And then secondly, it just makes our power more economic and thats going to be helpful for both deploying more capital and driving returns. That's really why we've been excited about the opportunities we're seeing is because if you can take a project that's ready to build, match it with the corporate contract, match it with a full wrap EPC contract in a long-term O&M agreement. We do see opportunities where some businesses with large operating portfolios, but growth ambitions as well may that rely on the capital markets for capital might need solutions to fund that growth. What I would say is, we look at all the opportunities that are available in the market and allocate our capital to where we see the best risk-adjusted returns. Brookfield Asset Management Inc. shuffled its senior leadership as it prepares to spin off part of its asset management business by the end of the year. Officer of Brookfield Renewable Partners L.P, the total compensation of Mr Teskey at Brookfield Renewable Partners L.P is CAD$1,462,868. The board of the asset management firm will be made up of Mr. Carney, Mr. Flatt, seven independent directors, as well as the founders of the firm's real estate, private equity and infrastructure businesses Brian Kingston, Cyrus Madon and Sam Pollock who will also continue to act as CEOs and managing partners of their respective businesses. Mr. Carney is currently vice chairman and head of transition investing. connor genal worth money celebsmoney wealth tiktok comes being much source star Brookfield Press Release One thing that shouldnt be over looked about the current high power price environment is for the last five or six years as the corporate PPA market has developed really what we have been doing is we have been selling green power. Connor Teskey, CEO Renewable Power & Co-Head of Transition Investing, Brookfield, discusses the Global Transition Fund and the role private funds will play in So look, at Investor Day, we kind of spelled out our funding plan. And then within our DG business, I would say, we have a very full suite of decarbonization solutions today, but the market is very rapidly evolving. And then simply as the world recovers in the global economy recovers from COVID, we do expect some of those logistical issues to continue to work themselves out. We got that in Lievre. If you could just give some commentary on that, where the consequences youd see even more expanding margins. And increasingly, we are seeing more and more demand from industrial businesses, tech businesses that absolutely require uninterrupted around the clock clean energy. Please disable your ad-blocker and refresh. All right. 
That is not to say that we would never sell them. Great question. And with that, Ill pass it back to our operator for questions. Last updated: 1 April 2023 at 11:00am EST. Are there many opportunities like Lievre? Brookfield, which oversees $650 billion, hired former Bank of England Governor Mark Carney last year to strengthen its environmental, social and governance investing. This was a bilaterally sourced opportunity where our ability to transact quickly and leverage our existing commercial relationships enabled us to transact with Urban Grid at attractive terms. Very simply the industry is getting larger, so there are more and more opportunities to buy large or scale operating portfolios. Good morning, guys. Thats what Im sorry. And just the second part of the question, where else do you think there are opportunities for these types of agreements either types of partners or by geographies? Connor Teskey-- Chief Executive Officer. But a couple things did really shine through, particularly in the latter part of the year and hopefully into Q1 as well. But were certainly not seeing any limit in the near-term. Our largest customers are providing us with an abundance of corporate PPA demand and therefore some of the transactions you wouldve seen us complete in Q4, both Urban Grid in North America, and Synovis in Germany was really about providing project pipelines that can match that corporate demand. There are other markets that, that are a little slower going into Q1. Thanks for the color there, Connor. So we'll continue to deploy as much capital as we can as long as we're seeing attractive risk-adjusted returns. Okay. Today, we have over 15,000 megawatts of capacity under construction or in late stage development. It remains in place. Given our strong financial and operating performance, robust liquidity and positive outlook for the business, we are pleased to announce a 5% increase to our distribution to $1.28 per share on an annualized basis. And in certain places, we do still have attractive contracts and we're going to leave those in place and continue to benefit from those inflation-linked cash flows, but what we're probably most excited about and what Wyatt just alluded to, and something we touched upon briefly at Investor Day several months ago is the contracts that are rolling off in the next few years are actually some of our lower price contracts and are the ones that are best positioned to take advantage of this more robust pricing environment. So Connor, you touched on those three buckets in terms of capital deployment. Certainly, so well highlight a couple points here. What is the salary of Mr Teskey? In the quarter, we expanded our portfolio by acquiring 780 megawatts of operating and development assets in Europe and South America. Our next question comes from Matt Taylor with Tudor Pickering Holt. So we expect that supply demand dynamic to dramatically improve over the next 12 months. Absolutely. Tenth Floor Certainly. He is also the head of Brookfields Renewable Power & Transition business and Chief Executive Officer of Brookfield Renewable Partners. Now, moving to inflation, whether we are in a period of transitory or sustained inflation, our business performs well in either environment. On a regional basis, theres one market around the world that has largely fixed contracts for us, thats India. Is that accelerating development opportunities and what is it going to do for return potential in that market? With leading capabilities in North America, South America, Europe, and Asia, we are uniquely positioned to be a global solutions provider for clean onsite generation and decarbonization solutions. Thank you very much. Date Total Comp. The company generates electricity through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. During the year, our hydroelectric segment delivered FFO of $639 million. There are no executives at Brookfield Renewable Partners L.P getting paid more. So I would say in terms of what we're seeing across our pipeline today, there's actually probably more operating assets in the pipeline than there were maybe six or 12 months ago. We will continue to pursue that activity as long as we have that abundance of corporate contracting demand. Good question, Matt. And then within wind and solar, we are still seeing technological improvements, maybe not to the pace that we were seeing 5 or 10 years ago, but in particular around software, we are seeing incremental improvements that are going to continue to drive production costs for wind and solar energy lower, then they were kind of pre-COVID and these short-term disruptions. When you have a business of high margins that wed have roughly 70% and then fixed rate debt, even if you have full cost inflation, the level of margin, the operating leverage you get with those high margins even at 70% of your contracts being indexed, and then even additional leverage down at the FFO level is very meaningful. Can you qualify that at all? In this role, he is responsible for investments, operations and the expansion of the Renewable Power & Transition business. So to put some context around this transaction, we view it certainly as at least a high type return in our initial underwriting. Based on your current, I guess, human capital resource what limit do you think the companys capable of now in terms of annual development? Officer of Brookfield Renewable Partners L.P since . Its quick to build, its modular. As we see battery costs can continue to come down, adding that storage to wind and solar and creating more of a hybridization effect is going to drop the levelize cost of energy for that entire renewable solution going forward. And as a result, as I mentioned previously, we have no material maturities in the near-term and very limited exposure to interest rates. During the year, we executed on key financing and capital raising initiatives aimed at maintaining robust access to capital and a prudent debt maturity ladder, as well as a low-risk, investment-grade balance sheet. Brookfield announced in May that it will spin off 25% of its asset management business. It seldom requires working at heights. I just think of some simple examples like some technologies have been around for a long period of time, but with higher prices, the technology makes sense and there is extra sector, extra value or extra production out of solar panels as one example. Just wondering on the development side, are you seeing opportunities to move forward on hydro projects that might not have been as attractive from a return perspective 18 months ago perhaps even six months back? And then lastly, when it comes to the United States and Canada, we continue to see the benefits of diversification within our portfolio. This repowering is expected to increase generation of the facilities 25% by increasing rotor diameter to almost 120 meters, and will also extend the life of the project by 30 years. I appreciate the thorough answer and just maybe one sort of follow-up to that. We our primary form of investing is still going to be continued sorry, is still going to continue to be through our proportionate participation in Brookfields private funds that is going to be our primary source of investing. And once again, just continue to drive increased penetration of renewables and growth in the sector. Urban Grid is a leading utility-scale solar developer in the United States with 20,000 megawatts of development pipeline and a leading position in the high value PJM market. The hydro assets did perform stronger from a year-over-year perspective, but we saw a bit of a some weakness at least on the FFO side on the other platform. As the business benefited from recent acquisitions, strong underlying asset availability and execution on organic growth initiatives. We are progressing another 1,600 megawatts of repowering opportunities in the United States and we look forward to updating you on these in the future. 2021 was another very strong year for our business. You can do that at a really attractive return, but it's a very, very de-risk project. Its portfolio consists of approximately 19,000 megawatts of installed capacity. When we look at those two things, the great news is there is very good visibility on incremental polysilicon with capacity coming online throughout 2022. The second point we would make is maybe simply around the scale of opportunities we are seeing. But we bought operating hydros for the first time, since 2017. Secondly in Brazil, through much of 2021, there was historically low hydrology in Brazil, creating almost drought like conditions. Andrew, thank you, and appreciate you highlighting this. As the Chief Exec. First, the outlook for renewable energy, inflation and global supply chains. Thanks. And secondly, we need to see that from a very high quality counterparty, because that allows us to do the significant up financing such as the one that we did in December, which unlocks a huge amount of capital today that we can immediately invest in accretive growth. We have a pool of capital that we one thats our liquidity, that standalone liquidity, but that significant dry powder from sovereign wealth funds and other institutional capital that we invest alongside of, and that is available to be deployed very quickly is a huge differentiator. During the quarter, we generated FFO of $157 million or $0.38 per unit, a 12% increase from the prior year. Thanks, Connor. And so that funding lever isnt available for others. The Hydro Quebec, 40 years contract, I dont think Ive seen any re-contracting of that, that long duration in industry. There is a price for everything, but in the robust financing markets and when we can find a very strong counterparty, such as we did with Hydro Quebec, we do see more opportunity in the near-term to do things like the very accretive upfinancing that we completed in Q4. He is also "With decarbonization and energy security firmly established as a priority of global leaders, we are well positioned to Secondly, as has been a theme for a number of quarters and approaching in couple years now, we are seeing an increasing number of opportunities to do de-risk development at very attractive risk adjusted returns, and thats growing within our business. Hi, Robert. We will certainly review them, but well certainly take a very cautious approach to large scale development always comparing it to the risk returns we see in other types of clean energy development. And we also found opportunities in our transition and storage bucket in the UK. We really need to see two things. The portfolio continues to exhibit strong cash flow resiliency given the increasingly diversified asset base, strong price environment and our recent recontracting initiatives delivering strong results even when generation was below long-term average. Thats it for me. [Operator Instructions] Our first question comes from Robert Hope with Scotiabank. Weve been filling that demand using our hydro and storage and select cases, but the ability to do that on an increased level is very attractive to both us and the clients we supply energy to. Mr. Flatt added in the letter that "to ensure the continuity and success of the partnership, we actively promote from within and move executives into new roles so they will be prepared to take on still-greater responsibilities.". Further, there is also significant additional upside based on the depth of its remaining and growing pipeline. He received his undergraduate degree from the University of Western Ontario. Chicago, IL 60601, HarbourView names Carlos Cruz managing director, head of capital markets, SVB's demise may kick-start venture debt business move to credit managers, Collapse of SVB could turn some VCs into zombies, Sponsored Content: Innovations in DC: Moving Ahead on Retirement Outcomes, The Institutional Investors Guide to ESG Investing, 2023 Defined Contribution East Conference, Brookfield to spin off asset management unit, Brookfield to acquire Melbourne-based La Trobe from Blackstone, Brookfield closes net-zero transition fund at $15 billion. There is no doubt that both have impacted our broader industry. But the comment I would make is when we say 30% are not indexed to inflation. Is this kind of just when the opportunities presented themselves? Wondering if you can give us some color on what were seeing in Europe right now. Okay. Thanks for taking my question here. Very helpful. And if anything, our view of hydros and the benefits they can provide in this market continues to increase and we did this deal taking all of that into account. Officer of Brookfield Renewable Partners L.P since . Good morning. Our next question comes from Naji Baydoun with iA Capital. Because ourselves, Shoals, Trane, we all cover the same customer set. Its certainly an acceleration of the pipeline. Brookfields deal for the developer of utility scale U.S. solar plants and energy storage boosts its clean power portfolio, with projects in 12 states, the company said in late January. I'd now like to hand the conference over to Connor Teskey, Chief Executive Officer. Our investment partners are looking for an experienced investor who can guide their contribution to what is both a critical requirement and a major global opportunity. Thank you. So you talked about the benefits of your hydro facilities and the benefits of upfinancing on hydro. Maybe just to reiterate a point, we have been doing a little bit more development recently, that's because we have the corporate PPA demand to backstop it. So there are a few more projects popping up. All 13,000 megawatts of solar development in this pipeline have interconnection queue positions, which is specifically valuable in the PJM market, given the high demand for clean energy driven by significant data center load and increasing ambition ambitious RPS targets and limited supply of sites giving given that the market is undergoing significant interconnection queue reform. WebConnor Teskey Age : 34 Public asset : 104,744,407 USD Country of residence : Unknown Linked companies : Brookfield Renewable Partners L.P. - Brookfield Renewable Second, in our under construction assets, we have always focused on avoiding basis risk by locking in major CapEx components at the same time, we signed PPAs for projects. Thanks. 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President, Brookfield Asset Management; CEO Renewable Power & Transition, Evolving to offer the best of both worlds. The joint venture is targeting the injection of 5 million metric tons per annum and 200 million metric tons of total carbon dioxide storage development, which if Officer of Brookfield Renewable Partners L.P, the total compensation of Mr Teskey at Brookfield Renewable [Operator Instructions]. As Connor mentioned, we achieved a record level of development over 2021. Mr Teskey is 33, he's been the Chief Exec. Welcome to the BEP, Brookfield Renewables Fourth Quarter Conference Call. So well continue with our historic guidance, but the fundamentals of it remain unchanged if not improved since we made that comment a few months ago. And what we have been doing over the last four years is we've been preserving the backend optionality of our hydros. One, are they attractive risk adjusted returns, and two, whats driving the growth and the increased development into development is simply the demand were seeing from our customers. And as Connor mentioned before, especially, if were going into a period where theres disruption in capital markets, where equity is trade down. And for the last couple years due to the pricing environment, we have been very hesitant to do anything that kind of locks in value around this portfolio, whether it be financings or monetizations. But I mean, the benefits of the Urban Grid acquisition are clear and you made them clear today. Welcome to the BEP Fourth Quarter 2021 Results Conference Call and Webcast. It is projected that up to $5 trillion of annual investment will need to be spent over the next 30 years to support the decarbonization of energy systems. We also would like to remind you that we may make forward-looking statements on this call. And that bucket we had always said was anywhere from kind of $2 billion to $2.5 billion, that factored this in. Looking at our own portfolio. Just a quick question on some partnerships, I mean last year, youve youre going to be working with Amazon on utility scale project globally. WebConnor Teskey. Connor Teskey, CEO of Brookfield Renewable, said: Investor demand for this fund has been exceptionally strong. As the Chief Exec. Specifically, the asset management business that will be spun off which will be called Brookfield Asset Management Ltd. and manage $750 billion in assets will have Connor Teskey as its president, former Bank of England and Bank of Canada Governor Mark Carney as chairman of the board, and Mr. Flatt as CEO. And we look forward to updating you with our Q1 results in a few months. Mr. Connor D. Teskey is a Chief Executive Officer at Brookfield Renewable Partners LP, a Chief Executive Officer at Brookfield Renewable Corp., a Managing Partner at Brookfield Asset Management (Infrastructure) and a Managing Partner & CEO-Renewable Power at Brookfield Asset Management, Inc. And why thats really exciting to us as Brookfield Renewable is historically these have been feed in tariff type auctions that have turned into cost of capital shootouts. The oldest executive at Brookfield Renewable Partners L.P. is F. Mitchell Davidson, 58, who is the Managing Partner of Renewable Power. And as mentioned earlier, we believe we are uniquely positioned to execute on not only the most attractive, but also the largest decarbonization investment opportunities in this environment. And thank you for joining us for our fourth quarter 2021 conference call. And so we as we mentioned, we have a meaningful amount of additional capacity coming off contract over the next five years. And then a couple years ago, you guys reworked sort of energy marketing contract with Brookfield. Now we do believe our hydro portfolio, it is best-in-class and does truly represent some irreplaceable and strategic assets in key North American markets. WebMr. Unequivocally, we dont think inflation will meaningfully flow the adoption of clean energy if at all. And therefore, what we are looking to do with our partners is create a decarbonization as a service product offering that can address any of the decarbonization needs of that customer and enhance that relationship such that we can expand it going forward. When o ur award-winning analyst team has a stock tip, it can pay to listen. We agreed to deploy capital, in line with our targets growing in every major market we operate and had a record year for development. And then we came across Urban Grid. We made a comment in our prepared remarks that, that some of the supply chain disruption that has created a little bit of CapEx inflation in our sector in the last couple of years. The other two partnerships you mentioned Shoals and Trane, those really our partnerships largely aligned with our distributed generation business. You give some of that up, if you play for the merchant price and we've had success doing what we're doing and that's going to be our continued playbook going forward. And we certainly hope to execute some large transactions over the next 12 to 24 months. And we think that that could create very meaningful opportunities like this going forward. And then from there, if we do continue to execute on M&A, as we expect we will, that would be additive. Good morning. We have done sell downs of hydros in the past, most recently a few years ago. Theres nothing today that would suggest that we're going to adjust that. So with the elevated power prices, are you kind of looking at opportunities to develop on a merchant basis and kind of benefit from near or medium term power prices before maybe contracting a longer term to de-risk assets? [Operator Instructions] Please be advised, today's conference may be recorded. And finally, we maintained a robust investment grade balance sheet and ended the year with over $4 billion of available liquidity and access to significant sovereign and institutional capital that we can invest alongside of which provides enhanced flexibility for future growth. Battery costs are coming down at a very rapid rate, quite similar to what we saw in solar 5 or 10 years ago. And maybe Matt, I would add just you mentioned the word complexity in the way we fund our growth, but I think, look, the way we think about it is, we do we structured the investment through the private funds, because we believe that its very additive to our business, because it provides us a scale of capital to be able to look at transactions that are really differentiated. This resulted from the stability of our high quality inflation-linked contracted cash flows, organic growth and commercial initiatives and contributions from acquisitions. All right. Good morning. We achieved record FFO per unit, continuing our track record of double-digit annual growth for over a decade. How are you thinking about the typical, like, how you typically invested where its been on a 25% basis with all your partners? We also added a 20 year full wrap long-term service agreement with production guarantees to de-risk the project going forward. Our growth in Europe has been pretty strong over the last few years, I would say, and we don't see it slowing down. Thank you. We also maintained a strong balance sheet and executed over $13 billion of financings, generating $1.5 billion in proceeds from up financings, net to Brookfield Renewable bolstering our liquidity, enhancing our self-funding business model and minimizing our exposure to increasing interest rates or near-term maturities. Connor David Teskey is the Chief Exec. Just wanted to come back to the contract and the up financing that they provided, in terms of the premium pricing lift that you got, is there anything in particular special about the seasonality of the power supply, capacity payment requirements by the buyer, the power that drove the uplift. Thanks for taking our questions and thanks for all the colors. These projects are diversified across distributed and utility-scale solar, wind, storage, hydro and green hydrogen in 14 different countries. We further diversified our business with our first investment in offshore wind and we expanded both our hydroelectric and battery storage portfolios.
That is not to say that we would never sell them. Great question. And with that, Ill pass it back to our operator for questions. Last updated: 1 April 2023 at 11:00am EST. Are there many opportunities like Lievre? Brookfield, which oversees $650 billion, hired former Bank of England Governor Mark Carney last year to strengthen its environmental, social and governance investing. This was a bilaterally sourced opportunity where our ability to transact quickly and leverage our existing commercial relationships enabled us to transact with Urban Grid at attractive terms. Very simply the industry is getting larger, so there are more and more opportunities to buy large or scale operating portfolios. Good morning, guys. Thats what Im sorry. And just the second part of the question, where else do you think there are opportunities for these types of agreements either types of partners or by geographies? Connor Teskey-- Chief Executive Officer. But a couple things did really shine through, particularly in the latter part of the year and hopefully into Q1 as well. But were certainly not seeing any limit in the near-term. Our largest customers are providing us with an abundance of corporate PPA demand and therefore some of the transactions you wouldve seen us complete in Q4, both Urban Grid in North America, and Synovis in Germany was really about providing project pipelines that can match that corporate demand. There are other markets that, that are a little slower going into Q1. Thanks for the color there, Connor. So we'll continue to deploy as much capital as we can as long as we're seeing attractive risk-adjusted returns. Okay. Today, we have over 15,000 megawatts of capacity under construction or in late stage development. It remains in place. Given our strong financial and operating performance, robust liquidity and positive outlook for the business, we are pleased to announce a 5% increase to our distribution to $1.28 per share on an annualized basis. And in certain places, we do still have attractive contracts and we're going to leave those in place and continue to benefit from those inflation-linked cash flows, but what we're probably most excited about and what Wyatt just alluded to, and something we touched upon briefly at Investor Day several months ago is the contracts that are rolling off in the next few years are actually some of our lower price contracts and are the ones that are best positioned to take advantage of this more robust pricing environment. So Connor, you touched on those three buckets in terms of capital deployment. Certainly, so well highlight a couple points here. What is the salary of Mr Teskey? In the quarter, we expanded our portfolio by acquiring 780 megawatts of operating and development assets in Europe and South America. Our next question comes from Matt Taylor with Tudor Pickering Holt. So we expect that supply demand dynamic to dramatically improve over the next 12 months. Absolutely. Tenth Floor Certainly. He is also the head of Brookfields Renewable Power & Transition business and Chief Executive Officer of Brookfield Renewable Partners. Now, moving to inflation, whether we are in a period of transitory or sustained inflation, our business performs well in either environment. On a regional basis, theres one market around the world that has largely fixed contracts for us, thats India. Is that accelerating development opportunities and what is it going to do for return potential in that market? With leading capabilities in North America, South America, Europe, and Asia, we are uniquely positioned to be a global solutions provider for clean onsite generation and decarbonization solutions. Thank you very much. Date Total Comp. The company generates electricity through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. During the year, our hydroelectric segment delivered FFO of $639 million. There are no executives at Brookfield Renewable Partners L.P getting paid more. So I would say in terms of what we're seeing across our pipeline today, there's actually probably more operating assets in the pipeline than there were maybe six or 12 months ago. We will continue to pursue that activity as long as we have that abundance of corporate contracting demand. Good question, Matt. And then within wind and solar, we are still seeing technological improvements, maybe not to the pace that we were seeing 5 or 10 years ago, but in particular around software, we are seeing incremental improvements that are going to continue to drive production costs for wind and solar energy lower, then they were kind of pre-COVID and these short-term disruptions. When you have a business of high margins that wed have roughly 70% and then fixed rate debt, even if you have full cost inflation, the level of margin, the operating leverage you get with those high margins even at 70% of your contracts being indexed, and then even additional leverage down at the FFO level is very meaningful. Can you qualify that at all? In this role, he is responsible for investments, operations and the expansion of the Renewable Power & Transition business. So to put some context around this transaction, we view it certainly as at least a high type return in our initial underwriting. Based on your current, I guess, human capital resource what limit do you think the companys capable of now in terms of annual development? Officer of Brookfield Renewable Partners L.P since . Its quick to build, its modular. As we see battery costs can continue to come down, adding that storage to wind and solar and creating more of a hybridization effect is going to drop the levelize cost of energy for that entire renewable solution going forward. And as a result, as I mentioned previously, we have no material maturities in the near-term and very limited exposure to interest rates. During the year, we executed on key financing and capital raising initiatives aimed at maintaining robust access to capital and a prudent debt maturity ladder, as well as a low-risk, investment-grade balance sheet. Brookfield announced in May that it will spin off 25% of its asset management business. It seldom requires working at heights. I just think of some simple examples like some technologies have been around for a long period of time, but with higher prices, the technology makes sense and there is extra sector, extra value or extra production out of solar panels as one example. Just wondering on the development side, are you seeing opportunities to move forward on hydro projects that might not have been as attractive from a return perspective 18 months ago perhaps even six months back? And then lastly, when it comes to the United States and Canada, we continue to see the benefits of diversification within our portfolio. This repowering is expected to increase generation of the facilities 25% by increasing rotor diameter to almost 120 meters, and will also extend the life of the project by 30 years. I appreciate the thorough answer and just maybe one sort of follow-up to that. We our primary form of investing is still going to be continued sorry, is still going to continue to be through our proportionate participation in Brookfields private funds that is going to be our primary source of investing. And once again, just continue to drive increased penetration of renewables and growth in the sector. Urban Grid is a leading utility-scale solar developer in the United States with 20,000 megawatts of development pipeline and a leading position in the high value PJM market. The hydro assets did perform stronger from a year-over-year perspective, but we saw a bit of a some weakness at least on the FFO side on the other platform. As the business benefited from recent acquisitions, strong underlying asset availability and execution on organic growth initiatives. We are progressing another 1,600 megawatts of repowering opportunities in the United States and we look forward to updating you on these in the future. 2021 was another very strong year for our business. You can do that at a really attractive return, but it's a very, very de-risk project. Its portfolio consists of approximately 19,000 megawatts of installed capacity. When we look at those two things, the great news is there is very good visibility on incremental polysilicon with capacity coming online throughout 2022. The second point we would make is maybe simply around the scale of opportunities we are seeing. But we bought operating hydros for the first time, since 2017. Secondly in Brazil, through much of 2021, there was historically low hydrology in Brazil, creating almost drought like conditions. Andrew, thank you, and appreciate you highlighting this. As the Chief Exec. First, the outlook for renewable energy, inflation and global supply chains. Thanks. And secondly, we need to see that from a very high quality counterparty, because that allows us to do the significant up financing such as the one that we did in December, which unlocks a huge amount of capital today that we can immediately invest in accretive growth. We have a pool of capital that we one thats our liquidity, that standalone liquidity, but that significant dry powder from sovereign wealth funds and other institutional capital that we invest alongside of, and that is available to be deployed very quickly is a huge differentiator. During the quarter, we generated FFO of $157 million or $0.38 per unit, a 12% increase from the prior year. Thanks, Connor. And so that funding lever isnt available for others. The Hydro Quebec, 40 years contract, I dont think Ive seen any re-contracting of that, that long duration in industry. There is a price for everything, but in the robust financing markets and when we can find a very strong counterparty, such as we did with Hydro Quebec, we do see more opportunity in the near-term to do things like the very accretive upfinancing that we completed in Q4. He is also "With decarbonization and energy security firmly established as a priority of global leaders, we are well positioned to Secondly, as has been a theme for a number of quarters and approaching in couple years now, we are seeing an increasing number of opportunities to do de-risk development at very attractive risk adjusted returns, and thats growing within our business. Hi, Robert. We will certainly review them, but well certainly take a very cautious approach to large scale development always comparing it to the risk returns we see in other types of clean energy development. And we also found opportunities in our transition and storage bucket in the UK. We really need to see two things. The portfolio continues to exhibit strong cash flow resiliency given the increasingly diversified asset base, strong price environment and our recent recontracting initiatives delivering strong results even when generation was below long-term average. Thats it for me. [Operator Instructions] Our first question comes from Robert Hope with Scotiabank. Weve been filling that demand using our hydro and storage and select cases, but the ability to do that on an increased level is very attractive to both us and the clients we supply energy to. Mr. Flatt added in the letter that "to ensure the continuity and success of the partnership, we actively promote from within and move executives into new roles so they will be prepared to take on still-greater responsibilities.". Further, there is also significant additional upside based on the depth of its remaining and growing pipeline. He received his undergraduate degree from the University of Western Ontario. Chicago, IL 60601, HarbourView names Carlos Cruz managing director, head of capital markets, SVB's demise may kick-start venture debt business move to credit managers, Collapse of SVB could turn some VCs into zombies, Sponsored Content: Innovations in DC: Moving Ahead on Retirement Outcomes, The Institutional Investors Guide to ESG Investing, 2023 Defined Contribution East Conference, Brookfield to spin off asset management unit, Brookfield to acquire Melbourne-based La Trobe from Blackstone, Brookfield closes net-zero transition fund at $15 billion. There is no doubt that both have impacted our broader industry. But the comment I would make is when we say 30% are not indexed to inflation. Is this kind of just when the opportunities presented themselves? Wondering if you can give us some color on what were seeing in Europe right now. Okay. Thanks for taking my question here. Very helpful. And if anything, our view of hydros and the benefits they can provide in this market continues to increase and we did this deal taking all of that into account. Officer of Brookfield Renewable Partners L.P since . Good morning. Our next question comes from Naji Baydoun with iA Capital. Because ourselves, Shoals, Trane, we all cover the same customer set. Its certainly an acceleration of the pipeline. Brookfields deal for the developer of utility scale U.S. solar plants and energy storage boosts its clean power portfolio, with projects in 12 states, the company said in late January. I'd now like to hand the conference over to Connor Teskey, Chief Executive Officer. Our investment partners are looking for an experienced investor who can guide their contribution to what is both a critical requirement and a major global opportunity. Thank you. So you talked about the benefits of your hydro facilities and the benefits of upfinancing on hydro. Maybe just to reiterate a point, we have been doing a little bit more development recently, that's because we have the corporate PPA demand to backstop it. So there are a few more projects popping up. All 13,000 megawatts of solar development in this pipeline have interconnection queue positions, which is specifically valuable in the PJM market, given the high demand for clean energy driven by significant data center load and increasing ambition ambitious RPS targets and limited supply of sites giving given that the market is undergoing significant interconnection queue reform. WebConnor Teskey Age : 34 Public asset : 104,744,407 USD Country of residence : Unknown Linked companies : Brookfield Renewable Partners L.P. - Brookfield Renewable Second, in our under construction assets, we have always focused on avoiding basis risk by locking in major CapEx components at the same time, we signed PPAs for projects. Thanks. 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President, Brookfield Asset Management; CEO Renewable Power & Transition, Evolving to offer the best of both worlds. The joint venture is targeting the injection of 5 million metric tons per annum and 200 million metric tons of total carbon dioxide storage development, which if Officer of Brookfield Renewable Partners L.P, the total compensation of Mr Teskey at Brookfield Renewable [Operator Instructions]. As Connor mentioned, we achieved a record level of development over 2021. Mr Teskey is 33, he's been the Chief Exec. Welcome to the BEP, Brookfield Renewables Fourth Quarter Conference Call. So well continue with our historic guidance, but the fundamentals of it remain unchanged if not improved since we made that comment a few months ago. And what we have been doing over the last four years is we've been preserving the backend optionality of our hydros. One, are they attractive risk adjusted returns, and two, whats driving the growth and the increased development into development is simply the demand were seeing from our customers. And as Connor mentioned before, especially, if were going into a period where theres disruption in capital markets, where equity is trade down. And for the last couple years due to the pricing environment, we have been very hesitant to do anything that kind of locks in value around this portfolio, whether it be financings or monetizations. But I mean, the benefits of the Urban Grid acquisition are clear and you made them clear today. Welcome to the BEP Fourth Quarter 2021 Results Conference Call and Webcast. It is projected that up to $5 trillion of annual investment will need to be spent over the next 30 years to support the decarbonization of energy systems. We also would like to remind you that we may make forward-looking statements on this call. And that bucket we had always said was anywhere from kind of $2 billion to $2.5 billion, that factored this in. Looking at our own portfolio. Just a quick question on some partnerships, I mean last year, youve youre going to be working with Amazon on utility scale project globally. WebConnor Teskey. Connor Teskey, CEO of Brookfield Renewable, said: Investor demand for this fund has been exceptionally strong. As the Chief Exec. Specifically, the asset management business that will be spun off which will be called Brookfield Asset Management Ltd. and manage $750 billion in assets will have Connor Teskey as its president, former Bank of England and Bank of Canada Governor Mark Carney as chairman of the board, and Mr. Flatt as CEO. And we look forward to updating you with our Q1 results in a few months. Mr. Connor D. Teskey is a Chief Executive Officer at Brookfield Renewable Partners LP, a Chief Executive Officer at Brookfield Renewable Corp., a Managing Partner at Brookfield Asset Management (Infrastructure) and a Managing Partner & CEO-Renewable Power at Brookfield Asset Management, Inc. And why thats really exciting to us as Brookfield Renewable is historically these have been feed in tariff type auctions that have turned into cost of capital shootouts. The oldest executive at Brookfield Renewable Partners L.P. is F. Mitchell Davidson, 58, who is the Managing Partner of Renewable Power. And as mentioned earlier, we believe we are uniquely positioned to execute on not only the most attractive, but also the largest decarbonization investment opportunities in this environment. And thank you for joining us for our fourth quarter 2021 conference call. And so we as we mentioned, we have a meaningful amount of additional capacity coming off contract over the next five years. And then a couple years ago, you guys reworked sort of energy marketing contract with Brookfield. Now we do believe our hydro portfolio, it is best-in-class and does truly represent some irreplaceable and strategic assets in key North American markets. WebMr. Unequivocally, we dont think inflation will meaningfully flow the adoption of clean energy if at all. And therefore, what we are looking to do with our partners is create a decarbonization as a service product offering that can address any of the decarbonization needs of that customer and enhance that relationship such that we can expand it going forward. When o ur award-winning analyst team has a stock tip, it can pay to listen. We agreed to deploy capital, in line with our targets growing in every major market we operate and had a record year for development. And then we came across Urban Grid. We made a comment in our prepared remarks that, that some of the supply chain disruption that has created a little bit of CapEx inflation in our sector in the last couple of years. The other two partnerships you mentioned Shoals and Trane, those really our partnerships largely aligned with our distributed generation business. You give some of that up, if you play for the merchant price and we've had success doing what we're doing and that's going to be our continued playbook going forward. And we certainly hope to execute some large transactions over the next 12 to 24 months. And we think that that could create very meaningful opportunities like this going forward. And then from there, if we do continue to execute on M&A, as we expect we will, that would be additive. Good morning. We have done sell downs of hydros in the past, most recently a few years ago. Theres nothing today that would suggest that we're going to adjust that. So with the elevated power prices, are you kind of looking at opportunities to develop on a merchant basis and kind of benefit from near or medium term power prices before maybe contracting a longer term to de-risk assets? [Operator Instructions] Please be advised, today's conference may be recorded. And finally, we maintained a robust investment grade balance sheet and ended the year with over $4 billion of available liquidity and access to significant sovereign and institutional capital that we can invest alongside of which provides enhanced flexibility for future growth. Battery costs are coming down at a very rapid rate, quite similar to what we saw in solar 5 or 10 years ago. And maybe Matt, I would add just you mentioned the word complexity in the way we fund our growth, but I think, look, the way we think about it is, we do we structured the investment through the private funds, because we believe that its very additive to our business, because it provides us a scale of capital to be able to look at transactions that are really differentiated. This resulted from the stability of our high quality inflation-linked contracted cash flows, organic growth and commercial initiatives and contributions from acquisitions. All right. Good morning. We achieved record FFO per unit, continuing our track record of double-digit annual growth for over a decade. How are you thinking about the typical, like, how you typically invested where its been on a 25% basis with all your partners? We also added a 20 year full wrap long-term service agreement with production guarantees to de-risk the project going forward. Our growth in Europe has been pretty strong over the last few years, I would say, and we don't see it slowing down. Thank you. We also maintained a strong balance sheet and executed over $13 billion of financings, generating $1.5 billion in proceeds from up financings, net to Brookfield Renewable bolstering our liquidity, enhancing our self-funding business model and minimizing our exposure to increasing interest rates or near-term maturities. Connor David Teskey is the Chief Exec. Just wanted to come back to the contract and the up financing that they provided, in terms of the premium pricing lift that you got, is there anything in particular special about the seasonality of the power supply, capacity payment requirements by the buyer, the power that drove the uplift. Thanks for taking our questions and thanks for all the colors. These projects are diversified across distributed and utility-scale solar, wind, storage, hydro and green hydrogen in 14 different countries. We further diversified our business with our first investment in offshore wind and we expanded both our hydroelectric and battery storage portfolios.