BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT AND CREDIT FACILITIES [Abstract]

The composition of non-recourse borrowings as at December 31 is presented in the following table:


	December 31, 2022						December 31, 2021
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Weighted-average interest rate (%)	Term (years)(3)	Carrying value		Estimated fair value		Weighted-average interest rate (%)	Term (years)	Carrying value		Estimated fair value
Non-recourse borrowings(1)
Hydroelectric (2)	8.2	7	$	6,612	$	5,945	5.1	7	$	6,160	$	6,543
Wind	5.2	8	2,331		2,230		3.7	9	2,416		2,577
Utility-scale solar	5.5	13	4,041		3,926		4.1	13	4,110		4,365
Distributed energy & sustainable solutions	3.0	11	796		746		3.9	12	860		912
Total	6.6	9	$	13,780	$	12,847	4.5	9	13,546		$	14,397
Add: Unamortized premiums and discounts(4)			17						57
Less: Unamortized financing fees(4)			(82)						(91)
Less: Current portion			(1,299)						(1,452)
			$	12,416					$	12,060

(1)Includes $1 million (2021: $8 million) borrowed under a subscription facility of a Brookfield sponsored private fund.

(2)Includes $15 million (2021: nil) outstanding to an associate of Brookfield. Refer to Note 28 - Related party transactions for more details.

(3)Excluding non-permanent financings, total weighted-average term is 9 years.

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

Summary of future repayments of debt obligations, for each of the next five years

Future repayments of the company’s non-recourse borrowings for each of the next five years and thereafter are as follows:


(MILLIONS)	2023		2024		2025		2026		2027		Thereafter		Total
Non-recourse borrowings
Hydroelectric	$	734	$	671	$	509	$	778	$	477	$	3,443	$	6,612
Wind	197		243		149		153		143		1,446		2,331
Utility-scale solar	302		203		209		221		213		2,893		4,041
Distributed energy & sustainable solutions	66		43		39		38		33		577		796
	$	1,299	$	1,160	$	906	$	1,190	$	866	$	8,359	$	13,780

Summary of change in the unamortized financing fees of corporate borrowings

The following table outlines the change in the unamortized financing fees of non-recourse borrowings for the year ended December 31:


(MILLIONS)	2022		2021
Non-recourse borrowings
Unamortized financing fees and discounts, beginning of year	$	(91)	$	(93)
Additional financing fees and discounts	(19)		(14)
Amortization of financing and discounts fees	14		13
Foreign exchange translation and other	14		3
Unamortized financing fees and discounts, end of year	$	(82)	$	(91)

Summary of borrowings

The following table outlines changes in the company's borrowings for the year ended December 31:


(MILLIONS)	January 1		Net cash flows from financing activities(1)	Non-cash
				Transfer to Held for sale	Disposal	Other(2)	December 31
2022
Non-recourse borrowings	$	13,512	926	(171)	—	(552)	$	13,715
2021
Non-recourse borrowings	$	12,822	1,462	—	(362)	(410)	$	13,512

(1)Excludes $(20) million (2021: $51 million) of net cash flow from financing activities related to tax equity recorded on the consolidated statements of cash flows.

(2)Includes foreign exchange and amortization of unamortized premium and financing fees.