Investor Presentaiton
(losses) and other, our Net loss attributable to Unitholders for the twelve months ended December 31, 2021 was
$368 million or $0.69 per LP unit.
Other Highlights for 2021 Include:
We advanced key commercial priorities, securing contracts to deliver 11,000 gigawatt hours of clean energy
annually including 6,000 gigawatt hours to corporate offtakers and completed cost savings initiatives that
have delivered $20 million of savings on an annualized basis.
We commissioned approximately 1,000 megawatts of new capacity and progressed over 15,000 megawatts
through construction and advanced-stage development.
We agreed to invest approximately $4.3 billion (~$1.1 billion net to Brookfield Renewable) of capital across
various transactions in every major market and technology we operate in. We further diversified our business
with our first investment in offshore wind, and we expanded our hydroelectric and battery storage portfolios.
We maintained our 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.
Spotlight On Hydros
We continue to believe hydropower is the premier renewable technology due to its perpetual nature and
dispatchability. And while the asset classes of wind and solar are certainly growing faster, the benefits of hydro are
rapidly increasing in today's market environment. As decarbonization continues to drive additional demand for carbon-
free baseload generation, our scale hydroelectric portfolio will continue to be a meaningful differentiator for our
business and positions us as a partner of choice to support governments and companies in achieving their carbon
reduction goals. Further, the dispatchable or embedded storage benefits of hydro are becoming increasingly beneficial
as more intermittent renewables are added to the grid. Recently, we executed on several initiatives that highlight the
unique and valuable nature of our hydroelectric business.
In December, we signed a 40-year power purchase agreement at our 265-megawatt Lievre facilities in Canada with
Hydro Quebec. The contract represents an attractive premium to the prices the facility has historically achieved,
generating an additional $20 million of revenue per annum. More importantly, given the duration of the contract and
the quality of the counterparty, we concurrently raised an additional C$1.0 billion of 40-year investment grade debt on
the facility at very attractive fixed rates. We will redeploy this capital into growth, and when deployed at our target
returns, it is expected to generate over $100 million of annual net FFO for the business. Said differently, through the
recontracting and upfinancing of a single hydro asset, we can fund the majority of our targeted 2022 equity deployment
at exceptionally attractive rates. With over 5,500 gigawatt hours of generation available for recontracting over the next
five years,
and an increasingly constructive pricing environment for our hydro portfolio, we have significant capacity
across our fleet to execute on similar contracts that we expect to contribute additional FFO and generate a highly
accretive funding source for our growth.
In the fourth quarter, we also completed an investment grade upfinancing at our pumped hydro storage business in
the UK. This followed a sustained period of record performance due to an increase in value of the critical grid-
stabilizing ancillary services including back-up capacity it sells to the increasingly intermittent greener electric grid.
With the proceeds from the financing, we have now returned over 100% of the capital we invested in the business in
2017.
Finally, we continue to leverage our hydroelectric fleet to provide 24/7 green power solutions to our customers. During
the quarter, we signed a 15-year power purchase agreement with a large manufacturer, alongside a retail supply
agreement to serve the entirety of their load requirements in the U.S. Northwest. The agreement is unique in the
market and is part of a differentiated supply solution that we tailored to our customer's bespoke requirements. TheView entire presentation