Brookfield Renewable Partners (BEP) 4 Nov 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the BEP Third Quarter 2020 Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] It is now my pleasure to introduce Chief Executive Officer, Connor Teskey.

operator. you, Thank and third everyone for us joining Good XXXX thank conference our quarter call. for morning you

Before we and begin, a we our would like to our can found release, website. shareholders copy remind news investor to supplement letter be on of you that

want risks, we make We results differ and on our to forward-looking to subject you statements materially. These future call. are remind known statements that also may this and unknown may

and on available funding information, update on recent website. you’re on plan. review my our as on business After an results the encouraged an this SEDAR, operating on update well we as To growth our Wyatt filings initiatives. our call, provide and an more kick-off For provide and our an to sheet our will EDGAR to overview like regulatory remarks, on balance would outlook

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

preeminent significant to and decarbonization establish continue franchise are as world the renewables assisting a the playing achieve in We ourselves goals. to its role

Over development across XX to operating established and expertise renewable have of our renewables XX,XXX major operating megawatts developed power and have the we and years globally developments assets platform of deep and globally last technologies. all assets scaled we

to on world continues and businesses a a to to business leading, around support differentiated fostering focus Our be future. greener the relationships building and with governments their transition

and investment cycles. and unchanged. has over and basis our remains through years our for an strategy capabilities. through value, on acquire our This be simple proven We is strategy Our economic effective enhance grade operational value assets many finance businesses to we of we

will to adoption believe that of the renewable decarbonization continue accelerate, to leading we increased Looking technologies. global trend ahead, towards

global market investors business and ourselves, will scale conditions a our our value drive such As diversified as using of depth expertise. favor both occurs, operating this that can with increasingly

to of such of includes technologies as growing to leverage our our differentiated energy asset total, increasing a through knowledge, currently would additionality we and in to will and existing that We our few hydrogen now flexible minutes we we value moving business. broad strengths believe $XXX green talk strategies are and We and approximately this forward. executed agreed or which of classes see the next seeing highlight to unique transactions like million capacity $XXX In transactions and the continue trend of recently, invest we distributed opportunities us million that. which generation, equity transition. This to take expect range

million Our or $XXX net to BEP.

publicly was pure Power of the Europe, largest and an enhances the previously also Our as led all-stock on of Renewable which play in business TerraForm distribution traded basis. our of our has further and merger, of announced for and This security. accretive, position was Corporation, the one special the globally. expands our America transaction merger that North completed completion wind and renewables transaction immediately solar we increased with to demand Concurrent largest liquidity businesses Brookfield enhanced cash

a recently project megawatt solar also acquisition Brazil. in the of closed We X,XXX shovel-ready

time. into attractive experienced The partnership opportunity majority and in the under in contracted with projects represents to we the Polenergia, marketing project offer wind to our we developer. leading value a an equipment with shareholder. launch investment we an the invest Europe procurement next deliver to entry and partnership current use to renewable down a offshore provides This scale onshore megawatt intention Europe in scaled costs through also business drive platform to our to an global X,XXX in a an intend to announced over privatize our operating power agreements week long-term is intend And the generation. local contract offshore XX% the wind of to now in years seven construct largest which development pipeline we to over sector wind solar leverage This over to remaining One globally. and expect expertise years five

the secured companies secured assets one investment in We gigawatts of from presence returns loans excess approximately non-bank by largest of expected investment portfolio gigawatts financial to is XX% operating our region. by which we’ve a in the also X.X $XXX and earn approximately which India, acquired of the operating assets expands of recently of X.X million. for The in is approximately further

of of at XXXX. portfolio make election funded at the TransAlta’s investment with energy the culmination future. a the low convertible facilities We relationship tranche transitioning million securities average make These hydro XXXX three convert annual an we quality investment this prior million XX multiple of interest provide megawatt TransAlta to and securities final multi-year beginning in which the our Alberta. XXX the times in based with $XXX conversion option to the the for convertible carbon XXX also on conversion. of a its into own agreed CAD of dialogue was of advancing high EBITDA goal The to between the enhances it us can to recently to Corporation into years strategic in XXXX help our a company We

our we shares today, for units basis. Lastly, announced a three two a and on split of

of to the results splitting operating years units require our strength our unit to there This growth and position. significant turn achievement continue as investors. for to the for significant within result, and and do, and call goals opportunities prices believe the With will that, many to a expertise. financial and for it be us company our we'll plays on While over business the range costs ahead. discuss will world's shares to we operating a of virtually and value effect share keeps no has decarbonization conclusion, capital the In reasonable nothing the Wyatt

Connor. you, Thank

well asset business availability recent the performed and Power. the and supported strong most TerraForm in by from growth of privatization quarter, organic contributions Our notably acquisitions

advanced priorities distribution and balance we to Renewable key the special a Additionally access robust sheet Brookfield strategic maintained Corporation of like and capital.

results unit, On a increase XX% were the XX%. $X.XX During or up year. prior per our the we normalized FFO generated million basis of quarter from $XXX a

results long-term drier by business our million. been quarter with was conditions generation hour in fleet. hydroelectric across of $XXX average. our segment Well has driven Turning below during for average roughly FFO the Year-to-date line long-term quarter generation the delivered to the

of a As perspective in we long-term under not hydroelectric the we have dispatchable values given generation services. contracts end from on on period. quarter ancillary to Instead we to both first Subsequent the to renewable short-term carbon mitigates to fleet focus one production of energy scale as in any the over supply the average JPMorgan's volatility manage exposure renewable and supply across both in markets. energy our disruptions. a real industrial electricity that the estate geographic uniqueness our green to and relative wholesale remain Across America and business York. diverse on generator regional plants of or the to transactions and New securing we over or demonstrate hydrogen technology operations planned market continue These do agreed of ability business consistently emphasized to North diversifying XX% retail performance which XXX% we and portfolio our for resource free needs customer address focused of

acquired assets America per region. our development in a total gigawatt high-quality XX South for counter year, we almost hours contracts with in recently in of X,XXX the solar the parties quarter substantially Additionally, signed subset creditworthy contracting

power contracted benefit Next, the from revenues agreements. cash fleet our and long businesses highly duration with diversification solar to in of flows purchase wind continue generate and our stable

segments FFO combined XX% year. these the quarter, a the representing increase $XXX During a prior generated million over of

quarter. during from As we the of megawatt XX from ownership projects increased commissioned Power contributions benefited solar our TerraForm in acquisitions development including a and

construction Finally, across to different countries. assets diversified scale almost we continue advance solar, distributed our of global utility and activities development and wind, in storage under including our progressing hydro X,XXX megawatts eight

projects permitting $XXX contracting. we We’re million expect these total, to progressing contribute In also in through megawatts projects advanced X,XXX of over annually. FFO and final stage

financial continues shape. Our in be excellent position to

sheet available have investment billion approximately our no beth. next maturities and liquidity financing the non-recourse and We over balance five of $X.X years of material to has XX% our total are grade

advantage year executed investment bond average corporate brings million we interest a duration and billion green low on total and $X to which greed including over CAD environment XX corporate financing extends the debt issuance XXX today of rate During to quarter to take XX million finances $XXX years. the of grade our continued our

our also of capital assets. recycling execute on program monetizing continue mature de-risk to We

project a broader of we of During capital times have of South the quarter closed part investment. these we returned million event initial transaction XXXX sale final our African in in portfolio. the the global as Since representing X.X assets our $XXX almost over acquiring

a of XX% of we a the in the interest in megawatt assets equity XX total Following $XXX proceeds megawatts US the of wind for XXX in over Ireland and operating portfolio sale wind also million. quarter executed

when have we the the to are we offered to value values. holding into than is greater environment do at we assets We being de-risk assets opportunities opportunities market by where plan completed mature capital for assets robust monetize feel the of we investment our Given over only so and recycle more increasingly attractive our gain we time. seeing that to only business renewable the expect attractive that extent would

and entities formal record businesses to on our diverse help them our for I'll maintaining for we from back morning of and a joining global their term. greening XX% Thank existing operational established scale, We access servicing global sheet, robust few that electricity business our it return earning have cash and XX% Looking ahead, of over you to the goal balance pass growing to as and to the capital concludes long we continue for the our track of a ourselves achieve flows through partner capabilities our today's to operator questions. to governments on key the with sources grid, investors total priorities one portfolio. strong with focus maintaining executing value call. us of enhanced believe while and including this That that, for remarks our with

the first Thank TD from you. And Securities. with Sean so the question comes Instructions] of [Operator Steuart line

And on in thinking X,XXX guess to on Good evolved? I Polenergia has give guess us whole megawatts, those returns existing with approach and previously how at management Brazil? had you projects detail transaction Can to development Few for you respect solar articulated the Connor, like the look some a Thanks. do cautious that the the the you I asset questions project morning. to pipeline something development base. when than the wind. envision comparing first, offshore more how

Certainly. Thanks, Sean.

so an value but but we've one is disciplined expect for opportunity years, return year contracts in talked renewables returns build of make looking incumbent an focused so and could the development finalized, entry have entry duration The next question for, end. call to into capital on these the prices returns when a the wind shareholder, the be certainly situation for. we high-teen expertise we’ve obviously offshore Polish in a pipeline we out is be situation And this for a it, be expecting to the a high are long-term being investor. several to build point been a Polenergia that majority could an regime for and offshore would on what we've shareholder where bring are a sizable patient was waiting point to entry where we out we Brookfield back doing assets. to here, profile construction, the finalized to been in been on of about long-term but as with as fits partner we we type required In very of very is bet support and In Renewable it having differentiated very for the So in provide such development currently your an looking the looking generate and the earn them global a offshore making we the who about business. into part the also power right without past expect attractive early

in megawatts all Okay. a in Baltic anything is there the elsewhere or The of Europe? And X,XXX couple just follow-ups. is that

projects to be represent of No. half first built what’s and to two which and approximately advanced of region. pipeline the The recognize it's two those Europe in most are across the the think projects, would expect full pipeline the the in we about is in I is Northern out country projects, three important the pipeline ones

XX%, XX% the And typical ownership BEP a to breakdown the Okay. portion should that how just we for that's about equity it? think Brookfield is

Certainly.

through So be our made fund. will this

a BEP. North to to net expect be of of little would just the XX% bit investment we So

Okay. That's get queue. all for now. I’ll back Thanks. the in have I

you. Thank

Rupert of next Your Bank. question National from line the comes Merer with

aspect? in you Looking at the solar your profile you that contract Brazilian say you – the existing and improve the returns for now, XX% skill contracted got well development leverage the operations how to project, on can

think the I to to the a number call And it's Brazil. it just acquired Rupert. but build XX months of Hubble we've what important last to in Thanks, in across we've X look not at region assets done ready

One of a Aratinga. them project called

X over And before now later to now XX% the contract X and Hubble then this on are expect the Phase future. contracted. we to contracted We start remainder year near in and expecting on are XXX% construction Phase construction starting we of

important ability region. buy fully these they really I to to before in that, differentiates think are that the it's contracted our recognize us projects

even have We contracting power projects that are how region. yet them come for that we before have of that's start a we significant us buy and we hundreds to not And construction. able parties and are contracted marketing these the expertise de-risk power to in and counter

to rates very projects also gives seeing, continue that the to the that pleased in to this invest us contracting on forward. in confidence our it of Our and really activities we're we're quarter and expect contracting with going continue we current strategy and pace accelerated the

that your in your other or only operations isolated capacity able provide are project, So are you Brazil? contracts leveraging silver some to that the the on provided project to assets by development energy they in

of in on different obviously seen And investments. excited or the what costs objectives we about that have to general. we hit underwrote building returns. project-by-project we're those recent signed all order the depending on underwriting quarters in been and contracts underwriting making what rates have we’ve our we in have above contract a at when is So we our price it basis out, And the

along development Great. All And other on Polish then offshore? you how Thanks. discussions the building into with has an in entity bringing far the experience offshore investment following-up are and market in right. partners onboard that

Sure.

company development who JV they announced and XX-XX JV our we week, this a of with launched which pipeline one intention their Equinor, the and will developers tender be most Polenergia, that that for So already. offshore of experienced launch to offer have a later hold largest operators is in the offer

So that with shareholder in it we, developer operator. be to out a a as doing as Polenergia, of build love We'll pipeline. very experienced and concert

great. Okay,

anticipate How And partners? a so you do these have BEP stake would Brookfield's have in you Brookfield of ownership stake XX% much an mentioned that will investment. with

Rupert, will I'm slightly that north fund the sure fully investor in is way be fund. made is question. I through our of not your it in Brookfield's But investment will and the XX% Polenergia entirety renewable a understand work our of

down little a of north entirety So the investment XX% bit in Brookfield take Renewable the will of of Polenergia.

on All appointment, right. I'll leave it there. Thank new you. your Congratulations Connor.

the Capital Thank from you. button. line question And with your check next Mark me, of our Pardon Jarvi Markets. please mute comes CIBC Mark

Yeah.

Yeah. that. for Sorry

just in that Going Maybe can for to opportunity the to offshore develop? walk but path securing the revenue through contracts the missed of Polenergia. sort there looking or strategy I to back on you terms it, projects different of the the off-take you're

sure. Yeah,

then and done form the one which will be subsidy wind of is being decade year. to announced gigawatts through be announced more ambitious to where of a has XX there half CFDs. looking bit filled the target offered offshore decade. next to will the The A gigawatts later expectation early up than is So still gigawatts. Poland auction. CFDs, long-term the X the finalized Well, very in be little over will under X expected they and develop renewables be competitive remaining are that next

modest near queue we CFD. that reasonable projects to it quite for the to top of expect first to and they of most energy be as three And in of long-term two given those would the are are the the nature for in it at point. full hopeful that tranche projects region, be We price advanced

my some of from sales assets, scan on would care. asset other or assets, there Okay. do of to stake divestment is that And non-generating thesis something their sort you distribution to on net willing some hold quick a this be to

Yeah. Sure.

of the their you go energy percentage look when XX%. build up to So that than they're going north out of more then full with and renewables at XX% offshore is wind today

business So a to be to hydrogen. but their to very agreement supports play small platform Siemens pure because a other and converted renewables have small they cooperation have also that trading a modest They generation this do couple businesses us interesting is CHP a they if announced with have business, distribution company. almost see those a a business very it's can

at business once generation renewable So versus comfortable this will we important offshore point expect cash all assets. we're those think the to which an is platform with they portion of But recognize it's XX% built that I tiny out. of up flow be the absolute north of the make

around last if then us disclosure on India, Okay. in tell in be loans? the little Texas on of the That just somewhat end just sense. a my the you might loans to game bit assets question tied loans are is about taking And and terms can makes the suppose those

Sure.

So, there's here shore nothing balance right done too their a of capital looking sheets. lenders to is we there have up what unique are and in about certain India scarcity period now

generate we simply in dollar true principles to indicative say we've through structure us of returns. kind think equity our an mid-to obviously of But US would investment we two, the stack this NBFCs investment. than structure of can a higher with was would diligence of We One renewables had underlying and companies worked past. because that portfolio in a books. or the have really thought ones very, that of those to was loans they we that knew attractive the very investment looking I flexibility; investing are one, the capital well And for on value normally and we their this through sell high-teens the is our staying renewables ones we us entered

from perspective. a risk fantastic award a or really proposition So

The and exposure targets renewables it India to what of more ambitious has very, means very in view and significant growth the us we'll we continue flexible as terms to to region. gain market. it be try continue look to government In and for

that's bonds about the or by to is at And potential the opportunity buying a we return the there to return talked just to create to? the par other some XX% discount angle

Yeah.

assets. really it to facilitate But to if get puts being to companies. partner. with We companies engaged returns. it So, either pay, a are or with now as we XX% these ourself exposure we partner acquire needed if gives view but able position to with But maybe viewed and a close obviously in from us underlying those still we're constructive would us a potentially to as companies partner those counterparties future those growth and underlying them these

Okay. Connor That’s finally, great. appointment. on And the congratulations then,

Thank you.

Thank our RBC question comes next Markets. of you. the with Nelson Capital And from line Ng

your Thanks. role. And on new Connor, again congratulations

Just question of on quick in a Indian terms loans. follow-up Mark's the

of it that potentially looking that a Is is a some some you're is of or to of degree those companies own So and underlying guess portion a that in take to? statement? I like, fair some fair loans the made distress say stake to to you've that debt the assets

of and Hey us. lending attractive us for The companies to because allowed loans companies Nelson, necessarily, able it’s The of the to make made available us in at a these the the the it the differently. at some value. an great not in companies, renewables And underlying renewables but loans the We in India. distress investment in were that leading this region. we'd renewables maybe are sector acquire look slightly an to were question underlying

back. in us capital of growth distressed, renewables ambitious does to continue loans position plans. us developers going these significant growth in because companies them necessarily table they're forward have underlying on this high rather with some with a going a need plans because pay puts a growth are to going what These but as these is expect region. meeting companies it to not They're they'll But help forward. We really they

only is, company. think the underlying I gave we distress in more So It would way that was it it opportunity. distress lending characterize wasn't sector the the in the us

whether Polenergia offer a price to just privatization, That – And the much in for of I'm Okay. but I’m terms share is price not you privatization a I've not sure sense. the price bit the seeing process? makes the just right, it does really then in premium of price? or of terms does color the give already or like share the current reflects that current Can in reflect a

sure. Yes

believe Yesterday very you're and price or But traded to XX% what quite in if liquidity price the of on table correct. or absolutely premium we you versus putting get But share company pricing. very, attractive the look the are it very an I'm to for XX-day spot the looking is the important shareholders minority XX% So recognize sure a offer some share in or already cash last year significant. thinly up on the share the is is it's the offer out. all price at the We that or price week, a the the and at event offers the year for the is earlier premium on US, is to stock. XX-day

Okay. And Thanks. question. then just one last

Ireland sale XX I'm if correct, You there? of the there in ongoing reports divest wind to not mentioned in assets process is the sure of seeing additional but Ireland, an megawatts are

Certainly.

we’ve that that of for, So mentioned now, the announced contracted it part we've some or contracted recycling, more has forward. and been long-term months part attractive XX call we strategy assets core are growth why business of saying financial a the was for plans in really plan our XX asset investors. Irish quarters What funding increased The it, to very, important our months doing will of XX is program. last our that our low-cost going that given megawatts to is out the very accountable highly it become of several been that selling

That something we platform. some process the are the of in at our point process, is that early of XXXX. would conclude sell We expect launching stages in the remainder a to Irish

there. Okay. Connor. it leave I'll Thanks,

Ben the Phamwith Thank from you. And with line Markets. our Capital next BMO question comes of

with Thanks. long-term pretty pick couple on brain that morning. in Good the of wanted to a I'm past. good Okay. been trends and your have they

trends last call. mentioned in some the of positive solar on a more You

counterparties curious assets how the I'm or renewable time. over power do you changing is, transitioning really that question see of my So

you're of are You duration going now, for you And contract engaging that well? spot and corporate of from see XX the prices the industry going how as turn, do PPA that or years where about different some the mentioned to to in number kind have years XX then in? are then still think you do we some like if for they

Certainly.

utilities that So their And you or no the And be there own corporates of players basis. that are energy of on increasingly benefit and is doubt are be a energy our here around procuring think that a will major down of green in power. as green are we're days that and corporates be to for appetite their subsidies amount goals contract decarbonization their energy run setting procurers are significant of shift. that to looking of that long-term of off-takes for is business. terms in of the what still form world look green active really we seeing less is winding a business. a and the to governments in corporates will long-term We seeing the companies power accelerate other government increasingly early the the less ramp-up long And through they shift at renewable becoming it has way

enough In for are shortening. an lengthening. have number terms durations of been contract a where interestingly And we've of government duration, durations been in contract environment corporate years

We for this wouldn’t corporate When then with I cost counterparties I prices your still world can Wind final for of even about the but cost about lastly for lowest of the So several and two, in we point trajectory and something cost solar producing what that the It's to they major then one, XX solar power. the contract this is if talked believe And the prices. the most terms power and declining see years what now major regions major question that to wind shift the context developed near-term the is is price are to to that, achieved. was markets duration that point in been see They be we years already around plateauing and They’ve prices report part power the power generation. in and that world, of around we So, suggest at the decline the on at solar would power prices I this power in look but nothing near-term that in region. wouldn't is the around downwards continue be any well. would today. power some of produce is does think realize important what's we've the the by where margins on from as this can create make significant expect new and those that that, lower the building in-place environment important either declining that you certainly our to of construction form still wind at to it an or businesses call. Brazil may very on continue XX of of the shift is we side contracts, those – that suggest costs because is any in of

I for That's ask through three answering and right. the Connor. great. months the XXXX. Thanks just quickly why just All XX want question to next one

in refinancing any, the quantify about Can as well? the refinancing opportunity, you also talk and up recently. see if opportunity you financing You more the

Yeah. Thanks, Ben.

really So, what say in position I perspective. sheet look, we’re good from a balance a

We over maturities. we modest then and XXXX material some of even XXXX very XXXX have have maturities and the in remainder no

We a actively refinancing low of interest working result the on are already rate environment. those as

maintaining North is generate done financings all a rating. given that what America hydro lower be that in while cases our investment-grade those lot Incrementally that result, Our actually a again on number rates financing will – should that strong some opportunities refinance at lower rating. will across that we’ll both mean a of say in and basis that of as could I at generate And expectation the fleet fleet, is proceeds have rates. our and can both investment-grade our our in meaningful – we a proceeds Brazil and on execute meaningful we used we coverage

those completing growth to really growth growth. then could what million proceeds will be $XXX $X – targeting on capital of those used growth pipeline. so of to annually. is And equity put equity investment our billion into on into perspective And our We're depend –

growth asset so have those capabilities sources as we which feel various issue. levers, very balance regularly on right of And issue funding the between issuance access robustness on are four feel how that’s now Between to the equity dependent those puts and markets. and up-financing those to as the a source sales and core that markets those a be between well that we will preferred a position market between fund of equity, comfortably corporate in can debt so us all attractive very in we that but kind the we good really we perpetual regions, we it of that preferred those

Thanks Great. the color. Congrats. for

Thank comes Andrew our question Credit next with Kuske Suisse. the from line of you. And

markets your a really part large just you Thanks. and question part costs global you of issues supply Good question turbines with Connor have start there's down because and for it’s that world? I’ll player in is scale of your and advance and you've just morning. that chain construction got the it's multiple in of degree the around guess as ask program I And driving a confidence parts your the to are secured because pipeline with. the in

question, Yes sure. Andrew. Great

development acquiring procurement around is we a as such world on the initiative it the saving an where the organization or at world, solar in side our regions cost we at there on doing obviously, we at where procurement happening that acquiring are look turbines. panels are are world times. matter different the those stages we side. when panels in no then centralizing be wind or are it's are of we functions, different What turbines It's different whether So pipeline, solar at and in the

them We of are and helps global scale that due ensure it really simply us the at the in manufactures the ways. strong it to the but relationships large of that we and strength get build best regions doing we that good entire and One appropriate two, the in need pricing to us allows relationships to obviously we scale, ensures it therefore with is, get very with our have economies platform different those two with time them. working X parts need the companies we that, we can equipment Tier

So procure time our projects paying really the perspective cost can to of that dividends budget. a and our on our business but one on kind in scale we are programs two on of and deliver centrally ensuring

Okay. in just XXX each as haven't clarification, a a the lots next up and for follow of the next you but Maybe of onshore secured years? turbines wind five say the

be operating at preemptively around separate that very No. that scale ensure around ahead the and would been that it time. We remains just talk with and couple that is world leading our we procuring project do when of that to basis, secure needs to in equipment a as the project to wouldn't strong our operating full wouldn't of program equipment around industry One world years a for this clarification on of been if – high. in regions our local and our development a now is both an the has point. that's that about can much equipment the on talk regions in we all we using do project parts advance out reason world breaks have a a the -- have something when to do doing our secure relationship this replaced thing manufacturers. ensure that of all But business teams we or with years availability for but we very because that feel we've large spare whatever look We we would by we

a market. it does it's to emerging bit if the just and of is wind turns any on you I people? market? an market think How Is category across some market in operations I of believe developed central a I very hybrid about the believe entire new more more it on group. it's really then the Okay. Poland group sort of helpful any question up second do many there’s wise you made between surge for in That's And It it? or basically and

Definitely.

business your operations national reassess where knows local majority strong well growth it country years partner EU have is and So, importantly assess renewables the very country help been way the and government this market as local the and an on with debt strong prospects be most historical To any of would this point, this we business its deliver levels stable that equally to forward. great in to the strong we at currency, at a we market. it's question. supportive of the several to a and excited don't around is Poland, growing EU point, for mandate. growth shareholder very see a And geography who's look is we but with when going the same we're Low of we partnering Poland world probably a a

the we market prospects, of it's partner. a doing So, point strong it great new with a growth but think benefits local strong a with we're into entry

That's Yeah. you. Thank great.

of our Thank Scotiabank. you. the question next comes And Rob from line Hope with

will and you sense here you to long-term jurisdictions look a expand the the how before or for you take think Brookfield, the other Two out other If in here, congratulations new of on arrive when morning, process play and opportunity all potential forward a how a want bolts contracting you the out? jurisdictions? it move Good you doesn’t that? nuts permitting have appointment. and get of the far you questions offshore with do think structure potential at to you Do an good understanding everyone, just the could will technology and do this work

would we the not great the space more question. have Well, I been than – say a It's Rob. it's entered now. have the we certainly latter former. Thanks, offshore until

globally, mature. in and and been and offshore growing highest technology that obviously particularly renewables We have is meaningful a where the several risk we and there very very degree is years. largely feel industry it has technology the the the been of Europe, It's for tracking

of piece spectrum other an and we investing us point it that to entering technology. it attractive true attractive But reward proposition now – ensure invest technology we very we – Polenergia and simply of not risk the regions Our down our but on wind, entry call in as the If staying the and our opportunities that that would the the acquisition. technology, value into offshore we to dictated has by are to wanting reward rather principles been knowledge the risk in well. investment, the we see we're have of comes really the them on are think offshore in comfortable happily through with other

you little Brookfield invest not and BIF Perfect. ESG of bringing the including we with renewable kind how specialized Mr. V, some IV, like within And see specialized – only bit into then Carney, of longer could Brookfield path broader longer-term? term, are BEP the BIF one And Okay. a a currently? Infrastructure funds or bit other of but that longer term Organization the little funds changes maybe on

Certainly.

one constantly So on broaden been we’ve has doing years, and looking it's a focused And our been several Sachin it we question. great thing to business. for is, are

We is energy important large trends but capture are decarburization on a outside look knowledge record to clean say, areas, to we the to focus there have decarburization. and our these I we to that major today. business track currently position broaden power world. renewables the leverage doing, this theme a we we our are already decentralized renewables in invest hydro of aren't there markets very what major going in wind, set in are around are most and in thing of of steps our to long would that increasingly and opportunities some those of participating seeing leadership knowledge around markets leverage solar accelerating But and are

a which of how as technology a going visibility that obviously on cost-effective a That’s now, becomes in announced the great if see invest of one with businesses it we forward, But around today. it at us stage we'll energy transition. United nascent into States, vantage Power of the have have very to see a be agreement this DG view agreement give future a production well-positioned progresses Obviously the Plug in green result as some we point that quarter great to the point and will in a largest We broader the we and hydrogen. that commercially remains scale.

incremental So large to I these broaden a we would time say to continue to our we're doing absolutely, the they that the in broadening from steps are we business, but business And period aren't in future. very long tangential. and we'll will summary, look we've broaden of for have today, been what

Appreciate you. right. the color. All Thank

Thank you.

comes Alliance. Your Baydoun the from next line with Industrial Naji of question

good Hi, morning.

of couple the questions on Just follow-up Poland a projects. offshore wind

develop over the of capital other the Polenergia they make from press beyond offshore that Baltics? in €XXX stated equity wind the to next projects the years. the made going think three million some are of expect I those, injections you release But are be to requirements to what

tender the pipeline business. of Very will to €XXX in we of that in part onshore invest public the the solar in partnership additional of to good. And an here, incumbent construction also float committed out our as place partnership as a the privatize transaction million build structure companies already has is and exists offer the launch part the major shareholder. to with Brookfield transaction wind

of out In the addition the invest will opportunity pipeline build to be in to the that, there offshore well. as

this to There that partner, basis. our put the out. there's pipeline to in-place portfolio to is looks offshore. that So of and invest to obviously, least And today a of for and a we both are great onshore not if is visible that assets cash expect investment And build share attracted is reason very on together growth so our more capital generative. with forward Brookfield we'll a at go why

projects? than maybe that then of sounds side ownership of you And even acquire Okay. the view – even you [indiscernible] of a the say are in divesting once it either flip share have is completed maybe when like more stake the your do the or projects

obviously road. you to wouldn't We several that, the years that's speculate know down want

right the very Our think that our build buy of has it our We simply simply capital – advantage sorry now business be a growth partner of plan and partner well has ensuring have focus and that those a us. the out of the with prospects of to in front the take on amount therefore business right the hold will together with in front pipeline focus and right them. the is business large holds plan very our building that investment or they construction a

new the for on details you Connor and congratulations Thank Okay. the role.

you. Thank

our from line the And Matt with Taylor question comes Pickering. you. next Tudor Thank of

following up Hey, corporate. more to from here. contracting thanks question on my for this just taking I'm shift

to seeing they about bought carrying and or in game just customers corporate power at renewables to corporate as So green distributed an where thinking if stage time are comfortable to as connected needs do or you shifting so this directly you see their from connectivity? energy the those the direct need asset over customers that generation want this the and

about here procuring setting the say green power years own quite doing decarbonizing seeing Okay. years, decarburization or two pushing and you agenda going were great It's and a around that corporates forward. I their for that that broad-based. were businesses for the voluntary we've Thanks, are leading major would go we're a really world's corporate spoken now increasingly world main targets their to the own more are that that is seven five and corporations And ways governments. shift are contracts what if quite is that the stakeholders question back Matt. shift,

be the XX,XXX development our on corporates hydro months procuring aspect that advanced And XX/X it, distributed but portfolio green power power discount get the generation, to a that ability thermal power from corporates corporates we where corporates they with that’s last, using by And power where to located in and that really time grid, new market retail most those in third bringing then, green for to well prices. power to day. the same looking differentiated looking assets. the green to onsite the only are development you business, pipeline renewables and support increasingly wind with local and seeing around generation we renewables where Other looking expertise for partners as new the procure they continuous to at keep to to they and power can of we’re might greatest to years. green where are corporates the can is we looking throughout seeing that’s our has concept the from power that a really call is Some unique said, tough purely seek disconnect seeing looking while world supply procure to where from commercial centrally our change the contracting perhaps megawatt give grid are in to this where the additionality provide solar, and not very are our pass

for for thanks color there. question. my just Thanks leave there. I’ll Yeah, taking Excellent. And the it

Thank you. questions. I'm showing further no

for So any to Connor with that, I'll Teskey turn the over CEO remarks. further back call

Perfect.

our for always, We the want and good end thank full everyone to with day. As year we have updating your of support. at continued a you Thank to the forward year XXXX look you results.

gentlemen, Thank you today's this Ladies call. for concludes participating disconnect. you conference and and may now