Management’s Discussion and Analysis

For the three months ended March 31, 2021

This Management’s Discussion and Analysis for the three months ended March 31, 2021 is provided as of May 4, 2021. Unless the context indicates or requires otherwise, the terms “Brookfield Renewable”, “we”, “us”, and “our company” mean Brookfield Renewable Partners L.P. and its controlled entities. The ultimate parent of Brookfield Renewable is Brookfield Asset Management Inc. (“Brookfield Asset Management”). Brookfield Asset Management and its subsidiaries, other than Brookfield Renewable, are also individually and collectively referred to as “Brookfield” in this Management’s Discussion and Analysis.

Brookfield Renewable’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP units”) held by public unitholders and Brookfield, class A BEPC exchangeable subordinate voting shares ("BEPC exchangeable shares") of Brookfield Renewable Corporation ("BEPC") held by public shareholders and Brookfield, redeemable/exchangeable partnership units ("Redeemable/Exchangeable partnership units") in Brookfield Renewable Energy L.P. (“BRELP”), a holding subsidiary of Brookfield Renewable, held by Brookfield, and general partnership interest (“GP interest”) in BRELP held by Brookfield. Holders of the LP units, Redeemable/Exchangeable partnership units, GP interest, and BEPC exchangeable shares will be collectively referred to throughout as “Unitholders” unless the context indicates or requires otherwise. LP units, Redeemable/Exchangeable partnership units, GP interest, and BEPC exchangeable shares will be collectively referred to throughout as “Units”, or as “per Unit”, unless the context indicates or requires otherwise. The LP units, BEPC exchangeable shares and Redeemable/Exchangeable partnership units have the same economic attributes in all respects. See – “Part 8 – Presentation to Stakeholders and Performance Measurement”.

Brookfield Renewable’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), which require estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the amounts of revenue and expense during the reporting periods.

Certain comparative figures have been reclassified to conform to the current year’s presentation.

References to $, C$, €, R$, £, and COP are to United States (“U.S.”) dollars, Canadian dollars, Euros, Brazilian reais, British pounds sterling and Colombian pesos, respectively. Unless otherwise indicated, all dollar amounts are expressed in U.S. dollars.

For a description on our operational and segmented information and for the non-IFRS financial measures we use to explain our financial results see “Part 8 – Presentation to Stakeholders and Performance Measurement”. For a reconciliation of the non-IFRS financial measures to the most comparable IFRS financial measures, see “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures”. This Management’s Discussion and Analysis contains forward-looking information within the meaning of U.S. and Canadian securities laws. Refer to – “Part 9 – Cautionary Statements” for cautionary statements regarding forward-looking statements and the use of non-IFRS measures. Our Annual Report and additional information filed with the Securities Exchange Commission (“SEC”) and with securities regulators in Canada are available on our website (https://bep.brookfield.com), on the SEC’s website (www.sec.gov/edgar.shtml), or on SEDAR (www.sedar.com).

Organization of the Management’s Discussion and Analysis
Part 1 – Q1 2021 Highlights	1	Part 5 – Liquidity and Capital Resources (continued)
		Capital expenditures	18
Part 2 – Financial Performance Review on Consolidated Information	3	Consolidated statements of cash flows	19
		Shares and units outstanding	21
		Dividends and distributions	21
Part 3 – Additional Consolidated Financial Information	4	Contractual obligations	22
Summary consolidated statements of financial position	4	Supplemental guarantor financial information	22
Related party transactions	5	Off-statement of financial position arrangements	22
Equity	6
		Part 6 – Selected Quarterly Information	24
Part 4 – Financial Performance Review on Proportionate Information	7	Summary of historical quarterly results	24
Proportionate results for the three months ended March 31	7	Part 7 – Critical Estimates, Accounting Policies and Internal Controls	25
Reconciliation of non-IFRS measures	12
Contract profile	15	Part 8 – Presentation to Stakeholders and Performance Measurement	27
Part 5 – Liquidity and Capital Resources	16	Part 9 – Cautionary Statements	31
Capitalization and available liquidity	16
Borrowings	17

PART 1 – Q1 2021 HIGHLIGHTS

	Three months ended March 31
(MILLIONS, EXCEPT AS NOTED)	2021		2020
Operational information
Capacity (MW)	20,638		19,272
Total generation (GWh)
Long-term average generation	14,099		14,151
Actual generation	13,828		14,264
Proportionate generation (GWh)
Long-term average generation	7,602		6,717
Actual generation	7,375		7,164
Average revenue ($ per MWh)	87		76
Selected financial information
Net income (loss) attributable to Unitholders	$	(133)	$	20
Basic income (loss) per LP unit(1)	(0.24)		0.01
Consolidated Adjusted EBITDA(2)	686		761
Proportionate Adjusted EBITDA(2)	489		391
Funds From Operations(2)	242		217
Funds From Operations per Unit(2)(3)	0.38		0.37
Distribution per LP unit	0.30		0.29

(1)For the three months ended March 31, 2021, average LP units totaled 274.8 million (2020: 268.5 million).

(2)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure, See “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures” and “Part 9 – Cautionary Statements”.

(3)Average Units outstanding for the three months ended March 31, 2021 were 645.5 million (2020: 583.7 million), being inclusive of our LP units, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and GP interest.

(MILLIONS, EXCEPT AS NOTED)	March 31, 2021			December 31, 2020
Liquidity and Capital Resources
Available liquidity	$	3,376		$	3,270
Debt to capitalization – Corporate		7	%		6	%
Debt to capitalization – Consolidated		29	%		27	%
Borrowings non-recourse to Brookfield Renewable		89	%		88	%
Floating rate debt exposure on a proportionate basis(1)		4	%		4	%
Corporate borrowings
Average debt term to maturity		13 years			14 years
Average interest rate		3.9	%		3.9	%
Non-recourse borrowings on a proportionate basis
Average debt term to maturity		10 years			11 years
Average interest rate		3.9	%		4.0	%

(1)Excludes 4% (2020: 5%) floating rate debt exposure of certain regions outside of North America and Europe due to the high cost of hedging associated with those regions.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 1

Operations

Funds From Operations of $242 million or $0.38 on a per Unit basis, representing a 3% increase from the same period in the prior year driven by:

•Contributions from growth, predominately from the merger of TerraForm Power;

•Higher realized prices particularly in Canada, Brazil and Colombia on the back of inflation escalation and commercial contracting initiatives;

•Higher margins due to cost reduction initiatives;

•Partially offset by above average generation that benefited the prior year, which was concentrated in high price markets

After deducting depreciation and one-time non-cash charges, net loss attributable to Unitholders for the three months ended March 31, 2021 was $133 million or $0.24 per LP unit.

We continued to focus on extending our contract profile and leveraging our deep customer relationships,

•Signed 29 agreements for approximately 2,300 GWh of annual renewable generation with corporate offtakers globally and across all major industries in the last quarter.

Liquidity and Capital Resources

Maintained ample liquidity and a strong balance sheet:

•Bolstered our liquidity position, with $3.4 billion of total available liquidity and no material debt maturities over the next five years and only 4% of debt is exposed to floating rates

•Capitalized on the low interest rate environment and sourced liquidity from diverse funding levers by executing on approximately $3.1 billion of investment grade financings

◦Secured over $600 million of non-recourse financings during the quarter

◦Extended the maturity of our corporate credit facilities by two years to June 2026, increased the size by $225 million and expanded incentive-based pricing across the entire facility

◦Subsequent to the quarter, issued our inaugural perpetual green subordinated notes for $350 million at a fixed rate of 4.625%

•So far this year, we have signed sales agreements that are expected to generate over $850 million of proceeds ($410 million net to Brookfield Renewable) from capital recycling initiatives including the sale of mature onshore wind portfolios in Ireland and the U.S., returning, in the aggregate approximately two times our invested capital

Growth and Development

Together with our institutional partners, completed the purchases of:

•A distributed generation business comprised of 360 MW of operating assets across nearly 600 sites and over 700 MW of development assets, growing our leading distributed generation business in the United States;

•An 845 MW operating and fully contracted wind portfolio in Oregon, one of the largest onshore wind projects in North America with one of the largest repowering opportunities in the world; and

•A 23% interest in Polenergia, a scale renewable business in Europe with a 3,000 MW offshore wind development pipeline in one of the most attractive markets in the world.

Subsequent to the quarter, we signed an agreement which gives us the right to acquire a 450 MW shovel ready solar project with one of the largest developers in India. The project is expected to be commissioned by the end of the year and is backed by 25-year power purchase agreements with a high-quality state utility. We expect to invest $70 million ($20 million net to Brookfield Renewable) of equity in the project.

During the quarter, we continued to progress our development pipeline

•Commissioned 152 MW of development projects and continued to advance the construction of 2,740 MW of hydroelectric, wind, pumped storage, solar PV and rooftop solar development projects. These projects are expected to be commissioned between 2021 and 2023 and generate annualized Funds From Operations of approximately $63 million in the aggregate.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 2

PART 2 – FINANCIAL PERFORMANCE REVIEW ON CONSOLIDATED INFORMATION

The following table reflects key financial data for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2021		2020
Long-term average generation	14,099		14,151
Actual generation	13,828		14,264
Revenues	$	1,020	$	1,049
Direct operating costs	(391)		(326)
Management service costs	(81)		(40)
Interest expense	(233)		(239)
Depreciation	(368)		(337)
Income tax recovery (expense)	17		(43)
Net income (loss)	$	(55)	$	89
	Average FX rates to USD
C$	1.27		1.34
€	0.83		0.91
R$	5.47		4.46
COP	3,553		3,533

Variance Analysis For The Three Months Ended March 31, 2021

Revenues totaling $1,020 million represents a decrease of $29 million over the same period in the prior year as the benefits from higher average realized revenue per MWh due to inflation indexation, re-contracting initiatives and the benefit of higher market prices realized on generation from our wind assets in Texas during the recent winter storm, which contributed $52 million, were more than offset by unfavorable generation as the prior year benefited from above average generation.

Direct operating costs totaling $311 million, excluding the impact of the Texas winter storm, represents a decrease of $15 million over the same period in the prior year. Cost-saving initiatives across our business and recently completed asset sales, were partially offset by additional costs from our recently acquired and commissioned facilities.

Direct operating costs relating to the Texas winter storm event totaled $80 million which reflect the cost of acquiring energy to cover our contractual obligations for our wind assets that were not generating during the period due to freezing conditions, net of hedging initiatives. The total consolidated impact of the Texas winter storm, net of the $52 million of revenues noted above, amounted to a $28 million loss, of which Brookfield Renewable’s share was not material.

Management service costs totaling $81 million represents an increase of $41 million over the same period in the prior year due to the growth of our business.

Interest expense totaling $233 million represents a decrease of $6 million over the same period in the prior year due to the benefit of recent refinancing activities that reduced our average cost of borrowing.

Depreciation expense totaling $368 million represents an increase of $31 million over the same period in the prior year due to the growth of our business.

Net loss was $55 million compared to net income of $89 million in the prior year due to the above noted items.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 3

PART 3 – ADDITIONAL CONSOLIDATED FINANCIAL INFORMATION

SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

The following table provides a summary of the key line items on the unaudited interim consolidated statements of financial position:

(MILLIONS)	March 31, 2021		December 31, 2020
Assets held for sale	$	1,476	$	57
Current assets	3,172		1,742
Equity-accounted investments	981		971
Property, plant and equipment, at fair value	44,280		44,590
Total assets	50,901		49,722
Liabilities directly associated with assets held for sale	808		14
Corporate borrowings	2,162		2,132
Non-recourse borrowings	16,813		15,947
Deferred income tax liabilities	5,161		5,515
Total liabilities and equity	50,901		49,722
	FX rates to USD
C$	1.26		1.27
€	0.85		0.82
R$	5.70		5.20
COP	3,737		3,432

Assets held for sale

Assets held for sale totaled $1.5 billion as at March 31, 2021 compared to $57 million as at December 31, 2020. The increase is entirely attributable to the classification of a 391 MW wind portfolio in the United States, a 656 MW operating and development wind portfolio in Ireland, and a 271 MW of development wind portfolio in Scotland as assets held for sale.

Property, plant and equipment

Property, plant and equipment totaled $44.3 billion as at March 31, 2021 compared to $44.6 billion as at December 31, 2020. The $0.3 billion decrease was primarily attributable to the impact of foreign exchange due to the strengthening of the U.S. dollar, which decreased property, plant and equipment by $1.0 billion and depreciation expense associated with property, plant and equipment of $368 million. During the first quarter, we transferred $1.5 billion of property, plant and equipment to assets held for sale relating to a 391 MW wind portfolio in the United States, a 656 MW operating and development wind portfolio in Ireland, and a 271 MW of development wind portfolio in Scotland. The decrease was partially offset by the acquisition of a 845 MW wind portfolio as well as a distributed generation platform comprised of 360 MW of operating and under construction assets and over 700 MW of development assets in the United States, which increased property, plant and equipment by $2.3 billion in the aggregate. During the year, our continued investments in the development of power generating assets and our sustaining capital expenditure increased property, plant and equipment by $291 million.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 4

RELATED PARTY TRANSACTIONS

Brookfield Renewable's related party transactions are in the normal course of business and are recorded at the exchange amount. Brookfield Renewable's related party transactions are primarily with Brookfield Asset Management.

Brookfield Renewable sells electricity to Brookfield through a single long-term PPA across Brookfield Renewable’s New York hydroelectric facilities.

In 2011, on formation of Brookfield Renewable, Brookfield transferred certain development projects to Brookfield Renewable for no upfront consideration but is entitled to receive variable consideration on commercial operation or sale of these projects.

Brookfield Renewable has entered into voting agreements with Brookfield, whereby Brookfield Renewable gained control of the entities that own certain renewable power generating facilities in the United States, Brazil, Europe and Asia. Brookfield Renewable has also entered into a voting agreement with its consortium partners in respect of the Colombian business. The voting agreements provide Brookfield Renewable the authority to direct the election of the Boards of Directors of the relevant entities, among other things, and therefore provide Brookfield Renewable with control. Accordingly, Brookfield Renewable consolidates the accounts of these entities.

Brookfield Renewable participates with institutional investors in Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV and Brookfield Infrastructure Debt Fund (“Private Funds”), each of which is a Brookfield sponsored fund, and in connection therewith, Brookfield Renewable, together with our institutional investors, has access to short-term financing using the Private Funds’ credit facilities.

Brookfield Asset Management has provided a $400 million committed unsecured revolving credit facility maturing in December 2021 and the interest rate applicable on the draws is LIBOR plus up to 1.8%. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield Asset Management. Brookfield Asset Management may from time to time place funds on deposit with Brookfield Renewable which are repayable on demand including any interest accrued. There were $570 million funds placed on deposit with Brookfield Renewable as at March 31, 2021 (2020: $325 million). There was $1 million interest expense on the Brookfield Asset Management revolving credit facility or deposit for the three months ended March 31, 2021 (2020: less than $1 million).

In addition, our company has executed, amended, or terminated other agreements with Brookfield that are described in Note 18 – Related party transactions in the unaudited interim financial statements.

The following table reflects the related party agreements and transactions in the unaudited interim consolidated statements of income for the three months ended March 31:

(MILLIONS)	2021		2020
Revenues
Power purchase and revenue agreements	$	61	$	96
Direct operating costs
Energy purchases	$	(2)	$	—
Insurance services(1)	—		(6)
	$	(2)	$	(6)
Interest expense
Borrowings	$	(1)	$	(1)
Contract balance accretion	(5)		(4)
	$	(6)	$	(5)
Management service costs	$	(81)	$	(40)

(1)Insurance services were paid to a subsidiary of Brookfield Asset Management that brokers external insurance providers on behalf of Brookfield Renewable. Beginning in 2020, insurance services are paid for directly to external insurance providers. The fees paid to the subsidiary of Brookfield Asset Management for the three months ended March 31, 2020 were nil.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 5

EQUITY

General partnership interest in a holding subsidiary held by Brookfield

Brookfield, as the owner of the 1% GP interest in BRELP, is entitled to regular distributions plus an incentive distribution based on the amount by which quarterly LP unit distributions exceed specified target levels. As at March 31, 2021, to the extent that LP unit distributions exceed $0.2000 per LP unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that LP unit distributions exceed $0.2253 per LP unit per quarter, the incentive distribution is equal to 25% of distributions above this threshold. Incentive distributions of $20 million were declared during the three months ended March 31, 2021 (2020: $16 million).

Preferred equity

The Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. (“BRP Equity”) do not have a fixed maturity date and is not redeemable at the option of the holders. As at March 31, 2021, none of the Class A Preference Shares have been redeemed by BRP Equity.

In July 2020, the Toronto Stock Exchange accepted notice of BRP Equity's intention to renew the normal course issuer bid in connection with its outstanding Class A Preference Shares for another year to July 8, 2021, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, Brookfield Renewable is permitted to repurchase up to 10% of the total public float for each respective series of the Class A Preference Shares. Shareholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. There were no repurchases of Class A Preference Shares during 2021 in connection with the normal course issuer bid.

Preferred limited partners' equity

The Class A Preferred Limited Partnership Units (“Preferred units”) of Brookfield Renewable do not have a fixed maturity date and are not redeemable at the option of the holders. As at March 31, 2021, none of the Preferred units have been redeemed by Brookfield Renewable.

In July 2020, the Toronto Stock Exchange accepted notice of Brookfield Renewable's intention to renew the normal course issuer bid in connection with the outstanding Preferred units for another year to July 8, 2021, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, Brookfield Renewable is permitted to repurchase up to 10% of the total public float for each respective series of its Preferred units. Preferred unit holders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. There were no repurchases of Preferred units during 2021 in connection with the normal course issuer bid.

Limited partners' equity, Redeemable/Exchangeable partnership units, and BEPC exchangeable shares

As at March 31, 2021, Brookfield Asset Management owns, directly and indirectly, 308,051,190 LP units, Redeemable/Exchangeable partnership units, and BEPC exchangeable shares representing approximately 48% of Brookfield Renewable on a fully-exchanged basis (assuming the exchange of all of the outstanding Redeemable/Exchangeable partnership units and BEPC exchangeable shares) and the remaining approximately 52% is held by public investors.

During the three months ended March 31, 2021, Brookfield Renewable issued 41,810 LP units (2020: 58,767 LP units) under the distribution reinvestment plan at a total value of $2 million (2020: $1 million).

During the three months ended March 31, 2021, exchangeable shareholders of BEPC exchanged 3,609 BEPC exchangeable shares for less than $1 million LP units.

In December 2020, Brookfield Renewable renewed its normal course issuer bid in connection with its LP units and entered into a normal course issuer bid for its outstanding BEPC exchangeable shares. Brookfield Renewable is authorized to repurchase up to 13,740,072 LP units and 8,609,220 BEPC exchangeable shares, representing approximately 5% of each of its issued and outstanding LP units and BEPC exchangeable shares. The bid will expire on December 15, 2021, or earlier should Brookfield Renewable complete its repurchases prior to such date. There were no LP units or BEPC exchangeable shares repurchased during the three months ended March 31, 2021 and 2020.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 6

PART 4 – FINANCIAL PERFORMANCE REVIEW ON PROPORTIONATE INFORMATION

SEGMENTED DISCLOSURES

Segmented information is prepared on the same basis that Brookfield Renewable's Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or "CODM") manages the business, evaluates financial results, and makes key operating decisions. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for information on segments and an explanation on the calculation and relevance of proportionate information.

PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED MARCH 31

The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended March 31:

	(GWh)				(MILLIONS)
	Actual Generation		LTA Generation		Revenues				Adjusted EBITDA				Funds From Operations				Net Income (Loss)
	2021	2020	2021	2020	2021		2020		2021		2020		2021		2020		2021		2020
Hydroelectric
North America	3,128	3,722	3,233	3,233	$	205	$	265	$	141	$	197	$	104	$	155	$	4	$	75
Brazil	1,152	1,227	988	988	52		61		48		47		39		41		23		25
Colombia	833	709	806	798	55		60		35		36		27		25		22		23
	5,113	5,658	5,027	5,019	312		386		224		280		170		221		49		123
Wind
North America	1,107	831	1,435	944	122		60		81		48		62		30		(24)		(10)
Europe	371	221	380	253	43		22		67		13		60		10		10		(11)
Brazil	126	68	126	126	7		4		4		3		2		1		(2)		(4)
Asia	112	90	100	100	7		6		6		5		4		3		1		(1)
	1,716	1,210	2,041	1,423	179		92		158		69		128		44		(15)		(26)
Solar	327	183	364	214	77		34		59		24		30		8		(22)		(18)
Energy transition(1)	219	113	170	61	70		33		46		21		33		17		7		13
Corporate	—	—	—	—	—		—		2		(3)		(119)		(73)		(152)		(72)
Total	7,375	7,164	7,602	6,717	$	638	$	545	$	489	$	391	$	242	$	217	$	(133)	$	20

(1)Actual generation includes 72 GWh (2020: 56 GWh) from facilities that do not have a corresponding long-term average. See Part 8 – Presentation to Stakeholders and Performance Measurement for why we do not consider long-term average for certain of our facilities.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 7

HYDROELECTRIC OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for hydroelectric operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2021		2020
Generation (GWh) – LTA	5,027		5,019
Generation (GWh) – actual	5,113		5,658
Revenue	$	312	$	386
Other income	13		$	6
Direct operating costs	(101)		(112)
Adjusted EBITDA	224		280
Interest expense	(49)		(50)
Current income taxes	(5)		(9)
Funds From Operations	$	170	$	221
Depreciation	(85)		(84)
Deferred taxes and other	(36)		(14)
Net income	$	49	$	123

The following table presents our proportionate results by geography for hydroelectric operations for the three months ended March 31:

	Actual Generation (GWh)		Average revenue per MWh				Adjusted EBITDA				Funds From Operations				Net Income
(MILLIONS, EXCEPT AS NOTED)	2021	2020	2021		2020		2021		2020		2021		2020		2021		2020
North America
United States	2,497	3,064	$	61	$	70	$	98	$	158	$	73	$	129	$	5	$	67
Canada	631	658	84		75		43		39		31		26		(1)		8
	3,128	3,722	66		71		141		197		104		155		4		75
Brazil	1,152	1,227	45		50		48		47		39		41		23		25
Colombia	833	709	66		84		35		36		27		25		22		23
Total	5,113	5,658	$	61	$	68	$	224	$	280	$	170	$	221	$	49	$	123

North America

Funds From Operations at our North American business were $104 million versus $155 million in the prior year as strong asset availability and higher average revenue per MWh in Canada due to the benefit of inflation indexation were more than offset by above average generation in the prior year that was 15% above long-term average, which was concentrated in high price markets.

Net income attributable to Unitholders decreased by $71 million from the same period in the prior year primarily due to the above noted decrease in Funds From Operations.

Brazil

Funds From Operations at our Brazilian business were $39 million versus $41 million in the prior year. On a local currency basis, Funds From Operations increased 17% versus the prior year primarily due to cost saving initiatives and higher average revenue per MWh which benefited from inflation indexation and re-contracting initiatives, partially offset by generation that was above long-term average but below prior year. The increase was more than offset by the weakening of the Brazilian reais versus the U.S. dollar.

Net income attributable to Unitholders decreased $2 million from the same period in the prior year driven by the above noted decrease in Funds From Operations.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 8

Colombia

Funds From Operations at our Colombian business were $27 million versus $25 million in the prior year as we benefited from growth, cost saving initiatives and higher generation that was 3% above long-term average which were partially offset by lower average revenue per MWh as the positive impacts from inflation indexation and re-contracting initiatives were offset by lower market prices realized on our uncontracted generation compared to prior year when market prices were exceptionally high due to unseasonably low system-wide hydrology (69% of long-term average).

Net income attributable to Unitholders was in line with the same period in the prior year.

WIND OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for wind operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2021		2020
Generation (GWh) – LTA	2,041		1,423
Generation (GWh) – actual	1,716		1,210
Revenue	$	179	$	92
Other income	43		2
Direct operating costs	(64)		(25)
Adjusted EBITDA	158		69
Interest expense	(29)		(25)
Current income taxes	(1)		—
Funds From Operations	128		44
Depreciation	(87)		(61)
Deferred taxes and other	(56)		(9)
Net (loss) income	$	(15)	$	(26)

The following table presents our proportionate results by geography for wind operations for the three months ended March 31:

	Actual Generation (GWh)		Average revenue per MWh				Adjusted EBITDA				Funds From Operations				Net Income (Loss)
(MILLIONS, EXCEPT AS NOTED)	2021	2020	2021		2020		2021		2020		2021		2020		2021		2020
North America
United States(1)	775	492	$	117	$	60	$	55	$	20	$	42	$	10	$	(22)	$	(16)
Canada	332	339	93		89		26		28		20		20		(2)		6
	1,107	831	110		72		81		48		62		30		(24)		(10)
Europe	371	221	116		100		67		13		60		10		10		(11)
Brazil	126	68	56		64		4		3		2		1		(2)		(4)
Asia	112	90	63		68		6		5		4		3		1		(1)
Total	1,716	1,210	$	104	$	76	$	158	$	69	$	128	$	44	$	(15)	$	(26)

(1)Average revenue per MWh adjusted to exclude the impact of the Texas weather event in February 2021 was $74 per MWh.

North America

Funds From Operations at our North American business were $62 million versus $30 million in the prior year primarily due to growth from our increased ownership in TerraForm Power and the acquisition of an 845 MW operating and fully contracted wind portfolio in the United States, net of asset sales ($11 million and 410 GWh). On a same store basis, the portfolio benefited from higher average revenue per MWh due to generation mix and positive commercial and hedging initiativeswhich was partially offset by weaker resource.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 9

Net loss attributable to Unitholders increased by $14 million from the same period in the prior year as the above noted increase in Funds From Operations was more than offset by higher non-cash depreciation as a result of the growth in our business and unrealized losses on our commodity hedging activities.

Europe

Funds From Operations at our European business were $60 million versus $10 million in the prior year due to growth from our increased ownership in TerraForm Power, net of asset sales ($7 million and 112 GWh) and a $37 million gain on the sale of certain development assets in Scotland. On a same store basis, Funds From Operations were higher than the prior year due to the benefit of stronger resources and higher average revenue per MWh due to inflation indexation of our contracts.

Net income attributable to Unitholders was $10 million versus a net loss of $11 million in the prior year primarily due to the above noted increase in Funds From Operations.

Brazil

Funds From Operations at our Brazilian business were $2 million versus $1 million in the prior year due to stronger resource and higher average revenue per MWh that benefited from inflation indexation of our contracts.

Net loss attributable to Unitholders decreased by $2 million from the same period in the prior year due to the above noted increase in Funds From Operations.

Asia

Funds From Operations at our Asian business were $4 million versus $3 million in the prior year primarily due to stronger resources (12% above long-term average).

Net income attributable to Unitholders was $1 million versus a net loss of $1 million in the prior year primarily due to the above noted increase in Funds From Operations.

SOLAR OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for solar operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2021		2020
Generation (GWh) – LTA	364		214
Generation (GWh) – actual	327		183
Revenue	$	77	$	34
Other income	6		1
Direct operating costs	(24)		(11)
Adjusted EBITDA	59		24
Interest expense	(29)		(16)
Current income taxes	—		—
Funds From Operations	$	30	$	8
Depreciation	(44)		(19)
Deferred taxes and other	(8)		(7)
Net (loss)	$	(22)	$	(18)

Funds From Operations at our solar business were $30 million versus $8 million in the prior year primarily due to the contribution from our increased ownership in TerraForm Power and other acquisitions, net of asset sales in South Africa and Thailand ($14 million and 149 GWh).

Net loss attributable to Unitholders at our solar business increased by $4 million from the same period in the prior year as the above noted increase to Funds From Operations was more than offset by non-cash depreciation as a result of the growth of our business.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 10

ENERGY TRANSITION OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for energy transition business for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2021		2020
Generation (GWh) – LTA	170		61
Generation (GWh) – actual	219		113
Revenue	$	70	$	33
Other income	3		1
Direct operating costs	(27)		(13)
Adjusted EBITDA	46		21
Interest expense	(13)		(4)
Other	—		—
Funds From Operations	$	33	$	17
Depreciation	(20)		(5)
Deferred taxes and other	(6)		1
Net income	$	7	$	13

Funds From Operations at our energy transition business were $33 million versus $17 million in the prior year due to the growth of our distributed generation portfolio and other acquisitions ($15 million and 78 GWh).

Net income attributable to Unitholders decreased by $6 million from the same period in the prior year as the above noted increase to Funds From Operations was more than offset primarily by non-cash depreciation as a result of the growth of our business.

CORPORATE

The following table presents our results for corporate for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2021		2020
Other income	$	9	$	2
Direct operating costs	(7)		(5)
Adjusted EBITDA	2		(3)
Management service costs	(81)		(33)
Interest expense	(19)		(18)
Current income taxes	—		—
Distributions on Preferred LP units and shares	(21)		(19)
Funds From Operations	$	(119)	$	(73)
Deferred taxes and other	(33)		1
Net loss	$	(152)	$	(72)

Management service costs totaling $81 million increased $48 million compared to the same period in the prior year due to the growth of our business.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 11

RECONCILIATION OF NON-IFRS MEASURES

The following table reflects Adjusted EBITDA, Funds From Operations and provides reconciliation to net income (loss) attributable to Unitholders for the three months ended March 31, 2021:

	Attributable to Unitholders																						Contribution from equity-accounted investments		Attributable to non-controlling interests		As per IFRS financials(1)
	Hydroelectric						Wind								Solar		Energy transition		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia		North America		Europe		Brazil		Asia
Revenues	$	205	$	52	$	55	$	122	$	43	$	7	$	7	$	77	$	70	$	—	$	638	$	(39)	$	421	$	1,020
Other income	5		8		—		1		42		—		—		6		3		9		74		(2)		(45)		27
Direct operating costs	(69)		(12)		(20)		(42)		(18)		(3)		(1)		(24)		(27)		(7)		(223)		21		(189)		(391)
Share of Adjusted EBITDA from equity-accounted investments	—		—		—		—		—		—		—		—		—		—		—		20		10		30
Adjusted EBITDA	141		48		35		81		67		4		6		59		46		2		489		—		197
Management service costs	—		—		—		—		—		—		—		—		—		(81)		(81)		—		—		(81)
Interest expense	(36)		(7)		(6)		(19)		(6)		(2)		(2)		(29)		(13)		(19)		(139)		6		(100)		(233)
Current income taxes	(1)		(2)		(2)		—		(1)		—		—		—		—		—		(6)		—		(10)		(16)
Distributions attributable to:
Preferred limited partners equity	—		—		—		—		—		—		—		—		—		(14)		(14)		—		—		(14)
Preferred equity	—		—		—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		—		—		—		—		—		(6)		(4)		(10)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		—		—		(83)		(83)
Funds From Operations	104		39		27		62		60		2		4		30		33		(119)		242		—		—
Depreciation	(65)		(14)		(6)		(59)		(22)		(3)		(3)		(44)		(20)		(1)		(237)		13		(144)		(368)
Foreign exchange and financial instruments gain (loss)	(21)		(1)		3		(21)		4		(1)		—		10		—		27		—		—		48		48
Deferred income tax recovery (expense)	12		(1)		(2)		6		—		—		(1)		(3)		2		22		35		—		(2)		33
Other	(26)		—		—		(12)		(32)		—		1		(15)		(8)		(81)		(173)		2		72		(99)
Share of earnings from equity-accounted investments	—		—		—		—		—		—		—		—		—		—		—		(15)		—		(15)
Net loss attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		—		—		26		26
Net income (loss) attributable to Unitholders(2)	$	4	$	23	$	22	$	(24)	$	10	$	(2)	$	1	$	(22)	$	7	$	(152)	$	(133)	$	—	$	—	$	(133)

(1)Share of earnings from equity-accounted investments of $5 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $57 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 12

The following table reflects Adjusted EBITDA, Funds From Operations and provides reconciliation to net income (loss) attributable to Unitholders for the three months ended March 31, 2020:

	Attributable to Unitholders																						Contribution from equity-accounted investments		Attributable  to non- controlling  interests		As per IFRS financials(1)
	Hydroelectric						Wind								Solar		Energy transition		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia		North America		Europe		Brazil		Asia
Revenues	$	265	$	61	$	60	$	60	$	22	$	4	$	6	$	34	$	33	$	—	$	545	$	(21)	$	525	$	1,049
Other income	1		3		2		2		—		—		—		1		1		2		12		(3)		6		15
Direct operating costs	(69)		(17)		(26)		(14)		(9)		(1)		(1)		(11)		(13)		(5)		(166)		9		(169)		(326)
Share of Adjusted EBITDA from equity-accounted investments	—		—		—		—		—		—		—		—		—		—		—		15		8		23
Adjusted EBITDA	197		47		36		48		13		3		5		24		21		(3)		391		—		370
Management service costs	—		—		—		—		—		—		—		—		—		(33)		(33)		—		(7)		(40)
Interest expense	(39)		(4)		(7)		(18)		(3)		(2)		(2)		(16)		(4)		(18)		(113)		3		(129)		(239)
Current income taxes	(3)		(2)		(4)		—		—		—		—		—		—		—		(9)		1		(12)		(20)
Distributions attributable to:
Preferred limited partners equity	—		—		—		—		—		—		—		—		—		(12)		(12)		—		—		(12)
Preferred equity	—		—		—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		—		—		—		—		—		(4)		(8)		(12)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		—		—		(214)		(214)
Funds From Operations	155		41		25		30		10		1		3		8		17		(73)		217		—		—
Depreciation	(58)		(20)		(6)		(42)		(12)		(4)		(3)		(19)		(5)		(1)		(170)		6		(173)		(337)
Foreign exchange and financial instruments gain (loss)	18		7		5		(2)		(10)		—		(3)		(2)		1		(13)		1		2		17		20
Deferred income tax recovery (expense)	(20)		1		(1)		(2)		1		—		—		(2)		—		17		(6)		—		(17)		(23)
Other	(20)		(4)		—		6		—		(1)		2		(3)		—		(2)		(22)		1		9		(12)
Share of earnings from equity-accounted investments	—		—		—		—		—		—		—		—		—		—		—		(9)		—		(9)
Net loss attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		—		—		164		164
Net income (loss) attributable to Unitholders(2)	$	75	$	25	$	23	$	(10)	$	(11)	$	(4)	$	(1)	$	(18)	$	13	$	(72)	$	20	$	—	$	—	$	20

(1)Share of earnings from equity-accounted investments of $2 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $50 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 13

The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income attributable to Unitholders is reconciled to Funds From Operations and reconciled to Proportionate Adjusted EBITDA for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2021		2020
Net income (loss) attributable to:
Limited partners' equity	$	(66)	$	2
General partnership interest in a holding subsidiary held by Brookfield	20		16
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	(46)		2
Class A shares of Brookfield Renewable Corporation	(41)		—
Net income (loss) attributable to Unitholders	$	(133)	$	20
Depreciation	237		170
Foreign exchange and financial instruments loss	—		(1)
Deferred income tax recovery (expense)	(35)		6
Other	173		22
Funds From Operations	$	242	$	217
Distributions attributable to:
Preferred limited partners' equity	14		12
Preferred equity	7		7
Current income taxes	6		9
Interest expense	139		113
Management service costs	81		33
Proportionate Adjusted EBITDA	489		391
Attributable to non-controlling interests	197		370
Consolidated Adjusted EBITDA	$	686	$	761

The following table reconciles the per unit non-IFRS financial measures to the most directly comparable IFRS measures. Basic income per LP unit is reconciled to Funds From Operations per Unit, for the three months ended March 31:

	Three months ended March 31
	2021		2020
Basic income (loss) per LP unit(1)	$	(0.24)	$	0.01
Depreciation	0.37		0.29
Deferred income tax recovery (expense)	(0.05)		0.01
Other	0.30		0.06
Funds From Operations per Unit(2)	$	0.38	$	0.37

(1)During the three months ended March 31, 2021, on averages there were 274.8 million LP units outstanding (2020: 268.5 million).

(2)Average units outstanding, for the three months ended March 31, 2021, were 645.5 million (2020: 583.7 million), being inclusive of GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 14

CONTRACT PROFILE

We operate the business on a largely contracted basis to provide a high degree of predictability in Funds From Operations. We maintain a long-term view that electricity prices and the demand for electricity from renewable sources will rise due to a growing level of acceptance around climate change, the legislated requirements in some areas to diversify away from fossil fuel based generation and because they are becoming increasingly cost competitive.

In Brazil and Colombia, we also expect power prices will continue to be supported by the need to build new supply over the medium-to-long term to serve growing demand. In these markets, contracting for power is the only current mechanism to buy and sell power, and therefore we would expect to capture rising prices as we re-contract our power over the medium-term.

The following table sets out our contracts over the next five years for generation output in North America, Europe and certain other countries, assuming long-term average on a proportionate basis. The table excludes Brazil and Colombia, where we would expect the energy associated with maturing contracts to be re-contracted in the normal course given the construct of the respective power markets. In these countries we currently have a contracted profile of approximately 90% and 70%, respectively, of the long-term average and we would expect to maintain this going forward. Overall, our portfolio has a weighted-average remaining contract duration of 14 years on a proportionate basis.

(GWh, except as noted)	Balance of 2021			2022			2023			2024			2025
Hydroelectric
North America
United States(1)	5,518			6,843			4,574			4,559			4,530
Canada	1,624			2,098			2,020			2,007			2,007
	7,142			8,941			6,594			6,566			6,537
Wind
North America
United States	2,440			3,215			3,240			2,742			2,733
Canada	984			1,358			1,358			1,358			1,358
	3,424			4,573			4,598			4,100			4,091
Europe	879			1,251			1,246			1,176			1,112
Asia	261			333			335			335			335
	4,564			6,157			6,179			5,611			5,538
Solar - Utility	1,561			1,909			1,945			1,952			1,944
Energy transition	717			873			871			867			863
Contracted on a proportionate basis	13,984			17,880			15,589			14,996			14,882
Uncontracted on a proportionate basis	2,448			4,246			6,537			7,130			7,244
Long-term average on a proportionate basis	16,432			22,126			22,126			22,126			22,126
Non-controlling interests	11,904			16,027			16,027			16,027			16,027
Total long-term average	28,336			38,153			38,153			38,153			38,153
Contracted generation as a % of total generation on a proportionate basis	85		%	81		%	70		%	68		%	67		%
Price per MWh – total generation on a proportionate basis	$	92		$	93		$	101		$	104		$	104

(1)Includes generation of 1,837 GWh for 2021 and 2,389 GWh for 2022 secured under financial contracts.

Weighted-average remaining contract durations on a proportionate basis are 16 years in North America, 13 years in Europe, 9 years in Brazil, 3 years in Colombia, and 18 years across our remaining jurisdictions.

In North America, over the next five years, a number of contracts will expire at our hydroelectric facilities. Based on current market prices for energy and ancillary products, we do not foresee a negative impact to cash flows from contracts expiring over the next five years.

In our Brazilian and Colombian portfolios, we continue to focus on securing long-term contracts while maintaining a certain percentage of uncontracted generation to mitigate hydrology risk.

The majority of Brookfield Renewable’s long-term power purchase agreements within our North American and European businesses are with investment-grade rated or creditworthy counterparties. The economic exposure of our contracted generation on a proportionate basis is distributed as follows: power authorities (40%), distribution companies (24%), industrial users (20%) and Brookfield (16%).

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 15

PART 5 – LIQUIDITY AND CAPITAL RESOURCES

CAPITALIZATION

A key element of our financing strategy is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries on an investment-grade basis with no maintenance covenants. Substantially all of our debt is either investment grade rated or sized to investment grade and approximately 90% of debt is project level.

The following table summarizes our capitalization:

	Corporate						Consolidated
(MILLIONS, EXCEPT AS NOTED)	March 31, 2021			December 31, 2020			March 31, 2021			December 31, 2020
Corporate credit facility(1)	$	—		$	—		$	—		$	—
Commercial paper(1)(2)	—			3			—			3
Debt
Medium term notes(3)	2,169			2,140			2,169			2,140
Non-recourse borrowings(4)	—			—			16,768			16,006
	2,169			2,140			18,937			18,146
Deferred income tax liabilities, net(5)	—			—			4,974			5,310
Equity
Non-controlling interest	—			—			11,604			11,100
Preferred equity	617			609			617			609
Preferred limited partners' equity	1,028			1,028			1,028			1,028
Unitholders' equity	8,185			9,030			8,185			9,030
Total capitalization	$	11,999		$	12,807		$	45,345		$	45,223
Debt-to-total capitalization	18		%	17		%	42		%	40		%
Debt-to-total capitalization (market value)(6)	7		%	6		%	29		%	27		%

(1)Draws on corporate credit facilities and commercial paper issuances are excluded from the debt to total capitalization ratios as they are not a permanent source of capital.

(2)Our commercial paper program is supplemented by our $1,975 million corporate credit facilities with a weighted average maturity of five years.

(3)Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes $7 million (2020: $8 million) of deferred financing fees, net of unamortized premiums.

(4)Consolidated non-recourse borrowings includes $253 million (2020: $15 million) borrowed under a subscription facility of a Brookfield sponsored private fund and excludes $104 million (2020: $122 million) of deferred financing fees and $149 million (2020: $63 million) of unamortized premiums.

(5)Deferred income tax liabilities less deferred income tax assets.

(6)Based on market values of Preferred equity, Preferred limited partners’ equity and Unitholders’ equity.

AVAILABLE LIQUIDITY

The following table summarizes the available liquidity:

(MILLIONS)	March 31, 2021		December 31, 2020
Brookfield Renewable's share of cash and cash equivalents	$	250	$	291
Investments in marketable securities	164		183
Corporate credit facilities
Authorized credit facilities(1)	2,375		2,150
Draws on credit facilities	—		—
Authorized letter of credit facility	400		400
Issued letters of credit	(267)		(300)
Available portion of corporate credit facilities	2,508		2,250
Available portion of subsidiary credit facilities on a proportionate basis	454		546
Available liquidity	$	3,376	$	3,270

(1)Amounts are guaranteed by Brookfield Renewable.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 16

We operate with sufficient liquidity to enable us to fund growth initiatives, capital expenditures, distributions and withstand sudden adverse changes in economic circumstances or short-term fluctuations in generation. We maintain a strong, investment grade balance sheet characterized by a conservative capital structure, access to multiple funding levers including a focus on capital recycling on an opportunistic basis, and diverse sources of capital. Principal sources of liquidity are cash flows from operations, our credit facilities, up-financings on non-recourse borrowings and proceeds from the issuance of various securities through public markets.

BORROWINGS

The composition of debt obligations, overall maturity profile, and average interest rates associated with our borrowings and credit facilities on a proportionate basis is presented in the following table:

	March 31, 2021				December 31, 2020
	Weighted-average				Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)	Term (years)	Total		Interest rate (%)	Term (years)	Total
Corporate borrowings
Medium term notes	3.9	13	$	2,169	3.9	14	$	2,140
Credit facilities	N/A	5	—		N/A	4	—
Commercial paper(1)	N/A	N/A	—		0.4	<1	3
Proportionate non-recourse borrowings
Hydroelectric	4.6	8	4,041		4.6	9	4,123
Wind	3.6	9	2,633		3.9	10	2,540
Solar	3.2	12	2,565		3.3	13	2,534
Energy transition	3.7	10	1,191		4.0	11	864
	3.9	10	10,430		4.0	11	10,061
			12,599				12,204
Proportionate unamortized financing fees, net of unamortized premiums			(17)				(45)
			12,582				12,159
Equity-accounted borrowings			(358)				(332)
Non-controlling interests			6,751				6,255
As per IFRS Statements			$	18,975			$	18,082

(1)Our commercial paper program is supplemented by our $1,975 million corporate credit facilities.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 17

The following table summarizes our undiscounted principal repayments and scheduled amortization on a proportionate basis as at March 31, 2021:

(MILLIONS)	Balance of 2021		2022		2023		2024		2025		Thereafter		Total
Debt Principal repayments(1)
Medium term notes(2)	$	—	$	—	$	—	$	—	$	318	$	1,851	$	2,169
Non-recourse borrowings
Credit facilities	69		253		125		69		—		—		516
Hydroelectric	—		214		460		80		454		1,727		2,935
Wind	—		—		141		—		—		617		758
Solar	—		—		221		—		5		498		724
Transition	63		46		54		—		152		151		466
	132		513		1,001		149		611		2,993		5,399
Amortizing debt principal repayments
Non-recourse borrowings
Hydroelectric	67		107		126		96		91		547		1,034
Wind	175		154		161		167		165		799		1,621
Solar	141		133		125		120		122		1,110		1,751
Transition	44		54		155		40		34		298		625
	427		448		567		423		412		2,754		5,031
Total	$	559	$	961	$	1,568	$	572	$	1,341	$	7,598	$	12,599

(1)Draws on corporate credit facilities and commercial paper issuances are excluded from the debt repayment schedule as they are not a permanent source of capital.

(2)Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes $7 million (2020: $8 million) of deferred financing fees, net of unamortized premiums.

We remain focused on refinancing near-term facilities on acceptable terms and maintaining a manageable maturity ladder. We do not anticipate material issues in refinancing our borrowings through 2025 on acceptable terms and will do so opportunistically based on the prevailing interest rate environment.

CAPITAL EXPENDITURES

We fund growth capital expenditures with cash flow generated from operations, supplemented by non-recourse debt sized to investment grade coverage and covenant thresholds. This is designed to ensure that our investments have stable capital structures supported by a substantial level of equity and that cash flows at the asset level can be remitted freely to our company. This strategy also underpins our investment grade profile.

To fund large scale development projects and acquisitions, we will evaluate a variety of capital sources including proceeds from selling mature businesses, in addition to raising money in the capital markets through equity, debt and preferred share issuances. Furthermore, our company has $2.38 billion committed revolving credit facilities available for investments and acquisitions, as well as funding the equity component of organic growth initiatives. The facilities are intended, and have historically been used, as a bridge to a long-term financing strategy rather than a permanent source of capital.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 18

CONSOLIDATED STATEMENTS OF CASH FLOWS

The following table summarizes the key items in the unaudited interim consolidated statements of cash flows:

	Three months ended March 31
(MILLIONS)	2021		2020
Cash flow provided by (used in):
Operating activities	$	351	$	459
Financing activities	1,375		(103)
Investing activities	(1,765)		(140)
Foreign exchange gain (loss) on cash	(11)		(15)
(Decrease) Increase in cash and cash equivalents	$	(50)	$	201

Operating Activities

Cash flows provided by operating activities for the three months ended March 31, 2021 totaled $351 million compared to $459 million in 2020, reflecting strong operating performance of our business during the period.

The net change in working capital balances shown in the unaudited interim consolidated statements of cash flows is comprised of the following:

	Three months ended March 31
(MILLIONS)	2021		2020
Trade receivables and other current assets	$	(92)	$	15
Accounts payable and accrued liabilities	43		(17)
Other assets and liabilities	93		(1)
	$	44	$	(3)

Financing Activities

Cash flows provided by financing activities totaled $1,375 million for the three months ended March 31, 2021. Our disciplined and investment grade approach to financing our increased investment activity as discussed below allowed us to raise $683 million of up-financing proceeds from non-recourse borrowings.

Distributions paid during the three months ended March 31, 2021 to Unitholders were $216 million (2020: $182 million). We increased our distributions to $1.215 per LP unit in 2021 on an annualized basis (2020: $1.16), representing a 5% increase per LP unit, which took effect in the first quarter of 2021. The distributions paid to preferred shareholders, preferred limited partners' unitholders and participating non-controlling interests in operating subsidiaries totaled $139 million (2020: $152 million). Our non-controlling interest also contributed capital of $814 million.

Cash flows used in financing activities totaled $103 million for the three months ended March 31, 2020 as the proceeds raised from our inaugural $200 million Series 17 Preferred Units in the United States were offset by repayments of borrowings, including affiliate credit facilities that were drawn to fund recent investments, and the distributions noted above.

Investing Activities

Cash flows used in investing activities totaled $1,765 million for the three months ended March 31, 2021. During the quarter, we invested $1,472 million into growth, including an 845 MW wind portfolio, a distributed generation platform comprised of 360 MW of operating and under construction assets and over 700 MW of development assets in the United States, and a 23% interest in a scale renewable business in Europe with an interest in a 3,000 MW offshore wind development pipeline. Our continued investment in our property, plant and equipment, including the construction of 1,800 MW of shovel-ready solar developments projects in Brazil, the purchase of two 20 MW hydroelectric assets in Colombia and the continuing initiative to repower existing wind power projects, was $289 million.

Cash flows used in investing activities totaled $140 million for the three months ended March 31, 2020. During the quarter, we invested $183 million into growth, primarily driven by the acquisition of 100 MW solar portfolio in Spain, 47 MW of operating solar capacity in India, 278 MW of development solar assets in Brazil and into the continued investments

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 19

in the development of our other power generating assets and sustaining capital expenditures. These activities were partially offset by the sale of our three solar facilities in Thailand for proceeds of $94 million.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 20

SHARES AND UNITS OUTSTANDING

Shares and units outstanding are as follows:

	March 31, 2021	December 31, 2020
Class A Preference Shares(1)	31,035,967	31,035,967
Preferred Units(2)
Balance, beginning of year	52,885,496	44,885,496
Issuance	—	8,000,000
Balance, end of period	52,885,496	52,885,496
GP interest(3)	3,977,260	3,977,260
Redeemable/Exchangeable partnership units	194,487,939	194,487,939
BEPC exchangeable shares	172,202,198	172,180,417
LP units
Balance, beginning of year	274,837,890	268,466,704
Issued pursuant to merger with TerraForm Power	—	6,051,704
Distribution reinvestment plan	41,810	182,965
Exchanged for BEPC class A exchangeable shares	3,609	136,517
Balance, end of period	274,883,309	274,837,890
Total LP units on a fully-exchanged basis(3)	641,573,446	641,506,246

(1)Class A Preference Shares are broken down by series as follows: 6,849,533 Series 1 Class A Preference Shares are outstanding; 3,110,531 Series 2 Class A Preference Shares are outstanding; 9,961,399 Series 3 Class A Preference Shares are outstanding; 4,114,504 Series 5 Class A Preference Shares are outstanding; and 7,000,000 Series 6 Class A Preference Shares are outstanding.

(2)Preferred Units are broken down by series and certain series are convertible on a one for one basis at the option of the holder as follows: 2,885,496 Series 5 Preferred Units are outstanding; 7,000,000 Series 7 Preferred Units are outstanding (convertible for Series 8 Preferred Units beginning on January 31, 2026); 8,000,000 Series 9 Preferred Units are outstanding (convertible for Series 10 Preferred Units beginning on July 31, 2021); 10,000,000 Series 11 Preferred Units are outstanding (convertible for Series 12 Preferred Units beginning on April 30, 2022); 10,000,000 Series 13 Preferred Units are outstanding (convertible for Series 14 Preferred Units beginning on April 30, 2023); 7,000,000 Series 15 Preferred Units are outstanding (convertible for Series 16 Preferred Units beginning on April 30, 2024); and 8,000,000 Series 17 Preferred Units are outstanding.

(3)The fully-exchanged amounts assume the exchange of all Redeemable/Exchangeable partnership units and BEPC exchangeable shares for LP units.

DIVIDENDS AND DISTRIBUTIONS

Dividends and distributions declared and paid are as follows:

	Three months ended March 31
	Declared				Paid
(MILLIONS)	2021		2020		2021		2020
Class A Preference Shares	$	7	$	7	$	7	$	7
Class A Preferred LP units	14		12		14		11
Participating non-controlling interests – in operating subsidiaries	118		134		118		134
GP interest and incentive distributions	21		17		21		16
Redeemable/Exchangeable partnership units	59		72		59		71
BEPC Exchangeable shares	52		—		52		—
LP units	84		99		84		95

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 21

CONTRACTUAL OBLIGATIONS

Please see Note 17 – Commitments, contingencies and guarantees in the unaudited interim consolidated financial statements, for further details on the following:

•Commitments – Water, land, and dam usage agreements, and agreements and conditions on committed acquisitions of operating portfolios and development projects;

•Contingencies – Legal proceedings, arbitrations and actions arising in the normal course of business, and providing for letters of credit; and

•Guarantees – Nature of all the indemnification undertakings.

SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION

In April 2021, Brookfield BRP Holdings (Canada) Inc., a wholly-owned subsidiary of Brookfield Renewable, issued perpetual subordinated notes at a fixed rate of 4.625%. These notes are fully and unconditionally guaranteed, on a subordinated basis, as to payments of principal, premium (if any) and interest and certain other amounts by each of Brookfield Renewable Partners L.P., BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc (together, the "guarantor subsidiaries"). The other subsidiaries of Brookfield Renewable do not guarantee the securities and are referred to below as the “non-guarantor subsidiaries”.

Pursuant to Rule 13-01 of the SEC's Regulation S-X, the following table provides combined summarized financial information of Brookfield BRP Holdings (Canada) Inc. and the guarantor subsidiaries:

	Three months ended March 31
(MILLIONS)	2021		2020
Revenues(1)	$	—	$	—
Gross profit	—		—
Dividend income from non-guarantor subsidiaries	98		54
Net income	105		33

(1)Brookfield Renewable's total revenues for the three months ended March 31, 2021 and 2020 were $1,020 million and $1,049 million.

(MILLIONS)	March 31, 2021		December 31, 2020
Current assets(1)	$	527	$	582
Total assets(2)(3)	2,078		1,958
Current liabilities(4)	6,978		6,544
Total liabilities(5)	7,082		6,758

(1)Amount due from non-guarantor subsidiaries was $515 million (2020: $567 million).

(2)Brookfield Renewable's total assets as at March 31, 2021 and December 31, 2020 were $50,901 million and $49,722 million.

(3)Amount due from non-guarantor subsidiaries was $1,980 million (2020: $1,856 million).

(4)Amount due to non-guarantor subsidiaries was $6,226 million (2020: $6,048 million).

(5)Amount due to non-guarantor subsidiaries was $6,227 million (2020: $6,049 million).

OFF-STATEMENT OF FINANCIAL POSITION ARRANGEMENTS

Brookfield Renewable does not have any off-statement of financial position arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include, but are not limited to, security deposits, performance bonds and guarantees for reserve accounts. As at March 31, 2021, letters of credit issued amounted to $817 million (2020: $716 million).

In connection to an adverse summary judgment ruling received in a litigation relating to a historical contract dispute at its subsidiary, TerraForm Power, in which the plaintiffs were awarded approximately $231 million plus 9% annual non-compounding interest that has accrued at the New York State statutory rate since May 2016, a surety bond was posted with the court for the judgment amount plus one year of additional 9% interest on the judgment amount. Subsequent to the quarter, TerraForm Power reached a final settlement with the plaintiffs and the surety bond was fully and unconditionally

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 22

released. See Note 17 – Commitments, contingencies and guarantees in the unaudited interim consolidated financial statements for further details.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 23

PART 6 – SELECTED QUARTERLY INFORMATION

SUMMARY OF HISTORICAL QUARTERLY RESULTS

The following is a summary of unaudited quarterly financial information for the last eight consecutive quarters:

	2021		2020								2019
(MILLIONS, EXCEPT AS NOTED)	Q1		Q4		Q3		Q2		Q1		Q4		Q3		Q2
Total Generation (GWh) – LTA	14,099		14,333		13,446		15,527		14,151		13,850		12,332		14,252
Total Generation (GWh) – actual	13,828		13,247		12,007		13,264		14,264		12,465		11,089		14,881
Proportionate Generation (GWh) – LTA	7,602		7,354		6,618		7,309		6,717		6,561		5,821		7,109
Proportionate Generation (GWh) – actual	7,375		6,583		5,753		6,552		7,164		5,977		5,213		7,602
Revenues	$	1,020	$	952	$	867	$	942	$	1,049	$	965	$	897	$	1,051
Net income (loss) to Unitholders	(133)		(120)		(162)		(42)		20		(74)		(58)		21
Basic and diluted income (loss) per LP unit	(0.24)		(0.22)		(0.29)		(0.11)		0.01		(0.15)		(0.12)		0.02
Consolidated Adjusted EBITDA	686		717		611		673		761		727		649		770
Proportionate Adjusted EBITDA	489		456		371		396		391		348		301		400
Funds From Operations	242		201		157		232		217		171		133		230
Funds From Operations per Unit	0.38		0.31		0.25		0.40		0.37		0.29		0.23		0.39
Distribution per LP Unit	0.30		0.29		0.29		0.29		0.29		0.275		0.275		0.275

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 24

PART 7 – CRITICAL ESTIMATES, ACCOUNTING POLICIES AND INTERNAL CONTROLS

CRITICAL ESTIMATES AND CRITICAL JUDGMENTS IN APPLYING ACCOUNTING POLICIES

The unaudited interim consolidated financial statements are prepared in accordance with IFRS, which require the use of estimates and judgments in reporting assets, liabilities, revenues, expenses and contingencies. In the judgment of management, none of the estimates outlined in Note 1 – Basis of preparation and significant accounting policies in our unaudited interim consolidated financial statements are considered critical accounting estimates as defined in Canadian National Instrument 51-102 – Continuous Disclosure Obligations with the exception of the estimates related to the valuation of property, plant and equipment and the related deferred income tax liabilities. These assumptions include estimates of future electricity prices, discount rates, expected long-term average generation, inflation rates, terminal year, the amount and timing of operating and capital costs and the income tax rates of future income tax provisions. Estimates also include determination of accruals, provisions, purchase price allocations, useful lives, asset valuations, asset impairment testing, deferred tax liabilities, decommissioning retirement obligations and those relevant to the defined benefit pension and non-pension benefit plans. Estimates are based on historical experience, current trends and various other assumptions that are believed to be reasonable under the circumstances.

In making estimates, management relies on external information and observable conditions where possible, supplemented by internal analysis, as required. These estimates have been applied in a manner consistent with that in the prior year and there are no known trends, commitments, events or uncertainties that we believe will materially affect the methodology or assumptions utilized in this report. These estimates are impacted by, among other things, future power prices, movements in interest rates, foreign exchange volatility and other factors, some of which are highly uncertain, as described in the “Risk Factors” section. The interrelated nature of these factors prevents us from quantifying the overall impact of these movements on Brookfield Renewable’s financial statements in a meaningful way. These sources of estimation uncertainty relate in varying degrees to substantially all asset and liability account balances. Actual results could differ from those estimates.

NEW ACCOUNTING STANDARDS

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16: Disclosures

On August 27, 2020, the IASB published Interest Rate Benchmark Reform – Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (“Phase II Amendments”), effective January 1, 2021, with early adoption permitted. The Phase II Amendments provide additional guidance to address issues that will arise during the transition of benchmark interest rates. The Phase II Amendments primarily relate to the modification of financial assets, financial liabilities and lease liabilities where the basis for determining the contractual cash flows changes as a result of Interbank Offered Rates ("IBOR") reform, allowing for prospective application of the applicable benchmark interest rate and to the application of hedge accounting, providing an exception such that changes in the formal designation and documentation of hedge accounting relationships that are needed to reflect the changes required by IBOR reform do not result in the discontinuation of hedge accounting or the designation of new hedging relationships.

Brookfield Renewable has completed an assessment and implemented its transition plan to address the impact and effect changes as a result of amendments to the contractual terms of IBOR referenced floating-rate borrowings, interest rate swaps, and updating hedge designations. The adoption is not expected to have a significant impact on Brookfield Renewable’s financial reporting.

FUTURE CHANGES IN ACCOUNTING POLICIES

Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”)

The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2023. Brookfield Renewable is currently assessing the impact of these amendments.

There are currently no other future changes to IFRS with potential impact on Brookfield Renewable.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 25

INTERNAL CONTROL OVER FINANCIAL REPORTING

No changes were made in our internal control over financial reporting during the three months ended March 31, 2021, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We have not experienced any material impact to our internal control over financial reporting due to the COVID-19 pandemic. We are continually monitoring and assessing the COVID-19 pandemic on our internal controls to minimize the impact on their design and operating effectiveness.

SUBSEQUENT EVENTS

Subsequent to the quarter, Brookfield Renewable issued $350 million of green perpetual subordinated notes at a fixed rate of 4.625%.

Subsequent to the quarter, we, together with our institutional partners, entered into binding agreements for the sale of our 656 MW operating and development wind portfolio in Ireland for proceeds of $355 million ($142 million net to Brookfield Renewable). The transaction is expected to close in 2021 and remain subject to customary closing conditions.

Subsequent to quarter-end, Brookfield Renewable entered into a binding agreement for the sale of its 100% interest in a 271 MW development wind portfolio in Scotland for proceeds of $100 million ($100 million net to Brookfield Renewable). The transaction is expected to close in 2021 and remain subject to customary closing conditions

Subsequent to the quarter, we, together with our institutional partners, entered into binding agreements for the sale of our 391 MW wind portfolio in the United States for total proceeds of approximately $365 million (approximately $161 million net to Brookfield Renewable). The transaction is expected to close in 2021 and remain subject to customary closing conditions.

Subsequent to the quarter, Brookfield Renewable signed an agreement which gives the right to acquire a 450 MW shovel ready solar project in India for $70 million ($20 million net to Brookfield Renewable). The transaction is expected to close in 2021 and remain subject to customary closing conditions.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 26

PART 8 – PRESENTATION TO STAKEHOLDERS AND PERFORMANCE MEASUREMENT

PRESENTATION TO PUBLIC STAKEHOLDERS

Equity

Brookfield Renewable’s consolidated equity interests include (i) non-voting publicly traded LP units, held by public unitholders and Brookfield, (ii) BEPC exchangeable shares, held by public shareholders and Brookfield, (iii) Redeemable/Exchangeable Limited partnership units in BRELP, a holding subsidiary of Brookfield Renewable, held by Brookfield, and (iv) the GP interest in BRELP, held by Brookfield.

The LP units, the BEPC exchangeable shares and the Redeemable/Exchangeable partnership units have the same economic attributes in all respects, except that the BEPC exchangeable shares provide the holder, and the Redeemable/Exchangeable partnership units provide Brookfield, the right to request that all or a portion of such shares or units be redeemed for cash consideration. Brookfield Renewable, however, has the right, at its sole discretion, to satisfy any such redemption request with LP units, rather than cash, on a one-for-one basis. The public holders of BEPC exchangeable shares, and Brookfield, as holder of BEPC exchangeable shares and Redeemable/Exchangeable Partnership Units, participates in earnings and distributions on a per unit basis equivalent to the per unit participation of the LP units. Because Brookfield Renewable, at its sole discretion, has the right to settle any redemption request in respect of BEPC exchangeable shares and Redeemable/Exchangeable partnership units with LP units, the BEPC exchangeable shares and Redeemable/Exchangeable partnership units are classified under equity, and not as a liability.

Given the exchange feature referenced above, we are presenting LP units, BEPC exchangeable shares, Redeemable/Exchangeable partnership units, and the GP Interest as separate components of consolidated equity. This presentation does not impact the total income (loss), per unit or share information, or total consolidated equity.

Actual and Long-term Average Generation

For assets acquired, disposed or reaching commercial operation during the year, reported generation is calculated from the acquisition, disposition or commercial operation date and is not annualized. Generation on a same store basis refers to the generation of assets that were owned during both periods presented. As it relates to Colombia only, generation includes both hydroelectric and cogeneration facilities. Energy transition includes generation from our distributed generation, pumped storage, North America cogeneration and Brazil biomass assets.

North America hydroelectric long-term average is the expected average level of generation based on the results of a simulation based on historical inflow data performed over a period of typically 30 years. Colombia hydroelectric long-term average is the expected average level of generation based on the results of a simulation based on historical inflow data performed over a period of typically 20 years. For substantially all of our hydroelectric assets in Brazil the long-term average is based on the reference amount of electricity allocated to our facilities under the market framework which levelizes generation risk across producers. Wind long-term average is the expected average level of generation based on the results of simulated historical wind speed data performed over a period of typically 10 years. Solar long-term average is the expected average level of generation based on the results of a simulation using historical irradiance levels in the locations of our projects from the last 14 to 20 years combined with actual generation data during the operational period.

We compare actual generation levels against the long-term average to highlight the impact of an important factor that affects the variability of our business results. In the short-term, we recognize that hydrology, wind and irradiance conditions will vary from one period to the next; over time however, we expect our facilities will continue to produce in line with their long-term averages, which have proven to be reliable indicators of performance.

Our risk of a generation shortfall in Brazil continues to be minimized by participation in the MRE administered by the government of Brazil. This program mitigates hydrology risk by assuring that all participants receive, at any particular point in time, an assured energy amount, irrespective of the actual volume of energy generated. The program reallocates energy, transferring surplus energy from those who generated an excess to those who generate less than their assured energy, up to the total generation within the pool. Periodically, low precipitation across the entire country’s system could result in a temporary reduction of generation available for sale. During these periods, we expect that a higher proportion of thermal generation would be needed to balance supply and demand in the country, potentially leading to higher overall spot market prices.  

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 27

Generation from our pumped storage and cogeneration facilities in North America is highly dependent on market price conditions rather than the generating capacity of the facilities. Our pumped storage facility in Europe generates on a dispatchable basis when required by our contracts for ancillary services. Generation from our biomass facilities in Brazil is dependent on the amount of sugar cane harvested in a given year. For these reasons, we do not consider a long-term average for these facilities.

Voting Agreements with Affiliates

Brookfield Renewable has entered into voting agreements with Brookfield, whereby Brookfield Renewable gained control of the entities that own certain renewable power generating facilities in the United States, Brazil, Europe and Asia. Brookfield Renewable has also entered into a voting agreement with its consortium partners in respect of the Colombian business. The voting agreements provide Brookfield Renewable the authority to direct the election of the Boards of Directors of the relevant entities, among other things, and therefore provide Brookfield Renewable with control. Accordingly, Brookfield Renewable consolidates the accounts of these entities.

For entities previously controlled by Brookfield Asset Management, the voting agreements entered into do not represent business combinations in accordance with IFRS 3, as all combining businesses are ultimately controlled by Brookfield Asset Management both before and after the transactions were completed. Brookfield Renewable accounts for these transactions involving entities under common control in a manner similar to a pooling of interest, which requires the presentation of pre-voting agreement financial information as if the transactions had always been in place. Refer to Note 1(s)(ii) –  Critical judgments in applying accounting policies – Common control transactions in our December 31, 2020 audited consolidated financial statements for our policy on accounting for transactions under common control.

PERFORMANCE MEASUREMENT

Segment Information

Our operations are segmented by – 1) hydroelectric, 2) wind, 3) solar, 4) energy transition (distributed generation, pumped storage, cogeneration and biomass), and 5) corporate – with hydroelectric and wind further segmented by geography (i.e., North America, Colombia, Brazil, Europe and Asia). This best reflects the way in which the CODM reviews results of our company.

We report our results in accordance with these segments and present prior period segmented information in a consistent manner. See Note 5 – Segmented information in our unaudited interim consolidated financial statements.

One of our primary business objectives is to generate stable and growing cash flows while minimizing risk for the benefit of all stakeholders. We monitor our performance in this regard through three key metrics – i) Net Income (Loss), ii) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and iii) Funds From Operations.

It is important to highlight that Adjusted EBITDA and Funds From Operations do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other companies and have limitations as analytical tools. We provide additional information below on how we determine Adjusted EBITDA and Funds From Operations. We also provide reconciliations to Net income (loss). See “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of Non-IFRS Measures” and “Part 6 – Selected Quarterly Information – Reconciliation of Non-IFRS measures”.

Proportionate Information

Reporting to the CODM on the measures utilized to assess performance and allocate resources has been provided on a proportionate basis. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which it accounts for using consolidation and the equity method whereby Brookfield Renewable either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides a Unitholder perspective that the CODM considers important when performing internal analyses and making strategic and operating decisions. The CODM also believes that providing proportionate information helps investors understand the impacts of decisions made by management and financial results allocable to Unitholders.

Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconciling IFRS data with data presented on a proportionate basis have been disclosed. Segment revenues, other income, direct operating costs, interest expense, depreciation, current and deferred income taxes, and other are items that will differ from results presented in accordance with IFRS as these items (1) include Brookfield Renewable’s proportionate share of earnings from equity-accounted investments attributable to each of the above-noted items, and (2) exclude the

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 28

proportionate share of earnings (loss) of consolidated investments not held by us apportioned to each of the above-noted items.

The presentation of proportionate results has limitations as an analytical tool, including the following:

•The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•Other companies may calculate proportionate results differently than we do.

Because of these limitations, our proportionate financial information should not be considered in isolation or as a substitute for our financial statements as reported under IFRS.

Brookfield Renewable does not control those entities that have not been consolidated and as such, have been presented as equity-accounted investments in its financial statements. The presentation of the assets and liabilities and revenues and expenses do not represent Brookfield Renewable’s legal claim to such items, and the removal of financial statement amounts that are attributable to non-controlling interests does not extinguish Brookfield Renewable’s legal claims or exposures to such items.

Unless the context indicates or requires otherwise, information with respect to the megawatts ("MW") attributable to Brookfield Renewable’s facilities, including development assets, is presented on a consolidated basis, including with respect to facilities whereby Brookfield Renewable either controls or jointly controls the applicable facility.

Net Income (Loss)

Net income (loss) is calculated in accordance with IFRS.

Net income (loss) is an important measure of profitability, in particular because it has a standardized meaning under IFRS. The presentation of net income (loss) on an IFRS basis for our business will often lead to the recognition of a loss even though the underlying cash flows generated by the assets are supported by strong margins and stable, long-term power purchase agreements. The primary reason for this is that accounting rules require us to recognize a significantly higher level of depreciation for our assets than we are required to reinvest in the business as sustaining capital expenditures.

Adjusted EBITDA

Adjusted EBITDA is a non-IFRS measure used by investors to analyze the operating performance of companies.

Brookfield Renewable uses Adjusted EBITDA to assess the performance of Brookfield Renewable before the effects of interest expense, income taxes, depreciation, management service costs, non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, distributions to preferred shareholders and preferred limited partnership unit holders and other typical non-recurring items. Brookfield Renewable adjusts for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. Brookfield Renewable includes realized disposition gains and losses on assets that we did not intend to hold over the long-term within Adjusted EBITDA in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period Adjusted EBITDA.

Brookfield Renewable believes that presentation of this measure will enhance an investor’s ability to evaluate its financial and operating performance on an allocable basis.

Funds From Operations

Funds From Operations is a non-IFRS measure used by investors to analyze net earnings from operations without the effects of certain volatile items that generally have no current financial impact or items not directly related to the performance of Brookfield Renewable.

Brookfield Renewable uses Funds From Operations to assess the performance of Brookfield Renewable before the effects of certain cash items (e.g. acquisition costs and other typical non-recurring cash items) and certain non-cash items (e.g. deferred income taxes, depreciation, non-cash portion of non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, and other non-cash items) as these are not reflective of the performance of the underlying business. In the unaudited interim consolidated financial statements of Brookfield Renewable, the revaluation approach is used in accordance with IAS 16, Property, Plant and Equipment, whereby depreciation is determined based on a revalued amount, thereby reducing comparability with peers who do not report

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 29

under IFRS as issued by the IASB or who do not employ the revaluation approach to measuring property, plant and equipment. Management adds back deferred income taxes on the basis that they do not believe this item reflects the present value of the actual tax obligations that they expect Brookfield Renewable to incur over the long-term investment horizon of Brookfield Renewable.

Brookfield Renewable believes that analysis and presentation of Funds From Operations on this basis will enhance an investor’s understanding of the performance of Brookfield Renewable. Funds From Operations is not a substitute measure of performance for earnings per share and does not represent amounts available for distribution.

Funds From Operations is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with IFRS. Furthermore, this measure is not used by the CODM to assess Brookfield Renewable’s liquidity.

Proportionate Debt

Proportionate debt is presented based on the proportionate share of borrowings obligations relating to the investments of Brookfield Renewable in various portfolio businesses. The proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Proportionate debt measures are provided because management believes it assists investors and analysts in estimating the overall performance and understanding the leverage pertaining specifically to Brookfield Renewable's share of its invested capital in a given investment. When used in conjunction with Proportionate Adjusted EBITDA, proportionate debt is expected to provide useful information as to how Brookfield Renewable has financed its businesses at the asset-level. Management believes that the proportionate presentation, when read in conjunction with Brookfield Renewable’s reported results under IFRS, including consolidated debt, provides a more meaningful assessment of how the operations of Brookfield Renewable are performing and capital is being managed. The presentation of proportionate debt has limitations as an analytical tool, including the following:

•Proportionate debt amounts do not represent the consolidated obligation for debt underlying a consolidated investment. If an individual project does not generate sufficient cash flows to service the entire amount of its debt payments, management may determine, in their discretion, to pay the shortfall through an equity injection to avoid defaulting on the obligation. Such a shortfall may not be apparent from or may not equal the difference between aggregate Proportionate Adjusted EBITDA for all of the portfolio investments of Brookfield Renewable and aggregate proportionate debt for all of the portfolio investments of Brookfield Renewable; and

•Other companies may calculate proportionate debt differently.

Because of these limitations, the proportionate financial information of Brookfield Renewable should not be considered in isolation or as a substitute for the financial statements of Brookfield Renewable as reported under IFRS.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 30

PART 9 – CAUTIONARY STATEMENTS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Interim Report contains forward-looking statements and information, within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations, concerning the business and operations of Brookfield Renewable. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements in this Interim Report include statements regarding the quality of Brookfield Renewable’s assets and the resiliency of the cash flow they will generate, Brookfield Renewable’s anticipated financial performance and payout ratio, future commissioning of assets, contracted nature of our portfolio, technology diversification, acquisition opportunities, expected completion of acquisitions and dispositions, including the pending sales of our 391 MW wind portfolio in the United States and our 927 MW operating and development wind portfolio in Ireland and Scotland, financing and refinancing opportunities, BEPC’s eligibility for index inclusion, BEPC’s ability to attract new investors as well as the future performance and prospects of BEPC and BEP, the prospects and benefits of the combination of Brookfield Renewable and TerraForm Power, including certain information regarding the combined company’s expected cash flow profile and liquidity, future energy prices and demand for electricity, economic recovery, achieving long-term average generation, project development and capital expenditure costs, energy policies, economic growth, growth potential of the renewable asset class, the future growth prospects and distribution profile of Brookfield Renewable and Brookfield Renewable’s access to capital. In some cases, forward looking statements can be identified by the use of words such as “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”, “continue”, “attempts”, “likely”, “primarily”, “approximately”, “endeavours”, “pursues”, “strives”, “seeks”, “targets”, “believes”, or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward looking statements and information in this Interim Report are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. You should not place undue reliance on forward looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to changes to hydrology at our hydroelectric facilities, to wind conditions at our wind energy facilities, to irradiance at our solar facilities or to weather generally, as a result of climate change or otherwise, at any of our facilities; volatility in supply and demand in the energy markets; our inability to re-negotiate or replace expiring PPAs on similar terms; increases in water rental costs (or similar fees) or changes to the regulation of water supply; advances in technology that impair or eliminate the competitive advantage of our projects; an increase in the amount of uncontracted generation in our portfolio; industry risks relating to the power markets in which we operate; the termination of, or a change to, the MRE balancing pool in Brazil; increased regulation of our operations; concessions and licenses expiring and not being renewed or replaced on similar terms; our real property rights for wind and solar renewable energy facilities being adversely affected by the rights of lienholders and leaseholders that are superior to those granted to us; increases in the cost of operating our plants; our failure to comply with conditions in, or our inability to maintain, governmental permits; equipment failures, including relating to wind turbines and solar panels; dam failures and the costs and potential liabilities associated with such failures; force majeure events; uninsurable losses and higher insurance premiums; adverse changes in currency exchange rates and our inability to effectively manage foreign currency exposure; availability and access to interconnection facilities and transmission systems; health, safety, security and environmental risks; energy marketing risks; disputes, governmental and regulatory investigations and litigation; counterparties to our contracts not fulfilling their obligations; the time and expense of enforcing contracts against nonperforming counter-parties and the uncertainty of success; our operations being affected by local communities; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems; some of our acquisitions may be of distressed companies, which may subject us to increased risks, including the incurrence of legal or other expenses; our reliance on computerized business systems, which could expose us to cyber-attacks; newly developed technologies in which we invest not performing as anticipated; labor disruptions and economically unfavorable collective bargaining agreements; our inability to finance our operations due to the status of the capital markets; operating and financial restrictions imposed on us by our loan, debt and security agreements; changes to our credit ratings; our inability to

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 31

identify sufficient investment opportunities and complete transactions, including the pending sales of our 391 MW wind portfolio in the United States and our 927 MW operating and development wind portfolio in Ireland and Scotland; the growth of our portfolio and our inability to realize the expected benefits of our transactions or acquisitions; our inability to develop greenfield projects or find new sites suitable for the development of greenfield projects; delays, cost overruns and other problems associated with the construction and operation of generating facilities and risks associated with the arrangements we enter into with communities and joint venture partners; Brookfield Asset Management’s election not to source acquisition opportunities for us and our lack of access to all renewable power acquisitions that Brookfield Asset Management identifies, including by reason of conflicts of interest; we do not have control over all our operations or investments; political instability or changes in government policy; foreign laws or regulation to which we become subject as a result of future acquisitions in new markets; changes to government policies that provide incentives for renewable energy; a decline in the value of our investments in securities, including publicly traded securities of other companies; we are not subject to the same disclosure requirements as a U.S. domestic issuer; the separation of economic interest from control within our organizational structure; future sales and issuances of our LP units, preferred limited partnership units or securities exchangeable for LP units, including BEPC’s Shares, or the perception of such sales or issuances, could depress the trading price of the LP units or preferred limited partnership units; the incurrence of debt at multiple levels within our organizational structure; being deemed an “investment company” under the U.S. Investment Company Act of 1940; the effectiveness of our internal controls over financial reporting; our dependence on Brookfield Asset Management and Brookfield Asset Management’s significant influence over us; the departure of some or all of Brookfield Asset Management’s key professionals; changes in how Brookfield Asset Management elects to hold its ownership interests in Brookfield Renewable; Brookfield Asset Management acting in a way that is not in the best interests of Brookfield Renewable or its unitholders; the severity, duration and spread of the COVID-19 outbreak, as well as the direct and indirect impacts that the virus may have; broader impact of climate change; failure of BEPC’s systems technology; involvement in disputes, governmental and regulatory investigations and litigation; any changes in the market price of the BEP units; and the redemption of exchangeable shares by BEPC at any time or upon notice from the holder of BEPC class B shares.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this Interim Report and should not be relied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see “Risk Factors” included in the Form 20-F of BEP and other risks and factors that are described therein.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES

This Interim Report contains references to certain proportionate information, Adjusted EBITDA, Funds From Operations, Funds From Operations per Unit and Proportionate Debt (collectively, “Brookfield Renewable’s Non-IFRS Measures”) which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of proportionate information, Adjusted EBITDA, Funds From Operations, Funds From Operations per Unit, and Proportionate Debt used by other entities. In particular, our definition of Funds From Operations may differ from the definition of funds from operations used by other organizations, as well as the definition of funds from operations used by the Real Property Association of Canada and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREIT definition is based on U.S. GAAP, as opposed to IFRS. We believe that Brookfield Renewable’s Non-IFRS Measures are useful supplemental measures that may assist investors in assessing our financial performance. Brookfield Renewable’s Non-IFRS Measures should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. These non-IFRS measures reflect how we manage our business and, in our opinion, enable the reader to better understand our business.

A reconciliation of Adjusted EBITDA and Funds From Operations to net income is presented in our Management’s Discussion and Analysis. We have also provided a reconciliation of Adjusted EBITDA and Funds From Operations to net income in Note 5 – Segmented information in the unaudited interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Management's Discussion and Analysis	March 31, 2021
		Page 32