On behalf of the Board and management of Brookfield Renewable, we thank all our unitholders and shareholders for their ongoing support. And so the structure, well, maybe could be viewed as more complexity, it really is very additive to our business model and thats why we do it. Certainly. Hard cap established at US$12.5 Billion. We do have a small amount of hydro development within our portfolio, its largely in Brazil, typically small hydros. Following those prepared remarks, we look forward to taking your questions. This will lead to an unprecedented build out of wind, solar and other clean energy solutions over the next decade. We view it as largely transitory. I think the prices they're supposed to step down over time and given what you're talking about Lievre and demand for hydro, is there an opportunity here to rework that or step out of that agreement, if you think you can lock in longer term around some of that hydro facilities? Have a great day. I would say, were much more likely to do more of the broader regional green power solutions. Were excited about the projects were working on together and we see the potential for it to scale going forward. So sorry for missing that. So there's certainly nothing to suggest that we aren't finding opportunities for operating assets as well. How are you thinking about the typical, like, how you typically invested where its been on a 25% basis with all your partners? There are other markets that, that are a little slower going into Q1. Brookfield Renewable reported FFO of $243 million or $0.38 per Unit for the three months ended March 31, 2022, an 18% increase on a normalized basis over the same period prior year. And well probably put those in two different buckets. Mr. Teskey joined Brookfield in 2012 and held a variety of investment, financing and restructuring roles. Because ourselves, Shoals, Trane, we all cover the same customer set. Okay. What is the salary of Mr Teskey? Further, we have a largely fixed cost structure with limited exposure to rising labor costs and capital expenditures. Maybe not quite of the same scale, Lievre was a special asset, but we would expect to do more of this activity in the next few years. We certainly see certain significant operating leverage existing within our business to push more assets through our existing platform. Thank you for that color. We've operated our portfolio on a highly contracted basis for the last five or six years. The rainy season in Brazil really starts in October. Is that accelerating development opportunities and what is it going to do for return potential in that market? So Connor, you touched on those three buckets in terms of capital deployment. Our next question comes from Ben Pham with BMO Capital Markets. Absolutely. Good morning. So this is really kind of has been factored into that funding plan. So wed make maybe two comments. Prior to Brookfield, he worked in corporate debt origination at a During 2021, we continued to take advantage of the low interest rate environment. [Operator Instructions] Our first question comes from Robert Hope with Scotiabank. This resulted from the stability of our high quality inflation-linked contracted cash flows, organic growth and commercial initiatives and contributions from acquisitions. Urban Grids pipeline includes 2,000 megawatts of under construction or ready to build solar projects. Yes, its a good question, Ben. Connor David Teskey is the Chief Exec. Date Total Comp. So we continue to scale our platforms. Connor David Teskey is the Chief Exec. Brookfield Renewable Partners L.P. (NYSE:BEP) Q4 2021 Earnings Conference Call February 4, 2022 9:00 AM ET, Connor Teskey Chief Executive Officer, Wyatt Hartley Chief Financial Officer, Good day. You may now disconnect. And then the last point I would make is it has been a very robust period of growth for the broader industry. Very simply the industry is getting larger, so there are more and more opportunities to buy large or scale operating portfolios. During the quarter, our hydroelectric business delivered FFO of As we enter 2022, we continue to be one of the largest owners, operators and builders of clean energy globally with best-in-class growth prospects and inflation-linked cash flows that are supported by double-digit years of weighted average contract life. And were really using that not just in Europe, but around the world to enhance and drive an accelerated build out of our corporate PPA business and our development pipeline. Officer of Brookfield Renewable Partners L.P since . Looking at the German solar development, 1,700 megawatts. Youre going to be working with Trane on distributed generation in the U.S., and now you announced the Shoals agreement. This is the 11th consecutive year of at least 5% distribution growth since 2011, when Brookfield Renewable was spun-out, some of the highlights for the year include we generated FFO of $934 million or $1.45 per unit. And we also signed a strategic agreement with Shoals Technologies Group, a leading provider of balance of system solutions for storage, solar and eMobility, to pursue distributed renewable energy generation and EV charging solutions across the United States. One is a shortage of polysilicon supply for solar panels. You can do that at a really attractive return, but it's a very, very de-risk project. But increasingly as these very large offshore wind projects need to be built out on a subsidy free basis, this represents some of the largest corporate contracting and power marketing opportunities were seeing around the world and really creates an opportunity for us to use our capabilities that have been scaled using onshore wind and solar in North America and Europe over the last several years and now apply them to much, much larger offshore wind development opportunities in Europe. So you talked about the benefits of your hydro facilities and the benefits of upfinancing on hydro. Why put simply, because roughly three quarters of global emissions can be attributed back to power generation and the energy sector. No. The company generates electricity through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. I think Connor, the context you gave in your of prepared comments was you expect the return potential for the Urban Grid build out would be above the high end of the target 12% to 15% return range. For the most part, we have seen a willingness from buyers, a clean energy to share these costs through PPA price, as the benefits that our corporate clients see from decarbonization far outweigh the small cost increase they could start to face. Other parts a little bit weaker. So the way we look at these opportunities is always really from two perspectives. 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. 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. Our next question comes from Nelson Ng with RBC Capital Markets. I wouldn't say so. 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. New York, NY 10017-4036, Chicago Office Brookfield Renewable Partners L.P. ( NYSE: BEP) Q4 2021 Earnings Mr Teskey is 33, he's been the Chief Exec. So when we get a fixed price corporate PPA, we certainly take that into account in our underwriting. One, a lot of what we do on the development side and the power contracting side is trying to meet the unique requirements of our customers. The only other comment I make Mark is that, even though 70% of our contracts are fixed to inflation. I appreciate the thorough answer and just maybe one sort of follow-up to that. And to the extent, those become available to us, because we are pursuing large transactions, we absolutely would expect to co-invest and perhaps increase our proportional activity in those investments, slightly above what we do directly through the fund. Very good. 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. Salary Company Earnings; Dec 31 2022 These projects are diversified across distributed and utility-scale solar, wind, storage, hydro and green hydrogen in 14 different countries. Brookfield Renewable Partners L.P executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. So do you think this environment could accelerate your growth in Europe? 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. 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. Looking at our own portfolio. 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. The power price markets that these assets operate in are very different. Our next question comes from Frederic Bastien with Raymond James. Branson's Virgin Orbit files for bankruptcy, JPMorgan's Dimon says US banking crisis not over, sees long repercussions, UBS names Sergio Ermotti as new CEO and president, Musk denies report on SpaceX's plans for new funding from Saudi, UAE, In the background, Inditex heiress sets tone for Zara revamp, Marketmind: Bank fears ease but yields curb investors' enthusiasm, Dogecoin jumps as Musk's Twitter flips logo to Shiba Inu dog, Elon Musk, WHO spar on Twitter over U.N. agency's role, Musk, experts urge pause on training of AI systems that can outperform GPT-4, Bill Gates says calls to pause AI won't 'solve challenges', Transcript : Brookfield Asset Management Ltd., Q4 2022 Earnings Call, Feb 08, 2023, Brookfield Asset Management Eyes Strong Growth in Fee-Related Earnings, Brookfield Renewable Corporation, Brookfield Renewable Partners L.P., Q4 2022 Earnings Call, Feb 03, 2023, Brookfield Renewable Lifts Distribution After Rise in 4Q Funds From Operations, Transcript : Brookfield Renewable Corporation, Q3 2022 Earnings Call, Nov 04, 2022, Transcript : Brookfield Renewable Partners L.P., Q3 2022 Earnings Call, Nov 04, 2022. I'd now like to hand the conference over to Connor Teskey, Chief Executive Officer. 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. Secondly in Brazil, through much of 2021, there was historically low hydrology in Brazil, creating almost drought like conditions. He is on the Board of Directors at Brookfield Global Infrastructure Advisor Ltd., Brookfield Global Property Advisor Ltd., BHAL Global Corporate Ltd., Brookfield Global Asset Management Ltd., Brookfield Global Business Advisor Ltd., Brookfield Global Renewable Energy Advisor Ltd., Brookfield Global Subinvestments Ltd., Buuk Infrastructure No. And there is one way to grow that business, which is providing more clean energy to that customer, but theres also other ways to create revenue within that relationship, which is offering more products. So there was this seemingly a specific instance here that drove the desire to contract this asset. Are there many opportunities like Lievre? But were certainly not seeing any limit in the near-term. In fact, if we look over the next three years, our expected buildout is north of 9 gigawatts over the next three years. WebConnor Teskeys Post Connor Teskey CEO, Renewable Power & Transition; President, Brookfield Asset Management 5d Report this post Report Report. Our product offering on DG is already best in class, nothing there that we feel were missing in the current environment. Unequivocally, we dont think inflation will meaningfully flow the adoption of clean energy if at all. And we certainly hope to execute some large transactions over the next 12 to 24 months. 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? Mr. Teskey is also Please go ahead. 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. And look, we don't want to talk on their behalf, but from what they've said publicly, one thing that was of value to them was the capacity that this provides them during winter and then they also have the ability to export that power in the summer when their capacity requirements are less. With these financing activities completed, our business is well protected against the potential of rising interest rates. We commissioned approximately 1,000 megawatts of new capacity and have progressed over 15,000 megawatts through construction and advanced stage development. And we look forward to updating you with our Q1 results in a few months. Good question, Matt. WebMr. These statements are subject to known and unknown risks, and our future results may differ materially. Sign up and get the best of News delivered straight to your email inbox, free of charge. 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. Is this kind of just when the opportunities presented themselves? 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. 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. 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. Thats just standard in that market. Thats great color. He is also the head of Brookfields Renewable Power & Transition business and Chief Executive Officer of Brookfield Renewable Partners. If you could just give some commentary on that, where the consequences youd see even more expanding margins. Brookfield announced in May that it will spin off 25% of its asset management business. And then a couple years ago, you guys reworked sort of energy marketing contract with Brookfield. Brookfield Asset Management has appointed Connor Teskey as CEO of Brookfield Renewable Partners. 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. Brookfield Global Transition Fund is dedicated to accelerating the transition to a net-zero economy. And then a lot of that organic growth coming through over the next few years, we see a path to high single digit FFO per unit growth, simply using organic growth initiatives within the business. 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. Certainly. And the main question for Wyatt, and on the $1 billion upfinancing looks like that firms up a lot of that wedge of the funding program that you have. 10 stocks we like better than Brookfield Renewable Partners L.P. We agreed to deploy capital, in line with our targets growing in every major market we operate and had a record. 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. Those are largely fixed contracts on a regional basis, notably India, and then some of our corporate contracts just because thats what our customers prefer. Further, there is also significant additional upside based on the depth of its remaining and growing pipeline. The second point we would make is maybe simply around the scale of opportunities we are seeing. Connor Teskey - Chief Executive Officer. 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. And we are very for that. Connor Teskey is President of Brookfield Asset Management. And there's two or three dynamics that suggest that there could actually be an increasing environment for operating assets going forward. The project which was completed at a 40% discount to new build costs is backed by revenue contracts with high quality counterparties, with a weighted average duration of 12 years that will increase revenues by approximately $10 million. Brookfield Renewable Partners Limited operates as the general partner of Brookfield Renewable Partners L.P. Good morning, everyone. Now, in order to fund those investments, the nice thing as Wyatt said is, weve essentially secured a large amount of capital to fund those essentially at 4%, which is going to be very, very accretive for our growth activity for the next 12 months. I would now like to hand the conference over to your speaker today Connor Teskey, Chief Executive Officer. Thanks. And then secondly, do it with a high quality counterparty under a long duration contract, where we could get very attractive financing. Could we see this even increase further just given how much youve kind of increased the overall backlog there? Before we hand it over for the question-and-answer session, I want to spend a few minutes on two topics, our development pipeline, as well as our recent CAD1.2 billion asset level of financing in Quebec. Very simply what we are seeing is a growing opportunity set and wed probably classify it in three buckets. Officer of Brookfield Renewable Partners L.P since . Is this happening to you frequently? And the joy of Urban Grid, both for us and the management team of Urban Grid is its an incredibly complimentary transaction. The PPA is at an attractive premium to the prices the facility has historically achieved generating an additional $20 million of revenue from the project per annum. Good morning. 2021 was another very strong year for our business. We aren't going to materially change that strategy. That's great color. This together with the fact that we have effectively no direct exposure to rising interest rates means the compounding effect of inflating revenues should drive operating leverage across our platform. Turning to our segment results. Good morning, guys. Thats not typically how we like to source business. And now have an overall global development pipeline of approximately 62,000 megawatts. [Operator Instructions] Please be advised, today's conference may be recorded. We signed a 40 year fixed escalating power purchase agreement for our 265 megawatt Lievre facility with Hydro Quebec. And then secondly, where you see opportunities or gaps to execute on more strategic agreements? Contracted basis for the last point i would make is maybe simply around the scale opportunities., creating almost drought like conditions is a growing opportunity set and wed probably it! Backlog there signed a 40 year fixed escalating power purchase agreement for our 265 megawatt Lievre facility with hydro.! Of just when the opportunities presented themselves be an increasing environment for assets! That at a really attractive return, but it 's a very, very de-risk project two or dynamics! Advanced stage development, everyone development opportunities and what is it going to be working with Trane distributed! 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Hard cap established at US$12.5 Billion. We do have a small amount of hydro development within our portfolio, its largely in Brazil, typically small hydros. Following those prepared remarks, we look forward to taking your questions. This will lead to an unprecedented build out of wind, solar and other clean energy solutions over the next decade. We view it as largely transitory. I think the prices they're supposed to step down over time and given what you're talking about Lievre and demand for hydro, is there an opportunity here to rework that or step out of that agreement, if you think you can lock in longer term around some of that hydro facilities? Have a great day. I would say, were much more likely to do more of the broader regional green power solutions. Were excited about the projects were working on together and we see the potential for it to scale going forward. So sorry for missing that. So there's certainly nothing to suggest that we aren't finding opportunities for operating assets as well. How are you thinking about the typical, like, how you typically invested where its been on a 25% basis with all your partners? There are other markets that, that are a little slower going into Q1. Brookfield Renewable reported FFO of $243 million or $0.38 per Unit for the three months ended March 31, 2022, an 18% increase on a normalized basis over the same period prior year. And well probably put those in two different buckets. Mr. Teskey joined Brookfield in 2012 and held a variety of investment, financing and restructuring roles. Because ourselves, Shoals, Trane, we all cover the same customer set. Okay. What is the salary of Mr Teskey? Further, we have a largely fixed cost structure with limited exposure to rising labor costs and capital expenditures. Maybe not quite of the same scale, Lievre was a special asset, but we would expect to do more of this activity in the next few years. We certainly see certain significant operating leverage existing within our business to push more assets through our existing platform. Thank you for that color. We've operated our portfolio on a highly contracted basis for the last five or six years. The rainy season in Brazil really starts in October. Is that accelerating development opportunities and what is it going to do for return potential in that market? So Connor, you touched on those three buckets in terms of capital deployment. Our next question comes from Ben Pham with BMO Capital Markets. Absolutely. Good morning. So this is really kind of has been factored into that funding plan. So wed make maybe two comments. Prior to Brookfield, he worked in corporate debt origination at a During 2021, we continued to take advantage of the low interest rate environment. [Operator Instructions] Our first question comes from Robert Hope with Scotiabank. This resulted from the stability of our high quality inflation-linked contracted cash flows, organic growth and commercial initiatives and contributions from acquisitions. Urban Grids pipeline includes 2,000 megawatts of under construction or ready to build solar projects. Yes, its a good question, Ben. Connor David Teskey is the Chief Exec. Date Total Comp. So we continue to scale our platforms. Connor David Teskey is the Chief Exec. Brookfield Renewable Partners L.P. (NYSE:BEP) Q4 2021 Earnings Conference Call February 4, 2022 9:00 AM ET, Connor Teskey Chief Executive Officer, Wyatt Hartley Chief Financial Officer, Good day. You may now disconnect. And then the last point I would make is it has been a very robust period of growth for the broader industry. Very simply the industry is getting larger, so there are more and more opportunities to buy large or scale operating portfolios. During the quarter, our hydroelectric business delivered FFO of As we enter 2022, we continue to be one of the largest owners, operators and builders of clean energy globally with best-in-class growth prospects and inflation-linked cash flows that are supported by double-digit years of weighted average contract life. And were really using that not just in Europe, but around the world to enhance and drive an accelerated build out of our corporate PPA business and our development pipeline. Officer of Brookfield Renewable Partners L.P since . Looking at the German solar development, 1,700 megawatts. Youre going to be working with Trane on distributed generation in the U.S., and now you announced the Shoals agreement. This is the 11th consecutive year of at least 5% distribution growth since 2011, when Brookfield Renewable was spun-out, some of the highlights for the year include we generated FFO of $934 million or $1.45 per unit. And we also signed a strategic agreement with Shoals Technologies Group, a leading provider of balance of system solutions for storage, solar and eMobility, to pursue distributed renewable energy generation and EV charging solutions across the United States. One is a shortage of polysilicon supply for solar panels. You can do that at a really attractive return, but it's a very, very de-risk project. But increasingly as these very large offshore wind projects need to be built out on a subsidy free basis, this represents some of the largest corporate contracting and power marketing opportunities were seeing around the world and really creates an opportunity for us to use our capabilities that have been scaled using onshore wind and solar in North America and Europe over the last several years and now apply them to much, much larger offshore wind development opportunities in Europe. So you talked about the benefits of your hydro facilities and the benefits of upfinancing on hydro. Why put simply, because roughly three quarters of global emissions can be attributed back to power generation and the energy sector. No. The company generates electricity through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. I think Connor, the context you gave in your of prepared comments was you expect the return potential for the Urban Grid build out would be above the high end of the target 12% to 15% return range. For the most part, we have seen a willingness from buyers, a clean energy to share these costs through PPA price, as the benefits that our corporate clients see from decarbonization far outweigh the small cost increase they could start to face. Other parts a little bit weaker. So the way we look at these opportunities is always really from two perspectives. 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. 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. Our next question comes from Nelson Ng with RBC Capital Markets. I wouldn't say so. 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. New York, NY 10017-4036, Chicago Office Brookfield Renewable Partners L.P. ( NYSE: BEP) Q4 2021 Earnings Mr Teskey is 33, he's been the Chief Exec. So when we get a fixed price corporate PPA, we certainly take that into account in our underwriting. One, a lot of what we do on the development side and the power contracting side is trying to meet the unique requirements of our customers. The only other comment I make Mark is that, even though 70% of our contracts are fixed to inflation. I appreciate the thorough answer and just maybe one sort of follow-up to that. And to the extent, those become available to us, because we are pursuing large transactions, we absolutely would expect to co-invest and perhaps increase our proportional activity in those investments, slightly above what we do directly through the fund. Very good. 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. Salary Company Earnings; Dec 31 2022 These projects are diversified across distributed and utility-scale solar, wind, storage, hydro and green hydrogen in 14 different countries. Brookfield Renewable Partners L.P executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. So do you think this environment could accelerate your growth in Europe? 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. 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. Looking at our own portfolio. 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. The power price markets that these assets operate in are very different. Our next question comes from Frederic Bastien with Raymond James. 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I'd now like to hand the conference over to Connor Teskey, Chief Executive Officer. 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. Secondly in Brazil, through much of 2021, there was historically low hydrology in Brazil, creating almost drought like conditions. He is on the Board of Directors at Brookfield Global Infrastructure Advisor Ltd., Brookfield Global Property Advisor Ltd., BHAL Global Corporate Ltd., Brookfield Global Asset Management Ltd., Brookfield Global Business Advisor Ltd., Brookfield Global Renewable Energy Advisor Ltd., Brookfield Global Subinvestments Ltd., Buuk Infrastructure No. And there is one way to grow that business, which is providing more clean energy to that customer, but theres also other ways to create revenue within that relationship, which is offering more products. So there was this seemingly a specific instance here that drove the desire to contract this asset. Are there many opportunities like Lievre? But were certainly not seeing any limit in the near-term. In fact, if we look over the next three years, our expected buildout is north of 9 gigawatts over the next three years. WebConnor Teskeys Post Connor Teskey CEO, Renewable Power & Transition; President, Brookfield Asset Management 5d Report this post Report Report. Our product offering on DG is already best in class, nothing there that we feel were missing in the current environment. Unequivocally, we dont think inflation will meaningfully flow the adoption of clean energy if at all. And we certainly hope to execute some large transactions over the next 12 to 24 months. 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? Mr. Teskey is also Please go ahead. 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. And look, we don't want to talk on their behalf, but from what they've said publicly, one thing that was of value to them was the capacity that this provides them during winter and then they also have the ability to export that power in the summer when their capacity requirements are less. With these financing activities completed, our business is well protected against the potential of rising interest rates. We commissioned approximately 1,000 megawatts of new capacity and have progressed over 15,000 megawatts through construction and advanced stage development. And we look forward to updating you with our Q1 results in a few months. Good question, Matt. WebMr. These statements are subject to known and unknown risks, and our future results may differ materially. Sign up and get the best of News delivered straight to your email inbox, free of charge. 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. Is this kind of just when the opportunities presented themselves? 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. 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. 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. Thats just standard in that market. Thats great color. He is also the head of Brookfields Renewable Power & Transition business and Chief Executive Officer of Brookfield Renewable Partners. If you could just give some commentary on that, where the consequences youd see even more expanding margins. Brookfield announced in May that it will spin off 25% of its asset management business. And then a couple years ago, you guys reworked sort of energy marketing contract with Brookfield. Brookfield Asset Management has appointed Connor Teskey as CEO of Brookfield Renewable Partners. 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. Brookfield Global Transition Fund is dedicated to accelerating the transition to a net-zero economy. And then a lot of that organic growth coming through over the next few years, we see a path to high single digit FFO per unit growth, simply using organic growth initiatives within the business. 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. Certainly. And the main question for Wyatt, and on the $1 billion upfinancing looks like that firms up a lot of that wedge of the funding program that you have. 10 stocks we like better than Brookfield Renewable Partners L.P. We agreed to deploy capital, in line with our targets growing in every major market we operate and had a record. 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. Those are largely fixed contracts on a regional basis, notably India, and then some of our corporate contracts just because thats what our customers prefer. Further, there is also significant additional upside based on the depth of its remaining and growing pipeline. The second point we would make is maybe simply around the scale of opportunities we are seeing. Connor Teskey - Chief Executive Officer. 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. And we are very for that. Connor Teskey is President of Brookfield Asset Management. And there's two or three dynamics that suggest that there could actually be an increasing environment for operating assets going forward. The project which was completed at a 40% discount to new build costs is backed by revenue contracts with high quality counterparties, with a weighted average duration of 12 years that will increase revenues by approximately $10 million. Brookfield Renewable Partners Limited operates as the general partner of Brookfield Renewable Partners L.P. Good morning, everyone. Now, in order to fund those investments, the nice thing as Wyatt said is, weve essentially secured a large amount of capital to fund those essentially at 4%, which is going to be very, very accretive for our growth activity for the next 12 months. I would now like to hand the conference over to your speaker today Connor Teskey, Chief Executive Officer. Thanks. And then secondly, do it with a high quality counterparty under a long duration contract, where we could get very attractive financing. Could we see this even increase further just given how much youve kind of increased the overall backlog there? Before we hand it over for the question-and-answer session, I want to spend a few minutes on two topics, our development pipeline, as well as our recent CAD1.2 billion asset level of financing in Quebec. Very simply what we are seeing is a growing opportunity set and wed probably classify it in three buckets. Officer of Brookfield Renewable Partners L.P since . Is this happening to you frequently? And the joy of Urban Grid, both for us and the management team of Urban Grid is its an incredibly complimentary transaction. The PPA is at an attractive premium to the prices the facility has historically achieved generating an additional $20 million of revenue from the project per annum. Good morning. 2021 was another very strong year for our business. We aren't going to materially change that strategy. That's great color. This together with the fact that we have effectively no direct exposure to rising interest rates means the compounding effect of inflating revenues should drive operating leverage across our platform. Turning to our segment results. Good morning, guys. Thats not typically how we like to source business. 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