis risks.

And reduce risks in our investments by not taking basis risk.

Speaker 9: meaning we simultaneously secure power purchase agreements, customer contracts, and financing before ever committing significant counts.

Meaning we simultaneously secure power purchase agreements customer contracts and financing before ever committing significant capital.

Speaker 2: We limit construction risk by using a localized approach to construction and development, and manage our cap expend by leveraging our central procurement capability.

We limit construction risk by using a localized approach to construction and development.

And manage our capex spend by leveraging our central procurement capabilities.

Connor Teskey: We also look to leverage our commercial teams to source the highest quality offtakes and focus on the most mature and lowest cost renewable power technologies in the highest growth regions to always ensure that our projects will produce the most de-risked, high-quality cash flows. As an example, while there have been recent announcements impacting the outlook for offshore wind in the US, largely on the back of its competitive position, cost increases, and reliance on subsidies, the development of onshore wind continues to be robust given the attributes of these projects. There are over 100 gigawatts of onshore capacity expected to come online in the United States by the end of the decade, including almost nine gigawatts of onshore wind from our development pipeline. We are using this playbook to develop our large global pipeline, which now stands at nearly 150 gigawatts.

Operator: We also look to leverage our commercial teams to source the highest quality offtakes and focus on the most mature and lowest cost renewable power technologies in the highest growth regions to always ensure that our projects will produce the most de-risked, high-quality cash flows. As an example, while there have been recent announcements impacting the outlook for offshore wind in the US, largely on the back of its competitive position, cost increases, and reliance on subsidies, the development of onshore wind continues to be robust given the attributes of these projects. There are over 100 gigawatts of onshore capacity expected to come online in the United States by the end of the decade, including almost nine gigawatts of onshore wind from our development pipeline. We are using this playbook to develop our large global pipeline, which now stands at nearly 150 gigawatts.

Speaker 2: to always ensure that our projects will produce the most de-risk high-quality cash flow.

Speaker 9: As an example, well, there have been recent announcements impacting the outlook for offshore wind in the US.

As an example, while there have been recent announcements impacting the outlook for offshore wind in the U S. Largely on the back of its competitive position cost increases and reliance on subsidies.

Speaker 9: largely on the back of its competitive position, cost increases, and reliance on subsidy.

Speaker 9: The development of onshore wind continues to be robust, given the attributes of these projects.

The development of onshore wind continues to be robust given the attributes of these projects.

Speaker 9: There are over a hundred gigawatts of onshore capacity expected to come online in the United States by the end of the decade, including almost nine gigawatts of onshore wind from our development pipeline.

There are over 100 gigawatts of onshore capacity expected to come online in the United States by the end of the decade, including almost nine gigawatts of onshore wind from our development pipeline.

Speaker 9: We are using this playbook to develop our large global pipeline, which now stands at nearly 150 gigawatts.

Connor Teskey: We expect to deliver 5 GW of new capacity this year and another approximately 15 GW over the next two years, contributing approximately $270 million of additional FFO annually. Much of the capital for these projects has already been invested, and like the rest of our business, these projects are expected to deliver attractive economics given our de-risk approach to execution. With that, we will turn the call over to Jenny to speak about our growth activities.

Operator: We expect to deliver 5 GW of new capacity this year and another approximately 15 GW over the next two years, contributing approximately $270 million of additional FFO annually. Much of the capital for these projects has already been invested, and like the rest of our business, these projects are expected to deliver attractive economics given our de-risk approach to execution. With that, we will turn the call over to Jenny to speak about our growth activities.

Speaker 9: We expect to deliver five gigawatts of new capacity this year, and another approximately 15 gigawatts over the next two years, contributing approximately 270 million of additional FFOA.

<unk> annually.

Speaker 9: Much of the capital for these projects has already been invested. And like the rest of our business, these projects are expected to deliver attractive economics, given our de-risk approach to execute.

Speaker 9: With that, we will turn the call over to Jenny to speak about our growth activities. .

With that we will turn the call over to Jenny to speak about our growth activities.

Robert Hope: Thank you, Connor, and good morning, everyone. This past quarter, we agreed to invest approximately $2.2 billion of equity capital, highlighted by our agreement to acquire Banks Renewables, a leading independent UK-based renewable energy development business with approximately 260MW of onshore wind assets. The business also has approximately 800MW of near-term development projects and a further 3,000MW pipeline of earlier stage projects. Banks Renewables is a full-service end-to-end platform with strong capabilities across the entire project lifecycle, including origination, development, commercial contracting, financing, and operations. The team has been successful developing high-quality projects in the UK but have generally been limited by access to capital. Under our ownership, we believe we can accelerate organic growth, capital recycling, and expand the business via M&A in the fragmented UK market. The transaction is expected to close before year-end.

Jenny Li: Thank you, Connor, and good morning, everyone. This past quarter, we agreed to invest approximately $2.2 billion of equity capital, highlighted by our agreement to acquire Banks Renewables, a leading independent UK-based renewable energy development business with approximately 260MW of onshore wind assets. The business also has approximately 800MW of near-term development projects and a further 3,000MW pipeline of earlier stage projects. Banks Renewables is a full-service end-to-end platform with strong capabilities across the entire project lifecycle, including origination, development, commercial contracting, financing, and operations. The team has been successful developing high-quality projects in the UK but have generally been limited by access to capital. Under our ownership, we believe we can accelerate organic growth, capital recycling, and expand the business via M&A in the fragmented UK market. The transaction is expected to close before year-end.

Thank you Conor and good morning, everyone.

Speaker 3: This past quarter, we agreed to invest approximately 2.2 billion of equity capital. Highlighted by our agreement. We agreed to invest approximately 2.2 billion of equity capital.

This past quarter, we agreed to invest approximately $2 2 billion of equity capital.

Highlighted by our agreement to acquire <unk> renewables.

Speaker 3: a leading independent UK-based Renewable Energy Development Business with approximately 260 made watts of venture wind-up.

Leading independent U K based renewable energy development business with approximately 260 megawatts of onshore wind assets.

Speaker 3: The business also has approximately 800 made watts of near term development projects and a further 3000 made watt pipeline of earlier stage projects.

This is also has approximately 800 megawatts of near term development projects and a further 3000 megawatt pipeline of earlier stage projects.

Speaker 3: Banks is a full service and to end platform with strong capabilities across entire project life sites.

Thanks, as a full service end to end platform.

With strong capabilities across entire project lifecycle, including origination development commercial contracting financing and operations.

Speaker 3: including origination, development, commercial contracting, financing, and operation.

Speaker 3: Team President's successful, developing high-quality projects in the UK, but have genuinely delimited by access to capital.

The team has been successful developing high quality projects in the UK.

Generally been limited by access to capital.

Speaker 3: Under our ownership, we believe we can accelerate organic growth in capital recycling and expand the business via M&A in the fragmented UK market. The transaction is expected to close before your end.

Under our ownership, we believe we can accelerate organic growth and capital recycling and expand the business via M&A and the fragmented U K market.

This action is expected to close before year end.

Robert Hope: We also agreed to partner with Axis Energy, a leading renewable developer in India, to create a new large-scale development platform through which we expect to develop approximately 2,500MW of wind and solar capacity over the next three years. Axis is a well-known partner to us through our previous joint venture partnership in which we have already successfully developed almost 2,000MW of capacity over the past two years. This quarter, we made good progress closing our previously announced highly accretive M&A transactions. First, we closed the acquisition of the remaining 50% interest in X-ELIO, our leading global solar developer, bringing our total ownership interest to 100%.

We also agreed to partner with <unk> energy.

Speaker 3: a leading renewable developer in India to create a new large scale development platform through which we expect to develop approximately 250 made watts, a 2500 made watts of when and for capacity over the next three.

A leading renewables developer in India to create a new large scale development platform.

Through which we expect to develop approximately 250 megawatts 2500 megawatts of wind and solar capacity over the next few years.

Speaker 3: Access is a well-known partner to us through our previous joint mentor partnership in which we have already successfully developed almost 2000 made lots of capacity over the past

Access is a well known partner to us through our previous joint venture partnership in which we have already successfully developed almost 2000 megawatts of capacity over the past two years.

This quarter, we made good progress closing, our previously announced highly accretive M&A transactions.

Speaker 3: We made good progress, closing our previously announced highly accretive emanations act.

Speaker 3: First, we close the acquisition of the remaining 50% interest in Xelio, our leading global solar developer, bringing our total ownership interest.

First we closed the acquisition of the remaining 50% interest in <unk> or.

Our leading global solar developer.

Our total ownership interest to 100%.

Robert Hope: We also closed the acquisition of Deriva Energy, formerly Duke Energy Renewables, one of the largest renewable platforms in the US with almost 6,000 megawatts of operating and other construction assets diversified across wind, utility-scale solar, and storage, with a sizable development pipeline of approximately 6,000 megawatts. With this acquisition, we are adding a scale operating renewable platform generating strong contracted cash flows with a 13-year weighted average remaining contract life. The acquisition is immediately accretive, generating FFO yields in the mid-teens with opportunities to add value by leveraging commercial and operational synergies and executing on the significant optionality to repower the operating wind portfolio over time, using our recent experience repowering the Shepherds Flat wind farm. On our acquisition of Westinghouse Electric, we recently received all required regulatory approvals and expect to close the transaction early next week.

Jenny Li: We also closed the acquisition of Deriva Energy, formerly Duke Energy Renewables, one of the largest renewable platforms in the US with almost 6,000 megawatts of operating and other construction assets diversified across wind, utility-scale solar, and storage, with a sizable development pipeline of approximately 6,000 megawatts. With this acquisition, we are adding a scale operating renewable platform generating strong contracted cash flows with a 13-year weighted average remaining contract life. The acquisition is immediately accretive, generating FFO yields in the mid-teens with opportunities to add value by leveraging commercial and operational synergies and executing on the significant optionality to repower the operating wind portfolio over time, using our recent experience repowering the Shepherds Flat wind farm. On our acquisition of Westinghouse Electric, we recently received all required regulatory approvals and expect to close the transaction early next week.

Speaker 3: We also close the acquisition of Deriva Energy, formerly Duke Energy Renewable.

We also closed the acquisition of <unk> energy, formerly Duke energy renewables.

Speaker 3: one of the largest renewable platforms in the US with almost 6,000 megawatts of operating and other construction assets. Diversified across wind, utility scale solar and storage.

One of the largest renewable platform in the U S with almost 6000 megawatts of operating and under construction assets diversified across Wang utility scale solar and storage.

Speaker 3: with the sizeable development pipeline of approximately 6,000 make-up.

With a sizable development pipeline of approximately 6000 megawatts.

Speaker 3: With this acquisition, we are adding a scale operating renewable platform generating strong contract cash flows with the 13 year weighted average remaining contract life.

With this acquisition, we are adding a scale operating renewable platform generating strong contracted cash flows with a 13 year weighted average remaining contract life.

Speaker 3: The acquisition is immediately accreted, generating FFO yields in the mid-team with opportunities at value by leveraging commercial and operational synergies and executing on the significant optionality to repower the operating wind portfolio over time. Using our recent experience.

The acquisition is immediately accretive.

<unk> yield in the mid teens with opportunities to add value by leveraging commercial and operational synergies and executing on the significant optionality to repower the operating wind portfolio over time.

Using our recent experience repairing the shepherds flat windfarm.

Speaker 3: On our acquisition of Western Child Selectric, we recently received all required regulatory approvals and expected close to concoction early next.

On our acquisition of Westinghouse Electric we recently received all required regulatory approvals and expect to close the transaction early next week.

Robert Hope: With this acquisition, we are adding a leading provider of mission-critical technology, services, and products to the nuclear industry from a business that generates infrastructure-like cash flows, servicing approximately half the global nuclear fleet. Approximately 85% of Westinghouse's revenues come from long-term contracted or highly recurring customer service provision with nearly 100% customer retention rate. Nuclear power is a reliable zero-carbon technology that supports the growth of renewables by providing critical baseload power to our grids and is essential to a net-zero economy, in our view. Since our announced acquisition, we have seen a resurgence in the growth of outlook for nuclear, with several new builds being announced, a number of which were new contracts awarded to Westinghouse, providing opportunities for growth for Westinghouse's engineering and design business as well as its core fuel and services business, none of which was underwritten in our acquisition.

Speaker 3: With this acquisition, we are adding a leading provider of mission critical technology services and products to the nuclear industry from the business that generates infrastructure like cash flows, servicing approximately half the global nuclear.

Speaker 3: approximately 85% of Westinghouse's revenues come from long-term contracted or highly recurring customer service provision with nearly 100% customer returns.

Approximately 85% of Westinghouse's revenues come from long term contracted or highly recurring customer service provision with nearly 100% customer retention rate.

Speaker 3: nuclear power as a reliable zero-carbon technology that supports the growth of renewables by providing critical, base-loaded power to our grid and a substantial to a net zero economy in our

Nuclear power is a reliable zero carbon technology that supports the growth of renewables by providing critical baseload power to a grid and it's essential to a net zero economy in our view.

Speaker 3: This is our announced acquisition. We have seen a resurgence in the growth of outlook for new.

Since our announced acquisition, we have seen a resurgence in the growth outlook for nuclear.

With several new builds being announced a number of which were new contracts already to Westinghouse providing.

Opportunity for growth for Westinghouse's engineering, and design business as well as its core few and services business.

None of which was underwritten in our acquisition.

Robert Hope: Westinghouse is also capturing growth in its core business, winning contracts to service almost all of the operating nuclear plants in Eastern Europe, which have historically been served by Russian providers. With the close of this acquisition, we are adding a business which yields double-digit FFO based on highly visible and reliable cash flows. The business also provides significant upside to our underwriting returns, some of which have already materialized. Over time, we expect to leverage our commercial contracting capabilities to allow Westinghouse to further grow as our large customers are seeking sources of clean, dispatchable, and baseload power.

Westinghouse has also capturing growth in its core business winning contracts to service almost all of the operating nuclear plants in eastern Europe, which have historically been served by Russian providers.

With the close of this acquisition, we are adding a business, which youll double digit SFO placed on highly visible and reliable cash flows.

Speaker 3: But the close of this acquisition, we are adding a business which yields double digit FFO based on highly visible and reliable cash.

Speaker 3: The business also provides significant upsides to our underwriting return, some of which have already materialized.

The business also provides significant upside to our underwriting return.

Some of which have already materialized.

Over time, we expect to leverage our commercial contracting capabilities to allow Westinghouse to further grow as our large customers are seeking sources of clean dispatch able and baseload power.

Robert Hope: This quarter, we also move forward with our acquisition of Origin Energy, receiving authorizations from the Australian Competition and Consumer Commission in October, and received a unanimous recommendation from Origin's board having increased our offer to the top end of their independent experts' valuation range, providing a compelling opportunity for Origin's shareholders to realize the value of their investment. With the shareholder vote scheduled for late November, we expect to close the acquisition in early 2024, adding a large-scale strategic platform in Australia. Origin is Australia's largest integrated power generation and energy retailer with an industry-leading cost model, driving strong margins and cash flow visibility to fund the large-scale renewables buildout. With this acquisition, we have the opportunity to accelerate the development of renewable generation capacity to serve the existing retail energy customer base and to help decarbonize the Australian grid at this crucial time in its energy transition.

This quarter, we also move forward with our acquisition of origin energy.

Speaker 3: quarter, we also move forward with our acquisition of origin energy.

Speaker 3: receiving authorizations from the Australian Competition and Consumer Commission October and received a unanimous recommendation from Origins Board having increased our offer to the top end of their independent experts' valuation.

Receiving authorizations from the Australian competition and consumer Commission in October.

<unk> received a unanimous recommendation from Oregon's board, having increased our offer to the top end of their independent experts valuation range provided.

Speaker 3: providing a compelling opportunity for organ shareholders to realize the value of their invest.

Providing a compelling opportunity for origin shareholders to realize the value of their investment.

Speaker 3: with the shareholder vote schedule for late November , we expect to close the acquisition in early 2024, adding a large-scale strategic platform in Australia.

With the shareholder vote scheduled for late November we expect to close the acquisition in early 2024, adding.

Adding a large scale strategic platforms in Australia.

Speaker 3: With this acquisition, we have the opportunity to accelerate the development of renewable generation capacity.

With this acquisition, we have the opportunity to accelerate the development of renewable generation capacity to serve the existing retail energy customer base.

Speaker 3: and serves the existing retail energy customer base and to help decarbonize the Australian grid at this crucial time in its energy.

And to help Decarbonize Ms. Gillian grid at this crucial time and its energy transition.

Robert Hope: In total, over the coming months, we expect to have closed transactions totaling over $9 billion or around $1.5 billion net to Brookfield Renewable, deploying equity capital into immediately accretive transactions, adding approximately $200 million in incremental annual FFO. I will now turn it over to Wyatt to discuss our operating results and financial position.

Speaker 3: in total over the coming months, we expect to have closed transactions totaling over 9 billion or around 1.5 billion net-to-bore fuel renewables.

In total over the coming months, we expect to have closed transactions totaling over $9 billion.

Or around $1 5 billion net to Brookfield renewable.

Speaker 3: deploying equity capital into immediately a creative transaction.

Deploying equity capital into immediately accretive transactions.

Speaker 3: adding approximately $200 million in incremental annual SSO.

Adding approximately $200 million in incremental annual SSO.

Speaker 3: I will now turn it over to Wyatt to discuss our opening results and financials.

I will now turn it over to white to discuss our operating results and financial position.

David Quezada: Thank you, Jenny. As Connor spoke to in his earlier remarks, we continue to build on our strong first half of the year. Operating results reflect our highly diversified platform, inflation-indexed cash flows, and strong all-in pricing. We generated FFO of $253 million or $1.29 per unit year to date, equating to a 7% increase compared to last year, and continue to be positioned to deliver our 10%-plus FFO per unit growth target for the year. Our business is backed by high-quality cash flows, in large part from our perpetual hydro portfolio, which is becoming increasingly valuable in today's environment where customers are looking for 24/7 clean power solutions. The dispatchable baseload power that our hydros generate provides a unique advantage for us in partnering with buyers of clean power.

Wyatt Hartley: Thank you, Jenny. As Connor spoke to in his earlier remarks, we continue to build on our strong first half of the year. Operating results reflect our highly diversified platform, inflation-indexed cash flows, and strong all-in pricing. We generated FFO of $253 million or $1.29 per unit year to date, equating to a 7% increase compared to last year, and continue to be positioned to deliver our 10%-plus FFO per unit growth target for the year. Our business is backed by high-quality cash flows, in large part from our perpetual hydro portfolio, which is becoming increasingly valuable in today's environment where customers are looking for 24/7 clean power solutions. The dispatchable baseload power that our hydros generate provides a unique advantage for us in partnering with buyers of clean power.

Speaker 4: Thank you, Jenny. As Connor spoke to in his earlier remarks, we continue to build on our strong first half of the year. Operating results reflect our highly diversified platform, inflation index cash flows, and strong all-in prices.

We generated <unk> of $253 million.

Our $1 29 per unit year to date, equating to a 7% increase compared to last year and continue to be positioned to deliver our 10% plus <unk> unit growth target for the year.

Speaker 4: Our business is backed by high-quality cash flows, in large part from our perpetual hydro portfolio, which is becoming increasingly valuable in today's environment where customers are looking for 24-7 clean power solutions.

Our business is backed by high quality cash flows.

In large part from our perpetual hydro portfolio, which is becoming increasingly valuable in today's environment, where customers are looking for $24 seven clean power solutions.

Speaker 4: The dispatchable baseload power that our hydros generate provide a unique advantage for us in partnering with buyers of clean power.

The dispatch of both base load power that our hydro is generate provide a unique advantage for us and partnering with buyers of clean power.

David Quezada: We are also set to benefit from recontracting these assets over the next several years, which will not only contribute additional FFO in the strong current pricing environment but also act as a highly accretive funding source for growth as we up-finance many of the assets due to their low levels of debt. Our financial position remains strong. We expect to execute just short of $20 billion of non-recourse financing this year, generating over $800 million in up-financing proceeds while maintaining our strong investment-grade credit rating. We ended the quarter with $4.4 billion of available liquidity, providing significant flexibility to continue executing on our growth and development strategy. We have also been crystallizing and proving out our returns through asset recycling. In the past 18 months, we have generated $1.4 billion in proceeds from our asset recycling program, which on average represents almost three times our invested capital.

Wyatt Hartley: We are also set to benefit from recontracting these assets over the next several years, which will not only contribute additional FFO in the strong current pricing environment but also act as a highly accretive funding source for growth as we up-finance many of the assets due to their low levels of debt. Our financial position remains strong. We expect to execute just short of $20 billion of non-recourse financing this year, generating over $800 million in up-financing proceeds while maintaining our strong investment-grade credit rating. We ended the quarter with $4.4 billion of available liquidity, providing significant flexibility to continue executing on our growth and development strategy. We have also been crystallizing and proving out our returns through asset recycling. In the past 18 months, we have generated $1.4 billion in proceeds from our asset recycling program, which on average represents almost three times our invested capital.

We are also set to benefit from re contracting these assets over the next several years, which will not only contribute additional <unk> and the strong current pricing environment.

But also act as a highly accretive funding source for growth as we up finance many of the assets due to their low levels of debt.

Speaker 4: Our financial position remains strong. We expect to execute just short of $20 billion of non-recourse financing this year, generating over $800 million in up-financing proceeds. While maintaining our strong investment.

Our financial position remains strong we expect to execute just short of $20 billion of nonrecourse financing this years generating over $800 million and up financing proceeds while maintaining our strong investment grade credit rating.

Speaker 4: We ended the quarter with $4.4 billion of available liquidity, providing significant flexibility to continue executing on our growth and development strategy.

We ended the quarter with $4 4 billion of available liquidity, providing significant flexibility to continue executing on our growth and development strategy.

Speaker 4: We have also been crystallizing and proving out our returns through acid recycling.

We have also been crystallizing and proving out our returns through asset recycling.

Speaker 4: In the past 18 months, we have generated $1.4 billion in proceeds from our ASSA recycling program, which on average represents almost three times our invested capital.

In the past 18 months, we have generated $1 $4 billion in proceeds from our asset recycling program.

Which on average represents almost three times our invested capital.

David Quezada: Despite it being a scarcer environment for capital, we continue to see strong demand for appropriately sized, de-risked assets with long-term contracts and fixed-rate financing in place. As an example, we recently agreed to the sale of a 150-megawatt solar facility in Europe that we commissioned earlier this year for proceeds of $100 million, representing almost three times our invested capital. In light of public market conditions and our strong conviction in the intrinsic value of our business and growth trajectory, we have also started to allocate capital to repurchase shares. Starting this quarter, we repurchased almost 1.5 million units under our normal course issuer bid. Looking forward, we will continue to allocate capital based on where we are seeing the best risk-adjusted returns and remain confident that we will continue to create meaningful value for our investors.

Wyatt Hartley: Despite it being a scarcer environment for capital, we continue to see strong demand for appropriately sized, de-risked assets with long-term contracts and fixed-rate financing in place. As an example, we recently agreed to the sale of a 150-megawatt solar facility in Europe that we commissioned earlier this year for proceeds of $100 million, representing almost three times our invested capital. In light of public market conditions and our strong conviction in the intrinsic value of our business and growth trajectory, we have also started to allocate capital to repurchase shares. Starting this quarter, we repurchased almost 1.5 million units under our normal course issuer bid. Looking forward, we will continue to allocate capital based on where we are seeing the best risk-adjusted returns and remain confident that we will continue to create meaningful value for our investors.

Despite it being a scarcer environment for capital, we continue to see strong demand for appropriately sized de risked assets with long term contracts and fixed rate financing in place.

Speaker 4: Despite it being a scarcer environment for capital, we continue to see strong demand for appropriately sized de-risked assets with long-term contracts and fixed-rate financing in place.

Speaker 4: As an example, we recently agreed to the sale of a 150 megawatt solar facility in Europe that we commissioned earlier this year for proceeds of $100 million, representing almost three times our invested capital.

Speaker 4: In light of public market conditions and our strong conviction in the intrinsic value of our business and growth trajectory, we have also started to allocate capital to repurchase shares.

In light of market conditions, and our strong conviction in the intrinsic value of our business and growth trajectory. We have also started to allocate capital to repurchase shares.

Speaker 4: Starting this quarter, we repurchased almost 1.5 million units under our normal course issue or bid.

Starting this quarter, we repurchased almost one 5 million units under our normal course issuer bid.

David Quezada: In closing, we remain focused on delivering 12% to 15% long-term total returns for our investors while remaining disciplined allocators of capital, leveraging our deep funding sources and operational capabilities to enhance and de-risk our business. On behalf of the board and management, we thank all our unit holders and shareholders for the ongoing support. We are excited about Brookfield Renewable's future and look forward to updating you on our progress throughout the remainder of the year. That concludes our formal remarks for today's call. Thank you for joining us this morning, and with that, I'll pass it back to our operator for questions.

In closing, we remain focused on delivering 12% to 15% long term total returns for Arvind for our investors, while remaining disciplined allocators of capital and leveraging our deep funding sources and operational capabilities to enhance and de risk our business.

Speaker 4: In closing, we remain focused on delivering 12 to 15% long term total returns for our investors, while remaining disciplined allocators of capital, leveraging our deep funding sources and operational capabilities to enhance and de-risk our business.

Speaker 4: On behalf of the Board and Management, we thank all our unit holders and shareholders for the ongoing support. We are excited about Brookfield Renewable's future and look forward to updating you on our progress throughout the remainder of the year.

That concludes our formal remarks for today's call.

Speaker 4: That concludes our formal remarks for today's call. Thank you for joining us this morning, and with that, I'll pass it back to our operator for questions.

You for joining us this morning, and with that I'll pass it back to our operator for questions.

Thank you.

Speaker 1: And our first question will come from Sean Stewart from TD Securities. Your line is open.

And our first question will come from Sean Stewart from TD Securities. Your line is open.

Thank you good morning, everyone.

A couple of questions.

Conor you touched on I guess, a broadening growth opportunity set given.

Speaker 5: perspective growth initiatives in offshore wind as you you potentially take advantage of valuation disconnect there.

Prospective growth initiatives and offshore wind.

As you potentially take advantage of.

The valuation disconnect there.

Connor Teskey: Good morning, Sean. Thanks for the question. I think it's important that we be clear here. We quite like offshore. We think it's a mature technology. It's a large-scale technology. It provides a differentiated load pattern that is very important to energy grids in certain markets around the world. And therefore, we would willingly invest in offshore if we saw the right risk-adjusted returns. Our lack of exposure to offshore traditionally is not a result of the technology but rather the investment profile that offshore opportunities have traditionally provided, where you had to invest significant amounts of capital, $hundreds of millions, if not $billions upfront for the right to buy or, sorry, the right to build out a project in 3 or 4 or 5 or 6 years when you didn't know the environment you would be building in.

Speaker 9: Good morning, Sean. Thanks for the question.

Good morning, Sean Thanks for the question.

Yes.

Speaker 2: I think it's important that we be clear here. We quite like offshore. We think it's a mature technology, it's a large-scale technology, it provides a differentiated load pattern that is very important to energy grids in certain markets around the world. And therefore, we would willingly invest in offshore if we saw the right risk-adjusted returns.

I think it's important that we be clear here, we quite like offshore.

We think it's a mature technology.

It's a large scale technology.

It provides a differentiated load pattern that is very important to energy grid in certain markets around the world.

And therefore, we would willingly invest in offshore if we saw the right risk adjusted returns.

Speaker 2: Our lack of exposure to offshore traditionally is not a result of the technology, but rather the investment profile that offshore opportunities have traditionally provided.

Our lack of exposure to offshore.

Traditionally is not a result of the technology, but rather the investment profile that offshore opportunities has traditionally provided where you had to invest significant amounts of capital one hundreds of millions if not billions of dollars upfront for the right to buy or sorry, the right to build out a project in <unk>.

Speaker 9: where you had to invest significant amounts of capital, you know hundreds of millions, if not billions of dollars, up front.

Speaker 2: for the rate to buy or sorry the rate to build out a project in three or four or five or six years.

Three or four or five or six years.

Speaker 9: When you didn't know the environment, you would be building it. You didn't know cat-packs cost or finance and cost or things like that.

You didn't know the environment you would be building. It you didn't know capex costs or financing costs or things like that and that is precisely the basis risk that we try to be very very disciplined about and remove in the investment opportunities, we pursue and the execution of our development pipeline.

Speaker 9: And that is precisely the basis risk that we try to be very, very disciplined about and remove in the investment opportunities we pursue and the execution of our development pipeline. So it was nothing to do with offshore technology itself. We simply didn't like the investment profile because it didn't fit with our approach of trying to remove basis risk.

It was nothing to do with offshore technology itself, we simply didn't like the investment profile because it didn't fit with our approach.

Or trying to remove basis risk.

Speaker 9: As we look at the opportunity today, we do think there are a number of opportunities where that basis risk is increasingly shrinking.

As we look at the opportunity today, we do think there are a number of opportunities where that basis risk is increasingly shrinking.

If a project needed to win approval three or four years ago. When it is going to get built out next year or the year after that basis risk has shrunk materially and now with some of the <unk>.

Headwinds in the sector, there might be some eager sellers as well so I would say, we feel comfortable with our disciplined approach to entering the sector and we do think it looks a lot more attractive to us today.

Connor Teskey: So I would say we feel comfortable with our disciplined approach to entering the sector, and we do think it looks a lot more attractive to us today than it has in the past.

Than it has in the past.

Sean Steuart: Thanks for that detail. Just following on that, as you think about M&A prospects, even since the investor day in September, valuations have changed quite a bit. Can you speak to discrepancies between public and private opportunities across the M&A opportunities you're looking at right now?

Okay, Thanks for that detail.

Speaker 5: Thanks for that detail. And just following on that, as you think about M&A prospects, even since the investor day and September valuations have changed quite a bit, can you speak to...

Just following on that.

As you think about M&A prospects.

Even since the Investor day in September valuations have changed quite a bit can you can you speak to.

Discrepancies between public and private opportunities occur.

Cross the M&A opportunities Youre looking at right now.

Connor Teskey: Certainly. I'd probably put it in two buckets. One is there's a continuing trend that I would say has been attractive for a couple of years and remains attractive today. And that is there are a number of high-quality, I will say, private, medium-sized developers in core markets that have fantastic pipelines and asset bases but simply don't have the scale, the access to capital, or the operating capabilities to build out those projects and really to capture the value in those pipelines that they have assembled. And we've been executing a number of those acquisitions, and I think that will continue in private markets going forward. And then in public markets, make no mistake about it, we're constantly tracking the public markets. And for a couple of years there, it was very difficult to execute in the public markets at our target returns.

Certainly.

I, probably put it in into bucket.

One is there is a continuing trend.

That I would say has been attractive for a couple of years and remains attractive today.

And that is there are.

Speaker 9: A number of high quality, I will say private, medium-sized developers in core markets that have been fantastic pipelines and asset bases, but simply don't have the scale, the access to capital or the operating capabilities to build out those projects, and really to capture the value in those pipelines.

A number of high quality I will say private medium sized developers in core markets that have been tastic pipelines and asset basis, but simply don't have the scale the access to capital or the operating capabilities to build out those projects and really to capture the value in in those pipes.

Speaker 9: that they have assembled, and we've been executing a number of those acquisitions and I think that will continue in private markets going forward.

<unk>.

They have assembled.

And we've been executing a number of those acquisitions and I think that will continue in private markets.

Going forward.

And then in public markets.

Speaker 2: You know, make no mistake about it. We're constantly tracking the public markets and for a couple of years there, it was very difficult to execute in the public market.

Make no mistake about it.

We're constantly tracking the public markets and for a couple of years there it was very difficult to execute in the public market.

Connor Teskey: Given the adjustments in market valuations, there are a number of names that I would say are increasingly entering the strike zone in terms of attractive value. Therefore, we do think we could be more active on the public side going forward than we have been over the last couple of years.

Our target returns, but given the.

Adjustments in market valuations there are a number of.

Names that I would say are increasingly.

Entering the strike zone in terms of.

Attractive value and therefore, we do think we could be more active on the public side going forward than we have been over the last couple of years.

Sean Steuart: Okay. That's all I have for now. I'll get back into queue. Thanks, Connor.

Speaker 5: That's all I have for now. I'll get back in the queue. Thanks, Connor.

Okay.

Thats all I have for now I'll get back in the queue. Thanks Connor.

Operator: Thank you. Our next question will come from Robert Hope from Scotiabank. Your line is open.

Okay.

Thank you.

Speaker 1: Our next question will come from Robert Hope from Scotiabank. Your line is open.

Our next question will come from Robert Hope from Scotiabank. Your line is open.

Speaker 6: Good morning, everyone. In the letter and on the call so far, you've spoken very favorably about kind of perspectives and the perspective of investment environment, whether that's kind of private or public opportunities. You have a number of acquisitions closing here in the coming months as well. While your liquidity is strong, how do you think about the act of the capital moving forward?

Good morning, everyone.

In the letter and on the call. So far you've spoken very favorably about kind of perspective.

Speaker 6: Is the opportunity set in front of you in excess of your available capital or could you see yourselves maybe accelerate some asset sales to further bolster your liquidity profile?

Connor Teskey: Certainly. So I think there's probably two things to highlight. As Wyatt mentioned in some of our disclosures, we've had a very active year for financings, and in particular, up-financings. And we've done all of that while maintaining our investment-grade credit metrics and our investment-grade approach to asset-level non-recourse fixed-rate financing. And that's really provided us a very meaningful component of the capital needed to fund the growth we've announced in a very accretive manner. The other thing I would highlight is when you close such large transactions such as Westinghouse and potentially Origin, those businesses have tremendous access to capital themselves. And they come with large undrawn revolvers that can be used to fund their ongoing growth. And therefore, as our platform grows, so does our access to liquidity and capital going forward. So obviously, we're closing a number of transactions this quarter.

Certainly so I think there's probably two things to highlight.

As Wyatt mentioned and in some of our disclosures.

We've had a very active year.

For financings and in particular up financings.

Speaker 9: asset level, non-recourse, fixed rate financing. And that's really provided us a very meaningful component that the capital needed to fund the growth we've announced in a very accretive manner. The other thing I would highlight is

The growth, we've announced in a very accretive manner.

The other thing I would highlight is when you close such large transactions, such as Westinghouse and potentially origin.

Speaker 9: When you close such large transactions such as Westinghouse and potentially Origin, those businesses have tremendous access to capital themselves.

Speaker 2: And they come with large, undrawn revolvers that can be used to fund their ongoing growth. And therefore, as our platform grows, so does our access to liquidity and capital going forward.

They come with large undrawn revolvers that can be used to fund their ongoing growth and therefore as our platform grows so does our access to liquidity and capital going forward. So.

Speaker 2: obviously we're closing a number of transactions this quarter uh... we're at about four and a half billion of liquidity to today if we close all the transactions in our pipeline we'd still be at uh... you know at least three and a half billion of liquidity rough numbers

Obviously, we're closing a number of transactions this quarter, we're at about $4 5 billion of liquidity today, if we closed all the transactions in our pipeline we'd still be at.

At least $3 5 billion of liquidity rough numbers and.

Speaker 9: And that gives us plenty of dry powder to pursue any large and attractive opportunities that come our way. Given the environment, this is something we keep very top of mind. We want to make sure that we're always well positioned to pursue growth in environments such as this where we see very attractive returns.

And that gives us plenty of dry powder to pursue any large and attractive opportunities that come our way.

Given the environment. This is something we keep very top of mind, we want to make sure that we're always well positioned.

To pursue growth in environment, such as this where we see very attractive returns.

Speaker 6: Appreciate that and then just maybe maybe moving to the unit and share buyback. Can you maybe walk us through how you're thinking about intrinsic value there and more specifically in terms of access to capital? Are you seeing?

I appreciate that and then just maybe maybe moving to the unit and share buybacks can you maybe walk us through how youre thinking about intrinsic value there and more specifically in terms of access to capital are you seeing.

Speaker 6: Or how do you think about the risk-adjusted returns of buying back your own share versus what appeared to be very attract returns in other areas of your business?

Or how do you think about the risk adjusted returns of buying back your own share versus what appear to be very attractive returns.

Other areas of your business.

Certainly.

<unk>.

Speaker 2: think about it the same way. I would say we always want to be disciplined in the use of our liquidity and the use of our investment capital.

Think about it the same way I would say, we always want to be disciplined in the use of our liquidity and the use of our investment capital and with what we would view as kind of the.

Speaker 2: what we would view as kind of the...

Speaker 2: irrational decline in our share prices over the last couple months.

Irrational decline in our share prices over the last couple of months.

Speaker 2: For the first time in a long time, we saw it as a clear opportunity to buy back some of our shares for value. And to be clear, when we're buying back those shares, we're working within the daily volume restrictions of our NCIB. And we've been doing that for a number of weeks now, and probably will likely continue to do it for a number of weeks going forward.

For the first time in a long time, we saw it as a clear opportunity to buyback some of our shares for value and to be clear when we're buying back those shares.

We're working within the daily volume restrictions of our NCI and we've been doing that for a number of weeks now and probably will likely continue to do it for a number of weeks going forward, but in terms of how we think about capital allocation.

Speaker 2: but in terms of how we think about capital allocation.

Speaker 2: between the two, we view our capital as fungible. And we equally wait the returns that we can make and buying back our own shares versus the returns we can make in investing and growth.

Between the two.

We view our capital is fungible.

And we equally weight the returns that we can make in buying back our own shares versus the returns we can make it in investing in growth.

Speaker 9: For years, that balance has been heavily tilted to growth, but with the recent decline in the sectors, we expect to be doing both going forward. That helps to??? the right change of? and keep Israel arbitration?

For years.

That balance has been heavily tilted to growth, but with the recent decline in the sectors, we expect to be doing both going forward.

Robert Hope: Appreciate the color. Thank you.

Appreciate the color. Thank you.

Operator: Thank you. Our next question will come from David Quezada from Raymond James. Your line is open.

Thank you.

Speaker 1: Our next question will come from David Kuzata from Raymond James. Your line is open.

Our next question will come from David <unk> from Raymond James Your line is open.

Frederic Bastien: Thanks. Morning, everyone. Maybe just starting out with Westinghouse, sounds like that is shaping up pretty well for closing pretty soon. Just wondering if you could just remind us maybe longer-term how you see nuclear fitting into your future plans. I know that Westinghouse has that microreactor technology. I'm just curious, will your ambitions extend beyond Westinghouse, or will that be your vehicle for kind of targeting the nuclear market?

David Quezada: Thanks. Morning, everyone. Maybe just starting out with Westinghouse, sounds like that is shaping up pretty well for closing pretty soon. Just wondering if you could just remind us maybe longer-term how you see nuclear fitting into your future plans. I know that Westinghouse has that microreactor technology. I'm just curious, will your ambitions extend beyond Westinghouse, or will that be your vehicle for kind of targeting the nuclear market?

Okay.

Speaker 7: Thanks, morning everyone. Maybe just starting out with Westinghouse sounds like that shaping up pretty well for closing pretty soon. Just wondering if you could just remind us, maybe longer term how you see nuclear fitting into your future plans. I know that Westinghouse has that microreactor technology and just curious will your ambitions extend beyond Westinghouse or will that be your vehicle? They're kind of targeting the nuclear market.

Thanks, Good morning, everyone, maybe just starting out with Westinghouse sounds like that shaping up pretty well for closing pretty soon I was just wondering if you could just remind us.

Maybe longer term, how you see nuclear fitting into your future plans I know that.

Westinghouse has that micro reactor technology I'm just curious.

Are your ambitions extend beyond Westinghouse or will that be your vehicle.

We're kind of targeting the new car market.

Connor Teskey: Certainly. So maybe just a fun point of color for everyone, we actually got our last regulatory approval on Westinghouse, I would say, within an hour before this call. So we are all good to go, and we do expect to close this transaction next week. In terms of why we're so excited about Westinghouse, I would say two things off the top, and then I'll get into some of the detail. When we look at the growth drivers of wind and solar, they are very clearly decarbonization, electrification, and energy security. And when you look at what the drivers of nuclear power are, it's the same thing: decarbonization, electrification, and energy security. And then the second thing I would say is we've been tracking nuclear for a long number of years now.

Speaker 9: Certainly, so maybe just a fun point of color for everyone. We actually got our last regulatory approval on Westinghouse. I would say within an hour before this call. So we are all good to go and we do expect to close this transaction next week. In terms of

Certainly so maybe.

Just a fun point of color for everyone. We actually got our last regulatory approval on Westinghouse.

I would say within an hour before this call.

So we are all good to go and we do expect to close this transaction next week.

In terms of.

Speaker 2: You know, why we're so excited about Westinghouse.

Why we're so excited about Westinghouse.

Speaker 9: I would say two things off the top and then I'll get into some of the detail.

I would say two things off the top and then I'll get into some of the detail.

Speaker 9: When we look at the growth drivers of wind and solar, they are very clearly decarbonization, electrification, and energy security. And when you look at what the drivers of nuclear power are, it's the same thing. Decarbonization, electrification, and energy security. And then the second thing I would say is,

Second thing I would say is.

We've been tracking nuclear for a long number of years now and I think we've always had a very favorable view of it because of the front row seat, we have to the value of clean dispatch will baseload power that we see through our own existing hydro portfolio the value of that cleaned up.

Connor Teskey: I think we've always had a very favorable view of it because of the front-row seat we have to the value of clean dispatchable baseload power that we see through our own existing hydro portfolios. The value of that clean dispatchable baseload energy is not growing incrementally. It's inflecting higher. And today, there's really two places where you can get that type of energy supply, and that's hydro and nuclear. And going forward, we will have meaningful leading positions in both. When it comes to Westinghouse, Westinghouse obviously offers a full suite of nuclear power generation products. It's probably most well-known for its market-leading AP1000 reactor, which is what is typically used in large markets to support countries and major utilities get off large, I would say, coal or thermal supply stacks.

Speaker 2: The value of that clean, dispatchable energy, clean, dispatchable, base load energy is not growing incrementally, it's inflecting higher. And today there's really two places where you can get that type of energy supply and that's hydro and nuclear. And going forward, we will have meaningful leading positions in both.

<unk> energy.

Clean dispatch for base load energy is not growing incrementally it's in selecting higher and today. There is really two places where you can get that type of energy supply and Thats hydro and nuclear and going forward, we will have meaningful leading positions in both.

Speaker 9: When it comes to Westinghouse, Westinghouse obviously offers a full suite of nuclear power generation products. It's probably most well known for its market leading AP 1000 reactor, which is what is typically used in large markets to support countries and major utilities, get off large, I would say, coal or thermal supply stack. But what's important to recognize...

When it comes to.

Westinghouse Westinghouse obviously offers a full suite of nuclear power generation prod products.

It's probably most well known for its market, leading AP 1000.

Reactor, which is what is typically used in large markets to support countries and major utilities get off large I would say coal or thermal supply stack.

Connor Teskey: But what's important to recognize about Westinghouse is they also have an AP300 technology, which is a small modular reactor technology. The important thing about the AP300 is it's the same design. It's the same technology. It's the same model as the AP1000, simply shrunk down. As a result, we don't expect the AP300 to have many of the first-of-its-kind issues that other SMR technologies will have. Then lastly, Westinghouse has its microreactor technology, eVinci. This is very good for projects and businesses that are in remote locations and need to get off high-carbon, high-cost energy like diesel fuel oil. What I would say, what we get really excited about Westinghouse is today, it typically supports large utilities and power grids of governments.

But what's important to recognize about Westinghouse.

Speaker 2: Is they also have an AP 300 technology?

They also have an AP 300 technology.

Which is a small small modular reactor technology and the important thing about the AP 300 is it the same design. Its the same technology. The same model as the AP 1000, simply shrunk down and as a result, we don't expect the AP 302 have many of the first of its kind issues that other.

Speaker 2: And as a result, we don't expect the AP 300 to have many of the first of its kind issues that other SMR technologies will have. And then lastly, Westinghouse has its microreactor technology evenche. And this is very good for projects and businesses that are in remote locations and need to get off, you know, high carbon, high cost energy like diesel fuel oil.

<unk> technologies will have and then lastly.

Speaker 2: What I would say, what we get really excited about Westinghouses, today it typically supports large utilities and power grids of government.

Today, It typically supports large utilities and power grids of government, but with the huge increase in corporate demand that we're seeing around the world and with leading corporates now looking to procure the same amount of energy is leading countries. We do believe that we will be able to use Westinghouse.

Speaker 2: but with the huge increase in corporate demand that we are seeing around the world and with leading corporates now looking to procure the same amount of energy as leading countries, we do believe that we will be able to use Westinghouse's product.

<unk> products to service the large energy demands.

Speaker 2: to service the large energy demands of our leading corporate customers. And the clean, dispatchable, base load profile that they can provide matches very well with the build out in renewables that we're already using to service that customer demand. So similar to how our hydro portfolio has really differentiated us in the past, we think adding nuclear to our portfolio will continue to really differentiate us in the future.

Our portfolio will continue to really differentiate us in the future.

Frederic Bastien: Awesome. That's great color. Thanks for that, Connor. Then maybe just kind of a follow-up to commentary around M&A. I'm thinking about hydro specifically. I'm just wondering if hydro assets seems like historically, they've traded hands at higher multiples. Are you seeing any M&A opportunities shape up in the hydro space where you could look to grow your fleet there?

David Quezada: Awesome. That's great color. Thanks for that, Connor. Then maybe just kind of a follow-up to commentary around M&A. I'm thinking about hydro specifically. I'm just wondering if hydro assets seems like historically, they've traded hands at higher multiples. Are you seeing any M&A opportunities shape up in the hydro space where you could look to grow your fleet there?

Awesome, that's great color, thanks for that corner and then maybe just.

Speaker 7: Awesome, that's great color, thanks for that corner. And then maybe just kind of a fall look to commentary around M&A. And I'm thinking about Hydro specifically, just wondering if Hydro assets seem like historically, they traded hand but hire multiple. Are you seeing any opportunity, M&A opportunities shape up in the Hydro space where you could look to grow your fleet there?

Opportunities M&A opportunities shape up in the hydro space, where you could look to grow your fleet there.

Speaker 2: Certainly, so it's a good question, but what I would say is there's simply less hydro being built around the world. The hydro fleet around the world is a much more contained...

Certainly so so it's a good question, but what I would say is there.

There are simply less hydro being built around the world.

Hydro fleet around the world is a much more contained.

Speaker 2: perimeter of assets and therefore there is going to be less

Perimeter of assets and therefore, there is going to be less.

Deal activity I would say, we monitor it in all of our core markets.

We have been buyers of hydro over the last couple of years, most notably in South America and those investments have performed really really well for us.

Speaker 9: But what I would say is we look at acquisitions in hydro, no different than we look at acquisitions in every other technology.

But what I would say as we look at acquisitions and hydro no different than we look at acquisitions in every other technology.

If we can buy for good value, we'll obviously deploy the capital there, but if we're seeing better risk adjusted returns elsewhere.

Allocate that capital away and the other point I would make is we increasingly look at asset sales. The same way if someone has to offer us a value on a hydro asset that far exceeds that what we think the value of that asset is in our portfolio, we would consider selling hydro as well.

Speaker 9: to offer us a value on a hydro asset that forex seeds that what we think the value of that asset is in our portfolio, we would consider selling hydro as well. We look at hydro as a technology, we value it very, very significantly, but we look at it emotionally, the similar way we look at all the other renewable asset classes.

We look at hydro is a technology, we value at very very significantly.

But we look at it emotionally Leslie.

Similar way, we look at all the other renewable asset classes.

Robert Hope: Excellent. Thanks for that, Connor. I'll turn it over.

Excellent thanks for that color I'll turn it over.

Operator: Thank you. As a reminder, to ask a question, please press star 11. Our next question will come from Rupert Merer from National Bank. Your line is open.

Speaker 1: Thank you. And as a reminder to ask a question, please press star 11.

Thank you.

And as a reminder to ask a question. Please press star one one.

Speaker 1: Our next question will come from Rupert Mera from National Bank. Your line is open.

Our next question will come from Rupert <unk> from National Bank. Your line is open.

Frederic Bastien: Hi. Good morning. Connor, on asset recycling, are you still seeing strong appetite in the market to support your recycling program? And can you comment on the direction of prices you're seeing and how that might vary by market?

Speaker 2: Hi, good morning. Connor, on asset recycling, are you still seeing strong appetite in the market to support your recycling program? Can you comment on the direction of prices you're seeing and how that might vary by market? Rupert, it's a really, really good question. I would say one thing we've seen this year, which is probably appropriate color that we can share is...

Hi, good morning, Conor on asset recycling or are you still seeing strong appetite in the market to support the recycling program and can you comment on.

The direction of prices, you're seeing and how that might vary by market.

Connor Teskey: Rupert, it's a really, really good question. And I would say one thing we've seen this year, which is probably appropriate color that we can share, is it's important to recognize what's happening in the market right now, which is there is still a huge influx of capital into the renewable power, energy transition, and decarbonization space. But I would say the vast majority of that capital is flowing into the segment of the market that is looking for, I would say, small to medium-sized assets that are very de-risked and are operating in contracted. Larger-scale platforms that require more operational intensity and more development, that's where we've seen good opportunities to buy for value. Selling well-sized assets that are de-risked, that's where we're seeing good opportunities to sell for value. And we've really taken that into account in terms of our approach to asset sales.

It's a really really good question and I would say one thing we've seen this year, which is probably appropriate color that we can share is.

Speaker 9: It's important to recognize what's happening in the market right now, which is there is still a huge influx of capital into the renewable power, energy transition, decarbonization space.

It is important to recognize.

What's happening in the market right now, which is there is still a huge influx of capital into the renewable power energy transition decarbonization space, but I would say.

The vast majority of that capital is flowing into that segment of the market that is looking for I would say small to medium sized assets that are very de risked and our operating and contracted.

Speaker 2: larger scale platforms that require more operational intensity and more development. That's where we've seen good opportunities to buy for value selling well-sized assets that are de-risk. That's where we're seeing good opportunities.

Larger scale platforms that require more operational intensity and more development.

That's where we've seen good opportunities to buy for value selling well sized assets that are de risked.

That's where we're seeing good opportunities to sell for value add.

Speaker 9: And we've really taken that into account in terms of our approach to asset sales. And therefore, as we look at our, the asset sales we've completed recently and the ones in our pipeline going forward, they really focus on, I would say, small to medium size assets that are very de-rift and can attract a very low cost capital. And we continue to see a very, very strong bid for those assets.

Connor Teskey: Therefore, as we look at the asset sales we've completed recently and the ones in our pipeline going forward, they really focus on, I would say, small- to medium-sized assets that are very de-risked and can attract a very low-cost capital. We continue to see a very, very strong bid for those assets. In general, I would say across almost all our major markets around the world, off the top of my head, I can't really think of one now where we aren't seeing still a robust bid for those well-sized, de-risked, contracted assets.

A very low cost of capital and we continue to see a very very strong bid for those assets.

In general I would say across almost all our.

Speaker 9: In general, I would say across almost all our major markets around the world. Off the top of my head, I can't really think of one now where we aren't seeing still a robust bid for those well-sized, de-risk contracted assets.

Major markets around the world.

Off the top of my head I can't really think of one now where we are seeing still a robust bid.

For those well sized derisked contracted assets.

Frederic Bastien: So with that interest in investing in the sector from other investors in the space, how are you seeing the capital being made available through your private partnerships and your other institutional partners? Are they still writing checks to support deals alongside Brookfield?

Okay.

So with that interest in investing in this sector from other investors in the space. How are you seeing the capital being made available through your private partnerships and your other institutional partners are they.

Phil.

Writing checks to support deals alongside Brookfield.

Connor Teskey: Yeah, absolutely. Stronger today than ever before. And I think we're seeing that not only through Brookfield's broader funds business but also the willingness of large global institutional, highly sophisticated investors to, on a discretionary basis, co-invest into some of our larger transactions. And Westinghouse, which we will close next week, is a great example of that. We saw very significant co-investor demand to come alongside of Brookfield Renewable in investing in that transaction. And we feel that's great. One, really validates our investment thesis. And two, it also allows us to continue to look to execute on the largest and most attractive opportunities at a scale that very few around the world can match. So we continue to see very, very robust demand for exposure to this space from large sophisticated institutional investors.

Slightly stronger today than ever before.

And I think.

We're seeing that not only.

Through our Brookfield broader funds business, but also the willingness of large global institutional highly sophisticated investors to discretionary to on a discretionary basis co invest.

Speaker 9: into some of our larger transactions. And Westinghouse, which we will close next week, is a great example of that.

Into some of our larger transactions and Westinghouse, which we will close next week is a great example of that.

We saw very significant co investor demand to come alongside us.

Brookfield renewable and investing in that transaction and we feel thats great.

One really validates our investment thesis.

Speaker 9: and two, it also allows us to continue to look to execute on the largest and most attractive opportunities at a scale that very few around the world can match. So we see, continue to see very, very robust demand for exposure to this space from large sophisticated institutional endups.

And two it also allows us to continue to look to execute on the largest and most attractive opportunities at a scale that very few around the world can match so.

We see continue to see very very robust demand.

For exposure to this space from large sophisticated institutional investors.

Frederic Bastien: Great. And then just finally, you may not want to comment on this, but it seems the Origin Energy deal doesn't have support from all of the shareholders. Just wondering what the options are to get that deal over the line or what your next steps will be if you have some challenges there. Any thoughts on Origin?

Great and then just finally.

You may not want to comment on this but it.

It seems the origin energy deal doesn't have support from all of the shareholders. Just wondering what the options are to get that deal over the line or what's your next steps will be.

If you if you had some challenges with jokes there any any thoughts on Richard.

Speaker 2: Certainly. So unfortunately this is a live transaction involved being a public company. So we can't comment on it on this call. We did get our A-Triple-C approval. We this past week increased our bid on the back of very strong outperformance by the company between the signing of the transaction earlier this year and the point to date that we're at now. And we got a unanimous support from the board and have increased our price to the top end or slightly above.

Certainly so unfortunately this is a live transaction involving a public company. So we can't comment on it.

On this call fair enough.

Did get are a triple C approval.

This past week increased our bid on the back of very strong outperformance by the company.

Queen the signing of that transaction earlier this year and the point to date that we're at now and we got a unanimous support from the board.

And have increased our price to the top end or slightly above.

Speaker 2: the range of value provided in a third-party fairness opinion.

The range of value provided in our third party fairness opinion.

Speaker 9: At that point, this is probably all I can say, but we continue to work to execute the transaction and we'll do so in the coming weeks.

At that point. This is probably all I can say, but we continue to work to execute the transaction and will do so in the coming weeks.

Frederic Bastien: Understood. Thanks for that. I'll get back in the queue.

Rupert Merer: Understood. Thanks for that. I'll get back in the queue.

Understood. Thanks for that I'll get back in the queue.

Operator: Thank you. I am showing no further questions from our phone lines. I now like to turn the conference back over to Connor Teskey for any closing remarks.

Yeah.

Thank you.

Speaker 1: And I am showing no further questions from our phone lines. I now like to turn the conference back over to calm our test key for any closing remarks.

And I am showing no further questions from our phone lines I would now like to turn the conference back over to calendar <unk> for any closing remarks.

Great.

Speaker 2: Thank you, operator, and thank you everyone for joining the call today. We appreciate your continued interest in support of Brookfield Renewable, and we look forward to updating you next quarter on our Q4 and full your results. Have a fantastic day.

Thank you operator, and thank you everyone for joining the call today. We appreciate your continued interest and support of Brookfield renewable and we look forward to updating you next quarter on our Q4 and full year results have a fantastic day.

Operator: Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

Thank you. This concludes today's conference call. Thank you for your participation you may now disconnect everyone have a wonderful day.

Speaker 1: Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

Q3 2023 Brookfield Renewable Corp Earnings Call

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