Brookfield Renewable Partners (BEP) 5 Aug 222022 Q2 Earnings call transcript

Thank you for standing by, and welcome to the Brookfield Renewable Second Quarter 2022 Results Conference Call. [Operator Instructions].

As a reminder, today's program may be recorded. And now I'd like to introduce your host for today's program, Connor Teskey, CEO. Please go ahead, sir.

operator. you, Thank and second 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. unitholders 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 initiatives. filings information, website. growth you to available of results and and business our are remarks, off recent on on call, development To Chief our our regulatory our activities. liquidity. balance And today's sheet our Operating an operating EDGAR more kick and will Kent, For update provide review overview SEDAR, some encouraged Officer, will of After our then the we give an update my will an Wyatt Ruth provide on

to well million funds questions. we same remarks, your The taking period our per last $X.XX or operations performed business increase from a year. unit, look over Following XX% the generating quarter, of forward this $XXX

advance to to the on execute The strong security. energy net-zero driving as low-cost opportunities. well transition of continue transactions by from We key our operating on pipeline energy the and energy trends accelerate, growth our driven continue priorities as ambitions, focus

continue development operate scale. renewables will grow diversified with of environment the globally irrespective Given build the We capabilities are favor nature well the well of to out power ourselves, as who current an and and remains positioned economic essential service, investors significant our in to capitalized business feel like situation. to

recent decarbonization customers we Expanding in our to our has global growing that and significant. can transition are zero. the on been business provide focused spectrum renewable leading remain The our net we power to always, the businesses growth critical building to platform. solutions, of As

and small range deployed billion This time. of deployment, net spreads across entry to comprise billion to new over or the we grow our wide renewables. a year, investments So deploy and our generation a to capital incremental continued our investments significantly storage, that into capture, and To beyond in battery have agreed carbon levers new $X.X points Renewable. scale date, transition Brookfield potential far distributed this solar. represent wind investments, we feel including or $X for only of marked opportunities These but have our into valuable growth portion segments business expansion utility capital

of as our that look in investors access we, both generation decarbonization grow these our similar and of subsidy, and technologically services represent renewables and can Our government tailwinds. the opportunities new the our customer where that are therefore, as economic and We products future. we strong differentiate power how capabilities, by global the operators. investments. clean portfolio. Over development to investments opportunity to investing operating us majority approach to we decarbonization scale, for deployment and it reach proven being more underpinned look within knowledge time, investment of advantages to at largest as foreseeable extensive in power markets, said, expect on is today for expect key without opportunities relationships, remains and But transition transition capital, We situations focus to macro

XX,XXX track and Trane These we as of over through include representing assets. with customers leader to across in interaction are DG development full or Brookfield net agreement Xx almost on-site for deployment core our by partners our primarily the to help With acquire equity record U.S. distributed growth. past partnerships, agreed Renewable, well energy services. suite this generation proven capabilities be decarbonization the distributed sustainability business operating the our accelerate. and growing generation a integrated our with million provide an of growth leverage our which and customers. global X,XXX-megawatt are assets with decentralized cooperation innovative renewable development developing initiatives. investment, markets. XXX year, and we In enables while other and agreements has long-term and development developer projects. derisked reducing million distributed in-house pipeline, to area The to of power position global scale creditworthy to fund further $XXX across future development the contracted solutions of a operating We of megawatts Technologies, located leading stages our to with have keep through as Northeast, invest customer significant capabilities both intend megawatts U.S. will trends various and to the recently positioned our additional strategic respective life This our of XXX in costs which expertise Our channel megawatts of create the grown all cycle, purchase joint our We With business growth continues construction $XXX and partnerships generation megawatts counterparties. multiple to decarbonization with organic and equity a in enhanced X,XXX we direct like generation business targets identified operating solutions decarbonization under U.S. operating their meet with regions, us across price all and to

recently an of committed million North transition, capital to or new to Brookfield California Renewable. we of $XXX oil with American to independent California through platform gas joint Corporation, Resource up goal our and business. announced fund million company the an carbon $XXX establish the management capture net carbon construction expanded a arrangement CCS natural and and an to identified will energy storage venture deploying of with Under also in development a We projects initial

meeting credit tons CRC's and dioxide a carbon targeting standards venture, million California, in joint $XXX globally opportunity prospective storage retain XXX storage tons venture option additional objectives through that if We is critical development, expect advantage billion where of will given one a benefit asset of for X capture approximately desirable the carbon storage projects most which reservoirs of fuel joint that from metric result total our in low-carbon jurisdictions the will million system. the Renewable. to or per first-mover net ownership fund COX we are million of an injection The reached, investment of to and could annum the Brookfield state's $X metric the

U.S. Lastly, illustrated, our growth as of the significant. be continues business to

the However, will Act, of emphasize Inflation the important it did deliver recent regardless. our Reduction all to in is and proposed we factor not investments believe underwritings results recently excellent that

to a the its and if in growth is However, form, without net it these investments business. the of passed positive not current will, our unexpectedly, doubt, bill be

along that the that including acquisitions our fortunate recent pipeline, and our of Urban are the development joint and business bill. growth our benefit scale and well made from acquisitions with We venture U.S.-based hydrogen have with we uniquely as as CCS green to recent positioned this solar we Grid, DG storage developer our are year, utility the

U.S. Our growth prospects are the significant. in

activity. tons discuss With the growth in range transition covers call metric of and States over Ruth gigawatts Our a to some million products solar that, and alone in-house organic consisting United of broad the operational storage I'll X annum pipeline development turn XX our CCS. per recent of of to of wind,

and operational differentiates speaking everyone. our I'm our as about that good initiatives. choice global Thank believe operating expertise, of today a you, commercial you development it's be excited our and We some capabilities partner and to Connor, including morning, recent decarbonization. us with of

operating can transition power renewable professionals assets. the we across X,XXX and execute around mean entire Our world the and invest spectrum of

We are end-to-end.

strong the development the and during example, with This stage also capability us connection, of organic assets, we contract opportunities bring end-to-end to source ultimately project, but growth grid bear our the returns. and we corporate these secure to it derisk a asset capabilities only and where equipment, can enables construct spectrum invest procure offtakers a is for not and For operate our power capabilities meaningful investments the to leverage can existing asset. lever wide permitting, earn

that, at We global X delivering we which tons are substantial Of stands along an of pipeline, annum development XX pipeline. to stage XX with have and on. carbon have of gigawatts, build we metric which COX projects, million a advancing per advanced ready over construction capture gigawatts very now development and

a globally pipeline strong be chain diversified and global well We from our supply to continue perspective, given relationships. positioned

have the rest past in meaningfully the benefit in to that that dollars the development will started into These for and of our only the beyond. cash ground XXXX now considerable years. projects from into number investments will Our we of XXXX higher flows accelerate have earnings into invested translate

projects that increased of has years, cash investment we our have development in flows of and future visibility come as growth into continue, will online. the strong recent more Our our development meaning

we And contribute additional $XXX FFO. which of the of forward repowering $XX run-rate commissioned are approximately far approximately commission So the XXXX. to the million deployment an approximately portfolio. throughout capital of track million are by year, to run-rate will These Flat and expect contribute our XXX-megawatt X,XXX X,XXX capacity, continued pull project. accelerate with of accretive end development additional to to we FFO. scale our expected incremental see this pipeline, Further, have of at Shepherds returns This of opportunities on of megawatts capacity we an megawatts includes

energy BASF, recent accommodating very power signed power the unique generation price from building. Given Johnson form full agreements decarbonization we Salesforce. signed BASF, offering example, decarbonization that to assets pressure we way PPA favorable currently transition imperatives, supply these increases as leaders of wind energy one it and to flexible By procure agreement despite who globally, choice and and development the decarbonize renewable with fleet generally the but and buyers & on prices in of national are several consistent power largest to its with one tough across and can globe. solar a costs corporations of these is respective on because ever theme power. still Each of of presents. electricity are a this corporations, corporates XX-year accounts distributed we We're This Most market of we diverse multinational be multinational And a our remain Amazon, globally fixed that recently, as of ability characteristics, terms going portfolios higher globally, clean chemical renewable a cost for awarded are production finalizing development their of globally is of agreements execute well the company. facilities looking given solutions we tailwinds, includes security has largest in Johnson scale, industries a financing of underlying green helping operations. the with of at partner, economics suite that renewable their and

turn I'll expertise to opportunities with continue All represent to the significant to to deep involve operating of global and and development our corporations. position. With clean these and and that, decarbonization results our centralized these financial leverage they enhance platform over relationships of build-out energy agreements long-term Wyatt our discuss procurement

Thank Ruth. you,

As our higher had business. Connor we across acquisitions. asset and mentioned, we several as power strong capture are through price both and operations benefited our to growth, in prices availability, quarter development the environment, initiatives on the continued power current value executing In strong results from

hydro months we Colombia, locked contracts this majority at have At through typically For example, in attractive very United X prices. at pumped we the our over our have generation next assets the where of assets we U.K., do have our executing and years, in a only the we where uncontracted XXXX, storage value ahead. in States been

sheet and balance remains liquidity strong. Our

near-term fund maturities. liquidity, material $X approximately and of have opportunistically pipeline us allowing to We our billion no available growth

Brookfield's to which is with recent advantage to billion Transition access capital alongside increasingly given us, invest Fund, volatile meaningful Additionally, of closing capital a the we $XX scale markets. Global have

During rates of interest in many XXXX, locking the extending we financing the activities, and our before half of accelerated term debt recent increases. rate attractive our of first

executed of the anticipation the and of of strong outlook our back years. potential volatility presidential business nonrecourse for of over X financing quarter, the During our raised of million Notably we ahead market $X over $XXX average across financings term the billion recent Colombian an on a in business. we elections, in at

rate is years and and balance average benefit which duration is in our our limited portfolio full shape excellent almost floating of in escalation Brazil sheet result, contracts. where of inflation of all debt, we very a XX across an with Colombia, in have our As the jet

our Renewable. we behalf management, to million advance which call. to continued and today's our joining for will closed Board That $XXX Brookfield $XX for our shareholders and the the Thank also for that, our And support. morning. ongoing I'll we million it concludes of all or unitholders pass initiatives, when with recycling remarks back us generate for you proceeds On thank to questions. net capital of Lastly, formal this operator

the from comes question first of our line [indiscernible] Securities. And Instructions]. [Operator from TD

you're can touched just you traditional duration broader with contracts margin a and and the wondering on that merchant made sweet the BASF the you context in I'm you've PPAs for if a think market corporate this of balancing spot us touched duration. or if on you seeing You terms the on contract. offtake what PPAs with contracts, in terms about for price And and developments bit corporate at new of exposure at the point? little corporate give there's

seeing after is term, on to no large X not contracting this some power is as have now -- important as it that Sure. demand Thanks, buckets. right into year, are I'll of more we to perhaps that I'll doubt really the sectors hand add from her Maybe of dissuade Sean. And Ruth seeing world. seeing quantum we're pertains down nothing been in conditions dynamics corporate the one, is, done touched to accelerating those around corporate corporates that really important total inflation market And the and for trajectory. global No cost accelerate. an into what's basis. contracts pass the then Perhaps is to short our is green we're the the her But PPAs Year most upon and continues demand additional interesting, market along for sector most to doubt, of in in increases start, color. this even form different the Ruth remarks to in CapEx exponential breaking ability what there's And will years, many majority given vast of for contracting, growth continue. tariffs our and I'll of that to Feed business we're Ruth the our to for contracting. has marketing growth as trend cheaper you. exist tenor, the They energy short we continue alternative to to a up in of tail. majority pass in adjustments are across decarbonization before is even lack is we tied been that the while. obviously new inflation expect which capabilities. increase have Perhaps of not exist vast trends linkage. strength through than able result. other really It's And a I'll a seeing not make has still handing last prices. to and thermals, It's accelerate. continue simply security comment to gone price higher corporate and power to hand our is corporate our the customers it's price a to more renewables of because Ruth, long plays But our do in and to

this some reiterate doing Connor we've long what would I of Thanks. had said, been time. a

power And seen lot We the for this but X cheapest high prices. that the over whereas longer and economics. has It's is you fundamental never Connor you power before have the wall will decarbonization as in, a things: can of to of one of this demand. an mentioned. are buy others be never a period fix particularly It's hit really cycle that's volatile more Look, we such even moreover, imperative renewable clean power. that been as strip stronger going

look, nature thing is, us. we've merchant's super. lot contracts of I a contract. proposition And don't agnostic would power contracts. we build, long has journeyed other say, those We for commodity get a the doing renewable would And the it's you the with look good look overall, credit customers and which we of is contract, tenor I new traditional have. an management we as this The a would of generally have and much PPA on build whether repeat fundamentals, a and duration to in for have what's move from our new mentioned been power We merchant X that new been somewhat lock economics derisk more are positions, we rather the all our that type it's and risk time, or the risk overall's, we can And our that book. to to say on hold builds in next power to your of

be to how hope helpful. I that's tends at look that things, So we

XX- even contracts seeing XX-year for which missed insurance prices question your or of Sean, what Corporates against around great is, just potentially point, And is them or power higher policy looking we no this are term. or for one the a terms. really is in longer future. shortage volatile We're

great That's context.

the respect as opportunities? not that much you the about renewable energy How a think options how with give outside question, technologies outside investments There those have focus renewable other you are note economic transition energy to subsidization. was respect sense Second on Can generation needing transition traditional you generation. a of to you subsidization? handicap without of do with us opportunities

that look look the some then we what of we're things the some done is of opportunities do at Perhaps seeing. Certainly. and into we've forward can

models very we If the there's that business. first at class looked we us on seeing are large opportunities the there, more opportunities is was the view space, expansion but step for it utility from it energy power cost energy business. focused at opportunities center would we front of and at could a down and And our But space only we sector things on return right longer-term world. entry the like that the point revenue out wind that remain add And well-defined support pertains today if growth provide and functions providers to get clean increasingly subsidies. where curve to levers more are that around in of growth service the really types battery very that very as and is and critical The From opportunity asset you transition other do solar traditional represent we'll that value We transition as Increasingly, other high-quality very can right ceases the business comes rely our as storage the for to hydro additional the for it, seeing slightly only in seeing see capture, point hydrogen. is carbon energy we've it we in to pursue scale opportunities look we DG. that objectives. we're as risk more

Jarvi Our of Mark next CIBC question from line Markets. from the comes Capital

I'm wondering company. if utilities shed you on could in investment light the some more power

-- them, to what providers a you investors walking point equity stake be entity versus directly just direct you capital? of maybe I in want do know Just took through

opportunity also dollars both decarbonize. under operates build-out the across operating financially capital achieving operated and needs in we in then invest investment those question. the great to near-term What to to partner invest multi-jurisdictional renewables this perspectives. and a multi-asset long-term One, they Mark, a where of jurisdictions they why have is, contracts. structure. we X U.S. portfolio. as is what as we'll we number the capital in as we the created really highlight of XXX% a structure to help in to And we're X.X this and very that capital reached And focused goals. grow facilitating X opportunity is operating this describe what support want at of gigawatt reason X XXX% is provider come America. And a Latin the an our and we from general opportunity would utility approach in them, that in, us in that just to their and out business across but But business like can a pipeline this comfortable The it's Central is development

have the bring control? bear we and do a influence right well to at Mark to we preferred level nice it this investment And of plan always our exact to works to, taking operating a the our X the want returns? very level influence The as equity while to the position well. the how company. down transaction capabilities have minority the and common in And preferred Are comes pursued appropriate of invested comes structure we risk-adjusted minority to we to in equity alongside the it provides we both structure the as partners, returns, that can As invest we decarbonization downside position really protection appropriate getting very equity of things. equity. structure drive X, When our alluded ensures through the

mentioned just And wondering energy now. transition then I'm you the came that to you. out they also what fund there

coming about in -- to year is here, some done on changed different sorry, Like at back or of deals as it stuff like opposed deals? CCS, has you last talking I sort interest the you're all what -- into so? guys the what You've you chasing

businesses, team very and that been BGTF but can we to one recent of doubt partner pursuing need showing that today. in doubt has level the well of it's partner around fundraise very scale be inbound say as us. in transactions No looking business launch a past. we provider helpful helpful that conclusion to that growth in been some have continue operations. doubt, very two, the no back the capital significant we're would interest a as world large in decarbonize highlighting But the I capital the operating and is decarbonization way how and who coming has seeing up to always And their to no for provider it own our solutions, of manufacturing the the a of is of

is just smaller volatility, commercial exponential do that I the to then Or coming feel growth, smaller fall Is being you're And just a you does market PPA entities? down, the talked PPA. focus missing corporate of not like seen if slow? the do that And little then market, industrial for prices contracting out see now and guess, there any back segment off-takers, the you the pace of Okay. back about corporate get power we you? we've

Certainly.

doing just to a But of ongoing large partnerships that our number those smaller be a is this an green to So because global ability do our The corporates the first we is No operations. are strengths. pursue. deals industries To power. of competitive the point to on prices the on to leading continue continue want green we we we second are demand provider differentiate basis. simply have certainly most around at it therefore, that to don't very, ability your question to a scale around of and of decelerating far play decision do global if across set be question, advantage all. a is being prices that reduced? world And something in We our to strengths can to volatility. this made anywhere redundant of unique is response to decision to for around also all a that is wind. around they power decarbonization or business actually prices importantly, short-term world to simply come security. prices corporate trends support are corporates Brookfield down, But a operate. the but The And solar, our do macro see solidified. we Renewable. will bigger across are those And are largest And market on corporates, are are provider outpacing is distributed technologies, economics, differentiated all all that and focus And if we be And green follow PPAs of also lastly, we major your can it's of apologies corporates be themselves energy provider here, can not. the their most think we government decarbonization, whether global that power our demand be can in for the Absolutely doubt, drivers the are generation, where we to power than higher, by attractive regulation, short-term low, often opportunities. very power

line comes Financial. next Bank the Our from National of Merer from Rupert question

for filling here Rupert. Luca

us Northeast to more color for in your you on your U.S. give like I'd could if edge segment? the hydro know So book

Rupert. Certainly. Thanks,

is a So And dynamics large call hold any States. hydro seen contracting -- certainly wanted simply And do our here. absolutely or our our amount below, prior thank large And XX X last it, for you secondly, had in are rate to we there's prices been United in these that One across were months. of and of years power think fundamentals. it, X and portfolio number highlight. run call the what places scale because portfolio haven't portfolio the question is exposure. dynamic to case important There's to very X not it's we merchant averse it a we we've when for Colombia; really to that low the important where We the in, only portfolios. hydro

when short-term would second of is The dynamic do tend we rolling we power we assets not settlement facilitate into sales. -- hedges our contracting are just to highlight long-term these enter to

X it refer as but therefore, we prices you XXXX, X, is up began So contracts. the XX-month important XXXX, move they're still rolling part when Why into that's to or under X go an merchant, as latter of to power dynamic in bit contracts we prices, QX contracted on into short-term more therefore, the the basis QX. well were higher we to to power beginning given under now we benefits QX already as far to these only can and we To into QX, our that see a to And flow to prices prices and the PXX decreasing a into results. future. the are as our only in market of power X, this back X and hydros market. consciously levels quite where But this lock liquidity are your high in the through come where at today, moving put power point, we there all are is in Obviously, of are and for only future the years our are together that in appropriate into question, locking generation. in

a at time say as would what on been forward beneficial have would markets the years benefit that to locking have the has from to million it's benefit in been we and executing. seen the a of that's only in the of over we that well. we push X coming in contract the we is next sense thing number per pricing out those upwards that have from the million of to Maybe I available Wyatt really hours off benefit put that number add, numbers prior doing quarter, add just just actually rate $XXX the And only And at power -- some annum. -- And at that, maybe, and the led have of $XXX basis it's the the terawatt is context since derisked today's here. point, X,XXX for

And bit to a that so little tailwinds there's as of probably well.

changing in topics pipeline? have development seeing markets? the renegotiate And to now Do the contract to way you any to projects for the much Awesome. margin Are upset? pressure And a bit, for pipeline. moving yes, little for you ability is some you prices there a if

Certainly.

of higher. I really around significant we're I'll because compression. this this, are I'll turbines we're Yes, the take way offset another the and having the I'll the and up PPAs our PPAs And market then would prices costs, new the the has really whether fully of Rupert, step we of constructive. Ruth seeing hand CapEx of to What we're say into PPA led conversations Ruth we're that. highlight CapEx to some features is point say would panels. the offset seeing in interactions with or constructive solar going take able to be inflation essentially executing higher, So change PPA is not Perhaps that saying are that really dynamics it prices account I to price that customers that going This but the has in are higher with returns, that the it's in with PPAs. to our hand is wind have almost increase been customers we But development increase CapEx. to seeing some to

by the a great question, way. it's Yes,

targets to repeat our with mechanisms coming very work different lot So with across having and decarbonization fashion. timely a of their delivery customers conversations, the up of that constructive we we support in with globe particularly a are

points at in cetera, we wind So for allowing of are et indices seeing, the CapEx into different those PPAs for reopeners and/or cycle. to things like moving used our example, contracts, that supply

So said of I'd number earlier. reiterate things a again, we

that the value see us. in long-term enormous security PPAs and getting customers the from Our and pricing they're

So escalation is value. at any level them still lot a absorbable and of CapEx presents in economic for an

hand in than just scenario want So contracts. seen have a us on wins that they developers they really work smaller to back of scenario. that where number with rather a Nobody

some So we're into putting we're cases, delaying some contracts. working others, very constructively. slightly. we're In mechanisms In

economics. we're And that place good so our overall, a in with

situation this is would and be is tending exacerbated perhaps to other The make -- in I U.S. the is point concentrated this

global We pipeline. a have

in accelerate others in coming jurisdictions some So us. economics aren't and we the towards if back pull can

of lots diversity to options the be in honest. So of book, our

our line [Operator from Instructions]. next the Ben Pham from And comes of question BMO.

I wanted development on pipeline. ask your to

of getting months months, is it, due the acquisitions we're that mostly how or XX but Over just simply sites? much XX call to increase and last, land

Great kind of Ben. in breaking are I to Thanks, correct. question. question There's X come things Unequivocally, at you back buckets. into your want

XX% Axelia, the development that greenfield XX We X/X is there's ground perhaps number it, or of securing XX businesses months. last, or that that is here the bit their operate largest the the doubt, even we've organically driven we pipeline, pipeline, grown that have land, Urban development come those with continuously development, that that's number. is specific also pipelines. in bought I the came the which But about things it, capacity our we is over the Brookfield bought our call with but team those that seen come but our We on X connection, seen remaining, And have businesses, pipeline expansion bought doing over X number to seen development we When boots with come We've business. platforms higher. other teams last the with pipelines grow you call a in of getting point, own driving that our have ownership, world or we don't we've they little have DG expect And then also they've every teams their relevant permits today, large have probably XX%. We've Grid, is most an for a around development the we've now, of existing a one that months, XX One Renewable a but chunk under grid of operating jurisdiction that pipelines. X/X in higher. also bought development in number local is expansion last seen a the would securing the no those businesses that Synovus. the number

third the It's but bit a significant amount or bucket organic. well. of put don't that's mix in if a increase of a you I as So know that of M&A very both,

it to for the for accelerating development that ability -- just projects Okay. think acquiring, in thinking you're years that And you to little initial when very do value price? crystallize Great. you're the value. basically paying by you're probably I'm the But

the XX Certainly. last more valuable the are There's bought development over than pipelines no months today doubt that acquired we XX we've time that to at the them.

an As there's and out value increase ground simply therefore, but pull forward assets them many and NPV cash on opportunity that of to value bring forward pull of worth more, way. the basis, those those development assets those their are not flows and only the

developers, those the there near to of I you coming the is optionality the site when early-stage The our do when some XX to projects we've development those typically some at the ground a coming and very we do at to we value is highlight but very, to we of thing go seen what determine is to operating, probably would site probably value say the on development is through attribute pipeline significant very in do auction pipeline flippant buy say of is and that what of the by underwriting, unfair. the and diligence term. there's is what some due the say look over all And that advanced, different we other stages But low, the XX is probability last we probably free of the gains would I attribute and assets we months. in I look is in assets would out what it

comment capital. you talk got don't redeploying that's be spend you you take on can you've focus know, side invest Are to areas first -- where Maybe where a guess maybe solid you where equity. back areas about lastly, you also I and flexible to pulled earlier just want on around, more was from more there other can geographically. on? you I Yes. time the a I'm wondering bit

States. in call And in are right concentration cylinders, our and last rule do has certainly months. geographies, I I this a North United are it, driving Asia transactions, would shareholder but of holds. vast general tends Certainly, trends firing thumb we of really on business our say see it's nature. But the doubt There more Brazil to Pacific would largest the regions but of has activity in sorry, XX% business, about because our No of, countries, our are in all America global been think business, most trends global of XX that's we business. where been X last that of deals be now, if the in just there in the primarily quarter, our our to portfolio say majority question. highlighted a we our global Europe, in -- good do and that's our is the in the that our some months don't last business letter, continue the we those the being in necessarily in developed largely growth our Indian because

there's nowhere seeing environment. decelerate in So we're things that current really the

question next line James. Castagna Raymond Our the comes David from from of

Corporation. with California here, first on the question just Resources and investment the My JV

whether making maybe between aside like the investment not And take help of kind finding just could you down from role? counterparties anything capture thoughts that? or see an or Will around synergies that and you're any you other Just carbon curious there role what you'll ones road? investing offtake

Certainly.

you So we're year, company thank capture David. review with made in this Entropy investment, attracted called Canada. carbon markets Alberta, question, Maybe the And our we global a maybe JV. first for investment in California we and thought markets Alberta, we Europe. were of an highlight in just to to why in our so obviously the which investment up to -- We earlier core the Prior that some most making markets the geographies came attractive were did for a in to CCS.

landowners think like CCS. with CRC of the we're we most secondly, So partnership really thing most feel most the land CRC CCS permits once counterparty. and have potential partnered market, most United space. we Therefore, they of for one of it are advanced largest And markets in poor well-positioned some one them nongovernment is globally access then they that the amounts we the attractive mineral targets is the targeting attractive also rights gives state. we in rights first for significant the access have the the about with to of to the States. And both

some we the are our power capital largest CRC relationships nailed leverage of not the to of corporates what bringing It's potential existing So are partnership? customers some how it. we absolutely with largest around just power customers. of our very similar You to the green JV

solar dissimilar then there. not business. So And we see and we significant to synergies see our hydro what across our business, secondly, overlap

both from potentially space, As platforms to knowledge, we there wins businesses And we own that the of is The CCS and platforms practices, investments. future. share CRC benefit and ability both share the Entropy our more all to CCS we more share and add could will fact think simply in the best own in platforms those that. enhance other

projects in me. just trying some build Germany. to move to possible commentary new the as And more in fast color. one release maybe That's There's great as about for then

size related environment? Just in opportunity? opportunities just curious could that if see high you yes, maybe that more there any Europe you that the of other to are any around price broadly provide And goalpost can power

projects. What due build-out solution taking demand. energy they that renewables. there's strong to are the X Certainly. short-term very, that there's happening accelerate every in accelerated essentially energy of the the Europe One, But things to yes, to are And long-term try reduce environment very is prices. ability some measures helping is major and obviously is government,

So our solar accelerated deployment our probably year, the we we this in bought capital totality, Germany, XX%. would say I our in turn is total German business of what investment that about right around in

working that's forward. some pull and economics. we proxy room shift obstacles are the of some to permitting that's opportunities projects step in and point to projects our that's around it and helpful has doubt renewables building markets good reduce and probably across out of ability benefiting no of governments absolutely of material Europe, the the by working process this bringing some fairly a the we're is other a to and accelerate So not that purely of those number that a the ground we've run of in seen driven seeing. Europe, are to and One But of change, just seeing really is is

question UBS. from our Grippin from comes line And next William of the

question First here.

component the signing when customers. release prices press a the contracts you're in locking your little in talked You've past in and with about

if any given and U.S., taken any that's in impacts particularly looking curious and enforcement you're Just component seeing you has speak how effect UFLPA the just could to availability there?

Certainly.

So to I'll then hand start, I'll Ruth. and

it is our and as issues business; We And what procurement two, related across benefits see the to portfolio. I to very of: continue would equipment dramatic our global scale say procurement of the pertains of the centralized supply to one, our some capabilities.

the significant immune of not is manageable the very and is for it us but it team's taking amounts relationships that capabilities time to given are effort, it we in and have. our We we have

not of additional So hand but on color. well, it any effort is to Ruth taking material certainly time, or it's Perhaps, through more we lot a a lot having and provide are I'll managing noticeable impact quite our and of some to business.

of lot equipment. this ironically able procure pertains tailwinds awful elsewhere in some Look, continues to being of Connor staying to U.S. That providing chain be is Sure. is supply topic. Yes. right. particularly on We're as it to the a disrupted, terms time

in all bad not So book. our

are Our just North solar that America regard adjusting think is side working based supply adjust those further for than out it and their will And they through chain counterparts time that new in with APAC we to team to of also The take with UFLPA going that way the requirement. I dealing global this. are expected. to supply traceability were chains on

who affected counterparts, And helping. where about mentioned the And we we us some As tailwind challenges to materially jurisdictions. flexibility, our the for Connor being pipeline. very mentioned, global be. other constructive we're diversification. It's them have not earlier, U.S. our look, more as of The our timing of That's with are are to we because need U.S. within a

because activity material not the our U.S. global. didn't period a have we concentration our deep managing fortuitously it, in to we're business, through So way overall, in this of

So that while. a adds we'll about talking go, I has more it for helped. to think, be This

[Operator Instructions].

line from Suisse. of Our Andrew Credit the next from comes Kuske question

to issues right given lacking chain in could can in perspective the opportunities that be varies give have but doesn't Connor, I mentioned constraints just question but you also be you've some because the supply part lacking see us organizational you asked the that on a if also can you now maybe economics -- that earlier, any been doesn't And slow, to we -- vary, have, group? platform, capital seem seem by and global region. pipeline renewable got

where maybe constraints back growth big So to the step of picture in to even just you organization, accelerate you really from what another level now? for exist are

And we've -- is and Certainly. say, would number our we've feel over the looking And well. slow I the It's all well on acquiring talent. there of I and side scale X very, And about our absolutely years. people quality board. brought our I appreciate the is last going we not but enhancing from operational a big up in scaling as position say up side would been the to of down. the been side, good very investment in of doubt, you it retaining our has question, competitive level to both resources, on for No markets the amount we nailed operating our a out Andrew. have team. focus on resource And particular, market it, that the in

scale you as of the is growing. mentioned, growing operations capital, is our Our

So well. we'll continue to scale our people as

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of Capital. question IA comes the next Our from line Baydoun from Naji

large-scale back or sort good of need the really about You've rush with just clearly bit growth. of have seeing if topic been talk you're not opportunities? to wondering can I'm M&A, very To fund assets to year liquidity, go successful more sell where to and this you M&A. a there's

flow. scale smaller scale versus about the Just dynamics wondering larger between deal

to quite is capital. Naji. Perhaps very in to thing environment you the it, fortunate interesting most the Certainly. access current have we're mentioned significant Thanks,

is Our a fantastic sheet in balance position.

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current better market, say you're you versus seeing assets? that in M&A Would returns development the on

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are But current at misrepresentation seeing market the a economic simply to is the due current look think are environment. of be would what I that market. when less assets, there we we participants

maybe returns, better not So small perhaps it but is to absolutely characterize some there worse. upside

on of Okay. staying topic That's helpful. And competition. the just maybe

opportunities Renewables of provided more being wind types your some interesting maybe I complex or your advantage? a can to think of versus different think subsidy you SSE able the do competitors joint you very more details offer of about say, in bid government in market play Netherlands. these offshore structures And to versus, seeing Are toolbox where strategy more tools in straightforward really even markets? having that your let's of and

new We tools that is to have months of one exploiting of been offer the our is, plan constantly of more X capture to our those years. the two, didn't toolbox. world. decarbonization example ago. there's having adding strategy benefits now our toolbox, The that great additional our And having we as tools solution biggest game And tools, in carbon things can that that's have on we focus is, around for the XX a a customers we but

changed. And to terms our our We global size our Renewable, is are or our where of by our not say, on don't look are compete unique well do execute. less differentiated, capabilities what Brookfield those environment, can craft participants lot for mutually the approach counterparty. and has capital. We of market a a are reach, cost there to there's we counterparties growth would positioned In of both for because that solution to unique current looking beneficial operating opportunities to solutions, be for that, simply either opportunities ability I our us and both certainly who in

the remarks. today's session program. conclude hand Teskey the to like does to further program I'd for Connor This of back any question-and-answer

to providing everyone have Great. a the and day. business, look call forward you, great [indiscernible] support joining at our you update and an for of we and We Thank the thank

Thank and This program. your for gentlemen, conclude in conference. ladies the today's you, participation does

now disconnect. Good may You day.