Brookfield Renewable Partners (BEP) 5 Nov 212021 Q3 Earnings call transcript

Good day and thank you for standing by. Welcome to the Brookfield Renewable Partners Third Quarter 2021 results conference call and Webcast. At this time, all participant lines are in listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions]. conference recorded. today's advised be may be Please

Officer. If Instructions] the I'd operator assistance Chief conference call, [Operator during the Executive Teskey, now Connor to host you go your ahead. require over today. Please like to hand

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

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

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

we to SEDAR, on update first business more you our provide and kick on the For initiatives. growth our regulatory call, filings To review EDGAR, are will and available on encouraged an website. information, recent today's our off

our provide look as and And following of Next, our balance your Wyatt as overview taking sheet we operating will our to questions. liquidity. results, remarks, an well forward

of continue megawatts of the the on XX,XXX renewable advance approximately We technologies. all to companies With across and world. establishing our development diversified clean Brookfield energy X preeminent assets operating one major in of as Renewable continents, goal

our every with geographies the platform on market, adjusted capital best We are the returns. move major risk to global to ground the in flexibility opportunities providing across the

across our attractive to Our by years. our duration average Balance with access with opportunities flows, contracted both of remaining growth over enable base, most XX and contract in Sheet and underpinned linked region a liquidity cash us X high-quality capital and plus customer to grow. has high-quality significant are of business largest access by is invest to a institutional weighted capital The the diversified inflation to of technology that stability billion available client to sovereign

execute were and These XX on energy last handful to there operating the our were the sustained, capabilities, growth. defined businesses years, attractive the opportunities profitable super global around that presence, scale majors of world. delivered the global most by a Over

a capital growth we our we -risk decarbonization outlook executing but projects the $X.X robust, into opportunity. our billion. more the and operations future products enhance growth only of on energy next contracted. decarbonization to With of objective from increased platforms As development growth And M&A are that becomes similar Throughout and existing that assets, billion reach, look to create their an power with have increasingly businesses their but growing we with marketing positioned those clean more operating global economy number will green believe to that target our to electricity, also and opportunities. generation of also we $X recently organic are the to and business energy. benefit de development, focused while deploy capital our majors super to remains power we of our believe the under capabilities equity financed investing fully the uniquely platform, and already and attributes capabilities, capture global for annual and through our scale, Accordingly, consistently we past, not and plans and are construction

are opportunities further to fortunate of We operating the enhance our expansion capabilities through to acquisitions. scale these ongoing supplement have to growth

FFO X% to As continue of per well-positioned annually. a deliver support target X% distribution to to our result, we strong growth are long-term unit to

premium capacity X growth expansion through that Margin cost end returns. building amounts initiatives years upper from over alone. achieve next increasing While we X we and of we the the of through through reduction expect escalation contracts, to of continue initiatives. believe This inflation pipeline, our organic at growth targets out revenue including And our can capital of our comes development acquisitions, to deploy in growing gigawatts the

record levels third-quarter to power over operation our renewable the approximately industries. the hours generated you across for generation through year continue walk $X.XX agreements and of X,XXX agreed of unit, now XX% million assets or stage acquisitions. corporate megawatts and projects major $XXX will with through XX in asset from development We funds perform progressed highlights prior gigawatt period XXXX per We to increase new high purchase availability quarter. of off-takers from advanced We of same contributions approximately construction We with permanent. the as the a for well

range is We a to And robust maturities. or invested of we now billion approximately approximately Renewable with development available sheet over year-to-date. no agreed or meaningful transactions finally, to to across liquidity We have and added near-term billion approximately also megawatts. megawatts global our of Brookfield equity XX,XXX $X.X XXX which a balance X,XXX of pipeline, invest net $X.X million maintained

to our initiatives. turning growth Now,

This our growth enhancing jurisdictions, quarter, global opportunities that the our leading of across as we demonstrate position multiple on value several capital business. Deploying diversified clean platform. energy technologies and executed a

XXX us growth assets. Distributed almost business, positioning offsite business globally a the its a in combination we region. gigawatt both of momentum, such channel joint generation rooftop to We acquisitions, assets our providing United by development megawatts $XXX to of solar agreement by U.S., in larger our end to development in by continue solution China, and an and and Recently, accomplished XXX smaller we for net one-stop Trane in and Brookfield of distributed to Generation institutions both operating of assets, year Further, million onsite to X to Renewable. with of development investment States We for our partnerships, America, Europe generation, announced aggregate have acquire efficiency storage, agreements, the platforms expected and X,XXX choice the have megawatts organic our operating grow times and addition of as and In interest recently beginning in of grown is over a a with initiatives as has the up and other continued Companies a partner, further and of to of Latin million joint venture energy partner and leading or and this $XX of local tuck-ins, the total strong growth since Technologies. cooperation the megawatts services. XXXX, pipeline scale operating in one development through portfolios agreed

of uniquely we basis, our substantial each maximize the our of businesses positioned to diversified only one our regional economies believe continue As to global we relationships are scale leverage platforms, a globally track and customer current growth. DG record of on of and

X addition, capacity have of In development acquire late-stage in projects total megawatts. which the agreement installed an a signed solar U.S., we to XXX

the we discussions of expect expected buyer are these the of XX generation. renewable invest by to The -risked, commissioned and large with $XX XX Concurrently, corporate we projects power progressing or equity de will are closing million be have million to once $XXX of XXXX to net Brookfield to significantly which months. contract a been projects PPA they We on be expected each over is next fully Renewable. to

We operating markets, seeing is early power global stages in defined capital, hydrogen hydrogen. are defined plays also to we the large-scale in our Green have of energy meaningful the following that emerging development very strength in growth decades. closely best-in-class for of clean that technologies. and capabilities. Knowledge expertise, green are One business --

heavy-duty its capabilities the infancy, to a green is hydrogen address abate potential in its to such ability basis, to due production. the increasingly still from and And invest and not is steel relative market emissions harder green storage Although the on to we as significant while opportunities hydrogen risk-adjusted for seeing transport long-haul sectors, widespread economic at returns. industrial yet in attractive, are coming specific

as us opportunities, X currently we technology and of advancing almost positioning broadly. cost hydrogen the to We gigawatt the well in continues green more first-mover scale come that is so invest adopted curve are be a to down, can

plant green Pennsylvania, industrial Company's one America. In scale of a the in addition production to to energize in hydrogen our agreement facilities fully North hydrogen planned first

pipeline injection its will providing to to operator one largest next are We the for construction I hydrogen over year. Quebec, to hydrogen in projects, the call operating position. natural green and with to financial also that, progressing our Canada's results turn green as network discuss start into gas off-taker With targeted of Wyatt a

we FFO $X.XX In unit, third of Connor. million you, $XXX quarter, XX% a the Thank per year-over-year increase. generated or

seeing acquisitions around we economies and As back up. benefited strong are as prices asset ramp power from our world recent elevated business the availability. Globally,

is business in well-positioned this Our environment.

portfolio to provide facilities we our have across contracted, and benefit able of entirely generation. carbon-free ability almost hydroelectric our to baseload these been the dispatchable, is storage Although businesses, given

pricing environment results secure For of our to projects. as during instance, wind, prices as the more U.K. where resource procurement record prices as elevated all-in volatile we of matched for re-contract balancing critical power high attractive well take continues strong to the deal global across for attractive, and to hydro long-term the Brazil, more gas natural is solar broadly in the government below historically pricing sold production portfolio, our and re-contracting, our obligations, hydro quarter, stabilizing and but drove average to facilities PPA's and delivered to that facility pumped we opportunities environment. conditions, we price lock-in leveraging are are development wind grid. power opportunistically where our are delivery both taken to for the assets And In our renew, advantage advantage with country dry the to have well services available higher

and a strong our of diversified Canada. favorable offset increasingly the in portfolio resilient cash flows the delivered generation asset U.S. with to quarter, and exhibit below FFO the generation in by During $XXX million hydroelectric availability. Brazil and continues Columbia The segment high-asset average base given

a of FFO. Our segments $XXX combined generated wind solar million and

and long from agreements. duration from We continued in to the business flows nature contracted power generate cash stable assets benefit the the of and purchase with these revenues growth highly

and Our generated as goals is grow, portfolio X,XXX Flat for transition assist our our there industrial project during plan expect to and have of choice on-site, to In our quarter, megawatts project delivered half the in remainder replacing At progressing become project achieve U.S., on our solutions. our partner to we we their X,XXX-megawatt $XX decarbonization projects re-powering In we partners year. the executing the the chain, re-powering complete end line approximately of is Despite in and Brazil, energy to turbines FFO are commercial the construction our we are of deliver energy well. construction and our progressing begun turbines making million by project. we New Alex the XXX-megawatt quarter year. ahead schedule transition progress and continues York equipment of pipeline. [indiscernible] while of operating, during over segment the the wind challenges solar the project, global the with our on next our solar At Oregon, widespread end good are Shepherds supply the of by

construction Wind half XXXX. Brazilian We to our on Project XXX-megawatt also of start expect first the in

XX-year of megawatts the following award Poland, X,XXX inflation offshore in wind an Finally, of linked contract capacity. for

turbines. procure opportunities a subset initiatives to We are expect we that represent begun These the permits execute finalizing organic environmental years. growth in and have to of the only coming the

to our looking liquidity, balance sheet Next, at position and be financial continues strong. our

$X.X of no Renewable. financings approximately has have investment-grade are near-term balance sheet our maturities, available XX% liquidity, our of We and billion to Brookfield approximately non-recourse meaningful

continued the executed and take rates the interest initiatives of to other $X almost During financing advantage quarter, of financing and low we across billion investment-grade business. on

initiatives our raised further we two-year solar Recently, more also million Mexican on $XXX We capital the Auxilio, several for developer, from developed to growth. proceeds liquidity global to bolster our our doubling to agreeing initiatives, than our by sale over continued our and including hold up invested of capital period. million, of approximately - execute recycling financings $XXX assets strategic and support

financing continue to a market reliant deployment from to generate initiatives significant capital of for funding. a created equity expect clean robust price committed continue the a contracting demand for increasing and as has we plan remain pipeline power to opportunities, environment forward, meaningful strong, positive Looking With is capacity -risk not hydro growth within fleet. the base-load and that renewables we be on de and our to these proceeds

helping enhanced capital, continue to total all process, for and the formal focus and of creating maintaining for joining in diverse existing long robust earning diversifying call. the through growing their from for with partners Balance on including to questions. I'll strong our sources pass our operational on executing portfolio. behalf return flows That value We cash investors and our and goals to to remarks back of and We Sheet, for decarbonization achieve committed of term. shareholders us thank a our remain concludes our priorities, to On unit ongoing And key the XX% our holders support. board that, Operator management, their we business Thank today's morning. over of our you this XX% it access and the

at question this to As you'd [Operator's reminder ask compile time, the a roster. instruction] while Please Q&A like Instructions] by if stand a [Operator we

Securities. comes Our Steuart Sean TD with first from question

Good you us the quarter? To you. -- Wyatt, wind catch the the support quarter through. balancing Brazil Connor what or quantify and extent can of project to EBITDA questions on items get you in and you those sales morning. pool can Thank secured Couple gains give development this up. FFO did

Sean. Thanks the Yes, It's here. Wyatt for question.

as So referenced, of in sales, each $XX both wind that matter well on assets, million. regulatory around as the the gains $XX you to cases, those the the development is Brazilian

in aggregate, our $XX they were million results So a quarter. million to in $XX around the to benefit

in the of end payments those And that I be Brazil, suppose? would Okay. catch-up

benefit to have surprised as I would has positively we expect the so been but continued come.

there be knows, further I expect benefit. additional but So so, could would who

context hydro lock you initiatives and terms some pricing some facilities. in Thanks the follow-on that scale And those success the for for you the for Okay. Can well? that to your ability on front us re-contracting as for on and potential give for attractive detail. referenced

you Connor couple question. probably Sure, of Sean. It's here. the for There's we Thank make a there. would points

more streams. not more PPA's the their hydro capabilities. hydro. on wind other duration. two to only More allows just one things. technologies, our great two more With we're those and a our or targets seeing end asset that their ability, is Power And and of wind First points secure in but we services, power sell, of we're seeing large generate largest environment North our of taking also of in something the all and revenues storage And And very prices other or our -- solar, is within today's of often revenue a and point is alone. underappreciated perhaps balancing of that higher for across from only made ancillary in power our more they ancillary but a then next high around these is, is -- current going these helpful and that hydros, add have that getting prices, attractive in secure of services, from the grid Grids, that's American just number their either for customers not XXX% by heading going given a to felt hydros initiatives some that Global our our in -- us world. lock we hydro the that's lock to streams. farm, has revenue last environment, prices signing upside large-scale a it's looking we're which There's probably the is hit for in think our to why ability forms customers. to an off-takers and to some driven our fantastic And then the of to a the it's They're across been always performance thing into to of solar which this not not power significant ability corporates foremost, gains to business, come. More really so reasons just increase in revenue years tremendous exposure of on provide lever our the around our of through portfolio sorry, seeing now longer number power their supporting has that additional years. embedded to other higher other amounts recent our within a earnings shown we're really the organic of particularly particularly of portfolio, contracting year, X the and confident generating hydro’s, these theme we've to and greater for more we're and but very continue hydro from demand more American generate intermittency production to power, ability be North ability

queue. Thanks detail, in Thanks the very that much. back for I get will Connor.

Financial. Rupert from comes question Bank next with Our National Merer

Hi. Good morning, everyone.

discuss work months mechanism environment? going next pooling so a Brazil to does remind type Going outlook back you how continued centralized for the us over can in the this drought for forward you few of the Brazil, and that's

the Good our There hydrology that the half. it then and Brazil about I'll the hand in Rupert. would current part for business. take are make first affects of second and X comments morning, Wyatt how conditions we to

The obligations even that that to first we hydrology of we reiterate low we in would reiterated the delivery power periods always in and Brazil in our our market way in letter, cushion we we're leave never to over-extended And position ensure supply delivery the in and be obligations year, that of XXXX. ongoing this for to to our year see great into has collect remainder a we short. proven both beneficial. match And in ourselves very those this is

We'll highlight a the rainy in pooling. October so and see prices Brazil, hand is of portfolio we was be does month thing region power -- it essentially is today. our in to seem other good trend, the does are high ourselves, we a call create news how not The country for us, modest and the that but relief. very rain in there market that capitalizing can Wyatt of structured the would our the if to October tremendous and amount there fortunate some given on I'll that how sell beginning but that hydrology continues that into is X delivery the about certainly excess structured, the the season we're incremental central is and obligations

the It [Indiscernible] pooling just entire Yes. socializes across central mechanism. risk generation effectively the country.

get you allocated of specific So does the overall really capacity And on -- that how you generation based across take the country, the a of it's of pooling country, facility. the then that how exposure, any don't generate? facility did percentage

a risk is the it of socializes broader and just So any portfolio. it short across long specific

where that still depending referenced we don't And -- sell the around the contracted strong below year a get very expect, to in the get what goes market. additional if delivery some in generators at our the be expect we would obligations. now say stay how get with on meaningful to a our what allocated but what because historic mentioned country to Connor over that upcoming two right allocated for all have so business expect months. we on and case But the we we these to line -- next lows, get as rainy will we normally pricing. we've seasons will still impact we expect is can would reservoirs Connor And as that that into generation into we And

So I that question, answered your hope Rupert.

can Yeah, that's pipeline hydrogen the great. you a be supply? your of Thank for would scope more are the Thanks Can what's X disclosures. secondly, you color potential on highlighting of like? Maybe color color. on this? you with the gigawatt us give you. give Any look What contracts there. what your And little could timeline

Rupert, Sure. that I'll take one.

are letter America. our one construction well green get project and in can year. would And activities a the advanced size the very specific declining So we next to to a space and still today. we of we'll cost basis, cost-effective we some, that's not on, And green subsidies to very, build very potential our are -- support I There remarks curve we X or of but clean widespread rapidly. is in where smaller be buckets. size is fuel begin very cost that There is a North that near-term that our highlight we in see hydrogen therefore, put reiterate very hydrogen really hope effective that would industries, do we opening opportunities obligations they in highlighted is its it on say, modest and modest would electrolyzes on early that, in and innings

component at when future much away. in a own capital, that portfolio demand we're our to looking is capabilities the is widespread of space larger. and dollars invest as to power that likely years third-party the at this second right opportunities part doing the of looking middle The when hydrogen all scale our as developed still into in placed significant of increases, number capabilities, -- Technologies, cost-effective of the the pole such green both our be this does well we're green on bear; our It is where in large-scale And can we we're that opportunities knowledge knowledge will what now Energy a larger bring comes in hydrogen opportunities scale cost our position will in our that second basis. we to pocket development curve an for of and opportunity within becomes materialize. opportunity while But be getting markets, Clean decade. down is the invest such that That we prepared

Great. Thanks leave Connor I will there for

from comes RBC question next Markets. Our Nelson Capital with Ng

everyone. Great, thanks morning and good

green Just hydrogen. a quick question follow-up on Rupert's on

the that mentioned projects You are still larger away. years

roughly picture, very be will X year? projects the big call next, years? how X the Brookfield including it material, to not much over So Is next deploying capital it construction [indiscernible]

morning, Good Nelson.

we're I We range. as that that XXX a call well-positioned the is modest. It capital of leader opportunity next it millions modest, it the be the years in to as would we think likely few a expect But future large-scale that's to low we something would the in be -- deployment dollars in. fair. view in classify

for their BPM, that would net investors? BEP or it. to Got institutional be Okay. And

and total BEP investors. institutional for That's probably in

paired Okay. developments batteries? the megawatts X Can U.S. the to your solar with you some And then located? projects that the And to will next color question acquiring, they XXX the give those be where just as are in relates

certainly. Yes,

an So not right current these that is of that America, them The to do have the the future. the we heart projects pair in batteries, option is with are located mid-west. in right for plan but

advanced well optionality the to and that secure long-term of do for end is is projects future. batteries the and stack these solar the the year preserve the the on that up generation. just in we the That's before install corporate a we'd projects process of economics on contract, but the do to XXX% we of to something offtake that relatively hoped it intention Our on, and a are

question for just that. last back queue. get And then I the before one in Thanks Okay.

acquisition and solar? that or it just the initial solar the XX% on a project your stake? XX%. Can potential think is XXX-megawatt In where you I would and some give of in scenario to terms color interest stake increase then what the Mexico, wind And of increase Spain mentions you wind to or

structure I'll of clear made both things initial the investment a investment ahead Nelson. Company assets And I of the up pipeline. in are investment couple of that is the such in the into Generation large visible was And there. believe capex growth that, near-term -based is Distributed quarter. speaking we European this Company fund and but a of you Certainly, an The Iberia the has It's need we about LATAM. opportunity made capital. pipeline Company has to a it, a

we have that fund growth. date, initial So to to committed

into the the do expect but future the for that. obligation the to -agreed absolutely to And have we pre right, that business Company, valuations. also dollars business We not at invest based on plan

invest generation here. We amount X obligation more to initial purely make distributed right, invest in the future. comments in the it's solar. -- plan a the with it's a the more I'll business, today not to with So but

we a partnering only distributed leading The wanted it's in of global first is, with leading dealing we we what a with increasing couple differentiator we are capabilities, do town. have will business think the now to when a global generation management America through a and business. Asia-Pac. in Lat minority acquired huge of we large would the make, and growth something that with position, really highlight team. And we had we've in acquisitions, and and in in other then Europe see is, quarter we've of long tailwinds significant and think But And the comment distributed us with North for proud very despite this the both quite generation is we have And we a an factor, exceptional the DG assembled, the we capability we co-control for starting clients. DG are be

the DG on be, only, services not of only may of a we one basis. providers if global the As

the for in I thanks will get Great, call Connor, back queue.

question comes with next Raymond from Our James. David Quezada

if what just My the of pretty your geography discuss and with opportunities drove Wondering I last that months seen maybe the and on pipeline, to quarter. to pace just the relates development saw commentary a significant everyone. Thanks. Morning, few first you've -- question some increase as could on development modality pipeline. in around the it you respect

development point large expansive capture that to X, in in an us And the that I our any years opportunity X grow each a that market, platforms, a its X there's is hitting I And a geographies. is trends. in process to organic highlight the let or completely development really maybe Only allows this our we of years why in with ago, a say, And didn't basis. exactly thematic them of quarter-to-quarter also consistently started development Great two additional renewables, in-house, we going of pipeline. years more stride are pipeline today's provides we should growth now that such the some we would allows large pipeline just opportunity not. that's acquisitions, set global make say, certainly and in the life each necessarily major any small of have capability David where pace ago. comes us in to target have things growing development there's Wyatt I'll on of X pipeline for markets our cycle too the business opportunities number which that of to acquisitions ago, is it is and personnel There capture. detail generating or on our but at that to from. our leading really Today, in growth regional have focused our on in

amount we wind, do we that have Secondly, technological portfolio, have technologies. solar, seeing perspective. make vast of to on couple solar. at through across to and the near-term quite years, our is growth we ongoing Wyatt, where as are a hydro pipeline do are currently a for our expect do pipeline, excited we That from future construction is growth, about have the It and we least. within well, The your comments the in continue that it. We're of we about coming I'll greatest hand our mistake is our where all of majority in but opportunities today seeing no both you.

quarter. meaningfully, pipeline Yeah. been our echo as has quarter to result, from increase And mentioned, our activities Connor to have this what development a the specifics just prior around and going development

This U.S. been that initiatives quarter from We utility perspective, partnership, And of back We've other through got is all a scale lot are increasing a pipeline. largely then our Generation. focused Trane well that on again, of additions Connor secondly, one going. main quarter, Distributed just as pipeline that both the of as solar development as additions That's across were broadly, to over mentioned. diversified pipeline Those continue the those the just areas. each of and our and but development in see this longer-term we that the snapshot geographies, this technologies, multiple in quarter, to the is

new Thanks. think guess for great of a color. question credits, we've credits on I That's and -- a bit. investments maybe the pricing your just carbon footprint in from carbon that you A, just of class credits quite consider curious more topic longer-term then seen increase the across I And well -- have Fantastic. If you other space? would -- me I targeting one B, voluntary a for maybe am any creation of of strategic upside

Certainly.

decisions years to are driver electricity organic number have the is meaningful our therefore can of see. our the we is around, carbon that upside we're it just stream? What we the To portfolio been of So underlying other think it? our to obviously business is value a for of absolutely has is demand pricing credits -- or think credits, absolutely of downside something first credits maximizing a up To our of on prices, a more investments, that revenue to classes we stream? one to Is looking those And maximizing revenue revenue stability to it the affect carbon increasing underwriting. we our I extent there your manage say, something those take strategy? revenue yes. we that for a and economics now, about and growth across want the it, we naturally and answer produces prices, extent lot we value we The any And we a the that operating that do and the upside? decisions comes absolutely is into your become optimize that but is thing stream, us it's that they revenues? it we stream. affect number differently revenue going than don't lines investment is that within point, of they do to and into driving it very underwriting. that those. would take taxes, in sure a always those And about extent carbon and It's we the for some an affecting showing we've of So forward. generation and number do of regions, point Can bake of our our make we our just into any our asset To growing seeing

Excellent. appreciate back Thanks I'll the in Connor I that, queue. it. for get

comes Our with Mark next Jarvi question CIBC. from

touch Auxilio of business. everyone. couple you a bought been just that wondering Morning, if has into on years since was I you

curious. Is that for of at looking right Think, gone, Just And that growth. pace megawatts could can you're amount still suggest how the about on the you have sales do a XXX year business? originally asset that you we maybe review the development.

performance assets would team for really runs the highlight this developing Mark, circle then recycling. assets, and been of cylinders, we're of focus have with had the question. business say And the capital is performance assets, firing of reinvesting love but to the we Thank accretive a thrilled that certainly creating back the and been on This building capital talk has about and recycling virtuous development Exelia. a it. on the I into and -- always you The We things the has business constructed there's that two would that probably most. more from all business

it continued years when targets majority to construction, tremendous Company. development that. XXX development. in double It certainly firepower with business, of its a of doing only the the that we we've able of given when acquisition of years done the XXX this the the business our to the redeploy that the of has into invested the those with - tremendous operating approximately we The every the is assets of job and years of development, vast signing hopes asset sales There the the And the the be very first quarter recycling and almost team Mexican We're two environment expect management business of since ago has our capital were pipeline. the ago. pace objectives. of And strong. growing current pipeline very, for the in business of and years ambitions owning only is have expand And assets. and working grown XXX it's We of well, X business X towards sale to is been And growing the capital thrilled year. recycle towards would been what existing ago in

us there your the helpful. of very a guys control is option bought [Indiscernible] an full again, I that acquire there investors some That's in then And know mind do partner? buyout you to Connor, right that. you to Is

no is that business. buyout There right on

a have of buyout there. partner We No right. great support

at in up persist. or talk Are ancillary going stuff pricing of hydro some step year And real guide last revenue we've the where assets all? about FFO. seen terms you the at you're of what there at carbon over about seeing of two next quantify start of revenues some Investor [indiscernible] market ancillary that But we in think the -- of the the just the discussion sort is of you that streams. the the couple years Day to the Or and earlier can [indiscernible] in terms least of if benefits to was on talked

give you upside at now today question can that. about forward are look significant the Part working and actually Good of most power there that a of and is, the increase today dollar if in lock the of source going of having material and we a would don't We're we want those world load look is scale, can but not think liquid in prices why guidance is prices increase and crystallize and the the to a power we are curves it Mark. reason perpetual to to number power those in The only There the power joy in real you at to bay’s specific harvest lock green opportunity. as Perhaps assets there understate importantly, knock-on give guidance is you effects. of we prices. and

very life, real-world at into over do gives that of that capital potential significant to rates. And more and redeploy some those execute the absolutely growth. assets assets. also financing recontract And in and prices knock And on we to on generated to longer would to next us those can increase X very that up say the power the in accretive is You impact on material term the and some to hope examples attractive bring XX I months. by

My it. last Got --

Mark, just to add.

even defined to outperform. them we environment some I thing have so --we've better, more I and out, just just did would presentation. of in able Connor other achieve around is say potentially we we being say pricing mentioned, as put The numbers the Investor And we has Day only would've would say part the defined gotten out numbers our as would just confidence

of for It's the into does a tax Got versus utilities some and to of certain content reconciliation the it. where bringing are from that, premium more just [indiscernible] of me. challenges around business? business transitioning it question extension. domestic Last procuring That obviously bill terms There tied getting any impact than there And any makes sense. credit differently maybe the DG U.S. U.S. Are [Indiscernible]. the today in supply? you're elements

And in A of bills locked them and are of to socialized, number we're well no ends being aren't those would call environment centralized I very yet. pertains as matters positioning space, up and our equipment to the the lot we're in this doing what a is Certainly, it what what -- procurement. a but is regulatory manage renewable our And being really power crystallized. outperform business of in matter benefit

whose have We as is of diversified our but platform our No regions, business, that different for getting it the capitalize technologies to we across have markets we're X. within our sole and to about sources the cheapest change that people on we Ensure we're all change such always ensuring of source in that. is, capital than ability different think equipment have almost as job and X. raising regulations flexible

difference they question we scale, utility DG versus them would of To to out. not your we're all we to be come does there. those expect So changes following it affect very very too say well-positioned how seeing but closely, matter on manage a we're much no

that a thanks time. lot. Okay, Appreciate

with Strouse Our next Mark JP comes from question Morgan.

Good morning. taking much our for very Thanks questions.

at towards is prices particular to a in the technology Just between technologies, look increasing question on those side. input at earlier and term? your form wanted prices different technologies an pass you And development can of leading to go higher back in higher somewhat PPA's. least your dichotomy you across leaning your lean of on to to -- talk you a When your about making input that your different ability

Great question, Mark. and simply to part. yes to second the first part the no

seen to PPA that as to seeing increased around swings which of into in prices. not the pass by development ground those big not that the There Wyatt, has all in the of leading development but almost next material. we've costs PPAs, focusing remarks, technologies to we huge price about briefly that on? geographies the to Maybe continues is result or highlighted changes through year to that. edges, a question, to typically. opportunity no his second the are followed seeing shifts equipment win. Not equipment. to first-part, able higher then is in absolutely. to simultaneously the the into We're pass we're new that you be to your really starting majority mix our solar The through On projects of ability We're pull input we're been looking of question secure wind. out and it very hoping to our being some

maybe certain Okay. Thanks whatever similar have from geographical perspective. that or a transportation Are issues regions from there And of geopolitics, that. it a question maybe might kind be? less impact for

more of and chain disruption I it's than like seeing gone doubt there investment helpful little it's difficulty if in of supply I The is clear, changing pausing have say are to we're we for timelines. consistent. our solar the response this have But having to project maybe expected. be that The decisions to a we're supply is than longer question or small securing answering is, they very point, way is that relatively impacts quantify wind more any issues say geographic. almost in don't Brazil level it that our not the on a they're construction are no supply Europe. question is on think reason the would versus pretty I why your business. global. panels turbines And at would chain disruptions internally any a impact of not that changed minimal not our chain

at timelines an well, something perspective, issues hasn't been through has that is point. solving our affected and to construction we from any expected So dedicated and really or investment team operational managing of any have returns our up. needed our it It to that manage pop this

Thanks, helpful. Okay, very Connor.

question Andrew comes Our with from Kuske next Credit Suisse.

in longer-term a basis because when partly and there. spin ask a part an longer-term guess appropriate? have internally then BEP the you. Good embedded evolution of kind market also is the Canadian the on develop and it's you and Thank clean-tech? really I unit you do hydro the you've I just umbrella the in as business EvoluGen as eventually on stands with it green question you, do BEP see hydrogen I how it you into of you the the renewable part carved bit in And morning. And question how -- a power them BEP? organization see see big ask And I now picture it's and companies to Connor, out of question in for of a for guess a efforts lot opportunity

what business, Today, And really it would our regionally. I re-branded Andrew. We our the way Evolugen, but we same. Canadian operated run change recycle we We're to look we to always Thanks, to we in would will future, the receive in than we're assets. think whatsoever. be remains we going didn't business it say our strategy basis. all to the have like going operator we to And really monetize always every in view those as when compensation regions, operating by well technologies, operate. it. it capital across within when investments change M&A we look And all ourselves that comes strategy our of earn would greater holding a capabilities regional -- and how this we is the and only to in we long-term we technologies point, be opportunistic. on no market there's a local as at owner But

in perpetuity, of recycle them. to will and to looking us growing in operate those the as our -risked all de we we regions We assets, players core are not that in expect regions but to exit any platforms, be

pipeline. you where at starting for you that That's Okay. of or solidify enough point And equity in advance. turbines helpful, associated really then pipeline and order then Are of really some that pipeline. the outlook panels the clarity of the gets and the in And have advance in I the value on pipeline obviously just acceleration further of with and to that the growth. development platform confidence order guess capital on the to the

forward some safe in them to I certain in active Q, very a you have cases got you've jurisdictions, guess. So reasons. and harbor tax for

mitigate or certain So of to pipeline it in in where partly inflation-based process? it's secure a effectively on sort you question that then are And the can degree? your avoid to

for And Fantastic is an returns affect or our those if prices to X the equipment lock - we can equipment lock our like infect capital. that equipment change time things question. approach securing deployed purchase that way, of acquisition time. in PPA the of And we in investment it in to that doesn't timing in change -- time Absolutely. the with guides most the equipment in we of the power future, project. the in that same locking it doesn't the arching at our prices thing And over the

on position a and investment the we equipment. will that driving of such factor the equipment ensures if we what procure is that reasons you on the we to look capex price we mentioned degraded. as everyone driving single for ever in is severely take downside I the largest focus of are we both ahead off when the where returns because how we across our So extremely the And and to That, PPA In absolutely goes in safe are majority a and we things it really exactly vast situations, then and when up certain solar. that table. the aren't how factor is lock in look Only but dictates margin, harbor. would wind and procure buy equipment confident, time first

and are players may -- given less I chain just really in relates just in say, sneak your issues If supply industry? X smaller finding more versus, the it you size,

things I through Absolutely, it construction it recognize are And stronger supply Tier people but in I them to are those when but around of way the would these disruptions? and supply story, current develop going for short-term our our suppliers, say almost with high-quality, And we're business want the wouldn't comment very a partners of illustration to timelines. problem buzzword, apologies a ability is chain a as work of treating goals. a do any it And really out as But we great help would is, yes. a adjust X hasn't went us manufacturers. a our think What blip leads And that is the affected and as And are pragmatic in is I suppliers. doesn't solving to working all come achieve us what for where this to long-term I it. edges well our than we given that for say what feeling. long-term shows our we X growth situation like to both needed, procurement, chains disruptions centralized economics. relationships other that hurt equipment on equipment to size our tier we up with even into

you. helpful. Very Thank Okay.

As reminder, Instructions]. a [Operator

Our with next Mizuho. question comes from Anthony Crowdell

maybe morning, of plan. in hit Good growth a And seems the BEP quick of the a It or in that Good leave thoughts the rate? rate end is looks in X%. Thanks morning, it Wyatt. low there. that like It tailwinds a unlikely distribution you'd narrowing Connor. distribution the winds lot there's or bottom the raising growth question. of I'll Any all of detail slide like Hopefully the lot deck. that end for

the think Anthony, years. doubt Certainly. our the to annual decider X% growth is, long-term X% growth to where the very strong opportunities the to is business? well business of distribution. work are And we that today, our question. largest rate of the is distribution But on set have put have we forward. for distribution, pipeline the that firmly that we to for increase outlook that we thank as how a deciding tremendous as seeing M&A in growth pipeline would side, when the and And factor And expect There given growth -- rate rate both we to opportunities about recent no are the biggest I organic capital going going that you, to strong to we very the constructive us do be in of single committed similar we we expect very given for opportunities attractive -- see; the

Great.

or the that failed that So that lower ability just end is to that something get or the more ability Company attractive projects the range of execution of at to the like the [indiscernible]-- versus you probably the a keep gets to there's indicative low-end. just growing

we this decisions And going distribution. thing opportunities Absolutely. are to business feel the environment, within best that's growth that for And say drive have us. the our the would around I in going we what's

Great, thanks for taking my question.

That closing call to to session. I'd for turn Teskey today's the like question-and-answer concludes remarks. back Connor

Great.

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

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

You now disconnect. may