Brookfield Renewable Partners (BEP) 6-K Current report (foreign)

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

UNAUDITED (MILLIONS)	Notes	March 31, 2022		December 31, 2021
Assets
Current assets
Cash and cash equivalents	14	$	734	$	764
Restricted cash	15	275		261
Trade receivables and other current assets	16	1,633		1,683
Financial instrument assets	4	50		60
Due from related parties	19	75		35
Assets held for sale	3	155		58
		2,922		2,861
Financial instrument assets	4	264		262
Equity-accounted investments	13	1,145		1,107
Property, plant and equipment, at fair value	7	51,167		49,432
Intangible assets		220		218
Goodwill	2	1,266		966
Deferred income tax assets	6	236		197
Other long-term assets		1,161		824
Total Assets		$	58,381	$	55,867
Liabilities
Current liabilities
Accounts payable and accrued liabilities	17	$	723	$	779
Financial instrument liabilities	4	473		400
Due to related parties	19	1,137		164
Corporate borrowings	8	120		—
Non-recourse borrowings	8	2,562		1,818
Provisions		33		55
Liabilities directly associated with assets held for sale	3	6		6
		5,054		3,222
Financial instrument liabilities	4	599		565
Corporate borrowings	8	2,172		2,149
Non-recourse borrowings	8	17,346		17,562
Deferred income tax liabilities	6	6,480		6,215
Provisions		809		718
Other long-term liabilities		1,463		1,440
Equity
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	9	12,708		12,303
General partnership interest in a holding subsidiary held by Brookfield	9	60		59
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	9	2,923		2,894
BEPC exchangeable shares	9	2,588		2,562
Preferred equity	9	619		613
Perpetual subordinated notes	9	592		592
Preferred limited partners' equity	10	832		881
Limited partners' equity	11	4,136		4,092
Total Equity		24,458		23,996
Total Liabilities and Equity		$	58,381	$	55,867

The accompanying notes are an integral part of these interim consolidated financial statements.

Approved on behalf of Brookfield Renewable Partners L.P.:
Patricia Zuccotti Director	David Mann Director

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 1

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

UNAUDITED (MILLIONS, EXCEPT PER UNIT INFORMATION)		Three months ended March 31
	Notes		2022		2021
Revenues	19		$	1,136	$	1,020
Other income			71		27
Direct operating costs(1)			(350)		(391)
Management service costs	19		(76)		(81)
Interest expense	8		(266)		(233)
Share of earnings from equity-accounted investments	13		19		5
Foreign exchange and financial instruments (loss) gain	4		(37)		48
Depreciation	7		(401)		(368)
Other			(47)		(99)
Income tax (expense) recovery
Current	6		(42)		(16)
Deferred	6		26		33
			(16)		17
Net income (loss)			$	33	$	(55)
Net income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	9		$	86	$	57
General partnership interest in a holding subsidiary held by Brookfield	9		24		20
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	9		(31)		(46)
BEPC exchangeable shares	9		(27)		(41)
Preferred equity	9		7		7
Perpetual subordinated notes	9		7		—
Preferred limited partners' equity	10		11		14
Limited partners' equity	11		(44)		(66)
			$	33	$	(55)
Basic and diluted loss per LP unit			$	(0.16)	$	(0.24)

(1)Direct operating costs exclude depreciation expense disclosed below.

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 2

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED (MILLIONS)		Three months ended March 31
	Notes		2022		2021
Net income (loss)			$	33	$	(55)
Other comprehensive income (loss) that will not be reclassified to net income (loss)
Revaluations of property, plant and equipment	7		(2)		(272)
Actuarial loss on defined benefit plans			5		14
Deferred tax expense (recovery) on above item			(4)		45
Unrealized (loss) gain on investments in equity securities	4		(5)		2
Equity-accounted investments	13		—		(2)
Total items that will not be reclassified to net income			(6)		(213)
Other comprehensive income (loss) that may be reclassified to net income
Foreign currency translation			784		(671)
Gain (loss) arising during the period on financial instruments designated as cash-flow hedges	4		(33)		92
Gain (loss) on foreign exchange swaps net investment hedge	4		(45)		28
Reclassification adjustments for amounts recognized in net income (loss)	4		56		(52)
Deferred income taxes on above items			(16)		(12)
Equity-accounted investments	13		22		(3)
Total items that may be reclassified subsequently to net income (loss)			768		(618)
Other comprehensive income (loss)			762		(831)
Comprehensive income (loss)			$	795	$	(886)
Comprehensive income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	9		$	458	$	(415)
General partnership interest in a holding subsidiary held by Brookfield	9		26		18
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	9		85		(157)
BEPC exchangeable shares	9		75		(139)
Preferred equity	9		13		15
Perpetual subordinated notes	9		7		—
Preferred limited partners' equity	10		11		14
Limited partners' equity	11		120		(222)
			$	795	$	(886)

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 3

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Accumulated other comprehensive income														Non-controlling interests
UNAUDITED THREE MONTHS ENDED MARCH 31 (MILLIONS)	Limited partners' equity		Foreign currency translation		Revaluation surplus		Actuarial losses on defined benefit plans		Cash flow hedges		Investments in equity securities		Total limited partners' equity		Preferred limited partners' equity		Preferred equity		Perpetual subordinated notes		BEPC exchangeable shares		Participating non-controlling interests – in operating subsidiaries		General partnership interest in a holding subsidiary held by Brookfield		Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		Total equity
Balance, as at December 31, 2021	$	(1,516)	$	(842)	$	6,494	$	—	$	(48)	$	4	$	4,092	$	881	$	613	$	592	$	2,562	$	12,303	$	59	$	2,894	$	23,996
Net income (loss)	(44)		—		—		—		—		—		(44)		11		7		7		(27)		86		24		(31)		33
Other comprehensive income (loss)	—		152		(1)		1		14		(2)		164		—		6		—		102		372		2		116		762
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		106		—		—		106
Redemption of Preferred LP Units (Note 10)	—		—		—		—		—		—		—		(49)		—		—		—		—		—		—		(49)
Distributions or dividends declared	(91)		—		—		—		—		—		(91)		(11)		(7)		(7)		(55)		(169)		(25)		(63)		(428)
Distribution reinvestment plan	3		—		—		—		—		—		3		—		—		—		—		—		—		—		3
Other	7		—		5		—		—		—		12		—		—		—		6		10		—		7		35
Change in period	(125)		152		4		1		14		(2)		44		(49)		6		—		26		405		1		29		462
Balance, as at March 31, 2022	$	(1,641)	$	(690)	$	6,498	$	1	$	(34)	$	2	$	4,136	$	832	$	619	$	592	$	2,588	$	12,708	$	60	$	2,923	$	24,458
Balance, as at December 31, 2020	$	(988)	$	(720)	$	5,595	$	(6)	$	(39)	$	3	$	3,845	$	1,028	$	609	$	—	$	2,408	$	11,100	$	56	$	2,721	21,767
Net income (loss)	(66)		—		—		—		—		—		(66)		14		7		—		(41)		57		20		(46)		(55)
Other comprehensive income (loss)	—		(110)		(57)		2		8		1		(156)		—		8		—		(98)		(472)		(2)		(111)		(831)
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		814		—		—		814
Distributions or dividends declared	(84)		—		—		—		—		—		(84)		(14)		(7)		—		(52)		(118)		(21)		(59)		(355)
Distribution reinvestment plan	2		—		—		—		—		—		2		—		—		—		—		—		—		—		2
Other	(61)		(4)		8		—		—		1		(56)		—		—		—		(33)		223		(3)		(39)		92
Change in period	(209)		(114)		(49)		2		8		2		(360)		—		8		—		(224)		504		(6)		(255)		(333)
Balance, as at March 31, 2021	$	(1,197)	$	(834)	$	5,546	$	(4)	$	(31)	$	5	$	3,485	$	1,028	$	617	$	—	$	2,184	$	11,604	$	50	$	2,466	$	21,434

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 4

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED		Three months ended March 31
(MILLIONS)	Notes		2022		2021
Operating activities
Net income (loss)			$	33	$	(55)
Adjustments for the following non-cash items:
Depreciation	7		401		368
Unrealized foreign exchange and financial instruments losses	4		50		(27)
Share of earnings from equity-accounted investments	13		(19)		(5)
Deferred income tax recovery	6		(26)		(33)
Other non-cash items			—		14
Dividends received from equity-accounted investments	13		19		27
			458		289
Changes in due to or from related parties			23		18
Net change in working capital balances			(178)		44
			303		351
Financing activities
Commercial paper, net	8		120		(3)
Proceeds from non-recourse borrowings	8,19		1,113		1,037
Repayment of non-recourse borrowings	8,19		(894)		(354)
Repayment of lease liabilities			(5)		(9)
Capital contributions from participating non-controlling interests – in operating subsidiaries	9		106		814
Redemption and repurchase of equity instruments	10		(49)		—
Distributions paid:
To participating non-controlling interests – in operating subsidiaries, preferred shareholders, preferred limited partners unitholders, and perpetual subordinate notes	9,10		(191)		(139)
To unitholders of Brookfield Renewable or BRELP and shareholders of Brookfield Renewable Corporation	9,11		(230)		(216)
Borrowings from related party			940		410
Repayments to related party			—		(165)
			910		1,375
Investing activities
Acquisitions, net of cash and cash equivalents, in acquired entity	2		(780)		(1,428)
Investment in property, plant and equipment	7		(452)		(289)
Investment in equity-accounted investments			(20)		(44)
Proceeds from financial assets	4		59		46
Restricted cash and other			(50)		(50)
			(1,243)		(1,765)
Foreign exchange gain (loss) on cash			(1)		(11)
Cash and cash equivalents
(Decrease) Increase			(31)		(50)
Net change in cash classified within assets held for sale			1		(23)
Balance, beginning of period			764		431
Balance, end of period			$	734	$	358
Supplemental cash flow information:
Interest paid			$	237	$	205
Interest received			$	6	$	12
Income taxes paid			$	12	$	11

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 5

BROOKFIELD RENEWABLE PARTNERS L.P.

NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The business activities of Brookfield Renewable Partners L.P. (“Brookfield Renewable”) consist of owning a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, India and China.

Unless the context indicates or requires otherwise, the term “Brookfield Renewable” means Brookfield Renewable Partners L.P. and its controlled entities, including Brookfield Renewable Corporation (“BEPC”). Unless the context indicates or requires otherwise, the term “the partnership” means Brookfield Renewable Partners L.P. and its controlled entities, excluding BEPC.

Brookfield Renewable’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP units”) held by public unitholders and Brookfield, class A exchangeable subordinate voting shares (“BEPC exchangeable shares”) of Brookfield Renewable Corporation held by public shareholders and Brookfield, redeemable/exchangeable partnership units (“Redeemable/Exchangeable partnership units”) in Brookfield Renewable Energy L.P. (“BRELP”), a holding subsidiary of Brookfield Renewable, held by Brookfield and general partnership interest (“GP interest”) in BRELP held by Brookfield. Holders of the LP units, Redeemable/Exchangeable partnership units, GP interest, and BEPC exchangeable shares will be collectively referred to throughout as “Unitholders” unless the context indicates or requires otherwise. LP units, Redeemable/Exchangeable partnership units, GP interest, and BEPC exchangeable shares will be collectively referred to throughout as "Units", or as "per Unit", unless the context indicates or requires otherwise.

Brookfield Renewable is a publicly traded limited partnership established under the laws of Bermuda pursuant to an amended and restated limited partnership agreement dated November 20, 2011 as thereafter amended from time to time.

The registered office of Brookfield Renewable is 73 Front Street, Fifth Floor, Hamilton HM12, Bermuda.

The immediate parent of Brookfield Renewable is its general partner, Brookfield Renewable Partners Limited (“BRPL”). The ultimate parent of Brookfield Renewable is Brookfield Asset Management Inc. (”Brookfield Asset Management”). Brookfield Asset Management and its subsidiaries, other than Brookfield Renewable, are also individually and collectively referred to as “Brookfield” in these financial statements.

The BEPC exchangeable shares are traded under the symbol “BEPC” on the New York Stock Exchange and the Toronto Stock Exchange.

The LP units are traded under the symbol “BEP” on the New York Stock Exchange and under the symbol “BEP.UN” on the Toronto Stock Exchange. Brookfield Renewable's Class A Series 5, Series 7, Series 13, Series 15, and Series 18 preferred limited partners’ equity are traded under the symbols “BEP.PR.E”, “BEP.PR.G”, “BEP.PR.I”, “BEP.PR.K”, “BEP.PR.M”, “BEP.PR.O”, and “BEP.PR.R”, respectively, on the Toronto Stock Exchange. Brookfield Renewable's Class A Series 17 preferred limited partners’ equity is traded under the symbol “BEP.PR.A” on the New York Stock Exchange. The perpetual subordinated notes are traded under the symbol “BEPH” and “BEPI” on the New York Stock Exchange.

Notes to the consolidated financial statements		Page
1.	Basis of preparation and significant accounting policies	7
2.	Acquisitions	8
3.	Assets held for sale	9
4.	Risk management and financial instruments	10
5.	Segmented information	13
6.	Income taxes	18
7.	Property, plant and equipment	19
8.	Borrowings	20
9.	Non-controlling interests	22
10.	Preferred limited partners' equity	26
11.	Limited partners' equity	26
12.	Goodwill	27
13.	Equity-accounted investments	27
14.	Cash and cash equivalents	27
15.	Restricted cash	28
16.	Trade receivables and other current assets	28
17.	Accounts payable and accrued liabilities	28
18.	Commitments, contingencies and guarantees	29
19.	Related party transactions	30
20.	Subsidiary public issuers	31
21.	Subsequent events	32

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 6

1. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

(a) Statement of compliance

The interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting. 

Certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with Brookfield Renewable’s December 31, 2021 audited consolidated financial statements. The interim consolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2021 audited consolidated financial statements.

The interim consolidated financial statements are unaudited and reflect adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periods in accordance with IFRS.

The results reported in these interim consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire year. The policies set out below are consistently applied to all periods presented, unless otherwise noted. 

These consolidated financial statements have been authorized for issuance by the Board of Directors of Brookfield Renewable’s general partner, BRPL, on May 6, 2022.

Certain comparative figures have been reclassified to conform to the current year’s presentation.

References to $, C$, €, £, R$, COP, PLN, INR, MYR and CNY are to United States (“U.S.”) dollars, Canadian dollars, Euros, British pound, Brazilian reais, Colombian pesos, Poland zloty, Indian rupees, Malaysian ringgit and Chinese yuan, respectively.

All figures are presented in millions of U.S. dollars unless otherwise noted.

(b) Basis of preparation

The interim consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of property, plant and equipment and certain assets and liabilities which have been measured at fair value. Cost is recorded based on the fair value of the consideration given in exchange for assets.

(c) Consolidation

These consolidated financial statements include the accounts of Brookfield Renewable and its subsidiaries, which are the entities over which Brookfield Renewable has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of Brookfield Renewable’s subsidiaries are shown separately in equity in the combined statements of financial position.

(d) Recently adopted accounting standards

Amendments to IFRS 3 Business Combinations - Reference to the Conceptual Framework

The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. The amendments to IFRS 3 apply to annual reporting periods beginning on or after January 1, 2022.

Brookfield Renewable has completed an assessment and implemented its transition plan to address the impact and effect changes as a result of amendments to the recognition principle of IFRS 3. The adoption did not have a significant impact on Brookfield Renewable’s financial reporting.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 7

(e) Future changes in accounting policies

Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”)

The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2023. Brookfield Renewable is currently assessing the impact of these amendments.

There are currently no other future changes to IFRS with potential impact on Brookfield Renewable.

2. ACQUISITIONS

U.S. Solar Portfolio

On January 24, 2022, Brookfield Renewable, together with its institutional partners, completed the acquisition of a utility scale development business with a 20 GW portfolio of utility solar and energy storage development assets in the United States. The purchase price of this acquisition, including working capital and closing adjustments, was $702 million, plus $125 million of additional incentive payments to be paid contingent upon certain milestones being achieved. The total transaction costs of $2 million were expensed as incurred and have been classified under Other in the consolidated statement of income. Brookfield Renewable is expected to hold an approximately 20% economic interest.

This investment was accounted for using the acquisition method, and the results of operations have been included in the unaudited interim consolidated financial statements since the date of the acquisition.

Europe Solar Portfolio

On February 2, 2022, Brookfield Renewable, together with institutional partners, completed the acquisition of a 1.7 GW portfolio of utility-scale solar development assets in Germany. The purchase price of this acquisition, including working capital and closing adjustments, was approximately €66 million ($73 million), plus €15 million ($17 million) of additional incentive payments to be paid contingent upon certain milestones being achieved. The total transaction costs of €2 million ($2 million) were expensed as incurred and have been classified under Other in the consolidated statement of income. Brookfield Renewable is expected to hold an approximately 20% economic interest.

This investment was accounted for using the acquisition method, and the results of operations have been included in the unaudited interim consolidated financial statements since the date of the acquisition.

Chile Distributed Generation Portfolio

On March 17, 2022, Brookfield Renewable, together with institutional partners, completed the acquisition of 83% interest in a 437 MW distributed generation portfolio of high quality operating and development assets in Chile. The purchase price of this acquisition, including working capital and closing adjustments, was approximately $31 million, excluding non-controlling interest of $6 million. The total transaction costs of less than $1 million were expensed as incurred and have been classified under Other in the consolidated statement of income. Brookfield Renewable is expected to hold an approximately 20% economic interest.

This investment was accounted for using the acquisition method, and the results of operations have been included in the unaudited interim consolidated financial statements since the date of the acquisition.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 8

The preliminary purchase price allocations, at fair value, as at March 31, 2022, with respect to the acquisitions are as follows:

(MILLIONS)	Chile Distributed Generation Portfolio		Europe Solar Portfolio		U.S. Solar Portfolio		Total
Cash and cash equivalents	$	2	$	3	$	22	$	27
Restricted cash	—		—		6		6
Trade receivables and other current assets	2		30		48		80
Property, plant and equipment	21		1		691		713
Other non-current assets	1		—		89		90
Current liabilities	(1)		(5)		(32)		(38)
Financial instruments	—		—		(24)		(24)
Non-recourse borrowings	(6)		—		(47)		(53)
Deferred income tax liabilities	—		(7)		(61)		(68)
Other long-term liabilities	—		—		(43)		(43)
Non-controlling interests	$	(6)	$	—	$	—	$	(6)
Fair value of net assets acquired	19		22		649		690
Goodwill	18		68		178		264
Purchase price	$	37	$	90	$	827	$	954

Oregon Wind Portfolio

In the first quarter of 2021, Brookfield Renewable, together with institutional partners, completed the acquisition of 100% of a portfolio of three wind generation facilities of approximately 845 MW and development projects of approximately 400 MW (together, “Oregon Wind Portfolio”). During March 31, 2022, the purchase price allocation was finalized with no material changes from the purchase price allocation as at December 31, 2021 as disclosed in the 2021 Annual Report.

3. ASSETS HELD FOR SALE

As at March 31, 2022, assets held for sale within Brookfield Renewable's operating segments include solar and hydroelectric facilities in Asia and Brazil, respectively.

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, entered into a binding agreement for the sale of its 100% interest in a 36 MW operating hydroelectric portfolio in Brazil ("Brazil Hydroelectric Portfolio") for proceeds of $98 million ($25 million net to Brookfield Renewable). Brookfield Renewable holds an approximately 25% economic interest in each of the project entities within the Brazil Hydroelectric Portfolio and a 100% voting interest. The transaction is subject to customary closing conditions.

Subsequent to the quarter, Brookfield Renewable, together with institutional partners, completed the sale of its 19 MW solar assets in Asia for proceeds of approximately MYR $144 million ($33 million and $10 million net to Brookfield Renewable).

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 9

The following is a summary of the major items of assets and liabilities classified as held for sale:

(MILLIONS)	March 31, 2022		December 31, 2021
Assets
Cash and cash equivalents	$	8	$	9
Restricted cash	1		1
Trade receivables and other current assets	1		—
Property, plant and equipment	145		48
Assets held for sale	$	155	$	58
Liabilities
Long-term debt	3		3
Other long-term liabilities	3		3
Liabilities directly associated with assets held for sale	$	6	$	6

4. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

RISK MANAGEMENT

Brookfield Renewable`s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. Brookfield Renewable uses financial instruments primarily to manage these risks.

There have been no other material changes in exposure to the risks Brookfield Renewable is exposed to since the December 31, 2021 audited consolidated financial statements.

Fair value disclosures

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, management looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, commodity prices and, as applicable, credit spreads.

A fair value measurement of a non-financial asset is the consideration that would be received in an orderly transaction between market participants, considering the highest and best use of the asset.

Assets and liabilitiesmeasured at fair value are categorized into one of three hierarchy levels, described below. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities.

Level 1 – inputs are based on unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 – inputs, other than quoted prices in Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3 – inputs for the asset or liability that are not based on observable market data.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 10

The following table presents Brookfield Renewable's assets and liabilities measured and disclosed at fair value classified by the fair value hierarchy:

	March 31, 2022								December 31, 2021
(MILLIONS)	Level 1		Level 2		Level 3		Total		Total
Assets measured at fair value:
Cash and cash equivalents	$	734	$	—	$	—	$	734	$	764
Restricted cash(1)	336		—		—		336		312
Financial instrument assets(1)
Energy derivative contracts	—		35		4		39		55
Interest rate swaps	—		136		—		136		40
Foreign exchange swaps	—		1		—		1		32
Investments in debt and equity securities	—		44		94		138		195
Property, plant and equipment	—		—		51,167		51,167		49,432
Liabilities measured at fair value:
Financial instrument liabilities(1)
Energy derivative contracts	—		(309)		(121)		(430)		(226)
Interest rate swaps	—		(142)		—		(142)		(228)
Foreign exchange swaps	—		(82)		—		(82)		(56)
Tax equity	—		—		(418)		(418)		(455)
Contingent consideration(1)(2)	—		—		(144)		(144)		(3)
Liabilities for which fair value is disclosed:
Corporate borrowings(1)	(2,135)		(120)		—		(2,255)		(2,334)
Non-recourse borrowing(1)	(2,285)		(17,810)		—		(20,095)		(20,435)
Total	$	(3,350)	$	(18,247)	$	50,582	$	28,985	$	27,093

(1)Includes both the current amount and long-term amounts.

(2)Amount relates to business combinations completed in 2021 and 2022 with obligations lapsing from 2022 to 2027.

There were no transfers between levels during the three months ended March 31, 2022.

Financial instruments disclosures

The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows:

	March 31, 2022						December 31, 2021
(MILLIONS)	Assets		Liabilities		Net Assets (Liabilities)		Net Assets (Liabilities)
Energy derivative contracts	$	39	$	430	$	(391)	$	(171)
Interest rate swaps	136		142		(6)		(188)
Foreign exchange swaps	1		82		(81)		(24)
Investments in debt and equity securities	138		—		138		195
Tax equity	—		418		(418)		(455)
Total	314		1,072		(758)		(643)
Less: current portion	50		473		(423)		(340)
Long-term portion	$	264	$	599	$	(335)	$	(303)

(a)   Energy derivative contracts

Brookfield Renewable has entered into long-term energy derivative contracts primarily to stabilize or eliminate the price risk on the sale of certain future power generation. Certain energy contracts are recorded in Brookfield Renewable's

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 11

interim consolidated financial statements at an amount equal to fair value, using quoted market prices or, in their absence, a valuation model using both internal and third-party evidence and forecasts.

(b)   Interest rate hedges

Brookfield Renewable has entered into interest rate hedge contracts primarily to minimize exposure to interest rate fluctuations on its variable rate debt or to lock in interest rates on future debt refinancing. All interest rate hedge contracts are recorded in the interim consolidated financial statements at fair value.

(c)   Foreign exchange swaps

Brookfield Renewable has entered into foreign exchange swaps to minimize its exposure to currency fluctuations impacting its investments and earnings in foreign operations, and to fix the exchange rate on certain anticipated transactions denominated in foreign currencies.

(d)   Tax equity

Brookfield Renewable owns and operates certain projects in the U.S. under tax equity structures to finance the construction of solar and wind projects. In accordance with the substance of the contractual agreements, the amounts paid by the tax equity investors for their tax equity interests are classified as financial instrument liabilities on the consolidated statements of financial position.

Gain or loss on the tax equity liabilities are recognized in the Foreign exchange and financial instruments (gain) loss in the consolidated statements of income (loss).

(e)   Investments in debt and equity securities

Brookfield Renewable's investments in debt and equity securities consist of investments in non-publicly quoted securities which are recorded on the statement of financial position at fair value.

The following table reflects the gains (losses) included in Foreign exchange and financial instrument in the interim consolidated statements of income (loss) for the three months ended March 31:

	Three months ended March 31
(MILLIONS)		2022		2021
Energy derivative contracts		$	(116)	$	(41)
Interest rate swaps		50		53
Foreign exchange swaps		8		59
Tax equity		30		14
Foreign exchange gain (loss)		(9)		(37)
		$	(37)	$	48

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 12

The following table reflects the gains (losses) included in other comprehensive income in the interim consolidated statements of comprehensive income (loss) for the three months ended March 31:

	Three months ended March 31
(MILLIONS)		2022		2021
Energy derivative contracts		$	(149)	$	40
Interest rate swaps		127		47
Foreign exchange swaps		(11)		5
		(33)		92
Foreign exchange swaps – net investment		(45)		28
Investments in debt and equity securities		(5)		2
		$	(83)	$	122

The following table reflects the reclassification adjustments recognized in net income (loss) in the interim consolidated statements of comprehensive income (loss) for the three months ended March 31:

	Three months ended March 31
(MILLIONS)		2022		2021
Energy derivative contracts		$	53	$	(55)
Interest rate swaps		3		3
		$	56	$	(52)

5. SEGMENTED INFORMATION

Brookfield Renewable’s Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or “CODM”) review the results of the business, manage operations, and allocate resources based on the type of technology.

Brookfield Renewable’s operations are segmented by – 1) hydroelectric, 2) wind, 3) solar, 4) distributed generation ("DG"), storage & other (pumped storage, cogeneration and biomass), and 5) corporate – with hydroelectric and wind further segmented by geography (i.e., North America, Colombia, Brazil, Europe and Asia). This best reflects the way in which the CODM reviews results of our company.

Reporting to the CODM on the measures utilized to assess performance and allocate resources is provided on a proportionate basis. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which it accounts for using consolidation and the equity method whereby Brookfield Renewable either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides a Unitholder (holders of the GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units) perspective that the CODM considers important when performing internal analyses and making strategic and operating decisions. The CODM also believes that providing proportionate information helps investors understand the impacts of decisions made by management and financial results allocable to Brookfield Renewable’s Unitholders.

Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconciling IFRS data with data presented on a proportionate consolidation basis have been disclosed. Segment revenues, other income, direct operating costs, interest expense, depreciation, current and deferred income taxes, and other are items that will differ from results presented in accordance with IFRS as these items include Brookfield Renewable’s proportionate share of earnings from equity-accounted investments attributable to each of the above-noted items, and exclude the proportionate share of earnings (loss) of consolidated investments not held by us apportioned to each of the above-noted items.

Brookfield Renewable does not control those entities that have not been consolidated and as such, have been presented as equity-accounted investments in its consolidated financial statements. The presentation of the assets and liabilities and revenues and expenses does not represent Brookfield Renewable’s legal claim to such items, and the removal of financial statement amounts that are attributable to non-controlling interests does not extinguish Brookfield Renewable’s legal claims or exposures to such items.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 13

Brookfield Renewable reports its results in accordance with these segments and presents prior period segmented information in a consistent manner.

The accounting policies of the reportable segments are the same as those described in Note 1 – Basis of preparation and significant accounting policies. Brookfield Renewable analyzes the performance of its operating segments based on Funds From Operations. Funds From Operations is not a generally accepted accounting measure under IFRS and therefore may differ from definitions of Funds From Operations used by other entities, as well as the definition of funds from operations used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”).

Brookfield Renewable uses Funds From Operations to assess the performance of Brookfield Renewable before the effects of certain cash items (e.g., acquisition costs and other typical non-recurring cash items) and certain non-cash items (e.g., deferred income taxes, depreciation, non-cash portion of non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, and other non-cash items) as these are not reflective of the performance of the underlying business. Brookfield Renewable includes realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term within Funds From Operations in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period net income.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 14

The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income (loss) on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended March 31, 2022:

	Attributable to Unitholders																						Contribution from equity-accounted investments		Attributable  to non-  controlling  interests		As per IFRS financials(1)
	Hydroelectric						Wind								Solar		Distributed generation, storage & other		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia		North America		Europe		Brazil		Asia
Revenues	$	216	$	48	$	73	$	86	$	51	$	6	$	9	$	81	$	79	$	—	$	649	$	(49)	$	536	$	1,136
Other income	1		18		—		—		4		—		—		36		14		5		78		(12)		5		71
Direct operating costs	(88)		(13)		(20)		(26)		(9)		(2)		(2)		(27)		(33)		(8)		(228)		21		(143)		(350)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		—		—		40		2		42
	129		53		53		60		46		4		7		90		60		(3)		499		—		400
Management service costs	—		—		—		—		—		—		—		—		—		(76)		(76)		—		—		(76)
Interest expense	(44)		(5)		(10)		(16)		(4)		(1)		(3)		(26)		(11)		(20)		(140)		6		(132)		(266)
Current income taxes	(1)		(3)		(8)		—		(1)		—		—		—		(2)		—		(15)		3		(30)		(42)
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		—		—		(11)		(11)		—		—		(11)
Preferred equity	—		—		—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Perpetual subordinated notes	—		—		—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Share of interest and cash taxes from equity accounted investments	—		—		—		—		—		—		—		—		—		—		—		(9)		(2)		(11)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		—		—		(236)		(236)
Funds From Operations	84		45		35		44		41		3		4		64		47		(124)		243		—		—
Depreciation																					(246)		9		(164)		(401)
Foreign exchange and financial instrument gain (loss)																					(24)		1		(14)		(37)
Deferred income tax expense																					30		—		(4)		26
Other																					(81)		2		32		(47)
Share of earnings from equity-accounted investments																					—		(12)		—		(12)
Net income attributable to non-controlling interests																					—		—		150		150
Net income (loss) attributable to Unitholders(2)																					$	(78)	$	—	$	—	$	(78)

(1)Share of loss from equity-accounted investments of $19 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $86 million is comprised of amounts found on share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 15

The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended March 31, 2021:

	Attributable to Unitholders																						Contribution from equity-accounted investments		Attributable  to non-  controlling  interests		As per IFRS financials(1)
	Hydroelectric						Wind								Solar		Distributed generation, storage & other		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia		North America		Europe		Brazil		Asia
Revenues	$	205	$	52	$	55	$	122	$	43	$	7	$	7	$	77	$	70	$	—	$	638	$	(39)	$	421	$	1,020
Other income	5		8		—		1		42		—		—		6		3		9		74		(2)		(45)		27
Direct operating costs	(69)		(12)		(20)		(42)		(18)		(3)		(1)		(24)		(27)		(7)		(223)		21		(189)		(391)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		—		—		20		10		30
	141		48		35		81		67		4		6		59		46		2		489		—		197
Management service costs	—		—		—		—		—		—		—		—		—		(81)		(81)		—		—		(81)
Interest expense	(36)		(7)		(6)		(19)		(6)		(2)		(2)		(29)		(13)		(19)		(139)		6		(100)		(233)
Current income taxes	(1)		(2)		(2)		—		(1)		—		—		—		—		—		(6)		—		(10)		(16)
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		—		—		(14)		(14)		—		—		(14)
Preferred equity	—		—		—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Share of interest and cash taxes from equity accounted investments	—		—		—		—		—		—		—		—		—		—		—		(6)		(4)		(10)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		—		—		(83)		(83)
Funds From Operations	104		39		27		62		60		2		4		30		33		(119)		242		—		—
Depreciation																					(237)		13		(144)		(368)
Foreign exchange and financial instrument gain (loss)																					—		—		48		48
Deferred income tax expense																					35		—		(2)		33
Other																					(173)		2		72		(99)
Share of earnings from equity-accounted investments																					—		(15)		—		(15)
Net income attributable to non-controlling interests																					—		—		26		26
Net income (loss) attributable to Unitholders(2)																					$	(133)	$	—	$	—	$	(133)

(1)Share of earnings from equity-accounted investments of $5 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $57 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to LP units, Redeemable/Exchangeable partnership units, BEPC exchange shares and GP interest. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 16

The following table provides information on each segment's statement of financial position in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of financial position by aggregating the components comprising from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests:

	Attributable to Unitholders																						Contribution from equity-accounted investments		Attributable to non- controlling interests		As per IFRS financials
	Hydroelectric						Wind								Solar		Distributed generation, storage & other		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia		North America		Europe		Brazil		Asia
As at March 31, 2022
Cash and cash equivalents	$	45	$	1	$	47	$	36	$	80	$	3	$	11	$	111	$	38	$	23	$	395	$	(29)	$	368	$	734
Property, plant and equipment	15,185		1,936		2,150		3,266		650		336		273		3,560		2,202		—		29,558		(1,174)		22,783		51,167
Total assets	16,461		2,153		2,433		3,667		858		352		354		4,101		2,566		57		33,002		(597)		25,976		58,381
Total borrowings	4,139		307		569		1,662		439		77		190		2,753		1,000		2,299		13,435		(372)		9,137		22,200
Other liabilities	4,517		96		693		774		216		18		45		762		234		461		7,816		(225)		4,132		11,723
For the three months ended March 31, 2022:
Additions to property, plant and equipment	17		8		1		5		1		8		—		54		7		—		101		(1)		315		415
As at December 31, 2021
Cash and cash equivalents	$	41	$	4	$	16	$	30	$	46	$	5	$	6	$	104	$	43	$	245	$	540	$	(28)	$	252	$	764
Property, plant and equipment	15,188		1,680		2,032		3,286		676		277		266		3,355		2,183		—		28,943		(1,111)		21,600		49,432
Total assets	16,322		1,833		2,277		3,665		842		292		342		3,746		2,500		292		32,111		(518)		24,274		55,867
Total borrowings	4,126		261		526		1,628		474		74		195		2,736		996		2,156		13,172		(351)		8,708		21,529
Other liabilities	4,499		91		644		771		218		8		52		435		227		303		7,248		(167)		3,261		10,342
For the three months ended March 31, 2021:
Additions to property, plant and equipment	26		15		29		23		62		—		—		21		15		1		192		(1)		100		291

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 17

Geographical Information

The following table presents consolidated revenue split by reportable segment for the three months ended March 31:

	Three months ended March 31
(MILLIONS)		2022		2021
Hydroelectric
North America		$	285	$	271
Brazil		47		56
Colombia		305		227
		637		554
Wind
North America		164		178
Europe		77		68
Brazil		17		17
Asia		38		29
		296		292
Solar		142		123
Distributed generation, storage & other		61		51
Total		$	1,136	$	1,020

The following table presents consolidated property, plant and equipment and equity-accounted investments split by geography region:

(MILLIONS)	March 31, 2022		December 31, 2021
United States	$	25,395	$	24,596
Colombia	9,006		8,497
Canada	7,674		7,651
Brazil	4,508		3,860
Europe	4,135		4,440
Asia	1,572		1,495
Other	22		—
	$	52,312	$	50,539

6. INCOME TAXES

Brookfield Renewable's effective income tax rate was 33% for the three months ended March 31, 2022 (2021: 24%). The effective tax rate is different than the statutory rate primarily due to rate differentials and non-controlling interests' income or loss not subject to tax.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 18

7. PROPERTY, PLANT AND EQUIPMENT

The following table presents a reconciliation of property, plant and equipment at fair value:

(MILLIONS)	Notes	Hydroelectric		Wind		Solar		Other(1)		Total
Property, plant and equipment, at fair value
As at December 31, 2021		$	31,513	$	9,115	$	7,389	$	188	$	48,205
Additions, net		(2)		(32)		—		—		(34)
Transfer from construction work-in-progress		4		91		5		—		100
Acquisitions through business combinations	2	—		—		21		—		21
Transfer to assets held for sale	3	(97)		—		—		—		(97)
Items recognized through OCI:
Change in fair value		(2)		—		—		—		(2)
Foreign exchange		911		106		(37)		17		997
Items recognized through net income:
Depreciation		(156)		(149)		(88)		(8)		(401)
As at March 31, 2022		$	32,171	$	9,131	$	7,290	$	197	$	48,789
Construction work-in-progress
As at December 31, 2021		278		295		649		5		1,227
Additions, net		30		170		247		2		449
Transfer to property, plant and equipment		(4)		(91)		(5)		—		(100)
Acquisitions through business combinations	2	—		—		692		—		692
Items recognized through OCI:
Foreign exchange		18		9		83		—		110
As at March 31, 2022		$	322	$	383	$	1,666	$	7	$	2,378
Total property, plant and equipment, at fair value
As at December 31, 2021(2)		$	31,791	$	9,410	$	8,038	$	193	$	49,432
As at March 31, 2022(2)		$	32,493	$	9,514	$	8,956	$	204	$	51,167

(1)Includes biomass and cogeneration.

(2)Includes right-of-use assets not subject to revaluation of $69 million (2021: $69 million) in hydroelectric, $172 million (2021: $174 million) in wind, $185 million (2021: $186 million) in solar, and $2 million (2021: $2 million) in other.

In the first quarter of 2022, Brookfield Renewable, together with its institutional partners, completed the acquisition of a 248 MW development wind portfolio in Brazil. The investment is accounted for as asset acquisition as it does not constitute a business combination under IFRS 3, with $11 million of property, plant and equipment included in the consolidated statements of financial position at the acquisition date. Brookfield Renewable holds a 25% economic interest.

In the first quarter of 2022, Brookfield Renewable, together with its institutional partners, completed the acquisition of an operating wind asset in China for a total capacity of 10 MW. The investment is accounted for as asset acquisition as it does not constitute business combinations under IFRS 3, with $17 million of property, plant and equipment included in the consolidated statements of financial position at the acquisition date. Brookfield Renewable holds a 25% economic interest.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 19

8. BORROWINGS

Corporate Borrowings

The composition of corporate borrowings is presented in the following table:

	March 31, 2022						December 31, 2021
	Weighted-average						Weighted- average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)	Term (years)	Carrying value		Estimated fair value		Interest rate (%)	Term (years)	Carrying value		Estimated fair value
Credit facilities	N/A	4	$	—	$	—	N/A	5	$	—	$	—
Commercial paper	0.8	<1	120		120		N/A	N/A	—		—
Medium Term Notes:
Series 4 (C$150)	5.8	15	119		140		5.8	15	118		154
Series 9 (C$400)	3.8	3	320		322		3.8	3	317		334
Series 10 (C$500)	3.6	5	400		398		3.6	5	396		421
Series 11 (C$475)	4.3	7	380		388		4.3	7	376		419
Series 12 (C$475)	3.4	8	380		365		3.4	8	376		399
Series 13 (C$300)	4.3	28	240		238		4.3	28	237		275
Series 14 (C$425)	3.3	28	340		284		3.3	29	336		332
	3.9	12	2,179		2,135		3.9	13	2,156		2,334
Total corporate borrowings			2,299		$	2,255			2,156		$	2,334
Add: Unamortized premiums(1)			3						3
Less: Unamortized financing fees(1)			(10)						(10)
Less: Current portion			(120)						—
			$	2,172					$	2,149

(1)Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.

Credit facilities

Brookfield Renewable had $120 million commercial paper outstanding as at March 31, 2022 (2021: nil).

In the first quarter of 2022, Brookfield Renewable increased the capacity of its commercial paper program from $500 million to $1 billion.

Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include, but are not limited to, security deposits, performance bonds and guarantees for debt service reserve accounts. See Note 18 – Commitments, contingencies and guarantees for letters of credit issued by subsidiaries.

The following table summarizes the available portion of corporate credit facilities:

(MILLIONS)	March 31, 2022		December 31, 2021
Authorized corporate credit facilities and related party credit facilities(1)	$	2,375	$	2,375
Draws on corporate credit facilities(1)(2)	(6)		(24)
Authorized letter of credit facility	400		400
Issued letters of credit	(288)		(289)
Available portion of corporate credit facilities	$	2,481	$	2,462

(1)Amounts are guaranteed by Brookfield Renewable.

(2)Relates to letter of credit issued on Brookfield Renewable's corporate credit facilities of $1,975 million

Medium term notes

Corporate borrowings are obligations of a finance subsidiary of Brookfield Renewable, Brookfield Renewable Partners ULC (“Finco”) (Note 20 – Subsidiary public issuers). Finco may redeem some or all of the borrowings from time to time,

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 20

pursuant to the terms of the indenture. The balance is payable upon maturity, and interest on corporate borrowings is paid semi-annually. The term notes payable by Finco are unconditionally guaranteed by Brookfield Renewable, Brookfield Renewable Energy L.P. (“BRELP”) and certain other subsidiaries.

Non-recourse borrowings

Non-recourse borrowings are typically asset-specific, long-term, non-recourse borrowings denominated in the domestic currency of the subsidiary. Non-recourse borrowings in North America and Europe consist of both fixed and floating interest rate debt indexed to the London Interbank Offered Rate (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”) and the Canadian Dollar Offered Rate (“CDOR”). Brookfield Renewable uses interest rate swap agreements in North America and Europe to minimize its exposure to floating interest rates. Non-recourse borrowings in Brazil consist of floating interest rates of Taxa de Juros de Longo Prazo (“TJLP”), the Brazil National Bank for Economic Development’s long-term interest rate, or Interbank Deposit Certificate rate (“CDI”), plus a margin. Non-recourse borrowings in Colombia consist of both fixed and floating interest rates indexed to Indicador Bancario de Referencia rate (“IBR”), the Banco Central de Colombia short-term interest rate, and Colombian Consumer Price Index (“IPC”) , Colombia inflation rate, plus a margin. Non-Recourse borrowings in India consist of both fixed and floating interest indexed to Prime lending rate of lender (“MCLR”) . Non-recourse borrowings in China consist of floating interest rates of People's Bank of China (“PBOC”) .

Effective January 1, 2022. Sterling Overnight Index Average (“SONIA”) replaced £ LIBOR, and Euro Short-term Rate (“€STR”) replaced € LIBOR. It is also currently expected that Secured Overnight Financing Rate (“SOFR”) will replace US$ LIBOR prior to June 30, 2023. As at March 31, 2022, none of Brookfield Renewable’s floating rate borrowings have been impacted by these reforms.

The composition of non-recourse borrowings is presented in the following table:

	March 31, 2022						December 31, 2021
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)	Term (years)(4)	Carrying value		Estimated fair value		Interest rate (%)	Term (years)	Carrying value		Estimated fair value
Non-recourse borrowings(1)
Hydroelectric(2)	5.5	11	$	8,792	$	8,740	4.9	11	$	8,541	$	9,008
Wind	4.4	8	4,818		4,868		4.4	8	4,767		5,059
Solar	4.5	12	4,483		4,705		4.1	13	4,303		4,561
Distributed generation, storage & other	3.2	8	1,792		1,782		3.2	8	1,741		1,807
Total	4.8	10	$	19,885	$	20,095	4.5	10	$	19,352	$	20,435
Add: Unamortized premiums(3)			151						160
Less: Unamortized financing fees(3)			(128)						(132)
Less: Current portion			(2,562)						(1,818)
			$	17,346					$	17,562

(1)Includes $37 million (2021: $30 million) borrowed under a subscription facility of a Brookfield sponsored private fund.

(2)Includes $73 million (2021: $51 million) outstanding to an associate of Brookfield. Refer to Note 19 - Related party transactions for more details.

(3)Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.

(4)Excluding non-permanent financings, total weighted-average term is 11 years.

In the first quarter of 2022, Brookfield Renewable completed a financing of COP 200 billion ($53 million) in Colombia. The loan bears a fixed interest of 8.66% and matures in 2032.

In the first quarter of 2022, Brookfield Renewable completed a financing of COP 356 billion ($95 million) in Colombia. The bond issued in two tranches bears variable interest at the applicable rate plus an average margin of 4.39% maturing in 2029 and 2037.

In the first quarter of 2022, Brookfield Renewable completed a financing of COP 200 billion ($53 million) in Colombia. The loan bears variable interest at the applicable base rate plus 3.25% maturing in 2032.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 21

In the first quarter of 2022, Brookfield Renewable completed a financing of R$150 million ($29 million) associated with a solar development project in Brazil. The loan bears a variable interest at the applicable rate plus 5.04% and matures February 2045.

In the first quarter of 2022, Brookfield Renewable completed a financing of CNY 835 million ($132 million) related to a wind portfolio in China. The debt, drawn in two tranches, bears a fixed interest rate of 4.9% and matures in 2037.

In the first quarter of 2022, Brookfield Renewable increased its revolving credit facility associated with the distributed generation portfolio in the United States by $50 million to a total of $150 million and agreed to amend its maturity to March 2025.

In the first quarter of 2022, Brookfield Renewable completed a refinancing totaling $170 million associated with a hydroelectric portfolio in the United States. The debt drawn in two tranches bears an average fixed interest of 3.62% and matures in 2032.

In the first quarter of 2022, Brookfield Renewable completed a refinancing totaling $35 million associated with a hydroelectric portfolio in the United States. A portion of the debt bears a fixed rate of 4.98% and the remaining portion bears interest at the applicable interest rate plus 3.25% maturing in 2026.

9. NON-CONTROLLING INTERESTS

Brookfield Renewable`s non-controlling interests are comprised of the following:

(MILLIONS)	March 31, 2022		December 31, 2021
Participating non-controlling interests – in operating subsidiaries	$	12,708	$	12,303
General partnership interest in a holding subsidiary held by Brookfield	60		59
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	2,923		2,894
BEPC exchangeable shares	2,588		2,562
Preferred equity	619		613
Perpetual subordinated notes	592		592
	$	19,490	$	19,023

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 22

Participating non-controlling interests – in operating subsidiaries

The net change in participating non-controlling interests – in operating subsidiaries is as follows:

(MILLIONS)	Brookfield Americas Infrastructure Fund		Brookfield Infrastructure Fund II		Brookfield Infrastructure Fund III		Brookfield Infrastructure Fund IV			Brookfield Global Transition Fund			Canadian Hydroelectric Portfolio			The Catalyst Group			Isagen institutional investors			Isagen public non-controlling interests			Other		Total
As at December 31, 2021	$	685	$	2,253	$	3,618	$	1,410		$	—		$	974		$	132		$	2,442		$	13		$	776	$	12,303
Net income (loss)	3		(31)		47		(3)			(10)			5			5			64			—			6		86
Other comprehensive income (loss)	1		42		155		45			(2)			10			—			159			1			(39)		372
Capital contributions	—		—		—		25			78			—			—			—			—			3		106
Distributions	(10)		(24)		(70)		—			—			(8)			(1)			(45)			—			(11)		(169)
Other	(1)		1		13		3			3			5			—			(5)			—			(9)		10
As at March 31, 2022	$	678	$	2,241	$	3,763	$	1,480		$	69		$	986		$	136		$	2,615		$	14		$	726	$	12,708
Interests held by third parties	75% - 78%		43% - 60%		23% - 71%		75		%	74		%	50		%	25		%	53		%	0.3		%	0.3% - 50%

`

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 23

General partnership interest in a holding subsidiary held by Brookfield,Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield and BEPC Class A exchangeable shares of Brookfield Renewable Corporation held by public shareholders and Brookfield

Brookfield, as the owner of the 1% GP interest in BRELP, is entitled to regular distributions plus an incentive distribution based on the amount by which quarterly distributions exceed specified target levels. As at March 31, 2022, to the extent that LP unit distributions exceed $0.20 per LP unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that quarterly LP unit distributions exceed $0.2253 per LP unit per quarter, the incentive distribution is equal to 25% of distributions above this threshold. Incentive distributions of $24 million were declared during the three months ended March 31 (2021: $20 million).

Consolidated equity includes Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest. The Redeemable/Exchangeable partnership units and the GP interest are held 100% by Brookfield and the BEPC exchangeable shares are held 26% by Brookfield with the remainder held by public shareholders. The Redeemable/Exchangeable partnership units and BEPC exchangeable shares provide the holder, at its discretion, with the right to redeem these units or shares, respectively, for cash consideration. Since this redemption right is subject to Brookfield Renewable’s right, at its sole discretion, to satisfy the redemption request with LP units of Brookfield Renewable on a one-for-one basis, the Redeemable/Exchangeable partnership units and BEPC exchangeable shares are classified as equity in accordance with IAS 32, Financial Instruments: Presentation.

The Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest are presented as non-controlling interests since they relate to equity in a subsidiary that is not attributable, directly or indirectly, to Brookfield Renewable. During the three months ended March 31, 2022, exchangeable shareholders of BEPC exchanged 3,341 BEPC exchangeable shares (2021: 3,609 shares during the same periods) for an equivalent number of LP units amounting to less than $1 million LP units (2021: less than $1 million). No Redeemable/Exchangeable partnership units have been redeemed.

The Redeemable/Exchangeable partnership units issued by BRELP and the BEPC exchangeable shares issued by BEPC have the same economic attributes in all respects to the LP units issued by Brookfield Renewable, except for the redemption rights described above. The Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest, excluding incentive distributions, participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the LP units of Brookfield Renewable.

As at March 31, 2022, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and units of GP interest outstanding were 194,487,939 units (December 31, 2021: 194,487,939 units), 172,227,065 shares (December 31, 2021: 172,203,342 shares), and 3,977,260 units (December 31, 2021: 3,977,260 units), respectively.

In December 2021, Brookfield Renewable renewed its normal course issuer bid in connection with its LP units and entered into a normal course issuer bid for its outstanding BEPC exchangeable shares. Brookfield Renewable is authorized to repurchase up to 13,750,520 LP units and 8,610,184 BEPC exchangeable shares, representing 5% of its issued and outstanding LP units and BEPC exchangeable shares. The bids will expire on December 15, 2022, or earlier should Brookfield Renewable complete its repurchases prior to such date. There were no LP units or BEPC exchangeable shares repurchased during the three months ended March 31, 2022 and 2021 .

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 24

Distributions

The composition of the distributions for the three months ended March 31 is presented in the following table:

	Three months ended March 31
(MILLIONS)		2022		2021
General partnership interest in a holding subsidiary held by Brookfield		$	1	$	1
Incentive distribution		24		20
		25		21
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		63		59
BEPC exchangeable shares held by
Brookfield		15		12
External shareholders		40		40
Total BEPC exchangeable shares		55		52
		$	143	$	132

Preferred equity

Brookfield Renewable's preferred equity consists of Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. ("BRP Equity") as follows:

(MILLIONS EXCEPT AS NOTED)	Shares outstanding	Cumulative distribution rate (%)	Earliest permitted redemption date	Distributions declared for the three months ended March 31				Carrying value as at
				2022		2021		March 31, 2022		December 31, 2021
Series 1 (C$136)	6.85	3.1	April 2025	$	1	$	1	$	136	$	135
Series 2 (C$113)(1)	3.11	2.8	April 2025	1		1		63		62
Series 3 (C$249)	9.96	4.4	July 2024	2		2		198		197
Series 5 (C$103)	4.11	5.0	April 2018	1		1		82		81
Series 6 (C$175)	7.00	5.0	July 2018	2		2		140		138
	31.03			$	7	$	7	$	619	$	613

(1)Dividend rate represents annualized distribution based on the most recent quarterly floating rate.

Distributions paid during the three months ended March 31, 2022, totaled $7 million (2021: $7 million).

The Class A Preference Shares do not have a fixed maturity date and are not redeemable at the option of the holders. As at March 31, 2022, none of the issued Class A, Series 5 and 6 Preference Shares have been redeemed by BRP Equity.

Class A Preference Shares – Normal Course Issuer Bid

In July 2021, the Toronto Stock Exchange accepted notice of BRP Equity's intention to renew the normal course issuer in connection with its outstanding Class A Preference Shares for another year to July 8, 2022, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, it is permitted to repurchase up to 10% of the total public float for each respective series of the Class A Preference Shares. Shareholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. The were no repurchases of Class A Preference Shares during the three months ended March 31, 2022 in connection with the normal course issuer bid.

Perpetual subordinated notes

In April 2021 and December 2021, Brookfield BRP Holdings (Canada) Inc., a wholly-owned subsidiary of Brookfield Renewable, issued $350 million and $260 million, respectively, of perpetual subordinated notes at a fixed rate of 4.625% and 4.875%, respectively.

The interest expense on the perpetual subordinated notes during the three months ended March 31, 2022 of $7 million (2021: nil) are presented as distributions in the consolidated statements of changes in equity. The carrying value of the perpetual subordinated notes, net of transaction cost, is $592 million (2021: $592 million) as at March 31, 2022.

Distributions paid during the three months ended March 31, 2022, totaled $4 million (2021: nil).

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 25

10. PREFERRED LIMITED PARTNERS' EQUITY

Brookfield Renewable’s preferred limited partners’ equity comprises of Class A Preferred units as follows:

(MILLIONS, EXCEPT AS NOTED)	Shares outstanding	Cumulative distribution rate (%)	Earliest permitted redemption date	Distributions declared for the three months ended March 31				Carrying value as at
				2022		2021		March 31, 2022		December 31, 2021
Series 5 (C$72)	—	5.59	April 2018	$	—	$	1	$	—	$	49
Series 7 (C$175)	7.00	5.50	January 2026	2		2		128		128
Series 9 (C$200)(1)	—	5.75	July 2021	—		2		—		—
Series 11 (C$250)	10.00	5.00	April 2022	2		2		187		187
Series 13 (C$250)	10.00	5.00	April 2023	2		2		196		196
Series 15 (C$175)	7.00	5.75	April 2024	2		2		126		126
Series 17 ($200)	8.00	5.25	March 2025	3		3		195		195
	42.00			$	11	$	14	$	832	$	881

(1)In the third quarter of 2021, Brookfield Renewable redeemed all of the outstanding units of Series 9 Preferred Limited Partnership units.

In the first quarter of 2022, Brookfield Renewable redeemed all of the outstanding units of Series 5 Preferred Limited Partnership units for C$73 million or C$25.25 per Preferred Limited Partnership Unit.

Distributions paid during the three months ended March 31, 2022, totaled $11 million (2021: $14 million).

Subsequent to the quarter, Brookfield Renewable issued 6,000,000 Class A Preferred Limited Partnership Units, Series 18 (the 'Series 18 Preferred Units") at a price of C$25 per unit for gross proceeds of C$150 million. The holders of the Series 18 Preferred Units are entitled to receive a cumulative quarterly fixed distribution yielding 5.5%.

Subsequent to the quarter, Brookfield Renewable redeemed all of the outstanding units of Series 11 Preferred Units for C$250 million or C$25 per Unit.

Class A Preferred LP Units - Normal Course Issuer Bid

In July 2021, the Toronto Stock Exchange accepted notice of Brookfield Renewable's intention to renew the normal course issuer bid in connection with the outstanding Class A Preferred Limited Partnership Units for another year to July 8, 2022, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, Brookfield Renewable is permitted to repurchase up to 10% of the total public float for each respective series of its Class A Preference Units. Unitholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. No shares were repurchased during the three months ended March 31, 2022.

11. LIMITED PARTNERS' EQUITY

Limited partners’ equity

As at March 31, 2022, 275,156,471 LP units were outstanding (December 31, 2021: 275,084,265 LP units) including 68,749,416 LP units (December 31, 2021: 68,749,416 LP units) held by Brookfield. Brookfield owns all general partnership interests in Brookfield Renewable representing a 0.01% interest.

During the three months ended March 31, 2022, 68,865 LP units (2021: 41,810 LP units) were issued under the distribution reinvestment plan at a total cost of $3 million (2021: $2 million).

During the three months ended March 31, 2022, exchangeable shareholders of BEPC exchanged 3,341 exchangeable shares (2021: 3,609 exchangeable shares) for an equivalent number of LP units amounting to less than $1 million LP units (2021: less than $1 million).

As at March 31, 2022, Brookfield Asset Management’s direct and indirect interest of 308,051,190 LP units, Redeemable/Exchangeable partnership units and BEPC exchangeable shares represents approximately 48% of Brookfield Renewable on a fully-exchanged basis and the remaining approximate 52% is held by public investors.

On an unexchanged basis, Brookfield holds a 25% direct limited partnership interest in Brookfield Renewable, a 41% direct interest in BRELP through the ownership of Redeemable/Exchangeable partnership units, a 1% direct GP interest in BRELP and a 26% direct interest in the exchangeable shares of BEPC as at March 31, 2022.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 26

In December 2021, Brookfield Renewable renewed its normal course issuer bid in connection with its LP units. Brookfield Renewable is authorized to repurchase up to 13,750,520 LP units, representing 5% of its issued and outstanding LP units. The bid will expire on December 15, 2022, or earlier should Brookfield Renewable complete its repurchases prior to such date. There were no LP units repurchased during the three months ended March 31, 2022.

Distributions

The composition of distributions for the three months ended March 31 are presented in the following table:

	Three months ended March 31
(MILLIONS)		2022		2021
Brookfield		$	23	$	21
External LP unitholders		68		63
		$	91	$	84

In February 2022, Unitholder distributions were increased to $1.28 per LP unit on an annualized basis, an increase of 5% per LP unit, which took effect with the distribution paid in March 2022.

Distributions paid during the three months ended March 31, 2022 totaled $89 million (2021: $84 million).

12. GOODWILL

The following table provides a reconciliation of goodwill:

(MILLIONS)	Notes	Total
Balance, as at December 31, 2021		966
Acquired through acquisition	3	264
Foreign exchange		36
Balance, as at March 31, 2022		$	1,266

13. EQUITY-ACCOUNTED INVESTMENTS

The following are Brookfield Renewable’s equity-accounted investments for the three months ended March 31, 2022:

(MILLIONS)	March 31, 2022
Balance, beginning of year	$	1,107
Investment	20
Share of net income	19
Share of other comprehensive income	22
Dividends received	(19)
Foreign exchange translation and other	(4)
Balance, end of year	$	1,145

14. CASH AND CASH EQUIVALENTS

Brookfield Renewable’s cash and cash equivalents are as follows:

(MILLIONS)	March 31, 2022		December 31, 2021
Cash	$	577	$	759
Short-term deposits	157		5
	$	734	$	764

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 27

15. RESTRICTED CASH

Brookfield Renewable’s restricted cash is as follows:

(MILLIONS)	March 31, 2022		December 31, 2021
Operations	$	152	$	167
Credit obligations	140		95
Capital expenditures and development projects	44		50
Total	336		312
Less: non-current	(61)		(51)
Current	$	275	$	261

16. TRADE RECEIVABLES AND OTHER CURRENT ASSETS

Brookfield Renewable's trade receivables and other current assets are as follows:

(MILLIONS)	March 31, 2022		December 31, 2021
Trade receivables	$	640	$	629
Collateral deposits(1)	539		434
Prepaids and other	116		354
Inventory	68		31
Income tax receivable	19		39
Current portion of contract asset	59		57
Other short-term receivables	192		139
	$	1,633	$	1,683

(1)Collateral deposits are related to energy derivative contracts that Brookfield Renewable enters into in order to mitigate the exposure to wholesale market electricity prices on the future sale of uncontracted generation, as part of Brookfield Renewable's risk management strategy.

Brookfield Renewable primarily receives monthly payments for invoiced power purchase agreement revenues and has no significant aged receivables as of the reporting date. Receivables from contracts with customers are reflected in Trade receivables.

17. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Brookfield Renewable's accounts payable and accrued liabilities are as follows:

(MILLIONS)	March 31, 2022		December 31, 2021
Operating accrued liabilities	$	259	$	312
Accounts payable	165		208
Interest payable on borrowings	122		116
LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable , perpetual subordinate notes distributions and exchange shares dividends(1)	56		54
Current portion of lease liabilities	29		30
Other	92		59
	$	723	$	779

(1)Includes amounts payable only to external LP unitholders and BEPC exchangeable shareholders. Amounts payable to Brookfield are included in due to related parties.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 28

18. COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments

In the course of its operations, Brookfield Renewable and its subsidiaries have entered into agreements for the use of water, land and dams. Payment under those agreements varies with the amount of power generated. The various agreements can be renewed and are extendable up to 2089.

Brookfield Renewable, together with institutional partners, entered into a commitment to invest COP 153 billion ($40 million) to acquire a 38 MW portfolio of solar development projects in Colombia. The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions, with Brookfield Renewable expected to hold a 24% interest.

Brookfield Renewable, together with institutional partners, agreed to acquire a portfolio of solar development projects in the United States for a total installed capacity of approximately 473 MW, for a total investment of $135 million (approximately $35 million to Brookfield Renewable). The first of three projects is expected to close in 2022 and remain subject to customary closing conditions, with Brookfield Renewable expected to hold a 25% interest.

An integral part of Brookfield Renewable’s strategy is to participate with institutional investors in Brookfield-sponsored private equity funds that target acquisitions that suit Brookfield Renewable’s profile. In the normal course of business, Brookfield Renewable has made commitments to Brookfield-sponsored private equity funds to participate in these target acquisitions in the future, if and when identified. From time to time, in order to facilitate investment activities in a timely and efficient manner, Brookfield Renewable will fund deposits or incur other costs and expenses (including by use of loan facilities to consummate, support, guarantee or issue letters of credit) in respect of an investment that ultimately will be shared with or made entirely by Brookfield sponsored vehicles, consortiums and/or partnerships (including private funds, joint ventures and similar arrangements), Brookfield Renewable, or by co-investors.

Contingencies

Brookfield Renewable and its subsidiaries are subject to various legal proceedings, arbitrations and actions arising in the normal course of business. While the final outcome of such legal proceedings and actions cannot be predicted with certainty, it is the opinion of management that the resolution of such proceedings and actions will not have a material impact on Brookfield Renewable’s consolidated financial position or results of operations.

Brookfield Renewable, on behalf of Brookfield Renewable’s subsidiaries, and the subsidiaries themselves have provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance. The activity on the issued letters of credit by Brookfield Renewable can be found in Note 8 – Borrowings.

Brookfield Renewable, along with institutional investors, has provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance as it relates to interests in the Brookfield Americas Infrastructure Fund, the Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV and Brookfield Global Transition Fund. Brookfield Renewable’s subsidiaries have similarly provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance.

Letters of credit issued by Brookfield Renewable along with institutional investors and its subsidiaries were as at the following dates:

(MILLIONS)	March 31, 2022		December 31, 2021
Brookfield Renewable along with institutional investors	$	98	$	98
Brookfield Renewable's subsidiaries	990		950
	$	1,088	$	1,048

Guarantees

In the normal course of operations, Brookfield Renewable and its subsidiaries execute agreements that provide for indemnification and guarantees to third-parties of transactions such as business dispositions, capital project purchases, business acquisitions, and sales and purchases of assets and services. Brookfield Renewable has also agreed to indemnify its directors and certain of its officers and employees. The nature of substantially all of the indemnification undertakings prevents Brookfield Renewable from making a reasonable estimate of the maximum potential amount that Brookfield

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 29

Renewable could be required to pay third parties as the agreements do not always specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, neither Brookfield Renewable nor its subsidiaries have made material payments under such indemnification agreements.

19. RELATED PARTY TRANSACTIONS

Brookfield Renewable’s related party transactions are recorded at the exchange amount. Brookfield Renewable`s related party transactions are primarily with Brookfield Asset Management.

Brookfield Asset Management has provided a $400 million committed unsecured revolving credit facility maturing in December 2022 and the draws bear interest at an applicable base interest rate plus up to 1.8%. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield Asset Management. Brookfield Asset Management may from time to time place funds on deposit with Brookfield Renewable which are repayable on demand including any interest accrued. There were $150 million funds placed on deposit with Brookfield Renewable as at March 31, 2022 (December 31, 2021: nil). The interest expense on the Brookfield Asset Management revolving credit facility and deposit for the three months ended March 31, 2022 totaled less than $1 million (2021:$1 million).

During the quarter, Brookfield Global Transition Fund (“BGTF”), indirectly through a subsidiary consolidated by Brookfield Renewable, borrowed in the normal course $799 million from the BGTF subscription credit facility to fund growth. The draws are expected to be fully repaid subsequent to capital contributions from Brookfield Renewable and its institutional partners in BGTF. As at March 31, 2022, the balance is classified as Due to related parties on the consolidated statements of financial position. Brookfield Renewable is expected to hold an approximately 20% economic interest in BGTF alongside institutional investors.

The following table reflects the related party agreements and transactions for the three months ended March 31 in the interim consolidated statements of income (loss):

	Three months ended March 31
(MILLIONS)		2022		2021
Revenues
Power purchase and revenue agreements		$	13	$	61
Direct operating costs
Energy purchases		$	—	$	(2)
Energy marketing fee & other services		(3)		(2)
Insurance services(1)		—		(6)
		$	(3)	$	(10)
Interest expense
Borrowings		$	—	$	(1)
Contract balance accretion		$	(6)	$	(5)
		$	(6)	$	(6)
Other related party services		$	(1)	$	(1)
Management service costs		$	(76)	$	(81)

(1)Prior to November 2021, insurance services were paid to external insurance service providers through subsidiaries of Brookfield Asset Management. The fees paid to the subsidiaries of Brookfield Asset Management in 2021 were nil. As of November 2021, Brookfield, through a regulated subsidiary, began providing insurance coverage through third-party commercial insurers for the benefits of certain entities in North America. The premiums charged pursuant to these arrangements are at or lower than market rates.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 30

20. SUBSIDIARY PUBLIC ISSUERS

The following tables provide consolidated summary financial information for Brookfield Renewable, BRP Equity, and Finco:

(MILLIONS)	Brookfield Renewable(1)		BRP Equity		Finco		Subsidiary Credit Supporters(2)		Other Subsidiaries(1)(3)		Consolidating adjustments(4)		Brookfield Renewable consolidated
As at March 31, 2022
Current assets	$	54	$	424	$	2,208	$	1,105	$	2,905	$	(3,774)	$	2,922
Long-term assets	4,973		261		4		33,831		55,367		(38,990)		55,446
Current liabilities	50		7		32		7,967		4,487		(7,489)		5,054
Long-term liabilities	—		—		2,172		—		26,710		—		28,882
Participating non-controlling interests – in operating subsidiaries	—		—		—		—		12,708		—		12,708
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	—		—		—		2,923		—		—		2,923
BEPC exchangeable shares	—		—		—		—		2,588		—		2,588
Preferred equity	—		619		—		—		—		—		619
Perpetual subordinated notes	—		—		—		592		—		—		592
Preferred limited partners' equity	833		—		—		841		—		(842)		832
As at December 31, 2021
Current assets	$	50	$	419	$	2,182	$	1,155	$	2,619	$	(3,564)	$	2,861
Long-term assets	4,979		258		3		32,973		52,921		(38,128)		53,006
Current liabilities	46		7		28		7,720		2,943		(7,522)		3,222
Long-term liabilities	—		—		2,149		—		26,500		—		28,649
Participating non-controlling interests – in operating subsidiaries	—		—		—		—		12,303		—		12,303
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	—		—		—		2,894		—		—		2,894
BEPC exchangeable shares	—		—		—		—		2,562		—		2,562
Preferred equity	—		613		—		—		—		—		613
Perpetual subordinated notes	—		—		—		592		—		—		592
Preferred limited partners' equity	881		—		—		891		—		(891)		881

(1)Includes investments in subsidiaries under the equity method.

(2)Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc., collectively the "Subsidiary Credit Supporters".

(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Finco and the Subsidiary Credit Supporters.

(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 31

(MILLIONS)	Brookfield Renewable(1)		BRP Equity		Finco		Subsidiary Credit Supporters(2)		Other Subsidiaries(1)(3)		Consolidating adjustments(4)		Brookfield Renewable consolidated
Three months ended March 31, 2022
Revenues	$	—	$	—	$	—	$	—	$	1,136	$	—	$	1,136
Net income (loss)	(33)		—		(3)		(283)		175		177		33
Three months ended March 31, 2021
Revenues	$	—	$	—	$	—	$	—	$	1,020	$	—	$	1,020
Net income (loss)	(52)		—		(1)		(312)		136		174		(55)

(1)Includes investments in subsidiaries under the equity method.

(2)Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc., collectively the "Subsidiary Credit Supporters".

(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Finco, and the Subsidiary Credit Supporters.

(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.

See Note 8 – Borrowings for additional details regarding the medium-term borrowings issued by Finco. See Note 9 – Non-controlling interests for additional details regarding Class A Preference Shares issued by BRP Equity.

21. SUBSEQUENT EVENTS

Subsequent to the quarter, Brookfield Renewable issued 6,000,000 Class A Preferred Limited Partnership Units, Series 18 (the 'Series 18 Preferred Units") at a price of C$25 per unit for gross proceeds of C$150 million. The holders of the Series 18 Preferred Units are entitled to receive a cumulative quarterly fixed distribution yielding 5.5%.

Subsequent to the quarter, Brookfield Renewable redeemed all of the outstanding units of Series 11 Preferred Units for C$250 million or C$25 per Unit.

Subsequent to the quarter, Brookfield Renewable, together with institutional partners, committed to invest C$300 million (approximately $236 million and $47 million net to Brookfield Renewable) into a North American leader of carbon capture and storage solution through a convertible security.

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, entered into a binding agreement for the sale of its 100% interest in a 36 MW operating hydroelectric portfolio in Brazil for proceeds of $98 million ($25 million net to Brookfield Renewable). Brookfield Renewable holds an approximately 25% economic interest in each of the project entities within the Brazil Hydroelectric Portfolio and a 100% voting interest. The transaction is subject to customary closing conditions.

Subsequent to the quarter, Brookfield Renewable, together with institutional partners, completed the sale of its 19 MW solar assets in Asia for proceeds of approximately MYR $144 million ($33 million and $10 million net to Brookfield Renewable).

Subsequent to the quarter, Brookfield Renewable, together with institutional partners, completed the subscription of additional shares in Polenergia for PLN 515 million ($122 million and $10 million net to Brookfield Renewable) which increased the total interest in Polenergia to 32% (8% net to Brookfield Renewable).

Brookfield Renewable Partners L.P.	Q1 2022 Interim Consolidated Financial Statements and Notes	March 31, 2022
		Page 32

GENERALINFORMATION

Corporate Office 73 Front Street Fifth Floor Hamilton, HM12 Bermuda Tel:  (441) 294-3304 Fax: (441) 516-1988 https://bep.brookfield.com Officers of Brookfield Renewable Partners L.P.'s Service Provider, BRP Energy Group L.P. Connor Teskey Chief Executive Officer Wyatt Hartley Chief Financial Officer Transfer Agent & Registrar Computershare Trust Company of Canada 100 University Avenue 9th floor Toronto, Ontario, M5J 2Y1 Tel  Toll Free: (800) 564-6253 Fax Toll Free: (888) 453-0330 www.computershare.com

Directors of the General Partner of Brookfield Renewable Partners L.P. Jeffrey Blidner Scott Cutler Nancy Dorn David Mann Lou Maroun Sachin Shah Stephen Westwell Patricia Zuccotti Dr. Sarah Deasley Exchange Listing NYSE: BEP (LP units) TSX:    BEP.UN (LP units) NYSE: BEPC (exchangeable shares) TSX: BEPC (exchangeable shares) TSX:    BEP.PR.G (Preferred LP Units - Series 7) TSX:    BEP.PR.M (Preferred LP Units - Series 13) TSX: BEP.PR.O (Preferred LP Units - Series 15) NYSE: BEP.PR.A (Preferred LP Units - Series 17) TSX: BEP.PR.R (Preferred LP Units - Series 18) TSX:    BRF.PR.A (Preferred shares - Series 1) TSX:    BRF.PR.B (Preferred shares - Series 2) TSX:    BRF.PR.C (Preferred shares - Series 3) TSX:    BRF.PR.E (Preferred shares - Series 5) TSX:    BRF.PR.F (Preferred shares - Series 6) NYSE: BEPH (Perpetual subordinated notes) NYSE: BEPI (Perpetual subordinated notes) Investor Information Visit Brookfield Renewable online at https://bep.brookfield.com for more information. The 2021 Annual Report and Form 20-F are also available online. For detailed and up-to-date news and information, please visit the News Release section. Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR at www.sedar.com. Shareholder enquiries should be directed to the Investor Relations Department at (416) 649-8172 or enquiries@brookfieldrenewable.com