BEPC - Earnings call transcript Q4 2024 | Brookfield Renewable Corporation

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Operator

Good day, and thank you for standing by. Welcome to the Brookfield Renewable Partners Fourth Quarter 2024 Results Conference Call and Webcast.

[Operator Instructions]

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Connor Teskey, Chief Executive Officer. ahead. go Please

Connor Teskey

and joining operator. Call. everyone, thank and Thank for good our for us Conference Fourth you you, morning, Quarter XXXX

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

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

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

our starting, appointed like Before would to we to welcome Patrick call. Taylor, newly the CFO,

a will to We position. discuss the will of and Patrick performance to thrilled continue leadership growth recent asset our and to the depth our have are then provide the team our recycling as call, our we results, outlook review conclude Patrick And globally. on today's U.S. operating why group. activities then XXXX financial talent it and On and add will lastly, call discussing by in our we

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

our through going to we results, the current before Now environment. comment briefly wanted on XXXX

decades demand fundamentals a have fact shift for renewable growth. orders AI simple better. experiencing in for lifetime. U.S. sector executive on in our the demand a step administration's been traded is the electricity we are new driving changes significant that dramatic most energy And sentiment renewables, potential the public if our accelerating of change revolution, the demand never in weaker driven while several policy by not and continued of our from in and technology markets modest has for in the stemming the down announced one product, the growth, advancement Following significant This supporting is

we production ever of built greater renewable our cheapest are low-cost that technologies and than before. are on electricity the The business seeing have form demand

deploy, that are will available play renewables, for believe all capacity in unfold. As the requirements seeing which and a that any we we are role already low-cost generation a leading to readily result, in increases

on corporate well focus not current customers renewables mature benefit most subsidy us environment. positioned in that demand are from greatest reliant the Our cost, have on has the to the government lowest and technologies

exposure We capture the greatest data demand. we headwinds, seeing no corporate to industry center extensive the have which the the are is are accelerating the to of XXX,XXX-megawatt we market, positioned sectors highly top and across markets With in the concentrated pipeline, best which development our feel globally.

that market value presenting our also passes, opportunities in Executing we sentiment significant market current as expect us. for of investment significant and our shares. to the plan will price is business company dislocation create our see translate The into

funding combined investors for increased Our to also the with market strong opportunity sector grow business. liquidity create model, and private share lower our the value uncertainty and across assets acquire for prices robust further public could and

much We of returns, our and delivered value-creation Turning significant our results. the platforms, of ongoing per business. and and business in and now part initiatives growth as we the record a We year-on-year across our from benefited XX% cash various further of our year and to and growth position FFO operating acquisitions, the organic including growth generated strong value inflation-linked for and future. now business. which regular the flows, execution contracted sale our strongest operating contributions financial business are derisked very assets and another and delivered results ever for XXXX creation was from unit our

record hours advanced of performance initiatives [ per the clean our the to supply-demand our billion gigawatt imbalance Again, exceeded another are investing almost of global buyers year, of XX,XXX and Neon. power signing our the During and operator in of partner favor indicative capital outstanding product. renewable including in contracts largest businesses, globally incredible generation. some we with targets We commercial our year in developer deployment $XX.X investment and ] continue

deliver also capacity in We and to in XX.X between of new gigawatts not signed track targets. framework agreement Europe. to our meet Microsoft the but XXXX today, energy only renewable are a landmark energy with agreeing XXXX And May, U.S. delivery Renewable and on exceed we

these and and This up tremendously decade. in to The to delivery through increasingly accelerate. significantly are to agreement ramp services, investment the to a increase to their its data are supply continue of center up the growth will investment seeing are in and continue cloud businesses assist their their Microsoft's Power support is efforts ramping the hyperscalers growth. to data investment center global we AI-powered data development remainder bottleneck secure planned center which of infrastructure. this ensure expected

Our going testament power of agreement to to our capabilities expect we with with differentiated forward. the is and a partner to continue largest buyers Microsoft

in our market. strong an our for shareholders returns brought well return year, capital, This our and of and asset generating And with Xx capabilities, we we expanding invested generated also Again, grown X,XXX years this of positions proceeds successfully X us average in fund capacity the commissioned the IRR we XXXX online almost our just activities. We growth. capital record crystallizing of billion new $X.X a future have record significant XX% megawatts capacity a ago. rotation at development globally, current approximately to X.Xx

our sector. in robust in our how to pleased remains to record strong to financings year sheet uncompromising We past of finished opportunistically are our per unit. over for the $X.X and year conjunction the our fund we we business, the an X% record growth. in increase and this announce our annual With among continued fund $X.XXX have distribution billion and our We business balance to in liquidity outlook executed with results and strongest liquidity be our with

to turn U.S. XX how publicly XXXX, globally are With current to at will growth delivered distribution over of in years our year. Brookfield capitalize listed Renewable it of and we positioned Wyatt and the was annual we we discuss to X% and growth in further in Since have market. per least the outlook that, consecutive now

Wyatt Hartley

and Thank Connor, morning, you, good everyone.

volatility the our power. been uncertainty in public that affecting these regulatory expect potential U.S. his adjustments greatest elevated on see potential for these As bipartisan have any the the support. there changes, the as sector are Connor material our have reflecting we policies changes in outlined to -- to in do largely we impact And renewable the not fundamentals business while regulatory current has More as markets, remarks, important are for business on

energy generational at demand step U.S. electrification the revolution. broad-based to for driven drive rate. change and Globally the specifically, and the an the of for grid power in a incredible in electricity industries by and accelerate global continues to demand AI major

manufacturing, policy expect supportive data also drive We fiscal the in center that the development in which further industry and turn, drive demand. will, growth U.S. in country. will further in electricity

better in As prospects generation mature any renewable a play are as technologies than result, increase point in at low-cost, for in a all they leading role history capacity. growth the any and

of naturally solutions before the their much of offtakers lowest turning meet of will put, to as renewable cost take needs. Simply power forms generations other to

times, blowing batteries and by in then and is cheap, a being able the scale the challenges: is stability. growing when see build met power battery are grid an is discharge distributed grid of and the systems increasingly sun generation power availability solution. X parts today transmission demand, demand new with when other more important As is We the supply. and when is power lucrative. and has increasingly when wind and charge The capacity, battery are enabling scarce creating large-scale at is it shining plentiful being energy charging is power to consistent Further, distributing and developed

reduce also modular of makes Distributed generation also grids deploy them hours these technologies during is backup demand when and relatively anywhere. almost able easy peak power strained. both are to The nature to provide

As become the we stabilizing batteries and over become a At build-out of with investment made technologies. costs Nordics. leading effective, in investment each we world's mature decade, ever end of and management in transmission transition and platform of the a of ], grids component renewable past and they the global business largest cost positions expect with best-in-class in market-leading the Australia the low-cost our in our [ more our France, significant will renewable supporting accelerated renewable and XXXX, that declining Neoen power XX% with

in battery also technology megawatts that a not we costs globally that of on almost all with this is capital Neoen are may appreciated deploying operator in systems, and megawatts are with from [ battery in are under solution additional construction pipeline. developers And markets. capacity investment, one and of operating and largest capital growing with storage the investing be energy global X,XXX leading and we storage XX,XXX our is increasingly a revenues focused higher into ] stabilizing What we battery energy of lower services, potential demand developer

solar, capabilities scale, combination technologies significant supportive for value over of to distributed and multiple and we combined demand our backdrop and long shareholders storage few generated significant utility differentiated customers, name generation and the access capital solutions few, global to our wind, development suites can deliver can a others to including across thereby our scale the hydro, With of term. a the our operating

recent Patrick capital to operating position. our that, and it results, pass with I'll recycling discuss to initiatives And on financial

Unknown Executive

everyone morning Wyatt, the call. to good on Thanks, and

a the up XX% delivering Our unit fourth $XXX business from $X.XX XX% same of In FFO year unit, FFO or unit, million per record year-on-year. basis, year, or per performed increase year-on-year. last delivered per On this year, full we billion we quarter $X.X quarter, of results. in representing delivered the well $X.XX up a $X.XX

our at segments. now Looking

strong Our from hydrology Colombian hydroelectric Isagen, helping from business benefiting a in results, our half the solid generated of America. North second offset business, year weaker

from our generated and were wind acquisitions. a which year year XX% operations, from as full funds contribution from segments we last from Our benefited record solar recent up

energy distributed see a results, to record year momentum. continue XX% Our with full from generated Westinghouse, and where segments Solutions up year-on-year also positive we storage contribution Sustainable

operating the the long looking are real as we cost On who assets, sell are assets benefiting are capital for flows. capital business front, to able derisked delivering Power portfolios our of buyers strong lower our for to reliable life, fundamentals and recycling cash

capital billion IRR value our over at average an operational XX% have we generated the closed created invested year, XXXX, a we approximately sale of Xx relatively X.Xx multiple Saeta the hold function, we a build-out enhancements through $X the we This development short period. on Since of almost realized invested and and their significant where proceeds generating capital. of in

We of largest in we wind value. significant also ever, a the interest projects XX% crystallizing Shepherds Flat, repowering executed where closed sale of the one

a to returns generate to growth. continue and fund for Asset reliable recycling and shareholders us as for consistent our capital will way deliver strong

in expect We momentum larger recurring off XXXX monetizations even the healthy more future in and returns. to similarly strong deliver build this at

financial our position. at now Looking

and liquidity and strong, continue in remains opportunistically flexibility We finished to providing capital year well with the model. the execute sheet significant self-funding us deploy support $X.X balance with to our growth Our we to of within franchise. the billion

million During portfolio's $XX and we opportunistically duration our successfully including in up initiatives. financing $XXX nearly completed to structure, capital billion support executing the of growth year, financings extending optimizing

while up we disciplined years. X With investors, sources, leveraging next their we the our operational business. focused management, and profile, On portfolio. our support. ongoing the our delivering a derisk of staggered this This and should capacity closing, for for additional of also on remaining healthy shareholders and returns XX% and unitholders all deep our enhance funding behalf for thank up-financing contract capabilities to we within capital, recontracting over of our pipeline allocators Board to total In significant remain long-term generation have coming create XX%

excited are that, That the operator concludes Renewable's to our this to questions. morning. And future Thank our today's I'll pass us throughout joining XXXX. you for progress with updating look call. remarks Brookfield back it on for We formal you for forward and about

Operator

[Operator Instructions]

Our question of Cowen Steuart the first from comes with TD Sean line

Sean Steuart

Thanks. detail can time questions. you Congratulations development can wondering context A it referenced you that us framework I'm little Any that give give Patrick. Connor, exceeding you an respect to the targets. potentially built to more Wyatt a being couple agreement? expedited with there. agreement, Is Microsoft line? And of into and there? capacity more is if Or

Connor Teskey

to that obviously, floor, structuring latter XX.X and half -- XXXX agreement to Microsoft ] of will years the sorry, deliver capacity in we of gigawatts Really decade. half XXXX. to that Sean, shouldn't additional we with And would deliver the that ahead continue is [ that's latter there. obviously X make of first broader point the our say structured that XX.X the not the And increasingly expect between is say back growth deliver business XXXX, X secondly, will Yes. XXXX, decade, just would over to XX.X have, gigawatts of in and the I the in the the things that the we of then ceiling. agreement agreement that Hi, and to deliver on is Obviously, the

We development that of tremendous center markets as Microsoft advanced continue the to projects out the world we offtake product data ground. and pull for key are seeing hyperscalers add around pipeline to development -- in other from those the and and demand

So years, more XX.X we X we'll than expect those gigawatts. deliver in that well

Sean Steuart

Can And months efforts that, X updates further deal agreement. announced corporates. framework broader that you that replicate to on it's to since been type you give with other of

Connor Teskey

Absolutely. And of X it in probably different that doubt on we'd back agreement. No frame ways. the

the we discussions we did up But that over we with different that to is when I ways up period it's both over think will governs. expect beneficial would an with show say potential we that Microsoft would to fill you that We are announced time generation our are can agreements. it everyone agreement X-year which having power over agreement comes business. X recognize important What for those discussions broad-based

we global And other framework than hyperscalers time agreement. than We've that power real in more of project-by-project even absolutely them XXXX, more projects on are do The those to across that's XXXX a we and thing hyperscalers a absent XXXX with projects outside basis, we power activity the deliver do to even more that and seeing delivered can is our in the more And can more happening real agreements. business. and we'll in time just XXXX.

may showing are in future, in project-by-project framework our basis activities regardless. sign we up agreements the is development and So demand a while the on in discussions similar

Sean Steuart

And then one. one just last

ongoing held recycling in. of valuation but asset an equities, seen for is for pressure sounds initiatives like recycling funding. Asset focus for We've lots public it your have returns

been your Just in any shift. asset in the and development spread in shift have that you over organic the last strong to how near years Those recycling perspective XXXX, spreads and for interested on could could for expectations how on X returns midterm? that but between

Connor Teskey

we a very of of bifurcation operating this come it's that where is one strong demand very, assets, market we've the Absolutely, topical quite there still amounts about very is out strong a of and high-quality we're question, to robust that growth cash-generative different themes and Sean, particularly ways. capital XXXX those incredible X have in a the them. for angle

building platforms. of capital less investment out for ongoing available the development, in far is construction, there and the growth While

remarks, today. That and bifurcation derisked remains recycling very, in referenced operating sell that expect activities And to into very those to bifurcation strong lean in we as our asset we assets. cash-generative we've the prepared our looking high-quality market continue, expect to really

the The we for in renewables clear is public your tangential other bifurcation is a there between markets. point bit a that question would very markets to that's little demand to private market also versus exposure highlight

to today. sentiment on look capitalize the see to the significant since capital renewable look market demand our We public despite power we'll for XXXX. we weaker that continue fact certainly private space in absolutely And -- model, the in business given that

Operator

RBC comes Markets. Our Nelson line of with question from Ng Capital the next

Unknown Analyst

and Patrick. And congrats

center question, data with first sticking just theme. So the

So their what up your power in gas firm and more for acquiring generation? developing are firm terms of it in thoughts what the generally used in with market. favor being need or is your Connor, gas-fired portfolio? your -- Can be to generation

Connor Teskey

Nelson. Thanks,

demand approach this is all thinking that then energy our change in step generation. it, forms increase we to macro power of believe just So and for good

to whether any different above. to all growth across that's of support whether that's matter nuclear. the of a going for your demand use number phrase generation or that's of token is fundamental technologies, You renewables, whether is gas, electricity and can fact and the The the all lead

forms I electricity generation. for highlight offtakers other out us, users of to call cheapest. this of the is they and important take important think always demand it thing is their of can going The to And they to fill with look because are power will as on the that then as and renewables is very much remainder

is So only intensity will acceleration renewables result in it's see we do build-out ever gas to believe it role of the and when focused be incredibly renewable investing reduce in on have the But the broader gas to to of of transition our power. obviously we and greater demand. would the business, about carbon going grid. going in a considering if ultimately the We continue that think would

which any further, such proposition a investment, And at is seen as as it return be what risk-adjusted of in the history. we've need attractive seeing we in we are build-out today. would renewables to more point in attractive any than seeing among

So to invest our amount very greatest if of seeing portfolio. some returns. the but going on part simply a it that's the potentially thermals rule wouldn't to and focused as attractive we business most out, We could where growth it be because came renewables broader in of continue demand we're is

Unknown Analyst

great That's color, Great. Connor.

understand Next form the I about, U.S. all projects to in have renewables gigawatts point looking cheapest and X uncertainty commissioned development at in of how talk XXXX in -- you Can your terms even X.X. question. U.S. gigawatts think But about you I the think, being the just your be X.X of the in and with of like I another pipeline, power

Or about terms Can subsidies. contracts talk you Are some general? the changes how tax just essentially to in of these they risk if there to just structured, structured the in of any were are allocation, are pass how they through?

Connor Teskey

Sure.

important So and revenue, can approach when we've there. only there's things an EPC One PPA, lock business, contracts meaning across really in always taken we CapEx of upfront. in our X locking financing

change could and returns. we've call we in don't exposure, other risk of and locked locked we've basis have augment in or and revenue CapEx variables would where So we the what one our

a the there this and in now margins the we are we in development the seeing credits adjusters to locking right like if United are -- now, there a in obviously to very your The market topical because near-term that or is good is thing are of -- essentially The one. very States right the in in many tax whole. our now, increasingly one is change are question PPAs keep right change place retroactive putting is things those a PPAs we one

So it's I that market a would dynamic reflective increasingly And of say, simple. I think that becoming, it's standard. very broader is

is they And ensure need in let of stop they to uncertainty, off-takers out ground. signing therefore, developers pull do The will the what to short-term projects they're power. and protect and to not them those from the the simply order contracts, going will necessary

Unknown Analyst

Great. it's It's pass-through. good to see a that essentially

so question. And one last

public you forward? investments of expect of acquisition the the versus to You you your of mentioned and From the past. to compared see what on to few market but in is Your going market. with obviously, Could development the see your some valuations seen and past you've entities a lot pipeline in kind public of in private up pace of developments comment entities? you in perspective, your market do valuations. public mix step done kind we've the increasing, allocation Do capital just you years in the public expect acquisitions or

Connor Teskey

question So very and that maybe bluntly to hit head on.

of underlying that opportunities we We expect that in And at available have valuations perspective, capitalize seeing the are the where have business. very seeing active current today. environment public that on value market growth in capital our a offtake and two, in demand a sheet to points the balance not one lots liquidity, attractive our to the given entry from may we're have of market plays be others resources tremendous some year market and we're very fortress to much fortunate very are growth favor this we and just

us attractive expect of very year front. very the we activity and another for So growth on active to XXXX be

in And basis. today, into capital things a private, looking going markets certainly But terms seeing bias do best In be Executability allocate are based on public that. we're of and that that's comes at between we to therefore, on where we And of number a very, the look risk-adjusted space. returns. see we'll very case-by-case certainly attractive. what public

Operator

Our Hope next question with from Scotiabank. Robert comes

Robert Hope

everyone. morning, Good

the at parse on pipeline, out First the a given can pipeline. appear the the out wind that take question you of wind a look us just term near in your market? versus uncertainty in in we is is renewables it on help how perceived uncertainty there little or doesn't the build-out bit in long there's more When the development U.S. term, much

Connor Teskey

start, can clear. if pretty can need right, you more and you these numbers absolutely give certainly we I You're provide I'll Rob. And But specifics, that. the

term, is the about terms the of of seeing I not obviously world pipeline, around tremendous that would subject executive recent is United the market corporate X/X that orders States. and some demand our short In of it of to like over more what development things in the around call outside the And that. regulatory uncertainty is the and

in States, call at XX% in is look of we wind. XX% When United what somewhere is to the that the, it,

when it United around the it. trajectory exposure in have some lands. look we growth essentially gave around And broader I no that on that to expect beyond our federal there What whatsoever. approach of portion to we States, wind at wind the short a not is in exposure doubt our strategic modest onshore U.S. summary uncertainty, so have term added United projects the we portfolio, is the particularly to point States just obviously is U.S. -- the there So even very wind is in our highlight do maybe offshore. would X on Perhaps X we projects we or clarity change while

U.S. is private uncertainties lands. on our of permitting obviously the And prepared are wind entirety on even exposure we'll to plays federal they in private are onshore be onshore if There for lands. manage the out. projects, some wind projects, this however those Almost around

world country wants in market electricity, to where that's cheap particularly deny this the access significant advantage. a We government continue to that believe no to around its competitive

part business. manage given entirely relatively on through it short-term some resolved not lands, entirely is a it, of to onshore it's we there get today, while private and we're our So doesn't, And it we'll material uncertainty quickly. expect if

Robert Hope

the the that. then with maybe changes speak be theme. there potential how U.S. renewable In regulatory in And you just about appreciate letter, I in keeping could the sector U.S. the right. All

to adjustments seems greatest will think the to see that that just allude the changes bit you don't little impact or U.S.? on maybe those you have to However, do you can there? you change? think expect don't more Like in occur add that you it a policies ITCs color could your PTCs what And business,

Connor Teskey

Certainly.

So is given our in the our the the to that most tax mature, -- in obviously, that lowest-cost that. corporate offshore amount thus credits, changes thing the we're and And announced the business heavily see of to greatest demand. The there's focused not the you technologies, most ones change impact a business that as mentioned. is been would far, no

we've for higher over our development price higher in the were This where thing we of form our there still been would last in much and wide X to classes, able the we margin through form these that we've X those by the seen to a technologies electricity changes these The a demand if preserve cheapest to the tax through very years is what PPA the pass of see form highlight asset and no change offtake. PPA would is such expect of announced, are to in funding a one credits be costs higher the margins. of even akin very through pass able loss or

there's question. So no

there if margins thing change The development we not is expect or change to our the business, our relevant it to most even were our be most a But to to would demand. credits. those that, important thing tax

Operator

with Our next National from question Merer comes Rupert Bank.

Rupert Merer

might I that. have missed Sorry,

turn I maybe here. think Rupert it's my

question. Just wanted up to on that last follow

How from and costs higher costs? You've to on talked the And that? equipment off do are from steel covered how exposure credit you for impact about have potential higher you the potential offset tariffs much you or changes. think tax

Connor Teskey

Rupert, the it's a to right question fantastic the of question. piggyback tax dynamic. same it's back credit because And the you're on

returns, If a returns project what PPA. tax they do lower us about cushion If attractive project offer of we we you a think that. the to it. economics development would renewables lose our today, plenty to do at to preserve that at offer credits the the PPA and And essentially were that have credits, lower to of there's a tax development we to allows think cost of higher to

And seeing The very the If the are PPA. build fundamentally project, same is used these to that we true demand means than to demand our that before. back pass that form point added this is tariffs the ever a the on coming equipment tariffs. look to that capacity push what And incremental counterparties again, are with to renewables, of we is we'll things offtake keep ground thing of economics should corporate of change is a out it the in we cost price. on stronger would through lots simply the is there will through higher PPA

very advantage. When potential material where it comes a has to tariffs, this something is we feel Renewable Brookfield competitive

tariff procurement of from across that international, the we of agreements equipment sources a both such executed number leading our no our domestic the and tariff wide source number we've areas. the of us a years, to our equipment from preferential be will of framework able will broader which discussions variety using business, enable with centralized to play last the how sourcing out, and manufacturers, most maximize Over U.S. matter

So closely. the economics. front capabilities how procurement we're of project obviously will We space be on foot to out, following not that this global play regardless settles. change the our market And that ensure we think tariffs when do we'll it expect our

Rupert Merer

center will follow-up data second on market. the be And a Great.

there and for center by see growth the volatility make AI is versus by lot from data changing much for changing expectations seen to demand power we've cloud growth driven how expectations When Microsoft, in that you demand you course, of driven on that can of power market So from AI growth comments demand? your talk AI. And a of any corporate like you for crypto? customers are landscape

Connor Teskey

Yes.

ahead topic, the things really crypto which is intelligence expect biggest be bar is very cloud. been of that and driven we another here. have say think demand, of mentioned for question, but out demand of maybe I is more most This socialized itself miles. change technologies are we none. driver weeks, is to the driven we obviously important to by big you So -- by step probably by -- come great. it the AI, at it's a head biggest AI It the term That's new a is X there a minimum lends artificial It is That efficient. or would last that the energy couple of medium in the

and power supply-demand those we that highlight topics, are that those one, right growth amounts X balance thing and would important be the imbalance the is things: forecasts the to all those support is simply need down discussions of supply-demand so There producers. very for from and now. The unforeseeable to enough not come power are is favor in days strong to forecasted, which AI early not

technologies, favor. even new the imbalance still supply/demand So our with the in is wildly

is time. second cost is and efficient, going new the is means then is to they're it's more for more reality go the places, thing down, they're that going technology, broad-based means going electricity as expect be more faster we any to going obviously actually to the that and to in and lead demand prevalent, become their new over technologies will to become And And sector it growth efficient which in AI more well. become of for good if demand

imbalance the do that of cost. generate potentially we medium short, those especially the very fact it we electricity, new to So in supply-demand a of recent changes long-term can follow all much that them can low those see none but continue that and at changed favor

Operator

question with next Mark Our from CIBC. comes Jarvi

Mark Jarvi

an there Has terms projects? in the anything to Maybe couple having then a sort opportunity things And sort adjustment customers, the development tariff that of a in up tax safe and period there's you're impact to is do that are what of of and years? until pass around to terms of the credit you X- if period that? that more think a the just be go would following of through of and adjustment hearing conversation. in changed Or on of dramatically harbor X-year next on the already of does that on

Connor Teskey

executive We closely. able administration never credits. tax not states changed to forecast they will gone they would many the following on do. to while in other this and obviously those tax of be those not touched point, have credits. the take a So We're lot about At anything have to intend issued we'll those said they've very Historically, new have this exactly what and situation orders things, order. Republican

And we'll this, been preparing a We've contracting may we're may the market but next pipeline. that think is or would future. say thing what have things preparing happen best uncertainty. in development of follow our and remain of The that's equipment. flexible be just the I we're through indicator probably it we how or type for We've around been this could how procuring whether not

that that an of in thing type this more I with that And us think periods much to it's manage to in capabilities say uncertainty of market for uncertainty. players favors very not XXXX. see unreasonable often larger playing we out

expect our -- trajectory. while growth we've very our might going would happen terms at We to modest expect don't materially to it's anything change some forecast. be outlined we of that in what don't So there disruptions change not projects, individual

Mark Jarvi

share by Microsoft have what's through to amount gigawatts. Just back of end just the agreement, the are this to year? today? volume progress you've megawatts expected to And gauge And able many of then that sort of how you like contracted signed you XX.X coming the

Connor Teskey

exact important that the to through XX.X later So we we figure. It's to years of the applies gigawatt can with recognize agreement Microsoft XXXX XXXX. with perhaps an have follow up

not yet. it significant XXXX. Microsoft does our with contracting new even of ahead of wind are So sums hasn't solar we started That mean capacity and actually not even

of not we ongoing XXXX basis even one agreement before starts. are our our an with off-taker, more to do and them more largest largest, that continue and on They if

we would gigawatts. that to would say that X-year XXXX to our I agreement expect above agreement period, already what is have the prior activity months call it, would ago. that to look XX.X And XXXX as to we So exceed we expected, XX of

Mark Jarvi

there's in And the some there's I'm sure weakness then share prices. markets and and dislocation mentioned same you own. your between Connor, fact about in the thing you see that public private

own your to in allocate and now do So price versus terms a how buybacks share other investment view of capital right you opportunities? opportunities place and

Connor Teskey

XX-XX somewhat is dragging ago. we of headwinds. QX players to we And quarters, months not here, if the feels similar time the X It ago. XXXX, could draw And current kind our lower, It's we're long the sentiment unbelievable Certainly. the despite was at market parallel which very that really business. share that fundamentals at sector significant seeing saw down, market And whole was down. being time, select price in our a

continued share look in capital our to happened add -- kind And similar It approach today. we our allocate share opportunities a our if we activity, our that's XX%. And would up or that in FFO we the quarters you XX-month And price. would lot almost since into activity, XX- our feels the stretch. asset all value kind or execute up of our the and way months continue of very, X on it's that we business best eventually per if development in activity, is recycling to deployment then, up very we show whether plan, what's again of is multiples a XX

absolutely that execute the value at environment absolutely trading is we the feel significant today they're that doubt, incredible same be we demand focus it, doing where in strategy way have our continuing the So did ago. Without buybacks as our XX shares seeing. are and had we to will this period, in at, share on captures we we and captures it months market time looking call with same

Operator

from with of comes the next Grippin question line Our Instructions] UBS. [Operator William

William Grippin

a to are developed with what the more U.S. Good regarding morning. plans To suppliers. your on for wanted release color the framework you you at those could if to press made bit see time. in some PTC the levels. agreements the safe current as to pertains degree agreements I and or harbor of ITC just it Thanks comments enabling provide

passing about talked friction rates, You've or higher eliminated could potential costs through some that safe with be harboring. I would think friction PPA but of

about to So that. understand you're just thinking how trying

Connor Teskey

much initiatives would agreement mentioned. a us project-by-project platform than I to our them basis, significant to ability were as in corporate our and of and working really take we than engage allowing is on time some back -- whether rather that from draw and really any therefore, the the trying Absolutely. But grow next as of or within size it's environment project-by-project to allows agreements. to that the incredible you framework of And in largest And around amount in here going offtakers advantage value our ongoing in that scale history, demand largest or and with I'll it done demands the term goes whether near robust of possible draw who of this make on visibility to that differentiating their framework our is or not I activities in remembering unmatched grow platform And expect some this we pipeline get simply is of we out the is of green only years framework the beyond think a dialogue to point creation to press the asked peers. The and release just advantage is a customers, basis. a point capture the agreement on our more value with few us of us power, a with capital apologize today our forward. competitive is in not our who access available advanced is question. The scale for and asked to this market

need order benefit with of, is, I power. [indiscernible] we get do large-scale framework given relationships It's largest that. of off-takers don't we the I'm it's point guess a to the just making our the I or agreement in something think green

William Grippin

I hear. Yes,

you with suppliers. question your specifically was I think the focused equipment on agreements referenced more --

Connor Teskey

certainly. Yes,

the we have we've U.S. the what arrangements ensure we with we're pipeline top scale one, to our years, of scale the to sorry, the similar in misunderstood. pricing; use them last there, the order negotiated we're securing few that point, elsewhere getting whenever volumes. On to of and I the best-in-class large over So that, given that comes if very what world, doing two, it list around do near we been particular in our essentially

about and United to feel very, our domestically given States the very manufacturers the So good opportunity environment couple over in years. of procure we will the tariffs an more kick in we've last becomes framework domestic the position where with secured agreements in valuable,

Operator

line next Our from comes the of Crowdell Miso. with Anthony question

Unknown Analyst

I apologies, a in little Connor, jumped late.

PPAs you've and size at announcements the answered just electricity when to be this, mean companies of contracts matching see them, we to it that pace in offer? I So the to a tech it's surprised are appears sorry, not of if the generators versus the sign maybe or that up. look pace what you -- supply of want data these thoughts data tenure or in power may like to any there do want seems difference centers the you that center

Connor Teskey

and power up all them more there large projects. And would the projects, could the completely corporate the ready You're highlighting and slightly signing there today. were build are offtakers it, more is for to a the there It now immense. something demand than it ready reason be clearly, but good point, -- is we think if this different. build for I large to for demand If say tech it is is power companies

be a to a demand, demand ready-to-build contracted perhaps not of years and important highlights and valuable is take years and that is system, therefore, permitting there developing ready customers these in more pipeline projects, takes be capture this The development well, if highlighting not The want imbalance and the bottleneck -- are issue It ready take that development PPA. develop. thing the to that today. is, It which you and projects you and sign built long thing one and the a the willingness most enough not and and supply-demand because we'd to that point going today, that's because the time the market time a one, to permitting is while in to is is does to is start for love to is project advanced reiterate, years is maintain process.

meet Western able the center number that we to all been acquiring development large of the are Europe, And be has will And has have the fortunate years, been demand the the we X or we up an world. United X advanced our X over today, pipelines or the a Absolutely now all-time the large-scale advanced data be focused acquiring and incredible hyperscalers? in very The over in last what's supply in largest markets it high. strategy outweighs the scarcity around which the years, margins, that or we've but States that's value at pipeline of that are demand on had last not. whether in showing

Unknown Analyst

about smaller, companies, this And but different I other looks one Great. other a be enjoy one like [indiscernible] talking but YieldCo model, companies, don't the know change name you renewable is one of maybe really -- that's entity? go just curious a is that isolated structure it's just growth if forward? separate more the really may their cut just challenging Or like we back as

Connor Teskey

Yes.

all So companies would can that are their broad-based, demand sector. what seeing the incredible we renewables is say is product. would is, that. I That Everyone say across participate for in

when think business, near ourselves we've important our to about think top Some is we're What of with the is the advantage grown others years, thrilled about increased over the growth than delivered are certainly flows, We more last the increased in profitability. take we've that. see I cash our positioned number well of the as we really list. business

incredible we've that our technologies or our because seeing X fund there using tailwinds we too we've also companies the favor, the taking are discrete there's that on cost either most we greater concentrations we're the in sector are are of while secondly, development the broadly, sectors structures. and risk, examples at Investor technologies which never our aggressive compromised really in how one, is individual of and risk, things are is, avoided of much biggest very mature, of proud last that business. lowest lowest reiterated But we terms And And done headwinds year, over that there today. that time headwinds very for that we've that focused Day seeing and capital more discipline frame, more market out renewable of much

we've business We today. But and for executed very broader fortunate focused sector of tailwinds those discrete feel would across terms we where discipline are that our our sheet. tremendous are the we and say the in the balance

Operator

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

Connor Teskey

everyone, and to day. our you you, great We a for interest and forward support look of XXXX. on our progress thank for throughout joining updating Well, Renewable. call Have Great. Brookfield your

Operator

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

now may disconnect. You

Brookfield Renewable (BEPC) 31 Jan 252024 Q4 Earnings call transcript