Company: BEP
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001533232-25-000006
Chunk: 306

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 306
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 power:

• In 2024, we advanced commercial priorities, signing contracts to deliver an incremental ~19,000 GWh per year of generation to our partners

• We also signed the landmark renewable energy framework agreement with Microsoft to deliver over 10.5 GW of clean energy capacity between 2026 and 2030 and are on track to not only meet, but exceed our delivery targets.

Growth and Development

During the year, together with our institutional partners, we have deployed, or committed to deploy $12.5 billion ($1.8 billion net to Brookfield Renewable) into growth, further diversifying our business, marking our largest year for investment ever.

We continued to accelerate our development activities

• Our development pipeline now stands at approximately 200,000 MW and our pace of commissioning projects is nearly 7,000 MW a year and we are on track to reach a ~10,000 MW run rate per annum by 2027.

Liquidity and Capital Resources

Our best-in-class balance sheet with investment grade BBB+ credit rating and access to diverse sources of capital continues to differentiate our business.

• We finished the year with over $4.3 billion of available liquidity. Our diverse and robust funding model and continued commitment to sizing debt on investment grade metrics has positioned us to opportunistically deploy scale capital

• We successfully completed nearly $27 billion in financings in 2024, a record for our business, opportunistically extending average maturities and optimizing our portfolio's capital structure, including executing $800 million of upfinancings

• In the fourth quarter we took advantage of favorable market conditions and issued C$200 million of green subordinated hybrid notes at 5.45%. The reset spread on the notes was the lowest ever achieved in the Canadian corporate hybrid market and had the lowest coupon since the start of 2022 for this type of note

Together with our institutional partners, we completed or reached agreements in 2024 to sell assets generating $2.8 billion (over $1 billion net to Brookfield Renewable) at average returns of approximately 25% IRR, or nearly double our return targets to fund future growth for the business in 2025, including:

• Closed the sale of a renewable platform with 682 MW of wind, 63 MW of solar and a 1.6 GW development pipeline, across Portugal and Spain, and the partial sale of an 845 MW portfolio of wind assets in the U. S.

• Signed agreements to sell our interest