BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

UNAUDITED (MILLIONS)	Notes	March 31, 2023		December 31, 2022
Assets
Current assets
Cash and cash equivalents	15	$	1,140	$	998
Restricted cash	16	124		139
Trade receivables and other current assets	17	1,624		1,860
Financial instrument assets	5	139		125
Due from related parties	20	219		123
Assets held for sale	4	262		938
		3,508		4,183
Financial instrument assets	5	1,942		1,500
Equity-accounted investments	14	1,603		1,392
Property, plant and equipment, at fair value	8	54,977		54,283
Intangible assets		205		209
Goodwill	13	1,559		1,526
Deferred income tax assets	7	209		176
Other long-term assets		794		842
Total Assets		$	64,797	$	64,111
Liabilities
Current liabilities
Accounts payable and accrued liabilities	18	$	1,089	$	1,086
Financial instrument liabilities	5	482		559
Due to related parties	20	683		588
Corporate borrowings	9	180		249
Non-recourse borrowings	9	2,211		2,027
Provisions		27		83
Liabilities directly associated with assets held for sale	4	155		351
		4,827		4,943
Financial instrument liabilities	5	1,544		1,670
Corporate borrowings	9	2,599		2,299
Non-recourse borrowings	9	20,198		20,275
Deferred income tax liabilities	7	6,615		6,507
Provisions		627		600
Other long-term liabilities		1,475		1,531
Equity
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	10	15,526		14,755
General partnership interest in a holding subsidiary held by Brookfield	10	58		59
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	10	2,848		2,892
BEPC exchangeable shares	10	2,522		2,561
Preferred equity	10	573		571
Perpetual subordinated notes	10	592		592
Preferred limited partners' equity	11	760		760
Limited partners' equity	12	4,033		4,096
Total Equity		26,912		26,286
Total Liabilities and Equity		$	64,797	$	64,111

The accompanying notes are an integral part of these interim consolidated financial statements.

Approved on behalf of Brookfield Renewable Partners L.P.:
Patricia Zuccotti Director	David Mann Director

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 2

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

UNAUDITED (MILLIONS, EXCEPT PER UNIT INFORMATION)		Three months ended March 31
	Notes	2023		2022
Revenues	20	$	1,331	$	1,136
Other income		26		71
Direct operating costs(1)		(401)		(350)
Management service costs	20	(57)		(76)
Interest expense	9	(394)		(266)
Share of earnings (loss) from equity-accounted investments	14	33		19
Foreign exchange and financial instruments gain (loss)	5	133		(37)
Depreciation	8	(429)		(401)
Other		(41)		(47)
Income tax (expense) recovery
Current	7	(43)		(42)
Deferred	7	19		26
		(24)		(16)
Net income		$	177	$	33
Net income attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	10	$	185	$	86
General partnership interest in a holding subsidiary held by Brookfield	10	28		24
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	10	(18)		(31)
BEPC exchangeable shares	10	(16)		(27)
Preferred equity	10	7		7
Perpetual subordinated notes	10	7		7
Preferred limited partners' equity	11	10		11
Limited partners' equity	12	(26)		(44)
		$	177	$	33
Basic and diluted loss per LP unit		$	(0.09)	$	(0.16)

(1)Direct operating costs exclude depreciation expense disclosed below.

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 3

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

UNAUDITED (MILLIONS)		Three months ended March 31
	Notes	2023		2022
Net income		$	177	$	33
Other comprehensive income (loss) that will not be reclassified to net income (loss)
Revaluations of property, plant and equipment		(42)		(2)
Actuarial gain (loss) on defined benefit plans		(1)		5
Deferred tax recovery on above item		—		(4)
Unrealized gain (loss) on investments in equity securities	5	—		(5)
Equity-accounted investments	14	10		—
Total items that will not be reclassified to net income		(33)		(6)
Other comprehensive income that may be reclassified to net income
Foreign currency translation		272		784
Gain (loss) arising during the period on financial instruments designated as cash-flow hedges	5	128		(33)
Gain on foreign exchange swaps net investment hedge	5	(19)		(45)
Reclassification adjustments for amounts recognized in net income (loss)	5	(49)		56
Deferred income taxes on above items		(11)		(16)
Equity-accounted investments	14	(7)		22
Total items that may be reclassified subsequently to net income (loss)		314		768
Other comprehensive income		281		762
Comprehensive income		$	458	$	795
Comprehensive income attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	10	$	354	$	458
General partnership interest in a holding subsidiary held by Brookfield	10	29		26
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	10	15		85
BEPC exchangeable shares	10	13		75
Preferred equity	10	9		13
Perpetual subordinated notes	10	7		7
Preferred limited partners' equity	11	10		11
Limited partners' equity	12	21		120
		$	458	$	795

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 4

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Accumulated other comprehensive income														Non-controlling interests
UNAUDITED THREE MONTHS ENDED MARCH 31 (MILLIONS)	Limited partners' equity		Foreign currency translation		Revaluation surplus		Actuarial losses on defined benefit plans		Cash flow hedges		Investments in equity securities		Total limited partners' equity		Preferred limited partners' equity		Preferred equity		Perpetual subordinated notes		BEPC exchangeable shares		Participating non-controlling interests – in operating subsidiaries		General partnership interest in a holding subsidiary held by Brookfield		Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		Total equity
Balance, as at December 31, 2022	$	(1,898)	$	(845)	$	6,817	$	4	$	17	$	1	$	4,096	$	760	$	571	$	592	$	2,561	$	14,755	$	59	$	2,892	$	26,286
Net income (loss)	(26)		—		—		—		—		—		(26)		10		7		7		(16)		185		28		(18)		177
Other comprehensive income (loss)	—		38		(4)		1		12		—		47		—		2		—		29		169		1		33		281
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		994		—		—		994
Disposals (Note 3)	14		—		(14)		—		—		—		—		—		—		—		—		(388)		—		—		(388)
Distributions or dividends declared	(97)		—		—		—		—		—		(97)		(10)		(7)		(7)		(58)		(158)		(28)		(67)		(432)
Distribution reinvestment plan	2		—		—		—		—		—		2		—		—		—		—		—		—		—		2
Other	(3)		11		2		—		1		—		11		—		—		—		6		(31)		(2)		8		(8)
Change in period	(110)		49		(16)		1		13		—		(63)		—		2		—		(39)		771		(1)		(44)		626
Balance, as at March 31, 2023	$	(2,008)	$	(796)	$	6,801	$	5	$	30	$	1	$	4,033	$	760	$	573	$	592	$	2,522	$	15,526	$	58	$	2,848	$	26,912
Balance, as at December 31, 2021	$	(1,516)	$	(842)	$	6,494	$	—	$	(48)	$	4	$	4,092	$	881	$	613	$	592	$	2,562	$	12,303	$	59	$	2,894	23,996
Net income (loss)	(44)		—		—		—		—		—		(44)		11		7		7		(27)		86		24		(31)		33
Other comprehensive income (loss)	—		152		(1)		1		14		(2)		164		—		6		—		102		372		2		116		762
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		106		—		—		106
Redemption of Preferred LP Units	—		—		—		—		—		—		—		(49)		—		—		—		—		—		—		(49)
Distributions or dividends declared	(91)		—		—		—		—		—		(91)		(11)		(7)		(7)		(55)		(169)		(25)		(63)		(428)
Distribution reinvestment plan	3		—		—		—		—		—		3		—		—		—		—		—		—		—		3
Other	7		—		5		—		—		—		12		—		—		—		6		10		—		7		35
Change in period	(125)		152		4		1		14		(2)		44		(49)		6		—		26		405		1		29		462
Balance, as at March 31, 2022	$	(1,641)	$	(690)	$	6,498	$	1	$	(34)	$	2	$	4,136	$	832	$	619	$	592	$	2,588	$	12,708	$	60	$	2,923	$	24,458

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 5

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED		Three months ended March 31
(MILLIONS)	Notes	2023		2022
Operating activities
Net income		$	177	$	33
Adjustments for the following non-cash items:
Depreciation	8	429		401
Unrealized foreign exchange and financial instruments (gain) losses	5	(130)		50
Share of earnings from equity-accounted investments	14	(33)		(19)
Deferred income tax recovery)	7	(19)		(26)
Other non-cash items		37		—
Dividends received from equity-accounted investments	14	19		19
		480		458
Changes in due to or from related parties		32		23
Net change in working capital balances		151		(178)
		663		303
Financing activities
Proceeds from medium term notes	9	293		—
Commercial paper, net	9	(69)		120
Proceeds from non-recourse borrowings	9,20	1,528		1,113
Repayment of non-recourse borrowings	9,20	(1,622)		(899)
Capital contributions from participating non-controlling interests – in operating subsidiaries	10	994		106
Redemption and repurchase of equity instruments	11	—		(49)
Distributions paid:
To participating non-controlling interests – in operating subsidiaries, preferred shareholders, preferred limited partners unitholders, and perpetual subordinate notes	10,11	(142)		(191)
To unitholders of Brookfield Renewable or BRELP and shareholders of Brookfield Renewable Corporation	10,12	(243)		(230)
Borrowings from related party		—		940
Repayments to related party		(99)		—
		640		910
Investing activities
Acquisitions, net of cash and cash equivalents, in acquired entity	2	(81)		(780)
Investment in property, plant and equipment	8	(572)		(452)
Investment in equity-accounted investments		(93)		(20)
Proceeds from disposal of assets, net of cash and cash equivalents disposed	3	3		—
Purchases of financial assets	5	(452)		—
Proceeds from financial assets	5	3		59
Restricted cash and other		16		(10)
		(1,176)		(1,203)
Foreign exchange (gain) loss on cash		14		(1)
Cash and cash equivalents
Increase		141		9
Net change in cash classified within assets held for sale		1		1
Balance, beginning of period		998		900
Balance, end of period		$	1,140	$	910
Supplemental cash flow information:
Interest paid		$	295	$	237
Interest received		$	16	$	6
Income taxes paid		$	31	$	12

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 6

BROOKFIELD RENEWABLE PARTNERS L.P.

NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The business activities of Brookfield Renewable Partners L.P. (“Brookfield Renewable”) consist of owning a portfolio of renewable power and sustainable solution assets primarily in North America, South America, Europe and Asia.

Unless the context indicates or requires otherwise, the term “Brookfield Renewable” means Brookfield Renewable Partners L.P. and its controlled entities, including Brookfield Renewable Corporation (“BEPC”). Unless the context indicates or requires otherwise, the term “the partnership” means Brookfield Renewable Partners L.P. and its controlled entities, excluding BEPC.

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 exchangeable subordinate voting shares (“BEPC exchangeable shares”) of 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.

Brookfield Renewable is a publicly traded limited partnership established under the laws of Bermuda pursuant to an amended and restated limited partnership agreement dated November 20, 2011 as thereafter amended from time to time.

The registered office of Brookfield Renewable is 73 Front Street, Fifth Floor, Hamilton HM12, Bermuda.

The immediate parent of Brookfield Renewable is its general partner, Brookfield Renewable Partners Limited (“BRPL”). The ultimate parent of Brookfield Renewable is Brookfield Corporation (“Brookfield Corporation”). Brookfield Corporation and its subsidiaries, other than Brookfield Renewable, and unless the context otherwise requires, includes Brookfield Asset Management Ltd (“Brookfield Asset Management”), are also individually and collectively referred to as “Brookfield” in these financial statements.

The BEPC exchangeable shares are traded under the symbol “BEPC” on the New York Stock Exchange and the Toronto Stock Exchange.

The LP units are traded under the symbol “BEP” on the New York Stock Exchange and under the symbol “BEP.UN” on the Toronto Stock Exchange. Brookfield Renewable's Class A Series 7, Series 13, Series 15, and Series 18 preferred limited partners’ equity are traded under the symbols “BEP.PR.E”, “BEP.PR.G”, “BEP.PR.I”, “BEP.PR.K”, “BEP.PR.M”, “BEP.PR.O”, and “BEP.PR.R”, respectively, on the Toronto Stock Exchange. Brookfield Renewable's Class A Series 17 preferred limited partners’ equity is traded under the symbol “BEP.PR.A” on the New York Stock Exchange. The perpetual subordinated notes are traded under the symbol “BEPH” and “BEPI” on the New York Stock Exchange.

Notes to the consolidated financial statements		Page
1.	Basis of preparation and significant accounting policies	8
2.	Acquisitions	9
3.	Disposal of assets	9
4.	Assets held for sale	10
5.	Risk management and financial instruments	10
6.	Segmented information	13
7.	Income taxes	18
8.	Property, plant and equipment	19
9.	Borrowings	20
10.	Non-controlling interests	22
11.	Preferred limited partners' equity	25
12.	Limited partners' equity	26
13.	Goodwill	27
14.	Equity-accounted investments	27
15.	Cash and cash equivalents	27
16.	Restricted cash	27
17.	Trade receivables and other current assets	28
18.	Accounts payable and accrued liabilities	28
19.	Commitments, contingencies and guarantees	28
20.	Related party transactions	30
21.	Subsidiary public issuers	32
22.	Subsequent events	33

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 7

1. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

(a) Statement of compliance

The interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting. 

Certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with Brookfield Renewable’s December 31, 2022 audited consolidated financial statements. The interim consolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2022 audited consolidated financial statements.

The interim consolidated financial statements are unaudited and reflect adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periods in accordance with IFRS.

The results reported in these interim consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire year. The policies set out below are consistently applied to all periods presented, unless otherwise noted. 

These consolidated financial statements have been authorized for issuance by the Board of Directors of Brookfield Renewable’s general partner, BRPL, on May 5, 2023.

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

References to $, C$, €, £, R$, COP, INR, and CNY are to United States (“U.S.”) dollars, Canadian dollars, Euros, British pound, Brazilian reais, Colombian pesos, Indian rupees, Malaysian ringgit and Chinese yuan, respectively.

All figures are presented in millions of U.S. dollars unless otherwise noted.

(b) Basis of preparation

The interim consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of property, plant and equipment and certain assets and liabilities which have been measured at fair value. Cost is recorded based on the fair value of the consideration given in exchange for assets.

(c) Consolidation

These consolidated financial statements include the accounts of Brookfield Renewable and its subsidiaries, which are the entities over which Brookfield Renewable has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of Brookfield Renewable’s subsidiaries are shown separately in equity in the combined statements of financial position.

(d) Recently adopted accounting standards

IFRS Interpretations Committee Agenda Decision - Demand Deposits with Restriction on Use Arising from a Contract with a Third Party (IAS 7 Statement of Cash Flows)###

In April 2022, the IFRS Interpretations Committee (“IFRS IC”) concluded that restrictions on the use of a demand deposit arising from a contract with a third party do not result in the deposit no longer being cash, unless those restrictions change the nature of the deposit in a way that it would no longer meet the definition of cash in IAS 7 Statement of Cash Flows. In the fact pattern described in the request, the contractual restrictions on the use of the amounts held in the demand deposit did not change the nature of the deposit — the entity can access those amounts on demand. Therefore, the entity should include the demand deposit as a component of “cash and cash equivalents” in its statement of financial position and in its statement of cash flows. Brookfield Renewable has completed the assessment and implemented its transition plan that addresses the impact of this IFRS IC agenda decision. The effect on the consolidated statements of cash flows is an

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 8

increase to Cash and cash equivalents of $176 million and a decrease of $40 million to cash used in investing activities for the three months ended March 31, 2022.

(e) 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, 2024. 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.

2. ACQUISITIONS

Brazil Wind Portfolio

On March 3, 2023, Brookfield Renewable, together with its institutional partners, completed the acquisition of 100% interest in a 136 MW portfolio of operating wind assets in Brazil. The purchase price of this acquisition, including working capital and closing adjustments was $95 million. Brookfield Renewable holds an approximately 25% economic interest.

The preliminary purchase price allocations, at fair value, as at March 31, 2023, with respect to the acquisitions are as follows:

(MILLIONS)	Brazil Wind Portfolio
Cash and cash equivalents	$	10
Trade receivables and other current assets	9
Property, plant and equipment, at fair value	125
Other non-current assets	19
Accounts payable and accrued liabilities	(16)
Current portion of non-recourse borrowings	(4)
Non-recourse borrowings	(46)
Provisions	(2)
Fair value of net assets acquired	95
Purchase price	$	95

3. DISPOSAL OF ASSETS

On March 17, 2023, Brookfield Renewable’s institutional partners completed the sale of a 78% interest in a 378 MW operating hydroelectric portfolio in the U.S., of which 28% was sold to affiliates of Brookfield Corporation. Brookfield Renewable retained its 22% interest in the investment and accordingly, did not receive any proceeds from the sale. Subsequent to the completion of the sale, Brookfield Renewable no longer consolidates this investment and recognized its interest as an equity-accounted investment. As a result of the disposition, Brookfield Renewable derecognized $667 million of total assets and $191 million of total liabilities from the consolidated statements of financial positions. Brookfield Renewable’s post-tax portion of the accumulated revaluation surplus of $34 million was reclassified from accumulated other comprehensive income directly to equity and presented as a Disposals item in the consolidated statements of changes in equity.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 9

4. ASSETS HELD FOR SALE

As at March 31, 2023, assets held for sale include wind assets in the U.S. that were acquired in 2022 as part of the acquisition of a renewables developer that had a pre-existing sale and purchase agreement at the time of acquisition.

The following is a summary of the major items of assets and liabilities classified as held for sale:

(MILLIONS)	March 31, 2023		December 31, 2022
Assets
Cash and cash equivalents	$	1	$	9
Restricted cash	3		5
Trade receivables and other current assets	2		4
Financial instrument assets	—		3
Property, plant and equipment, at fair value	249		911
Other long-term assets	7		6
Assets held for sale	$	262	$	938
Liabilities
Current liabilities	$	2	$	9
Non-recourse borrowings	—		171
Financial instrument liabilities	130		167
Other long-term liabilities	20		1
Provisions	3		$	3
Liabilities directly associated with assets held for sale	$	155	$	351

5. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

RISK MANAGEMENT

Brookfield Renewable`s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. Brookfield Renewable uses financial instruments primarily to manage these risks.

There have been no other material changes in exposure to the risks Brookfield Renewable is exposed to since the December 31, 2022 audited consolidated financial statements.

Fair value disclosures

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, management looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, commodity prices and, as applicable, credit spreads.

A fair value measurement of a non-financial asset is the consideration that would be received in an orderly transaction between market participants, considering the highest and best use of the asset.

Assets and liabilitiesmeasured at fair value are categorized into one of three hierarchy levels, described below. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities.

Level 1 – inputs are based on unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 – inputs, other than quoted prices in Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3 – inputs for the asset or liability that are not based on observable market data.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 10

The following table presents Brookfield Renewable's assets and liabilities including energy derivative contracts, power purchase agreements accounted for under IFRS 9 (“IFRS 9 PPAs”), interest rate swaps, foreign exchange swaps and tax equity measured and disclosed at fair value classified by the fair value hierarchy:

	March 31, 2023								December 31, 2022
(MILLIONS)	Level 1		Level 2		Level 3		Total		Total
Assets measured at fair value:
Cash and cash equivalents	$	1,140	$	—	$	—	$	1,140	$	998
Restricted cash(1)	178		—		—		178		191
Financial instrument assets(1)
IFRS 9 PPAs	—		—		9		9		2
Energy derivative contracts	—		60		—		60		37
Interest rate swaps	—		295		—		295		335
Foreign exchange swaps	—		15		—		15		16
Investments in debt and equity securities	161		40		1,501		1,702		1,235
Property, plant and equipment	—		—		54,977		54,977		54,283
Liabilities measured at fair value:
Financial instrument liabilities(1)
IFRS 9 PPAs	—		—		(578)		(578)		(670)
Energy derivative contracts	—		(103)		—		(103)		(236)
Interest rate swaps	—		(99)		—		(99)		(82)
Foreign exchange swaps	—		(124)		—		(124)		(110)
Tax equity	—		—		(1,122)		(1,122)		(1,131)
Contingent consideration(1)(2)	—		—		(75)		(75)		(68)
Liabilities for which fair value is disclosed:
Corporate borrowings(1)	(2,628)		—		—		(2,628)		(2,362)
Non-recourse borrowing(1)	(2,145)		(19,576)		—		(21,721)		(21,117)
Total	$	(3,294)	$	(19,492)	$	54,712	$	31,926	$	31,321

(1)Includes both the current amount and long-term amounts.

(2)Amount relates to business combinations completed in 2022 with obligations lapsing from 2023 to 2027.

There were no transfers between levels during the three months ended March 31, 2023.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 11

Financial instruments disclosures

The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows:

	March 31, 2023						December 31, 2022
(MILLIONS)	Assets		Liabilities		Net Assets (Liabilities)		Net Assets (Liabilities)
IFRS 9 PPAs	9		578		(569)		(668)
Energy derivative contracts	$	60	$	103	$	(43)	$	(199)
Interest rate swaps	295		99		196		253
Foreign exchange swaps	15		124		(109)		(94)
Investments in debt and equity securities	1,702		—		1,702		1,235
Tax equity	—		1,122		(1,122)		(1,131)
Total	2,081		2,026		55		(604)
Less: current portion	139		482		(343)		(434)
Long-term portion	$	1,942	$	1,544	$	398	$	(170)

(a)   Energy derivative contracts and IFRS 9 PPAs

Brookfield Renewable has entered into long-term energy derivative contracts primarily to stabilize or eliminate the price risk on the sale of certain future power generation. Certain energy contracts are recorded in Brookfield Renewable's interim consolidated financial statements at an amount equal to fair value, using quoted market prices or, in their absence, a valuation model using both internal and third-party evidence and forecasts.

(b)   Interest rate hedges

Brookfield Renewable has entered into interest rate hedge contracts primarily to minimize exposure to interest rate fluctuations on its variable rate debt or to lock in interest rates on future debt refinancing. All interest rate hedge contracts are recorded in the interim consolidated financial statements at fair value.

(c)   Foreign exchange swaps

Brookfield Renewable has entered into foreign exchange swaps to minimize its exposure to currency fluctuations impacting its investments and earnings in foreign operations, and to fix the exchange rate on certain anticipated transactions denominated in foreign currencies.

(d)   Tax equity

Brookfield Renewable owns and operates certain projects in the United States under tax equity structures to finance the construction of utility-scale solar, and wind projects. In accordance with the substance of the contractual agreements, the amounts paid by the tax equity investors for their equity stakes are classified as financial instrument liabilities on the consolidated statements of financial position.

Gains or loss on the tax equity liabilities are recognized within the foreign exchange and financial instruments gain (loss) in the consolidated statements of income (loss).

(e)   Investments in debt and equity securities

Brookfield Renewable's investments in debt and equity securities consist of investments in securities which are recorded on the statement of financial position at fair value.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 12

The following table reflects the gains (losses) included in Foreign exchange and financial instrument gain (loss) in the interim consolidated statements of income (loss) for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2023		2022
Energy derivative contracts	$	66	$	(194)
IFRS 9 PPAs	57		78
Interest rate swaps	(6)		50
Foreign exchange swaps	(5)		8
Tax equity	8		30
Foreign exchange (loss) gain	13		(9)
	$	133	$	(37)

For the three months ended March 31, 2023, the gains associated with debt and equity securities of $13 million (2022: nil) was recorded in Other on the interim consolidated statements of income (loss).

The following table reflects the gains (losses) included in other comprehensive income in the interim consolidated statements of comprehensive income (loss) for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2023		2022
Energy derivative contracts	$	166	$	(186)
IFRS 9 PPAs	12		37
Interest rate swaps	(46)		127
Foreign exchange swaps	(4)		(11)
	128		(33)
Foreign exchange swaps – net investment	(19)		(45)
Investments in debt and equity securities	10		(5)
	$	119	$	(83)

The following table reflects the reclassification adjustments recognized in net income (loss) in the interim consolidated statements of comprehensive income (loss) for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2023		2022
Energy derivative contracts	$	(48)	$	55
IFRS 9 PPAs	—		(2)
Interest rate swaps	(1)		3
	$	(49)	$	56

6. SEGMENTED INFORMATION

Brookfield Renewable’s Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or “CODM”) review the results of the business, manage operations, and allocate resources based on the type of technology.

Brookfield Renewable’s operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy & sustainable solutions (distributed generation, pumped storage, renewable natural gas, carbon capture and storage, recycling, 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.

Reporting to the CODM on the measures utilized to assess performance and allocate resources is provided on a proportionate basis. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which it

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 13

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 (holders of the GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units) 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 Brookfield Renewable’s 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 consolidation 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 include Brookfield Renewable’s proportionate share of earnings from equity-accounted investments attributable to each of the above-noted items, and exclude the proportionate share of earnings (loss) of consolidated investments not held by us apportioned to each of the above-noted items.

Brookfield Renewable does not control those entities that have not been consolidated and as such, have been presented as equity-accounted investments in its consolidated financial statements. The presentation of the assets and liabilities and revenues and expenses does 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.

Brookfield Renewable reports its results in accordance with these segments and presents prior period segmented information in a consistent manner.

The accounting policies of the reportable segments are the same as those described in Note 1 – Basis of preparation and significant accounting policies. Brookfield Renewable analyzes the performance of its operating segments based on Funds From Operations. Funds From Operations is not a generally accepted accounting measure under IFRS and therefore may differ from definitions of Funds From Operations used by other entities, as well as the definition of funds from operations used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”).

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. Brookfield Renewable includes realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term within Funds From Operations 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 net income.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 14

The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income (loss) on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended March 31, 2023:

	Attributable to Unitholders																						Contribution from equity-accounted investments		Attributable  to non-  controlling  interests		As per IFRS financials(1)
	Hydroelectric						Wind								Utility-scale solar		Distributed energy & sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia		North America		Europe		Brazil		Asia
Revenues	$	335	$	61	$	66	$	85	$	40	$	8	$	10	$	88	$	79	$	—	$	772	$	(79)	$	638	$	1,331
Other income	4		1		1		1		—		—		—		8		5		12		32		(5)		(1)		26
Direct operating costs	(109)		(17)		(19)		(25)		(8)		(2)		(1)		(27)		(28)		(9)		(245)		34		(190)		(401)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		—		—		50		—		50
	230		45		48		61		32		6		9		69		56		3		559		—		447
Management service costs	—		—		—		—		—		—		—		—		—		(57)		(57)		—		—		(57)
Interest expense	(71)		(5)		(18)		(18)		(4)		(1)		(3)		(27)		(12)		(28)		(187)		10		(217)		(394)
Current income taxes	(1)		(2)		(7)		—		(2)		—		(1)		(2)		(1)		—		(16)		3		(30)		(43)
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		—		—		(10)		(10)		—		—		(10)
Preferred equity	—		—		—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Perpetual subordinated notes	—		—		—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Share of interest and cash taxes from equity accounted investments	—		—		—		—		—		—		—		—		—		—		—		(13)		—		(13)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		—		—		(200)		(200)
Funds From Operations	158		38		23		43		26		5		5		40		43		(106)		275		—		—
Depreciation																					(241)		13		(201)		(429)
Foreign exchange and financial instrument gain (loss)																					29		18		86		133
Deferred income tax expense																					3		3		13		19
Other																					(98)		(30)		87		(41)
Share of earnings from equity-accounted investments																					—		(4)		—		(4)
Net income attributable to non-controlling interests																					—		—		15		15
Net income (loss) attributable to Unitholders(2)																					$	(32)	$	—	$	—	$	(32)

(1)Share of earnings from equity-accounted investments of $33 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $185 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, preferred equity and perpetual subordinated notes.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 15

The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended March 31, 2022:

	Attributable to Unitholders																						Contribution from equity-accounted investments		Attributable  to non-  controlling  interests		As per IFRS financials(1)
	Hydroelectric						Wind								Utility-scale solar		Distributed energy & sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia		North America		Europe		Brazil		Asia
Revenues	$	236	$	48	$	73	$	86	$	51	$	6	$	9	$	81	$	59	$	—	$	649	$	(49)	$	536	$	1,136
Other income	2		18		—		—		4		—		—		36		13		5		78		(12)		5		71
Direct operating costs	(97)		(13)		(20)		(26)		(9)		(2)		(2)		(27)		(24)		(8)		(228)		21		(143)		(350)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		—		—		40		2		42
	141		53		53		60		46		4		7		90		48		(3)		499		—		400
Management service costs	—		—		—		—		—		—		—		—		—		(76)		(76)		—		—		(76)
Interest expense	(45)		(5)		(10)		(16)		(4)		(1)		(3)		(26)		(10)		(20)		(140)		6		(132)		(266)
Current income taxes	(2)		(3)		(8)		—		(1)		—		—		—		(1)		—		(15)		3		(30)		(42)
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		—		—		(11)		(11)		—		—		(11)
Preferred equity	—		—		—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Perpetual subordinated notes																			(7)		(7)		—		—		(7)
Share of interest and cash taxes from equity accounted investments	—		—		—		—		—		—		—		—		—		—		—		(9)		(2)		(11)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		—		—		(236)		(236)
Funds From Operations	94		45		35		44		41		3		4		64		37		(124)		243		—		—
Depreciation																					(246)		9		(164)		(401)
Foreign exchange and financial instrument gain (loss)																					(24)		1		(14)		(37)
Deferred income tax expense																					30		—		(4)		26
Other																					(81)		2		32		(47)
Share of loss from equity-accounted investments																					—		(12)		—		(12)
Net loss attributable to non-controlling interests																					—		—		150		150
Net income (loss) attributable to Unitholders(2)																					$	(78)	$	—	$	—	$	(78)

(1)Share of loss from equity-accounted investments of $19 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of earnings lines. Net loss attributable to participating non-controlling interests – in operating subsidiaries of $86 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, preferred equity and perpetual subordinated notes.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 16

The following table provides information on each segment's statement of financial position in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of financial position by aggregating the components comprising from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests:

	Attributable to Unitholders																						Contribution from equity-accounted investments		Attributable to non- controlling interests		As per IFRS financials
	Hydroelectric						Wind								Utility-scale solar		Distributed energy & sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia		North America		Europe		Brazil		Asia
As at March 31, 2023
Cash and cash equivalents	$	97	$	42	$	56	$	53	$	45	$	18	$	31	$	86	$	64	$	19	$	511	$	(43)	$	672	$	1,140
Property, plant and equipment	15,396		1,765		1,898		3,591		655		399		298		3,064		2,343		—		29,409		(767)		26,335		54,977
Total assets	16,596		1,938		2,150		4,008		801		433		406		3,603		2,823		626		33,384		(497)		31,910		64,797
Total borrowings	4,158		264		558		1,343		362		96		246		2,301		931		2,787		13,046		(424)		12,566		25,188
Other liabilities	5,214		114		678		1,095		208		21		78		685		555		302		8,950		(61)		3,808		12,697
As at December 31, 2022
Cash and cash equivalents	$	55	$	15	$	14	$	48	$	56	$	22	$	24	$	139	$	72	$	—	$	445	$	(43)	$	596	$	998
Property, plant and equipment	15,331		1,743		1,826		3,563		650		346		294		3,046		2,337		—		29,136		(1,165)		26,312		54,283
Total assets	16,971		1,880		2,036		3,969		816		381		399		3,520		2,794		581		33,347		(587)		31,351		64,111
Total borrowings	4,206		258		526		1,356		358		83		238		2,382		928		2,556		12,891		(373)		12,332		24,850
Other liabilities	5,250		99		634		1,344		244		15		71		492		507		271		8,927		(204)		4,252		12,975

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 17

Geographical Information

The following table presents consolidated revenue split by reportable segment for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2023		2022
Hydroelectric
North America	$	422	$	285
Brazil	67		47
Colombia	283		305
	772		637
Wind
North America	186		164
Europe	61		77
Brazil	23		17
Asia	49		38
	319		296
Utility-scale solar	164		142
Distributed energy & sustainable solutions	76		61
Total	$	1,331	$	1,136

The following table presents consolidated property, plant and equipment and equity-accounted investments split by geography region:

(MILLIONS)	March 31, 2023		December 31, 2022
United States	$	29,242	$	29,056
Colombia	8,569		8,264
Canada	7,518		7,560
Brazil	5,029		4,754
Europe	3,987		3,963
Asia	2,079		1,932
Other	156		146
	$	56,580	$	55,675

7. INCOME TAXES

Brookfield Renewable's effective income tax rate was 12% for the three months ended March 31, 2023 (2022: 33%). The effective tax rate is different than the statutory rate primarily due to rate differentials and non-controlling interests' income or loss not subject to tax.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 18

8. PROPERTY, PLANT AND EQUIPMENT

The following table presents a reconciliation of property, plant and equipment at fair value:

(MILLIONS)	Hydroelectric		Wind		Solar		Other(1)		Total
Property, plant and equipment, at fair value
As at December 31, 2022	$	31,168	$	11,302	$	8,239	$	242	$	50,951
Additions, net	1		4		3		—		8
Transfer from construction work-in-progress	5		141		318		—		464
Acquisitions through business combinations	—		125		—		—		125
Disposals	—		—		—		(5)		(5)
Items recognized through OCI:
Foreign exchange	382		23		56		3		464
Items recognized through net income:
Depreciation	(153)		(158)		(111)		(7)		(429)
As at March 31, 2023	$	31,403	$	11,437	$	8,505	$	233	$	51,578
Construction work-in-progress
As at December 31, 2022	299		1,132		1,897		4		3,332
Additions	15		269		245		—		529
Transfer to property, plant and equipment	(5)		(141)		(318)		—		(464)
Items recognized through OCI:
Change in fair value	—		—		7		—		7
Foreign exchange	1		10		(16)		—		(5)
As at March 31, 2023	$	310	$	1,270	$	1,815	$	4	$	3,399
Total property, plant and equipment, at fair value
As at December 31, 2022(2)	$	31,467	$	12,434	$	10,136	$	246	$	54,283
As at March 31, 2023(2)	$	31,713	$	12,707	$	10,320	$	237	$	54,977

(1)Includes biomass and cogeneration.

(2)Includes right-of-use assets not subject to revaluation of $65 million (2022: $64 million) in hydroelectric, $239 million (2022: $242 million) in wind, $216 million (2022: $215 million) in solar, and nil (2022: nil) in other.

During the quarter, Brookfield Renewable, together with its institutional partners, completed the acquisitions of the following investments. They are accounted for as asset acquisitions as they do not constitute business combinations under IFRS 3:

•A 7 MW a portfolio of distributed generation assets in the U.S., with $32 million of property, plant and equipment included in the consolidated statements of financial position at the acquisition date. Brookfield Renewable holds a 25% economic interest.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 19

9. BORROWINGS

Corporate Borrowings

The composition of corporate borrowings is presented in the following table:

	March 31, 2023						December 31, 2022
	Weighted-average						Weighted- average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)	Term (years)	Carrying value		Estimated fair value		Interest rate (%)	Term (years)	Carrying value		Estimated fair value
Credit facilities	N/A	4	$	—	—		N/A	5	$	—	$	—
Commercial paper	5.7	<1	180		180		5.1	<1	249		249
Medium Term Notes:
Series 4 (C$150)	5.8	14	111		115		5.8	14	111		114
Series 9 (C$400)	3.8	2	296		289		3.8	2	295		286
Series 10 (C$500)	3.6	4	370		355		3.6	4	369		350
Series 11 (C$475)	4.3	6	351		343		4.3	6	351		338
Series 12 (C$475)	3.4	7	351		323		3.4	7	351		316
Series 13 (C$300)	4.3	27	222		188		4.3	27	221		184
Series 14 (C$425)	3.3	27	314		223		3.3	28	314		218
Series 15 (C$400)(1)	5.9	10	296		314		5.9	10	295		307
Series 16 (C$400)	5.3	11	296		298		—	—	—		—
	4.3	11	2,607		2,448		4.1	11	2,307		2,113
Total corporate borrowings			2,787		$	2,628			2,556		$	2,362
Add: Unamortized premiums(2)			2						2
Less: Unamortized financing fees(2)			(10)						(10)
Less: Current portion			(180)						(249)
			$	2,599					$	2,299

(1)Includes 7 million (2022: $7 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions for more details.

(2)Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.

Credit facilities and commercial paper

Brookfield Renewable had $180 million commercial paper outstanding as at March 31, 2023 (2022: $249 million).

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 debt service reserve accounts. See Note 19 – Commitments, contingencies and guarantees for letters of credit issued by subsidiaries.

The following table summarizes the available portion of corporate credit facilities:

(MILLIONS)	March 31, 2023		December 31, 2022
Authorized corporate credit facilities and related party credit facilities(1)	$	2,375	$	2,375
Authorized letter of credit facility	500		500
Issued letters of credit	(349)		(344)
Available portion of corporate credit facilities(3)	$	2,526	$	2,531

(1)Amounts are guaranteed by Brookfield Renewable.

Medium term notes

Corporate borrowings are obligations of a finance subsidiary of Brookfield Renewable, Brookfield Renewable Partners ULC (“Canadian Finco”) (Note 21 – Subsidiary public issuers). Canadian Finco may redeem some or all of the borrowings from time to time, pursuant to the terms of the indenture. The balance is payable upon maturity, and interest on corporate

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 20

borrowings is paid semi-annually. The term notes payable by Canadian Finco are unconditionally guaranteed by Brookfield Renewable, Brookfield Renewable Energy L.P. (“BRELP”) and certain other subsidiaries.

During the first quarter of 2023, Brookfield Renewable issued C$400 million of Series 16 medium-term notes. The medium-term notes have a fixed interest rate of 5.29% and a maturity date of October 28, 2033. The Series 16 medium-term notes are corporate-level green bonds.

Non-recourse borrowings

Non-recourse borrowings are typically asset-specific, long-term, non-recourse borrowings denominated in the domestic currency of the subsidiary. Non-recourse borrowings in North America and Europe consist of both fixed and floating interest rate debt indexed to the Secured Overnight Financing Rate (“SOFR”), the Sterling Overnight Index Average (“SONIA”), the London Interbank Offered Rate (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”) and the Canadian Dollar Offered Rate (“CDOR”). Brookfield Renewable uses interest rate swap agreements in North America and Europe to minimize its exposure to floating interest rates. Non-recourse borrowings in Brazil consist of floating interest rates of Taxa de Juros de Longo Prazo (“TJLP”), the Brazil National Bank for Economic Development’s long-term interest rate, or Interbank Deposit Certificate rate (“CDI”), plus a margin. Non-recourse borrowings in Colombia consist of both fixed and floating interest rates indexed to Indicador Bancario de Referencia rate (IBR), the Banco Central de Colombia short-term interest rate, and Colombian Consumer Price Index (IPC), Colombia inflation rate, plus a margin. Non-Recourse borrowings in India consist of both fixed and floating interest indexed to Prime lending rate of lender (“MCLR”). Non-recourse borrowings in China consist of floating interest rates of People's Bank of China (“PBOC”).

Effective January 1, 2022, SONIA replaced £ LIBOR, and Euro Short-term Rate (“€STR”) replaced € LIBOR. It is also currently expected that SOFR will replace US$ LIBOR prior to June 30, 2023 and the Canadian Overnight Repo Rate Average (“CORRA”) is expected to replace CDOR after June 28, 2024.

As at March 31, 2023, Brookfield Renewable’s floating rate borrowings have not been materially impacted by SONIA and €STR reforms. Brookfield Renewable has a transition plan for the replacement of US$ LIBOR with the Secured Overnight Financing Rate (“SOFR”) benchmark on June 30, 2023. This plan involves certain amendments to the contractual terms of US$ LIBOR referenced floating rate borrowings, interest rate swaps, interest rate caps and updates to hedge designations. Our transition plan is materially complete. These amendments are not expected to have a material impact.

The composition of non-recourse borrowings is presented in the following table:

	March 31, 2023						December 31, 2022
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)	Term (years)(4)	Carrying value		Estimated fair value		Interest rate (%)	Term (years)	Carrying value		Estimated fair value
Non-recourse borrowings(1)(2)
Hydroelectric	7.6	10	$	8,906	$	8,521	7.2	10	$	8,813	$	8,104
Wind	5.6	9	5,184		$	5,133	5.4	8	5,943		5,824
Utility-scale solar	6.0	13	4,699		$	4,628	5.6	13	4,625		4,502
Distributed energy & sustainable  solutions	5.8	6	3,650		3,439		5.1	7	2,940		2,687
Total	6.5	10	$	22,439	$	21,721	6.1	10	$	22,321	$	21,117
Add: Unamortized premiums(3)			101						105
Less: Unamortized financing fees(3)			(131)						(124)
Less: Current portion			(2,211)						(2,027)
			$	20,198					$	20,275

(1)Includes $1,496 million (2022: 1,838 million ) borrowed under a subscription facility of a Brookfield sponsored private fund.

(2)Includes $98 million (2022: $93 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions for more details.

(3)Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.

(4)Excluding credit facilities, total weighted-average term is 11 years.

Brookfield Renewable’s financing and refinancing completed for the three months ended March 31, 2023 are as follows:

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 21

Period Closed	Region	Technology	Average  Interest rate1		Maturity	Carrying Value
Q1 2023	US	Distributed generation	7.03%	Financing	2026	$100 million
Q1 2023	China	Wind	4.4%	Financing	2040	CNY 971 million ($141 million)
Q1 2023	China	Wind	4.6%	Financing	2030	CNY 200 million ($29 million)
Q1 2023	China	Wind	4.6%	Financing	2039	CNY 70 million ($10 million)
Q1 2023	China	Wind	4.4%	Financing	2039	CNY 97 million ($14 million)

(1)Benchmarked financings bear a variable interest at the applicable rate plus a margin.

10. NON-CONTROLLING INTERESTS

Brookfield Renewable`s non-controlling interests are comprised of the following:

(MILLIONS)	March 31, 2023		December 31, 2022
Participating non-controlling interests – in operating subsidiaries	$	15,526	$	14,755
General partnership interest in a holding subsidiary held by Brookfield	58		59
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	2,848		2,892
BEPC exchangeable shares	2,522		2,561
Preferred equity	573		571
Perpetual subordinated notes	592		592
	$	22,119	$	21,430

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
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Participating non-controlling interests – in operating subsidiaries

The net change in participating non-controlling interests – in operating subsidiaries is as follows:

(MILLIONS)	Brookfield Americas Infrastructure Fund		Brookfield Infrastructure Fund II		Brookfield Infrastructure Fund III		Brookfield Infrastructure Fund IV			Brookfield Infrastructure Income Fund		Brookfield Global Transition Fund I		Canadian Hydroelectric Portfolio			The Catalyst Group			Isagen institutional investors			Isagen public non-controlling interests			Other		Total
As at December 31, 2022	$	477	$	2,617	$	3,490	$	2,134		$	481	$	1,461	$	1,148		$	115		$	2,159		$	14		$	659	$	14,755
Net income (loss)	33		44		56		(5)			—		—		8			4			35			—			10		185
Other comprehensive  income(loss)	(30)		37		62		19			4		4		2			—			84			1			(14)		169
Capital contributions	—		—		—		44			—		915		—			—			—			—			35		994
Disposal	(388)		—		—		—			—		—		—			—			—			—			—		(388)
Distributions	(14)		(25)		(40)		(14)			(6)		—		(17)			—			(26)			—			(16)		(158)
Other	27		1		(4)		3			(34)		(48)		—			—			—			(1)			25		(31)
As at March 31, 2023	$	105	$	2,674	$	3,564	$	2,181		$	445	$	2,332	$	1,141		$	119		$	2,252		$	14		$	699	$	15,526
Interests held by third parties	75% - 78%		43% - 60%		23% - 71%		75		%	1.5% -24%		77% - 80%		50		%	25		%	53		%	0.3		%	0.3% - 71%

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
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General partnership interest in a holding subsidiary held by Brookfield, Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield and BEPC Class A exchangeable shares of Brookfield Renewable Corporation held by public shareholders and 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 distributions exceed specified target levels. As at March 31, 2023, to the extent that LP unit distributions exceed $0.20 per LP unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that quarterly 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 $27 million were declared during the three months ended March 31, 2023 (2022: $24 million).

Consolidated equity includes Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest. The Redeemable/Exchangeable partnership units and the GP interest are held 100% by Brookfield and the BEPC exchangeable shares are held 26% by Brookfield with the remainder held by public shareholders. The Redeemable/Exchangeable partnership units and BEPC exchangeable shares provide the holder, at its discretion, with the right to redeem these units or shares, respectively, for cash consideration. Since this redemption right is subject to Brookfield Renewable’s right, at its sole discretion, to satisfy the redemption request with LP units of Brookfield Renewable on a one-for-one basis, the Redeemable/Exchangeable partnership units and BEPC exchangeable shares are classified as equity in accordance with IAS 32, Financial Instruments: Presentation.

The Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest are presented as non-controlling interests since they relate to equity in a subsidiary that is not attributable, directly or indirectly, to Brookfield Renewable. During the three months ended March 31, 2023, exchangeable shareholders of BEPC exchanged 1,742 BEPC exchangeable shares (2022: 3,341 shares during the same period) for an equivalent number of LP units amounting to less than $1 million (2022: less than $1 million). No Redeemable/Exchangeable partnership units have been redeemed.

The Redeemable/Exchangeable partnership units issued by BRELP and the BEPC exchangeable shares issued by BEPC have the same economic attributes in all respects to the LP units issued by Brookfield Renewable, except for the redemption rights described above. The Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest, excluding incentive distributions, participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the LP units of Brookfield Renewable.

As at March 31, 2023, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and units of GP interest outstanding were 194,487,939 units (December 31, 2022: 194,487,939 units), 172,228,249 shares (December 31, 2022: 172,218,098 shares), and 3,977,260 units (December 31, 2022: 3,977,260 units), respectively.

In December 2022, 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 13,764,352 LP units and 8,610,905 BEPC exchangeable shares, representing 5% of its issued and outstanding LP units and BEPC exchangeable shares. The bids will expire on December 15, 2023, 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, 2023 and 2022 .

Distributions

The composition of the distributions for the three months ended March 31 is presented in the following table:

	Three months ended March 31
(MILLIONS)	2023		2022
General partnership interest in a holding subsidiary held by Brookfield	$	1	$	1
Incentive distribution	27		24
	28		25
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	67		63
BEPC exchangeable shares held by
Brookfield	16		15
External shareholders	42		40
Total BEPC exchangeable shares	58		55
	$	153	$	143

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 24

Preferred equity

Brookfield Renewable's preferred equity consists of Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. ("BRP Equity") as follows:

(MILLIONS EXCEPT AS NOTED)	Shares outstanding	Cumulative distribution rate (%)	Earliest permitted redemption date	Distributions declared for the three months ended March 31				Carrying value as at
				2023		2022		March 31, 2023		December 31, 2022
Series 1 (C$136)	6.85	3.1	April 2025	$	1	$	1	$	126	$	126
Series 2 (C$113)(1)	3.11	6.9	April 2025	1		1		57		57
Series 3 (C$249)	9.96	4.4	July 2024	2		2		183		183
Series 5 (C$103)	4.11	5.0	April 2018	1		1		76		76
Series 6 (C$175)	7.00	5.0	July 2018	2		2		131		129
	31.03			$	7	$	7	$	573	$	571

(1)Dividend rate represents annualized distribution based on the most recent quarterly floating rate.

Distributions paid during the three months ended March 31, 2023, totaled $7 million (2022: $7 million).

The Class A Preference Shares do not have a fixed maturity date and are not redeemable at the option of the holders. As at March 31, 2023, none of the issued Class A, Series 5 and 6 Preference Shares have been redeemed by BRP Equity.

In December 2022, 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 December 15, 2023, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, BRP Equity 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 the three months ended March 31, 2023 and 2022.

Perpetual subordinated notes

In April 2021 and December 2021, Brookfield BRP Holdings (Canada) Inc., a wholly-owned subsidiary of Brookfield Renewable, issued $350 million and $260 million, respectively, of perpetual subordinated notes at a fixed rate of 4.625% and 4.875%, respectively.

The interest expense on the perpetual subordinated notes during the three months ended March 31, 2023 of $7 million (2022: $7 million) are presented as distributions in the consolidated statements of changes in equity. The carrying value of the perpetual subordinated notes, net of transaction cost, is $592 million as at March 31, 2023 (December 31, 2022: $592 million).

Distributions paid during the three months ended March 31, 2023, totaled $7 million (2022: $4 million).

11. PREFERRED LIMITED PARTNERS' EQUITY

Brookfield Renewable’s preferred limited partners’ equity comprises of Class A Preferred units as follows:

(MILLIONS, EXCEPT AS NOTED)	Shares outstanding	Cumulative distribution rate (%)	Earliest permitted redemption date	Distributions declared for the three months ended March 31				Carrying value as at
				2023		2022		March 31, 2023		December 31, 2022
Series 7 (C$175)	7.00	5.50	January 2026	2		2		128		128
Series 11 (C$250)(1)	—	5.00	April 2022	—		2		—		—
Series 13 (C$250)	10.00	5.00	April 2028	2		2		196		196
Series 15 (C$175)	7.00	5.75	April 2024	2		2		126		126
Series 17 ($200)	8.00	5.25	March 2025	2		3		195		195
Series 18 (C$150)	6.00	5.50	April 2027	2		—		115		115
	38.00			$	10	$	11	$	760	$	760

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
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(1)In the second quarter of 2022, Brookfield Renewable redeemed all of the outstanding units of Series 11 Preferred Limited Partnership units.

Distributions paid during the three months ended March 31, 2023, totaled $10 million (2022: $11 million).

Subsequent to the quarter, Brookfield Renewable declared the fixed quarterly distributions on the Class A Preferred Limited Partnership Series 13 Units during the five years commencing May 1, 2023 will be paid at an annual rate of 6.05%.

Class A Preferred LP Units - Normal Course Issuer Bid

In December 2022, the Toronto Stock Exchange accepted notice of Brookfield Renewable's intention to renew the normal course issuer bid in connection with the outstanding Class A Preferred Limited Partnership Units for another year to December 15, 2023, 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 Class A Preferred Limited Partnership Units. Unitholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. No shares were repurchased during the three months ended March 31, 2023 and 2022.

12. LIMITED PARTNERS' EQUITY

Limited partners’ equity

As at March 31, 2023, 275,432,611 LP units were outstanding (December 31, 2022: 275,358,750 LP units) including 68,749,416 LP units (December 31, 2022: 68,749,416 LP units) held by Brookfield. Brookfield owns all general partnership interests in Brookfield Renewable representing a 0.01% interest.

During the three months ended March 31, 2023, 72,119 LP units (2022: 68,865 LP units, respectively) were issued under the distribution reinvestment plan at a total cost of $2 million (2022: $3 million).

During the three months ended March 31, 2023, exchangeable shareholders of BEPC exchanged 1,742 exchangeable shares (2022: 3,341 exchangeable shares) for an equivalent number of LP units amounting to less than $1 million (2022: less than $1 million).

As at March 31, 2023, Brookfield Corporation’s direct and indirect interest of 308,051,190 LP units, Redeemable/Exchangeable partnership units and BEPC exchangeable shares represents approximately 48% of Brookfield Renewable on a fully-exchanged basis and the remaining approximate 52% is held by public investors.

On an unexchanged basis, Brookfield Corporation holds a 25% direct limited partnership interest in Brookfield Renewable, a 41% direct interest in BRELP through the ownership of Redeemable/Exchangeable partnership units, a 1% direct GP interest in BRELP and a 26% direct interest in the exchangeable shares of BEPC as at March 31, 2023.

In December 2022, Brookfield Renewable renewed its normal course issuer bid in connection with its LP units and outstanding BEPC exchangeable shares. Brookfield Renewable is authorized to repurchase up to 13,764,352 LP units and 8,610,905 BEPC exchangeable shares, representing 5% of each of its issued and outstanding LP units and BEPC exchangeable shares. The bids will expire on December 15, 2023, 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, 2023 and 2022.

Distributions

The composition of distributions for the three months ended March 31 are presented in the following table:

	Three months ended March 31
(MILLIONS)	2023		2022
Brookfield	$	24	$	23
External LP unitholders	73		68
	$	97	$	91

In February 2023, Unitholder distributions were increased to $1.35 per LP unit on an annualized basis, an increase of $0.07 per LP unit, which took effect with the distribution paid in March 2023.

Distributions paid during the three months ended March 31, 2023 totaled $91 million (2022: $89 million).

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 26

13. GOODWILL

The following table provides a reconciliation of goodwill:

(MILLIONS)	Total
Balance, as at December 31, 2022	1,526
Foreign exchange and other	33
Balance, as at March 31, 2023	$	1,559

14. EQUITY-ACCOUNTED INVESTMENTS

The following are Brookfield Renewable’s equity-accounted investments for the three months ended March 31, 2023:

(MILLIONS)	March 31, 2023
Balance, beginning of year	$	1,392
Investment	198
Share of net income	33
Share of other comprehensive income	3
Dividends received	(19)
Foreign exchange translation and other	(4)
Balance as at March 31, 2023	$	1,603

On March 17, 2023, Brookfield Renewable’s institutional partners completed the sale of a 78% interest in a 378 MW operating hydroelectric portfolio in the U.S., of which 28% was sold to affiliates of Brookfield Corporation. Brookfield Renewable retained its 22% interest in the investment and accordingly, did not receive any proceeds from the sale. Subsequent to the completion of the sale, Brookfield Renewable no longer consolidates this investment and recognized $105 million as an equity-accounted investment for its interest.

During the quarter, Brookfield Renewable, together with institutional partners, acquired an approximately 4% equity interest in a sustainable agricultural solutions company in India for INR 7 billion ($86 million) (approximately INR 1.4 billion ($17 million) net to Brookfield Renewable).

15. CASH AND CASH EQUIVALENTS

Brookfield Renewable’s cash and cash equivalents are as follows:

(MILLIONS)	March 31, 2023		December 31, 2022
Cash	$	802	$	728
Cash subject to restriction	235		268
Short-term deposits	103		2
	$	1,140	$	998

16. RESTRICTED CASH

Brookfield Renewable’s restricted cash is as follows:

(MILLIONS)	March 31, 2023		December 31, 2022
Operations	$	104	$	93
Credit obligations	50		56
Capital expenditures and development projects	24		42
Total	178		191
Less: non-current	(54)		(52)
Current	$	124	$	139

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 27

17. TRADE RECEIVABLES AND OTHER CURRENT ASSETS

Brookfield Renewable's trade receivables and other current assets are as follows:

(MILLIONS)	March 31, 2023		December 31, 2022
Trade receivables	$	697	$	672
Collateral deposits(1)	289		609
Short-term deposits and advances	160		113
Prepaids and other	101		86
Sales taxes receivable	76		73
Income tax receivable	63		74
Current portion of contract asset	57		54
Inventory	46		42
Other short-term receivables	135		137
	$	1,624	$	1,860

(1)Collateral deposits are related to energy derivative contracts that Brookfield Renewable enters into in order to mitigate the exposure to wholesale market electricity prices on the future sale of uncontracted generation, as part of Brookfield Renewable's risk management strategy.

Brookfield Renewable primarily receives monthly payments for invoiced power purchase agreement revenues and has no significant aged receivables as of the reporting date. Receivables from contracts with customers are reflected in Trade receivables.

18. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Brookfield Renewable's accounts payable and accrued liabilities are as follows:

(MILLIONS)	March 31, 2023		December 31, 2022
Operating accrued liabilities	$	404	$	440
Accounts payable	231		276
Interest payable on borrowings	200		153
Income tax payable	85		78
LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable , perpetual subordinate notes distributions and exchange shares dividends(1)	55		53
Current portion of lease liabilities	34		33
Current portion of contract liability	27		24
Other	53		29
	$	1,089	$	1,086

(1)Includes amounts payable only to external LP unitholders and BEPC exchangeable shareholders. Amounts payable to Brookfield are included in due to related parties.

19. COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments

In the course of its operations, Brookfield Renewable and its subsidiaries have entered into agreements for the use of water, land and dams. Payment under those agreements varies with the amount of power generated. The various agreements can be renewed and are extendable up to 2089.

In the normal course of business, Brookfield Renewable will enter into capital expenditure commitments which primarily relate to contracted project costs for various growth initiatives. As at March 31, 2023, Brookfield Renewable had $967 million (2022: $1,126 million) of capital expenditure commitments outstanding of which $790 million is payable in 2023, $163 million is payable in 2024, $7 million is payable in 2025 to 2027, and $7 million thereafter.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
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The following table lists the assets and portfolio of assets that Brookfield Renewable, together with institutional partners have agreed to acquire which are subject to customary closing conditions as at March 31, 2023:

Region	Technology	Capacity	Consideration	Brookfield Renewable Economic Interest		Expected Close
China	Wind	102 MW development	CNY 255 million ($38 million)	20	%	Q4 2023
U.S.	Nuclear Services	N/A	$4.5 billion	approximately $450 million		Second half of 2023
U.S.	Utility-scale solar	473 MW operating	$135 million	20	%	First of three projects in Q4 2023
China	Wind	350 MW development	CNY 853 million ($125 million)	20	%	First of two projects in Q4 2023
Europe	Utility-scale solar	649 MW operating 531 MW development	$900 million	17	%	Second half of 2023
Australia	Integrated power generator and energy retailer	7 GW of operating and contracted assets with 4.5 million customer accounts	A$8.91 per share, implying an enterprise value of A$18.7 billion for entire Origin	Up to $750 million		Q1 2024
U.S	Distributed energy & sustainable solutions	220 MW development	$14 million	20	%	Q3 2023

An integral part of Brookfield Renewable’s strategy is to participate with institutional partners in Brookfield-sponsored private equity funds that target acquisitions that suit Brookfield Renewable’s profile. In the normal course of business, Brookfield Renewable has made commitments to Brookfield-sponsored private equity funds to participate in these target acquisitions in the future, if and when identified. From time to time, in order to facilitate investment activities in a timely and efficient manner, Brookfield Renewable will fund deposits or incur other costs and expenses (including by use of loan facilities to consummate, support, guarantee or issue letters of credit) in respect of an investment that ultimately will be shared with or made entirely by Brookfield sponsored vehicles, consortiums and/or partnerships (including private funds, joint ventures and similar arrangements), Brookfield Renewable, or by co-investors.

Contingencies

Brookfield Renewable and its subsidiaries are subject to various legal proceedings, arbitrations and actions arising in the normal course of business. While the final outcome of such legal proceedings and actions cannot be predicted with certainty, it is the opinion of management that the resolution of such proceedings and actions will not have a material impact on Brookfield Renewable’s consolidated financial position or results of operations.

Brookfield Renewable, on behalf of Brookfield Renewable’s subsidiaries, and the subsidiaries themselves have provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance. The activity on the issued letters of credit by Brookfield Renewable can be found in Note 9 – Borrowings.

Brookfield Renewable, along with institutional partners, has provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance as it relates to interests in the Brookfield Americas Infrastructure Fund, the Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV, Brookfield Infrastructure Fund V, Brookfield Infrastructure Income Fund, Brookfield Global Transition Fund I and Brookfield Global Transition Fund II. Brookfield Renewable’s subsidiaries have similarly provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 29

Letters of credit issued by Brookfield Renewable along with institutional partners and its subsidiaries were as at the following dates:

(MILLIONS)	March 31, 2023		December 31, 2022
Brookfield Renewable along with institutional partners	$	100	$	99
Brookfield Renewable's subsidiaries	1,488		1,510
	$	1,588	$	1,609

Guarantees

In the normal course of operations, Brookfield Renewable and its subsidiaries execute agreements that provide for indemnification and guarantees to third-parties of transactions such as business dispositions, capital project purchases, business acquisitions, power marketing activities such as purchase and sale agreements, swap agreements, credit facilities of certain Brookfield private funds and that are also secured by committed capital of our third-party institutional partners, and sales and purchases of assets and services. Brookfield Renewable has also agreed to indemnify its directors and certain of its officers and employees. The nature of substantially all of the indemnification undertakings prevents Brookfield Renewable from making a reasonable estimate of the maximum potential amount that Brookfield Renewable could be required to pay third parties as the agreements do not always specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, neither Brookfield Renewable nor its subsidiaries have made material payments under such indemnification agreements.

20. RELATED PARTY TRANSACTIONS

Brookfield Renewable’s related party transactions are recorded at the exchange amount. Brookfield Renewable`s related party transactions are primarily with Brookfield and Brookfield Reinsurance Ltd (“Brookfield Reinsurance”).

Brookfield Corporation has provided a $400 million committed unsecured revolving credit facility maturing in December 2023 and the draws bear interest at Secured Overnight Financing Rate plus a margin. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield Corporation. Brookfield Corporation may from time to time place funds on deposit with Brookfield Renewable which are repayable on demand including any interest accrued. There were nil funds placed on deposit with Brookfield Renewable as at March 31, 2023 (December 31, 2022: nil). The interest expense on the Brookfield Corporation revolving credit facility and deposit for the three months ended March 31, 2023 totaled nil (2022: less than $1 million).

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

	Three months ended March 31
(MILLIONS)	2023		2022
Revenues
Power purchase and revenue agreements	$	44	$	13
Direct operating costs
Energy marketing fee & other services	(1)		(3)
	$	(1)	$	(3)
Interest expense
Borrowings	$	(5)	$	—
Contract balance accretion	$	(8)	$	(6)
	$	(13)	$	(6)
Other
Distribution income	$	1	$	—
Other related party cost	$	—	$	(1)
Management service costs	$	(57)	$	(76)

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 30

The following table reflects the impact of the related party agreements and transactions on the consolidated statements of financial position:

(MILLIONS)	Related party	March 31, 2023		December 31, 2022
Current assets
Trade receivables and other current assets
Contract asset	Brookfield	$	57	$	54
Due from related parties
Amounts due from	Brookfield	197		105
	Equity-accounted investments and other	22		18
		219		123
Non-current assets
Other long-term assets
Contract asset	Brookfield	333		341
Amounts due from	Equity-accounted investments and other	132		128
Current liabilities
Contract liability	Brookfield	27		24
Financial instrument liabilities	Brookfield Reinsurance	3		3
Due to related parties
Amounts due to	Brookfield	160		166
	Equity-accounted investments and other	158		62
	Brookfield Reinsurance	328		321
Non-recourse borrowings	Brookfield	44		18
Accrued distributions payable on LP units, BEPC exchangeable shares, Redeemable/Exchangeable partnership units and GP interest	Brookfield	37		38
		727		605
Non-current liabilities
Financial instrument liabilities	Brookfield Reinsurance	3		3
Corporate borrowings	Brookfield Reinsurance	7		7
Non-recourse borrowings	Brookfield Reinsurance and associates	98		93
Other long-term liabilities
Amounts due to	Equity-accounted investments, Brookfield Reinsurance and associates and other	1		1
Contract liability	Brookfield	666		662
		$	667	$	663
Equity
Preferred limited partners equity	Brookfield Reinsurance and associates	$	12	$	12

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 31

21. SUBSIDIARY PUBLIC ISSUERS

The following tables provide consolidated summary financial information for Brookfield Renewable, BRP Equity, and Canadian Finco:

(MILLIONS)	Brookfield Renewable(1)		BRP Equity		Canadian Finco		Subsidiary Credit Supporters(2)		Other Subsidiaries(1)(3)		Consolidating adjustments(4)		Brookfield Renewable consolidated
As at March 31, 2023
Current assets	$	65	$	392	$	2,645	$	1,120	$	3,492	$	(4,206)	$	3,508
Long-term assets	4,797		241		3		43,616		61,214		(48,582)		61,289
Current liabilities	64		7		36		8,250		4,396		(7,926)		4,827
Long-term liabilities	—		—		2,599		16		30,443		—		33,058
Participating non-controlling interests – in operating subsidiaries	—		—		—		—		15,526		—		15,526
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	—		—		—		2,848		—		—		2,848
BEPC exchangeable shares	—		—		—		—		2,522		—		2,522
Preferred equity	—		573		—		—		—		—		573
Perpetual subordinated notes	—		—		—		592		—		—		592
Preferred limited partners' equity	761		—		—		765		—		(766)		760
As at December 31, 2022
Current assets	$	61	$	391	$	2,336	$	834	$	4,172	$	(3,611)	$	4,183
Long-term assets	4,860		241		3		33,830		59,860		(38,866)		59,928
Current liabilities	60		7		30		7,877		4,455		(7,486)		4,943
Long-term liabilities	—		—		2,299		16		30,567		—		32,882
Participating non-controlling interests – in operating subsidiaries	—		—		—		—		14,755		—		14,755
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	—		—		—		2,892		—		—		2,892
BEPC exchangeable shares	—		—		—		—		2,561		—		2,561
Preferred equity	—		571		—		—		—		—		571
Perpetual subordinated notes	—		—		—		592		—		—		592
Preferred limited partners' equity	761		—		—		765		—		(766)		760

(1)Includes investments in subsidiaries under the equity method.

(2)Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc., collectively the "Subsidiary Credit Supporters".

(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco and the Subsidiary Credit Supporters.

(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 32

(MILLIONS)	Brookfield Renewable(1)		BRP Equity		Canadian Finco		Subsidiary Credit Supporters(2)		Other Subsidiaries(1)(3)		Consolidating adjustments(4)		Brookfield Renewable consolidated
Three months ended March 31, 2023
Revenues	$	—	$	—	$	—	$	—	$	1,331	$	—	$	1,331
Net income (loss)	(16)		—		1		(186)		353		25		177
Three months ended March 31, 2022
Revenues	$	—	$	—	$	—	$	—	$	1,136	$	—	$	1,136
Net income (loss)	(33)		—		(3)		(283)		175		177		33

(1)Includes investments in subsidiaries under the equity method.

(2)Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc., collectively the "Subsidiary Credit Supporters".

(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco, and the Subsidiary Credit Supporters.

(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.

See Note 9 – Borrowings for additional details regarding the medium-term borrowings issued by Canadian Finco. See Note 10 – Non-controlling interests for additional details regarding Class A Preference Shares issued by BRP Equity.

22. SUBSEQUENT EVENTS

Subsequent to the quarter, Brookfield Renewable declared the fixed quarterly distributions on the Class A Preferred Limited Partnership Series 13 Units during the five years commencing May 1, 2023 will be paid at an annual rate of 6.05%.

Subsequent to the quarter, Brookfield Renewable, together with institutional investors, agreed to invest up to $360 million ($72 million net to Brookfield Renewable) to acquire a 55% stake in a leading C&I renewable platform based in India with 4,500 megawatts of operating and development pipeline. The transaction is subject to customary closing conditions and is expected to close in the second half of 2023.

Brookfield Renewable Partners L.P.	Q1 2023 Interim Consolidated Financial Statements and Notes	March 31, 2023
		Page 33

GENERALINFORMATION

Corporate Office 73 Front Street Fifth Floor Hamilton, HM12 Bermuda Tel:  (441) 294-3304 https://bep.brookfield.com Officers of Brookfield Renewable Partners L.P.'s Service Provider, Brookfield Canada Renewable Manager LP. Connor Teskey Chief Executive Officer Wyatt Hartley Chief Financial Officer Transfer Agent & Registrar Computershare Trust Company of Canada 100 University Avenue 9th floor Toronto, Ontario, M5J 2Y1 Tel  Toll Free: (800) 564-6253 Fax Toll Free: (888) 453-0330 www.computershare.com

Directors of the General Partner of Brookfield Renewable Partners L.P. Jeffrey Blidner Scott Cutler Nancy Dorn David Mann Lou Maroun Stephen Westwell Patricia Zuccotti Dr. Sarah Deasley Exchange Listing NYSE: BEP (LP units) TSX:    BEP.UN (LP units) NYSE: BEPC (exchangeable shares) TSX: BEPC (exchangeable shares) TSX:    BEP.PR.G (Preferred LP Units - Series 7) TSX:    BEP.PR.M (Preferred LP Units - Series 13) TSX: BEP.PR.O (Preferred LP Units - Series 15) NYSE: BEP.PR.A (Preferred LP Units - Series 17) TSX: BEP.PR.R (Preferred LP Units - Series 18) TSX:    BRF.PR.A (Preferred shares - Series 1) TSX:    BRF.PR.B (Preferred shares - Series 2) TSX:    BRF.PR.C (Preferred shares - Series 3) TSX:    BRF.PR.E (Preferred shares - Series 5) TSX:    BRF.PR.F (Preferred shares - Series 6) NYSE: BEPH (Perpetual subordinated notes) NYSE: BEPI (Perpetual subordinated notes) Investor Information Visit Brookfield Renewable online at https://bep.brookfield.com for more information. The 2022 Annual Report and Form 20-F are also available online. For detailed and up-to-date news and information, please visit the News Release section. Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR at www.sedar.com. Shareholder enquiries should be directed to the Investor Relations Department at (416) 649-8172 or enquiries@brookfieldrenewable.com