Company: BEP
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001533232-25-000006
Chunk: 515

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 515
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 an understanding, evaluated the design and tested the operating effectiveness of controls over management’s processes in determining the fair value of power generating assets. We te...  

  F - 4  

                                                Furthermore, we evaluated the adequacy of the Partnership’s disclosures regarding the significant assumptions and sensitivity analysis around the fair value of power generating assets.              
                                                Significant utility-scale acquisition                                                                                                                                                                 
  Description of the Matter                     During 2024, the Partnership completed the acquisition of a 53% ownership stake in a global renewable developer headquartered in France for proceeds of $3.4 billion. As described in Notes 1(o) ...  
  How We Addressed the Matter in Our Audit      We obtained an understanding and evaluated the design of controls over management’s processes in determining the fair value of power generating assets and commodity derivatives acquired. We tes...  

/s/ Ernst & Young LLP

Chartered Professional Accountants

Licensed Public Accountants

We have served as Brookfield Renewable’s auditor since 2011.

Toronto, Canada

February 28, 2025

  F - 5  

INTERNAL CONTROL OVER FINANCIAL REPORTING

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)), as of the end of the period December 31, 2024. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of December 31, 2024, our disclosure controls and procedures are designed at a reasonable assurance level and are effective to provide reasonable assurance that material information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. While disclosure controls and procedures and internal controls over financial reporting were adequate and effective we continue to implement certain measures to strengthen control processes and procedures.

Management’s Report on Internal Control over Financial Reporting

Management of Brookfield Renewable Partners L. P. (“ Brookfield Renewable”) is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under