Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Entity Registrant Name | BROOKFIELD RENEWABLEPARTNERS L.P. |
Entity Central Index Key | 0001533232 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2022 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 823 | $ 764 |
Restricted cash | 323 | 261 |
Trade receivables and other current assets | 1,863 | 1,683 |
Financial instrument assets | 86 | 60 |
Due from related parties | 61 | 35 |
Assets held for sale | 0 | 58 |
Current assets | 3,156 | 2,861 |
Financial instrument assets | 486 | 262 |
Equity-accounted investments | 1,164 | 1,107 |
Property, plant and equipment, at fair value | 49,594 | 49,432 |
Intangible assets | 216 | 218 |
Goodwill | 1,185 | 966 |
Deferred income tax assets | 205 | 197 |
Other long-term assets | 1,024 | 824 |
Total Assets | 57,030 | 55,867 |
Current liabilities | ||
Accounts payable and accrued liabilities | 772 | 779 |
Financial instrument liabilities | 440 | 400 |
Due to related parties | 361 | 164 |
Corporate borrowings | 440 | 0 |
Non-recourse borrowings | 2,279 | 1,818 |
Provisions | 35 | 55 |
Liabilities directly associated with assets held for sale | 0 | 6 |
Current liabilities | 4,327 | 3,222 |
Financial instrument liabilities | 585 | 565 |
Corporate borrowings | 2,110 | 2,149 |
Non-recourse borrowings | 18,586 | 17,562 |
Deferred income tax liabilities | 6,220 | 6,215 |
Provisions | 766 | 718 |
Other long-term liabilities | 1,435 | 1,440 |
Equity | ||
Preferred limited partners' equity | 760 | 881 |
Limited partners' equity | 3,921 | 4,092 |
Total Equity | 23,001 | 23,996 |
Total Liabilities and Equity | 57,030 | 55,867 |
Non-controlling interests | ||
Current assets | ||
Property, plant and equipment, at fair value | 22,054 | 21,600 |
Equity | ||
Non-controlling interests | 18,320 | 19,023 |
Participating non-controlling interests – in operating subsidiaries | ||
Equity | ||
Non-controlling interests | 11,845 | 12,303 |
Total Equity | 11,845 | 12,303 |
General partnership interest in a holding subsidiary held by Brookfield | ||
Equity | ||
Non-controlling interests | 57 | 59 |
Total Equity | 57 | 59 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||
Equity | ||
Non-controlling interests | 2,771 | 2,894 |
Total Equity | 2,771 | 2,894 |
BEPC exchangeable shares | ||
Equity | ||
Non-controlling interests | 2,454 | 2,562 |
Preferred equity | ||
Equity | ||
Non-controlling interests | 601 | 613 |
Total Equity | 601 | 613 |
Perpetual subordinated notes | ||
Equity | ||
Non-controlling interests | 592 | 592 |
Total Equity | $ 592 | $ 592 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Consolidated Statment of Income (Loss) [line items] | |||||
Revenues | $ 1,274 | $ 1,019 | $ 2,410 | $ 2,039 | |
Other income | 14 | 220 | 85 | 247 | |
Direct operating costs | [1] | (366) | (307) | (716) | (698) |
Management service costs | (65) | (72) | (141) | (153) | |
Interest expense | (294) | (246) | (560) | (479) | |
Share of earnings from equity-accounted investments | 29 | 2 | 48 | 7 | |
Foreign exchange and financial instruments (loss) gain | (6) | (47) | (43) | 1 | |
Depreciation | (389) | (379) | (790) | (747) | |
Other | (13) | (78) | (60) | (177) | |
Income tax (expense) recovery | |||||
Current | (31) | (22) | (73) | (38) | |
Deferred | (31) | 20 | (5) | 53 | |
Income tax (expense) recovery | (62) | (2) | (78) | 15 | |
Net income | 122 | 110 | 155 | 55 | |
Net income attributable to: | |||||
Preferred limited partners' equity | 12 | 15 | 23 | 29 | |
Limited partners' equity | $ (9) | $ (35) | $ (53) | $ (101) | |
Basic earnings (loss) per LP Unit (in dollars per share) | $ (0.03) | $ (0.13) | $ (0.19) | $ (0.37) | |
Diluted earnings (loss) per LP Unit (in dollars per share) | $ (0.03) | $ (0.13) | $ (0.19) | $ (0.37) | |
Non-controlling interests | |||||
Consolidated Statment of Income (Loss) [line items] | |||||
Revenues | $ 598 | $ 460 | $ 1,134 | $ 881 | |
Direct operating costs | (157) | (130) | (300) | (319) | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (145) | (111) | (277) | (215) | |
Foreign exchange and financial instruments (loss) gain | 6 | 20 | (8) | 68 | |
Depreciation | (166) | (146) | (330) | (290) | |
Other | 46 | (41) | 78 | 31 | |
Income tax (expense) recovery | |||||
Current | (25) | (19) | (55) | (25) | |
Deferred | (25) | (6) | (29) | (8) | |
Participating non-controlling interests – in operating subsidiaries | |||||
Income tax (expense) recovery | |||||
Net income | 96 | 149 | 182 | 206 | |
Net income attributable to: | |||||
Non-controlling interests | 96 | 149 | 182 | 206 | |
General partnership interest in a holding subsidiary held by Brookfield | |||||
Income tax (expense) recovery | |||||
Net income | 23 | 19 | 47 | 39 | |
Net income attributable to: | |||||
Non-controlling interests | 23 | 19 | 47 | 39 | |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | |||||
Income tax (expense) recovery | |||||
Net income | (7) | (25) | (38) | (71) | |
Net income attributable to: | |||||
Non-controlling interests | (7) | (25) | (38) | (71) | |
BEPC exchangeable shares | |||||
Net income attributable to: | |||||
Non-controlling interests | (6) | (22) | (33) | (63) | |
Preferred equity | |||||
Income tax (expense) recovery | |||||
Net income | 6 | 6 | 13 | 13 | |
Net income attributable to: | |||||
Non-controlling interests | 6 | 6 | 13 | 13 | |
Perpetual subordinated notes | |||||
Income tax (expense) recovery | |||||
Net income | 7 | 3 | 14 | 3 | |
Net income attributable to: | |||||
Non-controlling interests | $ 7 | $ 3 | $ 14 | $ 3 | |
[1]Direct operating costs exclude depreciation expense disclosed below. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | $ 122 | $ 110 | $ 155 | $ 55 |
Other comprehensive income (loss) that will not be reclassified to net income (loss) | ||||
Revaluations of property, plant and equipment | 19 | 15 | 17 | (257) |
Actuarial gain on defined benefit plans | 15 | 13 | 20 | 27 |
Deferred tax (recovery) expense on above item | (8) | (5) | (12) | 40 |
Unrealized (loss) gain on investments in equity securities | (4) | 3 | (9) | 5 |
Equity-accounted investments | 4 | 1 | 4 | (1) |
Total items that will not be reclassified to net income | 26 | 27 | 20 | (186) |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Foreign currency translation | (890) | 333 | (106) | (338) |
Gain (loss) arising during the period on financial instruments designated as cash-flow hedges | 27 | (89) | (6) | 3 |
Gain (loss) on foreign exchange swaps net investment hedge | 97 | (12) | 52 | 16 |
Reclassification adjustments for amounts recognized in net income (loss) | 36 | 49 | 92 | (3) |
Deferred income taxes on above items | (30) | 10 | (46) | (2) |
Equity-accounted investments | (26) | 2 | (4) | (1) |
Total items that may be reclassified subsequently to net income (loss) | (786) | 293 | (18) | (325) |
Other comprehensive income (loss) | (760) | 320 | 2 | (511) |
Comprehensive income (loss) | (638) | 430 | 157 | (456) |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Preferred limited partners' equity | 12 | 15 | 23 | 29 |
Limited partners' equity | (123) | 43 | (3) | (179) |
Comprehensive income (loss) | (638) | 430 | 157 | (456) |
Participating non-controlling interests – in operating subsidiaries | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | 96 | 149 | 182 | 206 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | (477) | 127 | (105) | (345) |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | (381) | 276 | 77 | (139) |
General partnership interest in a holding subsidiary held by Brookfield | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | 23 | 19 | 47 | 39 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | (1) | 1 | 1 | (1) |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | 22 | 20 | 48 | 38 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | (7) | (25) | (38) | (71) |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | (80) | 56 | 36 | (55) |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | (87) | 31 | (2) | (126) |
BEPC exchangeable shares | ||||
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | (77) | 27 | (2) | (112) |
Preferred equity | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | 6 | 6 | 13 | 13 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Other comprehensive income (loss) | (17) | 9 | (11) | 17 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | (11) | 15 | 2 | 30 |
Perpetual subordinated notes | ||||
Consolidated Statement Of Comprehensive Income [line items] | ||||
Net income | 7 | 3 | 14 | 3 |
Other comprehensive income (loss) that may be reclassified to net income | ||||
Non-controlling interests | $ 7 | $ 3 | $ 14 | $ 3 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Total limited partners' equity | Limited partners' equity | Foreign currency translation | Revaluation surplus | Actuarial losses on defined benefit plans | Cash flow hedges | Investments in equity securities | 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 |
Beginning balance at Dec. 31, 2020 | $ 21,767 | $ 3,845 | $ (988) | $ (720) | $ 5,595 | $ (6) | $ (39) | $ 3 | $ 1,028 | $ 609 | $ 0 | $ 2,408 | $ 11,100 | $ 56 | $ 2,721 |
Net income (loss) | 55 | (101) | (101) | 29 | 13 | 3 | (63) | 206 | 39 | (71) | |||||
Other comprehensive income (loss) | (511) | (78) | (25) | (55) | 5 | (7) | 4 | 17 | (49) | (345) | (1) | (55) | |||
Capital contributions | 1,046 | 1 | 1 | 1,045 | |||||||||||
Issuance of perpetual subordinated notes | 340 | 340 | |||||||||||||
Disposals (Note 3) | (214) | 12 | (12) | (214) | |||||||||||
Distributions or dividends declared | (855) | (167) | (167) | (29) | (13) | (3) | (104) | (380) | (42) | (117) | |||||
Distribution reinvestment plan | 4 | 4 | |||||||||||||
Other | 99 | (57) | (61) | (1) | 6 | 1 | (2) | (2) | (33) | 232 | (2) | (39) | |||
Change in period | (36) | (398) | (312) | (26) | (61) | 5 | (6) | 2 | 0 | 15 | 340 | (249) | 544 | (6) | (282) |
Ending balance at Jun. 30, 2021 | 21,731 | 3,447 | (1,300) | (746) | 5,534 | (1) | (45) | 5 | 1,028 | 624 | 340 | 2,159 | 11,644 | 50 | 2,439 |
Beginning balance at Mar. 31, 2021 | 21,434 | 3,485 | (1,197) | (834) | 5,546 | (4) | (31) | 5 | 1,028 | 617 | 0 | 2,184 | 11,604 | 50 | 2,466 |
Net income (loss) | 110 | (35) | (35) | 15 | 6 | 3 | (22) | 149 | 19 | (25) | |||||
Other comprehensive income (loss) | 320 | 78 | 85 | 2 | 3 | (15) | 3 | 9 | 49 | 127 | 1 | 56 | |||
Capital contributions | 232 | 1 | 1 | 231 | |||||||||||
Issuance of perpetual subordinated notes | 340 | 340 | |||||||||||||
Disposals (Note 3) | (214) | 12 | (12) | (214) | |||||||||||
Distributions or dividends declared | (500) | (83) | (83) | (15) | (6) | (3) | (52) | (262) | (21) | (58) | |||||
Distribution reinvestment plan | 2 | 2 | |||||||||||||
Other | 7 | (1) | 3 | (2) | 1 | (3) | (2) | 9 | 1 | ||||||
Change in period | 297 | (38) | (103) | 88 | (12) | 3 | (14) | 0 | 0 | 7 | 340 | (25) | 40 | 0 | (27) |
Ending balance at Jun. 30, 2021 | 21,731 | 3,447 | (1,300) | (746) | 5,534 | (1) | (45) | 5 | 1,028 | 624 | 340 | 2,159 | 11,644 | 50 | 2,439 |
Beginning balance at Dec. 31, 2021 | 23,996 | 4,092 | (1,516) | (842) | 6,494 | 0 | (48) | 4 | 881 | 613 | 592 | 2,562 | 12,303 | 59 | 2,894 |
Net income (loss) | 155 | (53) | (53) | 23 | 13 | 14 | (33) | 182 | 47 | (38) | |||||
Other comprehensive income (loss) | 2 | 50 | 19 | 1 | 3 | 30 | (3) | (11) | 31 | (105) | 1 | 36 | |||
Capital contributions | 294 | 294 | |||||||||||||
Issuance of Preferred LP Units (Note 10) | 115 | 115 | |||||||||||||
Redemption of Preferred LP Units (Note 10) | (236) | (236) | |||||||||||||
Disposals (Note 3) | (21) | 14 | (14) | (21) | |||||||||||
Distributions or dividends declared | (1,323) | (179) | (179) | (23) | (13) | (14) | (110) | (808) | (50) | (126) | |||||
Distribution reinvestment plan | 6 | 6 | 6 | ||||||||||||
Other | 13 | 5 | 5 | 1 | (1) | (1) | 4 | 0 | 5 | ||||||
Change in period | (995) | (171) | (212) | 19 | (8) | 4 | 29 | (3) | (121) | (12) | 0 | (108) | (458) | (2) | (123) |
Ending balance at Jun. 30, 2022 | 23,001 | 3,921 | (1,728) | (823) | 6,486 | 4 | (19) | 1 | 760 | 601 | 592 | 2,454 | 11,845 | 57 | 2,771 |
Beginning balance at Mar. 31, 2022 | 24,458 | 4,136 | (1,641) | (690) | 6,498 | 1 | (34) | 2 | 832 | 619 | 592 | 2,588 | 12,708 | 60 | 2,923 |
Net income (loss) | 122 | (9) | (9) | 12 | 6 | 7 | (6) | 96 | 23 | (7) | |||||
Other comprehensive income (loss) | (760) | (114) | (133) | 2 | 2 | 16 | (1) | (17) | (71) | (477) | (1) | (80) | |||
Capital contributions | 188 | 188 | |||||||||||||
Issuance of Preferred LP Units (Note 10) | 115 | 115 | |||||||||||||
Redemption of Preferred LP Units (Note 10) | (187) | (187) | |||||||||||||
Disposals (Note 3) | (21) | 14 | (14) | (21) | |||||||||||
Distributions or dividends declared | (895) | (88) | (88) | (12) | (6) | (7) | (55) | (639) | (25) | (63) | |||||
Distribution reinvestment plan | 3 | 3 | |||||||||||||
Other | (22) | (7) | (7) | 1 | (1) | (1) | (2) | (10) | (2) | ||||||
Change in period | (1,457) | (215) | (87) | (133) | (12) | 3 | 15 | (1) | (72) | (18) | 0 | (134) | (863) | (3) | (152) |
Ending balance at Jun. 30, 2022 | $ 23,001 | $ 3,921 | $ (1,728) | $ (823) | $ 6,486 | $ 4 | $ (19) | $ 1 | $ 760 | $ 601 | $ 592 | $ 2,454 | $ 11,845 | $ 57 | $ 2,771 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||||
Net income | $ 122 | $ 110 | $ 155 | $ 55 |
Adjustments for the following non-cash items: | ||||
Depreciation | 389 | 379 | 790 | 747 |
Unrealized foreign exchange and financial instruments losses | 50 | 58 | 100 | 31 |
Share of earnings from equity-accounted investments | (29) | (2) | (48) | (7) |
Deferred income tax expense (recovery) | 31 | (20) | 5 | (53) |
Other non-cash items | 18 | (134) | 18 | (120) |
Dividends received from equity-accounted investments | 18 | 20 | 37 | 47 |
Cash flows from (used in) operations before changes in working capital | 599 | 411 | 1,057 | 700 |
Changes in due to or from related parties | (21) | 45 | 2 | 63 |
Net change in working capital balances | (140) | (456) | (318) | (412) |
Cash flows from (used in) operating activities | 438 | 0 | 741 | 351 |
Financing activities | ||||
Commercial paper, net | 320 | 0 | 440 | (3) |
Proceeds from non-recourse borrowings | 2,313 | 835 | 3,426 | 1,872 |
Repayment of non-recourse borrowings | (1,532) | (593) | (2,426) | (947) |
Repayment of lease liabilities | (6) | (6) | (11) | (15) |
Capital contributions from participating non-controlling interests – in operating subsidiaries | 168 | 195 | 274 | 1,009 |
Capital repaid to participating non-controlling interests – in operating subsidiaries | 0 | (214) | 0 | (214) |
Issuance of equity instruments and related costs | 115 | 340 | 115 | 340 |
Redemption and repurchase of equity instruments | (203) | 0 | (252) | 0 |
Distributions paid: | ||||
To participating non-controlling interests – in operating subsidiaries, preferred shareholders, preferred limited partners unitholders, and perpetual subordinate notes | (666) | (283) | (857) | (422) |
To unitholders of Brookfield Renewable or BRELP and shareholders of Brookfield Renewable Corporation | (228) | (213) | (458) | (429) |
Borrowings from related party | 136 | 345 | 1,076 | 755 |
Repayments to related party | (150) | (370) | (150) | (535) |
Cash flows from (used in) financing activities | 267 | 36 | 1,177 | 1,411 |
Investing activities | ||||
Acquisitions, net of cash and cash equivalents, in acquired entity | 1 | 2 | (779) | (1,426) |
Investment in property, plant and equipment | (449) | (244) | (901) | (533) |
Investment in equity-accounted investments | (54) | (9) | (74) | (53) |
Proceeds from disposal of assets, net of cash and cash equivalents disposed | 118 | 448 | 118 | 448 |
Purchases of financial assets | (166) | (44) | (166) | (44) |
Proceeds from financial assets | 4 | 1 | 63 | 47 |
Restricted cash and other | (50) | (28) | (100) | (78) |
Cash flows from (used in) investing activities | (596) | 126 | (1,839) | (1,639) |
Foreign exchange gain (loss) on cash | (19) | 5 | (20) | (6) |
Cash and cash equivalents | ||||
(Decrease) Increase | 90 | 167 | 59 | 117 |
Balance, beginning of period | 734 | 358 | 764 | 431 |
Balance, end of period | 823 | 530 | 823 | 530 |
Supplemental cash flow information: | ||||
Net change in cash classified within assets held for sale | (1) | 5 | 0 | (18) |
Interest paid | 262 | 220 | 499 | 425 |
Interest received | 5 | 11 | 11 | 23 |
Income taxes paid | $ 32 | $ 23 | $ 44 | $ 34 |
BASIS OF PREPARATION AND SIGNIF
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES [ABSTRACT] | |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 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 August 5, 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. (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. IFRS Interpretation Committee Agenda Decision - Demand Deposits with Restriction on Use Arising from a Contract with a Third Party (IAS 7 Statement of Cash Flow) In April 2022, the IFRS Interpretation Committee (“IFRS IC”) concluded that restrictions on the use of a demand deposit arising from a contract with a third party do not result in the deposit no longer being cash, unless those restrictions change the nature of the deposit in a way that it would no longer meet the definition of cash in IAS 7 Statement of Cash Flow. In the fact pattern described in the request, the contractual restrictions on the use of the amounts held in the demand deposit did not change the nature of the deposit — the entity can access those amounts on demand. Therefore, the entity should include the demand deposit as a component of “cash and cash equivalents” in its statement of financial position and in its statement of cash flows. Brookfield Renewable is currently assessing the impact of this IFRS IC agenda decision. There are currently no other future changes to IFRS with potential impact on Brookfield Renewable. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITIONS | 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. The preliminary purchase price allocations, at fair value, as at June 30, 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 |
DISPOSAL OF ASSETS
DISPOSAL OF ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Disposal Of Assets [Abstract] | |
DISPOSAL OF ASSETS | DISPOSAL OF ASSETS In April 2022, Brookfield Renewable, together with institutional partners, completed the sale of its interest in a portfolio of 19 MW solar assets in Asia (“Malaysia Solar Portfolio”) for proceeds of approximately MYR 144 million ($33 million and $10 million net to Brookfield Renewable). This resulted in a loss on disposition of $9 million ($3 million net to Brookfield Renewable) recognized within Other in the consolidated statements of income. As a result of the disposition, Brookfield Renewable's post-tax portion of the accumulated revaluation surplus of $3 million was reclassified from accumulated other comprehensive income directly to equity and presented as a Disposals item in the consolidated statements of changes in equity. In June 2022, Brookfield Renewable, together with its institutional partners, completed the sale of its 100% interest in a 36 MW operating hydroelectric portfolio in Brazil ("Brazil Hydroelectric Portfolio") for proceeds of R$461 million (approximately $90 million and $23 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. As a result of the disposition, Brookfield Renewable's post-tax portion of the accumulated revaluation surplus of $30 million was reclassified from accumulated other comprehensive income directly to equity and presented as a Disposals item in the consolidated statements of changes in equity. Summarized financial information relating to the disposals are shown below: (MILLIONS) Malaysia Solar Portfolio Brazil Hydroelectric Portfolio Total Proceeds, net of transaction costs $ 33 $ 90 $ 123 Carrying value of net assets held for sale Assets 55 90 145 Liabilities (6) — (6) Non-controlling interests (7) — (7) 42 90 132 Loss on disposal, net of transaction costs $ (9) $ — $ (9) |
RISK MANAGEMENT AND FINANCIAL I
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS [Abstract] | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | 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 liabilities measured 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. The following table presents Brookfield Renewable's assets and liabilities measured and disclosed at fair value classified by the fair value hierarchy: June 30, 2022 December 31, 2021 (MILLIONS) Level 1 Level 2 Level 3 Total Total Assets measured at fair value: Cash and cash equivalents $ 823 $ — $ — $ 823 $ 764 Restricted cash (1) 391 — — 391 312 Financial instrument assets (1) Energy derivative contracts — 30 5 35 55 Interest rate swaps — 212 — 212 40 Foreign exchange swaps — 34 — 34 32 Investments in debt and equity securities 160 38 93 291 195 Property, plant and equipment — — 49,594 49,594 49,432 Liabilities measured at fair value: Financial instrument liabilities (1) Energy derivative contracts — (308) (206) (514) (226) Interest rate swaps — (100) — (100) (228) Foreign exchange swaps — (28) — (28) (56) Tax equity — — (383) (383) (455) Contingent consideration (1)(2) — — (143) (143) (3) Liabilities for which fair value is disclosed: Corporate borrowings (1) (1,917) (440) — (2,357) (2,334) Non-recourse borrowing (1) (2,106) (18,185) — (20,291) (20,435) Total $ (2,649) $ (18,747) $ 48,960 $ 27,564 $ 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 six months ended June 30, 2022. Financial instruments disclosures The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows: June 30, 2022 December 31, 2021 (MILLIONS) Assets Liabilities Net Assets Net Assets Energy derivative contracts $ 35 $ 514 $ (479) $ (171) Interest rate swaps 212 100 112 (188) Foreign exchange swaps 34 28 6 (24) Investments in debt and equity securities 291 — 291 195 Tax equity — 383 (383) (455) Total 572 1,025 (453) (643) Less: current portion 86 440 (354) (340) Long-term portion $ 486 $ 585 $ (99) $ (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 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 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 and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Energy derivative contracts $ (48) $ (63) $ (164) $ (104) Interest rate swaps 15 (3) 65 50 Foreign exchange swaps 28 1 36 60 Tax equity 32 2 62 16 Foreign exchange (loss) gain (33) 16 (42) (21) $ (6) $ (47) $ (43) $ 1 For the three and six months ended June 30, 2022, the gains associated with debt and equity securities of less than $1 million and $3 million (2021: nil and nil) was recorded in Other income on the interim consolidated statements of income (loss). For the three and six months ended June 30, 2022, the losses associated with debt and equity securities of $2 million and $5 million (2021: nil and nil) was recorded in Other on the interim consolidated statements of income (loss). The following table reflects the gains (losses) included in other comprehensive income in the interim consolidated statements of comprehensive income (loss) for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Energy derivative contracts $ (77) $ (79) $ (226) $ (39) Interest rate swaps 95 (2) 222 45 Foreign exchange swaps 9 (8) (2) (3) 27 (89) (6) 3 Foreign exchange swaps – net investment 97 (12) 52 16 Investments in debt and equity securities (4) 3 (9) 5 $ 120 $ (98) $ 37 $ 24 The following table reflects the reclassification adjustments recognized in net income (loss) in the interim consolidated statements of comprehensive income (loss) for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Energy derivative contracts $ 35 $ 4 $ 88 $ (51) Interest rate swaps 1 9 4 12 $ 36 $ 13 $ 92 $ (39) Foreign exchange swaps - net investment — (44) — (44) Foreign currency translation — 80 — 80 $ 36 $ 49 $ 92 $ (3) |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Entity's Operating Segments [Abstract] | |
SEGMENTED INFORMATION | 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 energy & sustainability solutions (distributed generation, pumped storage, cogeneration, carbon capture and other), 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. The reporting to the CODM was revised during the quarter to incorporate the distributed energy & sustainable solutions business of Brookfield Renewable. The distributed energy & sustainable solutions business corresponds to a portfolio of multi-technology assets and investments that support the broader strategy of decarbonization of electricity grids around the world through distributed generation and offering of other sustainable services. The financial information of operating segments in the prior period has been restated to present the corresponding results of the distributed energy & sustainable solutions. 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 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. 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 June 30, 2022: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues $ 297 $ 45 $ 67 $ 85 $ 32 $ 7 $ 10 $ 112 $ 68 $ — $ 723 $ (47) $ 598 $ 1,274 Other income — 2 — — 7 — 1 19 3 19 51 (1) (36) 14 Direct operating costs (93) (13) (22) (31) (6) (1) (2) (27) (24) (8) (227) 18 (157) (366) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 30 2 32 204 34 45 54 33 6 9 104 47 11 547 — 407 Management service costs — — — — — — — — — (65) (65) — — (65) Interest expense (46) (7) (14) (16) (5) (2) (3) (28) (12) (20) (153) 4 (145) (294) Current income taxes (3) (3) (5) — — — — (2) 3 — (10) 4 (25) (31) Distributions attributable to Preferred limited partners equity — — — — — — — — — (12) (12) — — (12) Preferred equity — — — — — — — — — (6) (6) — — (6) Perpetual subordinated notes — — — — — — — — — (7) (7) — — (7) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (8) (2) (10) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (235) (235) Funds From Operations 155 24 26 38 28 4 6 74 38 (99) 294 — — Depreciation (233) 10 (166) (389) Foreign exchange and financial instrument gain (loss) (12) — 6 (6) Deferred income tax expense (4) (2) (25) (31) Other (44) (15) 46 (13) Share of earnings from equity-accounted investments — 7 — 7 Net income attributable to non-controlling interests — — 139 139 Net income (loss) attributable to Unitholders (2) $ 1 $ — $ — $ 1 (1) Share of earnings from equity-accounted investments of $29 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 $96 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. 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 June 30, 2021: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues $ 203 $ 45 $ 51 $ 86 $ 29 $ 7 $ 9 $ 102 $ 65 $ — $ 597 $ (38) $ 460 $ 1,019 Other income 16 1 9 7 48 1 — 4 1 18 105 (3) 118 220 Direct operating costs (81) (13) (18) (14) (10) (2) (3) (25) (18) (8) (192) 15 (130) (307) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 26 11 37 138 33 42 79 67 6 6 81 48 10 510 — 459 Management service costs — — — — — — — — — (72) (72) — — (72) Interest expense (39) (4) (7) (23) (5) (2) (2) (27) (11) (22) (142) 7 (111) (246) Current income taxes (2) 2 (2) (2) 1 — — (1) — — (4) 1 (19) (22) Distributions attributable to Preferred limited partners equity — — — — — — — — — (15) (15) — — (15) Preferred equity — — — — — — — — — (6) (6) — — (6) Perpetual subordinated notes (3) (3) — — (3) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (8) (7) (15) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (322) (322) Funds From Operations 97 31 33 54 63 4 4 53 37 (108) 268 — — Depreciation (246) 13 (146) (379) Foreign exchange and financial instrument gain (loss) (67) — 20 (47) Deferred income tax expense 24 2 (6) 20 Other (42) 5 (41) (78) Share of loss from equity-accounted investments — (20) — (20) Net loss attributable to non-controlling interests — — 173 173 Net income (loss) attributable to Unitholders (2) $ (63) $ — $ — $ (63) (1) Share of earnings from equity-accounted investments of $2 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 $149 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. 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 six months ended June 30, 2022: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Solar Distributed generation, storage & other Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues 533 93 140 171 83 13 19 193 127 — 1,372 (96) 1,134 2,410 Other income 2 20 — — 11 — 1 55 16 24 129 (13) (31) 85 Direct operating costs (190) (26) (42) (57) (15) (3) (4) (54) (48) (16) (455) 39 (300) (716) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 70 4 74 345 87 98 114 79 10 16 194 95 8 1,046 — 807 Management service costs — — — — — — — — — (141) (141) — — (141) Interest expense (91) (12) (24) (32) (9) (3) (6) (54) (22) (40) (293) 10 (277) (560) Current income taxes (5) (6) (13) — (1) — — (2) 2 — (25) 7 (55) (73) Distributions attributable to Preferred limited partners equity — — — — — — — — — (23) (23) — — (23) Preferred equity — — — — — — — — — (13) (13) — — (13) Perpetual subordinated notes — — — — — — — — — (14) (14) — — (14) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (17) (4) (21) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (471) (471) Funds From Operations 249 69 61 82 69 7 10 138 75 (223) 537 — — Depreciation (479) 19 (330) (790) Foreign exchange and financial instrument gain (loss) (36) 1 (8) (43) Deferred income tax expense 26 (2) (29) (5) Other (125) (13) 78 (60) Share of loss from equity-accounted investments — (5) — (5) Net loss attributable to non-controlling interests — — 289 289 Net income (loss) attributable to Unitholders (2) (77) — — (77) (1) Share of earnings from equity-accounted investments of $48 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $182 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income 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. 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 six months ended June 30, 2021: Attributable to Unitholders Contribution Attributable As per (1) Hydroelectric Wind Solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues 422 97 106 208 72 14 16 179 121 — 1,235 (77) 881 2,039 Other income 24 9 9 8 90 1 — 10 1 27 179 (5) 73 247 Direct operating costs (160) (25) (38) (56) (28) (5) (4) (49) (35) (15) (415) 36 (319) (698) Share of revenue, other income and direct operating costs from equity-accounted investments 46 21 67 286 81 77 160 134 10 12 140 87 12 999 — 656 — Management service costs — — — — — — — — — (153) (153) — — (153) Interest expense (78) (11) (13) (42) (11) (4) (4) (56) (21) (41) (281) 13 (215) (479) Current income taxes (2) — (4) (2) — — — (1) (1) — (10) 1 (25) (38) Distributions attributable to Preferred limited partners equity — — — — — — — — — (29) (29) — — (29) Preferred equity — — — — — — — — — (13) (13) — — (13) Perpetual subordinated notes (3) (3) — — (3) Share of interest and cash taxes from equity-accounted investments — — — — — — — — — — — (14) (11) (25) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (405) (405) Funds From Operations 206 70 60 116 123 6 8 83 65 (227) 510 — — Depreciation (483) 26 (290) (747) Foreign exchange and financial instrument gain (loss) (67) — 68 1 Deferred income tax expense 59 2 (8) 53 Other (215) 7 31 (177) Share of loss from equity-accounted investments — (35) — (35) Net loss attributable to non-controlling interests — — 199 199 Net income (loss) attributable to Unitholders (2) (196) — — (196) (1) Share of earnings from equity-accounted investments of $7 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests– in operating subsidiaries of $206 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income 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. 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 As per Hydroelectric Wind Solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia As at June 30, 2022 Cash and cash equivalents $ 58 $ 28 $ 13 $ 39 $ 106 $ 1 $ 13 $ 111 $ 54 $ 14 $ 437 $ (47) $ 433 $ 823 Property, plant and equipment 14,994 1,746 1,959 3,250 633 279 274 3,368 2,185 — 28,688 (1,148) 22,054 49,594 Total assets 16,618 1,931 2,195 3,631 842 314 355 3,861 2,485 148 32,380 (584) 25,234 57,030 Total borrowings 4,058 270 625 1,602 407 88 193 2,601 1,098 2,556 13,498 (354) 10,271 23,415 Other liabilities 4,749 93 636 800 229 9 35 662 189 315 7,717 (221) 3,118 10,614 For the six months ended June 30, 2022: Additions to property, plant and equipment 55 24 2 27 8 9 1 101 34 1 262 (20) 690 932 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 16,456 1,833 2,277 3,665 842 292 342 3,746 2,366 292 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 six months ended June 30, 2021: Additions to property, plant and equipment 57 28 30 44 21 5 — 47 9 2 243 (3) 312 552 Geographical Information The following table presents consolidated revenue split by reportable segment for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Hydroelectric North America $ 371 $ 237 $ 656 $ 508 Brazil 46 46 93 102 Colombia 274 213 579 440 691 496 1,328 1,050 Wind North America 175 184 339 362 Europe 47 41 124 109 Brazil 21 18 38 35 Asia 44 31 82 60 287 274 583 566 Solar 207 159 349 282 Distributed energy & sustainable solutions 89 90 150 141 Total $ 1,274 $ 1,019 $ 2,410 $ 2,039 The following table presents consolidated property, plant and equipment and equity-accounted investments split by geography region: (MILLIONS) June 30, 2022 December 31, 2021 United States $ 25,456 $ 24,596 Colombia 8,171 8,497 Canada 7,413 7,651 Brazil 4,247 3,860 Europe 3,905 4,440 Asia 1,548 1,495 Other 18 — $ 50,758 $ 50,539 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXESBrookfield Renewable's effective income tax rate was 33% for the six months ended June 30, 2022 (2021: (38)%). 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. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 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 6 (101) — — (95) Transfer from construction work-in-progress 95 284 218 1 598 Acquisitions through business combinations 2 — — 21 — 21 Disposals 3 (97) — — — (97) Items recognized through OCI: Change in fair value (2) — — — (2) Foreign exchange (288) (123) (217) 6 (622) Items recognized through net income: Depreciation (311) (284) (179) (16) (790) As at June 30, 2022 $ 30,916 $ 8,891 $ 7,232 $ 179 $ 47,218 Construction work-in-progress As at December 31, 2021 278 295 649 5 1,227 Additions, net 84 441 498 4 1,027 Transfer to property, plant and equipment (95) (284) (218) (1) (598) Acquisitions through business combinations 2 — — 692 — 692 Items recognized through OCI: Change in fair value — 19 — — 19 Foreign exchange 8 (6) 7 — 9 As at June 30, 2022 $ 275 $ 465 $ 1,628 $ 8 $ 2,376 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 June 30, 2022 (2) $ 31,191 $ 9,356 $ 8,860 $ 187 $ 49,594 (1) Includes biomass and cogeneration. (2) Includes right-of-use assets not subject to revaluation of $65 million (2021: $69 million) in hydroelectric, $170 million (2021: $174 million) in wind, $174 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. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
BORROWINGS | BORROWINGS Corporate Borrowings The composition of corporate borrowings is presented in the following table: June 30, 2022 December 31, 2021 Weighted-average Weighted- average (MILLIONS EXCEPT AS NOTED) Interest Term Carrying Estimated fair value Interest Term Carrying Estimated fair value Credit facilities N/A 4 $ — $ — N/A 5 $ — $ — Commercial paper 2.2 <1 440 440 N/A N/A — — Medium Term Notes: Series 4 (C$150) 5.8 14 116 122 5.8 15 118 154 Series 9 (C$400) 3.8 3 311 305 3.8 3 317 334 Series 10 (C$500) 3.6 5 388 373 3.6 5 396 421 Series 11 (C$475) 4.3 7 369 357 4.3 7 376 419 Series 12 (C$475) 3.4 8 369 333 3.4 8 376 399 Series 13 (C$300) 4.3 27 233 196 4.3 28 237 275 Series 14 (C$425) 3.3 28 330 231 3.3 29 336 332 3.9 12 2,116 1,917 3.9 13 2,156 2,334 Total corporate borrowings 2,556 $ 2,357 2,156 $ 2,334 Add: Unamortized premiums (1) 3 3 Less: Unamortized financing fees (1) (9) (10) Less: Current portion (440) — $ 2,110 $ 2,149 (1) Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing. Credit facilities Brookfield Renewable had $440 million commercial paper outstanding as at June 30, 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) June 30, 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) (1) (24) Authorized letter of credit facility 400 400 Issued letters of credit (337) (289) Available portion of corporate credit facilities $ 2,437 $ 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, 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, Interbank Deposit Certificate rate (“CDI”), or The Extended National Consumer Price Index (“IPCA”) 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 June 30, 2022, Brookfield Renewable’s floating rate borrowings have not been materially impacted by SONIA and €STR reforms. Brookfield Renewable has a transition plan for the replacement of US$ LIBOR with the Secured Overnight Financing Rate (“SOFR”) benchmark on June 30, 2023. This plan involves certain amendments to the contractual terms of US$ LIBOR referenced floating rate borrowings, interest rate swaps, interest rate caps and updates to hedge designations. These are not expected to have a material impact. The composition of non-recourse borrowings is presented in the following table: June 30, 2022 December 31, 2021 Weighted-average Weighted-average (MILLIONS EXCEPT AS NOTED) Interest Term (years) (4) Carrying Estimated Interest Term Carrying Estimated Non-recourse borrowings (1)(2) Hydroelectric 5.8 11 $ 9,131 $ 8,681 4.9 11 $ 8,541 $ 9,008 Wind 4.8 8 4,826 4,706 4.4 8 4,767 5,059 Solar 4.7 12 5,063 5,125 4.1 13 4,303 4,561 Distributed energy & sustainable solutions 4.3 9 1,850 1,779 3.2 8 1,741 1,807 Total 5.2 10 $ 20,870 $ 20,291 4.5 10 $ 19,352 $ 20,435 Add: Unamortized premiums (3) 136 160 Less: Unamortized financing fees (3) (141) (132) Less: Current portion (2,279) (1,818) $ 18,586 $ 17,562 (1) Includes $742 million (2021: $30 million) borrowed under a subscription facility of a Brookfield sponsored private fund. (2) Includes $95 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 credit facilities, 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 IPC 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 IBR plus 3.25% maturing in 2032. 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 IPCA 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 SOFR plus 3.25% maturing in 2026. In the second quarter of 2022, Brookfield Renewable completed a financing of R$300 million ($63 million) associated with a solar development project in Brazil. The loan bears a variable interest at IPCA plus 5.39% and matures 2045. In the second quarter of 2022, Brookfield Renewable completed a financing of R$500 million ($96 million) associated with a wind development project in Brazil. The loan bears a variable interest at CDI plus 1.58% and matures 2024. In the second quarter of 2022, Brookfield Renewable completed a refinancing totaling €66 million ($70 million) associated with a solar asset in Spain. The loan bears a fixed interest of 3.36% and matures 2039. In the second quarter of 2022, Brookfield Renewable increased its revolving credit facility capacity associated with the United States business by $250 million to a total of $750 million. In the second quarter of 2022, Brookfield Renewable completed a financing totaling $250 million associated with a solar utility portfolio in the United States. The debt bears variable interest at SOFR plus 4% and matures in 2025. In the second quarter of 2022, Brookfield Renewable completed a refinancing totaling $500 million associated with the United States business. The loan bears a variable interest at SOFR plus 2.85% and matures in 2029. In the second quarter of 2022, Brookfield Renewable completed a financing totaling $402 million associated with the distributed generation portfolio in the United States. The debt drawn in two tranches bears an average fixed interest of 5.23% and matures in 2029. In the second quarter of 2022, Brookfield Renewable completed a financing of CNY 290 million ($43 million) related to a wind asset in China. The debt bears a fixed interest rate of 4.6% and matures in 2039. In the second quarter of 2022, Brookfield Renewable completed a financing of COP 400 billion ($97 million) in Colombia. The loan bears variable interest at IBR plus 3.25% maturing in 2032. In the second quarter of 2022, Brookfield Renewable completed a financing of COP 100 billion ($24 million) in Colombia. The loan bears variable interest at IBR plus 3.9% maturing in 2030. In the second quarter of 2022, Brookfield Renewable completed a financing of COP 50 billion ($12 million) in Colombia. The loan bears variable interest at IBR plus 3.9% maturing in 2030. In the second quarter of 2022, Brookfield Renewable completed a financing of COP 100 billion ($24 million) in Colombia. The loan bears variable interest at IBR plus 4.70% maturing in 2034. In the second quarter of 2022, Brookfield Renewable completed a financing of COP 219 billion ($53 million) in Colombia. The loan bears variable interest at IBR plus 2.45% maturing in 2027. In the second quarter of 2022, Brookfield Renewable completed a financing of COP 594 billion ($144 million) in Colombia. The loan bears variable interest at IBR plus 2.98% maturing in 2029. In the second quarter of 2022, Brookfield Renewable completed a refinancing of COP 237 billion ($57 million) in Colombia. The loan bears variable interest at IBR plus 2.45% maturing in 2030. |
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Detailed Information About Non-controlling Interests [Abstract] | |
NON-CONTROLLING INTERESTS | NON-CONTROLLING INTERESTS Brookfield Renewable`s non-controlling interests are comprised of the following: (MILLIONS) June 30, 2022 December 31, 2021 Participating non-controlling interests – in operating subsidiaries $ 11,845 $ 12,303 General partnership interest in a holding subsidiary held by Brookfield 57 59 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 2,771 2,894 BEPC exchangeable shares 2,454 2,562 Preferred equity 601 613 Perpetual subordinated notes 592 592 $ 18,320 $ 19,023 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) — (34) 74 12 (12) 11 12 106 1 12 182 Other comprehensive income (loss) (7) 6 27 6 (4) (15) — (66) — (52) (105) Capital contributions — 4 — 193 85 — — — — 12 294 Disposal — — (21) — — — — — — — (21) Distributions (21) (42) (283) — — (18) (5) (424) (1) (14) (808) Other 1 1 (3) 2 9 4 (1) (4) (1) (8) — As at June 30, 2022 $ 658 $ 2,188 $ 3,412 $ 1,623 $ 78 $ 956 $ 138 $ 2,054 $ 12 $ 726 $ 11,845 Interests held by third parties 75% - 78% 43% - 60% 23% - 71% 75 % 80 % 50 % 25 % 53 % 0.3 % 0.3% - 50% 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 June 30, 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 $23 million and $47 million were declared during the three and six months ended June 30, 2022, respectively (2021: $20 million and $40 million, respectively). 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 and six months ended June 30, 2022, exchangeable shareholders of BEPC exchanged 4,743 and 8,084 BEPC exchangeable shares (2021: 6,033 and 9,642 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 June 30, 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), 172,222,322 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 and six months ended June 30, 2022 and 2021 . Distributions The composition of the distributions for the three and six months ended June 30 is presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 General partnership interest in a holding subsidiary held by Brookfield $ 2 $ 1 $ 3 $ 2 Incentive distribution 23 20 47 40 25 21 50 42 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 63 58 126 117 BEPC exchangeable shares held by Brookfield 15 14 30 26 External shareholders 40 38 80 78 Total BEPC exchangeable shares 55 52 110 104 $ 143 $ 131 $ 286 $ 263 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 Cumulative Earliest Distributions declared for the six months ended June 30 Carrying value as at 2022 2021 June 30, 2022 December 31, 2021 Series 1 (C$136) 6.85 3.1 April 2025 $ 2 $ 2 $ 132 $ 135 Series 2 (C$113) (1) 3.11 3.4 April 2025 2 2 61 62 Series 3 (C$249) 9.96 4.4 July 2024 4 4 192 197 Series 5 (C$103) 4.11 5.0 April 2018 2 2 80 81 Series 6 (C$175) 7.00 5.0 July 2018 3 3 136 138 31.03 $ 13 $ 13 $ 601 $ 613 (1) Dividend rate represents annualized distribution based on the most recent quarterly floating rate. Distributions paid during the three and six months ended June 30, 2022, totaled $6 million and $13 million, respectively (2021: $6 million and $13 million, respectively). The Class A Preference Shares do not have a fixed maturity date and are not redeemable at the option of the holders. As at June 30, 2022, none of the issued Class A, Series 5 and 6 Preference Shares have been redeemed by BRP Equity. 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 and six months ended June 30, 2022 of $7 million and $14 million, respectively (2021: $3 million and $3 million, respectively) 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 June 30, 2022. Distributions paid during the three and six months ended June 30, 2022, totaled $9 million and $13 million, respectively (2021: nil and nil, respectively). |
PREFERRED LIMITED PARTNERS' EQU
PREFERRED LIMITED PARTNERS' EQUITY | 6 Months Ended |
Jun. 30, 2022 | |
Disclsoure of Preferred Limited Partners Equity [Abstract] | |
PREFERRED LIMITED PARTNERS' EQUITY | 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 six months ended June 30 Carrying value as at 2022 2021 June 30, 2022 December 31, 2021 Series 5 (C$72) — 5.59 April 2018 $ — $ 2 $ — $ 49 Series 7 (C$175) 7.00 5.50 January 2026 4 4 128 128 Series 9 (C$200) (1) — 5.75 July 2021 — 5 — — Series 11 (C$250) — 5.00 April 2022 3 5 — 187 Series 13 (C$250) 10.00 5.00 April 2023 5 5 196 196 Series 15 (C$175) 7.00 5.75 April 2024 4 4 126 126 Series 17 ($200) 8.00 5.25 March 2025 5 4 195 195 Series 18 (C$150) 6.00 5.50 April 2027 2 — 115 — 38.00 $ 23 $ 29 $ 760 $ 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$72 million or C$25.25 per Preferred Limited Partnership Unit. In the second quarter of 2022, Brookfield Renewable issued 6,000,000 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%. In the second quarter of 2022, Brookfield Renewable redeemed all of the outstanding units of Series 11 Preferred Units for C$250 million or C$25 per Unit. |
LIMITED PARTNERS' EQUITY
LIMITED PARTNERS' EQUITY | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of limited partners equity [Abstract] | |
LIMITED PARTNERS' EQUITY | LIMITED PARTNERS' EQUITY Limited partners’ equity As at June 30, 2022, 275,239,541 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 and six months ended June 30, 2022, 78,327 and 147,192 LP units, respectively (2021: 51,857 and 93,667 LP units, respectively) were issued under the distribution reinvestment plan at a total cost of $3 million and $6 million, respectively (2021: $2 million and $4 million, respectively). During the three and six months ended June 30, 2022, exchangeable shareholders of BEPC exchanged 4,743 and 8,084 exchangeable shares, respectively (2021: 6,033 and 9,642 exchangeable shares, respectively) for an equivalent number of LP units amounting to less than $1 million LP units (2021: less than $1 million). As at June 30, 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 June 30, 2022. 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 and six months ended June 30, 2022. Distributions The composition of distributions for the three and six months ended June 30 are presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Brookfield $ 22 $ 21 $ 45 $ 42 External LP unitholders 66 62 134 125 $ 88 $ 83 $ 179 $ 167 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 and six months ended June 30, 2022 totaled $85 million and $174 million (2021: $82 million and $166 million). |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |
GOODWILL | GOODWILL The following table provides a reconciliation of goodwill: (MILLIONS) Notes Total Balance, as at December 31, 2021 966 Acquired through acquisition 2 264 Foreign exchange (45) Balance, as at June 30, 2022 $ 1,185 |
EQUITY-ACCOUNTED INVESTMENTS
EQUITY-ACCOUNTED INVESTMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Detailed Information About Equity-Accounted Investments [Abstract] | |
EQUITY-ACCOUNTED INVESTMENTS | EQUITY-ACCOUNTED INVESTMENTS The following are Brookfield Renewable’s equity-accounted investments for the six months ended June 30, 2022: (MILLIONS) June 30, 2022 Balance, beginning of year $ 1,107 Investment 74 Share of net income 48 Share of other comprehensive income — Dividends received (37) Foreign exchange translation and other (28) Balance as at June 30, 2022 $ 1,164 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Detailed Information About Cash And Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Brookfield Renewable’s cash and cash equivalents are as follows: (MILLIONS) June 30, 2022 December 31, 2021 Cash $ 820 $ 759 Short-term deposits 3 5 $ 823 $ 764 |
RESTRICTED CASH
RESTRICTED CASH | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Detailed Information About Restricted Cash [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH Brookfield Renewable’s restricted cash is as follows: (MILLIONS) June 30, 2022 December 31, 2021 Operations $ 141 $ 167 Credit obligations 103 95 Capital expenditures and development projects 147 50 Total 391 312 Less: non-current (68) (51) Current $ 323 $ 261 |
TRADE RECEIVABLES AND OTHER CUR
TRADE RECEIVABLES AND OTHER CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Trade Receivables and Other Current Assets [Abstract] | |
TRADE RECEIVABLES AND OTHER CURRENT ASSETS | TRADE RECEIVABLES AND OTHER CURRENT ASSETS Brookfield Renewable's trade receivables and other current assets are as follows: (MILLIONS) June 30, 2022 December 31, 2021 Trade receivables $ 607 $ 629 Collateral deposits (1) 733 434 Short-term deposits and advances (2) 110 27 Prepaids and other 97 354 Inventory 76 31 Income tax receivable 19 39 Current portion of contract asset 61 57 Sales taxes receivable 54 36 Other short-term receivables 106 76 $ 1,863 $ 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. (2) Balance includes deposits and advances related to the build-out of development assets and the sourcing of supplies. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Accounts Payable and Accured Liabilities [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Brookfield Renewable's accounts payable and accrued liabilities are as follows: (MILLIONS) June 30, 2022 December 31, 2021 Operating accrued liabilities $ 297 $ 312 Accounts payable 170 208 Interest payable on borrowings 129 116 LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable , perpetual subordinate notes distributions and exchange shares dividends (1) 53 54 Current portion of lease liabilities 27 30 Other 96 59 $ 772 $ 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. |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Commitments Contingencies and Guarantess [Abstract] | |
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 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. In the normal course of business, Brookfield Renewable will enter into capital expenditure commitments which primarily relate to contracted project costs for various growth initiatives. As at June 30, 2022, Brookfield Renewable had $987 million (2021: $699 million) of capital expenditure commitments of which $692 million is payable in 2022, $266 million is payable in 2023, $27 million is payable in 2024 to 2027, and $2 million thereafter. Brookfield Renewable, together with institutional partners, entered into a commitment to invest COP 153 billion ($37 million) to acquire a 38 MW portfolio of solar development projects in Colombia. The transaction is expected to close in the second half 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 high-quality approximately 600 MW late-stage greenfield solar development project in Brazil, for a total investment of approximately $186 million (approximately $47 million net to Brookfield Renewable). The transaction is expected to close in second half of 2022, subject to customary closing conditions, with Brookfield Renewable holding a 25% 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 20% interest. Brookfield Renewable, together with institutional partners, agreed to acquire a 350 MW of high quality, contracted wind portfolio in China, for a total investment of $159 million (approximately $32 million to Brookfield Renewable). The transaction is expected to close in second half of 2022, subject to customary closing conditions, with Brookfield Renewable expected to hold a 20% interest. Brookfield Renewable, together with institutional partners, agreed to acquire a 169 MW of wind assets under development in China, for a total investment of approximately $80 million (approximately $16 million to Brookfield Renewable). The transaction is expected to close in second half of 2022, subject to customary closing conditions, with Brookfield Renewable expected to hold a 20% 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) June 30, 2022 December 31, 2021 Brookfield Renewable along with institutional investors $ 96 $ 98 Brookfield Renewable's subsidiaries 988 950 $ 1,084 $ 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 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS | 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 LIBOR plus 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 nil funds placed on deposit with Brookfield Renewable as at June 30, 2022 (December 31, 2021: nil). The interest expense on the Brookfield Asset Management revolving credit facility and deposit for the three and six months ended June 30, 2022 totaled less than $1 million (2021: nil and $1 million, respectively). From time to time, Brookfield Asset Management Reinsurance Partners L.P. (“Brookfield Reinsurance”), an associate of Brookfield Renewable, may take part in financings of Brookfield Renewable, alongside other market participants. Such financings are non-recourse to Brookfield Renewable and are recorded within Non-recourse borrowings on the consolidated statements of financial position. As at June 30, 2022, $95 million of non-recourse borrowings is due to Brookfield Reinsurance (2021: $51 million). Brookfield Reinsurance may also participate in equity offerings of Brookfield Renewable, alongside other market participants. Such subscriptions are recorded within equity on the consolidated statements of financial position. As at June 30, 2022, Brookfield Reinsurance has subscribed to $15 million of Brookfield Renewable’s Preferred LP Unit offering (2021: nil). The following table reflects the related party agreements and transactions for the three and six months ended June 30 in the interim consolidated statements of income (loss): Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Revenues Power purchase and revenue agreements $ 9 $ 22 $ 22 $ 83 Direct operating costs Energy purchases $ — $ (2) $ — $ (4) Energy marketing fee & other services (1) (1) (4) (3) Insurance services (1) — (6) — (13) $ (1) $ (9) $ (4) $ (20) Interest expense Borrowings $ — $ — $ — $ (1) Contract balance accretion (6) (4) $ (12) $ (9) $ (6) $ (4) $ (12) $ (10) Other related party services $ (1) $ (1) $ (2) $ (2) Management service costs $ (65) $ (72) $ (141) $ (153) (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 2022 were nil. As of November 2021, Brookfield, through a regulated subsidiary, began providing reinsurance coverage to third-party commercial insurers for the benefits of certain Brookfield Renewable entities in North America. The premiums and claims paid are not included in the table above. |
SUBSIDIARY PUBLIC ISSUERS
SUBSIDIARY PUBLIC ISSUERS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of subsidiaries [abstract] | |
SUBSIDIARY PUBLIC ISSUERS | SUBSIDIARY PUBLIC ISSUERS The following tables provide consolidated summary financial information for Brookfield Renewable, BRP Equity, and Finco: (MILLIONS) Brookfield Renewable (1) BRP Finco Subsidiary Credit Supporters (2) Other Subsidiaries (1)(3) Consolidating adjustments (4) Brookfield As at June 30, 2022 Current assets $ 57 $ 412 $ 2,152 $ 1,039 $ 3,139 $ (3,643) $ 3,156 Long-term assets 4,683 253 4 32,131 53,800 (36,997) 53,874 Current liabilities 54 7 37 7,844 3,612 (7,227) 4,327 Long-term liabilities — — 2,110 — 27,592 — 29,702 Participating non-controlling interests – in operating subsidiaries — — — — 11,845 — 11,845 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield — — — 2,771 — — 2,771 BEPC exchangeable shares — — — — 2,454 — 2,454 Preferred equity — 601 — — — — 601 Perpetual subordinated notes — — — 592 — — 592 Preferred limited partners' equity 761 — — 765 — (766) 760 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. (MILLIONS) Brookfield Renewable (1) BRP Finco Subsidiary Credit Supporters (2) Other Subsidiaries (1)(3) Consolidating adjustments (4) Brookfield Three months ended June 30, 2022 Revenues $ — $ — $ — $ — $ 1,274 $ — $ 1,274 Net income (loss) 3 — — (124) 188 55 122 Three months ended June 30, 2021 Revenues $ — $ — $ — $ — $ 1,019 $ — $ 1,019 Net income (loss) (20) — (4) (262) 331 65 110 Six months ended June 30, 2022 Revenues $ — $ — $ — $ — $ 2,410 $ — $ 2,410 Net income (loss) (30) — (3) (407) 363 232 155 Six months ended June 30, 2021 Revenues $ — $ — $ — $ — $ 2,039 $ — $ 2,039 Net income (loss) (72) — (5) (574) 467 239 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of events after reporting period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to invest into a leading integrated distributed generation developer in the United States with a proven track record of developing and operating projects, for $700 million ($140 million net to Brookfield Renewable), representing our equity purchase price and additional equity deployment to fund future growth. The business has 500 MW of contracted operating and under construction assets, and an 1.8 GW of development pipeline in the United States. Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, formed a joint venture with California Resources Corporation (“CRC”) to establish a Carbon Management Business that will develop carbon capture and storage in California. For five years post-close of the transaction, Brookfield Renewable, together with its institutional partners, has a right of first look to acquire, through its interest in JV, carbon capture and storage projects originated by CRC for up to 5 million metric tons per annum of contracted throughput. This includes an initial investment of approximately $137 million along with an opportunity for Brookfield Renewable, together with its institutional partners, to invest up to an additional $363 million to fund the development of identified carbon capture and storage projects in California. Beyond the initial $500 million investment, if the JV develops the full pipeline of 5 million metric tons per annum of capture, transport, and storage infrastructure, Brookfield Renewable, together with its institutional partners, would have an opportunity to invest up to an additional $1 billion for a total potential investment of $1.5 billion. |
BASIS OF PREPARATION AND SIGN_2
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES [ABSTRACT] | |
Statement of compliance | 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 August 5, 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. |
Basis of preparation | Basis of preparationThe 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. |
Consolidation | (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. |
Recently adopted accounting standards and Future changes in accounting policies | 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. (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. IFRS Interpretation Committee Agenda Decision - Demand Deposits with Restriction on Use Arising from a Contract with a Third Party (IAS 7 Statement of Cash Flow) In April 2022, the IFRS Interpretation Committee (“IFRS IC”) concluded that restrictions on the use of a demand deposit arising from a contract with a third party do not result in the deposit no longer being cash, unless those restrictions change the nature of the deposit in a way that it would no longer meet the definition of cash in IAS 7 Statement of Cash Flow. In the fact pattern described in the request, the contractual restrictions on the use of the amounts held in the demand deposit did not change the nature of the deposit — the entity can access those amounts on demand. Therefore, the entity should include the demand deposit as a component of “cash and cash equivalents” in its statement of financial position and in its statement of cash flows. Brookfield Renewable is currently assessing the impact of this IFRS IC agenda decision. There are currently no other future changes to IFRS with potential impact on Brookfield Renewable. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Schedule of preliminary purchase price allocation | The preliminary purchase price allocations, at fair value, as at June 30, 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 |
DISPOSAL OF ASSETS (Tables)
DISPOSAL OF ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Disposal Of Assets [Abstract] | |
Summary of disposals | Summarized financial information relating to the disposals are shown below: (MILLIONS) Malaysia Solar Portfolio Brazil Hydroelectric Portfolio Total Proceeds, net of transaction costs $ 33 $ 90 $ 123 Carrying value of net assets held for sale Assets 55 90 145 Liabilities (6) — (6) Non-controlling interests (7) — (7) 42 90 132 Loss on disposal, net of transaction costs $ (9) $ — $ (9) |
RISK MANAGEMENT AND FINANCIAL_2
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS [Abstract] | |
Assets and liabilities measured and disclosed at fair value | The following table presents Brookfield Renewable's assets and liabilities measured and disclosed at fair value classified by the fair value hierarchy: June 30, 2022 December 31, 2021 (MILLIONS) Level 1 Level 2 Level 3 Total Total Assets measured at fair value: Cash and cash equivalents $ 823 $ — $ — $ 823 $ 764 Restricted cash (1) 391 — — 391 312 Financial instrument assets (1) Energy derivative contracts — 30 5 35 55 Interest rate swaps — 212 — 212 40 Foreign exchange swaps — 34 — 34 32 Investments in debt and equity securities 160 38 93 291 195 Property, plant and equipment — — 49,594 49,594 49,432 Liabilities measured at fair value: Financial instrument liabilities (1) Energy derivative contracts — (308) (206) (514) (226) Interest rate swaps — (100) — (100) (228) Foreign exchange swaps — (28) — (28) (56) Tax equity — — (383) (383) (455) Contingent consideration (1)(2) — — (143) (143) (3) Liabilities for which fair value is disclosed: Corporate borrowings (1) (1,917) (440) — (2,357) (2,334) Non-recourse borrowing (1) (2,106) (18,185) — (20,291) (20,435) Total $ (2,649) $ (18,747) $ 48,960 $ 27,564 $ 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. |
Disclosure of offsetting of financial assets and financial liabilities | The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows: June 30, 2022 December 31, 2021 (MILLIONS) Assets Liabilities Net Assets Net Assets Energy derivative contracts $ 35 $ 514 $ (479) $ (171) Interest rate swaps 212 100 112 (188) Foreign exchange swaps 34 28 6 (24) Investments in debt and equity securities 291 — 291 195 Tax equity — 383 (383) (455) Total 572 1,025 (453) (643) Less: current portion 86 440 (354) (340) Long-term portion $ 486 $ 585 $ (99) $ (303) |
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument loss | 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 and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Energy derivative contracts $ (48) $ (63) $ (164) $ (104) Interest rate swaps 15 (3) 65 50 Foreign exchange swaps 28 1 36 60 Tax equity 32 2 62 16 Foreign exchange (loss) gain (33) 16 (42) (21) $ (6) $ (47) $ (43) $ 1 |
Unrealized gains (losses) included in other comprehensive income | The following table reflects the gains (losses) included in other comprehensive income in the interim consolidated statements of comprehensive income (loss) for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Energy derivative contracts $ (77) $ (79) $ (226) $ (39) Interest rate swaps 95 (2) 222 45 Foreign exchange swaps 9 (8) (2) (3) 27 (89) (6) 3 Foreign exchange swaps – net investment 97 (12) 52 16 Investments in debt and equity securities (4) 3 (9) 5 $ 120 $ (98) $ 37 $ 24 |
Reclassification adjustments recognized in net income | The following table reflects the reclassification adjustments recognized in net income (loss) in the interim consolidated statements of comprehensive income (loss) for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Energy derivative contracts $ 35 $ 4 $ 88 $ (51) Interest rate swaps 1 9 4 12 $ 36 $ 13 $ 92 $ (39) Foreign exchange swaps - net investment — (44) — (44) Foreign currency translation — 80 — 80 $ 36 $ 49 $ 92 $ (3) |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Entity's Operating Segments [Abstract] | |
Disclosure of operating segments | 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 June 30, 2022: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues $ 297 $ 45 $ 67 $ 85 $ 32 $ 7 $ 10 $ 112 $ 68 $ — $ 723 $ (47) $ 598 $ 1,274 Other income — 2 — — 7 — 1 19 3 19 51 (1) (36) 14 Direct operating costs (93) (13) (22) (31) (6) (1) (2) (27) (24) (8) (227) 18 (157) (366) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 30 2 32 204 34 45 54 33 6 9 104 47 11 547 — 407 Management service costs — — — — — — — — — (65) (65) — — (65) Interest expense (46) (7) (14) (16) (5) (2) (3) (28) (12) (20) (153) 4 (145) (294) Current income taxes (3) (3) (5) — — — — (2) 3 — (10) 4 (25) (31) Distributions attributable to Preferred limited partners equity — — — — — — — — — (12) (12) — — (12) Preferred equity — — — — — — — — — (6) (6) — — (6) Perpetual subordinated notes — — — — — — — — — (7) (7) — — (7) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (8) (2) (10) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (235) (235) Funds From Operations 155 24 26 38 28 4 6 74 38 (99) 294 — — Depreciation (233) 10 (166) (389) Foreign exchange and financial instrument gain (loss) (12) — 6 (6) Deferred income tax expense (4) (2) (25) (31) Other (44) (15) 46 (13) Share of earnings from equity-accounted investments — 7 — 7 Net income attributable to non-controlling interests — — 139 139 Net income (loss) attributable to Unitholders (2) $ 1 $ — $ — $ 1 (1) Share of earnings from equity-accounted investments of $29 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 $96 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. 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 June 30, 2021: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues $ 203 $ 45 $ 51 $ 86 $ 29 $ 7 $ 9 $ 102 $ 65 $ — $ 597 $ (38) $ 460 $ 1,019 Other income 16 1 9 7 48 1 — 4 1 18 105 (3) 118 220 Direct operating costs (81) (13) (18) (14) (10) (2) (3) (25) (18) (8) (192) 15 (130) (307) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 26 11 37 138 33 42 79 67 6 6 81 48 10 510 — 459 Management service costs — — — — — — — — — (72) (72) — — (72) Interest expense (39) (4) (7) (23) (5) (2) (2) (27) (11) (22) (142) 7 (111) (246) Current income taxes (2) 2 (2) (2) 1 — — (1) — — (4) 1 (19) (22) Distributions attributable to Preferred limited partners equity — — — — — — — — — (15) (15) — — (15) Preferred equity — — — — — — — — — (6) (6) — — (6) Perpetual subordinated notes (3) (3) — — (3) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (8) (7) (15) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (322) (322) Funds From Operations 97 31 33 54 63 4 4 53 37 (108) 268 — — Depreciation (246) 13 (146) (379) Foreign exchange and financial instrument gain (loss) (67) — 20 (47) Deferred income tax expense 24 2 (6) 20 Other (42) 5 (41) (78) Share of loss from equity-accounted investments — (20) — (20) Net loss attributable to non-controlling interests — — 173 173 Net income (loss) attributable to Unitholders (2) $ (63) $ — $ — $ (63) (1) Share of earnings from equity-accounted investments of $2 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 $149 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. 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 six months ended June 30, 2022: Attributable to Unitholders Contribution from equity-accounted investments Attributable As per IFRS financials (1) Hydroelectric Wind Solar Distributed generation, storage & other Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues 533 93 140 171 83 13 19 193 127 — 1,372 (96) 1,134 2,410 Other income 2 20 — — 11 — 1 55 16 24 129 (13) (31) 85 Direct operating costs (190) (26) (42) (57) (15) (3) (4) (54) (48) (16) (455) 39 (300) (716) Share of revenue, other income and direct operating costs from equity-accounted investments — — — — — — — — — — — 70 4 74 345 87 98 114 79 10 16 194 95 8 1,046 — 807 Management service costs — — — — — — — — — (141) (141) — — (141) Interest expense (91) (12) (24) (32) (9) (3) (6) (54) (22) (40) (293) 10 (277) (560) Current income taxes (5) (6) (13) — (1) — — (2) 2 — (25) 7 (55) (73) Distributions attributable to Preferred limited partners equity — — — — — — — — — (23) (23) — — (23) Preferred equity — — — — — — — — — (13) (13) — — (13) Perpetual subordinated notes — — — — — — — — — (14) (14) — — (14) Share of interest and cash taxes from equity accounted investments — — — — — — — — — — — (17) (4) (21) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (471) (471) Funds From Operations 249 69 61 82 69 7 10 138 75 (223) 537 — — Depreciation (479) 19 (330) (790) Foreign exchange and financial instrument gain (loss) (36) 1 (8) (43) Deferred income tax expense 26 (2) (29) (5) Other (125) (13) 78 (60) Share of loss from equity-accounted investments — (5) — (5) Net loss attributable to non-controlling interests — — 289 289 Net income (loss) attributable to Unitholders (2) (77) — — (77) (1) Share of earnings from equity-accounted investments of $48 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $182 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income 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. 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 six months ended June 30, 2021: Attributable to Unitholders Contribution Attributable As per (1) Hydroelectric Wind Solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia Revenues 422 97 106 208 72 14 16 179 121 — 1,235 (77) 881 2,039 Other income 24 9 9 8 90 1 — 10 1 27 179 (5) 73 247 Direct operating costs (160) (25) (38) (56) (28) (5) (4) (49) (35) (15) (415) 36 (319) (698) Share of revenue, other income and direct operating costs from equity-accounted investments 46 21 67 286 81 77 160 134 10 12 140 87 12 999 — 656 — Management service costs — — — — — — — — — (153) (153) — — (153) Interest expense (78) (11) (13) (42) (11) (4) (4) (56) (21) (41) (281) 13 (215) (479) Current income taxes (2) — (4) (2) — — — (1) (1) — (10) 1 (25) (38) Distributions attributable to Preferred limited partners equity — — — — — — — — — (29) (29) — — (29) Preferred equity — — — — — — — — — (13) (13) — — (13) Perpetual subordinated notes (3) (3) — — (3) Share of interest and cash taxes from equity-accounted investments — — — — — — — — — — — (14) (11) (25) Share of Funds From Operations attributable to non-controlling interests — — — — — — — — — — — — (405) (405) Funds From Operations 206 70 60 116 123 6 8 83 65 (227) 510 — — Depreciation (483) 26 (290) (747) Foreign exchange and financial instrument gain (loss) (67) — 68 1 Deferred income tax expense 59 2 (8) 53 Other (215) 7 31 (177) Share of loss from equity-accounted investments — (35) — (35) Net loss attributable to non-controlling interests — — 199 199 Net income (loss) attributable to Unitholders (2) (196) — — (196) (1) Share of earnings from equity-accounted investments of $7 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests– in operating subsidiaries of $206 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income 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. |
Summary of segmented basis about certain items in Brookfield Renewables statement of financial position | 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 As per Hydroelectric Wind Solar Distributed energy & sustainable solutions Corporate Total (MILLIONS) North Brazil Colombia North Europe Brazil Asia As at June 30, 2022 Cash and cash equivalents $ 58 $ 28 $ 13 $ 39 $ 106 $ 1 $ 13 $ 111 $ 54 $ 14 $ 437 $ (47) $ 433 $ 823 Property, plant and equipment 14,994 1,746 1,959 3,250 633 279 274 3,368 2,185 — 28,688 (1,148) 22,054 49,594 Total assets 16,618 1,931 2,195 3,631 842 314 355 3,861 2,485 148 32,380 (584) 25,234 57,030 Total borrowings 4,058 270 625 1,602 407 88 193 2,601 1,098 2,556 13,498 (354) 10,271 23,415 Other liabilities 4,749 93 636 800 229 9 35 662 189 315 7,717 (221) 3,118 10,614 For the six months ended June 30, 2022: Additions to property, plant and equipment 55 24 2 27 8 9 1 101 34 1 262 (20) 690 932 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 16,456 1,833 2,277 3,665 842 292 342 3,746 2,366 292 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 six months ended June 30, 2021: Additions to property, plant and equipment 57 28 30 44 21 5 — 47 9 2 243 (3) 312 552 |
Disclosure of geographical areas | The following table presents consolidated revenue split by reportable segment for the three and six months ended June 30: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Hydroelectric North America $ 371 $ 237 $ 656 $ 508 Brazil 46 46 93 102 Colombia 274 213 579 440 691 496 1,328 1,050 Wind North America 175 184 339 362 Europe 47 41 124 109 Brazil 21 18 38 35 Asia 44 31 82 60 287 274 583 566 Solar 207 159 349 282 Distributed energy & sustainable solutions 89 90 150 141 Total $ 1,274 $ 1,019 $ 2,410 $ 2,039 The following table presents consolidated property, plant and equipment and equity-accounted investments split by geography region: (MILLIONS) June 30, 2022 December 31, 2021 United States $ 25,456 $ 24,596 Colombia 8,171 8,497 Canada 7,413 7,651 Brazil 4,247 3,860 Europe 3,905 4,440 Asia 1,548 1,495 Other 18 — $ 50,758 $ 50,539 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Reconciliation of 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 6 (101) — — (95) Transfer from construction work-in-progress 95 284 218 1 598 Acquisitions through business combinations 2 — — 21 — 21 Disposals 3 (97) — — — (97) Items recognized through OCI: Change in fair value (2) — — — (2) Foreign exchange (288) (123) (217) 6 (622) Items recognized through net income: Depreciation (311) (284) (179) (16) (790) As at June 30, 2022 $ 30,916 $ 8,891 $ 7,232 $ 179 $ 47,218 Construction work-in-progress As at December 31, 2021 278 295 649 5 1,227 Additions, net 84 441 498 4 1,027 Transfer to property, plant and equipment (95) (284) (218) (1) (598) Acquisitions through business combinations 2 — — 692 — 692 Items recognized through OCI: Change in fair value — 19 — — 19 Foreign exchange 8 (6) 7 — 9 As at June 30, 2022 $ 275 $ 465 $ 1,628 $ 8 $ 2,376 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 June 30, 2022 (2) $ 31,191 $ 9,356 $ 8,860 $ 187 $ 49,594 (1) Includes biomass and cogeneration. (2) Includes right-of-use assets not subject to revaluation of $65 million (2021: $69 million) in hydroelectric, $170 million (2021: $174 million) in wind, $174 million (2021: $186 million) in solar, and $2 million (2021: $2 million) in other. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of borrowings | The composition of corporate borrowings is presented in the following table: June 30, 2022 December 31, 2021 Weighted-average Weighted- average (MILLIONS EXCEPT AS NOTED) Interest Term Carrying Estimated fair value Interest Term Carrying Estimated fair value Credit facilities N/A 4 $ — $ — N/A 5 $ — $ — Commercial paper 2.2 <1 440 440 N/A N/A — — Medium Term Notes: Series 4 (C$150) 5.8 14 116 122 5.8 15 118 154 Series 9 (C$400) 3.8 3 311 305 3.8 3 317 334 Series 10 (C$500) 3.6 5 388 373 3.6 5 396 421 Series 11 (C$475) 4.3 7 369 357 4.3 7 376 419 Series 12 (C$475) 3.4 8 369 333 3.4 8 376 399 Series 13 (C$300) 4.3 27 233 196 4.3 28 237 275 Series 14 (C$425) 3.3 28 330 231 3.3 29 336 332 3.9 12 2,116 1,917 3.9 13 2,156 2,334 Total corporate borrowings 2,556 $ 2,357 2,156 $ 2,334 Add: Unamortized premiums (1) 3 3 Less: Unamortized financing fees (1) (9) (10) Less: Current portion (440) — $ 2,110 $ 2,149 (1) Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing. The following table summarizes the available portion of corporate credit facilities: (MILLIONS) June 30, 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) (1) (24) Authorized letter of credit facility 400 400 Issued letters of credit (337) (289) Available portion of corporate credit facilities $ 2,437 $ 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 The composition of non-recourse borrowings is presented in the following table: June 30, 2022 December 31, 2021 Weighted-average Weighted-average (MILLIONS EXCEPT AS NOTED) Interest Term (years) (4) Carrying Estimated Interest Term Carrying Estimated Non-recourse borrowings (1)(2) Hydroelectric 5.8 11 $ 9,131 $ 8,681 4.9 11 $ 8,541 $ 9,008 Wind 4.8 8 4,826 4,706 4.4 8 4,767 5,059 Solar 4.7 12 5,063 5,125 4.1 13 4,303 4,561 Distributed energy & sustainable solutions 4.3 9 1,850 1,779 3.2 8 1,741 1,807 Total 5.2 10 $ 20,870 $ 20,291 4.5 10 $ 19,352 $ 20,435 Add: Unamortized premiums (3) 136 160 Less: Unamortized financing fees (3) (141) (132) Less: Current portion (2,279) (1,818) $ 18,586 $ 17,562 (1) Includes $742 million (2021: $30 million) borrowed under a subscription facility of a Brookfield sponsored private fund. (2) Includes $95 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 credit facilities, total weighted-average term is 11 years. |
NON-CONTROLLING INTERESTS (Tabl
NON-CONTROLLING INTERESTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Detailed Information About Non-controlling Interests [Abstract] | |
Summary of non-controlling interests | Brookfield Renewable`s non-controlling interests are comprised of the following: (MILLIONS) June 30, 2022 December 31, 2021 Participating non-controlling interests – in operating subsidiaries $ 11,845 $ 12,303 General partnership interest in a holding subsidiary held by Brookfield 57 59 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 2,771 2,894 BEPC exchangeable shares 2,454 2,562 Preferred equity 601 613 Perpetual subordinated notes 592 592 $ 18,320 $ 19,023 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) — (34) 74 12 (12) 11 12 106 1 12 182 Other comprehensive income (loss) (7) 6 27 6 (4) (15) — (66) — (52) (105) Capital contributions — 4 — 193 85 — — — — 12 294 Disposal — — (21) — — — — — — — (21) Distributions (21) (42) (283) — — (18) (5) (424) (1) (14) (808) Other 1 1 (3) 2 9 4 (1) (4) (1) (8) — As at June 30, 2022 $ 658 $ 2,188 $ 3,412 $ 1,623 $ 78 $ 956 $ 138 $ 2,054 $ 12 $ 726 $ 11,845 Interests held by third parties 75% - 78% 43% - 60% 23% - 71% 75 % 80 % 50 % 25 % 53 % 0.3 % 0.3% - 50% |
Summary of distributions | The composition of the distributions for the three and six months ended June 30 is presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 General partnership interest in a holding subsidiary held by Brookfield $ 2 $ 1 $ 3 $ 2 Incentive distribution 23 20 47 40 25 21 50 42 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 63 58 126 117 BEPC exchangeable shares held by Brookfield 15 14 30 26 External shareholders 40 38 80 78 Total BEPC exchangeable shares 55 52 110 104 $ 143 $ 131 $ 286 $ 263 The composition of distributions for the three and six months ended June 30 are presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Brookfield $ 22 $ 21 $ 45 $ 42 External LP unitholders 66 62 134 125 $ 88 $ 83 $ 179 $ 167 |
Disclosure of preference shares | 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 Cumulative Earliest Distributions declared for the six months ended June 30 Carrying value as at 2022 2021 June 30, 2022 December 31, 2021 Series 1 (C$136) 6.85 3.1 April 2025 $ 2 $ 2 $ 132 $ 135 Series 2 (C$113) (1) 3.11 3.4 April 2025 2 2 61 62 Series 3 (C$249) 9.96 4.4 July 2024 4 4 192 197 Series 5 (C$103) 4.11 5.0 April 2018 2 2 80 81 Series 6 (C$175) 7.00 5.0 July 2018 3 3 136 138 31.03 $ 13 $ 13 $ 601 $ 613 (1) Dividend rate represents annualized distribution based on the most recent quarterly floating rate. |
PREFERRED LIMITED PARTNERS' E_2
PREFERRED LIMITED PARTNERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclsoure of Preferred Limited Partners Equity [Abstract] | |
Summary of 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 six months ended June 30 Carrying value as at 2022 2021 June 30, 2022 December 31, 2021 Series 5 (C$72) — 5.59 April 2018 $ — $ 2 $ — $ 49 Series 7 (C$175) 7.00 5.50 January 2026 4 4 128 128 Series 9 (C$200) (1) — 5.75 July 2021 — 5 — — Series 11 (C$250) — 5.00 April 2022 3 5 — 187 Series 13 (C$250) 10.00 5.00 April 2023 5 5 196 196 Series 15 (C$175) 7.00 5.75 April 2024 4 4 126 126 Series 17 ($200) 8.00 5.25 March 2025 5 4 195 195 Series 18 (C$150) 6.00 5.50 April 2027 2 — 115 — 38.00 $ 23 $ 29 $ 760 $ 881 |
LIMITED PARTNERS' EQUITY (Table
LIMITED PARTNERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of limited partners equity [Abstract] | |
Summary of distributions | The composition of the distributions for the three and six months ended June 30 is presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 General partnership interest in a holding subsidiary held by Brookfield $ 2 $ 1 $ 3 $ 2 Incentive distribution 23 20 47 40 25 21 50 42 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield 63 58 126 117 BEPC exchangeable shares held by Brookfield 15 14 30 26 External shareholders 40 38 80 78 Total BEPC exchangeable shares 55 52 110 104 $ 143 $ 131 $ 286 $ 263 The composition of distributions for the three and six months ended June 30 are presented in the following table: Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Brookfield $ 22 $ 21 $ 45 $ 42 External LP unitholders 66 62 134 125 $ 88 $ 83 $ 179 $ 167 |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |
Summary of reconciliation of goodwill | The following table provides a reconciliation of goodwill: (MILLIONS) Notes Total Balance, as at December 31, 2021 966 Acquired through acquisition 2 264 Foreign exchange (45) Balance, as at June 30, 2022 $ 1,185 |
EQUITY-ACCOUNTED INVESTMENTS (T
EQUITY-ACCOUNTED INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Detailed Information About Equity-Accounted Investments [Abstract] | |
Summary of equity-accounted investments | The following are Brookfield Renewable’s equity-accounted investments for the six months ended June 30, 2022: (MILLIONS) June 30, 2022 Balance, beginning of year $ 1,107 Investment 74 Share of net income 48 Share of other comprehensive income — Dividends received (37) Foreign exchange translation and other (28) Balance as at June 30, 2022 $ 1,164 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Detailed Information About Cash And Cash Equivalents [Abstract] | |
Summary of cash and cash equivalents | Brookfield Renewable’s cash and cash equivalents are as follows: (MILLIONS) June 30, 2022 December 31, 2021 Cash $ 820 $ 759 Short-term deposits 3 5 $ 823 $ 764 |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Detailed Information About Restricted Cash [Abstract] | |
Summary of restricted cash | Brookfield Renewable’s restricted cash is as follows: (MILLIONS) June 30, 2022 December 31, 2021 Operations $ 141 $ 167 Credit obligations 103 95 Capital expenditures and development projects 147 50 Total 391 312 Less: non-current (68) (51) Current $ 323 $ 261 |
TRADE RECEIVABLES AND OTHER C_2
TRADE RECEIVABLES AND OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Trade Receivables and Other Current Assets [Abstract] | |
Summary of trade receivables and other current assets | Brookfield Renewable's trade receivables and other current assets are as follows: (MILLIONS) June 30, 2022 December 31, 2021 Trade receivables $ 607 $ 629 Collateral deposits (1) 733 434 Short-term deposits and advances (2) 110 27 Prepaids and other 97 354 Inventory 76 31 Income tax receivable 19 39 Current portion of contract asset 61 57 Sales taxes receivable 54 36 Other short-term receivables 106 76 $ 1,863 $ 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. (2) Balance includes deposits and advances related to the build-out of development assets and the sourcing of supplies. |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Accounts Payable and Accured Liabilities [Abstract] | |
Summary of accounts payable and accrued liabilities | Brookfield Renewable's accounts payable and accrued liabilities are as follows: (MILLIONS) June 30, 2022 December 31, 2021 Operating accrued liabilities $ 297 $ 312 Accounts payable 170 208 Interest payable on borrowings 129 116 LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable , perpetual subordinate notes distributions and exchange shares dividends (1) 53 54 Current portion of lease liabilities 27 30 Other 96 59 $ 772 $ 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. |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Commitments Contingencies and Guarantess [Abstract] | |
Schedule of letters of credit issued | Letters of credit issued by Brookfield Renewable along with institutional investors and its subsidiaries were as at the following dates: (MILLIONS) June 30, 2022 December 31, 2021 Brookfield Renewable along with institutional investors $ 96 $ 98 Brookfield Renewable's subsidiaries 988 950 $ 1,084 $ 1,048 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related party transactions [abstract] | |
Schedule of related party agreements and transactions | The following table reflects the related party agreements and transactions for the three and six months ended June 30 in the interim consolidated statements of income (loss): Three months ended June 30 Six months ended June 30 (MILLIONS) 2022 2021 2022 2021 Revenues Power purchase and revenue agreements $ 9 $ 22 $ 22 $ 83 Direct operating costs Energy purchases $ — $ (2) $ — $ (4) Energy marketing fee & other services (1) (1) (4) (3) Insurance services (1) — (6) — (13) $ (1) $ (9) $ (4) $ (20) Interest expense Borrowings $ — $ — $ — $ (1) Contract balance accretion (6) (4) $ (12) $ (9) $ (6) $ (4) $ (12) $ (10) Other related party services $ (1) $ (1) $ (2) $ (2) Management service costs $ (65) $ (72) $ (141) $ (153) (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 2022 were nil. As of November 2021, Brookfield, through a regulated subsidiary, began providing reinsurance coverage to third-party commercial insurers for the benefits of certain Brookfield Renewable entities in North America. The premiums and claims paid are not included in the table above. |
SUBSIDIARY PUBLIC ISSUERS (Tabl
SUBSIDIARY PUBLIC ISSUERS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of subsidiaries [abstract] | |
Consolidated summarized statement of financial position | The following tables provide consolidated summary financial information for Brookfield Renewable, BRP Equity, and Finco: (MILLIONS) Brookfield Renewable (1) BRP Finco Subsidiary Credit Supporters (2) Other Subsidiaries (1)(3) Consolidating adjustments (4) Brookfield As at June 30, 2022 Current assets $ 57 $ 412 $ 2,152 $ 1,039 $ 3,139 $ (3,643) $ 3,156 Long-term assets 4,683 253 4 32,131 53,800 (36,997) 53,874 Current liabilities 54 7 37 7,844 3,612 (7,227) 4,327 Long-term liabilities — — 2,110 — 27,592 — 29,702 Participating non-controlling interests – in operating subsidiaries — — — — 11,845 — 11,845 Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield — — — 2,771 — — 2,771 BEPC exchangeable shares — — — — 2,454 — 2,454 Preferred equity — 601 — — — — 601 Perpetual subordinated notes — — — 592 — — 592 Preferred limited partners' equity 761 — — 765 — (766) 760 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. |
Consolidated summarized statement of operations | (MILLIONS) Brookfield Renewable (1) BRP Finco Subsidiary Credit Supporters (2) Other Subsidiaries (1)(3) Consolidating adjustments (4) Brookfield Three months ended June 30, 2022 Revenues $ — $ — $ — $ — $ 1,274 $ — $ 1,274 Net income (loss) 3 — — (124) 188 55 122 Three months ended June 30, 2021 Revenues $ — $ — $ — $ — $ 1,019 $ — $ 1,019 Net income (loss) (20) — (4) (262) 331 65 110 Six months ended June 30, 2022 Revenues $ — $ — $ — $ — $ 2,410 $ — $ 2,410 Net income (loss) (30) — (3) (407) 363 232 155 Six months ended June 30, 2021 Revenues $ — $ — $ — $ — $ 2,039 $ — $ 2,039 Net income (loss) (72) — (5) (574) 467 239 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. |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Mar. 17, 2022 USD ($) MW | Feb. 02, 2022 USD ($) GW | Feb. 02, 2022 EUR (€) | Jan. 24, 2022 USD ($) GW | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Feb. 02, 2022 EUR (€) GW | Mar. 31, 2021 facility MW | |
Disclosure of detailed information about business combination [line items] | ||||||||||
Investment in equity-accounted investments | $ 54 | $ 9 | $ 74 | $ 53 | ||||||
Non-controlling interest in acquiree recognised at acquisition date | 6 | 6 | ||||||||
20 GW United States Portfolio | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Solar power capacity (in MW) | GW | 20 | |||||||||
Investment in equity-accounted investments | $ 31 | $ 702 | ||||||||
Contingent consideration recognised as of acquisition date | 125 | |||||||||
Transaction costs | $ 2 | |||||||||
Economic interest held | 20% | |||||||||
Non-controlling interest in acquiree recognised at acquisition date | 6 | |||||||||
1.7 GW Germany Portfolio | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Solar power capacity (in MW) | GW | 1.7 | 1.7 | ||||||||
Investment in equity-accounted investments | $ 73 | € 66 | ||||||||
Contingent consideration recognised as of acquisition date | 17 | € 15 | ||||||||
Transaction costs | $ 1 | $ 2 | € 2 | |||||||
Economic interest held | 20% | 20% | 20% | |||||||
Chile Distributed Generation Portfolio | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Ownership percentage | 83% | |||||||||
Operating and under construction assets, power capacity | MW | 437 | |||||||||
Non-controlling interest in acquiree recognised at acquisition date | $ 6 | $ 6 | ||||||||
Oregon Wind Portfolio | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Ownership percentage | 100% | |||||||||
Number of wind generation facilities | facility | 3 | |||||||||
Wind power capacity, generation facilities (in MW) | MW | 845 | |||||||||
Wind power capacity, development projects (in MW) | MW | 400 |
ACQUISITIONS - Provisional Purc
ACQUISITIONS - Provisional Purchase Price Allocations (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | $ 27 |
Restricted cash | 6 |
Trade receivables and other current assets | 80 |
Property, plant and equipment | 713 |
Other non-current assets | 90 |
Current liabilities | (38) |
Financial instruments | (24) |
Non-recourse borrowings | (53) |
Deferred income tax liabilities | (68) |
Other long-term liabilities | (43) |
Non-controlling interests | (6) |
Fair value of net assets acquired | 690 |
Goodwill | 264 |
Purchase price | 954 |
Chile Distributed Generation Portfolio | |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | 2 |
Restricted cash | 0 |
Trade receivables and other current assets | 2 |
Property, plant and equipment | 21 |
Other non-current assets | 1 |
Current liabilities | (1) |
Financial instruments | 0 |
Non-recourse borrowings | (6) |
Deferred income tax liabilities | 0 |
Other long-term liabilities | 0 |
Non-controlling interests | (6) |
Fair value of net assets acquired | 19 |
Goodwill | 18 |
Purchase price | 37 |
Europe Solar Portfolio | |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | 3 |
Restricted cash | 0 |
Trade receivables and other current assets | 30 |
Property, plant and equipment | 1 |
Other non-current assets | 0 |
Current liabilities | (5) |
Financial instruments | 0 |
Non-recourse borrowings | 0 |
Deferred income tax liabilities | (7) |
Other long-term liabilities | 0 |
Non-controlling interests | 0 |
Fair value of net assets acquired | 22 |
Goodwill | 68 |
Purchase price | 90 |
U.S. Solar Portfolio | |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | 22 |
Restricted cash | 6 |
Trade receivables and other current assets | 48 |
Property, plant and equipment | 691 |
Other non-current assets | 89 |
Current liabilities | (32) |
Financial instruments | (24) |
Non-recourse borrowings | (47) |
Deferred income tax liabilities | (61) |
Other long-term liabilities | (43) |
Non-controlling interests | 0 |
Fair value of net assets acquired | 649 |
Goodwill | 178 |
Purchase price | $ 827 |
DISPOSAL OF ASSETS - Narrative
DISPOSAL OF ASSETS - Narrative (Details) RM in Millions, R$ in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) MW | Jun. 30, 2022 BRL (R$) MW | Apr. 30, 2022 MYR (RM) MW | Apr. 30, 2022 USD ($) MW | Jun. 30, 2022 USD ($) MW | |
Disclosure of detailed information about investment property [line items] | |||||
Proceeds, net of transaction costs | $ 123 | ||||
19 MW Solar Assets - Asia | |||||
Disclosure of detailed information about investment property [line items] | |||||
Solar power capacity (in MW) | MW | 19 | 19 | |||
Proceeds, net of transaction costs | $ 10 | ||||
Losses on disposals of investments | 3 | ||||
19 MW Solar Assets - Asia | Brookfield Renewable and Institutional Partners | |||||
Disclosure of detailed information about investment property [line items] | |||||
Proceeds, net of transaction costs | RM 144 | 33 | |||
Losses on disposals of investments | 9 | ||||
Accumulated revaluation surplus post-tax | $ 3 | ||||
36 MW Brazil Hydroelectric Portfolio | |||||
Disclosure of detailed information about investment property [line items] | |||||
Proceeds, net of transaction costs | $ 23 | ||||
Accumulated revaluation surplus post-tax | $ 30 | ||||
Ownership interest | 100% | 100% | |||
Hydro power capacity | MW | 36 | 36 | 36 | ||
Economic interest held | 25% | 25% | |||
36 MW Brazil Hydroelectric Portfolio | Brookfield Renewable and Institutional Partners | |||||
Disclosure of detailed information about investment property [line items] | |||||
Proceeds, net of transaction costs | $ 90 | R$ 461 |
DISPOSAL OF ASSETS - Summary of
DISPOSAL OF ASSETS - Summary of disposals (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Proceeds, net of transaction costs | $ 123 |
Carrying value of net assets held for sale | |
Assets | 145 |
Liabilities | (6) |
Non-controlling interests | (7) |
Carrying value of net assets held for sale | 132 |
Loss on disposal, net of transaction costs | (9) |
Malaysia | Solar | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Proceeds, net of transaction costs | 33 |
Carrying value of net assets held for sale | |
Assets | 55 |
Liabilities | (6) |
Non-controlling interests | (7) |
Carrying value of net assets held for sale | 42 |
Loss on disposal, net of transaction costs | (9) |
Brazil | Hydroelectric | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Proceeds, net of transaction costs | 90 |
Carrying value of net assets held for sale | |
Assets | 90 |
Liabilities | 0 |
Non-controlling interests | 0 |
Carrying value of net assets held for sale | 90 |
Loss on disposal, net of transaction costs | $ 0 |
RISK MANAGEMENT AND FINANCIAL_3
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Assets and Liabilities Measured and Disclosed at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Assets measured at fair value: | ||||||
Cash and cash equivalents | $ 823 | $ 734 | $ 764 | $ 530 | $ 358 | $ 431 |
Restricted cash | 391 | 312 | ||||
Investments in debt and equity securities | 291 | 195 | ||||
Property, plant and equipment | 49,594 | 49,432 | ||||
Liabilities measured at fair value: | ||||||
Contingent consideration(1)(2) | (143) | (3) | ||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Total | 27,564 | 27,093 | ||||
Corporate borrowings | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (2,357) | (2,334) | ||||
Non-recourse borrowing | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (20,291) | (20,435) | ||||
Energy derivative contracts | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 35 | 55 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (514) | (226) | ||||
Interest rate swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 212 | 40 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (100) | (228) | ||||
Foreign exchange swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 34 | 32 | ||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (28) | (56) | ||||
Tax equity | ||||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (383) | $ (455) | ||||
Level 1 | ||||||
Assets measured at fair value: | ||||||
Cash and cash equivalents | 823 | |||||
Restricted cash | 391 | |||||
Investments in debt and equity securities | 160 | |||||
Property, plant and equipment | 0 | |||||
Liabilities measured at fair value: | ||||||
Contingent consideration(1)(2) | 0 | |||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Total | (2,649) | |||||
Level 1 | Corporate borrowings | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (1,917) | |||||
Level 1 | Non-recourse borrowing | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (2,106) | |||||
Level 1 | Energy derivative contracts | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 1 | Interest rate swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 1 | Foreign exchange swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 1 | Tax equity | ||||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 2 | ||||||
Assets measured at fair value: | ||||||
Cash and cash equivalents | 0 | |||||
Restricted cash | 0 | |||||
Investments in debt and equity securities | 38 | |||||
Property, plant and equipment | 0 | |||||
Liabilities measured at fair value: | ||||||
Contingent consideration(1)(2) | 0 | |||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Total | (18,747) | |||||
Level 2 | Corporate borrowings | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (440) | |||||
Level 2 | Non-recourse borrowing | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | (18,185) | |||||
Level 2 | Energy derivative contracts | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 30 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (308) | |||||
Level 2 | Interest rate swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 212 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (100) | |||||
Level 2 | Foreign exchange swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 34 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (28) | |||||
Level 2 | Tax equity | ||||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 3 | ||||||
Assets measured at fair value: | ||||||
Cash and cash equivalents | 0 | |||||
Restricted cash | 0 | |||||
Investments in debt and equity securities | 93 | |||||
Property, plant and equipment | 49,594 | |||||
Liabilities measured at fair value: | ||||||
Contingent consideration(1)(2) | (143) | |||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Total | 48,960 | |||||
Level 3 | Corporate borrowings | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | 0 | |||||
Level 3 | Non-recourse borrowing | ||||||
Liabilities for which fair value is disclosed [Abstract] | ||||||
Liabilities for which fair value is disclosed | 0 | |||||
Level 3 | Energy derivative contracts | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 5 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | (206) | |||||
Level 3 | Interest rate swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 3 | Foreign exchange swaps | ||||||
Assets measured at fair value: | ||||||
Financial instrument assets | 0 | |||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | 0 | |||||
Level 3 | Tax equity | ||||||
Liabilities measured at fair value: | ||||||
Financial instrument liabilities | $ (383) |
RISK MANAGEMENT AND FINANCIAL_4
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Aggregate Amount of Net Financial Instrument Positions (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | $ 572 | |
Less: current portion | 86 | |
Long-term portion | 486 | |
Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 1,025 | |
Less: current portion | 440 | |
Long-term portion | 585 | |
Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | (453) | $ (643) |
Less: current portion | (354) | (340) |
Long-term portion | (99) | (303) |
Energy derivative contracts | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 35 | |
Energy derivative contracts | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 514 | |
Energy derivative contracts | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | (479) | (171) |
Interest rate swaps | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 212 | |
Interest rate swaps | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 100 | |
Interest rate swaps | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 112 | (188) |
Foreign exchange swaps | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 34 | |
Foreign exchange swaps | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 28 | |
Foreign exchange swaps | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 6 | (24) |
Investments in debt and equity securities | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 291 | |
Investments in debt and equity securities | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 0 | |
Investments in debt and equity securities | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 291 | 195 |
Tax equity | Assets | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 0 | |
Tax equity | Liabilities | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | 383 | |
Tax equity | Net Assets (Liabilities) | ||
Disclosure of derivative assets liabilities net position [Line Items] | ||
Total | $ (383) | $ (455) |
RISK MANAGEMENT AND FINANCIAL_5
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Unrealized Gains (Losses) Included in OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | $ (6) | $ (47) | $ (43) | $ 1 |
Gains associated with available for sale instruments | 1 | 0 | 3 | 0 |
Losses associated with available for sale instruments | 2 | 0 | 5 | 0 |
Unrealized gains (losses) hedging instruments included in other comprehensive income | 27 | (89) | (6) | 3 |
Unrealized gains (losses) included in other comprehensive income | 120 | (98) | 37 | 24 |
Reclassification adjustments recognized in net income, net | 36 | 13 | 92 | (39) |
Energy derivative contracts | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | (48) | (63) | (164) | (104) |
Unrealized gains (losses) hedging instruments included in other comprehensive income | (77) | (79) | (226) | (39) |
Reclassification adjustments recognized in net income, net | 35 | 4 | 88 | (51) |
Interest rate swaps | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | 15 | (3) | 65 | 50 |
Unrealized gains (losses) hedging instruments included in other comprehensive income | 95 | (2) | 222 | 45 |
Reclassification adjustments recognized in net income, net | 1 | 9 | 4 | 12 |
Reclassification adjustments recognized in net income | 36 | 49 | 92 | (3) |
Foreign exchange swaps | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | 28 | 1 | 36 | 60 |
Unrealized gains (losses) hedging instruments included in other comprehensive income | 9 | (8) | (2) | (3) |
Tax equity | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | 32 | 2 | 62 | 16 |
Foreign exchange (loss) gain | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in foreign exchange and unrealized financial instrument gain (loss), net | (33) | 16 | (42) | (21) |
Foreign exchange swaps – net investment | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in other comprehensive income | 97 | (12) | 52 | 16 |
Reclassification adjustments recognized in net income | 0 | (44) | 0 | (44) |
Investments in debt and equity securities | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Unrealized gains (losses) included in other comprehensive income | (4) | 3 | (9) | 5 |
Foreign currency translation | ||||
Investment In Equity and Debt Securities [Line Items] | ||||
Reclassification adjustments recognized in net income | $ 0 | $ 80 | $ 0 | $ 80 |
SEGMENTED INFORMATION - Summary
SEGMENTED INFORMATION - Summary of Operating Results by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Disclosure of operating segments [line items] | |||||
Revenues | $ 1,274 | $ 1,019 | $ 2,410 | $ 2,039 | |
Other income | 14 | 220 | 85 | 247 | |
Direct operating costs | [1] | (366) | (307) | (716) | (698) |
Share of revenue, other income and direct operating costs from equity-accounted investments | 32 | 37 | 74 | 67 | |
Management service costs | (65) | (72) | (141) | (153) | |
Interest expense | (294) | (246) | (560) | (479) | |
Current income taxes | (31) | (22) | (73) | (38) | |
Preferred limited partners equity | (12) | (15) | (23) | (29) | |
Preferred equity | (6) | (6) | (13) | (13) | |
Perpetual subordinated notes | (7) | (3) | (14) | (3) | |
Share of interest and cash taxes from equity accounted investments | (10) | (15) | (21) | (25) | |
Share of Funds From Operations attributable to non-controlling interests | (235) | (322) | (471) | (405) | |
Depreciation | (389) | (379) | (790) | (747) | |
Foreign exchange and financial instrument gain (loss) | (6) | (47) | (43) | 1 | |
Deferred | (31) | 20 | (5) | 53 | |
Other | (13) | (78) | (60) | (177) | |
Share of earnings (loss) from equity-accounted investments | 7 | (20) | (5) | (35) | |
Net income (loss) attributable to non-controlling interests | 139 | 173 | 289 | 199 | |
Net income (loss) attributable to Unitholders | 1 | (63) | (77) | (196) | |
Share of earnings from equity-accounted investments | 29 | 2 | 48 | 7 | |
Net income attributable to participating non-controlling interests | 96 | 149 | 182 | 206 | |
Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 723 | 597 | 1,372 | 1,235 | |
Other income | 51 | 105 | 129 | 179 | |
Direct operating costs | (227) | (192) | (455) | (415) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 547 | 510 | 1,046 | 999 | |
Management service costs | (65) | (72) | (141) | (153) | |
Interest expense | (153) | (142) | (293) | (281) | |
Current income taxes | (10) | (4) | (25) | (10) | |
Preferred limited partners equity | (12) | (15) | (23) | (29) | |
Preferred equity | (6) | (6) | (13) | (13) | |
Perpetual subordinated notes | (7) | (3) | (14) | (3) | |
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 294 | 268 | 537 | 510 | |
Depreciation | (233) | (246) | (479) | (483) | |
Foreign exchange and financial instrument gain (loss) | (12) | (67) | (36) | (67) | |
Deferred | (4) | 24 | 26 | 59 | |
Other | (44) | (42) | (125) | (215) | |
Share of earnings (loss) from equity-accounted investments | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Unitholders | 1 | (63) | (77) | (196) | |
Contribution from equity-accounted investments | |||||
Disclosure of operating segments [line items] | |||||
Revenues | (47) | (38) | (96) | (77) | |
Other income | (1) | (3) | (13) | (5) | |
Direct operating costs | 18 | 15 | 39 | 36 | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 30 | 26 | 70 | 46 | |
Adjusted EBITDA | 0 | 0 | 0 | 0 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | 4 | 7 | 10 | 13 | |
Current income taxes | 4 | 1 | 7 | 1 | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | 0 | 0 | |
Share of interest and cash taxes from equity accounted investments | (8) | (8) | (17) | (14) | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 0 | 0 | 0 | 0 | |
Depreciation | 10 | 13 | 19 | 26 | |
Foreign exchange and financial instrument gain (loss) | 0 | 0 | 1 | 0 | |
Deferred | (2) | 2 | (2) | 2 | |
Other | (15) | 5 | (13) | 7 | |
Share of earnings (loss) from equity-accounted investments | 7 | (20) | (5) | (35) | |
Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Unitholders | 0 | 0 | 0 | 0 | |
Non-controlling interests | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 598 | 460 | 1,134 | 881 | |
Other income | (36) | 118 | (31) | 73 | |
Direct operating costs | (157) | (130) | (300) | (319) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 2 | 11 | 4 | 21 | |
Adjusted EBITDA | 407 | 459 | 807 | 656 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (145) | (111) | (277) | (215) | |
Current income taxes | (25) | (19) | (55) | (25) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | 0 | 0 | |
Share of interest and cash taxes from equity accounted investments | (2) | (7) | (4) | (11) | |
Share of Funds From Operations attributable to non-controlling interests | (235) | (322) | (471) | (405) | |
Funds From Operations | 0 | 0 | 0 | 0 | |
Depreciation | (166) | (146) | (330) | (290) | |
Foreign exchange and financial instrument gain (loss) | 6 | 20 | (8) | 68 | |
Deferred | (25) | (6) | (29) | (8) | |
Other | 46 | (41) | 78 | 31 | |
Share of earnings (loss) from equity-accounted investments | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to non-controlling interests | 139 | 173 | 289 | 199 | |
Net income (loss) attributable to Unitholders | 0 | 0 | 0 | 0 | |
Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 691 | 496 | 1,328 | 1,050 | |
Hydroelectric | North America | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 297 | 203 | 533 | 422 | |
Other income | 0 | 16 | 2 | 24 | |
Direct operating costs | (93) | (81) | (190) | (160) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 204 | 138 | 345 | 286 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (46) | (39) | (91) | (78) | |
Current income taxes | (3) | (2) | (5) | (2) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 155 | 97 | 249 | 206 | |
Hydroelectric | Brazil | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 45 | 45 | 93 | 97 | |
Other income | 2 | 1 | 20 | 9 | |
Direct operating costs | (13) | (13) | (26) | (25) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 34 | 33 | 87 | 81 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (7) | (4) | (12) | (11) | |
Current income taxes | (3) | 2 | (6) | 0 | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 24 | 31 | 69 | 70 | |
Hydroelectric | Colombia | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 67 | 51 | 140 | 106 | |
Other income | 0 | 9 | 0 | 9 | |
Direct operating costs | (22) | (18) | (42) | (38) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 45 | 42 | 98 | 77 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (14) | (7) | (24) | (13) | |
Current income taxes | (5) | (2) | (13) | (4) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 26 | 33 | 61 | 60 | |
Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 287 | 274 | 583 | 566 | |
Wind | North America | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 85 | 86 | 171 | 208 | |
Other income | 0 | 7 | 0 | 8 | |
Direct operating costs | (31) | (14) | (57) | (56) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 54 | 79 | 114 | 160 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (16) | (23) | (32) | (42) | |
Current income taxes | 0 | (2) | 0 | (2) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 38 | 54 | 82 | 116 | |
Wind | Brazil | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 7 | 7 | 13 | 14 | |
Other income | 0 | 1 | 0 | 1 | |
Direct operating costs | (1) | (2) | (3) | (5) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 6 | 6 | 10 | 10 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (2) | (2) | (3) | (4) | |
Current income taxes | 0 | 0 | 0 | 0 | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 4 | 4 | 7 | 6 | |
Wind | Europe | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 32 | 29 | 83 | 72 | |
Other income | 7 | 48 | 11 | 90 | |
Direct operating costs | (6) | (10) | (15) | (28) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 33 | 67 | 79 | 134 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (5) | (5) | (9) | (11) | |
Current income taxes | 0 | 1 | (1) | 0 | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 28 | 63 | 69 | 123 | |
Wind | Asia | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 10 | 9 | 19 | 16 | |
Other income | 1 | 0 | 1 | 0 | |
Direct operating costs | (2) | (3) | (4) | (4) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 9 | 6 | 16 | 12 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (3) | (2) | (6) | (4) | |
Current income taxes | 0 | 0 | 0 | 0 | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 6 | 4 | 10 | 8 | |
Solar | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 112 | 102 | 193 | 179 | |
Other income | 19 | 4 | 55 | 10 | |
Direct operating costs | (27) | (25) | (54) | (49) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 104 | 81 | 194 | 140 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (28) | (27) | (54) | (56) | |
Current income taxes | (2) | (1) | (2) | (1) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 74 | 53 | 138 | 83 | |
Distributed energy & sustainable solutions | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 89 | 90 | 150 | 141 | |
Distributed energy & sustainable solutions | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 68 | 65 | 127 | 121 | |
Other income | 3 | 1 | 16 | 1 | |
Direct operating costs | (24) | (18) | (48) | (35) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 47 | 48 | 95 | 87 | |
Management service costs | 0 | 0 | 0 | 0 | |
Interest expense | (12) | (11) | (22) | (21) | |
Current income taxes | 3 | 0 | 2 | (1) | |
Preferred limited partners equity | 0 | 0 | 0 | 0 | |
Preferred equity | 0 | 0 | 0 | 0 | |
Perpetual subordinated notes | 0 | 0 | |||
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | 38 | 37 | 75 | 65 | |
Corporate | Attributable to Unitholders | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Other income | 19 | 18 | 24 | 27 | |
Direct operating costs | (8) | (8) | (16) | (15) | |
Share of revenue, other income and direct operating costs from equity-accounted investments | 0 | 0 | 0 | ||
Adjusted EBITDA | 11 | 10 | 8 | 12 | |
Management service costs | (65) | (72) | (141) | (153) | |
Interest expense | (20) | (22) | (40) | (41) | |
Current income taxes | 0 | 0 | 0 | 0 | |
Preferred limited partners equity | (12) | (15) | (23) | (29) | |
Preferred equity | (6) | (6) | (13) | (13) | |
Perpetual subordinated notes | (7) | (3) | (14) | (3) | |
Share of interest and cash taxes from equity accounted investments | 0 | 0 | 0 | 0 | |
Share of Funds From Operations attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Funds From Operations | $ (99) | $ (108) | $ (223) | $ (227) | |
[1]Direct operating costs exclude depreciation expense disclosed below. |
SEGMENTED INFORMATION - Summa_2
SEGMENTED INFORMATION - Summary of Segments by Balance Sheet Disclosures (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | $ 823 | $ 764 | |
Property, plant and equipment, at fair value | 49,594 | 49,432 | |
Total assets | 57,030 | 55,867 | |
Total borrowings | 23,415 | 21,529 | |
Other liabilities | 10,614 | 10,342 | |
Additions to property, plant and equipment | 932 | $ 552 | |
Attributable to Unitholders | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 437 | 540 | |
Property, plant and equipment, at fair value | 28,688 | 28,943 | |
Total assets | 32,380 | 32,111 | |
Total borrowings | 13,498 | 13,172 | |
Other liabilities | 7,717 | 7,248 | |
Additions to property, plant and equipment | 262 | 243 | |
Contribution from equity-accounted investments | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | (47) | (28) | |
Property, plant and equipment, at fair value | (1,148) | (1,111) | |
Total assets | (584) | (518) | |
Total borrowings | (354) | (351) | |
Other liabilities | (221) | (167) | |
Additions to property, plant and equipment | (20) | (3) | |
Non-controlling interests | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 433 | 252 | |
Property, plant and equipment, at fair value | 22,054 | 21,600 | |
Total assets | 25,234 | 24,274 | |
Total borrowings | 10,271 | 8,708 | |
Other liabilities | 3,118 | 3,261 | |
Additions to property, plant and equipment | 690 | 312 | |
Hydroelectric | North America | Attributable to Unitholders | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 58 | 41 | |
Property, plant and equipment, at fair value | 14,994 | 15,188 | |
Total assets | 16,618 | 16,456 | |
Total borrowings | 4,058 | 4,126 | |
Other liabilities | 4,749 | 4,499 | |
Additions to property, plant and equipment | 55 | 57 | |
Hydroelectric | Brazil | Attributable to Unitholders | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 28 | 4 | |
Property, plant and equipment, at fair value | 1,746 | 1,680 | |
Total assets | 1,931 | 1,833 | |
Total borrowings | 270 | 261 | |
Other liabilities | 93 | 91 | |
Additions to property, plant and equipment | 24 | 28 | |
Hydroelectric | Colombia | Attributable to Unitholders | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 13 | 16 | |
Property, plant and equipment, at fair value | 1,959 | 2,032 | |
Total assets | 2,195 | 2,277 | |
Total borrowings | 625 | 526 | |
Other liabilities | 636 | 644 | |
Additions to property, plant and equipment | 2 | 30 | |
Wind | North America | Attributable to Unitholders | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 39 | 30 | |
Property, plant and equipment, at fair value | 3,250 | 3,286 | |
Total assets | 3,631 | 3,665 | |
Total borrowings | 1,602 | 1,628 | |
Other liabilities | 800 | 771 | |
Additions to property, plant and equipment | 27 | 44 | |
Wind | Brazil | Attributable to Unitholders | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 1 | 5 | |
Property, plant and equipment, at fair value | 279 | 277 | |
Total assets | 314 | 292 | |
Total borrowings | 88 | 74 | |
Other liabilities | 9 | 8 | |
Additions to property, plant and equipment | 9 | 5 | |
Wind | Europe | Attributable to Unitholders | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 106 | 46 | |
Property, plant and equipment, at fair value | 633 | 676 | |
Total assets | 842 | 842 | |
Total borrowings | 407 | 474 | |
Other liabilities | 229 | 218 | |
Additions to property, plant and equipment | 8 | 21 | |
Wind | Asia | Attributable to Unitholders | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 13 | 6 | |
Property, plant and equipment, at fair value | 274 | 266 | |
Total assets | 355 | 342 | |
Total borrowings | 193 | 195 | |
Other liabilities | 35 | 52 | |
Additions to property, plant and equipment | 1 | 0 | |
Solar | Attributable to Unitholders | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 111 | 104 | |
Property, plant and equipment, at fair value | 3,368 | 3,355 | |
Total assets | 3,861 | 3,746 | |
Total borrowings | 2,601 | 2,736 | |
Other liabilities | 662 | 435 | |
Additions to property, plant and equipment | 101 | 47 | |
Distributed energy & sustainable solutions | Attributable to Unitholders | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 54 | 43 | |
Property, plant and equipment, at fair value | 2,185 | 2,183 | |
Total assets | 2,485 | 2,366 | |
Total borrowings | 1,098 | 996 | |
Other liabilities | 189 | 227 | |
Additions to property, plant and equipment | 34 | 9 | |
Corporate | Attributable to Unitholders | |||
Disclosure of operating segments [line items] | |||
Cash and cash equivalents | 14 | 245 | |
Property, plant and equipment, at fair value | 0 | 0 | |
Total assets | 148 | 292 | |
Total borrowings | 2,556 | 2,156 | |
Other liabilities | 315 | $ 303 | |
Additions to property, plant and equipment | $ 1 | $ 2 |
SEGMENTED INFORMATION - Summa_3
SEGMENTED INFORMATION - Summary of Geographical Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||||
Revenues | $ 1,274 | $ 1,019 | $ 2,410 | $ 2,039 | |
Consolidated property, plant and equipment and equity-accounted investments | 50,758 | 50,758 | $ 50,539 | ||
Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 691 | 496 | 1,328 | 1,050 | |
Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 287 | 274 | 583 | 566 | |
Solar | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 207 | 159 | 349 | 282 | |
Distributed energy & sustainable solutions | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 89 | 90 | 150 | 141 | |
North America | Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 371 | 237 | 656 | 508 | |
North America | Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 175 | 184 | 339 | 362 | |
Brazil | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 4,247 | 4,247 | 3,860 | ||
Brazil | Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 46 | 46 | 93 | 102 | |
Brazil | Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 21 | 18 | 38 | 35 | |
Colombia | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 8,171 | 8,171 | 8,497 | ||
Colombia | Hydroelectric | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 274 | 213 | 579 | 440 | |
Europe | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 3,905 | 3,905 | 4,440 | ||
Europe | Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 47 | 41 | 124 | 109 | |
Asia | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 1,548 | 1,548 | 1,495 | ||
Asia | Wind | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 44 | $ 31 | 82 | $ 60 | |
United States | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 25,456 | 25,456 | 24,596 | ||
Canada | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | 7,413 | 7,413 | 7,651 | ||
Other | |||||
Disclosure of operating segments [line items] | |||||
Consolidated property, plant and equipment and equity-accounted investments | $ 18 | $ 18 | $ 0 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Income Taxes [Abstract] | ||
Effective income tax rate | 33% | (38.00%) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 USD ($) MW | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning balance | $ 48,205 | $ 48,205 | ||
Additions, net | (95) | |||
Transfer from construction work-in-progress | 598 | |||
Acquisitions through business combinations | 21 | |||
Disposals | (97) | |||
Items recognized through OCI: | ||||
Change in fair value | (2) | |||
Foreign exchange | (622) | |||
Items recognized through net income: | ||||
Depreciation | (790) | |||
Ending balance | 47,218 | |||
Reconciliation of changes in construction in progress [Abstract] | ||||
Construction in progress, beginning balance | $ 1,227 | 1,227 | ||
Additions, net | 1,027 | |||
Transfer to property, plant and equipment | (598) | |||
Acquisitions through business combinations | 692 | |||
Items recognized through OCI: | ||||
Change in fair value | 19 | |||
Foreign exchange | 9 | |||
Construction in progress, ending balance | 2,376 | |||
Total property, plant and equipment, at fair value | 49,594 | $ 49,432 | ||
248 MW Development Wind Portfolio in Brazil | ||||
Items recognized through OCI: | ||||
Economic interest held | 25% | |||
248 MW Development Wind Portfolio in Brazil | Brookfield Renewable and Institutional Partners | ||||
Items recognized through OCI: | ||||
Wind power capacity, generation facilities (in MW) | MW | 248 | |||
Acquisitions through asset acquisitions | $ 11 | |||
10 MW Operating Wind Asset in China | ||||
Items recognized through OCI: | ||||
Economic interest held | 25% | |||
10 MW Operating Wind Asset in China | Brookfield Renewable and Institutional Partners | ||||
Items recognized through OCI: | ||||
Wind power capacity, generation facilities (in MW) | MW | 10 | |||
Acquisitions through asset acquisitions | $ 17 | |||
Hydroelectric | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning balance | 31,513 | 31,513 | ||
Additions, net | 6 | |||
Transfer from construction work-in-progress | 95 | |||
Acquisitions through business combinations | 0 | |||
Disposals | (97) | |||
Items recognized through OCI: | ||||
Change in fair value | (2) | |||
Foreign exchange | (288) | |||
Items recognized through net income: | ||||
Depreciation | (311) | |||
Ending balance | 30,916 | |||
Reconciliation of changes in construction in progress [Abstract] | ||||
Construction in progress, beginning balance | 278 | 278 | ||
Additions, net | 84 | |||
Transfer to property, plant and equipment | (95) | |||
Acquisitions through business combinations | 0 | |||
Items recognized through OCI: | ||||
Change in fair value | 0 | |||
Foreign exchange | 8 | |||
Construction in progress, ending balance | 275 | |||
Total property, plant and equipment, at fair value | 31,191 | 31,791 | ||
Right-of-use asset not subject to revaluation, disposal | 65 | $ 69 | ||
Wind | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning balance | 9,115 | 9,115 | ||
Additions, net | (101) | |||
Transfer from construction work-in-progress | 284 | |||
Acquisitions through business combinations | 0 | |||
Disposals | 0 | |||
Items recognized through OCI: | ||||
Change in fair value | 0 | |||
Foreign exchange | (123) | |||
Items recognized through net income: | ||||
Depreciation | (284) | |||
Ending balance | 8,891 | |||
Reconciliation of changes in construction in progress [Abstract] | ||||
Construction in progress, beginning balance | 295 | 295 | ||
Additions, net | 441 | |||
Transfer to property, plant and equipment | (284) | |||
Acquisitions through business combinations | 0 | |||
Items recognized through OCI: | ||||
Change in fair value | 19 | |||
Foreign exchange | (6) | |||
Construction in progress, ending balance | 465 | |||
Total property, plant and equipment, at fair value | 9,356 | 9,410 | ||
Right-of-use asset not subject to revaluation, disposal | 170 | 174 | ||
Solar | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning balance | 7,389 | 7,389 | ||
Additions, net | 0 | |||
Transfer from construction work-in-progress | 218 | |||
Acquisitions through business combinations | 21 | |||
Disposals | 0 | |||
Items recognized through OCI: | ||||
Change in fair value | 0 | |||
Foreign exchange | (217) | |||
Items recognized through net income: | ||||
Depreciation | (179) | |||
Ending balance | 7,232 | |||
Reconciliation of changes in construction in progress [Abstract] | ||||
Construction in progress, beginning balance | 649 | 649 | ||
Additions, net | 498 | |||
Transfer to property, plant and equipment | (218) | |||
Acquisitions through business combinations | 692 | |||
Items recognized through OCI: | ||||
Change in fair value | 0 | |||
Foreign exchange | 7 | |||
Construction in progress, ending balance | 1,628 | |||
Total property, plant and equipment, at fair value | 8,860 | 8,038 | ||
Right-of-use asset not subject to revaluation, disposal | 174 | 186 | ||
Other | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning balance | 188 | 188 | ||
Additions, net | 0 | |||
Transfer from construction work-in-progress | 1 | |||
Acquisitions through business combinations | 0 | |||
Disposals | 0 | |||
Items recognized through OCI: | ||||
Change in fair value | 0 | |||
Foreign exchange | 6 | |||
Items recognized through net income: | ||||
Depreciation | (16) | |||
Ending balance | 179 | |||
Reconciliation of changes in construction in progress [Abstract] | ||||
Construction in progress, beginning balance | $ 5 | 5 | ||
Additions, net | 4 | |||
Transfer to property, plant and equipment | (1) | |||
Acquisitions through business combinations | 0 | |||
Items recognized through OCI: | ||||
Change in fair value | 0 | |||
Foreign exchange | 0 | |||
Construction in progress, ending balance | 8 | |||
Total property, plant and equipment, at fair value | 187 | $ 193 | ||
Right-of-use asset not subject to revaluation, disposal | $ 2 | $ 2 |
BORROWINGS - Summary of Composi
BORROWINGS - Summary of Composition of Borrowings (Details) $ in Millions, $ in Millions | Jun. 30, 2022 USD ($) year | Jun. 30, 2022 CAD ($) year | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) year |
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 23,415 | $ 21,529 | ||
Add: Unamortized premiums | 3 | 3 | ||
Less: Current portion | $ (440) | $ 0 | ||
Medium Term Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate (%) | 3.90% | 3.90% | 3.90% | |
Term (years) | year | 12 | 12 | 13 | |
Carrying value | $ 2,116 | $ 2,156 | ||
Estimated fair value | $ 1,917 | $ 2,334 | ||
Medium Term Notes | Series 4 (C$150) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | $ 150 | |||
Interest rate (%) | 5.80% | 5.80% | 5.80% | |
Term (years) | year | 14 | 14 | 15 | |
Carrying value | $ 116 | $ 118 | ||
Estimated fair value | $ 122 | $ 154 | ||
Medium Term Notes | Series 9 (C$400) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | $ 400 | |||
Interest rate (%) | 3.80% | 3.80% | 3.80% | |
Term (years) | year | 3 | 3 | 3 | |
Carrying value | $ 311 | $ 317 | ||
Estimated fair value | $ 305 | $ 334 | ||
Medium Term Notes | Series 10 (C$500) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | $ 500 | |||
Interest rate (%) | 3.60% | 3.60% | 3.60% | |
Term (years) | year | 5 | 5 | 5 | |
Carrying value | $ 388 | $ 396 | ||
Estimated fair value | $ 373 | $ 421 | ||
Medium Term Notes | Series 11 (C$475) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | $ 475 | |||
Interest rate (%) | 4.30% | 4.30% | 4.30% | |
Term (years) | year | 7 | 7 | 7 | |
Carrying value | $ 369 | $ 376 | ||
Estimated fair value | $ 357 | $ 419 | ||
Medium Term Notes | Series 12 (C$475) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | $ 475 | |||
Interest rate (%) | 3.40% | 3.40% | 3.40% | |
Term (years) | year | 8 | 8 | 8 | |
Carrying value | $ 369 | $ 376 | ||
Estimated fair value | $ 333 | $ 399 | ||
Medium Term Notes | Series 13 (C$300) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | $ 300 | |||
Interest rate (%) | 4.30% | 4.30% | 4.30% | |
Term (years) | year | 27 | 27 | 28 | |
Carrying value | $ 233 | $ 237 | ||
Estimated fair value | $ 196 | $ 275 | ||
Medium Term Notes | Series 14 (C$425) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | $ 425 | |||
Interest rate (%) | 3.30% | 3.30% | 3.30% | |
Term (years) | year | 28 | 28 | 29 | |
Carrying value | $ 330 | $ 336 | ||
Estimated fair value | $ 231 | $ 332 | ||
Credit facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Term (years) | year | 4 | 4 | 5 | |
Carrying value | $ 0 | $ 0 | ||
Estimated fair value | $ 0 | 0 | ||
Commercial paper | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | $ 1,000 | 500 | ||
Interest rate (%) | 2.20% | 2.20% | ||
Carrying value | $ 440 | 0 | ||
Estimated fair value | 440 | 0 | ||
Corporate borrowings | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | 2,556 | 2,156 | ||
Estimated fair value | 2,357 | 2,334 | ||
Less: Unamortized financing fees | (9) | (10) | ||
Less: Current portion | (440) | 0 | ||
Borrowings | $ 2,110 | $ 2,149 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) € in Millions, ¥ in Millions, R$ in Millions, $ in Millions, $ in Billions | Jun. 30, 2022 USD ($) tranche | Jun. 30, 2022 COP ($) tranche | Jun. 30, 2022 BRL (R$) tranche | Jun. 30, 2022 CNY (¥) tranche | Jun. 30, 2022 EUR (€) tranche | Mar. 31, 2022 USD ($) tranche | Mar. 31, 2022 COP ($) tranche | Mar. 31, 2022 BRL (R$) tranche | Mar. 31, 2022 CNY (¥) tranche | Dec. 31, 2021 USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 23,415 | $ 21,529 | ||||||||
March 2022 Financing Maturing 2032 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 53 | $ 200 | ||||||||
Interest rate (%) | 8.66% | 8.66% | 8.66% | 8.66% | ||||||
March 2022 Financing Maturing 2029 and 2037 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 95 | $ 356 | ||||||||
Number of tranches | tranche | 2 | 2 | 2 | 2 | ||||||
Interest rate (%) | 4.39% | 4.39% | 4.39% | 4.39% | ||||||
March 2022 Financing Maturing 2032, Colombian Instrument | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 53 | $ 200 | ||||||||
Interest rate (%) | 3.25% | 3.25% | 3.25% | 3.25% | ||||||
March 2022 Financing Maturing February 2045 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 29 | R$ 150 | ||||||||
Interest rate (%) | 5.04% | 5.04% | 5.04% | 5.04% | ||||||
March 2022 Financing Maturing 2037 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 132 | ¥ 835 | ||||||||
Number of tranches | tranche | 2 | 2 | 2 | 2 | ||||||
Interest rate (%) | 4.90% | 4.90% | 4.90% | 4.90% | ||||||
March 2022 Revolving Credit Facility Maturing March 2025 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 150 | |||||||||
Increase in borrowing capacity | 50 | |||||||||
March 2022 Refinancing for Debt Associated with United States Business Maturing 2032 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 170 | |||||||||
Number of tranches | tranche | 2 | 2 | 2 | 2 | ||||||
Interest rate (%) | 3.62% | 3.62% | 3.62% | 3.62% | ||||||
March 2022 Refinancing for Debt Associated with United States Business Maturing 2026 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 35 | |||||||||
March 2022 Refinancing for Debt Associated with United States Business Maturing 2026, Fixed Rate Instrument | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Interest rate (%) | 4.98% | 4.98% | 4.98% | 4.98% | ||||||
March 2022 Refinancing for Debt Associated with United States Business Maturing 2026, Variable Rate Instrument | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Interest rate (%) | 3.25% | 3.25% | 3.25% | 3.25% | ||||||
June 2022 Financing Maturing 2045 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 63 | R$ 300 | ||||||||
Interest rate (%) | 5.39% | 5.39% | 5.39% | 5.39% | 5.39% | |||||
June 2022 Financing Maturing 2024 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 96 | R$ 500 | ||||||||
Interest rate (%) | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% | |||||
June 2022 Financing Maturing 2039 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 70 | € 66 | ||||||||
Interest rate (%) | 3.36% | 3.36% | 3.36% | 3.36% | 3.36% | |||||
June 2022 Financing Maturing 2025 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 250 | |||||||||
Interest rate (%) | 4% | 4% | 4% | 4% | ||||||
June 2022 Refinancing for Debt Associated with United States Business | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 750 | |||||||||
Increase in borrowing capacity | 250 | |||||||||
June 2022 Refinancing for Debt Associated with United States Business Maturing 2029 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 500 | |||||||||
Interest rate (%) | 2.85% | 2.85% | 2.85% | 2.85% | 2.85% | |||||
June 2022 Financing Maturing 2029 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 402 | |||||||||
Number of tranches | tranche | 2 | 2 | 2 | 2 | 2 | |||||
Interest rate (%) | 5.23% | 5.23% | 5.23% | 5.23% | 5.23% | |||||
June 2022 Financing for Debt Associated with China Business Maturing 2039 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 43 | ¥ 290 | ||||||||
Interest rate (%) | 4.60% | 4.60% | 4.60% | 4.60% | 4.60% | |||||
June 2022 Financing Maturing 2032, Colombian Instrument | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 97 | $ 400 | ||||||||
Interest rate (%) | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | |||||
June 2022 Financing Maturing 2030, Colombian Instrument | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 24 | $ 100 | ||||||||
Interest rate (%) | 3.90% | 3.90% | 3.90% | 3.90% | 3.90% | |||||
June 2022 Financing Maturing 2030, Colombian Instrument Two | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 12 | $ 50 | ||||||||
Interest rate (%) | 3.90% | 3.90% | 3.90% | 3.90% | 3.90% | |||||
June 2022 Financing Maturing 2034, Colombian Instrument | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 24 | $ 100 | ||||||||
Interest rate (%) | 4.70% | 4.70% | 4.70% | 4.70% | 4.70% | |||||
June 2022 Financing Maturing 2027, Colombian Instrument | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 53 | $ 219 | ||||||||
Interest rate (%) | 2.45% | 2.45% | 2.45% | 2.45% | 2.45% | |||||
June 2022 Financing Maturing 2029, Colombian Instrument | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 144 | $ 594 | ||||||||
Interest rate (%) | 2.98% | 2.98% | 2.98% | 2.98% | 2.98% | |||||
June 2022 Financing Maturing 2030, Colombian Instrument Three | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Carrying value | $ 57 | $ 237 | ||||||||
Interest rate (%) | 2.45% | 2.45% | 2.45% | 2.45% | 2.45% | |||||
Commercial paper | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 440 | 0 | ||||||||
Carrying value | $ 1,000 | $ 500 | ||||||||
Interest rate (%) | 2.20% | 2.20% | 2.20% | 2.20% | 2.20% |
BORROWINGS - Summary of Availab
BORROWINGS - Summary of Available Credit Facilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Authorized corporate credit facilities and related party credit facilities | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | $ 2,375 | $ 2,375 |
Draws on corporate credit facilities | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | 1 | 24 |
Non-current debt instruments issued | 1,975 | |
Authorized letter of credit facility | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | 400 | 400 |
Issued letters of credit | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | 337 | 289 |
Available portion of corporate credit facilities | ||
Credit facilities [Line Items] | ||
Available portion of corporate credit facilities | $ 2,437 | $ 2,462 |
BORROWINGS - Composition of Non
BORROWINGS - Composition of Non-recourse Borrowings (Details) $ in Millions | Jun. 30, 2022 USD ($) year | Dec. 31, 2021 USD ($) year |
Disclosure of detailed information about borrowings [line items] | ||
Add: Unamortized premium | $ 3 | $ 3 |
Non-recourse borrowings | 18,586 | 17,562 |
Non-recourse borrowings with related parties | $ 95 | $ 51 |
Non-recourse borrowing | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate (%) | 5.20% | 4.50% |
Term (years) | year | 10 | 10 |
Carrying value | $ 20,870 | $ 19,352 |
Estimated fair value | 20,291 | 20,435 |
Add: Unamortized premium | 136 | 160 |
Less: Unamortized financing fees | (141) | (132) |
Less: Current portion | (2,279) | (1,818) |
Non-recourse borrowings | $ 18,586 | $ 17,562 |
Non-recourse borrowing | Hydroelectric | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate (%) | 5.80% | 4.90% |
Term (years) | year | 11 | 11 |
Carrying value | $ 9,131 | $ 8,541 |
Estimated fair value | $ 8,681 | $ 9,008 |
Non-recourse borrowing | Wind | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate (%) | 4.80% | 4.40% |
Term (years) | year | 8 | 8 |
Carrying value | $ 4,826 | $ 4,767 |
Estimated fair value | $ 4,706 | $ 5,059 |
Non-recourse borrowing | Solar | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate (%) | 4.70% | 4.10% |
Term (years) | year | 12 | 13 |
Carrying value | $ 5,063 | $ 4,303 |
Estimated fair value | $ 5,125 | $ 4,561 |
Non-recourse borrowing | Distributed energy & sustainable solutions | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate (%) | 4.30% | 3.20% |
Term (years) | year | 9 | 8 |
Carrying value | $ 1,850 | $ 1,741 |
Estimated fair value | 1,779 | 1,807 |
Subscription Facility | Parent | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse borrowings | $ 742 | $ 30 |
Non-Permanent Financings | ||
Disclosure of detailed information about borrowings [line items] | ||
Term (years) | year | 11 |
NON-CONTROLLING INTERESTS - Sum
NON-CONTROLLING INTERESTS - Summary of Non-controlling Interests (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Disclosure of Non Controlling Interest [Line Items] | ||||||
Preferred equity | $ 23,001 | $ 24,458 | $ 23,996 | $ 21,731 | $ 21,434 | $ 21,767 |
Non-controlling interests | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 18,320 | 19,023 | ||||
Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 11,845 | 12,303 | ||||
Preferred equity | 11,845 | 12,708 | 12,303 | 11,644 | 11,604 | 11,100 |
General partnership interest in a holding subsidiary held by Brookfield | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 57 | 59 | ||||
Preferred equity | 57 | 60 | 59 | 50 | 50 | 56 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 2,771 | 2,894 | ||||
Preferred equity | 2,771 | 2,923 | 2,894 | 2,439 | 2,466 | 2,721 |
BEPC exchangeable shares | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 2,454 | 2,562 | ||||
Preferred equity | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 601 | 613 | ||||
Preferred equity | 601 | 619 | 613 | 624 | 617 | 609 |
Perpetual subordinated notes | ||||||
Disclosure of Non Controlling Interest [Line Items] | ||||||
Non-controlling interests | 592 | 592 | ||||
Preferred equity | $ 592 | $ 592 | $ 592 | $ 340 | $ 0 | $ 0 |
NON-CONTROLLING INTERESTS - Rol
NON-CONTROLLING INTERESTS - Rollforward of Participating Non-controlling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of subsidiaries [line items] | ||||
Capital contributions | $ (168) | $ (195) | $ (274) | $ (1,009) |
Disposal | (21) | (214) | (21) | (214) |
Other | (22) | 7 | 13 | 99 |
Participating non-controlling interests – in operating subsidiaries | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | 12,303 | |||
Net income (loss) | 96 | 149 | 182 | 206 |
Other comprehensive income (loss) | (105) | |||
Capital contributions | 294 | |||
Disposal | (21) | (214) | (21) | (214) |
Distributions | (808) | |||
Other | (10) | $ 9 | 0 | $ 232 |
Ending balance | 11,845 | 11,845 | ||
Participating non-controlling interests – in operating subsidiaries | Brookfield Americas Infrastructure Fund | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | 685 | |||
Net income (loss) | 0 | |||
Other comprehensive income (loss) | (7) | |||
Capital contributions | 0 | |||
Disposal | 0 | |||
Distributions | (21) | |||
Other | 1 | |||
Ending balance | 658 | $ 658 | ||
Participating non-controlling interests – in operating subsidiaries | Brookfield Americas Infrastructure Fund | Bottom of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 75% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Americas Infrastructure Fund | Top of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 78% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund II | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 2,253 | |||
Net income (loss) | (34) | |||
Other comprehensive income (loss) | 6 | |||
Capital contributions | 4 | |||
Disposal | 0 | |||
Distributions | (42) | |||
Other | 1 | |||
Ending balance | 2,188 | $ 2,188 | ||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund II | Bottom of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 43% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund II | Top of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 60% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund III | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 3,618 | |||
Net income (loss) | 74 | |||
Other comprehensive income (loss) | 27 | |||
Capital contributions | 0 | |||
Disposal | (21) | |||
Distributions | (283) | |||
Other | (3) | |||
Ending balance | 3,412 | $ 3,412 | ||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund III | Bottom of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 23% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund III | Top of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 71% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Infrastructure Fund IV | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 1,410 | |||
Net income (loss) | 12 | |||
Other comprehensive income (loss) | 6 | |||
Capital contributions | 193 | |||
Disposal | 0 | |||
Distributions | 0 | |||
Other | 2 | |||
Ending balance | 1,623 | $ 1,623 | ||
Interests held by third parties | 75% | |||
Participating non-controlling interests – in operating subsidiaries | Brookfield Global Transition Fund | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 0 | |||
Net income (loss) | (12) | |||
Other comprehensive income (loss) | (4) | |||
Capital contributions | 85 | |||
Disposal | 0 | |||
Distributions | 0 | |||
Other | 9 | |||
Ending balance | 78 | $ 78 | ||
Interests held by third parties | 80% | |||
Participating non-controlling interests – in operating subsidiaries | Canadian Hydroelectric Portfolio | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 974 | |||
Net income (loss) | 11 | |||
Other comprehensive income (loss) | (15) | |||
Capital contributions | 0 | |||
Disposal | 0 | |||
Distributions | (18) | |||
Other | 4 | |||
Ending balance | 956 | $ 956 | ||
Interests held by third parties | 50% | |||
Participating non-controlling interests – in operating subsidiaries | The Catalyst Group | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 132 | |||
Net income (loss) | 12 | |||
Other comprehensive income (loss) | 0 | |||
Capital contributions | 0 | |||
Disposal | 0 | |||
Distributions | (5) | |||
Other | (1) | |||
Ending balance | 138 | $ 138 | ||
Interests held by third parties | 25% | |||
Participating non-controlling interests – in operating subsidiaries | Isagen institutional investors | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 2,442 | |||
Net income (loss) | 106 | |||
Other comprehensive income (loss) | (66) | |||
Capital contributions | 0 | |||
Disposal | 0 | |||
Distributions | (424) | |||
Other | (4) | |||
Ending balance | 2,054 | $ 2,054 | ||
Interests held by third parties | 53% | |||
Participating non-controlling interests – in operating subsidiaries | Isagen public non-controlling interests | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 13 | |||
Net income (loss) | 1 | |||
Other comprehensive income (loss) | 0 | |||
Capital contributions | 0 | |||
Disposal | 0 | |||
Distributions | (1) | |||
Other | (1) | |||
Ending balance | 12 | $ 12 | ||
Interests held by third parties | 0.30% | |||
Participating non-controlling interests – in operating subsidiaries | Other | ||||
Disclosure of subsidiaries [line items] | ||||
Beginning balance | $ 776 | |||
Net income (loss) | 12 | |||
Other comprehensive income (loss) | (52) | |||
Capital contributions | 12 | |||
Disposal | 0 | |||
Distributions | (14) | |||
Other | (8) | |||
Ending balance | $ 726 | $ 726 | ||
Participating non-controlling interests – in operating subsidiaries | Other | Bottom of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 0.30% | |||
Participating non-controlling interests – in operating subsidiaries | Other | Top of range | ||||
Disclosure of subsidiaries [line items] | ||||
Interests held by third parties | 50% |
NON-CONTROLLING INTERESTS - Nar
NON-CONTROLLING INTERESTS - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Apr. 30, 2021 | |
Disclosure of Non Controlling Interest [Line Items] | |||||||
Dividends recognised as distributions to owners of parent | $ 143,000,000 | $ 131,000,000 | $ 286,000,000 | $ 263,000,000 | |||
Redeemable and exchangeable partnership units, exchange ratio | 1 | ||||||
Number of shares outstanding (in shares) | 308,051,190 | 308,051,190 | |||||
Dividends paid to non-controlling interests | $ 6,000,000 | 6,000,000 | $ 13,000,000 | 13,000,000 | |||
Interest expense on borrowings | 294,000,000 | 246,000,000 | 560,000,000 | 479,000,000 | |||
Perpetual subordinated notes | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Amount issued | $ 260,000,000 | $ 350,000,000 | |||||
Interest rate | 4.875% | 4.625% | |||||
Interest expense on borrowings | 7,000,000 | 3,000,000 | 14,000,000 | 3,000,000 | |||
Distributions | $ 9,000,000 | $ 0 | $ 13,000,000 | $ 0 | |||
Brookfield | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Ownership percentage | 48% | 48% | |||||
GP interests | Brookfield | Ownership Interest In BRELP | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Ownership percentage | 1% | 1% | |||||
LP Units | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 1.28 | ||||||
Number of shares authorized for repurchase (in shares) | 13,750,520 | ||||||
Authorised share repurchases as a percent of issued and outstanding shares | 5% | ||||||
Number of shares repurchased | 0 | 0 | 0 | 0 | |||
Redeemable Exchangeable Partnership Units And General Partnership Units | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Ownership percentage | 26% | 26% | |||||
Exchangeable Shares | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares authorized for repurchase (in shares) | 8,610,184 | ||||||
Exchangeable Shares | TerraForm Power Inc | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares exchanged | 4,743 | 6,033 | 8,084 | 9,642 | |||
Ordinary shares | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares outstanding (in shares) | 275,239,541 | 275,239,541 | 275,084,265 | ||||
Ordinary shares | TerraForm Power Inc | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Payments for shares exchanged (less than) | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||
Ordinary shares | Brookfield | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares outstanding (in shares) | 68,749,416 | 68,749,416 | 68,749,416 | ||||
Class A Preference Shares | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares redeemed (in shares) | 0 | 0 | |||||
Non-controlling interests | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Interest expense on borrowings | $ 145,000,000 | 111,000,000 | $ 277,000,000 | 215,000,000 | |||
Non-controlling interests | $ 18,320,000,000 | $ 18,320,000,000 | $ 19,023,000,000 | ||||
Non-controlling interests | BRELP | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.2253 | ||||||
Incentive distribution, percent | 25% | ||||||
Non-controlling interests | GP interests | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares outstanding (in shares) | 3,977,260 | 3,977,260 | 3,977,260 | ||||
Non-controlling interests | LP Units | BRELP | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.20 | ||||||
Incentive distribution, percent | 15% | ||||||
Non-controlling interests | Redeemable Exchangeable Partnership Units And General Partnership Units | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Ownership percentage | 100% | 100% | |||||
Non-controlling interests | Exchangeable Shares | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares outstanding (in shares) | 172,222,322 | 172,222,322 | 172,203,342 | ||||
Non-controlling interests | Redeemable/Exchangeable partnership units | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares outstanding (in shares) | 194,487,939 | 194,487,939 | 194,487,939 | ||||
Incentive distribution | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Dividends recognised as distributions to owners of parent | $ 23,000,000 | $ 20,000,000 | $ 47,000,000 | $ 40,000,000 | |||
BEPC Exchangeable Participating Noncontrolling Interests Holding Subsidiaries | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Number of shares redeemed (in shares) | 0 | 0 | |||||
Perpetual subordinated notes | |||||||
Disclosure of Non Controlling Interest [Line Items] | |||||||
Non-controlling interests | $ 592,000,000 | $ 592,000,000 | $ 592,000,000 |
NON-CONTROLLING INTERESTS - Com
NON-CONTROLLING INTERESTS - Components of Distributions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | $ 143 | $ 131 | $ 286 | $ 263 |
Non-participating Noncontrolling Interests | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 25 | 21 | 50 | 42 |
General partnership interest in a holding subsidiary held by Brookfield | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 2 | 1 | 3 | 2 |
Incentive distribution | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 23 | 20 | 47 | 40 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 63 | 58 | 126 | 117 |
Brookfield Renewable | BEPC exchangeable shares | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 55 | 52 | 110 | 104 |
Limited partners' equity | Redeemable/Exchangeable partnership units | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | 15 | 14 | 30 | 26 |
External Shareholders | Redeemable/Exchangeable partnership units | ||||
Disclosure of dividends [line items] | ||||
Dividends recognised as distributions to owners of parent | $ 40 | $ 38 | $ 80 | $ 78 |
NON-CONTROLLING INTERESTS - S_2
NON-CONTROLLING INTERESTS - Summary of Preferred Equity (Details) $ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 CAD ($) shares | Dec. 31, 2021 USD ($) | |
Disclosure of preference shares [Line Items] | ||||||
Number of shares outstanding (in shares) | shares | 308,051,190 | 308,051,190 | 308,051,190 | |||
Distributions or dividends declared | $ (895) | $ (500) | $ (1,323) | $ (855) | ||
Class A Preference Shares | ||||||
Disclosure of preference shares [Line Items] | ||||||
Number of shares outstanding (in shares) | shares | 31,030,000 | 31,030,000 | 31,030,000 | |||
Distributions or dividends declared | $ 13 | 13 | ||||
Non-controlling interests | $ 601 | $ 601 | $ 613 | |||
Series 1 (C$136) | ||||||
Disclosure of preference shares [Line Items] | ||||||
Face amount | $ 136 | |||||
Number of shares outstanding (in shares) | shares | 6,850,000 | 6,850,000 | 6,850,000 | |||
Cumulative distribution rate (%) | 3.10% | |||||
Earliest permitted redemption date | April 2025 | |||||
Distributions or dividends declared | $ 2 | 2 | ||||
Non-controlling interests | $ 132 | $ 132 | 135 | |||
Series 2 (C$113) | ||||||
Disclosure of preference shares [Line Items] | ||||||
Face amount | $ 113 | |||||
Number of shares outstanding (in shares) | shares | 3,110,000 | 3,110,000 | 3,110,000 | |||
Cumulative distribution rate (%) | 3.40% | |||||
Earliest permitted redemption date | April 2025 | |||||
Distributions or dividends declared | $ 2 | 2 | ||||
Non-controlling interests | $ 61 | $ 61 | 62 | |||
Series 3 (C$249) | ||||||
Disclosure of preference shares [Line Items] | ||||||
Face amount | $ 249 | |||||
Number of shares outstanding (in shares) | shares | 9,960,000 | 9,960,000 | 9,960,000 | |||
Cumulative distribution rate (%) | 4.40% | |||||
Earliest permitted redemption date | July 2024 | |||||
Distributions or dividends declared | $ 4 | 4 | ||||
Non-controlling interests | $ 192 | $ 192 | 197 | |||
Series 5 (C$103) | ||||||
Disclosure of preference shares [Line Items] | ||||||
Face amount | $ 103 | |||||
Number of shares outstanding (in shares) | shares | 4,110,000 | 4,110,000 | 4,110,000 | |||
Cumulative distribution rate (%) | 5% | |||||
Earliest permitted redemption date | April 2018 | |||||
Distributions or dividends declared | $ 2 | 2 | ||||
Non-controlling interests | $ 80 | $ 80 | 81 | |||
Series 6 (C$175) | ||||||
Disclosure of preference shares [Line Items] | ||||||
Face amount | $ 175 | |||||
Number of shares outstanding (in shares) | shares | 7,000,000 | 7,000,000 | 7,000,000 | |||
Cumulative distribution rate (%) | 5% | |||||
Earliest permitted redemption date | July 2018 | |||||
Distributions or dividends declared | $ 3 | $ 3 | ||||
Non-controlling interests | $ 136 | $ 136 | $ 138 |
PREFERRED LIMITED PARTNERS' E_3
PREFERRED LIMITED PARTNERS' EQUITY - Summary of Preferred Limited Partners' Equity (Details) $ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 CAD ($) shares | Dec. 31, 2021 USD ($) | |
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | shares | 308,051,190 | 308,051,190 | 308,051,190 | |||
Preferred limited partners' equity | $ 760 | $ 760 | $ 881 | |||
Preferred limited partners' equity | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | shares | 38,000,000 | 38,000,000 | 38,000,000 | |||
Distributions declared for the six months ended June 30 | $ 12 | $ 15 | $ 23 | $ 29 | ||
Preferred limited partners' equity | $ 760 | $ 760 | 881 | |||
Series 5 (C$72) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Face amount | $ 72 | |||||
Number of shares outstanding (in shares) | shares | 0 | 0 | 0 | |||
Cumulative distribution rate (%) | 5.59% | |||||
Earliest permitted redemption date | April 2018 | |||||
Distributions declared for the six months ended June 30 | $ 0 | 2 | ||||
Preferred limited partners' equity | $ 0 | $ 0 | 49 | |||
Series 7 (C$175) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Face amount | $ 175 | |||||
Number of shares outstanding (in shares) | shares | 7,000,000 | 7,000,000 | 7,000,000 | |||
Cumulative distribution rate (%) | 5.50% | |||||
Earliest permitted redemption date | January 2026 | |||||
Distributions declared for the six months ended June 30 | $ 4 | 4 | ||||
Preferred limited partners' equity | $ 128 | $ 128 | 128 | |||
Series 9 (C$200) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Face amount | $ 200 | |||||
Number of shares outstanding (in shares) | shares | 0 | 0 | 0 | |||
Cumulative distribution rate (%) | 5.75% | |||||
Earliest permitted redemption date | July 2021 | |||||
Distributions declared for the six months ended June 30 | $ 0 | 5 | ||||
Preferred limited partners' equity | $ 0 | $ 0 | 0 | |||
Series 11 (C$250) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Face amount | $ 250 | |||||
Number of shares outstanding (in shares) | shares | 0 | 0 | 0 | |||
Cumulative distribution rate (%) | 5% | |||||
Earliest permitted redemption date | April 2022 | |||||
Distributions declared for the six months ended June 30 | $ 3 | 5 | ||||
Preferred limited partners' equity | $ 0 | $ 0 | 187 | |||
Series 13 (C$250) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Face amount | $ 250 | |||||
Number of shares outstanding (in shares) | shares | 10,000,000 | 10,000,000 | 10,000,000 | |||
Cumulative distribution rate (%) | 5% | |||||
Earliest permitted redemption date | April 2023 | |||||
Distributions declared for the six months ended June 30 | $ 5 | 5 | ||||
Preferred limited partners' equity | $ 196 | $ 196 | 196 | |||
Series 15 (C$175) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Face amount | $ 175 | |||||
Number of shares outstanding (in shares) | shares | 7,000,000 | 7,000,000 | 7,000,000 | |||
Cumulative distribution rate (%) | 5.75% | |||||
Earliest permitted redemption date | April 2024 | |||||
Distributions declared for the six months ended June 30 | $ 4 | 4 | ||||
Preferred limited partners' equity | $ 126 | $ 126 | 126 | |||
Series 17 ($200) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Face amount | $ 200 | |||||
Number of shares outstanding (in shares) | shares | 8,000,000 | 8,000,000 | 8,000,000 | |||
Cumulative distribution rate (%) | 5.25% | |||||
Earliest permitted redemption date | March 2025 | |||||
Distributions declared for the six months ended June 30 | $ 5 | 4 | ||||
Preferred limited partners' equity | $ 195 | $ 195 | 195 | |||
Series 18 (C$150) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Face amount | $ 150 | |||||
Number of shares outstanding (in shares) | shares | 6,000,000 | 6,000,000 | 6,000,000 | |||
Cumulative distribution rate (%) | 5.50% | |||||
Earliest permitted redemption date | April 2027 | |||||
Distributions declared for the six months ended June 30 | $ 2 | $ 0 | ||||
Preferred limited partners' equity | $ 115 | $ 115 | $ 0 |
PREFERRED LIMITED PARTNERS' E_4
PREFERRED LIMITED PARTNERS' EQUITY - Narrative (Details) $ / shares in Units, $ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 CAD ($) $ / shares shares | Mar. 31, 2022 CAD ($) $ / shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Series 5 (C$72) | ||||||
Disclosure of preferred limited partners [Line Items] | ||||||
Payments to acquire or redeem entity's shares | $ 250 | $ 72 | ||||
Value of shares redeemed (in dollars per share) | $ / shares | $ 25 | $ 25.25 | ||||
Dividends paid | $ 0 | $ 2 | ||||
Series 18 (C$150) | ||||||
Disclosure of preferred limited partners [Line Items] | ||||||
Number of shares issued (in shares) | shares | 6,000,000 | |||||
Value of shares issued (in dollars per share) | $ / shares | $ 25 | |||||
Proceeds from issuing shares | $ 150 | |||||
Quarterly fixed distribution yield percentage | 5.50% | 5.50% | ||||
Dividends paid | 2 | 0 | ||||
Preferred limited partners' equity | ||||||
Disclosure of preferred limited partners [Line Items] | ||||||
Dividends paid | $ 12 | $ 15 | $ 23 | $ 29 |
LIMITED PARTNERS' EQUITY - Narr
LIMITED PARTNERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of limited partners equity [Line Items] | ||||||
Number of shares outstanding (in shares) | 308,051,190 | 308,051,190 | ||||
Limited partners' equity | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Share issue related cost | $ 3 | $ 2 | $ 4 | |||
Brookfield | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Ownership percentage | 48% | 48% | ||||
Brookfield | Ownership interest in BEP | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Ownership percentage | 25% | 25% | ||||
Brookfield | Ownership interest in BRELP | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Ownership percentage | 41% | 41% | ||||
External LP unitholders | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Ownership percentage | 52% | 52% | ||||
Ordinary shares | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Number of shares outstanding (in shares) | 275,239,541 | 275,239,541 | 275,084,265 | |||
Ordinary shares | TerraForm Power Inc | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Payments for shares exchanged | $ 1 | 1 | $ 1 | 1 | ||
Ordinary shares | Brookfield | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Number of shares outstanding (in shares) | 68,749,416 | 68,749,416 | 68,749,416 | |||
GP interests | Brookfield | Ownership interest in BEP | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Ownership percentage | 0.01% | 0.01% | ||||
GP interests | Brookfield | Ownership interest in BRELP | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Ownership percentage | 1% | 1% | ||||
LP Units | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Maximum number of units for normal course issuer bid | 13,750,520 | |||||
Percentage of units for normal course issuer bid | 5% | |||||
Increase (decrease) in number of shares outstanding | 0 | 0 | ||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 1.28 | |||||
Incremental increase in distributions (in dollars per share) | $ 0.05 | |||||
Distributions paid | $ 85 | $ 82 | $ 174 | $ 166 | ||
LP Units | Distribution reinvestment plan | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Units issued under distribution reinvestment plan (in units) | 78,327 | 51,857 | 147,192 | 93,667 | ||
Share issue related cost | $ 6 | |||||
Exchangeable Shares | TerraForm Power Inc | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Number of shares exchanged | 4,743 | 6,033 | 8,084 | 9,642 | ||
Redeemable Exchangeable Partnership Units And General Partnership Units | ||||||
Disclosure of limited partners equity [Line Items] | ||||||
Ownership percentage | 26% | 26% |
LIMITED PARTNERS' EQUITY - Comp
LIMITED PARTNERS' EQUITY - Composition of Distributions (Details) - LP Units - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of classes of share capital [line items] | ||||
Distributions declared for the six months ended June 30 | $ 88 | $ 83 | $ 179 | $ 167 |
Brookfield | ||||
Disclosure of classes of share capital [line items] | ||||
Distributions declared for the six months ended June 30 | 22 | 21 | 45 | 42 |
External LP unitholders | ||||
Disclosure of classes of share capital [line items] | ||||
Distributions declared for the six months ended June 30 | $ 66 | $ 62 | $ 134 | $ 125 |
GOODWILL (Details)
GOODWILL (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Reconciliation of changes in goodwill [abstract] | |
Beginning of year | $ 966 |
Acquired through business acquisition | 264 |
Foreign exchange | (45) |
End of year | $ 1,185 |
EQUITY-ACCOUNTED INVESTMENTS -
EQUITY-ACCOUNTED INVESTMENTS - Summary of Equity-Accounted Investments (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) GW | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) GW | Jun. 30, 2021 USD ($) | |
Disclosure of joint ventures [line items] | ||||
Balance, beginning of year | $ 1,107 | |||
Investment | 74 | |||
Share of net income | $ 29 | $ 2 | 48 | $ 7 |
Share of other comprehensive income | 0 | |||
Dividends received | (37) | |||
Foreign exchange translation and other | (28) | |||
Balance as at June 30, 2022 | 1,164 | 1,164 | ||
Investment in equity-accounted investments | $ 54 | $ 9 | $ 74 | $ 53 |
Private Owner Of Contracted Power and Utility Assets | ||||
Disclosure of joint ventures [line items] | ||||
Ownership interest | 20% | |||
Brookfield Renewable and Institutional Partners | Private Owner Of Contracted Power and Utility Assets | ||||
Disclosure of joint ventures [line items] | ||||
Investment in equity-accounted investments | $ 500 | |||
Preferred stock and warrants issued | $ 270 | |||
Ownership interest | 20% | |||
Installed power capacity (in GW) | GW | 1.2 | 1.2 | ||
Wind power capacity, development projects (in GW) | GW | 1.3 | 1.3 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Detailed Information About Cash And Cash Equivalents [Abstract] | ||||||
Cash | $ 820 | $ 759 | ||||
Short-term deposits | 3 | 5 | ||||
Cash and cash equivalents, net | $ 823 | $ 734 | $ 764 | $ 530 | $ 358 | $ 431 |
RESTRICTED CASH (Details)
RESTRICTED CASH (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Restricted Cash [Abstract] | ||
Operations | $ 141 | $ 167 |
Credit obligations | 103 | 95 |
Capital expenditures and development projects | 147 | 50 |
Total | 391 | 312 |
Less: non-current | (68) | (51) |
Current | $ 323 | $ 261 |
TRADE RECEIVABLES AND OTHER C_3
TRADE RECEIVABLES AND OTHER CURRENT ASSETS - Summary of Trade Receivables and Other Current Assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure Trade Receivables and Other Current Assets [Abstract] | ||
Trade receivables | $ 607 | $ 629 |
Collateral deposits | 733 | 434 |
Short-term deposits and advances | 110 | 27 |
Prepaids and other | 97 | 354 |
Inventory | 76 | 31 |
Income tax receivable | 19 | 39 |
Current portion of contract asset | 61 | 57 |
Sales taxes receivable | 54 | 36 |
Other short-term receivables | 106 | 76 |
Trade receivables and other current assets, net | $ 1,863 | $ 1,683 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Summary of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure Accounts Payable and Accured Liabilities [Abstract] | ||
Operating accrued liabilities | $ 297 | $ 312 |
Accounts payable | 170 | 116 |
Interest payable on borrowings | 129 | 208 |
LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable and exchange shares dividends | 53 | 54 |
Current portion of lease liabilities | 27 | 30 |
Other | 96 | 59 |
Total accounts payable and accrued liabilities | $ 772 | $ 779 |
COMMITMENTS, CONTINGENCIES AN_3
COMMITMENTS, CONTINGENCIES AND GUARANTEES - Narrative (Details) $ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 USD ($) MW | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) MW | Jun. 30, 2022 COP ($) MW | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of contingent liabilities [line items] | ||||||
Agreements renewable and extended period maximum | 2089 | 2089 | ||||
Capital expenditure commitments | $ 987 | $ 699 | ||||
Investment in equity-accounted investments | $ 54 | $ 9 | 74 | $ 53 | ||
2022 | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Payments for development project expenditure | 692 | |||||
2023 | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Payments for development project expenditure | 266 | |||||
2024 to 2027 | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Payments for development project expenditure | 27 | |||||
Thereafter | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Payments for development project expenditure | 2 | |||||
38 MW Solar Portfolio | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Investment in equity-accounted investments | $ 37 | $ 153,000 | ||||
Solar power capacity (in MW) | MW | 38 | 38 | 38 | |||
Ownership interest | 24% | 24% | ||||
600 MW Solar Development Project | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Investment in equity-accounted investments | $ 47 | |||||
Ownership interest | 25% | 25% | ||||
Wind power capacity (in MW) | MW | 600 | 600 | 600 | |||
600 MW Solar Development Project | Brookfield Renewable and Institutional Partners | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Investment in equity-accounted investments | $ 186 | |||||
473 MW Solar Development Portfolio | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Investment in equity-accounted investments | $ 35 | |||||
Solar power capacity (in MW) | MW | 473 | 473 | 473 | |||
Ownership interest | 20% | 20% | ||||
473 MW Solar Development Portfolio | Brookfield Renewable and Institutional Partners | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Investment in equity-accounted investments | $ 135 | |||||
350 MW Wind Portfolio | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Investment in equity-accounted investments | $ 32 | |||||
Wind power capacity (in MW) | MW | 350 | 350 | 350 | |||
350 MW Wind Portfolio | Brookfield Renewable and Institutional Partners | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Investment in equity-accounted investments | $ 159 | |||||
Ownership interest | 20% | 20% | ||||
196 MW Wind Assets in China | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Investment in equity-accounted investments | $ 16 | |||||
Wind power capacity (in MW) | MW | 169 | 169 | 169 | |||
196 MW Wind Assets in China | Brookfield Renewable and Institutional Partners | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Investment in equity-accounted investments | $ 80 | |||||
Ownership interest | 20% | 20% |
COMMITMENTS, CONTINGENCIES AN_4
COMMITMENTS, CONTINGENCIES AND GUARANTEES - Summary of Letters of Credit Issued (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of contingent liabilities [line items] | ||
Issued letters of credit | $ 1,084 | $ 1,048 |
Brookfield Renewable along with institutional investors | ||
Disclosure of contingent liabilities [line items] | ||
Issued letters of credit | 96 | 98 |
Brookfield Renewable's subsidiaries | ||
Disclosure of contingent liabilities [line items] | ||
Issued letters of credit | $ 988 | $ 950 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [table] | |||||
Interest expense (less than) | $ 0 | $ 0 | $ 0 | $ 1,000,000 | |
Non-recourse borrowings with related parties | 95,000,000 | 95,000,000 | $ 51,000,000 | ||
Authorized letter of credit facility | |||||
Disclosure of transactions between related parties [table] | |||||
Available portion of corporate credit facilities | 400,000,000 | 400,000,000 | 400,000,000 | ||
Brookfield | |||||
Disclosure of transactions between related parties [table] | |||||
Deposit | 0 | 0 | 0 | 0 | |
Interest expense (less than) | 1,000,000 | $ 0 | 1,000,000 | $ 1,000,000 | |
Brookfield | Authorized letter of credit facility | |||||
Disclosure of transactions between related parties [table] | |||||
Available portion of corporate credit facilities | $ 400,000,000 | $ 400,000,000 | |||
Brookfield | Authorized letter of credit facility | LIBOR | |||||
Disclosure of transactions between related parties [table] | |||||
Borrowings, adjustment to interest rate basis | 1.80% | 1.80% | |||
Brookfield | Unsecured Revolving Credit Facility | |||||
Disclosure of transactions between related parties [table] | |||||
Proceeds from non-current borrowings | $ 0 | ||||
Brookfield Reinsurance | |||||
Disclosure of transactions between related parties [table] | |||||
Non-recourse borrowings due to related party | $ 15,000,000 | $ 15,000,000 | $ 0 |
RELATED PARTY TRANSACTIONS - In
RELATED PARTY TRANSACTIONS - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenues | |||||
Power purchase and revenue agreements | $ 9 | $ 22 | $ 22 | $ 83 | |
Direct operating costs | |||||
Energy purchases | 0 | (2) | 0 | (4) | |
Energy marketing fee & other services | (1) | (1) | (4) | (3) | |
Insurance services | 0 | (6) | 0 | (13) | |
Total related party direct operating costs | (1) | (9) | (4) | (20) | |
Interest expense | |||||
Borrowings | 0 | 0 | 0 | (1) | |
Contract balance accretion | (6) | (4) | (12) | (9) | |
Total interest expense | (6) | (4) | (12) | (10) | |
Other related party services | (1) | (1) | (2) | (2) | |
Management service costs | (65) | (72) | (141) | (153) | |
Brookfield | |||||
Direct operating costs | |||||
Insurance services | $ 0 | ||||
Interest expense | |||||
Borrowings | $ (1) | $ 0 | $ (1) | $ (1) |
SUBSIDIARY PUBLIC ISSUERS - Bal
SUBSIDIARY PUBLIC ISSUERS - Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Disclosure of subsidiaries [line items] | ||||||
Current assets | $ 3,156 | $ 2,861 | ||||
Long-term assets | 53,874 | 53,006 | ||||
Current liabilities | 4,327 | 3,222 | ||||
Long-term liabilities | 29,702 | 28,649 | ||||
Preferred equity | 23,001 | $ 24,458 | 23,996 | $ 21,731 | $ 21,434 | $ 21,767 |
Borrowings | 23,415 | 21,529 | ||||
Non-controlling interests | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 18,320 | 19,023 | ||||
Borrowings | 10,271 | 8,708 | ||||
Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 11,845 | 12,303 | ||||
Preferred equity | 11,845 | 12,708 | 12,303 | 11,644 | 11,604 | 11,100 |
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 2,771 | 2,894 | ||||
Preferred equity | 2,771 | 2,923 | 2,894 | 2,439 | 2,466 | 2,721 |
BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 2,454 | 2,562 | ||||
Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 601 | 613 | ||||
Preferred equity | 601 | 619 | 613 | 624 | 617 | 609 |
Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 592 | 592 | ||||
Preferred equity | 592 | $ 592 | 592 | $ 340 | $ 0 | $ 0 |
Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 760 | 881 | ||||
Brookfield Renewable | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 57 | 50 | ||||
Long-term assets | 4,683 | 4,979 | ||||
Current liabilities | 54 | 46 | ||||
Long-term liabilities | 0 | 0 | ||||
Brookfield Renewable | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Brookfield Renewable | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Brookfield Renewable | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Brookfield Renewable | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Brookfield Renewable | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Brookfield Renewable | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 761 | 881 | ||||
BRP Equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 412 | 419 | ||||
Long-term assets | 253 | 258 | ||||
Current liabilities | 7 | 7 | ||||
Long-term liabilities | 0 | 0 | ||||
BRP Equity | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
BRP Equity | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
BRP Equity | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
BRP Equity | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 601 | 613 | ||||
BRP Equity | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
BRP Equity | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Finco | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 2,152 | 2,182 | ||||
Long-term assets | 4 | 3 | ||||
Current liabilities | 37 | 28 | ||||
Long-term liabilities | 2,110 | 2,149 | ||||
Finco | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Finco | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Finco | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Finco | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Finco | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Finco | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Subsidiary Credit Supporters | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 1,039 | 1,155 | ||||
Long-term assets | 32,131 | 32,973 | ||||
Current liabilities | 7,844 | 7,720 | ||||
Long-term liabilities | 0 | 0 | ||||
Subsidiary Credit Supporters | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Subsidiary Credit Supporters | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 2,771 | 2,894 | ||||
Subsidiary Credit Supporters | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Subsidiary Credit Supporters | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Subsidiary Credit Supporters | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 592 | 592 | ||||
Subsidiary Credit Supporters | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 765 | 891 | ||||
Other Subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 3,139 | 2,619 | ||||
Long-term assets | 53,800 | 52,921 | ||||
Current liabilities | 3,612 | 2,943 | ||||
Long-term liabilities | 27,592 | 26,500 | ||||
Other Subsidiaries | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 11,845 | 12,303 | ||||
Other Subsidiaries | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Other Subsidiaries | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 2,454 | 2,562 | ||||
Other Subsidiaries | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Other Subsidiaries | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Other Subsidiaries | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Consolidating adjustments | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | (3,643) | (3,564) | ||||
Long-term assets | (36,997) | (38,128) | ||||
Current liabilities | (7,227) | (7,522) | ||||
Long-term liabilities | 0 | 0 | ||||
Consolidating adjustments | Participating non-controlling interests – in operating subsidiaries | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Consolidating adjustments | Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Consolidating adjustments | BEPC exchangeable shares | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests | 0 | 0 | ||||
Consolidating adjustments | Preferred equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | 0 | ||||
Consolidating adjustments | Perpetual subordinated notes | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | 0 | |||||
Consolidating adjustments | Preferred limited partners' equity | ||||||
Disclosure of subsidiaries [line items] | ||||||
Preferred equity | $ (766) | $ (891) |
SUBSIDIARY PUBLIC ISSUERS - Inc
SUBSIDIARY PUBLIC ISSUERS - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of subsidiaries [line items] | ||||
Revenues | $ 1,274 | $ 1,019 | $ 2,410 | $ 2,039 |
Net income (loss) | 122 | 110 | 155 | 55 |
Brookfield Renewable | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | 3 | (20) | (30) | (72) |
BRP Equity | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 0 |
Finco | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | (4) | (3) | (5) |
Subsidiary Credit Supporters | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | (124) | (262) | (407) | (574) |
Other Subsidiaries | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 1,274 | 1,019 | 2,410 | 2,039 |
Net income (loss) | 188 | 331 | 363 | 467 |
Consolidating adjustments | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Net income (loss) | $ 55 | $ 65 | $ 232 | $ 239 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) t in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Aug. 05, 2022 USD ($) t GW MW | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Investment in equity-accounted investments | $ 54 | $ 9 | $ 74 | $ 53 | |
Major business combination | Integrated Distribution Generation Developer | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Initial investment | $ 140 | ||||
Solar power capacity (in MW) | MW | 500 | ||||
Power capacity (in GW) | GW | 1.8 | ||||
Major business combination | Integrated Distribution Generation Developer | Brookfield Renewable and Institutional Partners | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Initial investment | $ 700 | ||||
Major business combination | California Resources Corporation | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Initial investment | $ 137 | ||||
Storage reservoirs to be acquired (in metric tonnes) | t | 5 | ||||
Investment in equity-accounted investments | $ 363 | ||||
Additional investment | $ 1,000 | ||||
Major business combination | California Resources Corporation | Maximum | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Storage reservoirs to be acquired (in metric tonnes) | t | 5 | ||||
Investment in equity-accounted investments | $ 500 | ||||
Total potential investment | $ 1,500 |