February 4, 2024 | 17:29 ET~

Brookfield Renewable Partners

BEP-NYSE Rating Price: Feb-2 Target Total Rtn Energy Infrastructure

BEP.UN-TSX Outperform $25.41 $28.00 16%
Ben Pham, CFA Analyst
ben.pham@bmo.com (416) 359-4061
James Fracas, CFA VP Associate
Q4 - Results in Line and ~5% Distribution Increase; James.Fracas@bmo.com (416) 359-5681

Maintain Outperform Rating Legal Entity: BMO Nesbitt Burns Inc.

2YR Price Volume Chart

Bottom Line: 45

Despite challenging resource conditions, BEP still delivered in-line FFO/sh for Q4/23. BEP 40

also continues to buck the trend in the out-of-favor renewables sector with growing 35

cash flows, strong liquidity position (US$4.1B), and robust growth opportunities. As 30 3

25 2
such, we expect its premium valuation to persist (~70%), supporting our Outperform
20 1
rating and US$28 target. That said, we continue to highlight better relative value in our
15 0
Top Pick NPI (OP rated) in our broader coverage. Aug Feb Aug Feb
LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Key Points Company Data in $

Dividend $1.42 Shares O/S (mm) 666.6
Q4/23 in-line. BEP reported FFO/sh of US$0.35 (Q4/22 of US$0.35), below tempered
consensus of US$0.38 and above our US$0.35. Likewise, proportionate EBITDA (after Yield 5.6% Market Cap (mm) $16,938
fees) of US$480M (US$417M in Q4/22) came above our US$457M. Production was P/BV 1.9x Net Debt (mm) $28,618
below-average as expected (~83% of LTA; see Ex. 1), but gains on asset sales not BMO Estimates in $
previously reflected in our model more than offset. For full-year, FFO/sh growth
(FY-Dec.) 2023A 2024E 2025E 2026E
was ~7%, below guidance of 10%+ due to delayed txn closings. The distribution was
CFPS $1.67 $1.89↓ $2.06↓ $2.13
increased ~5% vs. our 5% expectation and implies ~5.6% yield.
DCF/Sh $1.62 $1.50↓ $1.67↓ $1.74
Thoughts on the guidance. BEP believes it can still deliver 10% plus FFO/sh in 2024
and beyond, noting on the call that the recent stabilization of interest rates should lead Dividends $1.35 $1.42 $1.49 $1.57
to increased transaction activity for both new investments (broad spectrum including EBITDA (mm) $1,977 $2,174↓ $2,288↓ $2,340
corporate M&A) and asset monetizations (mainly in N.A. and Europe). Zooming out to Consensus Estimates
the bigger picture, the organic growth pipeline is still ~24GW expected to generate ~US
2023A 2024E 2025E 2026E
$300M of FFO and development pipeline is now ~155GW (vs. ~143GW or +8%).
CFPS $2.55 $3.15
Thoughts on the stock. BEP shares have recovered significantly from its recent lows
Valuation
of ~US$20/sh on Oct. 3, 2023, moving up 25% and outpeforming its Cdn. renewable
2023A 2024E 2025E 2026E
peers. Just as lower interest rate expectations have propelled BEP shares higher over
that timeframe, rising long bond yields on Friday put pressure on BEP units (-3% vs. EV/EBITDA 19.1x 17.1x 17.5x 17.9x
renewable names down 1-4%) overshadowing the decent results and robust growth DCF Yield 6.4% 5.9% 6.6% 6.8%
outlook. We remain Outperform on BEP given its scale, diverse footprint, premium QTR. CFPS Q1 Q2 Q3 Q4
hydro assets, and BAM sponsorship, but we continue to see better value in OP-rated
2022A $0.38 $0.46 $0.38 $0.35
Northland Power (NPI-TSX, $24.95).
2023A $0.43 $0.48 $0.38 $0.38
Lowering estimates. We updated our estimates to reflect Q4/23 results, the failed
2024E $0.47 $0.54 $0.41 $0.47
Origin deal, and updated growth backlog. Our FFO/sh estimates are US$1.89 (vs. US
$1.91) in 2024, US$2.06 (vs. US$2.08) in 2025, and US$2.13 (vs. US$2.14) in 2026. Notes : All figures in USD

Key Changes
Estimates 2024E 2025E
CFPS $1.89 $2.06
Previous $1.91 $2.08
Our Thesis
DCF/Sh $1.50 $1.67
We continue to view BEP units as a core holding for
Previous $1.51 $1.68
investors seeking exposure to the long-term renewable
power growth cycle. Asset quality is strong, and growth
This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not
is above historical norms. Accordingly, our rating is
registered as a research analyst(s) under FINRA rules.
For disclosure statements, including the Analyst Certification, please refer to page(s) 11 to 15. Outperform.
Brookfield Renewable Partners - Block Summary Model

Income Statement 2022A 2023A 2024E 2025E 2026E

Net Income (166) (90) (25) (48) (68)
EBITDA 1,759 1,977 2,174 2,288 2,340 Valuation
Cash Flow Statement 2022A 2023A 2024E 2025E 2026E Our target price is based on the average of applying an
Operating Cash Flow 1,005 1,095 1,259 1,373 1,420 EV/EBITDA multiple of 18x to our 2025 estimate (reflecting
the premium hydro assets and strong management track
Distributable Cash Flow 969 1,063 995 1,108 1,155 record) and a DCF.
CapEx (ex. Acquisitions) (2,918) (2,809) (6,693) (7,708) (5,189)
Upside Scenario $34.00
Balance Sheet 2022A 2023A 2024E 2025E 2026E
Our upside scenario price of US$34 assumes that
Debt (S-T) 1,278 (968) (242) (794) (1,561) management is able to deliver distribution growth in
Debt (L-T) 12,584 14,187 18,469 21,869 24,388 excess of guidance of 5-9% on further acquisitions/new
development. This scenario price is based on 20x our 2025
Preferred shares 1,923 1,935 2,028 2,028 2,172 EBITDA forecast.
Minority Interest 14,755 18,863 19,556 20,073 19,391
Downside Scenario $18.50
Shareholders' Equity 9,608 9,181 8,216 7,114 5,886
Our downside scenario price of US$18.50 assumes that
Source: BMO Capital Markets, Company Reports management will deliver below the lower end of guidance
(5%). This scenario price is based on 15.5x our 2025 EBITDA
forecast.
in USD

-27% +10% +34%

Downside Current Target Upside

Scenario Price Price Scenario
18.50 25.41 28.00 34.00

Key Catalysts
1) Achieving 10%-plus FFO/share long-term guidance to
support distribution growth (5-9% target); 2) additional
project announcements; and 3) further potential
acquisitions.

Company Description
Brookfield Renewable Partners operates one of the largest
renewable power platforms globally, with generating
assets in North America, South America, Europe, and Asia.
Its portfolio consists of ~33GW of installed capacity and
includes a ~155GW renewable power development pipeline.

BEP-NYSE Glossary Company

Research Models

Brookfield Renewable Partners | Page 2 February 4, 2024

Exhibit 1: Q4/23 Results vs. BMOCM Estimates
BMOCM % Y/Y Chg.
Q4/23A Q4/23E Variance Q4/22A % BMOCM Notes
Hydro
North America $121 $151 -20% $131 -8% Production 84% of LTA
Brazil 40 45 -11% 40 0% Production 86% of LTA
Colombia 41 45 -10% 58 -29% Production 79% of LTA
Wind 131 133 -2% 124 6% Production 78% of LTA
Utility Scale Solar 121 69 76% 54 124% Production 79% of LTA
Distributed Generation/Sustainable Solutions 70 63 11% 50 40%
Corporate 6 1 500% 4 50%
Total Adj. EBITDA (reported) 530 507 5% 461 15%
Management Service Costs (50) (50) 0% (44) 14%
Proportionate Adj. EBITDA (after mgt. fees) 480 457 5% 417 15%
Interest Expense (162) (186) -13% (125) 30%
Current incomes taxes (39) (15) 159% (42) -7%
Preferred equity (24) (26) -8% (25) -4%
Funds from Operations 255 230 11% 225 13%
Average Total Units Outstanding 665.3 666.6 646.0
FFO/Unit $0.38 $0.35 11% $0.35 10%
Source: BMO Capital Markets, Company Reports

Exhibit 2: ~155GW Total Renewable Power Pipeline (~24GW Advanced Stage)

Source: Company Reports

Brookfield Renewable Partners | Page 3 February 4, 2024

Exhibit 3: Summary of Financial Estimates
Brookfield Renewable Partners 23-26E
Financial Summary (US$mm) 2022 Q1/23 Q2/23 Q3/23 Q4/23 2023 Q1/24E Q2/24E Q3/24E Q4/24E 2024E 2025E 2026E CAGR
Hydro
North America $603 $230 $181 $138 $121 $670 $201 $221 $132 $160 $714 $729 $734 3.1%
Brazil 167 45 42 45 40 172 45 45 46 46 183 185 186 2.6%
Colombia 201 48 47 39 41 175 41 45 44 50 180 180 181 1.1%
Wind 430 108 133 123 129 493 128 127 125 144 524 545 549 3.7%
Solar 362 69 107 75 121 372 100 112 112 112 437 478 507 10.9%
Distributed Energy & Sustainable Solutions 197 56 63 50 72 241 75 89 89 82 334 369 383 16.7%
Corporate 42 3 13 37 6 59 2 2 2 2 6 6 6
Total Adj. EBITDA (proportionate) 2,002 559 586 507 530 2,182 591 642 549 595 2,377 2,492 2,546 5.3%
Management Service Costs (243) (57) (55) (43) (50) (205) (51) (51) (51) (51) (204) (204) (206)
Proportionate Adj. EBITDA (after mgt. fees) $1,759 $502 $531 $464 $480 $1,977 $540 $591 $498 $544 $2,174 $2,288 $2,340 5.8%
Consolidated Adj. EBITDA (after mgt. fees) $3,298 $949 $812 $756 $1,259 $3,776 $1,086 $1,183 $1,005 $1,094 $4,368 $4,588 $4,690 7.5%
Depreciation (1,583) (429) (458) (448) (517) (1,852) (573) (573) (573) (573) (2,291) (2,509) (2,655)
Interest Expense (1,224) (394) (402) (370) (461) (1,627) (472) (472) (472) (472) (1,890) (2,162) (2,363)
Other Items (355) 75 218 107 (129) 271 (22) (22) (22) (22) (89) (112) (112)
Earnings Before Tax 136 201 170 45 152 568 18 116 (62) 27 98 (195) (441)
Current Income Taxes (148) (43) (37) (9) (39) (128) (2) (14) 8 (3) (12) 24 55
Deferred Income Taxes 150 19 18 (12) 151 176 (1) (9) 5 (2) (7) 15 33
Earnings After Tax 138 177 151 24 264 616 15 92 (50) 21 78 (156) (353)
Preferred Share Dividends (99) (24) (23) (26) (24) (97) (24) (24) (25) (25) (97) (97) (103)
Non-controlling Interests (205) (179) (156) (39) (235) (609) 3 (68) 61 (3) (6) 205 387
Net income to LP Units (166) ($26) ($28) ($41) $5 (90) ($7) $1 ($13) ($6) (25) (48) (68)

Weighted Avg. Total Units O/S 645.9 646.0 649.6 666.9 665.7 657.1 665.3 665.3 665.3 665.3 665.3 665.3 665.3
Weighted Avg. LP Units O/S 275.2 275.4 277.6 288.8 287.8 282.4 287.2 287.2 287.2 287.2 287.2 287.2 287.2

Distribution per Unit $1.28 $0.338 $0.338 $0.338 $0.338 $1.35 $0.355 $0.355 $0.355 $0.355 $1.42 $1.49 $1.57 5.1%

Funds from Operations (reported) 1,005 275 312 253 255 1,095 312 362 270 316 1,259 1,373 1,420
FFO per Unit $1.56 $0.43 $0.48 $0.38 $0.38 $1.67 $0.47 $0.54 $0.41 $0.47 $1.89 $2.06 $2.13 8.6%

Cash Available for Distribution 969 236 314 188 243 1,063 246 296 204 250 995 1,108 1,155
CAFD per Unit $1.50 $0.36 $0.48 $0.28 $0.36 $1.62 $0.37 $0.44 $0.31 $0.38 $1.50 $1.67 $1.74 2.4%

Source: BMO Capital Markets, Company Reports

Brookfield Renewable Partners | Page 4 February 4, 2024

Exhibit 4: Calculation of Our Target Price
Calculation of Our Target Price EV/EBITDA
Summary Year Weight Value Multiple 2025E
EV/EBITDA 2025E 50% $27.17
DCF 2025E 50% $28.34 Adj. Proportionate EBITDA $2,288
Average 100% $27.75 Enterprise Value 18.0x 41,181
Less: Proportionate Net Debt (21,075)
Target Price (US$) $28.00 Less: Preferred Shares (2,028)
Net asset value 18,077
Units O/S 665.3
Implied Dividend Yield Price 2023 2024E 2025E Equity Value/unit $27.17
Dividend Per Share $1.35 $1.42 $1.49
Dividend Yield @Market $25.41 5.3% 5.6% 5.9% 2025E EV/EBITDA Target $27.17
Dividend Yield @Target $28.00 4.8% 5.1% 5.3%

Implied AFFO Yield 2023 2024E 2025E EV/EBITDA Sensitivity

AFFO per Unit $1.62 $1.50 $1.67
AFFO Yield @Market 6.4% 5.9% 6.6% 17.0x 17.5x 18.0x 18.5x 19.0x
AFFO Yield @Target 5.8% 5.3% 6.0% $27.17 $23.73 $25.45 $27.17 $28.89 $30.61

Discounted FCF
Terminal 2025-'34
2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E Value CAGR
Funds from Operations $2,543 $2,474 $2,522 $2,532 $2,507 $2,484 $2,460 $2,437 $2,412 $2,387 -0.7%
Less: Capital Expenditures (8,233) (5,189) (2,296) (2,296) (75) (75) (75) (75) (75) (75)
Less: Non-Controlling Distributions (1,450) (1,565) (1,615) (1,665) (1,665) (1,665) (1,665) (1,665) (1,665) (1,665)
Add: After-tax Interest Expense 1,730 1,891 1,924 1,958 2,005 2,053 2,101 2,148 2,196 2,244
Free Cash Flow to Firm (5,410) (2,389) 536 530 2,772 2,797 2,821 2,846 2,869 2,891 80,916
Target TTM Terminal Multiple 15.5x

Discount factor 0.95 0.91 0.86 0.82 0.78 0.74 0.71 0.67 0.64 0.61
Discounted cash flows (5,148) (2,163) 462 434 2,163 2,077 1,994 1,914 1,836 1,760 49,280

Sum of discounted cash flows 5,329

Add: PV of terminal value 49,280
Less: Net Debt (2024E) (33,728)
Less: Preferred Shares (2024E) (2,028)
Implied NPV to equity 18,853
Units Outstanding (2024E) 665.3
Net Future Equity Value/Unit $28.34

Capitalization Units Price Value Weight

Units 665.3 $25.50 16,965 26% DCF Sensitivity
Preferred shares 1,935 3%
Non-controlling interest 18,863 28% Target Terminal Growth Rate
Net debt 28,618 43% 28.3 14.0x 14.5x 15.0x 15.5x 16.0x 16.5x 17.0x
Capitalization @ Mkt. 66,381 100% 3.6% $33.36 $36.12 $38.88 $41.63 $44.39 $47.15 $49.91
4.1% $29.08 $31.71 $34.34 $36.97 $39.60 $42.23 $44.86
WACC

Cost of Capital Cost Weight WACC 4.6% $25.02 $27.53 $30.04 $32.54 $35.05 $37.56 $40.06
Debt 4.0% 43% 1.7% 5.1% $21.17 $23.56 $25.95 $28.34 $30.73 $33.12 $35.51
Preferred shares 5.0% 3% 0.1% 5.6% $17.51 $19.78 $22.06 $24.34 $26.62 $28.90 $31.18
Equity 6.0% 54% 3.2% 6.1% $14.02 $16.20 $18.37 $20.54 $22.72 $24.89 $27.07
WACC 5.1% 6.6% $10.71 $12.79 $14.86 $16.94 $19.01 $21.08 $23.16

Source: BMO Capital Markets, Company Reports

Brookfield Renewable Partners | Page 5 February 4, 2024

 Exhibit 5: Consolidated Summary Sheet
Outperform
12-Month Target Price: $28.00
Analyst: Ben Pham, CFA
(416) 359-4061
Current Price: $25.41
Brookfield Renewable Partners (BEP-NYSE; BEP.UN-TSX) ROR: 15.5%

CAGR
2023A-
(figures in USD, unless otherwise stated) 2017 2018 2019 2020 2021 2022 2023 2024E 2025E 2026E 2026E
Reported Earnings per LP Unit (basic & diluted) ($0.10) $0.07 ($0.10) ($0.68) ($0.69) ($0.60) ($0.32) ($0.09) ($0.17) ($0.24)
FFO per unit (in USD) $1.01 $1.15 $1.30 $1.32 $1.45 $1.56 $1.67 $1.89 $2.06 $2.13 8.6%
First Call Consensus (FFO/unit) $1.89 $2.05 $2.20 9.6%
Cash Available for Distribution (CAFD/unit) $0.85 $1.11 $1.29 $1.28 $1.49 $1.50 $1.62 $1.50 $1.67 $1.74 2.4%
Distribution per LP Unit $1.00 $1.05 $1.10 $1.16 $1.22 $1.28 $1.35 $1.42 $1.49 $1.57 5.1%
Distribution payout (% of FFO) 101.7% 95.1% 89.9% 95.3% 91.4% 91.0% 91.1% 85.1% 82.6% 84.6%
Distribution payout (% of CAFD) 120.9% 99.2% 90.6% 98.8% 88.9% 94.4% 93.8% 107.7% 102.4% 104.0%
Average Units (diluted - mm) 573.4 586.1 583.5 609.5 645.6 645.9 657.1 665.3 665.3 665.3
Market Valuation
Price High $19.09 $18.61 $25.81 $43.15 $49.36 $41.28 $32.76 - - -
Low $15.03 $13.11 $13.80 $16.38 $33.27 $24.82 $19.97 - - -
Current - - - - - - - $25.41 - -
P/E Ratio High nmf nmf nmf nmf nmf nmf nmf - - -
Low nmf nmf nmf nmf nmf nmf nmf - - -
Distribution Yield High 5.2% 5.6% 4.3% 2.7% 2.5% 3.1% 4.1% - - -
Low 6.6% 8.0% 8.0% 7.1% 3.7% 5.2% 6.8% - - -
Current - - - - - - - 5.6% 5.9% 6.2%
CAFD Yield High 4.5% 5.9% 5.0% 3.0% 3.0% 3.6% 4.9% - - -
Low 5.7% 8.4% 9.4% 7.8% 4.5% 6.0% 8.1% - - -
Current - - - - - - - 5.9% 6.6% 6.8%
EV/EBITDA High 18.5x 16.9x 19.1x 29.7x 30.3x 24.1x 18.6x - - -
Low 16.3x 14.3x 13.9x 18.1x 23.8x 18.1x 14.3x - - -
Current - - - - - - - 17.1x 17.5x 17.9x
Balance Sheet (US$mm)
Debt (S-T) 88 558 156 1,457 1,054 1,278 (968) (242) (794) (1,561)
Debt (L-T) 1,670 1,613 1,808 2,135 2,149 2,299 2,660 2,968 2,968 2,968
Subsidiary Borrowings 9,208 8,860 8,904 14,921 17,562 20,275 26,926 31,003 37,803 42,841
Preferred Shares/Perpetual Subordinated 1,127 1,275 1,430 1,637 2,086 1,923 1,935 2,028 2,028 2,172
Non-Controlling Interest 6,356 8,195 8,810 11,100 12,303 14,755 18,863 19,556 20,073 19,391
Participating non-controlling interest—BEPC N/A N/A N/A 2,408 2,562 2,561 2,479 2,224 1,926 1,589
Redeemable/Exchangeable and GP Units 2,901 3,318 3,383 2,777 2,953 2,951 2,739 2,461 2,133 1,760
Limited Partners' Equity 3,956 4,484 4,576 3,845 4,092 4,096 3,963 3,531 3,054 2,536
25,306 28,303 29,067 40,280 44,761 50,138 58,597 63,528 69,192 71,695
Balance Sheet (%)
Debt (S-T) 0.3% 2.0% 0.5% 3.6% 2.4% 2.5% -1.7% -0.4% -1.1% -2.2%
Debt (L-T) 6.6% 5.7% 6.2% 5.3% 4.8% 4.6% 4.5% 4.7% 4.3% 4.1%
Subsidiary Borrowings 36.4% 31.3% 30.6% 37.0% 39.2% 40.4% 46.0% 48.8% 54.6% 59.8%
Preferred Shares + Preferred Limited Partners' Equity 4.5% 4.5% 4.9% 4.1% 4.7% 3.8% 3.3% 3.2% 2.9% 3.0%
Non-Controlling Interest 25.1% 29.0% 30.3% 27.6% 27.5% 29.4% 32.2% 30.8% 29.0% 27.0%
Participating non-controlling interest—BEPC N/A N/A N/A 6.0% 5.7% 5.1% 4.2% 3.5% 2.8% 2.2%
Redeemable/Exchangeable Units 11.5% 11.7% 11.6% 6.9% 6.6% 5.9% 4.7% 3.9% 3.1% 2.5%
Limited Partners' Equity 15.6% 15.8% 15.7% 9.5% 9.1% 8.2% 6.8% 5.6% 4.4% 3.5%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Income and Cash Flow Metrics (US$mm)
Total Revenue 2,625 2,982 2,980 3,087 4,096 4,711 5,038 n/a n/a n/a
Adjusted Proportionate EBITDA (after mgt. fees) 1,060 1,243 1,336 1,397 1,588 1,759 1,977 2,174 2,288 2,340 5.8%
Adjusted Consolidated EBITDA (after mgt. fees) 1,669 2,143 2,231 2,545 2,889 3,298 3,776 4,368 4,588 4,690 7.5%
Net Earnings to LP Unitholders (32) 24 (34) (184) (191) (166) (90) (25) (48) (68)
Cash Available for Distribution 489 648 755 778 960 969 1,063 995 1,108 1,155 2.8%
Funds from Operations (reported) 581 676 761 807 934 1,005 1,095 1,259 1,373 1,420 9.0%
Sustaining Capital Expenditures (68) (72) (72) (73) (80) (80) (88) (86) (87) (87)
Financial Leverage
Proportionate Net Debt 7,582 8,820 9,092 13,608 14,191 13,862 13,219 18,227 21,075 22,827
Proportionate Net Debt/EBITDA 7.2x 7.1x 6.8x 9.7x 8.9x 7.9x 6.7x 8.4x 9.2x 9.8x
Consolidated Net Debt 10,966 11,031 10,868 18,513 20,765 23,852 28,618 33,728 39,977 44,247
Consolidated Net Debt/EBITDA 6.6x 5.1x 4.9x 7.3x 7.2x 7.2x 7.6x 7.7x 8.7x 9.4x
Source: BMO Capital Markets, Company Reports, FactSet

Brookfield Renewable Partners | Page 6 February 4, 2024

 Exhibit 6: Energy Infrastructure Valuation Summary
P/E AFFO Yield Est. EBITDA CAGR EV/EBITDA Debt/EBITDA S&P Sr.
Ticker 2023E 2024E 2025E 2023E 2024E 2025E 2023E 2024E 2025E 23E-25E 2023E 2024E 2025E 2024E Rating
Pipeline/Midstream
ENB 17.1x 18.2x 16.7x 11.5% 11.1% 11.5% $16,390 $17,502 $18,661 6.7% 11.2x 11.8x 11.2x 5.3x BBB+
GEI 14.9x 16.6x 16.0x 11.8% 10.5% 10.9% $582 $637 $653 5.9% 10.1x 9.7x 9.3x 4.2x BBB-
KEY 15.0x 18.8x 17.7x 11.5% 9.9% 10.1% $1,167 $1,096 $1,128 -1.7% 9.9x 10.4x 9.8x 3.7x BBB
PPL 18.2x 17.2x 16.3x 9.7% 10.1% 10.4% $3,792 $4,086 $4,247 5.8% 10.9x 10.8x 10.2x 3.8x BBB
TRP 12.2x 13.4x 12.7x 10.2% 9.0% 10.3% $10,753 $11,050 $11,815 4.8% 11.4x 11.7x 11.2x 5.7x BBB+
Average 15.5x 16.8x 15.9x 10.9% 10.1% 10.6% 4.3% 10.7x 10.9x 10.4x 4.5x

P/E AFFO Yield Est. EBITDA CAGR EV/EBITDA Debt/EBITDA S&P Sr.
Ticker 2023E 2024E 2025E 2023E 2024E 2025E 2023E 2024E 2025E 23E-25E 2023E 2024E 2025E 2024E Rating
Power/Utility
AQN(1) 12.0x 10.4x 10.6x 11.0% 12.3% 11.5% $1,214 $1,307 $1,351 5.5% 12.1x 10.9x 11.1x 5.7x BBB
ALA 14.6x 13.2x 12.1x 9.2% 9.5% 10.4% $1,575 $1,740 $1,851 8.4% 11.1x 10.9x 10.2x 5.8x BBB-
ACO.X 10.2x 10.9x 10.6x 8.8% 9.9% 10.7% $2,517 $2,493 $2,526 0.2% 7.5x 7.7x 7.6x 4.3x N/A
BLX nmf nmf nmf 4.0% 5.6% 5.3% $647 $723 $714 5.0% 11.5x 11.0x 11.1x 5.6x N/A
BEP (1) nmf nmf nmf 6.4% 5.9% 6.6% $1,977 $2,174 $2,288 7.6% 16.4x 17.1x 17.5x 8.4x BBB+
CU 14.2x 14.0x 13.5x 8.7% 9.6% 10.4% $2,186 $2,230 $2,257 1.6% 9.4x 9.3x 9.3x 4.7x N/A
CPX 6.2x 14.6x 18.8x 18.6% 16.4% 15.0% $1,455 $1,438 $1,384 -2.5% 5.8x 7.3x 7.8x 3.6x BBB-
EMA 16.2x 15.6x 15.0x 9.8% 9.6% 7.1% $3,009 $3,170 $3,365 5.7% 11.4x 11.2x 11.1x 6.5x BBB
FTS 17.4x 17.4x 16.6x 5.4% 5.4% 5.6% $5,269 $5,366 $5,590 3.0% 10.8x 10.6x 10.2x 5.0x A-
H 22.1x 21.1x 19.5x 5.2% 5.6% 6.0% $2,865 $2,971 $3,165 5.1% 14.0x 14.0x 13.6x 5.9x A-
INE nmf nmf nmf 7.1% 9.5% 10.1% $703 $771 $834 8.9% 12.0x 11.1x 9.9x 8.2x N/A
NPI 26.1x 13.6x 11.4x 5.3% 4.7% 5.1% $1,207 $1,322 $1,376 6.8% 9.5x 9.3x 9.9x 4.4x BBB
TA nmf nmf nmf 33.1% 18.2% 14.7% $1,665 $1,230 $1,078 -19.5% 4.6x 6.6x 7.1x 3.3x BB+
Power Average 16.2x 14.1x 15.1x 12.4% 10.0% 9.5% 1.0% 10.0x 10.4x 10.6x 5.6x
Utility Average 15.3x 14.7x 14.0x 8.3% 8.9% 8.8% 4.2% 10.9x 10.7x 10.4x 5.4x
P&U Average 15.5x 14.5x 14.2x 10.2% 9.4% 9.1% 2.8% 10.5x 10.5x 10.5x 5.5x
Coverage Average 15.5x 15.4x 14.8x 10.4% 9.6% 9.5% 3.2% 10.5x 10.6x 10.5x 5.2x
Notes: (1) All figures in US dollars; AFFO defined as Cash Flow From Operations Before W/C Less Maintenance Capex, NCI Distributions and Scheduled Debt Amortization

Source: BMO Capital Markets, FactSet

Brookfield Renewable Partners | Page 7 February 4, 2024

 Brookfield Renewable Partners - ESG Tear Sheet
Bottom Line

We believe Brookfield Renewable's approach to ESG is best-in-class for the Canadian energy
infrastructure and renewables industry. The company offers its stakeholders comprehensive, well-
organized, and easy to understand ESG disclosures and demonstrates industry leadership with a Green
Bond framework established in 2018 and commitment to carbon neutrality despite an already low
emissions profile. We think Brookfield Renewable's ESG strategy sets the pace for the industry.

Exhibit 1: ESG Themes & Initiatives

Climate Change Energy Management Water Management Health and Safety ESG Governance

Key Initiatives
 Support the goal of net zero GHG  Hydro assets provide back up
emissions by 2050 or sooner,
with interim targets of reaching  Advancing battery storage
net zero in existing renewable
operations by 2030
 Primary business is the
development and ownership of
carbon-free renewable power
facilities; develop additional
21GW of new clean energy
capacity by 2030
 Power generation from portfolio
and development (once
completed) will help avoid 56
million tonnes of CO2 emissions
annually
 Issued ~US$11.7B of green
securities and financings, a
sustainability-linked loan, and
green preferred units as of
December 31, 2022; Green Bond
Framework was established in
2018
 Working towards setting up a
Scope 3 interim target
Key Initiatives
capacity and grid stabilization
technology to allow renewables
to balance services to the grid
 Energy consumption is low given
majority of assets are
renewables assets that are
powered by natural forces
Key Initiatives
 Water is relevant in three areas:
1) hydro business where water
flows through the stations and
then returns to the river; 2) DG
business, where water is used
for cooling several plants; and 3)
solar segment for periodic
washing of modules
 By 2023, develop water
management plans for 100% of
operations in high water
stressed areas
 Dams are formally inspected by
internal technical experts at
least annually and every 5 years
by independent dam expert
 Robotic systems in India to clean
solar modules can reduce water
use by 85%
Key Initiatives
 Achieve zero high-risk safety
incidences
 Maintain a cumulative high-risk
incident frequency rate of less
than 1.5 per one million hours
worked
 Provide on-boarding HSS&E
training to 100% of new
employees and contractors
working in our facilities
 Train 100% of employees on
cybersecurity annually; achieve
zero security breaches on
Personal Identification
Information
 Achieve 95% of planned Safe
Work Observations
Key Initiatives
 Board reviews ESG performance
each quarter; CEO responsible for
implementing the ESG strategy;
ESG Steering Committee drives
the strategic ESG framework
 By 2025, maintain gender
diversity at the executive team
and increase representation at
the Board and senior leadership
levels
 In 2021, formed a global Climate
Change Working Group focused
on climate risk assessment and
integration across BEP's business
 Executive compensation is tied
to developing clean energy
assets, which in turn is
supporting the decarbonization
of global electricity generation

Our Take Our Take Our Take Our Take Our Take
 Brookfield Renewable was one  Energy consumption is low  Brookfield Renewable is  Safety is core to BEP's strategy.  Brookfield Renewable has a
of the first renewable given renewable power facilities proactive with water It has set a zero high-risk clear ESG management structure
companies to set net zero management and has creatively incidence target in place coupled with frequent
targets found ways to further reduce its board-level oversight of ESG
water usage issues. It has a high % of
women in executive leadership
Source: BMO Capital Markets
Exhibit 2: ESG Disclosure Analysis1,2
% of % of % of
Peers Peers Peers
That Do That Do That Do
Sustainability report?  100% Reporting to CDP?  78% Scope 1 GHG emissions?  100%
Audited sustainability report?  78% Workforce breakdown by gender?  100% Scope 2 GHG emissions?  100%
Disclosures in line with TCFD?  94% Workforce breakdown by BIPOC?  67% Scope 3 GHG emissions?  83%
Disclosures in line with GRI?  94% Energy consumption?  100% GHG emissions reduction target?  89%
Disclosures in line with SASB?  100% Water use?  83% Net zero target?  72%
Source: BMO Capital Markets

Brookfield Renewable Partners | Page 8 February 4, 2024

 Analyst Commentary

We believe Brookfield Renewable is at the forefront of its peers when it comes to a comprehensive ESG
strategy. Notable practices include the company’s Green Financing framework released in 2018 (years
ahead of the industry), commitments to net zero and GHG emissions targets, and the ownership of ESG-
friendly renewable power facilities. Brookfield Renewable also has goals for water management, safety,
and gender diversity that are in line with best practices in reporting. The bonus structure for executives
is influenced by organizational ESG performance, another best practice for the industry.

Exhibit 3: ESG Performance Summary

2020 2021 2022 2-Year Trend3

GHG EMISSIONS SCOPE 1 + 2

(MTCO2E) 4
0.2 0.2 0.2

GHG EMISSIONS SCOPE 1 + 2

0.1 0.0 0.0
(MTCO2E/$B REVENUE) 5

GHG EMISSIONS SCOPE 3 (MTCO2E) ND 1.2 1.4 N/A

ENERGY INTENSITY (GWH/$B

ND 543 438 N/A
REVENUE) 6

TOTAL INTERNAL ENERGY ND 2224 2063 N/A

CONSUMPTION (GWH)

% OWNED ELECTRICITY CAPACITY

98% 97% 95%
FROM RENEWABLE SOURCES

TOTAL WATER CONSUMPTION (ML) 5646 6087 6783

WATER WITHDRAWAL (ML) ND ND ND N/A

WATER DISCHARGE (ML) ND ND ND N/A

WORK-RELATED EMPLOYEE
0 1 0
FATALITIES

LOST TIME INJURY RATE (LTIR) 7 0.70 0.81 1.21

RECORDABLE INJURY RATE (RIR) 8 1.06 1.17 1.41

% WOMEN ON THE BOARD 29% 33% 33%

% WOMEN IN EXECUTIVE
50% 50% 50%
MANAGEMENT

Source: BMO Capital Markets Note: ND refers to No Disclosure or Not Yet Available

Brookfield Renewable Partners | Page 9 February 4, 2024

 Links to Reports

Brookfield Renewable Partners 2022 Sustainability Report

Brookfield Renewable Partners Green Bond and Preferred Securities Framework

Notes
1. Audited sustainability report refers to a report that includes a statement of assurance from independent auditor or verifier.
2. Peer comparisons based on 18 Energy Infrastructure companies in the BMO Equity Research coverage universe
3. Two-year trend analysis captures the desired direction of the underlying numbers, not necessarily the absolute direction (e.g.,
an increase in energy intensity receives a “down” arrow).
4. MTCO2e - million tonnes of CO2e; Location-based emissions.
5. Location-based emissions.
6. Energy intensity figure is calculated by dividing total internal energy consumption by $B revenue.
7. Employee Lost Time Incident Rate; Per 200,000 hours worked.
8. Total High-Risk Incident Rate; Per 200,000 hours worked.

Brookfield Renewable Partners | Page 10 February 4, 2024

 Brookfield Renewable Partners Rating History as of 02/02/2024
Mkt:$40.00 OP:$38.00 OP:$42.00 OP:$40.00 OP:$42.00 OP:$41.00 OP:$36.00 OP:$33.00 OP:$34.00 OP:$30.00 OP:$28.00
06/01/2021 01/17/2022 03/31/2022 05/09/2022 08/08/2022 09/20/2022 11/07/2022 01/24/2023 03/27/2023 09/07/2023 11/06/2023
$50

$45

$40

$35

$30

$25

$20
Apr 2021 Jul 2021 Oct 2021 Jan 2022 Apr 2022 Jul 2022 Oct 2022 Jan 2023 Apr 2023 Jul 2023 Oct 2023 Jan 2024

Closing Price Target Price

Outperform (OP); Market Perform (Mkt); Underperform (Und); Speculative (S); Suspended (Spd); Not Rated (NR); Restricted (R)

Source: FactSet, BMO Capital Markets

Northland Power Rating History as of 02/02/2024

Mkt:C$49.00 Mkt:C$48.00 Mkt:C$42.00 Mkt:C$43.00 Mkt:C$44.00 OP:C$41.00 OP:C$42.00 OP:C$44.00 OP:C$50.00 OP:C$46.50 OP:C$46.00
02/05/2021 04/21/2021 05/13/2021 06/15/2021 09/20/2021 01/17/2022 02/25/2022 04/19/2022 08/12/2022 01/24/2023 02/06/2023
C$55
C$50
C$45
C$40
C$35
C$30
C$25
C$20
C$15
Apr 2021 Jul 2021 Oct 2021 Jan 2022 Apr 2022 Jul 2022 Oct 2022 Jan 2023 Apr 2023 Jul 2023 Oct 2023 Jan 2024
OP:C$45.00 OP:C$42.00 OP:C$38.00 OP:C$34.00 OP:C$31.00
02/24/2023 06/15/2023 08/11/2023 09/07/2023 11/10/2023

Closing Price Target Price

Outperform (OP); Market Perform (Mkt); Underperform (Und); Speculative (S); Suspended (Spd); Not Rated (NR); Restricted (R)
Source: FactSet, BMO Capital Markets

IMPORTANT DISCLOSURES
Analyst's Certification
I, Ben Pham, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I
also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed
in this report.
Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and
their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in
generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service
to clients.
Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Limited are not registered as research analysts with FINRA. These
analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the FINRA Rule 2241 restrictions on
communications with a subject company, public appearances and trading securities held by a research analyst account.

Company Specific Disclosures

Disclosure 1: BMO Capital Markets has undertaken an underwriting liability with respect to Brookfield Renewable Partners and Northland Power
within the past 12 months.
Disclosure 2: BMO Capital Markets has provided investment banking services for remuneration with respect to Brookfield Renewable Partners
and Northland Power within the past 12 months.

Disclosure 3: BMO Capital Markets has managed or co-managed a public offering of securities with respect to Brookfield Renewable Partners
and Northland Power within the past 12 months.
Disclosure 4: BMO Capital Markets or an affiliate has received compensation for investment banking services from Brookfield Renewable Partners
and Northland Power within the past 12 months.

Brookfield Renewable Partners | Page 11 February 4, 2024

Disclosure 5: BMO Capital Markets or an affiliate received compensation for products or services other than investment banking services within
the past 12 months from Brookfield Renewable Partners and Northland Power.
Disclosure 6A: Brookfield Renewable Partners and Northland Power is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets
Corp., BMO Capital Markets Limited or an affiliate within the past 12 months: A) Investment Banking Services
Disclosure 6C: Brookfield Renewable Partners and Northland Power are clients (or were clients) of BMO Nesbitt Burns Inc., BMO Capital Markets
Corp., BMO Capital Markets Limited or an affiliate within the past 12 months: C) Non-Securities Related Services.
Disclosure 8A: BMO Capital Markets or affiliates have beneficial ownership of 1% or more of any class of the equity securities of Brookfield
Renewable Partners and Northland Power (a) as of the end of the month prior to the issuance date of the research report, or (b) as of the end
of the second most recent month if the report issuance date is less than 10 days after the end of the prior month.

Disclosure 8C: BMO Capital Markets or an affiliate has a financial interest in 0.5% or more in the issued share capital of Brookfield Renewable
Partners and Northland Power.

Methodology and Risks to Target Price/Valuation for Brookfield Renewable Partners (BEP-NYSE)

Methodology: Our target price is based on the average of applying an EV/EBITDA multiple of 18x to our 2025 estimate (reflecting the premium
hydro assets and strong management track record) and a DCF.

Risks: Key risks include interest rates, management execution, construction, capital markets, foreign exchange, and weather risk.

Methodology and Risks to Target Price/Valuation for Northland Power (NPI-TSX)

Methodology: Our target price is based on the average of applying an EV/EBITDA multiple of 11x to our 2025 estimate and a DCF.

Risks: Key risks include interest rates, execution, capital markets, foreign exchange, and weather risk.
Distribution of Ratings (February 03, 2024)

Rating category BMOCM US BMOCM US IB BMOCM US IB BMOCM BMOCM IB StarMine

BMO rating
Universe* Clients** Clients*** Universe**** Clients***** Universe~
Buy Outperform 48.4 % 15.9 % 43.2 % 54.2 % 57.1 % 57.7%
Hold Market Perform 48.8 % 18.9 % 51.8 % 44.0 % 41.0 % 37.5%
Sell Underperform 2.6 % 25.0 % 3.7 % 1.6 % 1.4 % 4.8%

* Reflects rating distribution of all companies covered by BMO Capital Markets Corp. equity research analysts.
** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services
as percentage within ratings category.
*** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking
services as percentage of Investment Banking clients.
**** Reflects rating distribution of all companies covered by BMO Capital Markets equity research analysts.
***** Reflects rating distribution of all companies from which BMO Capital Markets has received compensation for Investment Banking services
as percentage of Investment Banking clients.
~ As of April 1, 2019.
Ratings Key (as of October 2016)
We use the following ratings system definitions:
OP = Outperform - Forecast to outperform the analyst’s coverage universe on a total return basis;
Mkt = Market Perform - Forecast to perform roughly in line with the analyst’s coverage universe on a total return basis;
Und = Underperform - Forecast to underperform the analyst’s coverage universe on a total return basis;
(S) = Speculative investment;
Spd = Suspended - Coverage and rating suspended until coverage is reinstated;
NR = No Rated - No rating at this time; and
R = Restricted - Dissemination of research is currently restricted.
The total return potential, target price and the associated time horizon is 12 months unless otherwise stated in each report. BMO Capital Markets'
seven Top 15 lists guide investors to our best ideas according to different objectives (CDN Large Cap, CDN Small Cap, US Large Cap, US Small Cap,
Income, CDN Quant, and US Quant have replaced the Top Pick rating).
Prior BMO Capital Markets Rating System
(April 2013 - October 2016)

Brookfield Renewable Partners | Page 12 February 4, 2024

http://researchglobal.bmocapitalmarkets.com/documents/2013/rating_key_2013_to_2016.pdf
(January 2010 - April 2013)
http://researchglobal.bmocapitalmarkets.com/documents/2013/prior_rating_system.pdf
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Brookfield Renewable Partners | Page 13 February 4, 2024

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authorized to offer or sell the securities in Taiwan.

Brookfield Renewable Partners | Page 14 February 4, 2024

 To Singapore Residents: This report is intended for general circulation and does not and is not intended to constitute the provision of financial
advisory services, whether directly or indirectly, to persons in Singapore. You should seek advice from a financial adviser regarding the suitability
of the investment products, taking into account your specific investment objectives, financial situation or particular needs before you make a
commitment to purchase the investment product. This report has not been registered as a prospectus with the Monetary Authority of Singapore.
Accordingly, it should not be circulated or distributed, nor may the securities described herein be offered or sold, or be made the subject of
an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (a) to an institutional investor or a
relevant person as defined in and pursuant to and in accordance with the conditions of the relevant provisions of the Securities and Futures Act
of Singapore or (b) otherwise pursuant to and in accordance with the conditions of, any other applicable provision of the SFA.
To Israeli residents: BMO Capital Markets is not licensed under the Israeli Law for the Regulation of Investment Advice, Investment Marketing
and Portfolio Management of 1995 (the "Advice Law") nor does it carry insurance as required thereunder. This document is to be distributed
solely to persons that are qualified clients (as defined under the Advice Law) and qualified investors under the Israeli Securities Law of 1968.
This document represents the analysis of the analyst but there is no assurance that any assumption or estimation will materialize.
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retransmitted, distributed, disclosed, or otherwise made available, in whole or in part, directly or indirectly, in hard or soft copy, through any
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The recommendation contained in this report was produced at February 04, 2024, 17:29 ET. and disseminated at February 04, 2024, 17:29 ET.

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Brookfield Renewable Partners | Page 15 February 4, 2024