Q4 2024 Brookfield Renewable Corp Earnings Call

January 31, 2025

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 one on your telephone.

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

To withdraw your question. Please press star one again.

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

Speaker Change: I would now like to hand, the conference over to your Speaker today <unk> Chief Executive Officer. Please go ahead.

Yeah.

Speaker Change: Thank you operator, and good morning, everyone and thank you for joining us for our fourth quarter 2024 conference call.

Speaker Change: 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 our future results may differ materially.

Speaker Change: For more information you are encouraged to review our regulatory filings available on SEDAR, Edgar and on our website.

Speaker Change: Before starting we would like to welcome Patrick Taylor, our newly appointed CFO to the call.

Speaker Change: We are thrilled to have Patrick on the team as we continue to add depth and talent to our leadership group.

Speaker Change: On today's call, we will provide a review of our 2020 for performance.

Speaker Change: And then why it will discuss our growth outlook in the U S and globally.

Speaker Change: And then lastly, Patrick will conclude the call by discussing our operating results.

Speaker Change: Recent asset recycling activities and our financial position.

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

Speaker Change: Now before going through our 2024 results.

Speaker Change: We wanted to comment briefly on the current environment.

Speaker Change: Following several decades of modest electricity demand growth, we are experiencing a dramatic shift in demand driven by the AI Revolution, one of if not the most significant advancement in technology in our lifetime.

Speaker Change: This is driving a significant step change in demand for our product supporting our continued and accelerating growth.

Speaker Change: And while the renewable sector has traded down in the public markets on weaker sentiment stemming from the new U S administrations announced executive orders and potential policy changes for renewables.

Speaker Change: The simple fact is that the fundamentals for energy have never been better.

Speaker Change: The low cost renewable technologies that we have built our business on are the cheapest form of electricity production and are seeing greater demand than ever before.

Speaker Change: As a result.

Speaker Change: We believe that low cost renewables, which are readily available to deploy we will play a leading role in the requirements for any and all increases in generation capacity that we are already seeing unfold.

Speaker Change: Our focus on the lowest cost most mature renewables technologies that have the greatest demand from corporate customers and are not reliant on government subsidy has positioned us well to benefit in the current environment.

Speaker Change: We have no exposure to the sectors of the market, which are seeing the greatest headwinds and we feel we are best positioned across the industry to capture the accelerating corporate demand.

Speaker Change: With our extensive 200000 megawatt development pipeline, which is highly concentrated in the top data center markets globally.

Speaker Change: Executing our business plan will create significant value in our company and as market sentiment passes we expect to see that translate into the price of our shares.

Speaker Change: The current market dislocation is also presenting significant investment opportunities for us.

Speaker Change: Our strong liquidity and robust funding model combined with lower public share prices across the sector and increased uncertainty for private market investors could also create the opportunity to acquire assets for value and further grow our business.

Executing our business plan will create significant value in our company and as market sentiment passes we expect to see that translate into the price of our shares.

The current market dislocation is also presenting significant investment opportunities for us.

Speaker Change: Turning now to our results.

Speaker Change: 2024 was another record year for our business.

Our strong liquidity and robust funding model combined with lower public share prices across the sector and increased uncertainty for private market investors could also create the opportunity to acquire assets for value and further grow our business.

Speaker Change: We delivered our strongest operating and financial results ever and position the business for significant further growth and value creation in the future.

Speaker Change: We delivered 10% <unk> per unit growth year on year as we benefited from our inflation linked and contracted cash flows contributions from acquisitions.

Okay.

Turning now to our results.

2024 was another record year for our business.

Speaker Change: And the execution of various organic growth and value creation initiatives across our business, including the sale of Derisked operating assets and platforms, which generated strong returns and are now very much a regular and ongoing part of our business.

We delivered our strongest operating and financial results ever and position the business for significant further growth and value creation in the future.

We delivered 10% <unk> per unit growth year on year as we benefited from our inflation linked and contracted cash flows contributions from acquisitions.

Speaker Change: We exceeded our capital deployment targets investing $12 5 billion and some outstanding businesses.

And the execution of various organic growth and value creation initiatives across our business.

Speaker Change: Including our investment in global renewable operator and developer Neyland.

<unk> the sale of Derisked operating assets and platforms, which generated strong returns and are now very much a regular and ongoing part of our business.

Speaker Change: During the year, we advanced our commercial initiatives and continued to partner with the largest buyers of clean power globally, signing contracts for almost 19000 gigawatt hours per year of generation again another.

We exceeded our capital deployment targets investing $12 $5 billion in some outstanding businesses, including our investment in global renewable operator and developer nail it.

Speaker Change: Another record performance and indicative of the incredible supply demand imbalance in favor of our product.

During the year, we advanced our commercial initiatives and continue to partner with the largest buyers of clean power globally, signing contracts for almost 19000 gigawatt hours per year of generation again.

Speaker Change: Okay.

Speaker Change: We also signed the landmark renewable energy framework agreement with Microsoft in May a green to deliver 10, five gigawatts of new renewable energy capacity between 2020 fixed in 2030 in the U S and Europe and today, we are on track to not only meet but exceed our delivery target.

Another record performance and indicative of the incredible supply demand imbalance in favor of our product.

Speaker Change: Yes.

Okay.

Speaker Change: This agreement will assist our fifth Microsoft data center growth and supported investment in AI powered cloud services, which continued to accelerate.

Yes.

We also signed a landmark renewable energy framework agreement with Microsoft in May a green to deliver 10, five gigawatts of new renewable energy capacity between 2026 and 2030 in the U S and Europe and today, we are on track to not only meet but exceed our delivery targets.

Speaker Change: The global Hyperscale layers are significantly ramping up investment in their data center infrastructure and are expected to continue to increase investment tremendously through the remainder of the decade.

This agreement will assist assist Microsoft data center growth and supported investment in AI powered cloud services, which continue to accelerate.

Speaker Change: Power is increasingly a bottleneck to this planned data center development.

Speaker Change: And we are seeing these businesses ramp up their efforts to secure supply to ensure the delivery of their growth.

The global Hyperscale are significantly ramping up investment in their data center infrastructure and are expected to continue to increase investment tremendously through the remainder of the decade.

Speaker Change: Our agreement with Microsoft is a testament to our differentiated capabilities and we expect to continue to partner with the largest buyers of power going forward.

Power is increasingly a bottleneck to this planned data center development.

Speaker Change: This year, we commissioned a record 7000 megawatts of new capacity globally.

And we are seeing these businesses ramp up their efforts to secure supply to ensure the delivery of their growth.

Speaker Change: Most seven times the capacity, we brought online just three years ago.

Our agreement with Microsoft is a testament to our differentiated capabilities and we expect to continue to partner with the largest buyers of power going forward.

Speaker Change: And with our expanding development capabilities. We are also successfully grown our asset rotation activities.

Speaker Change: We generated a record $2 8 billion of proceeds in 2024, and an average return of 25% IRR and approximately two five times, our invested capital crystallizing strong returns for our shareholders and generating significant capital to fund future growth.

This year, we commissioned a record 7000 megawatts of new capacity globally.

Most seven times the capacity, we brought online just three years ago.

And with our expanding development capabilities. We are also successfully grown our asset rotation activities.

Speaker Change: Again, this positions us well in the current market.

We generated a record $2 8 billion of proceeds in 2024, and then average return of 25% IRR and approximately two five times, our invested capital crystallizing strong returns for our shareholders and generating significant capital to fund future growth.

Speaker Change: We have continued to be uncompromising in how we fund our business and our balance sheet remains among the strongest in the sector.

Speaker Change: We executed record financings this past year and finished the year with $4 3 billion of liquidity to Opportunistically fund our growth.

Again, this positions us well in the current market.

Speaker Change: With our record results and in conjunction with our strong liquidity and robust outlook for our business. We are pleased to announce an over 5% increase in our annual distribution to $1 49, two cents per unit.

We have continued to be uncompromising in how we fund our business and our balance sheet remains among the strongest in the sector.

We executed record financings this past year and finished the year with $4 3 billion of liquidity to Opportunistically fund our growth.

Speaker Change: Since Brookfield renewable with publicly listed in 2011, we've delivered 14 consecutive years of annual distribution growth of at least 5% per year.

With our record results and in conjunction with our strong liquidity and robust outlook for our business. We are pleased to announce an over 5% increase in our annual distribution to $1 49, two cents per unit.

Speaker Change: With that.

Speaker Change: We will now turn it over to Wyatt to further discuss our growth outlook in the U S and globally and how we are positioned to capitalize in the current market.

Since Brookfield renewable with publicly listed in 2011, we have delivered 14 consecutive years of annual distribution growth of at least 5% per year.

Okay.

Speaker Change: Thank you Conor and good morning, everyone.

Speaker Change: As <unk> outlined in his remarks, there has been elevated volatility in public markets, reflecting uncertainty on potential regulatory changes affecting the renewable sector in the U S.

With that.

We will now turn it over to Wyatt to further discuss our growth outlook in the U S and globally and how we are positioned to capitalize in the current market.

Speaker Change: And while we see potential for regulatory changes.

Okay.

Speaker Change: We do not expect any material adjustments to the policies that have the greatest impact on our business.

Wyatt: Thank you Conor and good morning, everyone.

Speaker Change: These are large as these largely have bipartisan support.

Speaker Change: More important to our business or the current fundamentals for power.

Speaker Change: Globally and in the U S. Specifically the demand for electricity continues to accelerate at an incredible rate drew.

Speaker Change: And while we see potential for regulatory changes we.

Speaker Change: We do not expect any material adjustments to the policies that have the greatest impact on our business.

Speaker Change: Driven by broad based electrification of major industries, and the global energy grid and a generational step change in demand for power to drive the AI Revolution.

Speaker Change: These are large as these largely have bipartisan support.

Speaker Change: More important to our business or the current fundamentals for power.

Speaker Change: We also expect that supportive fiscal policy in the U S will drive further growth in manufacturing.

Speaker Change: Globally and in the U S. Specifically the demand for electricity continues to accelerate at an incredible rate.

Speaker Change: <unk> Center development and industry in the country, which will in turn drive further electricity demand.

Speaker Change: Driven by broad based electrification of major industries, and the global energy grid and a generational step change in demand for power to drive the AI Revolution.

Speaker Change: As a result, the growth prospects for low cost mature renewable technologies are better than at any point in history as they play a leading role in.

Speaker Change: Thanks.

We also expect that supportive fiscal policy in the U S. We will drive further growth and manufacturing data center development and industry in the country, which will in turn drive further electricity demand.

And Ian all increase in generation capacity.

Speaker Change: Simply put off takers of power will naturally take as much of the lowest cost solutions renewable before turning to other forms of generation to meet their needs.

Speaker Change: As a result, the growth prospects for low cost mature renewable technologies are better than at any point in history as they play a leading role in any and all increase in generation capacity.

Speaker Change: As growing energy demand is being met with the Newbuild capacity. It has created two challenges.

Speaker Change: Michigan availability and grid stability.

Speaker Change: Simply put off takers that power will naturally take as much of the lowest cost solutions renewable before turning to other forms of generation to meet their needs.

Speaker Change: We see large scale battery systems and distributed generation is increasingly important parts of the solution.

Speaker Change: The grid scale batteries being developed today are able to charge, where the sun is shining and the wind is blowing and then discharge power at other times, enabling a more consistent power supplier.

Speaker Change: As growing energy demand is being met with the new build capacity. It is creating two challenges transmission availability and grid stability.

Speaker Change: We see large scale battery systems and distributed generation.

Speaker Change: Further by charging when powers cheap and plentiful and distributed with powers scarce and in demand.

Speaker Change: <unk> important parts of the solution.

Speaker Change: <unk> are increasingly lucrative.

Speaker Change: The grid scale batteries being developed today are able to charge, where the sun is shining and when the wind is blowing and then discharge power at other times, enabling a more consistent power supplier.

Speaker Change: Distributed generation is also able to reduce demand during peak hours and provide backup power wind grids are strained.

Speaker Change: The modular nature of both these technologies also makes them relatively easy to deploy almost anywhere.

Speaker Change: Further by charging with Power's cheap and plentiful and distributed with powers scarce and in demand.

Speaker Change: As batteries become more cost effective with costs declining over 90% of the past decade.

Speaker Change: Batteries are increasingly lucrative.

Speaker Change: Distributed generation is also able to reduce demand during peak hours and provide backup power grids are strained.

Speaker Change: We expect that they will become a significant component of stabilizing the world's transmission grids and supported the accelerated build out of low cost mature renewable technologies.

Speaker Change: The modular nature of both these technologies also makes them relatively easy to deploy almost anywhere.

Speaker Change: At the end of 2024, we made our largest investment ever and our renewable power and transition business with our investment in <unk>, a leading global renewable platform with best in class management and market leading positions in each of France, Australia and the Nordics.

Speaker Change: As batteries become more cost effective with cost declined at over 90% of the past decade.

Speaker Change: What may not be appreciated.

<unk> is also a leading global operator and developer of battery energy storage systems.

Speaker Change: At the end of 2024, we made our largest investment ever and our renewable power and transmission business with our investment in <unk>, a leading global renewable platform with best in class management and market leading positions in each of France, Australia and the Nordics.

Speaker Change: Technology that we are increasingly investing in it.

Speaker Change: With growing demand lower capital costs and higher potential revenues from stabilizing services. We are focused on deploying capital into battery battery energy storage solution in almost all markets.

Speaker Change: What may not be appreciated.

Speaker Change: <unk> is also a leading global operator and developer of battery energy storage systems.

Speaker Change: And with this investment we are one of the largest battery developers globally with 3300 megawatts of operated and under construction under construction capacity, an additional 35000 megawatts in our pipeline.

Speaker Change: The technology that we are increasingly investing in it.

Speaker Change: With the supportive demand backdrop, and the combination of our global scale significant access to capital and our combined operating and development capabilities across multiple suites of technologies, including Hydro wind utility scale solar distributed generation and storage to name a few.

Speaker Change: And with this investment we are one of the largest battery developers globally with 3300 megawatts of operating and under construction under construction capacity, an additional 35000 megawatts in our pipeline.

Speaker Change: We can deliver differentiated solutions to our customers few others can.

Speaker Change: With the support of demand backdrop, and the combination of our global scale significant access to capital and our combined operating and development capabilities across multiple suites of technologies, including Hydro wind utility scale solar distributed generation and storage to name a few.

Speaker Change: Thereby generating significant value for our shareholders over the long term.

Speaker Change: And with that I'll pass it on to Patrick to discuss our operating results recent capital recycling initiatives and financial position.

Patrick Taylor: Thanks, a lot and.

Speaker Change: And good morning to everyone on the call are.

Speaker Change: We can deliver differentiated solutions to our customers few others can.

Speaker Change: Our business performed well this year delivering record results in the fourth quarter.

Speaker Change: Thereby generating significant value for our shareholders over the long term.

Speaker Change: Delivered <unk> of $304 million or.

Speaker Change: Or <unk> 46 per unit up from 38 per unit in the same quarter last year representing.

Speaker Change: And with that I'll pass it on to Patrick to discuss our operating results recent capital recycling initiatives and financial position.

Speaker Change: Representing a 21% increase year on year.

Patrick: Thanks, Wyatt and good morning to everyone on the call.

Speaker Change: On a full year basis, we delivered <unk> of $1 2 billion or.

Patrick: Our business performed well this year delivering record results in the fourth quarter.

Speaker Change: Our $1 83 per unit up 10% year on year.

Patrick: Delivered <unk> of $304 million or.

Speaker Change: Looking now at our segments, our hydroelectric business generated solid results benefiting from a strong second half of the year from our Colombian business Isa home, helping offset weaker hydrology in North America.

Patrick: Or <unk> 46 per unit up from 38 per unit in the same quarter last year representing.

Patrick: Representing a 21% increase year on year.

Patrick: On a full year basis, we delivered <unk> of $1 2 billion.

Speaker Change: Our wind and solar segments generated record funds from operations, which were up 30% from last year as we benefited from a full year contribution from our recent acquisitions.

Patrick: Our $1 83 per unit up 10% year on year.

Patrick: Looking now at our segments.

Patrick: Our hydroelectric business generated solid results benefiting from a strong second half of the year from our Colombian business is.

Speaker Change: Our distributed energy storage and sustainable solutions segments also generated record results up 78% year on year with a full year contribution from Westinghouse, where we continue to see positive momentum.

Patrick: Helping offset weaker hydrology in North America.

Patrick: Our wind and solar segments generated record funds from operations, which were up 30% from last year as we benefited from a full year contribution from our recent acquisitions.

Speaker Change: On the capital recycling front the.

Speaker Change: The strong fundamentals for power are benefiting our business as we are able to sell our de risked operating assets and portfolios to lower cost of capital buyers, who are looking for long life real assets delivering reliable cash flows.

Patrick: Our distributed energy storage and sustainable solutions segments also generated record results up 78% year on year with a full year contribution from Westinghouse, where we continue to see positive momentum.

Speaker Change: Since 2020, we have generated almost $6 billion in proceeds at an average IRR of approximately 22% and a $2 one times multiple on invested capital.

Patrick: On the capital recycling front the.

Patrick: The strong fundamentals for power are benefiting our business as we are able to sell our de risked operating assets and portfolios to lower cost of capital buyers, who are looking for long life real assets delivering reliable cash flows.

Speaker Change: This year, we closed the sale of Scioto, where we realize the significant value we created through operational enhancements and the build out of their development function.

Patrick: Since 2020, we have generated almost $6 billion in proceeds at an average IRR of approximately 22% and a two one times multiple on invested capital.

Speaker Change: Generating three times, our invested capital over a relatively short hold period.

Speaker Change: We also closed the sale of a 50% interest in shepherds slot, where we executed one of the largest wind repowering projects ever crystallizing significant value.

Patrick: This year, we closed the sale of <unk>, where we realize the significant value we created through operational enhancements and the build out of their development function.

Speaker Change: Asset recycling will continue as a reliable and consistent way for us to deliver strong returns for our shareholders and generate capital to fund growth.

Patrick: Generating three times, our invested capital over a relatively short hold period.

Speaker Change: We expect to build off the strong momentum in 2025, and deliver even larger and more recurring monetization in the future.

Patrick: We also closed the sale of a 50% interest in shepherds slot, where we executed one of the largest wind repowering projects ever crystallizing significant value.

Speaker Change: Similarly healthy returns.

Speaker Change: Looking now at our financial position.

Patrick: Asset recycling will continue as a reliable and consistent way for us to deliver strong returns for our shareholders and generate capital to fund growth.

Speaker Change: Our balance sheet remains strong and we continue to execute well within our self funding model.

Speaker Change: We finished the year with $4 3 billion in liquidity, providing us with significant flexibility to deploy capital opportunistically to support the growth of the franchise.

Patrick: We expect to build off the strong momentum in 2025 and deliver even larger and more recurring monetization in the future at similarly healthy returns.

Speaker Change: During the year, we successfully completed nearly $27 billion in financings opportunistically, extending duration and optimizing our portfolio and capital structure, including executing $800 million of up financings to support growth initiatives.

Patrick: Looking now at our financial position.

Patrick: Our balance sheet remains strong and we continue to execute well within our self funding model.

Patrick: We finished the year with $4 3 billion in liquidity, providing us with significant flexibility to deploy capital opportunistically to support the growth of the franchise.

Speaker Change: With our staggered contract profile. We also have a healthy pipeline of generation coming up for re contracting over the next five years.

Patrick: During the year, we successfully completed nearly 27 billion in financings opportunistically, extending duration and optimizing our portfolio and capital structure, including executing $800 million of up financings to support growth initiatives.

Speaker Change: This should create significant additional up financing capacity within this portfolio.

Speaker Change: In closing.

Speaker Change: 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 Derisk our business.

Patrick: With our staggered contract profile. We also have a healthy pipeline of generation coming up for re contracting over the next five years. This should create significant additional up financing capacity within this portfolio.

Speaker Change: On behalf of the board and management, we thank all of our unit holders and shareholders for their ongoing support.

Patrick: In closing.

Patrick: 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 Change: We are excited about Brookfield renewable future and look forward to updating you on our progress throughout 2025.

Speaker Change: 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 the operator for questions.

Patrick: On behalf of the board and management, we thank all of our unit holders and shareholders for their ongoing support we.

Speaker Change: 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.

Patrick: We are excited about Brookfield renewable future and look forward to updating you on our progress throughout 2025.

Speaker Change: Please standby, while we compile the Q&A roster.

Patrick: 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 the operator for questions.

Sean Stewart: Our first question comes from the line of Sean Stewart with TD Cowen.

Patrick: Yeah.

Patrick: As a reminder to ask a question. Please press star one on your telephone and wait for your name to be announced.

Sean Stewart: Thanks, Good morning, everyone, congratulations too wide and Patrick.

Patrick: Withdraw your question. Please press star one again.

Speaker Change: A couple of questions Connor with respect to the Microsoft framework agreement.

Patrick: Please standby, while we compile the Q&A roster.

Speaker Change: Referenced exceeding targets and I'm wondering if you can give a little more context, there or is that more.

Speaker Change: Our first question comes from the line of Sean Stewart with TD Cowen.

Speaker Change: More capacity potentially being built into that agreement or is it.

Speaker Change: Thanks, Good morning, everyone, congratulations too to Wyatt and Patrick.

Speaker Change: <unk> development timeline.

Speaker Change: Any detail you can give us there.

Speaker Change: A couple of questions Connor with respect to the Microsoft framework agreement.

Speaker Change: Hi, Sean Yes, really two things there, obviously that agreement sorry, I shouldn't say, obviously that.

Speaker Change: Referenced exceeding targets and I'm wondering if you can give a little more context, there as that.

Speaker Change: That agreement is structured to deliver 10, five gigawatts between 2026 and 2030. The first point that we would make is on the back of structuring that agreement in 2024, we expect to deliver.

Speaker Change: More capacity potentially being built into that agreement or is it.

Speaker Change: Expedited development timeline.

Speaker Change: Any detail you can give us there.

Speaker Change: Hi, Sean Yes, really two things there, obviously that agreement sorry, I shouldn't say obviously.

Speaker Change: We have and will continue to deliver significant capacity to Microsoft ahead of 2026.

Speaker Change: And Thats, obviously additional to the 10 five that will deliver over the five years in the latter half of the decade, and then secondly, just with the broader growth of our business.

Speaker Change: In the latter half of the decade, we would say that 10, five gigawatts is increasingly the floor not the ceiling.

Speaker Change: And have and will continue to deliver significant capacity to Microsoft ahead of 2026.

Speaker Change: We continue to add <unk>.

Speaker Change: And Thats, obviously additional to the $10 five that will deliver over the five years in the latter half of the decade, and then secondly, just with the broader growth of our business.

Speaker Change: <unk> advanced development pipeline in key data center markets around the world and we are seeing tremendous demand from Microsoft and the other hyperscale.

Speaker Change: In the latter half of the decade, we would say that 10, five gigawatts is increasingly the floor not the ceiling.

Speaker Change: For that product and as off take the pull those projects out of the ground. So we expect that in those five years will deliver well more than 10 five gigawatts.

Speaker Change: We continue to add.

Speaker Change: Development Advanced development pipeline in key data center markets around the world and we are seeing tremendous demand from Microsoft and the other hyperscale.

Speaker Change: Thanks for that.

Speaker Change: And further to that it it's been nine months since you announced that that agreement.

Speaker Change: Can you give broader updates on efforts to replicate that that type of framework deal with with other corporates.

Speaker Change: For that product and as off take the pull those projects out of the ground. So we expect that in those five years will deliver well more than 10 five gigawatts.

Speaker Change: Absolutely and we'd probably frame it in two different ways.

Speaker Change: No doubt on the back of that agreement, we are having discussions.

Speaker Change: Thanks for that.

Speaker Change: And further to that you know it's been nine months since you announced that that agreement.

Speaker Change: We would say with everyone you would expect when it comes to.

Speaker Change: Can you give broader updates on efforts to replicate that that type of framework deal with with other corporates.

Speaker Change: Yeah.

Speaker Change: Power generation.

Speaker Change: <unk>, but I think it's important to recognize that those discussions can show up two different ways that are both beneficial for our business.

Speaker Change: Absolutely and we'd probably frame it in two different ways.

Speaker Change: No doubt on the back of that agreement, we are having discussions.

Speaker Change: <unk>.

Speaker Change: What we did with Microsoft as we announced an agreement that we will fill up over time over the five year peer.

Speaker Change: We would say with everyone you would expect when it comes to a potential broad based.

Speaker Change: Power generation agreements, but I think it's important to recognize that those discussions can show up two different ways that are both beneficial for our business.

Speaker Change: Period over which that agreement governance.

Speaker Change: The other thing that we can do that's happening real time is we can just do.

Speaker Change: Do more and more activity with the Hyperscale <unk> on a project by project basis, even outside of a global framework agreement and we are absolutely seeing that in real time across our business, we've delivered more projects and more power to them. In 2024, then 2023, and we will deliver more power and projects to the <unk>.

Speaker Change: Yes.

Speaker Change: What we did with Microsoft as we announced an agreement that we will fill up over time over the five year period over which that agreement governance.

Speaker Change: The other thing that we can do that's happening real time is we can just.

Speaker Change: <unk> in 2025% in 2024, even absent those agreements. So while we are in discussions and May sign similar framework agreements in the future the demand showing up in our development activities on a project by project basis, regardless.

Speaker Change: Do more and more activity with the Hyperscale is on a project by project basis, even outside of a global framework agreement and we are absolutely seeing that in real time across our business, we've delivered more projects and more power to them. In 2024, then 2023 and will deliver more power and projects that are <unk>.

Patrick Taylor: Okay. Thanks for that Tom and then just one last one.

Speaker Change: Hyperscale or is in 2025% in 2024, even absent those agreements. So while we are in discussions and may sign similar framework agreements in the future that demand is showing up in our development activities on a project by project basis, regardless.

Speaker Change: Asset recycling is an ongoing focus for funding.

Speaker Change: We've seen lots of valuation pressure for public equities, but it sounds like returns for your asset recycling initiatives have held in just interested in your perspective on how that spread for returns between asset recycling.

Speaker Change: Okay. Thanks for that corner and then just one last one.

Speaker Change: And organic development could shift.

Speaker Change: Asset recycling is an ongoing focus for funding.

Speaker Change: Fred's had been strong for you.

Speaker Change: Over the last five years and in 2024, but.

Speaker Change: Expectations on how that could shift.

Speaker Change: In the near to midterm.

Sean Stewart: Sean It's a very topical question and we'd come out thats two different ways.

Speaker Change: Absolutely one of the themes that debt.

And organic development could shift the.

Speaker Change: We were quite strong about in 2024 is a very very strong bifurcation of the market, where there is robust demand and incredible amounts of capital for high quality operating cash generative assets, particularly those that still have a growth angle to them.

Speaker Change: The spreads have been strong for you.

Speaker Change: Over the last five years, and then 2024, but any expectations on how that could shift in the near to mid term.

Sean Stewart: Sean It's a very topical question and we'd come out there's two different ways.

Sean Stewart: Absolutely one of the themes that debt.

Speaker Change: While there is far less capital available for construction development, the building out and invest ongoing investment in the growth of platforms that bifurcation remains very very strong in the market today.

Sean Stewart: Yeah.

Sean Stewart: We were quite strong about in 2024 is a very very strong bifurcation of the market, where there is robust demand and incredible amounts of capital for high quality operating cash generative assets, particularly those that still have a growth angle to them well.

As we've referenced in our prepared remarks, we expect our asset recycling activities to continue and we expect to really lean into that bifurcation looking to sell those those high quality cash generated of operating derisked assets. The other point that we would highlight that a little bit <unk>.

Sean Stewart: There is far less capital available for construction development, the building out and invest ongoing investment in the growth of platforms that bifurcation remains very very strong in the market today and as we've referenced in our prepared remarks, we expect our asset.

Speaker Change: Gentle to your question is there is also a very clear market bifurcation between the demand for exposure to renewables in private markets versus public markets. We continue to see significant private capital demand.

Sean Stewart: Recycling activities to continue and we expect to really lean into that bifurcation looking to sell those those high quality cash generated operating de risked assets.

Speaker Change: For the renewable power space.

Speaker Change: The other point that we would highlight that a little bit tangential to your question is there is also a very clear market bifurcation between the demand for exposure to renewables in private markets versus public markets. We continue to see significant private capital dimmed.

Speaker Change: By the fact that certainly sentiment in the public markets and sneaker today and given our business model. We absolutely look we'll look to capitalize on that in 2025.

Speaker Change: Yeah.

Conor: Thanks for that detail Conor that's all I have.

Sean Stewart: <unk>.

Sean Stewart: For the renewable power space.

Speaker Change: Our next question comes from the line of Nelson <unk> with RBC capital markets.

Sean Stewart: The fact that certainly sentiment in the public market since weaker today and given our business model, we absolutely will left to capitalize on that in 2025.

Nelson: Great. Thanks.

Speaker Change: Congrats whiten and Patrick.

Nelson: So first question.

Nelson: Sticking with the data center theme.

Nelson: So with their need for firm power and gas generation.

Speaker Change: Thanks for that detail Conor that's all I have.

Nelson: Being more in favor generally in the market.

Speaker Change: Our next question comes from the line of Nelson <unk> with RBC capital markets.

Nelson: What is your what are your thoughts in terms of developing or acquiring gas fired generation.

Speaker Change: Great, Thanks, and congrats white and Patrick.

Nelson: It would be used to firm up your portfolio.

Speaker Change: So first question.

Speaker Change: Sticking with the data center theme.

Nelson: Thanks Nelson.

Speaker Change: So with their need for firm power and gas generation.

Nelson: So just.

Nelson: Thinking macro and then our approach to it.

Being more in favor generally in the market.

Nelson: We believe that this step change increase in energy demand is good for all forms of power generation you can use your token phrase any and all of our all of the above the fact of the matter is the fundamental demand for electricity generation is going to lead to.

Speaker Change: <unk> what is your what are your thoughts in terms of developing or acquiring gas fired generation.

Speaker Change: It'd be used to firm up your portfolio.

Speaker Change: Thanks Nelson.

Speaker Change: So just.

Speaker Change: Thinking macro and then our approach to it.

Nelson: To support and growth across a number of different technologies, whether that's renewables, whether that's gas whether thats nuclear.

Speaker Change: We believe that this step change increase in energy demand is good for all forms of power generation you can use your token phrase any and all of our all of the above the fact of the matter is the fundamental demand for electricity generation is going to lead to.

Nelson: The thing that is very important for us and I think important to highlight on this call is.

Nelson: Off takers and users of electricity are always going to take as much renewables as they can because it is the cheapest and then they will look to fill out the remainder of their demand with other forms of power generation. So when we think about our business. It's obviously going to continue to be incurred.

Speaker Change: To support and growth across a number of different technologies, whether that's renewables, whether that's gas whether thats nuclear.

Speaker Change: The thing that is very important for us and I think important to highlight on this call is.

Nelson: Credibly focused on renewable power.

Speaker Change: Off takers and users of electricity are always going to take as much renewables as they can because it is the cheapest and then they will look to fill out the remainder of their demand with other forms of power generation. So when we think about our business. It's obviously going to continue to be in.

Nelson: We do believe that gas will have a role in that transition and is going to see greater demand but.

Nelson: But we would only ever considering investing in gas if it would result in the acceleration of the build out of renewables.

And ultimately reduce the carbon intensity of the broader grid.

Speaker Change: Credibly focused on renewable power.

Speaker Change: We do believe that gas will have a role.

Nelson: <unk>.

Nelson: Further in any such investment we would need to be seeing a more attractive risk adjusted return proposition than what we're seeing in the build out of renewables today, which is among as attractive as we've seen it at any point in history. So.

Speaker Change: In that transition and is going to see greater demand but.

Speaker Change: But we would only ever considering investing in gas if it would result in the acceleration of the build out of renewables.

Speaker Change: And ultimately reduce the carbon intensity of the broader grid.

Nelson: Could we potentially invest in some thermals if it came as part of a broader portfolio.

Speaker Change: And.

Speaker Change: Further in any such investment we would need to be seeing a more attractive risk adjusted return proposition than what we are seeing in the build out of renewables today, which is among as attractive as we've seen it at any point in history. So.

Nelson: We wouldn't rule it out but our business is going to continue to be very focused on renewables, because that's simply where we're seeing the greatest amount of demand growth and the most attractive returns.

Nelson: Great that's great color Conor.

Speaker Change: Could we potentially invest in some thermals if it came as part of a broader portfolio.

Speaker Change: Next question I understand your point in terms of renewables being the cheapest form of.

Nelson: Power.

Speaker Change: We wouldn't rule it out but our business is going to continue to be very focused on renewables, because that's simply where we're seeing the greatest amount of demand growth and the most attractive returns.

Nelson: Even in the U S, but with all the uncertainty in the U S.

Nelson: Can you just talk about how I think looking at your development pipeline you have about I think two gigawatts.

Nelson: Our projects to be commissioned in 2025 and another three four gigawatts in 2006.

Speaker Change: Great that's great color Conor.

Speaker Change: Next question.

Speaker Change: Understand your point in terms of renewables being the cheapest form of.

Nelson: Can you just talk about how some of these contracts are structured.

Speaker Change: Power.

Speaker Change: Even in the U S, but with all the uncertainty in the U S.

Nelson: Just in terms of risk allocation, if there were any changes to the to the tax subsidies or are they essentially pass through or.

Speaker Change: Can you just talk about how are they looking at your development pipeline you have about I think two gigawatts.

Nelson: Or.

Speaker Change: Our projects to be commissioned in 2025 and another three four gigawatts in 2006.

Nelson: How are they structured in general.

Speaker Change: Sure. So so theres really two important things there one across our business.

Speaker Change: Can you just talk about how some of these contracts are structured.

Speaker Change: Just in terms of risk allocation, if there were any changes to the to.

Nelson: We've always taken an approach.

Nelson: Only locking in contracts when we can lock in cat.

Speaker Change: To that to the tax subsidies or are they essentially pass through or.

Nelson: Capex revenue, meaning PPA EPC and financing upfront. So so we don't have what we would call basis risk exposure, where we've locked in capex and.

Speaker Change: Sure.

Speaker Change: How are they structured in general.

Speaker Change: Sure. So there's really two important things there one across our business.

Speaker Change: We've always taken that approach.

Nelson: Or we've locked in revenue and one of the other variables could change and augment our returns.

Speaker Change: Only locking in contracts when we can lock in.

Nelson: One place in your question is a very good one.

Speaker Change: Capex revenue, meaning PPA EPC and financing upfront. So so we don't have what we would call basis risk exposure, where we've locked in capex and.

Nelson: One thing that we are seeing in the market right now because this is obviously very topical.

Nelson: But right now in the United States is in many of the Ppas, we are locking in right now.

Speaker Change: Or we've locked in revenue and one of the other variables could change and augment our returns.

Nelson: There is a retroactive.

Nelson: Change or a near term change to things like the tax credits. There are we are increasingly putting adjusters and those ppas to essentially keep our development margins Hall. So that is increasingly becoming I would say market standard and I think it's <unk>.

Speaker Change: One place in your question is a very good one.

Speaker Change: The one thing that we are seeing in the market right now because this is obviously very topical.

Speaker Change: But right now in the United States is in many of the Ppas, we are locking in right now.

Speaker Change: There is a retroactive.

Nelson: Reflective of a broader dynamic that it's it's very simple.

Speaker Change: Change or a near term change to things like the tax credits. There are we are increasingly putting adjusters and those ppas to essentially keep our development margins Hall. So.

Nelson: <unk> take or simply need the power and therefore.

Nelson: They're not going to let short term uncertainty stop them from signing contracts and they will ensure and they will do what is necessary to protect the developers in order to pull those projects out of the ground.

Speaker Change: That is increasingly becoming I would say market standard and I think it's reflective of a broader dynamic that it's it's very simple.

Nelson: Yes.

Nelson: Great. It's good to see that it's essentially a pass through and so one last question you mentioned, the the public market versus private market and valuations.

Speaker Change: The off takers simply need the power and therefore.

Speaker Change: They're not going to let short term uncertainty stop them from signing contracts and they will ensure and they will do what is necessary to protect the developers in order to pull those projects out of the ground.

Nelson: From your perspective, you've done a lot of acquisitions and developments in the past could you just comment on your capital allocation mix in the past few years compared to.

Great. It's good to see that it's essentially a pass through.

Nelson: What you see going forward your development pipeline is increasing but obviously with with some of the valuations we've seen in the public market.

Speaker Change: And so one last question you mentioned, the the public market versus private market and valuations.

Nelson: Do you expect to see.

Speaker Change: From your perspective, you've done a lot of acquisitions and developments in the past could you just comment on your capital allocation mix in the past few years compared to what you see going forward. Your development pipeline is increasing but obviously with with some of the valuations we've seen in the public market.

Nelson: Uh huh.

Nelson: Do you expect to kind of step up your pace and.

Nelson: And the acquisition of a.

Nelson: Public entities are our investments in public entities.

Nelson: So.

Nelson: Maybe to hit that question.

Nelson: Very bluntly and head on.

Speaker Change: Do you expect to see.

Nelson: We expect to be very active this year from a growth perspective, just given one where public market valuations are.

Speaker Change: Uh huh.

Speaker Change: Do you expect to kind of step up your pace and.

Speaker Change: And the acquisition of.

Speaker Change: Public entities are our investments in public entities.

Nelson: And to the current market environment very much plays to our favor.

Speaker Change: So.

Speaker Change: Maybe to hit that question.

Nelson: In that we are fortunate to have.

Speaker Change: Very bluntly and head on.

Nelson: A.

Nelson: Fortress balance sheet and lots of liquidity and we're seeing tremendous offtake demand.

Speaker Change: We expect to be very active this year from a growth perspective, just given one where public market valuations are and to the current market environment very much plays to our favor.

Nelson: Our underlying business and others may not have the capital resources that we have available.

Nelson: To capitalize on some of the growth opportunities at very attractive value entry points that we're seeing in the market. Today. So we expect 2025 to be another very attractive and very active year.

Speaker Change: In that we are fortunate to have a.

In our fortress balance sheet and lots of liquidity and we're seeing tremendous offtake demand.

Speaker Change: In our underlying business and others may not have the capital resources that we have available to.

Nelson: Activity for us on the growth front.

Nelson: In terms of bias between public and private.

Speaker Change: To capitalize on some of the growth opportunities at very attractive value entry points that we're seeing in the market. Today. So we expect 2025 to be another very attractive and very active year.

Nelson: That's going to be on a case by case basis, and we will allocate capital where we see the best risk adjusted returns.

Nelson: Execute ability certainly comes into that but based on what we're seeing today public markets do look very very attractive and therefore, we are certainly looking at a number of things in that space.

Speaker Change: Activity for us on the growth front.

Speaker Change: In terms of bias between public and private.

Speaker Change: That's going to be on a case by case basis, and we will allocate capital where we see the best risk adjusted returns.

Nelson: Great. Thanks, Carter I'll leave it there.

Robert Hope: Our next question comes from Robert Hope with Scotiabank.

Speaker Change: Execute ability.

Speaker Change: Link comes into that but based on what we're seeing today.

Robert Hope: Good morning, everyone.

Robert Hope: First question is on the development pipeline when we take a look at the build out of renewables in the U S. In your pipeline can you help us parse out how much is wind in the near term.

Speaker Change: Black markets do look very very attractive and therefore, we are certainly looking at a number of things in that space.

Speaker Change: Great. Thanks, Carter I'll leave it there.

Robert Hope: Versus the long term just given it doesn't appear that there is a little bit more uncertainty or perceived uncertainty of windows. They are in the market.

Robert Hope: Our next question comes from Robert Hope with Scotiabank.

Robert Hope: Good morning, everyone.

Robert Hope: Youre, absolutely right Robin and I'll start and I can give you the advance these numbers.

Robert Hope: First question is on the development pipeline when we take a look at the <unk>.

Robert Hope: Build out of renewables in the U S. In your pipeline can you help us parse out how much is wind in the near term.

Robert Hope: Pretty clear, but if you need more specifics we can certainly provide that in terms of our development pipeline over what I would call. The short term about two thirds of it around the world is outside of the United States and that obviously is seeing tremendous corporate demand.

Versus the long term just given it doesn't appear that there is a little bit more uncertainty or perceived uncertainty on windows there in the market.

Robert Hope: Youre absolutely right Robin.

Robert Hope: I'll start and I can give you the advance these numbers.

Robert Hope: And not subject to some of the regulatory uncertainty.

Robert Hope: Debt.

Robert Hope: Is in the market around.

Robert Hope: More recent executive orders and things like that when we look at what is in the United States somewhere in that call. It 25% to 30% of that is wind. So when we look at our broader portfolio.

Robert Hope: And not subject to some of the regulatory uncertainty.

Robert Hope: Wind in the United States is is a very modest portion of it what I would highlight even beyond that.

Robert Hope: Debt.

Robert Hope: <unk>.

Robert Hope: It's in the market around.

Robert Hope: More recent executive orders and things like that when we look at what is in the United States somewhere in the call it 25% to 30% of that is wind. So when we look at our broader portfolio.

Robert Hope: Maybe the summary point there is while there is no doubt some uncertainty, particularly around wind in the United States, We do not expect it to change our growth trajectory.

Robert Hope: Wind in the United States is is a very modest portion of it.

Robert Hope: Or our strategic approach in the short term whatsoever.

Robert Hope: What I would highlight even beyond maybe the summary point there is while there is no doubt some uncertainty, particularly around wind in the United States, We do not expect it to change our growth trajectory.

Perhaps the added clarity that we just give.

Robert Hope: Around U S. Wind is we obviously have zero exposure to U S offshore.

Robert Hope: And we have essentially zero exposure to projects on onshore projects on federal lands.

Robert Hope: Or our strategic approach in the short term whatsoever.

Robert Hope: Almost the entirety of our onshore wind exposure in the U S is on private land there are obviously some concern.

Robert Hope: Perhaps the added clarity that we just give.

Robert Hope: Around U S. Wind is we obviously have zero exposure to U S offshore.

Robert Hope: Some uncertainties around federal permitting for onshore wind projects, even if they are on private lands.

And we have essentially zero exposure to projects on onshore projects on federal lands.

Robert Hope: And we'll be prepared to manage those projects. However, this plays out.

Robert Hope: We continue to believe that no government around the world wants to deny its country access to cheap electricity, particularly.

Robert Hope: Almost the entirety of our onshore wind exposure in the U S is on private lands. There are obviously, some some uncertainties around federal permitting for onshore wind projects, even if they are on private lands.

Robert Hope: And we will be prepared to manage those projects. However, this plays out.

Robert Hope: We continue to believe that no government around the world wants to deny its country access to cheap electricity, particularly.

Robert Hope: Relatively quickly and if it doesn't we'll manage through it it's not a material part of our business.

Robert Hope: Alright, I appreciate that.

Speaker Change: And then maybe just keeping with the U S theme in the letter you speak about how there could be potential regulatory changes in the renewable sector in the U S. However.

Robert Hope: In this market, where thats a significant competitive advantage. So while there is some short term uncertainty today, given we're entirely on onshore and entirely on private lands, we expect it to get resolved relatively quickly and if it doesn't we'll manage through it it's not a material part of our business.

Speaker Change: Adjustments to policies that have the greatest impact on your business. You don't think that those will occur can you maybe just add a little bit more color. There like what changes do you think you can see in the U S.

Robert Hope: Alright, I appreciate that.

Speaker Change: It seems to allude that you don't expect ITC or PTC has to change.

Speaker Change: And then maybe just keeping with the USA in the letter you speak about how there could be potential regulatory changes in the renewable sector in the U S. However adjustments to policies that have the greatest impact on your business. You don't think that those will occur and what can you maybe just add a little bit more color. There like what changes do you think you could see in the U S.

Speaker Change: Certainly so the.

Speaker Change: The.

Speaker Change: Given that we're not in offshore and our business is heavily focused in the most mature lowest cost technologies and the ones that see the greatest amount of corporate demand.

Speaker Change: It seems to allude that you don't expect ITC or PTC has to change.

Speaker Change: Thing that would impact our business. The most is that a change to the tax credits as you mentioned and obviously, thus far there has been no changes announced to that.

Speaker Change: Certainly so the.

Speaker Change: Given that we're not in offshore and our business is heavily focused in the most mature lowest cost technologies and the ones that see the greatest amount of corporate demand.

Speaker Change: The one thing we would highlight is even if there were changes announced.

Speaker Change: These asset classes. These technologies are the cheapest form of electricity by such a wide margin that we would very much expect to be able to pass through the <unk>.

Speaker Change: Thing that would impact our business. The most is that a change to the tax credits as you mentioned and obviously, thus far there has been no changes announced to that.

Speaker Change: Loss of those <unk>.

Speaker Change: Tax credits through in the form of a higher PPA price and still preserve our development margins. This is very akin to what we've seen over the last two or three years, where we've been able to pass through higher funding cost in the form of a higher PPA and seen no change in the demand.

Speaker Change: The one thing we would highlight is even if there were changes announced.

Speaker Change: These asset classes. These technologies are the cheapest form of electricity by such a wide margin that we would very much expect to be able to pass through the <unk>.

Speaker Change: Loss of those two.

Speaker Change: For our off take so there's no question.

Speaker Change: Tax credits through in the form of a higher PPA price and still preserve our development margins. This is very akin to what we've seen over the last two years or three years, where we've been able to pass through higher funding costs in the form of a higher PPA and seen no change in the demand.

Speaker Change: Most important thing to our business is the most relevant thing is those tax credits, but even if there were to be a change to that.

Speaker Change: We would not expect it to change our development margins or our demand.

Speaker Change: I appreciate that thank you.

Speaker Change: For our offtake so there.

Speaker Change: Our next question comes from Rupert <unk> with National Bank.

Speaker Change: There is no question that the most important thing to our business is the most relevant thing is those tax credits, but even if there were to be a change to that we would not expect it to change our development margins or our demand.

Speaker Change: Hi.

Rupert: Sorry, I might've missed that and I think it's my turn Rupert here just wanted to follow up on that last.

Speaker Change: Question, you've talked about the potential to offset the impact from tax credit changes how much exposure do you think you have from tariffs and potential for higher equipment costs or higher steel costs and how are you are you covered off on that.

Speaker Change: I appreciate that thank you.

Rupert <unk>: Our next question comes from Rupert <unk> with National Bank.

Rupert <unk>: Hi.

Speaker Change: Sorry, I might have missed that and I think it's my turn Rupert here just wanted to follow up on that last.

Speaker Change: Rupert It's a fantastic question and Youre right to piggyback on the back of the tax credit question, because it's the same dynamic.

Speaker Change: Question, you've talked about the potential to offset the impact from tax credit changes.

Speaker Change: Much exposure do you think you have from tariffs and potential for higher equipment costs or higher steel costs and how are you are you covered off on that.

Speaker Change: <unk>.

Speaker Change: If you think about what tax credits due to the economics of a renewables project today, they essentially lower the cost of it and that allows us to offer that project at attractive development returns at a lower PPA. If we were to lose the tax credits we would have.

Speaker Change: Rupert it's a fantastic question and Youre right to piggyback.

Speaker Change: On the back of the tax credit question, because it's the same dynamic.

Speaker Change: To offer a higher PPA to preserve our development returns and we think theres plenty of cushion to do that the same thing is true on tariffs if incremental tariffs are added to equipment.

Speaker Change: <unk>.

Speaker Change: If you think about what tax credits due to the economics of a renewables project today, they essentially lower the cost of it.

Speaker Change: That allows us to offer that project at attractive development returns at a lower PPA. If we were to lose the tax credits, we would have to offer a higher PPA to preserve our development returns and we think theres plenty of cushion to do that the same thing is true on tariffs if incremental tariffs are.

Speaker Change: That is used to build out renewables, we would look to pass that cost through in the form of a higher PPA and again, we will keep coming back to this point the demand what we are seeing fundamentally on the ground with our corporate off take Counterparties is the demand is stronger than ever before.

Speaker Change: Added to equipment.

Speaker Change: And that means there is lots of the capacity that should these things change the economics of a project, we will very simply push it through the PPA price.

Speaker Change: That is used to build out renewables, we would look to pass that cost through in the form of a higher PPA and again, we'll keep coming back to this point the demand what we are seeing fundamentally on the ground with our corporate off take Counterparties is the demand is stronger than ever before.

Speaker Change: When it comes to potential tariffs.

Speaker Change: This is something where we feel Brookfield renewable has.

Speaker Change: A a.

Speaker Change: A very material competitive advantage.

Speaker Change: And that means there is lots of the capacity that should these things change the economics of a project, we will very simply push it through the PPA price.

Speaker Change: Over the last number of years, using our centralized procurement across our broader business. We've executed a number of framework agreements with leading manufacturers both domestic in the U S and international which will enable us to source equip.

Speaker Change: When it comes to potential tariffs. This is something where we feel Brookfield renewable has.

Speaker Change: Eight a.

Speaker Change: A very material competitive advantage.

Speaker Change: Equipment from a wide variety of sources such that no matter, how the tariff discussions play out we will be able to maximize our sourcing of equipment from the most tariff preferential areas. So.

Speaker Change: We're obviously following that space closely we do not expect it to change our project economics, and regardless of how the tariffs play out we think our global procurement capabilities.

Speaker Change: Ensure that we'll be on the front foot when this market settles.

Speaker Change: Great. Thanks for color and second there will be a follow up on the data center market. So of course, we've seen a lot of market volatility driven by changing expectations for power demand growth from AI. When you talk to your corporate customers like Microsoft how much of the data center growth.

Ensure that we'll be on the front foot when this market settles.

Speaker Change: You see is driven by expectations for growth in demand from AI versus cloud and crypto and are there any comments you can make on that changing landscape for AI power demand.

Speaker Change: Okay, great. Thanks for color and second will be a follow up on the data center market. So of course, we've seen a lot of market volatility driven by changing expectations for power demand growth from AI. When you talked to your corporate customers like Microsoft how much of the data center growth.

Speaker Change: Yes, so so.

Speaker Change: It's a very.

Speaker Change: Very big topic, but I think probably the two most important things. We would say is the biggest step change of the demand that the biggest demand driver that you mentioned there is artificial intelligence bar. None. It is ahead of clouded as ahead of crypto by miles.

Speaker Change: You see is driven by expectations for growth in demand from AI versus cloud and crypto and are there any comments you can make on that changing landscape for AI powered Amanda.

Speaker Change: Yes, so it.

Speaker Change: This is really driven by AI and we expect it to be driven by AI.

Speaker Change: It's a very.

Speaker Change: For the medium term at a minimum here that obviously lends itself to another question, which is in the last couple of weeks.

Speaker Change: New technologies have come out or been socialized that maybe are more energy efficient.

Speaker Change: This is really driven by AI and we expect it to be driven by AI.

Speaker Change: That's great.

Speaker Change: The important thing that we.

Speaker Change: For the medium term at a minimum here that obviously lends itself to another question, which is in the last couple of weeks.

Speaker Change: Highlight from those discussions and those topics, which are early days are two things one.

Speaker Change: The supply demand imbalance is so strong right now there is very simply not enough power to support all the AI growth that is forecasted and those forecast would need to come down.

Speaker Change: New technologies have come out or been socialized that may be are more energy efficient.

Speaker Change: That's great.

Speaker Change: The important thing that we.

Speaker Change: Highlight from those discussions and those topics, which are early days are two things one the.

Speaker Change: Foreseeable amounts for the supply demand imbalance not to be in favor of power producers. So even with the new technologies the supply demand imbalances still wildly in our favor and then the second thing is any new technology, we expect will become more efficient over time and.

Speaker Change: The supply demand imbalance.

Speaker Change: It is so strong right now there is very simply not enough power to support all the AI growth that is forecasted and those forecast would need to come down.

Speaker Change: The reality of it is if new AI technology to become more efficient.

Speaker Change: <unk> amounts for the supply demand imbalance not to be in favor.

It means our cost is going to go down and that means they're going to become more prevalent and theyre going to be in demand for more places and it's actually going to lead to faster growth in this sector, which is obviously good for broad based electricity demand as well. So we continue to follow.

Speaker Change: Power producers, so even with the new technologies the supply demand imbalances still wildly in our favor and then the second thing is any new technology, we expect will become more efficient over time.

Speaker Change: And the reality of it is if new AI technology to become more efficient.

Speaker Change: All the recent changes, but none of them change. The fact that we see a short medium and potentially long term supply demand imbalance very much in favor of those that can generate new electricity, especially those that can do it at low cost.

Speaker Change: That means our cost is going to go down and that means they're going to become more prevalent and theyre going to be in demand for more places and it's actually going to lead to faster growth in this sector, which is obviously good for broad based electricity demand as well. So we continue to follow.

Speaker Change: Great excellent thanks for the color I'll leave it there.

Mark Jarvi: Our next question comes from Mark Jarvi with CIBC.

Mark Jarvi: Okay.

Mark Jarvi: Thanks, Good morning, Ron.

Speaker Change: Maybe just following up on the tariff and the tax credit conversation.

Speaker Change: Dramatically changed in terms of what you're hearing around that and then if there isn't adjustments and there is a period of sort of.

Speaker Change: Great excellent thanks for the color I'll leave it there.

Mark Jarvi: Our next question comes from Mark Jarvi with CIBC.

Speaker Change: Having to pass that through to customers does that impact.

Speaker Change: Development opportunities for the next couple of years or do you think because of the safe Harbor and things that are already on the go that that'd be more of a sort of a three to five year adjustment period in terms of any delays on projects.

Mark Jarvi: Okay.

Mark Jarvi: Thanks, Good morning, Ron.

Speaker Change: Maybe just following up on the tariffs and the tax credit conversation drew.

Speaker Change: So we'll take those in order.

Speaker Change: Dramatically change in terms of what you're hearing around that and then if there isn't adjustments and theres a period of sort of.

Speaker Change: <unk>.

Speaker Change: We're obviously following this situation very closely.

Speaker Change: Having to pass that through to customers does that impact.

Speaker Change: Would never contend to be able to forecast exactly what this new administration will do.

Speaker Change: Development opportunities for the next couple of years or do you think is the safe Harbor and things that are already on the go.

Speaker Change: That'd be more of a sort of a three to five year adjustment period in terms of any delays on projects.

Speaker Change: This point.

Speaker Change: I have not said anything about those tax credits.

So we'll take those in order.

Speaker Change: Historically, a lot of those have gone to Republican states.

Speaker Change: We're obviously following this situation very closely.

Speaker Change: And while they've changed.

Speaker Change: Issued executive orders on many other things they have not touched the tax credits and <unk>.

Speaker Change: He would never contend to be able to forecast exactly what this new administration will do.

Speaker Change: And we will remain flexible and follow this but I think that's probably our best indicator of what may or may not happen in the future.

Speaker Change: At this point.

Speaker Change: They have not said anything about those tax credits.

Speaker Change: The next thing we would say is just around the development pipeline.

Speaker Change: Historically, a lot of those have gone to Republican states.

Speaker Change: And while they've changed and issued executive orders on many other things they have not touched the tax credits.

Speaker Change: We've been preparing whether it be through how we're contracting things are how we're procuring equipment we've been preparing.

Speaker Change: And we will remain flexible and follow this but I think that's probably our best indicator of what may or may not happen in the future.

Speaker Change: For a market that could have this type of uncertainty.

Speaker Change: I think it's not an unreasonable thing to say that in periods of market uncertainty.

Speaker Change: The next thing we would say is just around the development pipeline.

Speaker Change: That often favors.

Speaker Change: We've been preparing whether it be through how we're contracting things are how we're procuring equipment we've been preparing.

Speaker Change: Larger players with more capabilities to manage this type of uncertainty and we very much see that playing out for us in 2025, so well.

Speaker Change: For a market that could have this type of uncertainty.

Speaker Change: While there might be some very modest disruption to individual projects, it's not going to change our growth trajectory.

Speaker Change: I think it's not an unreasonable thing to say that in periods of market uncertainty.

Speaker Change: We don't expect.

Speaker Change: That often favors.

Speaker Change: We don't expect anything to happen that would materially change what we've outlined in terms of our forecast.

Speaker Change: Larger players with more capabilities to manage this type of uncertainty and we very much see that playing out for us in 2025, so well.

Speaker Change: Okay, and then just coming back to the Microsoft agreement are you able to share how many megawatts you have signed today and like what's the expected amount of volume you have contracted by the end of this year.

Speaker Change: While there might be some very modest disruption to individual projects, it's not going to change our growth trajectory.

Speaker Change: We don't expect.

Speaker Change: Sort of gauge progress through that 10 five gigawatts.

Speaker Change: We don't expect anything to happen that would materially change what we've outlined in terms of our forecast.

Speaker Change: So all we.

Speaker Change: We can perhaps follow up later with an exact figure it is important to recognize that the pinpoint five gigawatt agreement, we have with Microsoft applies to the years of 2026 through 2030, so it actually hasn't even started yet.

Speaker Change: Okay, and then just coming back to the Microsoft agreement are you able to share how many megawatts you have signed today and like what is the expected amount of volume you have contracted by the end of this year to start sort of gauge progress through that 10 five gigawatts.

That does not mean, we are not contracting significant sums of.

Speaker Change: So.

Speaker Change: We can perhaps follow up later with an exact figure it's important to recognize that the 10 five gigawatt agreement, we have with Microsoft applies to the years of 2026 through 2030, so it actually hasn't even started yet.

Speaker Change: Our new wind and solar capacity with Microsoft even ahead of 2026.

Speaker Change: Our one of our largest if not our largest off taker and we continue to do more and more with them.

Speaker Change: On an ongoing basis, even before that 2026 agreements starts.

Speaker Change: That does not mean, we are not contracting significant sums up our new wind and solar capacity with Microsoft even ahead of 2026.

Speaker Change: So I would say our activity prior to that agreement is already above what we would've expected call. It 18 months ago and as we look to that agreement of 26 to 2030 that five year period, we would expect to exceed the 10 five gigawatts.

Speaker Change: One of our largest if not our largest off taker and we continue to do more and more with them.

Speaker Change: On an ongoing basis, even before that 2026 agreements starts.

Speaker Change: Understood and then.

Speaker Change: You mentioned about the fact that there is dislocation between private and public markets and there is some weakness in share prices.

Speaker Change: So I would say our activity prior to that agreement is already above what we would've expected call. It 18 months ago and as we look to that agreement of 26% to 2030 that five year period, we would expect to exceed the 10 five gigawatts.

Speaker Change: Same thing in your own so how do you view your own share price right now in terms of a place to allocate capital and buybacks versus opportunities in other.

Speaker Change: Investment opportunities.

Speaker Change: Certainly in.

Speaker Change: If we can draw a parallel here.

Speaker Change: Understood and then.

Speaker Change: You mentioned about the fact that there is dislocation between private and public markets and there is some weakness in share price as I'm sure you see the same thing in your own. So how do you view your own share price right now in terms of a place to allocate capital and buybacks versus opportunities in other.

Speaker Change: The current market feels somewhat similar to <unk>.

Speaker Change: Kind of Q3 2023.

Speaker Change: Which is not that long ago.

Speaker Change: Five quarters.

Speaker Change: Investment opportunities.

Speaker Change: 16, 18 months ago.

Speaker Change: Certainly in.

Speaker Change: And at the time that market sentiment was really down select players, we're seeing very significant headwinds it was dragging the whole sector down.

If we can draw a parallel here.

Speaker Change: The current market feels somewhat similar to <unk>.

Speaker Change: Kind of Q3 2023.

Speaker Change: And at the time.

Speaker Change: Despite our share price being lower we.

Speaker Change: Which is not that long ago.

Speaker Change: Unbelievable fundamentals in our business and we.

Speaker Change: Five quarters.

Speaker Change: 16, 18 months ago.

Speaker Change: And at the time that market sentiment was really down select players, we're seeing very significant headwinds it was dragging the whole sector down.

Speaker Change: And we approach that is if we continue to allocate capital into the best opportunities and we continued to execute on our business plan, we would add a lot of value that would eventually show up in our share price and if you kind of look what's happened in the 15 months or five quarters. Since then our <unk> per share.

Speaker Change: And at the time.

Speaker Change: Despite our share price being lower.

Speaker Change: Unbelievable fundamentals in our business and we.

Speaker Change: Share is up almost 15%.

Speaker Change: And we approach that is if we continue to allocate capital into the best opportunities and we continued to execute on our business plan, we would add a lot of value that would eventually show up in our share price. If you kind of look what's happened in the 15 months or five quarters, since then or <unk> <unk> per <unk>.

Speaker Change: And whether it's our development activity our deployment activity our asset recycling activity. That's all up multiples in kind of a 15 or 18 months stretch. It feels very very similar again today. So our focus today is absolutely continuing to execute on.

Speaker Change: Share is up almost 15%.

Speaker Change: The same strategy that we have had as we feel it captures incredible value and capture the significant market demand we are seeing without doubt in this environment and with our shares trading where they are at we will absolutely be looking at doing share buybacks. The same way we did in that time.

Period call it 15 months ago.

Speaker Change: On the same strategy that we have had as we feel it captures incredible value and capture the significant market demand we are seeing without doubt in this environment and with our shares trading where they are at we will absolutely be looking at doing share buybacks. The same way we did in that time.

Speaker Change: Okay. Thanks for the time and congratulations everyone.

Speaker Change: Promotions.

Speaker Change: As a reminder to ask a question. Please press star one one on your Touchtone phone.

William <unk>: Our next question comes from the line of William <unk> with UBS.

Speaker Change: Yes.

Speaker Change: Period call it 15 months ago.

Speaker Change: Hi, good morning. Thanks for the time just wanted to see if you could provide a bit more color on some of the comments made in the press release regarding framework agreements with your suppliers.

Speaker Change: Okay. Thanks for the time and congratulations everyone on the Internet.

Promotions.

Speaker Change: As a reminder to ask a question. Please press star one one on your Touchtone phone.

Speaker Change: To what degree are those agreements, enabling you to safe Harbor Your U S development plan as it pertains to the PTC and ITC at that current levels, you've talked about passing higher costs through.

William <unk>: Our next question comes from the line of William <unk> with UBS.

Speaker Change: Okay.

William <unk>: Hi, good morning. Thanks for the time just wanted to see if you could provide a bit more color on some of the comments made in the press release regarding framework agreements with your suppliers to.

Speaker Change: PPA rates, but I would think some of that friction or potential friction could be eliminated with safe harboring. So just trying to understand how youre thinking about that.

William <unk>: To what degree are those agreements, enabling you to safe Harbor Your U S development mid plans as it pertains to the PTC and ITC at that current levels, you've talked about passing higher costs through.

Speaker Change: Okay.

Speaker Change: Absolutely and the point, we would make here is I think this goes beyond simply framework agreements and I'll draw back too.

William <unk>: PPA rates, but I would think some of that friction or potential friction could be eliminated with safe harboring. So just trying to understand how youre thinking about that.

I apologize for.

Speaker Change: If we're not remembering who asked the question but.

Speaker Change: Rather than whether or not it's a framework agreement or just our ongoing dialogue with our largest customers on working with them on a project by project basis.

William <unk>: Yes.

William <unk>: Absolutely and the point, we would make here is I think that goes beyond simply framework agreements and I'll drop back too.

Speaker Change: The point that we were trying to dry out in the press release is the size and scale of our platform are significant amount of advanced pipeline that is available in the near term to capture this market demand and a really robust access to capital that allows us to grow as much as possible and Thats <unk>.

William <unk>: I apologize who asked.

William <unk>: For not remembering who asked the question but.

William <unk>: Rather than whether or not it's a framework agreement or just our ongoing dialogue with our largest customers.

William <unk>: On working with them on a project by project basis.

Speaker Change: Environment is really differentiating us from our peers the value and scale of our platform is more of a competitive advantage today than any time in history, and we expect that only to grow going forward and therefore, whether it is within a framework agreement or done on a project by project basis are one.

William <unk>: The point that we were trying to drive it in the press release is the size and scale of our platform.

William <unk>: There are significant amount of advanced pipeline that is available in the near term to capture this market demand and our really robust access to capital that allows us to grow as much as possible. In this environment is really differentiating us from our peers the value and scale of our platform is more of a can.

Speaker Change: <unk> to engage with some of the largest corp.

Speaker Change: Corporate off takers of Green power and get.

Speaker Change: Incredible unmatched visibility around their demands.

William <unk>: <unk> advantage today than any time in history, and we expect that only to grow going forward and therefore, whether it is within a framework agreement or done on a project by project basis, our ability to engage with some of the largest.

Speaker Change: In the next few years is allowing us to take advantage of some of the activities and value creation initiatives you mentioned.

I guess the point I'm, making is I don't think we need a framework agreement in order to do that it's more just something we get the benefit of given our large scale relationships with the largest off takers of green power.

William <unk>: Corporate off takers of Green power and get.

William <unk>: Incredible unmatched visibility around their demands.

William <unk>: In the next few years is allowing us to take advantage of some of the activities and value creation initiatives you mentioned.

Speaker Change: Yes, Hi here I think the question was more focused on you specifically referenced agreements with your.

Speaker Change: Equipment suppliers.

William <unk>: The point I'm, making is I don't think we need a framework agreement in order to do that it's more just something we get the benefit of given our large scale relationships with the largest off takers of green power.

Speaker Change: Yes, certainly.

Speaker Change: Sorry, if I misunderstood.

Speaker Change: On that point.

Speaker Change: What we have been doing over the last few years in particular in the U S is given the scale of our pipeline there.

Speaker Change: Yes, I hear I think the question was more focused on you specifically referenced agreements with your.

Speaker Change: We've negotiated very large.

Speaker Change: Arrangements with them similar to what we do elsewhere around the world we use our scale to ensure that one we're getting best in class pricing and to <unk>.

William <unk>: Equipment suppliers.

William <unk>: Yes, certainly so so sorry, if I misunderstood.

William <unk>: On that point.

William <unk>: What we have been doing over the last few years in particular in the U S. Just given the scale of our pipeline there.

Speaker Change: Essentially near the top of the order list whenever it comes to securing volumes so in an environment, where tariffs kick in in the the opportunity to procure domestically in the United States becomes more valuable we will feel very very good about our position given the framework.

William <unk>: We've negotiated very large.

William <unk>: Arrangements with them that similar to what we do elsewhere around the world. We use our scale to ensure that one we're getting best in class pricing and two were essentially near the top of the order list whenever it comes to securing volume so in an environment, where tariffs kick in and.

Speaker Change: Agreements, we've secured with domestic manufacturers over the last couple of years.

Speaker Change: Got it I appreciate the color color and good luck in 2025.

Speaker Change: Thank you.

William <unk>: The opportunity to procure domestically in the United States becomes more valuable we will feel very very good about our position given the framework agreements we have secured with domestic manufacturers over the last couple of years.

Speaker Change: Our next question comes from the line of Anthony <unk> with Mizuho.

Speaker Change: Hey, good morning, Conor apologies I jumped in a little late so if you've answered this sorry.

Speaker Change: Just are you surprised when we look at the pace of data center announcements and the size of them. It appears that the pace of maybe ppas or contracts to supply electricians. These data centers. It seems like it's not matching up I mean, do you see that and any thoughts of Derek maybe a difference in tenure that the tech companies want it.

William <unk>: Okay.

Speaker Change: Got it I appreciate the color color and good luck in 2025.

William <unk>: Thank you.

Speaker Change: Our next question comes from the line of Anthony <unk> with Mizuho.

Speaker Change: Hey, good morning, Conor apologies I jumped in a little late so if you've answered this sorry.

Speaker Change: Signed versus what the power generators want to offer.

Speaker Change: Just are you surprised when we look at the pace of data center announcements and the size of them. It appears that the pace of maybe ppas or contracts to supply electricians. These data centers seems like it's not matching up I mean, do you see that and any thoughts of Derek maybe a difference in tenure that the tech companies.

Speaker Change: That.

Speaker Change: You are highlighting a good point, but I think the reason for it is something slightly different.

Speaker Change: If we could say this clearly the demand for power is now and it is unmet.

Speaker Change: When assigned versus what the power generators want to author.

Speaker Change: There is more demand for power than there are ready to build projects.

Speaker Change: That.

Speaker Change: You are highlighting a good point, but I think the reason for it is something slightly different.

Speaker Change: And if there were more ready to build projects the large corporate off takers in the large tech companies would be signing them all up to date. The issue is there are not enough ready to build projects and thats, because permitting and development that takes time.

Speaker Change: If we could say at this clearly the demand for power is now and it is Amit.

Speaker Change: Completely.

Speaker Change: There is more demand for power than there are ready to build projects.

Speaker Change: Is the bottleneck in the system not demand not the willingness of customers to sign PPA.

Speaker Change: And if there were more ready to build projects the large corporate off takers in the large tech companies would be signing them all up to date.

Speaker Change: The thing that that is highlighting is one the supply demand imbalance is going to maintain for a while because permitting and development is a long process. It does take time.

Speaker Change: Issue is there are not enough ready to build projects and thats, because permitting and development that takes time.

Speaker Change: If you want to capture this demand and therefore, you start developing a project today.

Speaker Change: That is the bottleneck in the system not demand not the willingness of customers to sign PPA.

Speaker Change: These projects take years and years and years to develop.

Speaker Change: The thing that that is highlighting is one the supply demand imbalance is going to maintain for a while because permitting and development is a long process. It does take time.

Speaker Change: It highlights perhaps the more important point and one we'd love to reiterate which is advanced pipeline that is ready to be contracted and ready to be built is the most valuable thing in the market today.

Speaker Change: If you want to capture this demand.

Speaker Change: And therefore, you start developing a project today.

Speaker Change: And.

Speaker Change: These projects take years and years and years to develop.

Speaker Change: We are fortunate that over the last number of years, we have had a strategy that has been very focused on acquiring large scale advanced pipeline in the largest data center markets around the world.

Speaker Change: It highlights perhaps the more important point and one wed love to reiterate which is advanced pipeline that is ready to be contracted and ready to be built is the most valuable thing in the market today.

Speaker Change: And will we be able to meet all the demand of the large hyperscale is absolutely not the demand outweighs the supply, but the advanced pipelines that we've been acquiring over the last two or three or four years, whether it be in the United States or in Western Europe has incredible scarcity value today.

Speaker Change: And.

Speaker Change: And that's what's showing up in our development margins.

Speaker Change: Which are now at an all time high.

Speaker Change: Great. Thanks, and this one we had one apologies.

Speaker Change: On the demand outweighs the supply, but the advanced pipelines that we've been acquiring over the last two or three or four years, whether it be in the United States or in Western Europe has incredible scarcity value today, and that's what's showing up in our development margins, which is which are now at an all time high.

Speaker Change: I know you don't enjoy talking about other companies but.

Speaker Change: Many others.

Speaker Change: Renewable companies smaller different model, but a yieldco name.

Speaker Change: The name change looks like it's really cut back their growth.

Speaker Change: Just curious if that's really just a separate isolated.

Speaker Change: Great. Thanks, and this one we had one apologies.

Speaker Change: Entity or is that maybe just the structure maybe more challenging as we go forward.

Speaker Change: I know you don't enjoy talking about other companies but.

Speaker Change: Plenty others.

Speaker Change: Yeah. So what we would say is I would say all renewables companies.

Speaker Change: Renewable companies smaller different model, but a yieldco.

Speaker Change: Name change looks like it's really cut back their growth.

Speaker Change: Are seeing incredible demand for their product that has broad base that is across the sector everyone can participate in that.

Speaker Change: Just curious if that's really just a separate isolated.

Speaker Change: <unk> entity or is that maybe just the structure may be more challenging as we go forward.

Speaker Change: Some are more well positioned than others to take advantage of that we certainly see ourselves.

Yes, so what we would say is I would say all renewables companies.

Speaker Change: Near the top about list.

Speaker Change: Yeah.

Speaker Change: What I think is really important when we think about our business is as we've grown over the last number of years, we're thrilled with the growth we've delivered in our business. The increased cash flows the increase profitability.

Speaker Change: Are seeing incredible demand for their product that is broad based that is across the sector everyone can participate in that.

Speaker Change: Some are more well positioned than others to take advantage of that we certainly see ourselves.

Speaker Change: But there's two things that we're also very proud of that we've done over that timeframe and we very much reiterated that at our Investor day last year, which is one we focused on the most mature lowest risk lowest cost technologies and we've really avoided sectors of the market that are <unk>.

Speaker Change: Near the top about list.

Speaker Change: Being the biggest headwinds today and secondly, we've never compromised in terms of our discipline in how we fund our business and well there is incredible tailwind for the renewable sector more broadly there are discrete examples of individual companies.

Speaker Change: We are seeing greater headwinds because either of concentrations in in technologies that are out of favor taking too much development risk.

Speaker Change: The biggest headwinds today and secondly, we've never compromised in terms of our discipline in how we fund our business and well there is incredible tailwind for the renewable sector more broadly there are discrete examples of individual companies that.

Speaker Change: Or.

Speaker Change: Using more aggressive capital structures, we would say those are discrete.

Speaker Change: And the tailwind for the broader sector are tremendous today, but we feel very fortunate in terms of where we focused our business and the discipline that we've executed across our balance sheet.

Speaker Change: We are seeing greater headwinds because either of concentrations in in technologies that are out of favor taking too much development risk or.

Great. Thanks for taking my questions and congrats Patrick and why its looking forward to work with you.

Speaker Change: Using more aggressive capital structures, we would say those are discrete.

Speaker Change: That concludes today's question and answer session I would like to turn the call back to <unk> for closing remarks.

And the tailwind for the broader sector are tremendous today, but we feel very fortunate in terms of where we focused our business and the discipline that we've executed across our balance sheet.

Speaker Change: Great well. Thank you everyone for joining our call and for your interest and support of Brookfield renewable.

Speaker Change: Great. Thanks for taking my questions and congrats Patrick and why its looking forward to work with you.

Speaker Change: Look forward to updating you on our progress throughout 2025 have a great day.

Speaker Change: This concludes today's conference call. Thank you for participating.

Speaker Change: That concludes today's question and answer session I would like to turn the call back to <unk> for closing remarks.

Speaker Change: May now disconnect.

Speaker Change: Great well. Thank you everyone for joining our call and for your interest and support of Brookfield renewable.

Speaker Change: Look forward to updating you on our progress throughout 2025 have a great day.

Speaker Change: This concludes today's conference call. Thank you for participating you may now disconnect.

Q4 2024 Brookfield Renewable Corp Earnings Call

Request a DemoDemo

BEP

Brookfield

Earnings