Q1 2024 Brookfield Renewable Corp Earnings Call
Okay.
Yeah.
Good day, and thank you for standing by welcome to the Brookfield renewable first quarter 'twenty 'twenty four results conference call and webcast. At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question. During this session you will need to press star one one on your telephone.
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I'd now like to hand, the conference over to your Speaker today car Tusky Chief Executive Officer. Please go ahead.
Thank you operator.
Good morning, everyone and thank you for joining us for our first quarter 2024 conference call.
Before we begin we'd 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 our future results may differ materially for more information you are encouraged to review our regulatory filings available on SEDAR Edgar and on our website.
Okay.
On today's call, we will provide a review of our first quarter performance.
Our role as a key enabler in the growth of digitalization and AI and our recently announced agreement with Microsoft.
And then we will hand, it over to aspirin Lemme, our senior Vice President on our investment team to discuss the growth opportunities. We are seeing in the current market as well as our asset recycling initiatives.
And then lastly, why it will conclude the call by discussing our operating results and financial position.
Following our prepared remarks, we look forward to taking your questions.
We had a strong start to the year generating record funds from operations in the first quarter benefiting from our development activities and acquisitions.
Our operating business continues to grow and diversify helping to improve the durability of our results and deliver on our distribution growth target.
As the accelerating global trends of cloud computing digitalization and the adoption of AI continued to drive significant growth in the demand for power.
We are fortunate to be a key enabler of one of the most significant growth trends in recent history.
The leading global technology companies, who reported results over the past two weeks all highlighted significant increases in their capital budgets to fund cloud and AI infrastructure growth.
The role that computer chips play in delivering the compute power behind AI is well understood by the market.
But to execute on the number of computations that make AI is such a powerful tool you also need an immense amount of energy.
The market is only starting to understand this need and power demand estimates to supply the growth in cloud computing and the adoption of AI have grown significantly in recent months and quarters.
However, existing energy infrastructure is simply not adequate to meet the demand from AI, meaning sourcing sustainable renewable power at scale is now on the critical path to delivering the rollout of AI globally.
In this regard we recently signed a landmark renewable energy framework agreement with Microsoft where we expect to deliver them over 10, five gigawatts of new renewable energy capacity in the United States and Europe between 2026 and 2030.
Our strategy.
Building, a business with leading platforms across the most important power markets globally supported by our centralized teams provides us with a unique development and operating capabilities, whereby we are able to leverage local relationships for permitting and interconnection and.
And our global relationships for procurement and contracting to deliver a volume of capacity that is difficult to match.
The first of its kind agreement between us and Microsoft is a natural development in the long standing and well established relationships between one of the largest buyers of power and one of the largest renewable power developers and operators globally.
The agreement supports Microsoft on a path to achieving their energy procurement needs to support the rapidly growing business in a sustainable manner.
While also enhancing our position to achieve or exceed our targeted growth.
Identifying the key requirements for new capacity, including the location of the capacity and the timeline to deliver.
Through the agreement we have identified projects that are in various stages of development that can be offered to Microsoft under under a pre agreed standard form power purchase agreement.
With the well defined framework that aligns the two parties to work together, we are confident in the potential of expanding on this agreement going forward and furthering our position as a key partner to support the growth of Microsoft business.
This agreement already includes provisions to increase its scope to deliver additional renewable energy capacity within the U S and Europe and beyond to other regions, including Asia Pac, India and Latin America.
The partnership is a testament to our differentiated offering which is characterized by our access to capital.
And credibility to deliver scale clean power solutions from our extensive pipeline of advanced stage projects, which are well positioned from an interconnection and permitting perspective in many key data center markets globally.
While this partnership is a first of its kind given.
Given the significant scale of investment required to meet the increase in energy demand. We believe we are uniquely positioned to be a key enabler of growth for the largest technology players through similar arrangements.
Our access to scale capital sizable development pipeline, which is now almost 160 gigawatts.
And our ability to commission significant capacity concurrently to meet this demand altogether differentiate us as a partner.
We are also uniquely positioned to provide a tailored solution to help address our customers' needs.
Our ability to provide scale $24 seven clean power solutions through the combination of our large portfolio of existing hydro assets are leading nuclear business and other renewable power capacity from across the technology spectrum also distinguishes our offering this is translating into favorable contracting opportunities.
Yeah.
With that.
We would now like to turn the call over to asper to discuss our robust growth pipeline as well as our asset recycling initiatives.
Thank you Conor and good morning, everyone.
Our pipeline of attractive growth opportunities is as robust as ever.
Asper: Our access to scale capital strong operating business and market conditions were not all counterparties are necessarily as well situated creating a favorable environment for new investments.
In the foreseeable future there is a need for greater amounts of capital for renewables and is available.
That's garner mentioned electricity demand is accelerating as a result.
<unk> growth in digitalization, and electrification and renewables, which are the lowest cost source of bulk power generation in most regions and countries now and they are aligned with net zero targets are among the most likely sources to meet this growth.
In 2023 renewable capacity additions globally grew by 50% compared to the prior year.
However, renewable power developers and operators were not prepare for a higher interest rate environment or unable to manage through supply chain challenges have seen their business models disrupted.
This has created an opportunity to invest for value referred business, which remains insulated from such headwinds.
Ideally situated at the clean energy center between capital and opportunities.
Our access to scale capital means we can execute on larger opportunities, where there are fewer viable partners and risk adjusted returns can therefore be very attractive.
Larger companies can offer attract stronger management teams and have embedded growth opportunities, which when combined with our capital and capabilities can allow us to unlock additional value creation that others cannot Rick.
We're excited about the opportunity to add scale businesses and platforms and attractive markets, where we can compound our competitive advantages.
We're also able to leverage the expertise or for global investment teams and our operating capabilities to strategically enter new markets, which enables us to look at a broader range of opportunities.
Thus far this year, we have advanced several growth initiatives that weren't close would add operating capacity and near term growth to our development pipeline and based on our current pipeline. We are optimistic that capital deployment will accelerate throughout the rest of the year.
On asset recycling the market for the right type of renewable power asset continues to strengthen as the outlook for interest rates have stabilized two.
2023 was a very strong year for capital rotation and we expect to continue that trend this year.
Our large and growing portfolio of contracted out for any assets for fixed rate nonrecourse financing and pipeline of Derisked projects are in high demand from lower cost of capital buyers were first scaling development activities, we have a growing pool of projects to monetize and crystallized strong returns.
We are fortunate to have launched a significant pipeline of asset sales into this environment, which we are advancing across technologies and geographies, we see consistent characteristic being the derisk nature of the assets.
In aggregate we are.
We're targeting to generate $3 billion of proceeds or $1 3 billion Thats about this year at attractive returns.
Asper: With that I'll pass it onto white to discuss our operating results and financial position.
Thanks, Albert and good morning, everyone.
Our operating business had a strong start to the year delivering record funds from operations as we benefited from our diverse operating assets and contributions from our growth and development activities.
We generated <unk> of $296 million in the quarter up 8% year over year or <unk> 45 per unit.
These results position us well to deliver on our 10% plus <unk> per unit growth target for the year.
Our hydro assets exhibited strong cash flow resiliency, a reflection of our diversified asset base inflation linked power purchase agreements and ability to realize strong power prices.
Our wind and solar segments benefited from our recently closed acquisitions, including <unk>, formerly Duke Energy's unregulated renewable business and unpack, our UK wind solar and storage platform.
Our distributed energy and storage segment benefited from recent development activities and our sustainable solutions segment performed well as we felt the impact from a full quarter of contributions from Westinghouse.
Our financial position remains excellent with a strong balance sheet and robust liquidity positioning us to be opportunistic through the cycle.
Over the quarter, we executed almost $6 billion in financing take.
<unk> taken advantage of pricing with spreads near historic lows.
In January we issued $400 million Canadian dollars of 30 year notes at five 3% and meaningfully extended our debt maturity profile.
Later in the quarter, we issued $150 million of fixed rate perpetual preferred equity with proceeds being used to refinance outstanding preferred shares that were scheduled to reset in early April.
The newly issued notes are alright, 70 basis points cheaper than the reset rate of the outstanding shares we redeemed savings thats almost $5 million over the next five years.
We ended the quarter with $4 4 billion of available liquidity, enabling us to deploy significant capital into growth.
Considering public market conditions, our strong conviction in the intrinsic value of our business.
Healthy balance sheet position, we allocated capital to repurchase our units in the quarter.
In the last nine months, we repurchased over 4 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 we will continue to create meaningful value for our investors.
In closing, we remain focused on delivering 12% to 15% long term total return for our investors leveraging our deep funding sources and operational capabilities to enhance and Derisk our business.
On behalf of the board and management.
Thank all of our unit holders and shareholders for the ongoing support we.
We're excited about Brookfield renewable future and look forward to updating you on our progress throughout 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.
Thank you as a reminder to ask a question. Please press star one on your telephone and wait for your name to be announced.
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Please standby, while we compile the Q&A roster.
Our first question comes from the line of Sean Stewart with TD Cowen. Your line is now open.
Thank you and good morning, everyone.
Couple of questions on the Microsoft agreement to start with.
Can you give us more detail on the focus between North America versus Europe for this initial five years and.
Within the U S specifics on target regions and how your.
Your pipeline lines up with what Microsoft is targeting for their their demand growth.
Good morning, Sean Thanks for the question.
Certainly so we're thrilled about this arrangement with Microsoft.
Incredibly beneficial and helped and how it will help us to further optimize and grow our development activities.
In the terms of the breakdown between Europe, and the United States. The balance of it is certainly in the United States.
And this just layers very logically with where you are seeing the greatest demand amount of data center build out.
Asper: Round the world.
That pairs very very well with our business.
As many may know on the call. The vast majority of our near term development pipeline is in the United States and pairs very well.
With that growing demand in terms of where within the individual regions will probably avoid the specifics, but the comment that can be made is.
Asper: It's it's very well known where the largest data center markets are these tend to be the areas, where there is the most robust grid.
In order to support the build out and where there is the greatest amount.
Mint capacity in order to support that build out so.
There is no secret sauce here.
Is that the locations where this activity will take place are primarily in the U S. Because that's where data centers are built.
Mostly and then within that in the biggest data center markets within the United States.
Okay, Thanks for that detail Conor.
One other question before I get back in the queue.
So Biden administration advancing trade action on solar panel imports from China, and it sounds like other southeast Asian countries.
Can you give us perspective on how.
Asper: <unk> is positioned.
Any possible impact on project economics as you see it going forward how does this affect your growth plans in the technology.
Certainly so one of the competitive advantages and something we've been very proud of over the last several years is the performance of our centralized procurement approach.
And via that group, we've been constantly diversifying our ability to procure planets from different sources that give us a lot of flexibility as we manage through what is a very fluid situation in terms of tariffs tariffs and trade.
Actions to the United States, we've certainly done some obvious things.
Increasing our procurement from domestic manufacturers within the U S and things like our investment in Nevada, which is beginning to produce solar panels itself in India put us in a unique position, where we don't see the current environment slowing our growth profile in any way.
The one additional point that I think it's important to recognize when it comes to the headlines.
Around equipment procurement and solar panels is.
Around the world solar panels arch in markets outside the United States solar panels are cheaper today than they've been at any point in history.
It really is a tale of two worlds. If you will you have got the dynamics in the United States that are impacted by the trade discussions and the tariffs in the United States Solar panel prices have come down materially in the last 12 months, but outside of the United States Solar panel prices have come back.
Come down dramatically and that is obviously very very constructive to our broader business and the economics, we can get out of our projects.
That's useful detail. Thanks, very much that's all I have for now.
Thank you.
Our next question comes from the line of Rupert Mirror with National Bank. Your line is now open.
Hi, good morning, everyone. Thanks for taking the question.
Can you give us a little more color on the scale of the market opportunity.
Power and data and how much of your growth could come from data markets in the future and.
And I suppose if you look at the overall market for for power, we're seeing drivers from re shoring electrification population growth how much of that growth do you think can come from data.
Thanks, Rupert maybe let us tackle that's a slightly different way.
The dynamic in the market today is very simply there is an imbalance between supply and demand there is far more demand for incremental new build in particular clean power than there are available projects and that is a dynamic that we do not expect to change for.
For years or potentially decades to run because as you say we've had these longstanding enduring trends that were driving electricity demand whether it be energy security, whether it be the electrification of industry transport residential but all of that has just been multiplied.
In the last 12 months to 24 months with this huge incremental driver of demand, which is data centers to support.
And cloud compute.
And therefore.
In terms of how much of our growth is going to go towards supporting the tech sector I would say a very meaningful component, but our business continues continues to be very very well diversified but the nature of the current environment is that.
Incremental demand from the tax is really lifting all boats and one thing that we are seeing on the ground across all of our businesses is that incremental demand from the tax for whom procuring power is on the critical path to growth those companies are getting a lot more.
<unk> around price and terms in in how they procure power and quite frankly, they're dragging the rest of the market with them and creating a really really robust and constructive environment to be a renewables developer, whether you're contracting with a tech company or anyone else. So well we do expect.
They're very large and growing portion of our business.
To be.
Supplying this incremental tech demand the point that we like to highlight is this incremental tech demand is supporting the entire sector, regardless of who your counterparties.
Alright, great and looking at your framework agreement with Microsoft or any color you can give on the typical terms you might expect in your contracts maybe looking at contract.
Duration or.
Ability to index your power price.
Any color.
Yes, certainly so.
The way the.
Framework agreement works is it aligns.
One of the largest if not the largest corporate procurer of green power with one of if not the largest producer and provider of green power and it makes it very very efficient.
For us to work together, because we have essentially agreed on a framework PPA under which we can offer Microsoft projects to meet their demand going forward.
Asper: The important thing we would highlight.
Asper: This <unk>.
Agreement is it's really in line with our historic development approach.
<unk>.
The final prices in these ppas in terms in these ppas will be negotiated with between us and Microsoft to reflect the cost of construction and financing at the time and to ensure that they are within our target returns as we have done with Microsoft over the gigawatt of trans.
Asper: Actions, we've done with them in recent times.
Therefore, we expect the contracts that we execute under this agreement to be very much in line with what we've done in the past long term contracts 15 to 20 years plus inflation linked at agreed upon prices that allow us to achieve our target returns.
Speaker Change: And my final question here, maybe a question for Microsoft, but when you're working with Microsoft to develop power solutions to support data centers, how important is the.
Speaker Change: The cost of power, meaning are they looking to develop data centers, where power is cheap or do you think there are more important considerations for the location.
No that is a question for Microsoft.
Wouldn't want to speak for them, but.
What we can share is what we are seeing in the market which is.
And again apologies too.
Speaker Change: Really be driving on this point the supply demand imbalance for power is very dramatic right now and therefore, the accessibility to power.
Speaker Change: Having comfort that the power is going to be delivered on time at scale in order to not compromise your growth trajectory.
<unk> seems to be the priority in the market today, and that's creating a really constructive environment for us as.
Renewable power developers, but the important thing to recognize about the product that we do offer to Microsoft all of the technology companies all of our broader power marketing clients is.
Renewables are the cheapest form of bulk electricity. So even while this is a constructive market and its allowing us to develop in a very attractive way. The power that we are offering them as long duration power at a discount to retail rates, which is obviously supportive for their businesses.
Speaker Change: Thank you very much along leave it there.
Thank you.
Our next question comes from the line of Nelson <unk> with capital markets RBC capital markets. Your line is now open.
Nelson: Great Thanks, and congrats on the Microsoft agreement.
So no surprise one further question on the Microsoft.
Arrangement. So I was just wondering whether the Microsoft transaction takes up a lot of your.
Nelson: Current development capacity in the U S. So over that five year period, and whether there is room for let's say another.
A framework agreement with another offtake or in the U S.
So I'll maybe come at that in reverse order.
Absolutely we could do other framework agreements or multiple other framework agreements given the capacity we have in the pipeline we've assembled.
It's important to understand.
The strategy that we have been pursuing which is we have been.
Acquiring and building a portfolio of.
Leading renewable power developers with attractive pipelines in major core markets around the world because we had confidence that given our relationships with the large off takers of power, we would be able to.
Nelson: Contract and build out those pipelines and therefore as we sit today, while we are thrilled about this agreement with Microsoft we fully expect to not only expand disagreement but do other similar arrangements with other major buyers around the world.
Nelson: Maybe just to give some directional numbers around this we are currently have a run rate of producing seven to 8000 megawatts of new generation.
<unk> capacity from organic development.
Within our current business.
Those numbers will naturally grow as our existing businesses get built out over time and obviously, we are a growth company, we are going to consistently add other developers and other pipeline.
Nelson: As we move through the remainder of this decade.
Nelson: Conceivable that by the period of 26 to 30, we will be producing well over 10, gigawatts a year, if not more and therefore, well our arrangement with Microsoft takes de risks a.
Nelson: A good portion of that it still is expected to only be a minority within our broader portfolio.
Great Thats great color. So you do see this type of framework agreement is actually being a template for.
I guess further project developments going forward.
Yes.
Speaker Change: Perhaps the way we would answer that is we.
We have a lot of arrangements with different customers and those arrangements are always tailored to meet the needs of.
That specific customer and well disagreement with Microsoft is certainly unique in its scale.
We have lots of <unk>.
Existing partnerships without our throughout our business and we will continue to do other partnerships going forward.
This one is precedent setting and we do think will trigger other similar types of agreements is an at scale.
Speaker Change: But what we would expect as they all look a little bit different.
One of the unique things that we can bring us is not simply the scale, but the ability to tailor the energy solutions to meet that specific clients needs and therefore these broad framework agreements I would say tend to be fit for purpose, depending on who the counterparty is.
Okay, Great and then just shifting gears a bit on the capital recycling side, you mentioned that you're expecting net proceeds to Brookfield renewable of about $1 3 billion. This year.
Are you seeing some of that pent up demand from last year kind of shift into this year.
And then also.
Speaker Change: Is it safe to assume that most of that capital recycling would happen.
Speaker Change: In North America, or maybe other parts like Asia Pacific I know that you are.
Speaker Change: You'd have a lot of.
Speaker Change: Solar projects and a few wind projects going on.
Speaker Change: The Asia Pacific region.
Sure so.
Maybe to take a step back.
And this wasn't your specific question, but one thing that we often get asked is.
Is this a better market for investing or a better market for capital recycling.
And more so than probably any point in recent history, we would say right now the market is heavily heavily bifurcated and we think it is a very very good market for both.
And therefore, we are seeing very very attractive opportunities to deploy capital at scale at attractive returns, but on the same time.
We are also seeing a very robust bid for high quality Derisked assets now tying that back to your question is some of this perhaps a little bit of pent up demand from last year, maybe but we really think that the key drivers of it is there is still a broad.
Good.
Institutional bias to adding more exposure to this space and with the stabilization of interest rates. There is still significant access to capital in this industry and that is creating a very very robust bid from both strategics and financials.
Speaker Change: In terms of where we are seeing.
Speaker Change: Opportunities for capital recycling. It is very broad based we are seeing opportunities in Asia Pac as you mentioned, we are seeing opportunities in North America.
One that I would highlight that you didn't mention is we're also seeing significant opportunities for capital recycling in Europe.
Okay, that's great color I'll leave it there.
Thank you.
Our next question comes from the line of Mark Jarvi with CIBC. Your line is now open.
Mark Jarvi: Yes. Thanks. Good morning, So just staying on the asset sales that one 3 billion net to debt how much line of sight do you have on that.
How would you put your conviction level in hitting that number or is there an opportunity to exceed that number this year.
Hi, Mark.
We feel very good about that number.
We started the year by launching.
A few fairly meaningful sales processes that at this point are well advanced and are seeing strong traction so in terms of.
Mark Jarvi: Hitting the number we've guided to I would say we have a very very high degree of comfort and if.
We continue to see that that robust bid for high quality Derisked assets as we mentioned on the previous question I think we would just continue to add to that pipeline of capital recycling.
Mark Jarvi: Because that is where our business can really hum.
When we're able to sell high quality derisked assets at a lower cost of capital and reinvest that capital into very attractive higher returning investments that drives really great returns for our business. So if we continue to see the market play out as we're seeing it today.
Mark Jarvi: We'll certainly look to add to that pipeline throughout the year.
Speaker Change: Just coming back to your comment about normalization stabilization of interest rates, we did see a move backup in the tenure did that slow any processes down or does that actually just pushed some sellers to have to transact just given where they are from balance sheets are right now.
Certainly so maybe the way I would position it is.
In 2023, and I'm, clearly being a little bit illustrative here interest rates went from 2% to 4% to 6% and there was a concern they go even higher than that.
Speaker Change: Now interest rates have stabilized in a very constructive level.
If they end up 50 basis points higher or 50 basis points lower it is still a very constructive environment for investing and transacting. So we wouldn't expect.
The recent movement in interest rates to add.
Derail our plans for the year.
What we would say is on the investing side, we are seeing some opportunities in the market where that that move in interest rates from zero to 2% to let's say, 4% to 5%. There are some market participants who has capital structures or growth strategies, we're not well.
Prepared for that move in interest rates and that is one of the things that's driving opportunities for us to deploy capital at really attractive returns in this environment.
Understood and then just lastly on the on the framework agreement with Microsoft on Sierra.
Richard relationship with Amazon and I think it will big buyers from the tech side of things, how does that factor into sort of your <unk>.
M&A pursuits, whether its operating assets you might be able to re contract or repowering or development pipelines has anything changed or have you seen this coming and that's already kind of factored into how you've been pursuing your.
Acquisitions, both on development side and operating side.
So we very much appreciate the way you frame that question because.
If anything.
Speaker Change: Perhaps what the agreement with Microsoft given.
It's somewhat public nature does is it kind of demonstrates why we have been doing what we've been doing which is very constructively and thoughtfully acquiring high quality pipeline in critical markets around the world. So we absolutely will continue to do that going forward.
And the demand that we're seeing gives us incredible conviction to continue to lean into that strategy.
What.
The demand, we're seeing and what the agreement with Microsoft does is it does really de risk.
Meaningful component of our development activities.
For the remainder of the decade and it also allows us to move with a lot of conviction to expand and develop in areas and geographies that match, where we are seeing demand from our portfolio of customers and when you have.
Such strong visibility on tens or multiple tens of gigawatts.
<unk>.
Speaker Change: Of offtake. It really allows you to move with more confidence in things like putting shovels in the ground and getting development permits. It allows you to lean into.
Looking to source equipment looking to source financing because you know that demand is going to be there. So.
We simply see this as a first step in.
Accelerating into the strategy that we've been executing on for a number of years now.
Okay. Thanks Connor.
Thank you.
Our next question is from the line of Jessica <unk> with Scotiabank. Your line is now open.
Great. Thanks, so much for taking my question. So just to start thinking about the the Microsoft deal and dealing with the large tech companies.
Narrow is the competition to provide these types of renewable packages just given they are across multiple geographies and and are quite large.
Thanks Jessica.
The arrangement, we have been able and are fortunate to be partnered with Microsoft on.
And similar with some of our other very large customers is there is a very significant differentiation.
In order to be a credible partner of scale.
Speaker Change: One you need the capital and the amount of capital to support. These types of partnerships is very limited to a small number of participants in the marketplace. Today. So we would certainly see that as a major limiting factor and one that differentiates us.
But the other important things that we would highlight is you need the operating capabilities. This is bringing on multiple projects across multiple geographies concur.
Concurrently and therefore, you need that best in class development and construction capability and then the last point is even if you are large and have the capital and and have the capabilities you actually need the assets you need the pipeline and this is where our approach of acquiring.
Pipeline over the last two or four or five years is really coming to fruition, because we have the projects and the assets to meet this growing demand already.
This is a very real opportunity today.
And really lends itself to those that have that pipeline already not those who are going to start developing it today in order to deliver it several years from now.
Thanks for that that's helpful. And then you talked a little bit on this but maybe can you talk a little bit more about the opportunity set out there and just in terms of buy versus build build there seem to be a lot of packages out there. So just wanted to get your overall thoughts on these dynamics in the market.
Great.
Speaker Change: Back to the comment that we think.
It is a buy for a bifurcated market, where you can be both a very active buyer and a very active capital recycler. We do expect there to be a lot of transactions. This year for the same reasons.
Speaker Change: Banks are lending again, the institutional bids back the strategic bit is back.
And there is certainly a lot of capital available in the space.
Given the very robust pipeline that esper highlighted.
We mean this with absolutely no sensationalized Asian.
Our pipeline for growth is probably larger today than it's been at any point in history and as a result of the scale of that pipeline. It is quite diversified it is across both operating assets and development.
Speaker Change: Opportunities.
Really across all markets around the world that we're active in.
Speaker Change: Thanks for that.
Thank you and I'm currently showing no further questions at this time I'd like to hand, the call back over to Conor Tusky for closing remarks.
Great well, thank you everyone for joining us on today's call.
As always we greatly appreciate your interest and support of Brookfield renewable and we look forward to giving you an update following our Q2 results. Thank you and have a great day.
This concludes today's conference call. Thank you for your participation you may now disconnect.
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Speaker Change: Okay.
Okay.