Brookfield Renewable (BEPC) 3 Feb 232022 Q4 Earnings call transcript

Good day and thank you for standing by. Welcome to the BEP, Brookfield Renewable’s Fourth Quarter Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today Connor Teskey, Chief Executive Officer. Please go ahead.

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

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

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

on review more and SEDAR, information, available you regulatory For EDGAR to our our encouraged website. on filings are

On XXXX call growth. today’s our harnessing strategic discuss Then lastly, And discussing who we of call, will by will provide conclude operating results our our are up performance Julian position. partnership Wyatt review will a and with heads initiatives our group, we financial initiatives. within institutional our and capital the growth how accelerate Thomas, to

Following look questions. our remarks, we to taking your of any forward

continuing growth We double-digit another X% of our increase unit, successful record have an from funds over or generated over We for $X $X.XX operations our of per initiatives high-quality year transition making to targets our renewables of of a market growing in first year, from and of commercial the had result billion flows, track agreed as over FFO a and organic last annual average acquisitions. every We stability investments. while deploy contributions ahead dramatically growth operate, well we capital decade. cash our our operations in expanding

increased development to our either under construction stages We megawatts. as as advanced development with capacity our pipeline record of or also activities global delivered XXX,XXX performance we XX,XXX almost from in megawatts well

more statement, returning to our more in flow now are and we continue of high days income of that dollars our projects beginning commercialization. these trend to reach more the expect development as through We of a early

billion net strongest or to-date. represents growth invest to renewables over continue remains relates next deployed This it highly that $X to of will independence, the which $XX close The up of or billion to our Renewable, We and electrification deployment, been to accelerating combined renewable be has closed to energy capital be the year years. As half XXXX cost agreed X trends for demand, with investment key our themes period. energy almost to target corporate compelling. low profile, clean deployment. energy Renewables environment for Brookfield

long Our going history opportunities capture operating to of enables and and forward. renewables disciplined investing us of owning approach the most some to attractive

deep a later, on access will execute balance And and as maintain alongside sheet, capital, enables which including large returns. we our to ability and to diverse adjusted Wyatt pools Julian and best-in-class that generate to liquidity, strong institutional risk discuss us of levels of robust transactions capital, scale sizable invest

and platforms Renewable development the and existing that current net acquiring business States: standard $X.X Brookfield renewable invest United renewable complementary $X.X development large in includes grid, scope urban the new our offering. investment by three through This During solar energy. up or to billion in clean capital businesses enhance agreed both our billion growth our organic initiatives into year, to we to of within our

the and market, Since US. whatever to business in capacity have them worked acquiring investments set these platform our in we operating bringing we begun our out. quickly in our have position of executing size development plans largest into These megawatts XX,XXX the U.S. total overall enhance businesses, to our integrate on

enabling investments. development demand, accelerate the us performance which already expectations. new are seeing underwriting in grow our and original is the from Act these all We They strong these from to benefiting Reduction strong pipelines Inflation businesses are corporate beyond

energy to a services strategic largest aware, acquire a the businesses player many with of partnership are as one nuclear critical Turning and the in to nuclear Westinghouse, formed Cameco power, we world’s transition.

for approvals performing this already are close of We generation. required and XXXX. benefits well moving business transaction as are seeing of the we investment obtaining on increasingly is recognized as power the dispatchable half The provider track clean the a of is baseload second to and beyond underwriting with our nuclear are in forward the investment

that the an its As the has large Westinghouse’s first it decarbonization reactors. energy independence. the and build-out nuclear its the scale for example, key achieving is the selected technology three Polish step government announced of of greater targets APXXXX planned This towards country

California California protected also of RNG our developer, including million or transition net operator Brookfield million based our and to where of Bioenergy, continuation into of progressing business. development classes invest are are entering the in investments, is Renewable natural our up convertible assets, investment in to renewable agriculture assets. high we leading the We recently, in our most $XXX asset to downside the $XXX to of ability investment owner a have asset new that transition renewables another growth structures gas strategy complementary that core This support

renewable deployments and potential through and capital have gas, upfront investments, downside capture that invested experienced significant natural structures Similar investment us carbon partners with returns to capital. on discretion our provide we small storage, future over recycling through upside with and protection,

As momentum. we enter XXXX, our business has tremendous

investment global a with we to opportunities deep around are leading energy access capital, the execute attractive energy to uniquely company clean As and the most on positioned clean decarbonization world.

business, year and basis. increase per Brookfield XXXX, we Renewable unit consecutive $X.XX a our robust least financial annual and outlook XXth an liquidity listed. distribution is pleased to for of since was X.X% This operating are at to distributions to when X% the announce strong our growth the on Given publicly positive performance, annualized

in our discuss the With that, of will capital turn now we Julian it growth. to over sources supporting our to importance

morning and Thank you, good everyone. Connor

invest our said significant that many a of large scale capital sheet institutional years represents and to balance alongside the advantage. have strength our competitive for ability We

to contributes compounding the cash business to investment duration financial to delivered of non-recourse as returns us throughout We invest can critical we have so maintain financial high with to cycle. our and success is risk this focus a the liquidity. of our capitalizing debt balance This the levels always the prioritized utilizing sheet, long flexibility We and total grade flows meaningfully strong profile low on it unitholders. believe and long-term maintaining a our and strength allows

addition instead is to our to for Brookfield’s there underappreciated target this investing long-term dollars ability by are investments that capital, often where than collectively trillions access the more under This in X,XXX smaller the dollar competition. invest. scale, that structure believe us means many At clients market. of have competitive. more cases of have funds, often target alongside of management sizable In to institutional capital deals, to transactions, this limited multibillion far we of is we to We capital is structure provides which enabling approach manage Brookfield, institutional private

platform it advantage very executing some this environment. business, attractive, particularly decarbonization on for we in of opportunities. appetite a strong. we meaning the can energy However, think a most represents for large transition economic basis, scale with meaningful our this returns Combined means that capabilities, recurring generate competitive Investor strong by very our risk-adjusted remains

demand facilitating largest experienced We dedicated have us. transition alongside like private Brookfield’s to transition institutional investors The the first billion, We net-zero of operators to economy. and fund significant to the a fund establishing global world’s success owners, raised this. invest $XX demonstrates

of Brookfield’s history, large private pools fund to of relationships to liquidity. private another investor alongside features Fund commitments our in A illustrating with meaningful with is around desire directly from provides co-investors. key towards allocate investing both capital strategy our long-term funds and who both developing enhances largest new The also the the invest investments Brookfield’s of opportunity and capital source transition. seek us private The in by capital as to program clients, some our access in XX% coming energy of part

investment, of program size, Westinghouse our its given a great is Our example in co-investment practice.

and strong along well. is process is in limited Today, LPs our had participants. some co-invest from have with access to interest moving us for We market to the Westinghouse capital

ability and strong So supports and to advantage. to source business attractive of even an change in that businesses funding transition our accessing our grow returns The capital large-scale long-term this and results is funding step for more opportunities. Institutional in brings as will meaningful meaningful we competitive invest maximize our capital another scale achieve that great investors. represents fund relationships institutional investment and seek employ continue our it strategy we the our

turn to discuss and I’ll position. results it Wyatt to over that, financial operating our With

Julian. Thank you,

period in acquisitions. reflecting We and earlier last quarter we power as remarks, operations strong of global had through in FFO versus from solid both of his the benefited results the $X As an development strong per growth generated and year. our billion unit, Connor prices same $X.XX mentioned increase over X% and continued or performance

fleet as by capacity online. contribute which FFO that gigawatt become the has business increasingly and years we recontracting X our baseload next accretive With to execute for hydro generation the high-quality valuable contracts of clean, on hours renewables flows X,XXX source cash hydro additional portfolio, more perpetual significant of from part generate pricing over available for backed funding our across portfolio, to intermittent have is expect large our growth. portfolio our source for low-cost our positive in a environment an come across over and we power, Our

strong is providing capital the maintaining significant position Our access our flexibility on available fund already growth. to robust, our a our of balance financial remains importance and and excellent liquidity to sheet. Julian touched

years, globally, debt. debt, only being are exposure borrowings rising no average and remaining XX% with level, resilient floating non-recourse X% We rate maturities with near-term to an fixed rates over XX rate of interest the our to project of material term

volatility, market capital deep continues to be to our of and access pools Despite varied differentiated.

We financial us during liquidity, capital periods flexibility have of of significant $X.X billion approximately giving available scarcity.

to in we non-recourse During approximately resulting of the secured business, billion $XX the proceeds Renewable. in financings Brookfield approximately $X.X billion year, financing across

capital both our our investment of a lever are part accelerating activities, also accretive are and cycle strategy. We critical funding recycling which full in

assets recycling appropriately to We and numerous of in we selling for very a cost opportunities to constructive mature are continue lower advancing capital sized environment renewable buyers this capital de-risked regard. see

$X.X provides generate in closed completed to and initiated plan have when successfully in billion Renewable approximately These our assets significant we liquidity Brookfield to on incremental have processes, business coming several the thesis. of could We investment billion up $X net and quarters. proceeds aggregate, our where executed

shareholders total and In unitholders for to our closing, On our enhance funding be the disciplined investors. our and will deep allocators derisk to and and our we ongoing value operational we continue thank the behalf Board business. do XX% remain by To support. we XX% focused leveraging on long-term of for delivering of management, this, capabilities capital all returns to sources

excited updating about We and look XXXX. throughout future you Brookfield are progress to on forward our Renewable’s

call. morning. remarks our And will with I That this Thank concludes joining you our to for back that, questions. pass it for us formal for today’s operator

of Instructions] comes Stewart first TD [Operator the from with Our Sean line question Securities.

asset Couple sale the can to portfolio, solar that regional plan on on you you the you give out, laid guidance you. Mexican Thank crystallize able any respect to initiatives? beyond the returns program? will With broader that of technology you Good through us to that asset context further recycling morning. any And expect focus questions. or those that Wyatt, for be

and have is those we we Perhaps probably to businesses this we an that’s and saw during Connor. completed businesses. when the I’ll have processes to a have of We set interested we significant finding have do. we incremental plan we comment thesis creation second number it’s that to The initially going. of to from business happy certainly any de-risking And Sean, buyers we for inbounds largely buyer background want potential and investment don’t on assets coming that off we that. XXXX, are largely our our and Sure. sell that like to executed we the color. some have But what particularly live half our and provide process we we initial take are when sales is on the inbounds are value initial de-risked of feel

quarters in would say for a in then that terms – and capital we what next would we What the both for in seen. at have few of the vast majority total IRR, the probably that is have say see largely target in locations, in of in the North Americas, IRR I of of South we America we not very the And indications up, it’s price terms absolutely if have recognize any seen recycling us. potential is much we we on rates widening basis returns gone but investor are all that underlying inbound terms

assets we quality de-risked things that, we we continue that still to monitor the program. for sell would renewables of see are look to part of those very as bid very, do but So high types constructive and a this

detail. useful That’s Connor. Thanks,

you platform? you information, XXXX, ago. give development added supplemental at us your your your gave advanced in it for guidance the of stage what’s a quarter Can a bit question, piece compared of that like on Second the pipeline looks is there least added been the buildup quite particular any Asia development to to to platform detail

Yes, certainly.

to I particular I year, don’t start that mind. of in There renewable of somewhat a jump added latter the out miss we and jump building have hesitate grid and where of multiple have in energy is unique out anything, So build to power strategy Wyatt renewables parks in And strategy in. over have India, to please you this in been part buy is plots strong will you can things that phases two if One last India, that multiple and lands is within from off-takes. those projects India. that sell the large connection pursued

transactions part be number those would inflating latter in the number. the We certainly a that have done that of and of year

be with for arrangement production facility new will green The we BASF, is a by renewables contracted building that have with to them chemical in very I That to previously in that is are where want region announced highlight looking the that that them. build we sizable to they other power. directly a supported arrangement BASF be China large thing would our is

We support pipeline would I that the there? you talking gigawatts. but it, covers anything another am add most of else that Wyatt, that Asia. sure would thing are is And in

Only would past momentum had our in rooftop the China, highlighted or business where other continues add for to is, thing Connor, business we build. the that solar I business in

them, seeing so bit you majority of more And highlighted Connor. but the that we a little are of activity business,

Okay, Thanks guys. much, great. very that’s

Hope with from comes the Scotiabank. Robert question line of next Our

open. now is line Your

are side? Good everyone. terms geographies bit that the that any it you larger best? investment financing acquisitions that indications could in assets moving hoping comment what on forward of And asset maybe we hasn’t little you. would for pipeline the in or your pricing more will maybe on looking a Maybe morning, require call looks inbound work what mentioned Thank contracting or or platforms, changed but about your you end, assets

we and buying Thanks, strong Rob. back key remains highlight. to we a go we is XXXX we there that will XXXX, the a pipeline make that looked we made very, see to our probably we If would in lot entry two we of No and did the found analyzed core opportunities. with frothy the market point. around and lot renewable world. development doubt the at comfortable platforms all here we’ve in markets a value We diligence due was things We comment processes. a previously. were very way Clearly of lot where of struggled the But things

a market, As market number pressures perhaps execute macro fallen chain our XXXX, manage opportunities were we at sorry, XXXX, to frankly, renewables to participants bit aren’t buy some chair rates, developers, markets XXXX. that, on in little points entry core suited We in renewables in would developers quite we have the into saw high-quality of moved tremendous as that rising well of things a our there to supply through. of in other uncertainty, out

do part seeing we is that that we the renewable to – And XXXX corporate in year. capabilities enhance of platforms, the can we as our We development obviously dynamic theme early dynamic big to we use continuing continuing. ability see those see where acquire businesses. are One the enter we believe

believe that. year to we scarcity assets going we the in rates year and that we We is see to we of than the are uncertainty are that’s thing point transactions other buy value attractive operating points some would the in those in and market, perhaps market one, more saw seeing or in the before hope rise of the to with XXXX opportunities there last capital still in near-term. the If entry perhaps in execute highlight do that some

portion an pipeline, continues begin back to be are that we zone. excited obviously strike of the to So see our something increasing come in

at well do there, appreciate into look if of the have to handle you a the color. good most take supply the as to chain? development you behind confidence at development as you XXXX. And give further that Are accelerated are I Alright. us XXXX? the then on into some issues looking accelerate have pipeline follow-up you a inflation, maybe a How we your investment

Yes.

into So our about X.X record. was well year on split in thing gigawatts chunks. the XXXX one referenced would and of of new our biggest projects We I as perhaps The that two pipeline, supplemental, we say XXXX development brought online. see

As is we look to to XXXX number that we bring gigawatts sitting expect about X today, online.

is make The don’t secured about is in to the very construction or equity the de-risked portion of our highlight first in that we the the it’s a gigawatts across thing would of line. it’s projects is incremental these comment either minds XXXX large projects, a these already lot often any in need we all – this at point. already largely fully under We funding is contribute funding a contracted. ground. get of projects And lot It’s those to X

very One So, have XXXX, that dynamics we $X.XX. XXXX to In seeing are I our past year XXXX in you supply on modules so is them us, there global think When our for wrapped solar confidence about speak issues beyond there. or two the is seen probably well call on quoted because up. chain the a think very the is basis probably costs delivery drop about And as strong. consider it high as we of we really significantly. is

Now, suppliers all to The majority the but where back. can working to to in in total management chain of low United ahead in central where key the were supply benefits continues getting or definitely be the supply see in required they of not procurement the largely back the our system, we ago. we IRA XX easier with and do than of the with is are things way months chain XXXX, prices there in much uncertainty seeing $X.XX, orders continues the with way States. to manage place be some the time is one where that X we we news so were But of there putting the our good the

from it’s an good a and perspective. story execution news both So an economics definitely

you. Thank great. That’s

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

morning. Hi, good

Just competition following grid spots? is little the can you solar and talk seeing about the development you U.S. evolving availability increasing on how interconnection of question, up for a are interconnections

and process permitting you you pipelines this they is secure example grid economics connections – pipelines, bought amount valuing development we headlines grid their that of where favorite what asking world, as Thanks, very grids but focus this is, The and assess have X on grid, Rupert. really say of the grid X taking developers equipment need and A has interconnection to on urban be one they liked do and at in hasn’t would you connection recent up they grabbed any is three. more account the our first And why something question that of reason secure And availability questions. great which years. and you on of fit have much gone we need the high-quality is those to the because years. from queue, need need XX you I the the part this with or year. And which can appreciate going is as few it’s been for across probably focused the out. industry, within world interconnection we months. renewables of connection and probably likelihood land, when around now and The or value secure certainly when grids It’s it, interconnection there, we the a something in always last you it should, those last to need contract, in to X we there built the the been around get EPC into to quality have that of

we value One has PGM interconnection feel a incredibly development. didn’t that we is that the recognize we most platform high grid renewables would of strong portfolio where market saw in is an maybe for queue very the of felt positions urban in reasons – why that perhaps PGM value

focus, our years. over a last of So but months, work have last we feel we in this because of X X will it’s something but or because continue work well the X hand, that not in the or to our be XX

your Okay. It it’s going of sound limit growth. to doesn’t pace like

Not takes that want at out we will in when account lay we that to grid when get expected all, our already bring projects those connections. views we in our fact, online, into pipeline of the

you Thanks. your consider if potential? solar the the on those assess today the of And versus hydro recycling some of the you a And in of you, value asset assets a value follow-up of asset wind how question, would storage any and do America? North a recycling given

Yes, certainly.

recycling, power, have growth, are runway load but them grids solar grid to will will for to and interest We ability in services do stabilizing electricity portfolio more dispatchable what ancillary to where truly believe wind assets. seek best the some will do of capital, renewable irreplaceable world a we continued provide around of that allocate in hydro and intermittent our are is recycle of long the provide that always they value holders assets. of where only We our connected. have increasingly not we our ourselves given unit also terms going portions ability capital And clean, the their to base to

we sell into feel So, that account that assets a but extremely outlook absolutely, those from are assets only our appropriate vantage would for at price point. we at robust we that the those seeing takes price,

there. it you. Thank Right. leave I will

comes question BMO from of next Capital line Ben Pham with Our the Markets.

the M&A anything of competitive the market, I in do wondering, in Also am mentioned know backlogs position bit, a share there, rating couple could a But shaken next do And the a advantage. the I then some the yourself corner? think increase you development share projects purchasing of question you is decentralized can mentioned that Thanks. you U.S. maybe terms you around else it’s how out know U.S.? little you some U.S. initiatives Alright. you the of but your see how years, on star I and

Certainly.

Ben. it’s good a question, So,

differentiate recognize tough And the level I that things in very, U.S. almost platform for two platform, a about of match. fact is to U.S. very two there our think set our are thing in the U.S. things ways. different very we unique that’s platform driving scale ways. two is, and other in to those business are, us the that that be One, at one, unique And really they have two, diverse the of first to a our in renewable when the different we say seeing technologies example. at a I solutions give in multiple increasing of a the are U.S. opportunities contract the And unique, could scale provide But I will any

few We the can. of have can and a power there. U.S. green in megawatts operating XX,XXX very capacity scale over development that a We on provide others

So, growing when satisfy green the needs needs, not are existing in a we thinking can their in of the of future largest only energy procures market, way. in that their but corporate you meaningful

solutions to the energy. of classes portfolio, but provide one to customer green given that The only our provide of use to assets with to the increasingly pairing customers. That wind unique size, solar hydro in the XX/X in wants different our projects a other regions U.S., asset in our thing that to breadth particular the seeing, we XXX% power clean and not solutions together is might our are be

be progress that going U.S. markets it’s year. last amount last always have the foreseeable into the we at market So, slow, today. years the also market saw future. but to deployed is the of of one might least most of U.S., Different our M&A most biggest development the year for been amount our active most the But it’s and

most Interesting. And you in the bullish solar on terms are your still technologies? than of

Yes.

be solar important production terms we a technology the basis, growing see to intensive is it’s And megawatts and bulk the markets. in basis, grid it think two, on the one, a cheapest is that most operationally of build of global because will less recognize to maintain. to in relative on it I fastest So, as added form electricity

would So solar around say be the we to in at growing that, renewable we markets the as today, world, I fastest grids expect technology. major look probably would

where In of in capital, will terms we our completely different. we invest are

see risk across adjusted we we wherever the things in are environment. and current go will attractive We most technologies the all seeing returns,

there potentially that countries, Okay. And to on the maybe last a country want in in reaching you is now initially that right that X you are one question years? looking be maybe are

Yes, sure.

said So, the now need year, investments we there. we in Australia. regions Obviously, set to last there. the many for first where we the are that around made years be we feel world up team our all We have in a

In fact, will at brought I online. And expand quarter, first that market in look last continue we in will project say, our we opportunities would to to this That’s in. continue we a Europe.

many not you are We tries electricity establish energy a by to that bodies greater of different strong and as and grids. a build will, slightly of very continent, in in regulatory do if form are out to they very, markets, have large player faster moves all European we governments the And renewables, security. seeing Europe enable the

to would what are any deepening say talking historic our in I consider our we geographical positions not we So, markets. just be beyond footprint, core but changes our probably major already

Okay. helpful Thank That’s you. comment. very

with James. Raymond question line Bastien Frederic next from a of Our comes

forum Brookfield operating acquiring also stocks. morning. positions the assets now? still it’s yesterday, Are your taken some to private carve to outs more you for opportunity adding or in you When said about Good seeing publicly traded transactions? weighted opportunities portfolio, right take model is good towards Infrastructure corporate think

under in have focused to developers. were very we the that were Yes. say that we businesses construction what would a as There play have demonstrated it’s of those the pure by far that advanced. months, online. of In you the either last are done, We come – call to felt I like really businesses a those would both. were call on projects lot XX or it transactions months XX definitely pipelines about lot

assets. of a that in when operating pipeline we Scout, the did Energy only could comes very end it future when we last them of development look but the with at So, well. you of Even Scout a like very assets large something moving not operating see market you of direction opportunities, had few portfolio as that large at year, bought a as already

seeing QX opportunities public on space public the as wins the But private as throughout well. So, see across current environment the the we take are economic in markets we down and side increased some doubt, private opportunities well. the certainly of no have

have can sister company? Connor, taken whether hold LP you some positions your share you to like And

to So, do in the cycle. our will it’s hold I an what something would help XX down, us take the in basis that basis ongoing particular to continue years. have a years gone throughout an do. wouldn’t last on say X of up activities transactions It’s something over almost I and source to regard we ongoing is been or to we way last on say the over But couple quarters. useful positions we

That’s following you me, cool. of ready advanced will Last and one year Thank versus projects of the and that be commissioned years? gigawatt that Okay, this construction much highlighted, stage XX helpful. for the next year how of you.

So about targeting we year. are X this gigawatts

year? And just the for maybe following

where Oh, healthy closer we I gigawatts a are little bit about year. for say X to pretty run rate But more, sorry. a jumped. of the And next would gigawatts right It’s probably now. X X.X I this at year. gigawatts,

Great. Thank you.

Industrial from with Alliance Baydoun comes question line next Our the Securities. Naji

Hi. to picture. go I funding to the just morning. Good back wanted

sales think capital recycling next forward you years. just pulling versus asset I targeted from much for previously needs year, the sales of funding asset of How overall strong of on the of large billion mentioned? a $X.X proceeds few as this for of as function valuations a the So, for this near-term assets targets part your

Yes.

I that So, will would say happen ways, sales question will I in two say the XXXX. we planning, answer those throughout I that would are asset

And XXXX. stretch may into some

impression anyone that that give XX in it’s to want the all next wouldn’t the we months. coming So,

certainly had and Some in are capital seeing a say are believe have timing those attractive variety going when really call question. next value businesses for number we I for business for we this, almost but we approach that have this and creates robust and plans, complete together of and large wide To of point, business It’s ebb the of businesses of it, we And those it’s full recycling add the coincidental just that opportunity the our where the opportunity And demand are this over the that the extracted assets. would at completing a we simple accretive creation fact a The that year, could what’s throughout of to like are these point so deploy. we have, take time, complete flow operations bringing into may to entirely answer your number very the time. it’s businesses say, processes I we and we year. second would plans is value saw part the the a XXXX. around almost latter extend your driving cycle

in around participating Thank Colombia? in participate also that And if Okay. launch That’s the just you question. two of And Netherlands. in last the market – or just beginning going offshore the then strange forward. in if helpful. the can auction Thank if One, you. the part the industry to the wind you wind one of see question sort you thinking you. potential offshore are on And discuss latest

Certainly.

we weren’t the successful bid in recent in auction. Dutch most So, our

is compelling will meeting room future. we marketing all the in the I are attributes would monitor about that believe at an we interesting to that there opportunities to wind look therefore, very continue a say us, market. world. hesitate around that went to Apologies, ability in a We by not very leverage trolley in outsized back would particular, just markets our continued market the outside And certain the here. power thought go market. major there we in to were capabilities We And way. to that offshore the

say When is are about like that continue second world. a to offshore the future. Colombia, we market many you thing would believe is, in talking at around I that a markets in do look way we The long the

So, very the continues region pipeline will and on our around high for helpful is it, I investment it’s thesis to our and would in way. existing now. ability Poland indexation move priced in for business. to offshore say, The very, we not really something our inflation has be monitor the a both on contracts those right One however, adjustments governments euros are in to made underwriting that the constructive radar forward thing – but in

That’s Thank great. you. Okay.

a question Andrew Kuske [Operator Instructions] Suisse. with line of from Credit comes next Our

number lot center is a over renewable pulling now of saw a are bit build out back throttle tech it companies appetite have basis? from go as their those A data that with or little a are of out, bit. of Thanks. Good for lot a PPAs. ahead? question, morning. on pause, we appetite picture for forward seeing you Maybe as a big full really of a still, their a What Was got customer base PPAs there house kind companies far effectively skis of build

And over to a Absolutely, X it even say many North the of demand be undertaking, clients. going trying the today. And consider are X size of the their Even X just continued America, without that see off of sector, businesses you the comes tremendous. their largest huge growth sorry, we or forward. in that becomes given scale simply, next I green am or years. our The we if is that go growth continued is our And Europe XXX% full when years, years they biggest the the more particularly markets, from years of They size trajectory to tech those X to given that business, throttle. monumental and Well, undertaking hesitation. shade. businesses

customers supply that tremendous. of to So, types that can coming there the few that the is scale continue demand amount that of those continues very we to of And out desire. sector feel be on

another maybe That’s optionality think way about with solutions. just helpful. very Okay. to And providing then Brookfield’s

the the in you to you super is broader You in, got, an participate like Brookfield opportunity shelf participate that there now, infrastructure core transition in? is have energy there the fund product which renewable like have would a fund funds,

we success rule not back seen We And Certainly, see but tremendous will, continues recently that interest product that And investors, we therefore, have could if significant tremendous we out. obviously the XX easily has also wouldn’t the market only next it constructive, expect had opportunities of seen it’s anything to which from with transition deployment. fund. be the launch months. that for in the the in market

the one So, what And our saw bigger, risk put opportunities industry as wouldn’t get spectrum. different the across stack of we risk continues both to were a opportunity and we looking two, we only We our capital returns. and absolutely that to are scaling existing for. significant rule reward products, out more across not customers the see capital if products, that’s work at adjusted attractive seeing

way absolutely out. is it rule the market going, the wouldn’t Given

your kind maybe that solar, comments would extension you on Okay. a well final just that thinking one that? And seem core conceptually really for that stabilized earlier with for on Thank how super you of marry it product as clients. would that. about Is solar up are some like

we assets probably of a that right that years, of to the once that recent of type a many and an attractive once them off. opportunity long-term out, have types of are it under projects The very, is recycling. like how well with we seeing see lends we have opportunities they O&M work program cash some we once and itself dollars now. PPA And types contract, how really that solar. have a – kicked that would it bringing it’s asset Andrew. built the asset in are we asset-recycling ground about question, stabilized most that that’s given de-risked is many long-term flow And the financing into in probably stream. we put very we way long-term them, Those great things Well, online, see way today inflation the are initiatives we are are you Those the recycling the for most linked direct a think

you very Thank Excellent. Okay. much.

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

interest an look always much support we the everyone appreciate Renewable XXXX. Thank in very you update have next and all the we appreciate Well, and and day. to good providing quarter a forward We Brookfield Great. in everyone dialing and in. throughout

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

now disconnect. may You