20-F 1 bep-20201231.htm 20-F bep-20201231
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 20-F
o  REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
x  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
OR
o  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
o   SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-35530
BROOKFIELD RENEWABLE PARTNERS L.P.
(Exact name of Registrant as specified in its charter)
Bermuda
(Jurisdiction of incorporation or organization)
73 Front Street, 5th Floor, Hamilton HM 12, Bermuda
(Address of principal executive offices)
Jane Sheere
73 Front Street, 5th Floor
Hamilton HM 12, Bermuda
Telephone: 441-294-3304
Facsimile: 441-296-4475
enquiries@brookfieldrenewable.com
(Name, telephone, e-mail and/or facsimile number and address of company contact person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of ClassTrading Symbol(s)Name of each exchange on which registered
Limited Partnership UnitsBEP, BEP.UNNew York Stock Exchange, Toronto Stock Exchange
Class A Preferred Limited Partnership Units, Series 17BEP PR ANew York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
274,837,890 Limited Partnership Units as of December 31, 2020
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No o
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes o No x 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definitions of “accelerated filer”, “large accelerated filer”, and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):
Large accelerated filer   x 
Accelerated filer   o  
Non-accelerated filer   o  
Emerging growth company    o 
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. [ ]

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
o U.S. GAAP 
 
x  International Financial Reporting Standards as  
issued by the International
Accounting Standards Board
o  Other 
If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.  Item 17 o Item 18 o 
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x



TABLE OF CONTENTS
    
    
    
   
    
    
 [RESERVED]
 
 
 
    
 
 
 
 
    
    
 
 
 
 
 
 
    
 
 
 
 
 
    



 
 
 
   
 
 
   
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
    
    
    
    
    
    
    
 
 







INTRODUCTION AND USE OF CERTAIN TERMS  
Unless otherwise specified, information provided in this annual report on Form 20-F (this “Form 20-F”) is as of December 31, 2020. Unless the context requires otherwise, when used in this Form 20-F, the terms “Brookfield Renewable”, “our group”, “we”, “us” and “our” refer to Brookfield Renewable Partners L.P. and its controlled entities, including BRELP, the Holding Entities, BEPC and the Operating Entities, each as defined in this Form 20-F, individually or collectively, as applicable; “the partnership” refers to Brookfield Renewable, but excluding BEPC; “BEP” refers to Brookfield Renewable Partners L.P.; and “Brookfield” refers to Brookfield Asset Management Inc. and its subsidiaries (other than Brookfield Renewable). All references to “our portfolio” include 100% of the capacity and energy of the facilities even though we do not own 100% of the economic output of such facilities (see the table under Item 4.B. “Business Overview — Our Operations” for details on our portfolio). Unless the context suggests otherwise, references to:
ABCA” means the Business Corporations Act (Alberta)R.S.A. 2000, c. B-9, as amended, including the regulations promulgated under such Act.
Adjusted EBITDA” means revenues less direct costs (including energy marketing costs) and other income, before the effects of interest expense, income taxes, depreciation, management service costs, non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, distributions to preferred limited partners and other typical non-recurring items. Our company includes realized disposition gains and losses on assets that we did not intend to hold over the long-term within Adjusted EBITDA in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period Adjusted EBITDA. Refer to “Cautionary Statement Regarding Use of Non-IFRS Measures”.
Affiliate” or “affiliate” of any person is a person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person.
Amended and Restated Limited Partnership Agreement of BEP” means the fourth amended and restated limited partnership agreement of BEP, dated May 3, 2016, as further amended on May 25, 2016, February 14, 2017, January 16, 2018, February 28, 2019, March 11, 2019, February 24, 2020 and July 28, 2020.
Amended and Restated Limited Partnership Agreement of BRELP” means the fourth amended and restated limited partnership agreement of BRELP, dated December 30, 2020.
ANEEL” has the meaning given to it under Item 4.B “Business Overview — Brazilian Business”.
Audit Committee” means the audit committee of the board of directors of the Managing General Partner.
Base Management Fee” has the meaning given to it under Item 6.A “Directors and Senior Management — Our Master Services Agreement — Management Fee”.
BC Hydro” means British Columbia Hydro and Power Authority.
BEM LP” means Brookfield Energy Marketing LP, an indirect wholly-owned subsidiary of Brookfield Asset Management.
BEP” means Brookfield Renewable Partners L.P.
BEP Registration Rights Agreement” has the meaning given to it under Item 7.B “Related Party Transactions — BEP Registration Rights Agreement”.
BEPC” means, unless the context requires otherwise, Brookfield Renewable Corporation and its direct and indirect operating subsidiaries as a group.
BEPC exchangeable shares” means the class A exchangeable subordinate voting shares of BEPC.
BEPC Registration Rights Agreement” has the meaning given to it under Item 7.B “Related Party Transactions — BEPC Registration Rights Agreement”.
Bermuda Partnership Acts” means the Bermuda Exempted Partnerships Act 1992 (as amended) together with the Bermuda Limited Partnership Act 1883 (as amended).
Page 5


Bond Indenture” means the amended and restated indenture, dated as of November 23, 2011, among Finco, The Bank of New York Mellon and BNY Trust Company of Canada, as amended and restated from time to time, governing the Finco Bonds.
BPUSHA” means Brookfield Power US Holding America Co.
BRELP” means Brookfield Renewable Energy L.P.
BRELP Class A Preferred Units” means the Class A Preferred Limited Partnership Units, issuable in series, of BRELP.
BRELP General Partner” means BRP Bermuda GP Limited, which serves as the general partner of BRELP GP LP.
BRELP GP LP” means BREP Holding L.P., which serves as the general partner of BRELP.
BRELP Preferred Units” means the preferred limited partnership units in the capital of BRELP.
BRELP Series 5 Preferred Units” means the Class A Preferred Units, Series 5 of BRELP.
BRELP Series 7 Preferred Units” means the Class A Preferred Units, Series 7 of BRELP.
BRELP Series 9 Preferred Units” means the Class A Preferred Units, Series 9 of BRELP.
BRELP Series 11 Preferred Units” means the Class A Preferred Units, Series 11 of BRELP.
“BRELP Series 13 Preferred Units” means the Class A Preferred Units, Series 13 of BRELP.
“BRELP Series 15 Preferred Units” means the Class A Preferred Units, Series 15 of BRELP.
“BRELP Series 17 Preferred Units” means the Class A Preferred Units, Series 17 of BRELP.
Brookfield” means Brookfield Asset Management and its subsidiaries, or any one or more of them, as the context requires, other than entities within Brookfield Renewable.
Brookfield Accounts” has the meaning given to it under Item 7.B “Related Party Transactions — Conflicts of Interest and Fiduciary Duties”.
Brookfield Asset Management” means Brookfield Asset Management Inc.
Brookfield Personnel” has the meaning given to it under Item 7.B “Related Party Transactions — Conflicts of Interest and Fiduciary Duties”.
Brookfield Renewable” means Brookfield Renewable Partners L.P. and its controlled entities, including BRELP, the Holding Entities, BEPC and the Operating Entities, taken together, or any one or more of them, as the context requires.
BRP Equity” means Brookfield Renewable Power Preferred Equity Inc.
BRPI” means Brookfield Renewable Power Inc., an indirect wholly-owned subsidiary of Brookfield Asset Management.
BRTM” means Brookfield Renewable Trading and Marketing LP, which is a subsidiary of Brookfield Renewable.
CBCA” means the Canada Business Corporations Act, R.S.C. 1985, c. C-44, as amended, including the regulations promulgated under such Act.
CDS” means CDS Clearing and Depository Services Inc.
CEE Funds” means the Germany based asset manager that holds renewable energy funds targeting low-risk renewable investments, which is a portfolio company of Brookfield Asset Management.
CFA” means a “controlled foreign affiliate” as defined in the Tax Act.
Class A Preference Shares” means BRP Equity’s Class A Preference Shares, issuable in series (which includes the Series 1, Series 2, Series 3, Series 4, Series 5 and Series 6 Preference Shares).
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Class A Preferred Units” means BEP’s Class A Preferred Limited Partnership Units, issuable in series (which includes the Series 5, Series 7, Series 8, Series 9, Series 10, Series 11, Series 12, Series 13, Series 14, Series 15, Series 16 and Series 17 Preferred Units), of BEP.
Class B Preference Shares” has the meaning given to it under Item 10.B “Memorandum and Articles of Association — BRP Equity”.
Code” has the meaning given to it under Item 6.C “Board Practices — Code of Business Conduct and Ethics”.
CODM” has the meaning given to it under Item 5.A “Operating Results — Financial Performance Review on Proportionate Information”.
Common Shares” has the meaning given to it under Item 10.B “Memorandum and Articles of Association — BRP Equity”.
Conflicts Protocols” has the meaning given to it under Item 7.B “Related Party Transactions — Conflicts of Interest and Fiduciary Duties”.
CPI” means the Canadian consumer price index.
CRA” means the Canada Revenue Agency.
DRIP” means BEP’s distribution reinvestment plan.
DRS Statement” has the meaning given to it under Item 4.B “Business Overview — Our LP Unit Distribution Reinvestment Plan”.
DTC” means The Depository Trust Company.
EDGAR” means the Electronic Data Gathering, Analysis, and Retrieval system administered by the SEC.
Energy Marketing Agreement” has the meaning given to it under Item 7.B “Related Party Transactions — Energy Marketing Agreement”.
Energy Marketing Internalization” has the meaning given to it under Item 7.B “Related Party Transactions — Energy Marketing Internalization”.
Energy Revenue Agreement” has the meaning given to it under Item 7.B “Related Party Transactions — Energy Revenue Agreement”.
ESG” means environmental, social and governance.
EURIBOR” means the European Interbank Offered Rate.
Euro Holdco” means Brookfield BRP Europe Holdings (Bermuda) Limited.
E.U.” means the European Union.
Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
FAPI” means “foreign accrual property income” as defined in the Tax Act.
FATCA” means the Foreign Account Tax Compliance provisions of the Hiring Incentives to Restore Employment Act of 2010.
FCPA” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Our Operations and the Renewable Power Industry”.
FERC” has the meaning given to it under Item 4.B “Business Overview — North American Business — United States”.
Finco” means Brookfield Renewable Partners ULC.
Finco Bonds” means all outstanding bonds issued by Finco pursuant to the Bond Indenture.
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Finco Bond Guarantors” means, collectively, BEP, BRELP, NA Holdco, LATAM Holdco, Euro Holdco, Investco and BEP Subco Inc.
First Distribution Threshold” has the meaning given to it under item 10.B “Memorandum and Articles of Association — Description of the Amended and Restated Limited Partnership Agreement of BRELP — Distributions”.
Fixed Amount” has the meaning given to it under Item 7.B “Related Party Transactions — Energy Revenue Agreement”.
Foreign Tax Credit Generator Rules” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — Canada”.
Form 20-F” means this annual report filed on Form 20-F.
Fund” means Brookfield Renewable Power Fund, a limited purpose trust established under the laws of the Province of Québec, and where appropriate, includes its subsidiaries. 
Funds From Operations” means Adjusted EBITDA less interest, current income taxes, management service costs and distributions to preferred limited partners, 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. Refer to “Cautionary Statement Regarding Use of Non-IFRS Measures”.
GLPL” has the meaning given to it under Item 7.B “Related Party Transactions — Other Power Agreements”.
Governing Body” in relation to an entity, means the board of directors or equivalent of such entity.
Government of Canada Yield” on any date means the yield to maturity on such date (assuming semi-annual compounding) of a Canadian dollar denominated non-callable Government of Canada bond with a term to maturity of five years as quoted as of 10:00 a.m. (Toronto time) on such date and which appears on the Bloomberg Screen GCAN5YR Page on such date; provided that, if such rate does not appear on the Bloomberg Screen GCAN5YR Page on such date, the Government of Canada Yield will mean the average of the yields determined by two registered Canadian investment dealers selected by BRP Equity, as being the yield to maturity on such date (assuming semi-annual compounding) which a Canadian dollar denominated non-callable Government of Canada bond would carry if issued in Canadian dollars at 100% of its principal amount on such date with a term to maturity of five years.
GP Interest” has the meaning given to it under Item 4.C “Organizational Structure — Organizational Chart”.
GW” means gigawatt.
GWh” means gigawatt hour.
Holder” has the meaning given to it under Item 10.E “Taxation — Certain Material Canadian Federal Income Tax Considerations”.
Holding Entities” means LATAM Holdco, NA Holdco, Euro Holdco, Investco and any other direct wholly-owned subsidiary of BRELP created or acquired after the date of the Amended and Restated Limited Partnership Agreement of BRELP.
HSS&E” has the meaning given to it under Item 4.B “Business Overview — Operating Philosophy”.
IASB” means the International Accounting Standards Board.
IFRS” means the International Financial Reporting Standards, as issued by the IASB.
Indirect CFA” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — Canada”.
Investco” means Brookfield Renewable Investments Limited.
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Investing Affiliate” has the meaning given to it under Item 7.B “Related Party Transactions — Conflicts of Interest and Fiduciary Duties”.
Investment Company Act” means the United States Investment Company Act of 1940, as amended, and the rules and regulations promulgated under such Act.
IRS” means the United States Internal Revenue Service.
Isagen” means Isagen S.A. E.S.P.
LATAM Holdco” means BRP Bermuda Holdings I Limited.
LIBOR” means London Interbank Offered Rate.
Licensing Agreement” has the meaning given to it under Item 7.B “Related Party Transactions — Licensing Agreement”.
LIHI” has the meaning given to it under Item 4.B “Our Operations — Environmental, Social and Governance Management”.
LP unitholders” means holders of LP units.
LP units” or “BEP units” means the non-voting limited partnership units in the capital of BEP, other than the Preferred Units, including any LP units issued pursuant to the Redemption-Exchange Mechanism or pursuant to the exchange of BEPC exchangeable shares.
LTA” means long-term average.
Managing General Partner” means Brookfield Renewable Partners Limited, which serves as BEP’s general partner.
Market Price” means the volume weighted average of the trading price for our LP units on the NYSE for the five trading days immediately preceding the date the relevant distribution is paid by BEP.
Master Services Agreement” means the Third Amended and Restated Master Services Agreement, dated May 11, 2020, among Brookfield Asset Management, BEP, BRELP, the Holding Entities, BEPC, the Service Provider and others, as amended from time to time.
MI 61-101” has the meaning given to it under Item 7.B “Related Party Transactions — Conflicts of Interest and Fiduciary Duties”.
MPT” has the meaning given to it under Item 7.B “Related Party Transactions — Other Power Agreements”.
MRE” means the hydrological balancing pool administered by the government of Brazil.
MSA Holding Entities” means NA Holdco, LATAM Holdco, Brookfield BRP Canada Corp., Brookfield BRP Holdings (US) Inc., Euro Holdco, Investco, BRP Equity, Finco, BEPC and any direct wholly-owned subsidiary of BRELP created or acquired on or after the date of the Master Services Agreement, excluding, for greater certainty, any Operating Entities.
MW” means megawatt.
MWh” means megawatt hour.
NA Holdco” means Brookfield BRP Holdings (Canada) Inc.
Nominating and Governance Committee” means the nominating and governance committee of the board of directors of the Managing General Partner.
Non-Resident Entities” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — Canada”.
Non-Resident Holder” has the meaning given to it in Item 10.E “Taxation — Holders Not Resident in Canada”.
Non-Resident Subsidiaries” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — Canada”.
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Non-Resident Unitholders” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — Canada”.
Non-U.S. Holder” has the meaning given to it under Item 10.E “Taxation — Certain Material U.S. Federal Income Tax Considerations”.
NYSE” means the New York Stock Exchange.
Oaktree” means Oaktree Capital Group, LLC together with its affiliates.
Oaktree Accounts” means Oaktree-managed funds and accounts.
OCI” has the meaning given to it under Item 5.A “Operating Results — Critical Estimates, Accounting Policies and Internal Controls”.
Operating Entities” means the subsidiaries of the Holding Entities which, from time to time, directly or indirectly hold, or may in the future hold, assets or operations, including any assets or operations held through joint ventures, partnerships and consortium arrangements.
Original Bond Indenture” has the meaning given to it in Item 10.B “Memorandum and Articles of Association — Finco — Bond Indenture and Guarantees”.
Ownership Requirement” has the meaning given to it in Item 6.A “Directors and Senior Management — Director LP Unit Ownership Requirements”.
PFIC” means a passive foreign investment company.
PJM ISO” means the market operated by PJM Interconnection, L.L.C.
Polenergia” means Polenergia S.A.
Power Agency Agreements” has the meaning given to it under Item 7.B “Related Party Transactions — Power Agency Agreements”.
Power Marketing Purchase Agreement” has the meaning given to it under Item 7.B “Related Party Transactions — Energy Marketing Internalization”.
PPA” means a power purchase agreement, power guarantee agreement or similar long-term agreement between a seller and buyer of electrical power generation.
Preference Share Guarantees” means the guarantees granted by the Preference Share Guarantors in respect of the Series 1, Series 2, Series 3, Series 4, Series 5 and Series 6 Preference Shares.
Preference Share Guarantors” means, collectively, BEP, BRELP, NA Holdco, LATAM Holdco, Euro Holdco, Investco and BEP Subco Inc.
Preference Shares” means the Class A Preference Shares and the Class B Preference Shares.
Preferred Unit Guarantees” means the guarantees granted by the Preferred Unit Guarantors in respect of the Series 5, Series 7, Series 8, Series 9, Series 10, Series 11, Series 12, Series 13, Series 14, Series 15 and Series 16 Preferred Units.   
Preferred Unit Guarantors” means, collectively, BRELP, NA Holdco, LATAM Holdco, Euro Holdco, Investco and BEP Subco Inc.
Preferred Unitholders” means holders of Preferred Units.
Preferred Units” means the preferred limited partnership units in the capital of BEP.
PSG” has the meaning given to it under Item 7.B “Related Party Transactions — Conflicts of Interest and Fiduciary Duties”.
QEF Election” has the meaning given to it in Item 10.E “Taxation — Consequences to U.S. Holders — Passive Foreign Investment Companies”.
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Qualifying Income Exception” has the meaning given to it under Item 10.E “Taxation — Certain Material U.S. Federal Income Tax Considerations — Partnership Status of BEP and BRELP”.
RDSP” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — Canada”.
Redeemable/Exchangeable partnership unit” means a limited partnership unit of BRELP that has the rights of the Redemption-Exchange Mechanism.
Redemption-Exchange Mechanism” means the mechanism by which Brookfield may request redemption of its limited partnership interests in BRELP in whole or in part in exchange for cash, subject to the right of Brookfield Renewable to acquire such interests (in lieu of such redemption) in exchange for LP units.
REFIT” means the Republic of Ireland’s Renewable Energy Feed-in Tariff 1 and Renewable Energy Feed-in Tariff 2 programs.
Regular Distribution Waterfall” has the meaning given to it under Item 10.B “Memorandum and Articles of Association —Description of the Amended and Restated Limited Partnership Agreement of BRELP — Distributions”.
Relationship Agreement” means the relationship agreement, dated November 28, 2011, by and among Brookfield Asset Management, BEP, BRELP, the Service Providers and others, as amended from time to time.
Relevant Foreign Tax Law” has the meaning given to it under Item 10.E “Taxation — Certain Material Canadian Federal Income Tax Considerations — Taxation of Holders Resident in Canada — Computation of Income or Loss”.
Resident Holder” means a Holder who, for the purposes of the Tax Act and at all relevant times, is or is deemed to be a resident of Canada.
RESP” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — Canada”.
RPS” has the meaning given to it under Item 4.B “Business Overview — Global Renewable Power Drivers”.
RRIF” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — Canada”.
RRSP” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — Canada”.
S&P” means S&P Global Ratings Canada, a business unit of S&P Global Canada Corp.
Saeta” means Saeta Yield S.A.
Sarbanes-Oxley Act” means the United States Sarbanes-Oxley Act of 2002, including the rules and regulations promulgated thereunder.
SEC” means the United States Securities and Exchange Commission.
Second Distribution Threshold” has the meaning given to it under Item 10.B “Memorandum and Articles of Association — Description of the Amended and Restated Limited Partnership Agreement of BRELP — Distributions”.
Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
SEDAR” means the System for Electronic Document Analysis and Retrieval administered by the Canadian Securities Administrators.
Series 1 Shares” means the Class A Preference Shares, Series 1 of BRP Equity.
Series 2 Shares” means the Class A Preference Shares, Series 2 of BRP Equity.
Series 3 Shares” means the Class A Preference Shares, Series 3 of BRP Equity.
Series 4 Shares” means the Class A Preference Shares, Series 4 of BRP Equity.
Series 5 Preferred Units” means the Class A Preferred Units, Series 5 of BEP.
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Series 5 Shares” means the Class A Preference Shares, Series 5 of BRP Equity.
Series 6 Shares” means the Class A Preference Shares, Series 6 of BRP Equity.
Series 7 Preferred Units” means the Class A Preferred Units, Series 7 of BEP.
Series 8 Preferred Units” means the Class A Preferred Units, Series 8 of BEP.
Series 9 Preferred Units” means the Class A Preferred Units, Series 9 of BEP.
Series 10 Preferred Units” means the Class A Preferred Units, Series 10 of BEP.
Series 11 Preferred Units” means the Class A Preferred Units, Series 11 of BEP.
Series 12 Preferred Units” means the Class A Preferred Units, Series 12 of BEP. 
“Series 13 Preferred Units” means the Class A Preferred Units, Series 13 of BEP.
“Series 14 Preferred Units” means the Class A Preferred Units, Series 14 of BEP.
“Series 15 Preferred Units” means the Class A Preferred Units, Series 15 of BEP.
“Series 16 Preferred Units” means the Class A Preferred Units, Series 16 of BEP.
“Series 17 Preferred Units” means the Class A Preferred Units, Series 17 of BEP.
Service Provider” means BRP Energy Group L.P., Brookfield Renewable Energy Group (Bermuda) Limited, Brookfield Global Renewable Energy Advisor Limited, Brookfield Asset Management Private Institutional Capital Adviser (Canada), L.P., Brookfield Private Capital (DIFC) Limited and Brookfield Canada Renewable Manager LP, and, unless the context otherwise requires, includes any other affiliate of such entities that provides services to Brookfield Renewable pursuant to our Master Services Agreement or any other service agreement or arrangement.
Service Recipients” means BEP, BEPC, BRELP, the MSA Holding Entities and, at the option of the MSA Holding Entities, any Operating Entities.
SHPP” means a small hydroelectric power plant, which is a category of hydro power facilities in Brazil with 30 MW of capacity or less.
SIFT Rules” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — Canada”.
“special distribution” has the meaning given to it under Item 4.A “History and Development of the Company — Recent Developments”.
Tax Act” means the Canadian Income Tax Act, R.S.C. 1985, c. 1. (5th Supp), as amended, including the regulations promulgated under such Act.
Tax Cuts and Jobs Act” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — United States”.
Tax Proposals” means all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister prior to the date hereof.
TERP Acquisition” has the meaning given to it under Item 4.A “History and Development of the Company — Recent Developments”.
TERP Shares” has the meaning given to it under Item 4.A “History and Development of the Company — Recent Developments”.
TerraForm Global” means TerraForm Global, Inc.
TerraForm Power” or “TERP” means TerraForm Power, Inc. and as the context requires, its successors and assigns.
TFSA” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — Canada”.
Total Capitalization Value” means, in any quarter, the sum of (i) the fair market value of an LP unit multiplied by the number of LP units issued and outstanding on the last trading day of the quarter (assuming full conversion of any
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limited partnership interests held by any member of Brookfield in BRELP into LP units), plus (ii) for each class or series of security of a Service Recipient (other than LP units) issued to third parties not forming part of Brookfield Renewable, the fair market value of such security multiplied by the number of securities of such class or series issued and outstanding on the last trading day of the quarter (calculated on a fully-diluted basis), plus (iii) the principal amount of all debt not captured by paragraph (ii) owed by each Service Recipient (excluding for this purpose any Operating Entity) on the last trading day of the quarter to any person not forming part of Brookfield Renewable, which debt has recourse to any Service Recipient, less any amount of cash held by all Service Recipients (excluding for this purpose any Operating Entity) on such day.
Treasury Regulations” means the Treasury regulations promulgated under the U.S. Internal Revenue Code.
Treaty” means the Canada-United States Income Tax Convention (1980), as amended.
TSX” means the Toronto Stock Exchange.
TWh” means terawatt hour.
UBTI” has the meaning given to it under Item 3.D “Risk Factors — Risks Relating to Taxation — United States”.
U.K.” or “United Kingdom” means the United Kingdom of Great Britain and Northern Ireland.
Unitholders” means LP unitholders and Preferred Unitholders; provided that for purposes of Item 5. “Operating and Financial Review and Prospects” of this Form 20-F, “Unitholders” has the meaning given to it under Item 5.A “Operating Results —  Basis of Presentation”.
Units” means LP units and Preferred Units.
U.S. Holder” has the meaning given to it under Item 10.E “Taxation — Certain Material U.S. Federal Income Tax Considerations”.
U.S. Internal Revenue Code” means the United States Internal Revenue Code of 1986, as amended.
Voting Agreement” means the voting agreement, dated November 28, 2011, between BEP and Brookfield that provides BEP, through the Managing General Partner, with a number of voting rights, including the right to direct all eligible votes in the election of the directors of the BRELP General Partner.
X-Elio” means X-Elio Energy S.L.
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FORWARD-LOOKING STATEMENTS
This Form 20-F contains forward-looking statements concerning the business and operations of Brookfield Renewable. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements in this Form 20-F include, but are not limited to, statements regarding the quality of Brookfield Renewable’s assets and the resiliency of the cash flow they will generate, our anticipated financial performance, future commissioning of assets, contracted portfolio, technology diversification, acquisition opportunities, expected completion of acquisitions, future energy prices and demand for electricity, economic recovery, achieving long-term average generation, project development and capital expenditure costs, diversification of Brookfield Renewable’s investor base, energy policies, economic growth, growth potential of the renewable asset class, our future growth prospects and distribution profile, our access to capital and future dividends and distributions made to holders of LP units and BEPC's exchangeable shares. In some cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”, “continue”, “attempts”, “likely”, “primarily”, “approximately”, “endeavors”, “pursues”, “strives”, “seeks” or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information in this Form 20-F are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. You should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following:
changes to hydrology at our hydroelectric facilities, to wind conditions at our wind energy facilities, to irradiance at our solar facilities or to weather generally, as a result of climate change or otherwise, at any of our facilities;
volatility in supply and demand in the energy markets;
our inability to re-negotiate or replace expiring PPAs on similar terms;
increases in water rental costs (or similar fees) or changes to the regulation of water supply;
advances in technology that impair or eliminate the competitive advantage of our projects;
an increase in the amount of uncontracted generation in our portfolio;
industry risks relating to the power markets in which we operate;
the termination of, or a change to, the MRE balancing pool in Brazil;
increased regulation on our operations;
concessions and licenses expiring and not being renewed or replaced on similar terms;
our real property rights for wind and solar renewable energy facilities being adversely affected by the rights of lienholders and leaseholders that are superior to those granted to us;
increases in the cost of operating our facilities;
our failure to comply with conditions in, or our inability to maintain, governmental permits;
equipment failures, including relating to wind turbines and solar panels;
dam failures and the costs and potential liabilities associated with such failures;
force majeure events;
uninsurable losses and higher insurance premiums;
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adverse changes in currency exchange rates and our inability to effectively manage foreign currency exposure;
availability and access to interconnection facilities and transmission systems;
health, safety, security and environmental risks;
energy marketing risks;
counterparties to our contracts not fulfilling their obligations;
the time and expense of enforcing contracts against non-performing counterparties and the uncertainty of success;
our operations being affected by local communities;
fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems;
some of our acquisitions may be of distressed companies, which may subject us to increased risks, including the incurrence of legal or other expenses;
our reliance on computerized business systems, which could expose us to cyber-attacks;
newly developed technologies in which we invest not performing as anticipated;
labor disruptions and economically unfavorable collective bargaining agreements;
our inability to finance our operations due to the status of the capital markets;
operating and financial restrictions imposed on us by our loan, debt and security agreements;
changes to our credit ratings;
our inability to identify sufficient investment opportunities and complete transactions;
the growth of our portfolio and our inability to realize the expected benefits of our transactions or acquisitions;
our inability to develop greenfield projects or find new sites suitable for the development of greenfield projects;
delays, cost overruns and other problems associated with the construction and operation of generating facilities and risks associated with the arrangements we enter into with communities and joint venture partners;
Brookfield’s election not to source acquisition opportunities for us and our lack of access to all renewable power acquisitions that Brookfield identifies, including by reason of conflicts of interest;
we do not have control over all of our operations or investments;
political instability or changes in government policy;
pandemics or epidemics, including risks associated with the global pandemic caused by COVID-19, and the related global reduction in commerce and travel and substantial volatility in stock markets worldwide, which may result in a decrease of cash flows and impairment losses and/or revaluations of our investments and assets;
foreign laws or regulation to which we become subject as a result of future acquisitions in new markets;
changes to government policies that provide incentives for renewable energy;
a decline in the value of our investments in securities, including publicly traded securities of other companies;
we are not subject to the same disclosure requirements as a U.S. domestic issuer;
the separation of economic interest from control within our organizational structure;
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future sales and issuances of BEP units, Preferred Units or securities exchangeable for BEP units, including BEPC exchangeable shares, or the perception of such sales or issuances, could depress the trading price of the BEP units, Preferred Units or BEPC exchangeable shares;
the incurrence of debt at multiple levels within our organizational structure;
being deemed an “investment company” under the Investment Company Act;
the effectiveness of our internal controls over financial reporting;
our dependence on Brookfield and Brookfield’s significant influence over us;
the departure of some or all of Brookfield’s key professionals;
our lack of independent means of generating revenue;
changes in how Brookfield elects to hold its ownership interests in Brookfield Renewable;
Brookfield acting in a way that is not in our best interests or our Unitholders;;
the severity, duration and spread of the COVID-19 outbreak, as well as the direct and indirect impacts that the virus may have;
broader impact of climate change;
failure of our systems technology;
involvement in litigation and other disputes, and governmental and regulatory investigations;
any changes in the market price of the BEP units and BEPC exchangeable shares; and
other factors described in this Form 20-F, including those set forth under Item 3.D “Risk Factors”, Item 4.B “Business Overview” and Item 5.A “Operating Results”.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this Form 20-F and should not be relied upon as representing our views as of any date subsequent to the date of this Form 20-F. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see Item 3.D “Risk Factors”.
Historical Performance and Market Data
This Form 20-F contains information relating to our business as well as historical performance and market data. When considering this data, you should bear in mind that historical results and market data may not be indicative of the future results that you should expect from us.
Financial Information
The financial information contained in this Form 20-F is presented in U.S. dollars and, unless otherwise indicated, has been prepared in accordance with IFRS. All figures are unaudited unless otherwise indicated. In this Form 20-F, all references to “$” are to U.S. dollars. Canadian dollars, Brazilian reais, Euros, Colombian pesos, British pounds sterling and Chinese renminbi are identified as “C$”, “R$”, “€”, “COP”, “£” and “CNY” respectively.
CAUTIONARY STATEMENT REGARDING THE USE OF NON-IFRS MEASURES
This Form 20-F contains references to Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit used by other entities. In particular, our definition of Funds From Operations may differ from the definition of funds from operations used by other organizations, as well as the definition of funds from operations used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREIT definition is based on U.S. GAAP, as opposed to IFRS. We believe that
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Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit are useful supplemental measures that may assist investors in assessing our financial performance. None of Adjusted EBITDA, Funds From Operations or Funds From Operations per Unit should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. These non-IFRS measures reflect how we manage our business and, in our opinion, enable the reader to better understand our business. Reconciliations of each of Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit to net income (loss) are presented in Item 5.A “Operating Results — Financial Performance Review on Proportionate Information — Reconciliation of non-IFRS measures”.
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PART I
ITEM 1.    IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
ITEM 2.    OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
ITEM 3.    KEY INFORMATION
3.A    [RESERVED]
Not applicable.

3.B    CAPITALIZATION AND INDEBTEDNESS
Not applicable.
3.C    REASONS FOR THE OFFER AND USE OF PROCEEDS
Not applicable.
3.D    RISK FACTORS
The following summarizes some, but not all, of the risks provided below. Please carefully consider all of the information discussed in this “Item 3.D–Risk Factors” in this annual report for a more thorough description of these and other risks.
Risks Relating to Our Operations and the Renewable Power Industry
Risks relating to changes to hydrology at our hydroelectric facilities, wind conditions at our wind energy facilities, irradiance at our solar facilities or weather conditions generally.
Risks relating to supply, demand, volatility and marketing in the energy market.
Risks relating to our expiring contracts, counterparty defaults and renewal of our concessions and licenses.
Risks relating to increases in water rental costs (or similar fees) or changes to the regulation of water supply.
Risks relating to advances and investments in technology and increases in the cost of operating our plants.
Risks relating to the amount of uncontracted generation in our portfolio, termination of the MRE or downward revisions of our company’s reference amount.
Risks relating to our use and enjoyment of real property rights for our wind and solar facilities.
Risks of increased cost of operating our plants.
Risks relating to equipment failure and any loss of generating capacity and damage to the environment.
Risks relating to developments associated with the COVID-19 pandemic.
Risks relating to ability to access interconnection facilities and transmission systems.
Risks relating to disputes, governmental and regulatory policies and investigations and possible litigation.
Risks relating to our generating facilities being affected by local communities.
Risks relating to future labor disruptions and economically unfavorable collective bargaining agreements.
Risks Relating to Financing
Risks relating to our ability to finance our operations, including compliance with debt covenants, changes in our credit ratings, and incurrence of debt at multiple levels within our organizational structure.
Risks Relating to Our Growth Strategy
Risks relating to our ability to identify investment opportunities and complete transactions, as planned.
Risks relating to our ability to complete all or some of our capital recycling initiatives.
Risks relating to changes to our business.
Risks relating to successful integration of new acquisitions.
Risks relating to our ability to develop or find sites suitable for the development of greenfield power projects.
Risks relating to our transactions and joint ventures, partnerships and consortium arrangements.
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Risks relating to political instability, changes in government policy, or unfamiliar cultural factors.
Risks relating to acquiring distressed companies.
Risks relating to our investments in securities of other public companies.
Risks relating to our organizational structure and our ability to control our investments.
Risks Relating to Our Relationship with Brookfield
Risks relating to our dependence on Brookfield and the Service Providers.
Risks relating to our inability to have access to all renewable power acquisitions that Brookfield identifies.
Risks relating to the departure of some or all of Brookfield’s professionals.
Risks relating to Brookfield’s ownership position in BEP.
Risks relating to the lack of any fiduciary obligations imposed on Brookfield to act in the best interests of the Service Recipients, Brookfield Renewable or our Unitholders.
Risks relating to conflicts of interest inherent to our organizational and ownership structure.
Risks relating to our inability to terminate the BEP Master Services Agreement.
Risks relating to the limited liability of the Service Providers to BEP and the other Service Recipients.
Risks relating to Brookfield’s relationship with Oaktree.
Risks relating to our guarantees of certain debt obligations.
Risks Relating to Our Units
Risks relating to our ability to continue paying comparable or growing cash distributions.
Risks relating to issuance of additional securities (including Units, Preferred Units or securities exchangeable into LP units (including BEPC exchangeable shares)) in lieu of incurring indebtedness.
Risks relating to our Unitholders’ inability to vote on BEP matters or to take part in the management of BEP.
Risks relating to choice of forum provisions in our Amended and Restated Limited Partnership Agreement.
Risks relating to the market price and volatility of our Units or securities exchangeable into LP units.
Risks relating to ability to enforce service of process and enforcement of judgements against us and directors and officers of the Managing General Partner and the Service Provider.
Risks relating to our payout ratio.
Risks Relating to Taxation
Risks relating to United States, Canadian and Bermudan taxation, and the effects thereof on our business and operations.
You should carefully consider the following factors in addition to the other information set forth in this Form 20-F. If any of the following risks actually occur, our business, financial condition, results of operations and prospects could be adversely affected and the value of our Units would likely decline, and you could lose all or part of your investment.
Risks Relating to Our Operations and the Renewable Power Industry
Changes to hydrology at our hydroelectric facilities, wind conditions at our wind energy facilities, irradiance at our solar facilities or weather conditions generally, as a result of climate change or otherwise, at any of our facilities could adversely affect the volume of electricity generated.
The revenues generated by our facilities are correlated to the amount of electricity generated, which in turn is dependent upon available water flows and upon wind, irradiance and weather conditions generally. Hydrology, wind, irradiance and weather conditions have natural variations from season to season and from year to year and may also change permanently because of climate change or other factors.
If one or more of our generation facilities were to be subject in the future to flooding, extreme weather conditions (including severe wind storms and droughts), fires, natural disasters, or if unexpected geological or other adverse physical conditions were to develop at any of our generation facilities, the generation capacity of that facility could be significantly reduced or eliminated. For example, our hydroelectric facilities depend on the availability of water flows within the watersheds in which we operate and could be materially impacted by changes to hydrology patterns, such as droughts. In the event of severe flooding, our hydrology facilities may be damaged. Wind energy and solar energy are highly dependent on weather conditions and, in particular, on wind conditions and irradiance, respectively. The profitability of a wind farm depends not only on observed wind conditions at the site,
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which are inherently variable, but also on whether observed wind conditions are consistent with assumptions made during the project development phase or when a given project was acquired. Similarly, projections of solar resources depend on assumptions about weather patterns, shading and irradiance, which are inherently uncertain and may not be consistent with actual conditions at the site. A sustained decline in water flow at our hydroelectric facilities or in wind conditions at our wind energy facilities or of irradiance at our solar facilities could lead to an adverse change in the volume of electricity generated, revenues and cash flow.
Climate change may increase the frequency and severity of severe weather conditions and may change existing weather patterns in ways that are difficult to anticipate, which could result in more frequent and severe disruptions to our generation facilities and the power markets in which we operate. In addition, customers’ energy needs generally vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, customers’ energy use could increase or decrease depending on the duration and magnitude of changing weather conditions, which could adversely affect our business, results of operations and cash flows.
Supply and demand in the energy market is volatile and such volatility could have an adverse impact on electricity prices and an adverse effect on Brookfield Renewable’s assets, liabilities, business, financial condition, results of operations and cash flow.
A portion of our revenues are tied, either directly or indirectly, to the wholesale market price for electricity in the markets in which we operate. Wholesale market electricity prices are impacted by a number of factors including: the price of fuel (for example, natural gas) that is used to generate electricity; the management of generation and the amount of excess generating capacity relative to load in a particular market; the cost of controlling emissions of pollution, including the cost of emitting carbon dioxide; the structure of the electricity market; and weather conditions (such as extremely hot or cold weather) that impact electrical load.
In the long term, there is uncertainty surrounding the trend in electricity demand growth, which is influenced by: macroeconomic conditions; absolute and relative energy prices; and energy conservation and demand-side management. Correspondingly, from a supply perspective, there are uncertainties associated with the timing of generating plant retirements – in part driven by environmental regulations – and with the scale, pace and structure of replacement capacity, again reflecting a complex interaction of economic and political pressures and environmental preferences. This volatility and uncertainty in the power market generally, including the non-renewable power market, could have an adverse effect on Brookfield Renewable’s assets, liabilities, business, financial condition, results of operations and cash flow.
As our contracts expire, we may not be able to replace them with agreements on similar terms.
Certain PPAs in our portfolio will be subject to re-contracting in the future. If the price of electricity in power markets is declining at the time of such re-contracting, it may impact our ability to re-negotiate or replace these contracts on terms that are acceptable to us, or at all. In addition, a concentrated pool of potential buyers for electricity generated by our renewable energy facilities in certain jurisdictions may restrict our ability to negotiate favorable terms under new PPAs or existing PPAs that are subject to re-contracting. We cannot provide any assurance that we will be able to re-negotiate or replace these contracts once they expire, and even if we are able to do so, we cannot provide any assurance that we will be able to obtain the same prices or terms we currently receive. If we are unable to re-negotiate or replace these contracts, or unable to secure prices at least equal to the current prices we receive, our business, financial condition, results of operation and prospects could be adversely affected.
Increases in water rental costs (or similar fees) or changes to the regulation of water supply may impose additional obligations on Brookfield Renewable.
Water rights are generally owned or controlled by governments that reserve the right to control water levels or impose water-use requirements as a condition of license renewal that differ from those arrangements in place today. We are required to pay taxes, make rental payments or pay similar fees for use of water and related rights once our hydroelectric projects are in commercial operation. Significant increases in water rental costs or similar fees or changes in the way that governments regulate water supply could, if imposed at a material number of our assets in our portfolio, have an adverse effect on our assets, liabilities, business, financial condition, results of operations and cash flow.
Advances in technology could impair or eliminate the competitive advantage of our projects.
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Technology related to the production of renewable power and conventional power generation are continually advancing, resulting in a gradual decline in the cost of producing electricity. If advances in technology further reduce the cost of producing power, the competitive advantage of our existing projects may be significantly impaired or eliminated and our assets, liabilities, business, financial condition, results of operations and cash flow could be adversely affected as a result.
The amount of uncontracted generation in our portfolio may increase.
As at December 31, 2020, approximately 84% of our generation (on a proportionate basis) was contracted over the following five years under long-term, fixed price contracts with creditworthy counterparties. In 2019 and 2020, approximately 90% of our generation (on a proportionate basis) was contracted in each of those calendar years. The portion of our portfolio that is uncontracted may increase gradually over time. We may sell electricity from our uncontracted generation into the spot-market or other competitive power markets from time to time. With respect to such transactions, we are not guaranteed any rate of return on our capital investments through mandated rates, and revenues and results of operations are likely to depend, in large part, upon prevailing market prices. These market prices may fluctuate substantially over relatively short periods of time and could, in certain circumstances, have an adverse effect on our business, financial condition, results of operations and cash flows.
The MRE could be terminated or changed or Brookfield Renewable’s reference amount revised downward.</