Company: BEP
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001533232-25-000006
Chunk: 310

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 310
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quisitions during the year, including a 53% controlling stake in Neoen, a74% controlling stake in a leading wind-focused commercial and industrial renewable business in India and a fully integrated distributed generation focused renewable platform in South Korea increased property, plant and equipment by$7.5 billion. Our continued investment in the development of power generating assets increased property plant and equipment by$4.2 billion. Our annual revaluation which recognized the benefit of higher power prices across select markets and the expected growth in demand for renewable power increased property, plant and equipment by$5.3 billion. These increases were partly offset by dispositions and assets classified as held for sale that decreased property, plant and equipment by $2.2 billion, the strengthening of the U. S. dollar versus most currencies that decreased property, plant and equipment by $3.3 billion and depreciation expense that decreased property, plant and equipment by$2.0 billion.

Assets held for sale and Liabilities directly associated with assets held for sale

Assets held for sale and Liabilities directly associated with assets held for sale totaled $2,049 million and $1,036 million, respectively, as at December 31, 2024 and comprised of a 25% interest in 2 GW of pumped storage facilities in the U. K., a 30 MW biomass facility in Brazil and a 1,004 MW portfolio of wind and solar assets in India. Assets held for sale also include a 650 MW portfolio of wind and solar assets in Australia that were classified as held for sale upon the acquisition of Neoen.

RELATED PARTY TRANSACTIONS

Brookfield Renewable's related party transactions are in the normal course of business and are recorded at the exchange amount. Brookfield Renewable's related party transactions are primarily with Brookfield Corporation.

Brookfield Renewable sells electricity to Brookfield through a single long-term PPA across Brookfield Renewable’s New York hydroelectric facilities. Brookfield will support the price that Brookfield Renewable receives for energy generated by certain facilities in the United States.

In 2011, on formation of Brookfield Renewable, Brookfield transferred certain development projects to Brookfield Renewable for no upfront consideration but is entitled to receive variable consideration on commercial operation or sale of these projects.

Brookfield Renewable has entered into voting agreements with Brookfield, whereby Brookfield Renewable gained control of the entities that own certain renewable power generating facilities. Brookfield Renewable has also entered into voting agreements with its consortium partners in respect of both the Colombian business and Neoen. The voting agreements provide Brook