The following is a summary of the Brookfield Renewable Partners L.P. Limited Partnership Units (BEP) Q4 2024 Earnings Call Transcript:

Financial Performance:

• Brookfield Renewable reported a record year in 2024, delivering their strongest financial results ever with significant further growth and value creation expected.

• FFO per unit increased by 10% year-on-year, benefiting from inflation-linked and contracted cash flows, acquisitions, and various growth and value-creation initiatives including the sale of derisked assets.

• Over the year, Brookfield Renewable invested $12.5 billion in renewable operations, including a significant investment in Neoen, and executed asset sales with a record $2.8 billion in proceeds, reflecting a 25% IRR and approximately 2.5 times invested capital.

Business Progress:

• Signed a landmark renewable energy framework agreement with Microsoft to deliver 10.5 gigawatts of new renewable energy capacity between 2026 and 2030 in the US and Europe, already on track to exceed delivery targets.

• Commissioned a record 7,000 megawatts of new capacity globally in 2024, seven times the capacity brought online three years ago.

Opportunities:

• Ongoing shifts in energy demand driven by broad electrification, AI advancements, and continuous improvements in renewable technology present substantial opportunities for future growth.

• Brookfield Renewable's significant investment in Neoen and its focus on battery energy storage systems align with growing market trends for more stable and efficient energy solutions.

• With a developing pipeline of 200,000 megawatts, primarily in top data center markets globally, the possibility to meet burgeoning corporate demand is very strong.

Risks:

• Potential regulatory changes impacting renewables in the US could pose a risk; however, the company is positioned well with little exposure to adverse sectors and a strong focus on mature renewable technologies.

• Increasing need for firm power to support AI-driven data center growth could pose challenges, potentially necessitating investments in gas-fired generation to firm up the portfolio.

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