Brookfield Renewable (BEPC) 8 Nov 242024 Q3 Earnings call transcript

Thank you for standing by, and welcome to the Brookfield Renewables Third Quarter 2024 Results Conference Call and Webcast. [Operator Instructions] As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Connor Teskey, Chief Executive Officer. Please go ahead, sir.

Thank you, operator. thank conference joining call. and third 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

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remarks, taking had with your quarter successful well. questions. business our we to performing a the look We Following forward

We strong from pricing. acquisitions funds recent asset quarter, and delivered third benefiting development from operations for record all-in the

year-to-date On our remainder to the expect growth for XXXX. of XX% unit target and our to plus year, we our results back outlook the achieve the for strong of continue FFO per

our most the accelerating digitalization diversify across most markets electrification. promising the to meet solutions continued business mature today viable to growth cost electricity lowest on have technologies, from represent while and We concentrating and attractive power demand which globally the

supply robust players chips and capacity. Power in to energy data ramp targets. efforts can own up AI is their now the data for increasing are improve, to large centers and to development, global enable lock continues ensure to achieve bottleneck clean their technology to business that by in growth these and our for the seeing we outlook businesses power extending the they as center increasingly by the demand investment is semiconductor And driven

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technologically and scale uniquely in insatiable is and political geographical meet diversified environments. positioned business Our demand to all this

To we announced the enable from recent is players This regulatory on subsidy saw global of reinforce change do which and amount development the most capacity. quarter is we seeing greatest several any corporate -- focused are nuclear the or of to point, not by this solutions, election model potential expect changes, on demand effective because and our restart that technologies focused business cost-effective to technology markets, the most electricity outlook. largely or results insulated the cost business agreements that our past are growth are are or

trust a when are These require it to and need, that agreements it. but low-cost number clean demand XX/X technology magnitude The electricity need are leaders a solutions increasingly needed. over partners what scale years, are of they for powerful indication who of coming the they looking and types reliable, deliver solutions not only of to need of of they the they where the power small they

partners platforms environment continue to we and in companies. one these positioned choice is constructive the as for very development of we years well This the are have recent to acquired of

development with center is project markets our renewable diverse which globally. top the differentiated XX% XXX,XXX-megawatt pipeline, are XX power of in We located data approximately

enviable business, design solutions, nuclear which Westinghouse capabilities position are deliver small our has with and that, micro, engineering we to nuclear modular an and to Added utility-scale in globally.

of will asset recycling growth. both September, at into and Investor our be our at the outlined investment for Day end largest year this As

returns in billion targets. $X.X approximately monetizations, corporate in these resulting invested capital our X.Xx investments of of of To generated date, well than IRRs we excess greater have proceeds XX% our of on and asset from

the bids expect monetizations for deliver in and coming sales seeing in of in ongoing quarters, other we the sale Given strong are to assets processes, the the incremental will that we market our future. be ready pipeline

same are advanced. the over lines we year-to-date our into through track on the expected frame, and equity During undertakings, which acquisition growth billion $XX approvals we of and time to including close progress regulatory committed to continue all our have as well [indiscernible] anticipated on which proposed of deployed time remains

some how We a deployment market that and time. be may monetization for question attractive same can recognize the at

be market. to High-quality, its dynamics see in there cash-generative very de-risked bids. strong we generalizations, a own broad-based and simple seeing exceptions bifurcation assets and While has any every current will transaction the are

capital with are their for seeing businesses of fund capital a construction and scarcity ongoing large While needs pipelines. growth development to

monetize proceeds opportunity the equipped creates This allows those growing accretive acquire new and more and or assets a businesses attractive model. investments operations. attractive tremendous deploy to This capital at points back to value under for self-funding constructive to recycle environment mature also existing entry an into us high-returning fund

for in into technology. week, is we a new announced our a development years. the platforms partnership with recent in offshore wind, this this making renewable first a number direct we Orsted leader Last particularly attractive of feel global [ We market investment ] have acquired

in taken technologies to our platform. that always approach thoughtful investing have are a We to new

a the chain much were space drivers the of return solar decade our of cost into a subject was technological not of initial pace trajectory the improvement ago, control. invested growth. consciously the mover almost the of For in outside of and first assumed ramp-up believe to example, supply and we capital Notably, because we declines, that

waited was more we got initial we derisked. appropriately and others bets right felt wrong, some until the players these sector While

opportunities the conviction, developers of and attractive shortage if cautious with matures, to as the situations solar not where planned. investments we on Despite the earlier the entry didn't one are points, asset in Once world, largest. capital those today class, approach of our found we securing sector capitalizing of some moved often value since initial scarcity the of have no go largest

a with certain technology and providing and limited critical We view have load a investing such energy We for as in requirements. taken offshore as mature, high land onshore factors approach scale a profile, to capacity attributes wind renewable wind. similar offshore differentiated fast-growing markets,

the to or To cash returns. other were However, at times attractive in we several flows face the long at up opportunities opportunities for past we until many capital looked challenges opportunities and from are more are operating us lead recently, given These deterred we seeing in where outlays the risk-adjusted market. significantly that invest between over of projects are commissioning. the development derisked years, especially project more investing seeing date, the

billion. in to XX% global XX% has three, is U.K. to enterprise secured in contracts, of portfolio [ transmission interest a O&M long-term inflation-linked or ] The with portfolio of comes costs partner no $X.X and offshore agreed one, Orsted, megawatts risk. approximately a fixed of long-term We value through and wind for difference; an operating capacity in with by leader X,XXX for acquire the of government-backed operating two, contracts lease construction development a

a line to partner monetization. we will to will we We that, to continue are who expect to operate XX% over ] with portfolio, thrilled and turn a now [ recent returns to wind which asset leader in offshore in own generate it global targets. Ignacio the interest our discuss with With Orsted, our

and you, morning, everyone. good Connor, Thank

we already to successful opportunities most record and year-to-date robust platforms, this capabilities. be As year have our and ever, will high-quality, asset and for noted, generated recycling demand with proceeds cash-generative see in growth particular, Connor for those operating as continue embedded

enhance non-life, flows to like maturity of a hold we mature of our the who power XX% underwrite projects. returns capital, with these to lower infrastructure assets XX% target basis buyers renewable can on often investments cash we to value While a deliver monetizing our derisked by to cost returns,

highly Asset to and recycling sustainable fund contributes model. our our a accretive business self-funding also to represents way

balance asset strength sheet, high-quality our sell asset patient and XXXX, returns Important market to are enables we for targets. And a and when monetizations bid above seen which our demand, be been the recycling very existing assets platforms. to against have and successfully robust is Throughout from base assets capital us this successful constructive. significantly our we markets have of

While execution entry sell assets a for improving results opportunistically. take an that every plan private monetizing reached and each different market value were driven XXXX we acquired investment during the we period [indiscernible] business the these which to uncertainty agreement our in case, September, value is through to attractive of In of by an point. acquiring in created

and The capabilities. operating an add where scale portfolio consisted we assets leveraging of high-quality opportunity our value, saw contracted to

globally a reduce the over bringing and practices plan. renewable which costs. on implemented from experience operating operations Divesting noncore executed to business our our we enhance bilateral basis, Following acquisition, assets best and assets we

to and establish structure We on also optimized a the growth. focus function development capital

out with contracted strategic a own to business in energy and The going and supplemented sell built to operate growth development solar With of to attractive very that we're a excluding owners. We projects. pipeline of the place, continue side agreed our the leading global plan we the to develop able remains we team grow XXX-megawatt capital, continue new company, assets, the renewable power in-house and the which forward carry team by to concentrated to access and company. we development

entry million. $XXX strategic into for their of part region As of equity Iberian value an

shareholders. a of for invested we proceeds strong the our period. over hold sale, our With will Crystalizing X-year Xx capital total generate over returns

assets initiatives. of the leading in we owning of XXXX, recognize business, storage opportunity capacity operating pump of interest experience several hydro and in First In and the U.K. acquired an the hydro the our value-generative a capacity hydro XX% Hydro, use XX% approximately to market. implement We providing in decades to XX%

on enhance ownership. and debt to refinancing program energy structure dynamics risk us market facilities and the increase led the by XX increasing life acquisition, business years. under storage of storage in disposable favorable clean the the commercial record Upon by execute earnings extended optimized power and refurbishment capital of recognize the We helped We and pump importance revenues the we the long-term an over of asset and our which the scale that strategy.

interest agreement to a services reached the million decades we September, are In strategic over for we grid come. Hydro continue critical asset to provide $XXX highly X.Xx that since sell generating buyer First our acquisition capital and for in our delivering an invested to

and During our extending portfolio, we by largest approximately executed where the wind XX% in generation separate a quarter, increasing XX% globally, of interest one agreed wind asset's projects the repowering flat we We also being sell challenges, the by our to approximately budget during chain completed impacted and when development a the and repowering the sector teams. on by on project pandemic this procurement years. life XX time useful supply testament was to

entering capital closing, almost And initiatives. value-enhancing the the finally, asset, the will India, sold today, retaining In in the having $XXX our in and where million built operating business Xx and completing a XX% leading while Brookfield the portions other we regional still XXXX one since off the developers on interest invested are market generate [indiscernible] for operators the we're in of renewable presence of prudently a back country. energy we

investment assets an the complete player renewable selling megawatt and operating signed to first at we portfolio in our agreement week, This full returns. large a and to country X,XXX our under wind construction cycle of a by solar target

We expect the quarter XXXX to conditions. parts customary to of subject closing first in in transaction close XXXX, the and

the We pass our to value to to to that, improvements position. operational financial and and through operating will With it through the I optimization of capital and discuss were able capital working organic add results development. structure on this Wyatt portfolio

Ignacio, Thanks, morning, and everyone. good

increasingly up had XX% delivering off-taker a flows strong unit, profile, risk, $XXX generating $X.XX operations, million portfolio record and year-over-year. the are quarter, or business resilient. assets, an in operating strong a fund quarter, highly of contract operating cash With our limited concentration per from diversified Our

year growth. for unit the XX%-plus of our results These us and on FFO have remainder well outlook deliver per to positioned the

Our for segment from continue generation, strong the hydroelectric these during assets. benefited see and demand we solid quarter to

hour This utilities $XX with almost price at X duration of successfully average almost quarter, megawatt executed average for an of contracts XX years. we an U.S. per

available incremental and and across source X,XXX when constructive to favorable for at per the the pricing environment additional is which next uplift a for generation redeployed meaningful expected will FFO contribute contracts additional are up growth. for execute significant fleet that of an hours up $XXX significant generate returns, financing capacity gigawatt to recontracting revenue X to of expect With an years, on The target to our in business. to our funding expected in FFO over similar our annual hydro in result and a for portfolio, million, proceeds generate highly year accretive our increasingly have we contracts we result

at Our continued wind, business, tailwinds from and development solar, Solutions our results record generated as well acquisitions energy distributed Sustainable activities as segments services benefiting nuclear Westinghouse. and our

ended we our well. as strengthen is to available quarter continues model the with and of sheet liquidity balance Our $X.X working billion funding

capital generating this and our noted, have proceeds asset successful in were outlook generate far rotate a this to quarter strong on executing so record positive recycling initiatives forward. going continue and Ignacio we As year to returns

In well to billion in to a expect going total of us year, financings, growth addition, generating financing positioning we activities million in forward. $XXX execute fund $XX this total our

closing, deploying Board the initiatives. focused on capital to our return In we prudently On for behalf and management, long-term delivering by we of on XX% shareholders all our of investors operating our remain and XX% the and executing thank for unitholders ongoing support. total

about future updating year. the remainder of to our forward you Renewables Brookfield progress look We throughout and are excited on the

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

Steuart comes Securities. question Certainly. for from Sean And our TD of from the line first today

It's can detailed I can comfort you will more Brookfield the you the that part U.S. remain of us Trump a want agenda. Republicans with focus U.S. will organic and thoughts And the that profile or events advance give referenced -- big if wondering tax growth a for your and credits Renewable. changed to advanced I'm the potential Connor, start take or growth growth it in that return appealed of the House on pipeline.

particular. is perspective, a Great. business, come this topic let's macro then of support not week. come macro at it the government we X procedures no be from at different generally our support. and doubt, bipartisan the We'll big And the from very ways. business Sean, the come yes, most we'll at certainly, perspective processes government make Maybe and suggest it in our new changes to material. while our that regulatory expectation From this strong that a it touch or and commonly would tweak have would may that,

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switching then about talk to Now maybe gears our business.

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regions our change business changes recent return expect don't or we -- ensures the lowest we in into highly focused and when To that potential greatest return subsidy capital outlook the which profile therefore, cost election or date, from regulatory we that largely to electricity growth the will both profile our growth growth. seek technologies seeing any insulated in results business deploying demand, is achieve will to are the our are and the the model,

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detail. great That's

is, asset horizon Orsted financing with ] to of opposed transaction focused It Second wind. the question deal guys, more more looks to would that you push a say, strategic a fixed like for the relates I [ offshore so class. as into

you aspirations Can wind risk growth to profile guys? fitting for that and referenced now parameters you larger work the into speak having offshore

[ Orsted context on some put transaction. to just Maybe sure. the For ]

quality, and are really of quality First with and investment. foremost, And who of largest is are the what and one their Orsted most leader highest assets global perhaps are in of the partner world the here thrilled we what us attracted wind. global partnered partnered the established be to leader wind around quality is the thrilled with and to the the offshore offshore be to platforms we the and

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That's for now. I all have

Scotiabank. next from question our Robert line of Hope from comes And the

do U.S. tax more little and by maybe the the pass dive to I be comments bit We want classes low-cost customers. impacted deeper understand about in asset through to producer. policy to a what on back being can into maybe on little your dive tax deeper circle a there? But the benefits that changes you often could

the do shift think of that And solar subsidies. has cost regardless more which class asset you outlook or could towards wind best versus

Rob. Thanks,

at are administration general, some we speculating classes. made and the be which What asset In say, change, would if point. the none. in asset cheapest however, Republican are wind cheapest comments bar electricity to most classes in is of business about the electricity you of focused production and asset -- has are certain would this how classes production we purely we terms not the renewables, solar, susceptible cost of which from like but onshore Obviously, cost view

us do flow the that are those of or tax classes from reduced, is there PPA cheaper if alternatives, returns. all through simply electricity or we event subsidies subsidies allows key tax point to our benefit that customer. of any back those offer the the asset will that much lack to credits a Today, In end the subsidies, because and rolled do is simply cheaper a and the project so wind And than still higher form those to bulk to returns, there is room onshore of the cheapest solar price preserve are be production. PPA our

vast sectors government in them is vast, we their States growth. all go-forward the be feel so are development Clearly, of potentially our any That is sectors changes. sectors that from reliant why to more exposed or do or on our either support support the government renewable we -- insulated business power almost where entirely majority the to could higher-cost our subsidy that our of are make United economic

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Sure.

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into is to biofuels. ones billions, there asset any a the against to threshold asset in luxury of which returns classes, it billions very are approach we new investment invested year. not nuclear, strong that dollars most each And or make. pretty or of into we gives batteries the have notable risk-adjusted us tens assessing investment of other say comes benchmark And growth renewables other And any of that investing the we've When adjust if I any that our robust. would and class

relative something mature a slightly mature development And risk, in if risk higher to achieve need and supply has of higher a for ] example here. investing to could taking by what is the wind revenue investing solar. or we're less [ of that course, just exposures be Infinium technology rewarded And significantly slightly on construct we with take either less in chain. We, construction further those

business, new that what proven build-out with a facilities sustainable but backstopped the [ similar built its aviation have wind a is our to technology. a out It's is before corporate a but us really, a not is Infinium, building is corporate asset class take-or-pay fuel investing been -- ] Similar for kind. the are we solar high-quality here by first exactly is of long-term and facility we're facility contracts, that offtakers. of

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

about sector, you've U.S. terms for question the the I a elections. U.S. you. lot and Connor, in of one talked have more

generally with many opportunities of like or election you the saw share listed projects be responses a even in capital exposure, drop outcome, more companies, pulling any So see big don't to with companies out? even do where obviously, publicly deploy in U.S. we now prices may have that names

a like you shopping significantly do Like potentially now? list are that a undervalued companies or of have projects

simply, the is one, question for transactions. our that election following do tying years particularly remains capabilities, scale capital capital. to will our is results pipeline Perhaps access do incredibly in large-scale very power the that marketing; that for reduce back and Two, ability three, been And to our prices predicated deploy access operating ability to reliant are way volatility the to around our the now, those perhaps on, all has question, are on robust. investment answer share variability And public to and to capital markets. that your

wouldn't say we I a have a we've a about while. And a the into seeing plays but encouraged we're new been very today. for simply trend And us, pipeline as that's trend for investment result,

at couple Investor of business increasing to a to to the Day to ago, the result very as execute mentioned in a that's our product continue amounts months into we As we see expect that. growth demand deploy And our capital positioned is future. on for model continue simply of of our and how well

I stock in really after for some it that think the of just to market results just capital access volatility participants. -- the to market less theme plays

just hydro mentioned on color. Great it's of $XX per think megawatt terms And that bit you a to contracted I gears hour the in and utilities. switching U.S. side, the

centers? U.S. you big recontract recontracting when expect data from, you do U.S., demand facilities say, do Or you in forward, expect or additional with to Going you tech are be utilities? the continue more -- direct let's or to seeing

by sell this all a we that the customer, or PPA customer of grid there same customer It's it sell a end we demand driven is to passes then virtual end end point more up to going a sell very Whether we it The it we is great question. to power an utility who here is that or but an directly theme very, customer, that significantly. is would end an to highlight uses through the demand. electricity

our nuclear. power clean, shows demand comes from that through prices baseload particularly up and That our through contract, a dispatchable the can for the that it's virtual hydro the in power, PPA whether direct, And or or in a utility. come

of perspective is we're the important seeing. gets things our and consumer, the those is the But in we're price of regardless we increase the that all demand, seeing in Given I'd a in say is mix the that a higher power see the to how market, are in the driving to volume increase contracts from going what takeaway things. how overwhelming end

Bank. Merer from question from Rupert line of [Operator Our Instructions] National next the comes

you of bifurcation more in some highlight assets. the to assets, mature valuation a We're at do you market development the discussed we wave also Connor, between weakness complex seeing seem and that stock be in seeing privatization.

I valuations. difference immature quantify return valuations between and was the expectations public you private in between see with and this you wondering mature could if bifurcation and So that

as and a It's with try be transaction a can. market, of constructive as by share question. couple the we contracted see scale development And -- between individual world. core number platforms Probably to within the asset we'll by price assets when the a class market great in and development you. And the returns of differ going platforms, points it's development operating of place we'll some development have of is easiest difference by obviously an within the but you we data to for at margin markets around size and our look developer.

or and world on have that XXX the around range. depending world margins developer XXX And we point XXX And some basis the might north or I which consistently XX% selling basis development delivering XX you're that would that XX margins be, developers And down are points. are to to XX% and say, might in XXX XX%. best to in developing the of at around seeing X developing mean general, returns asset our in developers class and which might geography hold-to-maturity at, XX markets, to it, you're at selling call down at other XX% that mean or

the delta our that's seeing say attractive most probably markets. and I we're most So in would high-performing

How think is have the before sensitive button. do going pause we at price prices you why go for $XX think if you in growth Great. suggested. I buyers, to highlighted demand today. than the we've hard hit supply time up. megawatt demand does data some U.S. a there's recently, And for And like how look power attractive prices, a seem think will the can more in hour, market you high Supply signed power the you've it keeping your the is? contracts centers,

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next our Mark from the line Jarvi of from CIBC. comes question And

before a asset in given to some think in opened Maybe U.S. with ongoing M&A clarity see and do happen U.S. U.S. there and just Is back chance -- market you have that any for of a what up the your sales again. development on pipeline? to pause take you in election coming you the market being the what impacts valuations there's uncertainty, do

programs. material. that this on the market, sorry the be selling redundant, going derisked, government in they nature but things pretty are don't that -- it support or these of just we're cash-generative high-quality speaking are The -- subsidy embedded cash flow to are point bifurcation reliant contracted, are, we to things streams seeing are heavily to that at operating that if the Mark, back we be expect

could opportunity, ties uncertainty types week, everyone positions the a we a of probably it to access to was is markets. Where market. previously back we the those digest public particularly that are think administration the yes, material of in of of might this for new the going there don't question that in it, current in some asked and does So to the to the on I expect on but it really that impact be the future they reliant take capital the selling is are reduce have assets news

sales asset actually going But any that side. investment on for happen don't in us change lead in what's side. foresee the activity And could our increase to we an on material really to

seeing that of U.S. really they tone on deals tech contract change And additionality. large Microsoft terms to think align to just constraints? way. back that some around are focused willing coming kind buyers other pay Are hydro to through you Okay. carried U.S. Or in of other hydro assets to premium? additionality buyers the are in any do you

question. to it great as more particularly power. a needs buyers build. But to get. from It's this. needs more real the generation acts generation, perfect as yes, And market new answer acquire And are can power broader the key just low-cost certain there's market no is broader much The

extends and significant matter build we this and So how we are it power, demand. institutions, seeing of is still there doesn't it's new What it existing going say scale different given that is particularly technology demand the beyond or very if simply is, the forward, would accelerating companies.

extend the to are the enhance Does millions institutions it build to solar? how contracts? meet differing much is or to hundreds of and need is requirements of sign corporate dollars the on new completely Different hydro? taking capacity, life that of long-term a a additionality Is views wind additionality a required. Or investing

scenario, say and assets, one-size-fit-all I operating the a same. it's would build broader not assets impacting but the demand both So is new

market. on question, the U.S. Okay. last And just again then

You want be election at perspective is Westinghouse additional and business? you on that the neutral, on point? positive would Any say nuclear the business, outcome determined to just this

how forward. product going worth business benefit generation and nuclear technology It positive it fleet States. pretty really to minute Westinghouse growth supplier nuclear. nuclear the the of can in a model. United hard and and globally to X this minds. power Obviously, our particular, largest the its it's components a is for service has has as Yes, taking support administration just business explain And maybe expressed in it's Westinghouse's

sector, So or existing services, activity from within upgrades, Westinghouse benefit, the fleet any nuclear in will activity positive or the growth for life whether it's extensions, fuel is growth any supply Westinghouse. capacity

Westinghouse to every every cetera. the permitting, might world et other also APXXXX, addition is reactor SMR and appreciated module go is leading the Westinghouse almost technology. in in kind what then other, that, SMR technology the not its SMR in through around in construction, or certain Westinghouse's of if design, first struggles of about technology a is not its kind the first has around large-scale only small nuclear has reactor But unique what's not And world, leading be the

the grows, exceedingly world. Westinghouse's States growth very the United in more is the SMR the reactor growth is around leading design, and technology, as large-scale same major broadly be well or Westinghouse the reactor It same as is SMR a well positioned therefore, reactor to fuel. It in the new technology participant the only any is downsized the APXXXX. APXXX. same simply market as And the not

core complement renewable business the going from -- not for nuclear player we It's only wind power that are the are can only viewing benefit growth the then And offer solar terms new to in in benefit solutions we is its can in globally nuclear So customers. also services reactors. but additional offering our how as our and Westinghouse? of the uniquely that us to positioned

tech enviable in the And a position with to the largest particularly like today, that's companies. we corporate very be feel large clients very,

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

policy to since coming [indiscernible] do lot in people some form back sorry to a here. multiple XXXX what since extended of Republican that time, there's point but been just both has under forget the been happens I'm and -- around Obviously, to lot it's and a been administrations on Democratic. the of this,

agree generally So you. I with

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to look early ongoing Thank have new and the you, year. a year-end you and Thank our you, in everyone, QX our day. we and We our interest of for support forward dialing earnings great call. updating appreciate into results business, with and the

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

disconnect. may Good day. You now