Exhibit 99.3

 

Brookfield Renewable
	Partners L.P.
	Q2 2018 MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis for the three and six months ended June 30, 2018 is provided as of August 3, 2018. Unless the context indicates or requires otherwise, the terms “Brookfield Renewable”, “we”, “us”, and “our” mean Brookfield Renewable Partners L.P. and its controlled entities. The ultimate parent of Brookfield Renewable is Brookfield Asset Management Inc. (“Brookfield Asset Management”). Brookfield Asset Management and its subsidiaries, other than Brookfield Renewable, are also individually and collectively referred to as “Brookfield” in this Management’s Discussion and Analysis.

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

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

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

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

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

Organization of the Management’s Discussion and Analysis

PART 1 – Q2 2018 Highlights	3	PART 5 – Liquidity and Capital Resources
		Capitalization, available liquidity and
PART 2 – Financial Performance Review on		credit facilities and subsidiary borrowings	23
Consolidated Information	5	Long-term debt and credit facilities	24
		Consolidated statements of cash flows	26
PART 3 – Additional Consolidated Financial		Shares and units outstanding	27
Information		Dividends and distributions	28
Property, plant and equipment, equity-accounted		Contractual obligations	28
investments and asset held for sale	7	Off-statement of financial position arrangements	28
Related party transactions	8
Equity	9	PART 6 - Selected Quarterly Information
		Summary of historical quarterly results	28
PART 4 – Financial Performance Review on		Proportionate Results for the six months
Proportionate Information		ended June 30	29
Proportionate Results for the three months		Reconciliation of non-IFRS measures	30
ended June 30	11
Reconciliation of non-IFRS measures	18	PART7 - Critical Estimates, Accounting
Contract profile	21	Policies and Internal Controls	33
		PART8 - Presentation to Stakeholders and	35
		Performance Measurement
		PART 9 - Cautionary Statements	40

Statement Regarding Forward-Looking Statements and Use of Non-IFRS Measures

This Management's Discussion and Analysis containsforward-looking information within the meaning of U.S. and Canadian securities laws. We may make such statements in this Management's Discussion and Analysis and in other filings with the U.S. Securities and Exchange Commission (“SEC”) and with securities regulators in Canada - see “PART 9 - Cautionary Statements”. We make use of non-IFRS measures in this Management's Discussion and Analysis - see “PART 9 - Cautionary Statements”. This Management's Discussion and Analysis, our Form 20-F and additional information filed with the SEC and with securities regulators in Canada are available on our website at https://bep.brookfield.com, on the SEC’s website at www.sec.govor on SEDAR’s website at www.sedar.com.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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PART 1 –  Q2 2018 HIGHLIGHTS

	Three months ended Jun 30				Six months ended Jun 30
(MILLIONS, EXCEPT AS NOTED)		2018		2017		2018		2017
Operational information
Capacity (MW)		17,364		10,621		17,364		10,621
Total generation (GWh)
Long-term average generation		13,521		10,674		26,373		21,038
Actual generation		13,122		11,618		26,002		22,102
Proportionate generation (GWh)
Long-term average generation		6,935		6,277		13,286		12,166
Actual generation		6,455		6,719		13,149		12,880
Average revenue ($ per MWh)		73		66		74		68
Selected financial information(1)
Net (Loss) income attributable to Unitholders	$	(2)	$	38	$	6	$	54
Basic (loss) earnings per LP Unit		(0.01)		0.13		0.02		0.18
Consolidated Adjusted EBITDA(2)		543		460		1,125		916
Proportionate Adjusted EBITDA(2)		324		312		675		614
Funds From Operations(2)		172		181		365		347
Adjusted Funds From Operations(2)		154		164		329		313
Funds From Operations per Unit(1)(2)		0.55		0.61		1.17		1.16
Distribution per LP Unit		0.49		0.47		0.98		0.94

⁽¹⁾For the three and six months ended June 30, 2018, weighted average LP Units, Redeemable/Exchangeable partnership units and GP interest totaled 312.8 million and 312.7 million, respectively (2017: 299.2 million and 299.2 million).

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

			Jun 30		Dec 31
(MILLIONS, EXCEPT AS NOTED)			2018		2017
Liquidity and Capital Resources
Available liquidity		$	1,666	$	1,697
Debt to capitalization			39%		39%
Proportionate borrowings non-recourse to Brookfield Renewable			73%		70%
Floating rate debt exposure on a proportionate basis			14%		13%
Corporate borrowings
	Average debt term to maturity		5.9 years		6.4 years
	Average interest rate		4.5%		4.5%
Subsidiary borrowings on a proportionate basis
	Average debt term to maturity	10.2 years		10.5 years
	Average interest rate		5.5%		5.8%

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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Operations

Funds From Operations decreased 5% to $172 million as the contribution from the growth in our portfolio, relatively higher realized prices and cost-reduction initiatives were more than offset by lower generation at our North American hydroelectric facilities due to weak hydrology (11% below long term average and 18% lower than prior year where we experienced higher than average generation).

Funds From Operations per Unit of $0.55 decreased 10% from the prior year.

Year to date Funds From Operations were 5% above prior year as the contributions from growth in our portfolio, higher realized prices and cost-reduction initiatives were partially offset by same-store generation that was 5% below prior year and 1% below long-term average.

Net income attributable to Unitholders decreased $40 million compared to the prior year due primarily to the above noted decrease in Funds From Operations and an increase in depreciation associated with the growth of our portfolio. Basic loss per LP Unit of $0.01 per LP Unit decreased from $0.13 per LP Unit in the prior year primarily due to the decreases mentioned above.

Continued to focus on extending our contract profile at premium pricing as we completed the following:

·In Colombia, we entered into 19 new contracts during the quarter with 5 to 10 year terms

·Entered into five new contracts during the quarter in Brazil representing 91 GWh of annual generation at an average price of R$ 254/MWh

·Cleared 964 MW in the most recent  PJM capacity auction at a price of $4.26/KW-mo, securing $17 million of proportionate revenue for the 2021/2022 delivery period – 70% higher than the prior year

Liquidity and Capital Resources

Liquidity remains strong with $1.7 billion available at quarter-end.

Executed $1.1 billion of non-recourse financings in the quarter, reducing our weighted-average cost of project debt to 5.5% while maintaining the weighted average duration of our project debt above 10 years.

Minimal interest rate exposure with only 14% floating rate debt with less than 8% in North America and Europe.

Post quarter-end, we entered into an agreement to sell 100% of our 178 MW South African wind and solar portfolio for total proceeds of $166 million (ZAR 2,031 million), with Brookfield Renewable’s share totaling approximately $50 million. Transaction is expected to close by the fourth quarter of 2018, subject to closing conditions.

Growth and Development

Deployed $420 million to increase our interest in TerraForm Power Inc. (“TerraForm Power”) from 16% to 30%. TerraForm Power used the proceeds of its $650 million equity offering, along with other sources of capital, to acquire Saeta Yield, S.A. (“Saeta Yield”), a 1,028 MW European solar and wind portfolio.

Completed the commissioning of a 28 MW hydro project in Brazil and continued to advance an additional 160 MW of hydro, wind, and storage development projects.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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PART 2 –  FINANCIAL PERFORMANCE REVIEW ON CONSOLIDATED INFORMATION

The following table reflects key financial data for the three months ended June 30:

(MILLIONS, EXCEPT AS NOTED)		2018		2017
Revenues	$	735	$	683
Other income		10		10
Direct operating costs		(247)		(240)
Management service costs		(21)		(21)
Interest expense – borrowings		(178)		(156)
Depreciation		(206)		(198)
Current income tax (expense) recovery		(7)		4
Deferred income tax expense		(4)		(16)
Net (loss) income attributable to Unitholders	$	(2)	$	38
	Average FX rates to USD
C$		1.29		1.34
€		0.84		0.91
R$		3.61		3.21
£		0.74		0.78
COP		2,839		2,920

Variance Analysis For The Three Months Ended June 30, 2018

For the three months ended June 30, 2018, we reported net loss attributable to Unitholders of $2 million compared to net income attributable to Unitholders of $38 million for the three months ended June 30, 2017.

Revenues totaling $735 million in the three months ended June 30, 2018 represents an increase of $52 million over the prior year as the contribution from growth in our portfolio, both through our recent investments and development projects, and higher realized average revenues was partially offset by lower generation at our North American hydroelectric facilities. Growth contributed 2,739 GWh and $69 million to revenues and was partially offset by the $60 million impact from the decrease in consolidated generation on same-store basis by 1,229 GWh or 11% due primarily to weaker hydrology in North America ($47 million – 8% below long-term average). Higher average realized revenues primarily due to the benefit of inflation indexation in our contracts, improved realized prices on our merchant exposure across our portfolio and increased capacity revenues in North America cumulatively contributed $41 million. Foreign currency movements positively impacted our revenues by $2 million as the appreciation of the Canadian dollar and Colombian peso versus the U.S. dollar was only partially offset by the depreciation of the Brazilian reais. The impact of these foreign currency movements also affected operating and borrowing costs.

Direct operating costs totaling $247 million represent an increase of $7 million over the prior year. The growth in our portfolio increased operating costs by $14 million and, on a same-store basis, operating costs were $9 million lower as we continue to benefit from our cost-reduction initiatives. The foreign exchange impacts noted above increased operating costs by $2 million.

Interest and depreciation expense totaling $178 million and $206 million, respectively, represent increases primarily attributable to growth of $22 million and $8 million, respectively, over the prior year.

Management service costs totaling $21 million were consistent with the prior year.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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The following table reflects key financial data for the six months ended June 30:

(MILLIONS, EXCEPT AS NOTED)		2018		2017
Revenues	$	1,528	$	1,360
Other income		19		18
Direct operating costs		(503)		(473)
Management service costs		(42)		(37)
Interest expense – borrowings		(358)		(319)
Depreciation		(419)		(398)
Current income tax expense		(14)		(12)
Deferred income tax expense		(13)		(21)
Net income attributable to Unitholders	$	6	$	54
	Average FX rates to USD
C$		1.28		1.33
€		0.83		0.92
R$		3.42		3.18
£		0.73		0.79
COP		2,849		2,920

Variance Analysis For The Six Months Ended June 30, 2018

For the six months ended June 30, 2018, we reported a net income attributable to Unitholders of $6 million compared to a net income attributable to Unitholders of $54 million for the six months ended June 30, 2017.

Revenues totaling $1,528 million for the six months ended June 30, 2018 represent an increase of $168 million over the same period in the prior year. The contributions from the growth in our portfolio, both through out recent investments and development projects, and higher realized average revenues across our portfolio were partially offset by slightly lower generation at our North American hydroelectric facilities. The growth in our portfolio over the last 12 months which contributed 5,157 GWh or $136 million to our revenues was partially offset by the impact from the sale of a European wind farm in 2017 that contributed $8 million or 75 GWh in the same period of the prior year. Revenue from our existing facilities was $65 million lower than prior year due primarily to lower hydrology in North America ($51 million – 1% below long-term average and 6% lower than the prior year to date which benefitted from strong hydrology of 6% above long-term average). Average realized pricing increased revenues by $89 million primarily due to improved realized prices on our merchant exposure in the portfolio, the benefit of inflation indexation of our contracts across our portfolio and higher capacity revenues in North America. The depreciation of the U.S. dollar against most of the foreign currencies in which we operate contributed $16 million to revenues and also affected operating and borrowing costs.

Direct operating costs totaling $503 million represent an increase of $30 million driven by the growth in our portfolio. Excluding one-time cost recoveries of $10 million in the prior year, operating costs were $16 million lower on a same-store basis due to the benefit of our cost-reduction initiatives implemented across our businesses. The above noted foreign exchange impacts increased operating costs by $6 million.

Interest and depreciation expense totaling $358 million and $419 million, respectively, represent increases of $39 million and $21 million, respectively, over the prior year. The increase is primarily attributable to the growth in our portfolio.

Management service costs totaling $42 million represent an increase of $5 million, which is primarily attributable to the growth in capitalization of our business over the last year.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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PART 3 - ADDITIONAL consolidated FINANCIAL INFORMATION

SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

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

		Jun 30		Dec 31
(MILLIONS)	2018		2017
Current assets	$	1,833	$	1,666
Assets held for sale		799		-
Equity-accounted investments		1,123		721
Property, plant and equipment, at fair value		25,774		27,096
Goodwill		918		901
Total assets		30,090		30,904
Liabilities directly associated with assets held for sale		563		-
Long-term debt and credit facilities		10,974		11,766
Deferred income tax liabilities		3,575		3,588
Total liabilities		16,364		16,622
Total equity		13,726		14,282
Total liabilities and equity		30,090		30,904

Our balance sheet remains strong and reflects the stable nature of the business and the integration of recent growth.

property, plant and equipment

Property, plant and equipment totaled $25.8 billion as at June 30, 2018 compared to $27.1 billion as at December 31, 2017. Upon entering into an agreement to sell 178 MW of wind and solar assets in South Africa, we reclassified $651 million to assets held for sale on the Statement of Financial Position. The appreciation of the U.S. dollar decreased property, plant and equipment by $712 million and was largely attributable to assets in Brazil and Canada. We also recognized depreciation expense of $419 million which is significantly higher than what we are required to reinvest in the business as sustaining capital expenditures.

Equity-accounted investments

Equity accounted investments totaled $1,123 million as at June 30, 2018 compared to $721 million as at December 31, 2017. During the quarter, TerraForm Power closed the acquisition and privatization of Saeta Yield – a 1,028 MW European solar and wind portfolio. TerraForm Power funded its acquisition of Saeta Yield through available liquidity and asset-level financing initiatives, as well as through issuing additional equity totaling $650 million, of which Brookfield Renewable contributed $420 million. The additional equity acquired through the private placement increased the collective interest of Brookfield Renewable and its institutional partners in TerraForm Power from 51% to 65%, with Brookfield Renewable’s interest increasing from 16% to 30%.

Assets held for sale

Post quarter-end, we entered into an agreement to sell 100% of our 178 MW South African wind and solar portfolio for total proceeds of $166 million (ZAR 2,031 million), with Brookfield Renewable’s share totaling approximately $50 million. The transaction is expected to close by the fourth quarter of 2018, subject to the satisfaction of closing conditions. We reclassified the associated assets, including the aforementioned $651

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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million of Property, plant and equipment, to Assets held for sale on the Statement of Financial Position. We also reclassified the directly associated liabilities, including $378 million of long-term debt, to Liabilities directly associated with assets held for sale on the Statement of Financial Position.

Related Party Transactions

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

Brookfield Renewable sells electricity to Brookfield through long-term power purchase agreements to provide contracted cash flow and reduce Brookfield Renewable’s exposure to electricity prices in deregulated power markets. Brookfield Renewable also benefits from a wind levelization agreement with Brookfield which reduces the exposure to the fluctuation of wind generation at certain facilities and thus improves the stability of its cash flow.

In addition to these agreements, Brookfield Renewable and Brookfield have executed other agreements that are described in Note 19 - Related Party Transactions in our unaudited interim consolidated financial statements.

Brookfield Renewable has also entered into a number of voting agreements with Brookfield whereby Brookfield, as managing member of entities related to Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II and Brookfield Infrastructure Fund III, in which Brookfield Renewable holds investments in power generating operations with institutional partners, agreed to provide to Brookfield Renewable the authority to direct the election of the Boards of Directors of such entities.

Brookfield Renewable has entered into agreements with Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III and Brookfield Infrastructure Debt Fund (“Private Funds”), in which they provide Brookfield Renewable with access to short-term financing using the Private Funds’ credit facilities.

There was a draw for the full amount of $400 million on the committed unsecured revolving credit facility provided by Brookfield Asset Management. Brookfield Asset Management had also placed funds on deposit with Brookfield Renewable in the amount of $200 million during the second quarter of 2018. The interest expense on the draws from the credit facility and the deposit for the three and six months ended June 30, 2018 totaled $3 million and $5 million (2017: $nil and $1 million). Subsequent to June 30, 2018, the $200 million funds on deposit and $128 million of the unsecured revolving credit facility, plus accrued interest, was returned and repaid to Brookfield Asset Management.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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The following table reflects the related party agreements and transactions in the unaudited interim consolidated statements of income:

	Three months ended Jun 30				Six months ended Jun 30
(MILLIONS)		2018		2017		2018		2017
Revenues
Power purchase and revenue agreements	$	134	$	176	$	274	$	326
Wind levelization agreement		3		2		4		3
	$	137	$	178	$	278	$	329
Direct operating costs
Energy purchases	$	(3)	$	(2)	$	(5)	$	(5)
Energy marketing fee		(6)		(6)		(12)		(12)
Insurance services		(7)		(5)		(13)		(10)
	$	(16)	$	(13)	$	(30)	$	(27)
Interest expense - borrowings	$	(3)	$	-	$	(5)	$	(1)
Management service costs	$	(21)	$	(21)	$	(42)	$	(37)

EQUITY

General partnership interest in a holding subsidiary held by Brookfield

Brookfield, as the owner of the 1% GP interest in BRELP, is entitled to regular distributions plus an incentive distribution based on the amount by which quarterly LP Unit distributions exceed specified target levels. To the extent that LP Unit distributions exceed $0.375 per LP Unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that LP Unit distributions exceed $0.4225 per LP Unit per quarter, the incentive distribution is equal to 25% of distributions above this threshold. Incentive distributions of $10 million and $20 million, respectively, were declared during the three and six months ended June 30, 2018 (2017: $7 million and $15 million).

Preferred limited partners’ equity

In January 2018, Brookfield Renewable issued 10,000,000 Class A, Series 13 Preferred Limited Partnership Units (the “Series 13 Preferred Units”) at a price of C$25 per unit for gross proceeds of C$250 million ($201 million). The holders of the Series 13 Preferred Units are entitled to receive a cumulative quarterly fixed distribution yielding 5.0% for the initial period ending April 30, 2023. Thereafter, the distribution rate will be reset every five years at a rate equal to the greater of: (i) the 5-year Government of Canada bond yield plus 3.00%, and (ii) 5.00%.

The holders of Series 13 Preferred Units will have the right, at their option, to reclassify their Series 13 Preferred Units into Class A Preferred Limited Partnership Units, Series 14 (the “Series 14 Preferred Units”), subject to certain conditions, on April 30, 2023 and on April 30 every five years thereafter. The holders of Series 14 Preferred Units will be entitled to receive floating rate cumulative preferential cash distributions equal to the 90-day Canadian Treasury Bill Rate plus 3.00%.

The Preferred LP Units do not have a fixed maturity date and are not redeemable at the option of the holders. As at June 30, 2018, none of the Class A Preferred LP Units have been redeemed by Brookfield Renewable.

Limited partners’ equity

Brookfield Asset Management owns, directly and indirectly 185,727,567 LP Units and Redeemable/Exchangeable partnership units, representing approximately 60% of Brookfield Renewable on a fully-exchanged basis and the remaining approximately 40% is held by public investors.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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In December 2017, Brookfield Renewable renewed its normal course issuer bid in connection with its LP Units. Under this normal course issuer bid Brookfield Renewable is permitted to repurchase up to 9 million LP Units, representing approximately 5% of the issued and outstanding LP Units, for capital management purposes. The bid will expire on December 28, 2018, or earlier should Brookfield Renewable complete its repurchases prior to such date. Unitholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. During the three and six months ended June 30, 2018, Brookfield Renewable re-purchased 272,659 and 281,359 LP Units, respectively on the Toronto Stock Exchange and New York Stock Exchange at a total cost of $8 million.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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PART 4 – FINANCIAL PERFORMANCE REVIEW ON PROPORTIONATE INFORMATION

SEGMENTED DISCLOSURES

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

PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED June 30

The following chart reflects the generation and summary financial figures on a proportionate  basis for the three months ended June 30:

	(GWh)				(MILLIONS)
	Actual Generation		LTA Generation		Revenues				Adjusted EBITDA				Funds From Operations				Net Income (Loss)
	2018	2017	2018	2017		2018		2017		2018		2017		2018		2017		2018		2017
Hydroelectric
North America	3,413	4,186	3,822	3,822	$	228	$	270	$	165	$	199	$	123	$	158	$	56	$	82
Brazil	902	886	978	968		63		66		44		51		37		45		2		6
Colombia	872	998	844	846		53		46		31		24		21		15		18		11
	5,187	6,070	5,644	5,636		344		382		240		274		181		218		76		99
Wind
North America	663	434	791	496		54		40		38		31		24		20		(6)		7
Europe	107	94	133	103		12		9		7		4		3		2		(2)		(4)
Brazil	159	51	146	42		10		5		8		3		6		2		(5)		1
Other	37	-	42	-		3		-		2		-		1		-		(3)		-
	966	579	1,112	641		79		54		55		38		34		24		(16)		4
Solar	175	-	179	-		30		-		25		-		16		-		2		-
Storage & Other	127	70	-	-		20		11		10		4		7		(1)		1		(3)
Corporate	-	-	-	-		-		-		(6)		(4)		(66)		(60)		(65)		(62)
Total	6,455	6,719	6,935	6,277	$	473	$	447	$	324	$	312	$	172	$	181	$	(2)	$	38

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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HYDROELECTRIC OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for hydroelectric operations for the three months ended June 30:

(MILLIONS, EXCEPT AS NOTED)	2018		2017
Generation (GWh) – LTA		5,644		5,636
Generation (GWh) – actual		5,187		6,070
Revenue	$	344	$	382
Other income		6		4
Direct operating costs		(110)		(112)
Adjusted EBITDA		240		274
Interest expense		(55)		(57)
Current income taxes		(4)		1
Funds From Operations	$	181	$	218
Depreciation		(94)		(98)
Deferred taxes and other		(11)		(21)
Net income	$	76	$	99

The following table presents our proportionate results by geography for hydroelectric operations for the three months ended June 30:

			Average
	Actual		revenue				Adjusted				Funds From				Net
	Generation (GWh)		per MWh				EBITDA				Operations				Income
(MILLIONS, EXCEPT AS NOTED)	2018	2017	2018		2017		2018		2017		2018		2017		2018		2017
North America
United States	2,156	2,496	$	71	$	67	$	103	$	118	$	78	$	93	$	29	$	40
Canada	1,257	1,690		60		60		62		81		45		65		27		42
	3,413	4,186		67		65		165		199		123		158		56		82
Brazil	902	886		70		74		44		51		37		45		2		6
Colombia	872	998		61		46		31		24		21		15		18		11
Total	5,187	6,070	$	66	$	63	$	240	$	274	$	181	$	218	$	76	$	99

Funds From Operations at our hydroelectric business were $181 million compared to $218 million in the prior year. Generation at our North American facilities was impacted by weak hydrology (11% below long-term average) causing a 15% decrease compared to the second quarter of 2017 when we benefitted from generation that was 10% above long-term average. The average revenue per MWh of our hydroelectric business increased 5% due primarily to higher capacity prices in the United States and higher average realized pricing in Colombia. The cost-reduction initiatives across our hydroelectric businesses contributed $5 million to Funds From Operations.

Net income attributable to Unitholders decreased by $23 million over the prior year primarily due to the above noted decrease in Funds From Operations.

North America

Funds From Operations at our North American business were $123 million versus $158 million in the prior year. Generation was 11% below long-term average and 18% lower than prior year, where we experienced higher than average generation (10% above long-term average). Average revenue per MWh increased 3% due primarily to higher capacity prices in the U.S. Northeast. Operating costs were lower than the prior year as we continued to execute our cost-reduction initiatives.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 12

Net income attributable to Unitholders decreased $26 million over the prior year primarily due to the above noted decrease in Funds From Operations.

Brazil

Funds From Operations at our Brazilian business were $37 million versus $45 million in the prior year as contribution from our development projects and higher average revenue per MWh in local currency from inflation indexation of our contracts was offset by the stronger U.S. dollar.

Net income attributable to Unitholders decreased by $4 million over the prior year primarily due to the above noted decrease in Funds From Operations.

Colombia

Funds From Operations at our Colombian business were $21 million versus $15 million in the prior year as a 33% increase in average revenue per MWh due to inflation indexation of our contracts, re-contracting efforts in our portfolio and higher market prices was partially offset by generation that was 13% below prior year. Operating costs were lower than the prior year as we continued to execute our cost-reduction initiatives.

Net income attributable to Unitholders was $7 million ahead of the prior year primarily due to the above noted increase in Funds From Operations.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 13

WIND OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for wind operations for the three months ended June 30:

(MILLIONS, EXCEPT AS NOTED)	2018		2017
Generation (GWh) – LTA		1,112		641
Generation (GWh) – actual		966		579
Revenue	$	79	$	54
Other income		1		-
Direct operating costs		(25)		(16)
Adjusted EBITDA		55		38
Interest expense		(20)		(14)
Current income taxes		(1)		-
Funds From Operations	$	34	$	24
Depreciation		(42)		(26)
Deferred taxes and other		(8)		6
Net (loss) income	$	(16)	$	4

The following table presents our proportionate results by geography for wind operations for the three months ended June 30:

			Average
	Actual		revenue				Adjusted				Funds From				Net
	Generation (GWh)		per MWh				EBITDA				Operations				Income
(MILLIONS, EXCEPT AS NOTED)	2018	2017	2018		2017		2018		2017		2018		2017		2018		2017
North America
United States	416	152	$	77	$	105	$	20	$	12	$	12	$	7	$	(4)	$	(1)
Canada	247	282		89		85		18		19		12		13		(2)		8
	663	434		81		92		38		31		24		20		(6)		7
Europe	107	94		112		92		7		4		3		2		(2)		(4)
Brazil	159	51		63		89		8		3		6		2		(5)		1
Other	37	-		71		-		2		-		1		-		(3)		-
Total	966	579	$	81	$	92	$	55	$	38	$	34	$	24	$	(16)	$	4

Funds From Operations from our wind business were $34 million versus $24 million in the prior year primarily due to contributions from our development projects in Europe and our investments in TerraForm Power and TerraForm Global.

Net income attributable to Unitholders decreased by $20 million over the prior year as the increase in Funds From Operations was more than offset by an increase in depreciation associated with the growth of our portfolio and foreign exchange.

North America

Funds From Operations at our North American business were $24 million versus $20 million in the prior year. The improved generation across our U.S. portfolio and the contributions from growth due to our investments in TerraForm Power was partially offset by lower generation at our wholly-owned Canadian wind farms.

Net income attributable to Unitholders decreased by $13 million as the prior year primarily due to an increase in depreciation associated with the growth of our portfolio.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 14

Europe

Funds From Operations at our European business were $3 million versus $2 million in the prior year due primarily to the contribution from growth in our portfolio – $2 million of Funds From Operations and 25 GWh of generation. On a same store basis, Funds From Operations decreased year over year as improved realized pricing was more than offset by a 12% decrease in generation due to lower wind resources.

Net loss attributable to Unitholders increased by $2 million over the prior year due to the above noted increases in Funds From Operations.

Brazil

Funds From Operations at our Brazilian business were $6 million versus $2 million in the prior year due primarily to contribution from our investment in TerraForm Global – $4 million of Funds From Operations or 108 GWh of generation. On a same-store basis, Funds From Operations was consistent year over year as higher average revenue per MWh due to re-contracting initiatives executed earlier in the year was offset by the stronger U.S. dollar.

Net loss attributable to Unitholders decreased by $6 million over the prior year as the above noted increase in Funds From Operations was offset by foreign exchange and an increase in depreciation associated with the growth of our portfolio.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 15

SOLAR OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for solar operations for the three months ended June 30:

(MILLIONS, EXCEPT AS NOTED)	2018		2017
Generation (GWh) – LTA		179		-
Generation (GWh) – actual		175		-
Revenue	$	30	$	-
Other income		1		-
Direct operating costs		(6)		-
Adjusted EBITDA		25		-
Interest expense		(9)		-
Current income taxes		-		-
Funds From Operations	$	16	$	-
Depreciation		(7)		-
Deferred taxes and other		(7)		-
Net income	$	2	$	-

Funds From Operations and Net Income attributable to Unitholders from our solar business were $16 million and $2 million, respectively. The business is operating in line with expectations following the close of our acquisitions of TerraForm Power and TerraForm Global in the fourth quarter of the prior year. Generation of 175 GWh was in-line with long-term average.

STORAGE AND OTHER OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for storage and other operations for the three months ended June 30:

(MILLIONS, EXCEPT AS NOTED)	2018		2017
Generation (GWh) – actual		127		70
Revenue	$	20	$	11
Other income		-		-
Direct operating costs		(10)		(7)
Adjusted EBITDA		10		4
Interest expense		(3)		(5)
Current income taxes		-		-
Funds From Operations	$	7	$	(1)
Depreciation		(6)		(6)
Deferred taxes and other		-		4
Net loss	$	1	$	(3)

Funds From Operations and Net Income attributable to Unitholders at our pumped storage and biomass business were $7 million and $1 million, respectively. The increase of $8 million and $4 million, respectively, is primarily due to improved performance at our pumped storage facility in New England supported by improved capacity pricing and generation.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 16

CORPORATE

The following table presents our results for corporate for the three months ended June 30:

(MILLIONS, EXCEPT AS NOTED)	2018		2017
Revenue	$	-	$	-
Other income		-		1
Direct operating costs		(6)		(5)
Adjusted EBITDA		(6)		(4)
Management service costs		(21)		(21)
Interest expense		(23)		(22)
Distributions on Preferred LP Units and Shares		(16)		(13)
Funds From Operations	$	(66)	$	(60)
Deferred taxes and other		1		(2)
Net (loss)	$	(65)	$	(62)

Distributions attributable to Preferred LP Units increased $3 million compared to the prior year as a result of the C$250 million ($201 million) issuance completed in the first quarter of 2018.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 17

RECONCILIATION OF NON-IFRS MEASURES

The following table reflects Adjusted EBITDA, Funds From Operations and provides reconciliation to net income (loss) for the three months ended June 30, 2018:

																						Contribution
	Attributable to Unitholders																					from		Attributable
	Hydroelectric						Wind								Solar		Storage		Corporate		Total	equity		to non-		As per
	North						North										and					accounted		controlling		IFRS
($ MILLIONS)	America		Brazil		Colombia		America		Europe		Brazil		Other				Other					investments		interests		financials(1)
Revenues		228		63		53		54		12		10		3		30		20		-	473		(58)		320		735
Other income		5		1		-		-		1		-		-		1		-		-	8		(2)		4		10
Direct operating costs		(68)		(20)		(22)		(16)		(6)		(2)		(1)		(6)		(10)		(6)	(157)		19		(109)		(247)
Share of Adjusted EBITDA from
equity accounted investments		-		-		-		-		-		-		-		-		-		-	-		41		4		45
Adjusted EBITDA		165		44		31		38		7		8		2		25		10		(6)	324		-		219
Management service costs		-		-		-		-		-		-		-		-		-		(21)	(21)		-		-		(21)
Interest expense - borrowings		(40)		(5)		(10)		(14)		(3)		(2)		(1)		(9)		(3)		(23)	(110)		16		(84)		(178)
Current income taxes		(2)		(2)		-		-		(1)		-		-		-		-		-	(5)		1		(3)		(7)
Distributions attributable to
Preferred limited partners equity		-		-		-		-		-		-		-		-		-		(10)	(10)		-		-		(10)
Preferred equity		-		-		-		-		-		-		-		-		-		(6)	(6)		-		-		(6)
Share of interest and cash taxes from
equity accounted investments		-		-		-		-		-		-		-		-		-		-	-		(17)		(4)		(21)
Share of Funds From Operations
attributable to non-controlling interests		-		-		-		-		-		-		-		-		-		-	-		-		(128)		(128)
Funds From Operations		123		37		21		24		3		6		1		16		7		(66)	172		-		-
Adjusted sustaining capital expenditures(2)		(13)		(1)		(2)		-		-		-		-		-		-		(2)	(18)		-		-
Adjusted Funds From Operations		110		36		19		24		3		6		1		16		7		(68)	154		-		-
Adjusted sustaining capital expenditures(2)		13		1		2		-		-		-		-		-		-		2	18		-		-
Depreciation		(56)		(33)		(5)		(29)		(9)		(3)		(1)		(7)		(6)		-	(149)		17		(74)		(206)
Foreign exchange and
unrealized financial instruments gain (loss)		(1)		(1)		4		3		6		(8)		(3)		(4)		-		5	1		(6)		(28)		(33)
Deferred income tax recovery (expense)		(2)		1		(2)		1		1		-		-		1		-		4	4		(3)		(5)		(4)
Other		(8)		(2)		-		(5)		(3)		-		-		(4)		-		(8)	(30)		10		10		(10)
Share of earnings from
equity accounted investments		-		-		-		-		-		-		-		-		-		-	-		(18)		-		(18)
Net loss attributable to
non-controlling interests		-		-		-		-		-		-		-		-		-		-	-		-		97		97
Net income (loss) attributable to Unitholders(3)		56		2		18		(6)		(2)		(5)		(3)		2		1		(65)	(2)		-		-		(2)

⁽¹⁾Share of earnings from equity-accounted investments of $6 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $31 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.

⁽²⁾Based on long-term sustaining capital expenditure plans.

⁽³⁾Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 18

The following table reflects Adjusted EBITDA, Funds From Operations and provides reconciliation to net income (loss) for the three months ended June 30, 2017:

																		Contribution
	Attributable to Unitholders																	from		Attributable
	Hydroelectric						Wind						Storage		Corporate		Total	equity		to non-		As per
	North						North						and					accounted		controlling		IFRS
($ MILLIONS)	America		Brazil		Colombia		America		Europe		Brazil		Other					investments		interests		financials(1)
Revenues		270		66		46		40		9		5		11		-	447		(11)		247		683
Other income		-		3		1		-		-		-		-		1	5		-		5		10
Direct operating costs		(71)		(18)		(23)		(9)		(5)		(2)		(7)		(5)	(140)		4		(104)		(240)
Share of Adjusted EBITDA from
equity accounted investments		-		-		-		-		-		-		-		-	-		7		-		7
Adjusted EBITDA		199		51		24		31		4		3		4		(4)	312		-		148
Management service costs		-		-		-		-		-		-		-		(21)	(21)		-		-		(21)
Interest expense - borrowings		(43)		(4)		(10)		(11)		(2)		(1)		(5)		(22)	(98)		3		(61)		(156)
Current income taxes		2		(2)		1		-		-		-		-		-	1		-		3		4
Distributions attributable to
Preferred limited partners equity		-		-		-		-		-		-		-		(7)	(7)		-		-		(7)
Preferred equity		-		-		-		-		-		-		-		(6)	(6)		-		-		(6)
Share of interest and cash taxes from
equity accounted investments		-		-		-		-		-		-		-		-	-		(3)		-		(3)
Share of Funds From Operations
attributable to non-controlling interests		-		-		-		-		-		-		-		-	-		-		(90)		(90)
Funds From Operations		158		45		15		20		2		2		(1)		(60)	181		-		-
Adjusted sustaining capital expenditures(2)		(12)		(1)		(2)		-		-		-		-		(2)	(17)		-		-
Adjusted Funds From Operations		146		44		13		20		2		2		(1)		(62)	164		-		-
Adjusted sustaining capital expenditures(2)		12		1		2		-		-		-		-		2	17		-		-
Depreciation		(56)		(34)		(8)		(21)		(3)		(2)		(6)		-	(130)		3		(71)		(198)
Foreign exchange and
unrealized financial instrument gain (loss)		-		-		1		-		(6)		-		-		(7)	(12)		-		6		(6)
Deferred income tax recovery (expense)		(11)		-		(4)		6		1		-		-		5	(3)		-		(13)		(16)
Other		(9)		(5)		7		2		2		1		4		-	2		(1)		22		23
Share of earnings from
equity accounted investments		-		-		-		-		-		-		-		-	-		(2)		-		(2)
Net loss attributable to
non-controlling interests		-		-		-		-		-		-		-		-	-		-		56		56
Net income (loss) attributable to Unitholders(3)		82		6		11		7		(4)		1		(3)		(62)	38		-		-		38

⁽¹⁾Share of earnings from equity-accounted investments of $2 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $34 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.

⁽²⁾Based on long-term sustaining capital expenditure plans.

⁽³⁾Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 19

The following table reconciles net (loss) income attributable to Limited partners’ equity and (loss) earnings per LP Unit, the most directly comparable IFRS measures, to Funds From Operations, and Funds From Operations per Unit, both non-IFRS financial metrics for the three months ended June 30:

							Per unit
(MILLIONS, EXCEPT AS NOTED)				2018		2017		2018		2017
Net (loss) income attributable to:
	Limited partners' equity		$	(1)	$	21	$	(0.01)	$	0.13
	General partnership interest in a holding
		subsidiary held by Brookfield		-		1		-		-
	Participating non-controlling interests - in a holding
		subsidiary - Redeemable/Exchangeable units
		held by Brookfield		(1)		16		-		-
Net (loss) income attributable to Unitholders			$	(2)	$	38	$	(0.01)	$	0.13
Adjusted for proportionate share of:
	Depreciation			149		130		0.48		0.43
	Foreign exchange and
	unrealized financial instruments (gain) loss			(1)		12		-		0.04
	Deferred income tax (recovery) expense			(4)		3		(0.01)		0.01
	Other			30		(2)		0.09		-
Funds From Operations			$	172	$	181	$	0.55	$	0.61
Weighted average Units outstanding(1)								312.8		299.2

⁽¹⁾Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 20

CONTRACT PROFILE

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

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

The following table sets out our contracts over the next five years for generation output in North America, Europe and certain other countries, assuming long-term average on a proportionate basis. The table excludes Brazil and Colombia, where we would expect the energy associated with maturing contracts to be re-contracted in the normal course given the construct of the respective power markets. In these countries we currently have a contracted profile of approximately 90% and 70%, respectively, of the long-term average and we would expect to maintain this going forward. Overall, our portfolio has a weighted-average remaining contract duration of 15 years (on a proportionate basis).

				Balance of 2018			2019		2020		2021		2022
Generation (GWh)
Contracted(1)
	Hydroelectric
		North America
			United States(2)		3,114		7,237		6,306		6,098		4,791
			Canada		2,377		5,051		3,584		3,091		3,045
					5,491		12,288		9,890		9,189		7,836
	Wind
		North America
			United States		936		2,023		1,945		1,878		1,854
			Canada		581		1,197		1,197		1,197		1,197
					1,517		3,220		3,142		3,075		3,051
		Europe			433		886		832		825		819
		Other(3)			132		266		266		266		266
					2,082		4,372		4,240		4,166		4,136
	Solar				459		941		941		941		941
Contracted on a proportionate basis					8,032		17,601		15,071		14,296		12,913
Uncontracted on a proportionate basis					597		1,414		3,944		4,719		6,102
Long-term average on a proportionate basis					8,629		19,015		19,015		19,015		19,015
Non-controlling interests					6,298		13,610		13,609		13,609		13,610
Total long-term average					14,927		32,625		32,624		32,624		32,625
Contracted generation - as at June 30, 2018
% of total generation on a proportionate basis					93	%	93	%	79	%	75	%	68	%
Price per MWh - total generation on a
	proportionate basis			$	78	$	79	$	84	$	86	$	92

⁽¹⁾Assets under construction are included when long-term average and pricing details are available and the commercial operation date is established in a definitive construction contract. In the years 2018 to 2022, on a proportionate basis, there is 87 GWh contributed from assets under construction that meet the aforementioned conditions.

⁽²⁾Includes generation of 391 GWh for 2018 and 931 GWh for 2019 GWh secured under financial contracts.

⁽³⁾Includes generation from China, India, South Africa and Uruguay.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 21

Our North American portfolio has a weighted-average remaining contract duration of 19 years (on a proportionate basis). Over the next five years, five contracts at our hydroelectric facilities are expiring, including one in 2020, two in 2021 and two in 2022 with annual long-term average (on a proportionate basis) of 1,467 GWh, 850 GWh and 1,271 GWh, respectively. We expect on average to recontract expiring contracts at levels equal to or greater than the rates of the expiring contracts. The majority of the expiring contracts are in line with current merchant prices.

In our Brazilian and Colombian portfolios, we have a weighted-average remaining duration on our contracts of 9 years and 2 years (on a proportionate basis), respectively. We continue to focus on securing long-term contracts while maintaining a certain percentage of uncontracted generation so as to mitigate hydrology risk.

In our European wind portfolio, we have a weighted-average remaining duration of 13 years (on a proportionate basis).

In other countries we have a weighted-average remaining duration of 17 years (on a proportionate basis).

The majority of Brookfield Renewable’s long-term power purchase agreements within our North American and European businesses are with investment-grade rated or creditworthy counterparties. The overall composition of our contracted generation on a proportionate basis under power purchase agreements is comprised of Brookfield (40%), public power authorities (25%), distribution companies (19%) and industrial users (16%).

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 22

PART 5 - liquidity and capital Resources

Capitalization

A key element of our financing strategy is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries on an investment-grade basis.

The following table summarizes our capitalization:

	Jun 30		Dec 31
(MILLIONS, EXCEPT AS NOTED)		2018		2017
Credit facilities(1)	$	989	$	887
Corporate borrowings(2)		1,594		1,665
Subsidiary borrowings(3)		8,391		8,774
Long-term indebtedness		10,974		11,326
Deferred income tax liabilities, net of deferred income tax assets		3,397		3,411
Equity		13,726		14,282
Total capitalization	$	28,097	$	29,019
Debt to total capitalization		39%		39%

⁽¹⁾Amounts are guaranteed by Brookfield Renewable. Includes $124 million (2017: $202 million) borrowed under a subscription facility of a Brookfield sponsored private fund.

⁽²⁾Amounts are unsecured and guaranteed by Brookfield Renewable.

⁽³⁾Asset-specific, non-recourse borrowings secured against the assets of certain Brookfield Renewable subsidiaries.

Available liquidity

The following table summarizes the available liquidity:

		Jun 30		Dec 31
(MILLIONS)		2018		2017
Brookfield Renewable's share of cash and cash equivalents(1)			222		195
Investments in equity and debt securities			125		159
Corporate credit facilities
	Authorized credit facilities(2)		2,100		2,090
	Draws on credit facilities(2)		(865)		(685)
	Issued letters of credit		(77)		(193)
Available portion of corporate credit facilities			1,158		1,212
Available portion of subsidiary credit facilities on a proportionate basis			161		131
Available liquidity		$	1,666	$	1,697

⁽¹⁾In 2017, amounts were net of cash and cash equivalents on TerraForm Global's balance sheet which, under the indenture, were not available for distribution.

⁽²⁾Amounts are guaranteed by Brookfield Renewable. Excludes $124 million (2017: $202 million) borrowed under a subscription facility of a Brookfield sponsored private fund.

We operate with sufficient liquidity to enable us to fund growth initiatives, capital expenditures, distributions, withstand sudden adverse changes in economic circumstances or short-term fluctuations in generation, and to finance the business on an investment-grade basis. Principal sources of liquidity are cash flows from operations, our credit facilities, up-financings on subsidiary borrowings and proceeds from the issuance of various securities through public markets.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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Credit facilities and subsidiary borrowings

During the second quarter of 2018, we successfully executed $1.1 billion of non-recourse financings, which reduced the weighted average cost of our project debt to 5.5% while maintaining the weighted average duration of our project debt above 10 years.

LONG-TERM DEBT AND CREDIT FACILITIES

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

		Jun 30, 2018				Dec 31, 2017
		Weighted-average				Weighted-average
		Interest	Term			Interest	Term
(MILLIONS EXCEPT AS NOTED)		rate (%)	(years)			rate (%)	(years)
Corporate borrowings		4.5	5.9	$	1,599	4.5	6.4	$	1,670
Credit facilities(1)		2.9	3.6		989	2.6	4.5		887
Proportionate subsidiary borrowings
	Hydroelectric	6.0	10.3		3,632	6.1	10.5		3,741
	Wind(2)	4.7	10.2		1,696	5.1	11.3		1,286
	Solar(2)	5.2	10.5		1,114	6.0	10.5		456
	Storage and other	5.5	6.6		261	5.3	7.1		277
		5.5	10.2		6,703	5.8	10.5		5,760
Total proportionate debt				$	9,291			$	8,317
Proportionate unamortized financing
	fees, net of unamortized premiums				(50)				(47)
Brookfield Renewable's share					9,241				8,270
Subsequent financings(3)					-				(33)
Equity accounted borrowings					(1,990)				(834)
Non-controlling interests					3,723				4,363
As per IFRS Statements				$	10,974			$	11,766

⁽¹⁾Draws on our corporate credit facilities are presented based on available capacity of our longest dated facilities irrespective of the credit facility drawn.

⁽²⁾Excludes $60 million of proportionate debt associated with South African assets classified as held for sale as at June 30, 2018. See “Part 3 – Additional Consolidated Financial Information”. Proportionate debt outstanding associated with these assets as at December 31, 2017 was $51 million.

⁽³⁾Adjusted to reflect the financing initiatives associated with a hydroelectric and a storage facility, finalized subsequent to year-end.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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The following table summarizes our undiscounted principal repayments and scheduled amortization on a proportionate basis as at June 30, 2018:

(MILLIONS)				Balance of 2018		2019		2020		2021		2022		Thereafter		Total
Principal repayments
	Corporate borrowings and
			credit facilities(1)		152		124		343		-		1,170		799	$	2,588
	Subsidiary borrowings
		Hydro			40		125		374		185		212		2,696		3,632
		Wind			46		109		104		155		190		1,092		1,696
		Solar			20		39		36		130		106		783		1,114
		Storage and other			2		3		3		64		3		186		261
					108		276		517		534		511		4,757		6,703
Total					260		400		860		534		1,681		5,556	$	9,291

⁽¹⁾Draws on our corporate credit facilities are presented based on available capacity of our longest dated facilities irrespective of the credit facility drawn.

We remain focused on refinancing near-term facilities on acceptable terms and maintaining a manageable maturity ladder. We do not anticipate material issues in addressing our borrowings through 2022 on acceptable terms and will do so opportunistically based on the prevailing interest rate environment.

Our sole near term maturity is our C$200 million ($152 million) Series 3 medium-term notes which mature in November.

As part of the TerraForm Global transaction, Brookfield Renewable acquired assets with project level financings that were in default prior to the acquisition, had outstanding principal amounts totaling $322 million, and mature in 2031. As at June 30, 2018, the loans remained not in compliance with certain covenants due to conditions that existed prior to the acquisition of TerraForm Global, including issues with contractors under engineering, procurement and construction contracts. The loan balances relating to the project debts in South Africa have been classified as Liabilities directly associated with Assets held for sale. The remaining balances have been classified as current as at June 30, 2018 on our IFRS financial statements. Brookfield Renewable is currently working with all the lenders to cure such defaults and release the restrictions placed on the projects. As we expect a successful outcome, we have presented these loans according to their original maturity date in the above maturity table. These loans have a total outstanding balance as at June 30, 2018 of $14 million. Except for the aforementioned defaults, Brookfield Renewable complied with all material financial covenants as of June 30, 2018.

The overall maturity profile and average interest rates associated with our borrowings and credit facilities on a proportionate basis are as follows:

	Average term (years)		Average interest rate (%)
	Jun 30	Dec 31		Jun 30	Dec 31
	2018	2017		2018	2017
Corporate borrowings	5.9	6.4	4.5		4.5
Credit facilities(1)	3.6	4.5	2.9		2.6
Subsidiary borrowings	10.2	10.5	5.5		5.8

⁽¹⁾Draws on our corporate credit facilities are presented based on available capacity of our longest dated facilities irrespective of the credit facility drawn.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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CONSOLIDATED STATEMENTS OF CASH FLOWS

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

	Three months ended Jun 30				Six months ended Jun 30
(MILLIONS)	2018		2017		2018			2017
Cash flow provided by (used in):
Operating activities	$	263	$	242	$	563	$	542
Financing activities		8		(362)		(587)		(540)
Investing activities		(426)		(37)		(530)		(51)
Foreign exchange loss on cash		(12)		(5)		(8)		-
Decrease in cash and cash equivalents	$	(167)	$	(162)	$	(562)	$	(49)

Cash and cash equivalents as at June 30, 2018 totaled $237 million, representing a decrease of $167 million and $562 million for the three and six months ended, respectively.

Operating Activities

Cash flows provided by operating activities totaled $263 million for the second quarter of 2018. The contribution from the growth in our portfolio, relatively higher realized prices and cost-reduction initiatives was more than offset by lower in generation at our North American hydroelectric resulting in a net decrease of $9 million to Funds From Operations over the prior year.

Cash flows provided by operating activities totaled $563 million for the six months ended June 30, 2018. Funds From Operations were $61 million above prior year as the contribution from growth in our portfolio, higher realized prices and cost-reduction initiatives partially offset by slightly below long-term average generation.

The impact from the net change in working capital balances is supported by the table below.

Net change in working capital

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

	Three months ended Jun 30				Six months ended Jun 30
(MILLIONS)		2018		2017		2018		2017
Trade receivables and other current assets	$	12	$	19	$	13	$	50
Accounts payable and accrued liabilities		(12)		(90)		(54)		(54)
Other assets and liabilities		(31)		44		(22)		26
	$	(31)	$	(27)	$	(63)	$	22

Financing Activities

Cash flows provided by financing activities totaled $8 million for the second quarter.

Cash flows used in financing activities totaled $587 million for the six months ended June 30, 2018 due primarily to deleveraging initiatives undertaken following our investment in TerraForm Global and the re-financing of our subsidiary borrowings in Colombia and Brazil, as well as the distributions noted below.

We increased our distributions to $1.96 per LP Unit on an annualized basis, an increase of 9 cents per LP Unit which took effect in the first quarter of 2018.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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For the three months ended June 30, 2018, distributions paid to unitholders of Brookfield Renewable or BRELP were $161 million (2017: $145 million). The distributions paid to preferred shareholders, preferred limited partners’ unitholders and participating non-controlling interests - in operating subsidiaries totaled $197 million (2017: $173 million).

For the six months ended June 30, 2018, distributions paid to unitholders of Brookfield Renewable or BRELP were $321 million (2017: $289 million). The distributions paid to preferred shareholders, preferred limited partners’ unitholders and participating non-controlling interests - in operating subsidiaries totaled $388 million (2017: $319 million).

Investing Activities

Cash flows used in investing activities for the second quarter of 2018 totaled $426 million. Our development of power generating assets and sustaining capital expenditures were $13 million and $29 million, respectively. During the second quarter of 2018, our equity-accounted interest in TerraForm Power increased from 16% to 30% from an incremental $420 million investment.

Cash flows used in investing activities for the six months ended June 30, 2018 totaled $530 million. Our acquisitions and investments in the development of power generating assets and sustaining capital expenditures were $50 million (net of cash acquired) and $56 million, respectively. During the second quarter of 2018, our equity-accounted interest in TerraForm Power increased from 16% to 30% from an incremental $420 million investment.

SHARES AND UNITS OUTSTANDING

Shares and units outstanding are as follows:

		Jun 30, 2018	Dec 31, 2017
Class A Preference Shares
	Balance, beginning of year	31,035,967	31,035,967
Balance, end of period/year		31,035,967	31,035,967
Class A Preferred LP Units
	Balance, beginning of year	27,885,469	17,885,469
	Issuance of Preferred LP Units	10,000,000	10,000,000
Balance, end of period/year		37,885,469	27,885,469
GP interest		2,651,506	2,651,506
Redeemable/Exchangeable partnership units		129,658,623	129,658,623
LP Units
	Balance, beginning of year	180,388,361	166,839,324
	Issuance of LP Units	-	13,247,000
	Distribution reinvestment plan	157,689	302,037
	Repurchase of LP Units for cancellation	(281,359)	-
Balance, end of period/year		180,264,691	180,388,361
Total LP Units on a fully-exchanged basis(1)		309,923,314	310,046,984

⁽¹⁾The fully-exchanged amounts assume the exchange of all Redeemable/ Exchangeable partnership units for LP Units.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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DIVIDENDS AND DISTRIBUTIONS

Dividends and distributions declared and paid are as follows:

		Declared				Paid				Declared				Paid
	Three months ended Jun 30								Six months ended Jun 30
(MILLIONS)	2018		2017		2018		2017		2018		2017		2018		2017
Class A Preference Shares	$	6	$	6	$	6	$	6	$	13	$	12	$	13	$	12
Class A Preferred LP Units	$	9	$	7	$	9	$	6	$	19	$	13	$	17	$	11
Participating non-controlling
interests - in operating subsidiaries	$	181	$	161	$	181	$	161	$	357	$	260	$	357	$	260
GP interest and Incentive distributions	$	11	$	8	$	11	$	8	$	23	$	17	$	22	$	16
Redeemable/Exchangeable partnership units	$	64	$	61	$	63	$	60	$	128	$	123	$	127	$	121
LP Units	$	88	$	78	$	87	$	77	$	178	$	157	$	172	$	152

Contractual obligations

Please see Note 18 – Commitments, contingencies and guarantees in the unaudited interim consolidated financial statements, for further details on the following:

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

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

·Guarantees – Nature of all the indemnification undertakings.

Off-STATEMENT OF FINANCIAL POSITION Arrangements

Other than the available portion of corporate credit facilities and subsidiary credit facilities on a proportionate basis disclosed in Part 5 – Liquidity and Capital Resources, Brookfield Renewable has no off-statement of financial position financing arrangements.

PART 6 - SELECTED QUARTERLY INFORMATION

SUMMARY OF HISTORICAL QUARTERLY RESULTS

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

		2018			2017								2016
(MILLIONS, EXCEPT AS NOTED)		Q2		Q1		Q4		Q3		Q2		Q1		Q4		Q3
Total Generation (GWh) - LTA	13,521		12,852		12,198		9,098		10,674		10,364		10,319		9,092
Total Generation (GWh) - actual	13,122		12,880		11,913		9,370		11,618		10,484		8,728		7,522
Proportionate Generation (GWh) - LTA	6,935		6,351		6,030		5,053		6,279		5,890		5,739		5,068
Proportionate Generation (GWh) - actual	6,455		6,694		5,890		5,198		6,719		6,161		4,734		4,395
Revenues	$	735	$	793	$	657	$	608	$	683	$	677	$	571	$	580
Net income (loss) attributable to Unitholders		(2)		8		(67)		(43)		38		16		(47)		(33)
Basic earnings (loss) per LP Unit		(0.01)		0.03		(0.22)		(0.14)		0.13		0.05		(0.16)		(0.12)
Consolidated Adjusted EBITDA		543		582		453		381		460		457		326		335
Proportionate Adjusted EBITDA		324		351		295		233		311		303		189		213
Funds From Operations		172		193		143		91		181		166		54		73
Funds From Operations per Unit		0.55		0.62		0.46		0.29		0.61		0.55		0.18		0.24
Distribution per LP Unit	0.490		0.490		0.468		0.468		0.468		0.468		0.445		0.445

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

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PROPORTIONATE RESULTS FOR THE SIX MONTHS ENDED JUNE 30

The following chart reflects the generation and summary financial figures on a proportionate basis for the six months ended June 30:

	(GWh)					(MILLIONS)
	Actual Generation		LTA Generation			Revenues				Adjusted EBITDA				Funds From Operations				Net Income (Loss)
	2018	2017	2018	2017		2018		2017		2018		2017		2018		2017		2018		2017
Hydroelectric
North America	7,178	7,952	7,261	7,261	$	489	$	525	$	356	$	393	$	269	$	306	$	133	$	165
Brazil	1,940	1,757	1,935	1,918		132		118		95		93		78		78		3		2
Colombia	1,640	1,824	1,688	1,692		106		93		62		48		42		25		30		11
	10,758	11,533	10,884	10,871		727		736		513		534		389		409		166		178
Wind
North America	1,308	832	1,488	948		108		79		79		62		50		41		(12)		8
Europe	272	266	288	272		29		24		18		15		11		9		(3)		(5)
Brazil	262	109	264	75		18		9		13		6		9		4		(6)		2
Other	69	-	76	-		5		-		3		-		1		-		(4)		-
	1,911	1,207	2,116	1,295		160		112		113		83		71		54		(25)		5
Solar	290	-	286	-		48		-		41		-		26		-		-		-
Storage & Other	190	140	-	-		37		24		19		7		12		(1)		(11)		(9)
Corporate	-	-	-	-		-		-		(11)		(10)		(133)		(115)		(124)		(120)
Total	13,149	12,880	13,286	12,166	$	972	$	872	$	675	$	614	$	365	$	347	$	6	$	54

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 29

reconciliation of non-ifrs measures

The following table reflects Adjusted EBITDA, Funds From Operations, Adjusted Funds From Operations and provides a reconciliation to net income (loss) for the six months ended June 30, 2018:

																						Contribution
	Attributable to Unitholders																					from		Attributable
	Hydroelectric						Wind								Solar		Storage		Corporate		Total	equity		to non-		As per
	North						North										and					accounted		controlling		IFRS
($ MILLIONS)	America		Brazil		Colombia		America		Europe		Brazil		Other				Other					investments		interests		financials(1)
Revenues		489		132		106		108		29		18		5		48		37		-	972		(97)		653		1,528
Other income		5		2		1		1		1		-		-		3		-		1	14		(4)		9		19
Direct operating costs		(138)		(39)		(45)		(30)		(12)		(5)		(2)		(10)		(18)		(12)	(311)		32		(224)		(503)
Share of Adjusted EBITDA from
equity accounted investments		-		-		-		-		-		-		-		-		-		-	-		69		12		81
Adjusted EBITDA		356		95		62		79		18		13		3		41		19		(11)	675		-		450
Management service costs		-		-		-		-		-		-		-		-		-		(42)	(42)		-		-		(42)
Interest expense - borrowings		(84)		(12)		(20)		(28)		(6)		(4)		(2)		(15)		(7)		(48)	(226)		25		(157)		(358)
Current income taxes		(3)		(5)		-		(1)		(1)		-		-		-		-		-	(10)		1		(5)		(14)
Distributions attributable to
Preferred limited partners equity		-		-		-		-		-		-		-		-		-		(19)	(19)		-		-		(19)
Preferred equity		-		-		-		-		-		-		-		-		-		(13)	(13)		-		-		(13)
Share of interest and cash taxes from
equity accounted investments		-		-		-		-		-		-		-		-		-		-	-		(26)		(10)		(36)
Share of Funds From Operations
attributable to non-controlling interests		-		-		-		-		-		-		-		-		-		-	-		-		(278)		(278)
Funds From Operations		269		78		42		50		11		9		1		26		12		(133)	365		-		-
Adjusted sustaining capital expenditures(2)		(26)		(2)		(4)		-		-		-		-		-		-		(4)	(36)		-		-
Adjusted Funds From Operations		243		76		38		50		11		9		1		26		12		(137)	329		-		-
Adjusted sustaining capital expenditures(2)		26		2		4		-		-		-		-		-		-		4	36		-		-
Depreciation		(113)		(71)		(10)		(55)		(17)		(7)		(2)		(13)		(12)		-	(300)		29		(148)		(419)
Foreign exchange and
unrealized financial instrument loss		1		(1)		1		3		5		(8)		(1)		(3)		(2)		13	8		(6)		(27)		(25)
Deferred income tax expense		(6)		1		(3)		(5)		1		-		-		-		-		9	(3)		(1)		(9)		(13)
Other		(18)		(4)		-		(5)		(3)		-		(2)		(10)		(9)		(13)	(64)		17		(7)		(54)
Share of earnings from
equity accounted investments		-		-		-		-		-		-		-		-		-		-	-		(39)		-		(39)
Net income attributable to
non-controlling interests		-		-		-		-		-		-		-		-		-		-	-		-		191		191
Net income (loss) attributable to Unitholders(3)		133		3		30		(12)		(3)		(6)		(4)		-		(11)		(124)	6		-		-		6

⁽¹⁾Share of earnings from equity-accounted investments of $6 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $87 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.

⁽²⁾Based on long-term sustaining capital expenditure plans.

⁽³⁾Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.

Brookfield Renewable Partners L.P.Management’s Discussion and AnalysisJune 30, 2018

Page 30

The following table reflects Adjusted EBITDA, Funds From Operations, Adjusted Funds From Operations and provides a reconciliation to net income (loss) for the six months ended June 30, 2017:

																		Contribution
	Attributable to Unitholders																	from		Attributable
	Hydroelectric						Wind						Storage		Corporate		Total	equity		to non-		As per
	North						North						and					accounted		controlling		IFRS
($ MILLIONS)	America		Brazil		Colombia		America		Europe		Brazil		Other					investments		interests		financials(1)
Revenues		525		118		93		79		24		9		24		-	872		(20)		508		1,360
Other income		-		6		2		-		-		-		-		1	9		-		9		18
Direct operating costs		(132)		(31)		(47)		(17)		(9)		(3)		(17)		(11)	(267)		9		(215)		(473)
Share of Adjusted EBITDA from
equity accounted investments		-		-		-		-		-		-		-		-	-		11		-		11
Adjusted EBITDA		393		93		48		62		15		6		7		(10)	614		-		302
Management service costs		-		-		-		-		-		-		-		(37)	(37)		-		-		(37)
Interest expense - borrowings		(88)		(10)		(22)		(21)		(6)		(2)		(8)		(43)	(200)		6		(125)		(319)
Current income taxes		1		(5)		(1)		-		-		-		-		-	(5)		-		(7)		(12)
Distributions attributable to
Preferred limited partners equity		-		-		-		-		-		-		-		(13)	(13)		-		-		(13)
Preferred equity		-		-		-		-		-		-		-		(12)	(12)		-		-		(12)
Share of interest and cash taxes from
equity accounted investments		-		-		-		-		-		-		-		-	-		(6)		-		(6)
Share of Funds From Operations
attributable to non-controlling interests		-		-		-		-		-		-		-		-	-		-		(170)		(170)
Funds From Operations		306		78		25		41		9		4		(1)		(115)	347		-		-
Adjusted sustaining capital expenditures(2)		(24)		(2)		(4)		-		-		-		-		(4)	(34)		-		-
Adjusted Funds From Operations		282		76		21		41		9		4		(1)		(119)	313		-		-
Adjusted sustaining capital expenditures(2)		24		2		4		-		-		-		-		4	34		-		-
Depreciation		(109)		(70)		(16)		(41)		(12)		(3)		(12)		-	(263)		6		(141)		(398)
Foreign exchange and
unrealized financial instrument loss		(4)		(3)		1		1		(6)		-		-		(16)	(27)		1		-		(26)
Deferred income tax expense		(18)		2		(6)		6		2		-		-		11	(3)		-		(18)		(21)
Other		(10)		(5)		7		1		2		1		4		-	-		(1)		22		21
Share of earnings from
equity accounted investments		-		-		-		-		-		-		-		-	-		(6)		-		(6)
Net income attributable to
non-controlling interests		-		-		-		-		-		-		-		-	-		-		137		137
Net income (loss) attributable to Unitholders(3)		165		2		11		8		(5)		2		(9)		(120)	54		-		-		54

⁽¹⁾Share of loss from equity-accounted investments of $1 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $33 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.

⁽²⁾Based on long-term sustaining capital expenditure plans.

⁽³⁾Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity and preferred equity.

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The following table reconciles net income attributable to Limited partners’ equity and earnings per LP Unit, the most directly comparable IFRS measures, to Funds From Operations, Funds From Operations per Unit and Adjusted EBITDA, all non-IFRS financial metrics for the six months ended June 30:

							Per unit
(MILLIONS, EXCEPT AS NOTED)				2018		2017		2018		2017
Net income attributable to:
	Limited partners' equity		$	4	$	30	$	0.02	$	0.18
	General partnership interest in a holding
		subsidiary held by Brookfield		-		1		-		-
	Participating non-controlling interests - in a holding
		subsidiary - Redeemable/Exchangeable units
		held by Brookfield		2		23		-		-
Net income attributable to Unitholders			$	6	$	54	$	0.02	$	0.18
Depreciation				300		263		0.96		0.88
Foreign exchange and
unrealized financial instruments (gain) loss				(8)		27		(0.02)		0.09
Deferred income tax expense				3		3		0.01		0.01
Other				64		-		0.20		-
Funds From Operations			$	365	$	347	$	1.17	$	1.16
Weighted average Units outstanding(1)								312.7		299.2

⁽¹⁾Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.

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PART 7 - CRITICAL ESTIMATES, ACCOUNTING POLICIES AND INTERNAL CONTROLS

Critical ESTIMATES AND CRITICAL JUDGMENTS in applying accounting policies

The unaudited interim consolidated financial statements are prepared in accordance with IAS 34, which require the use of estimates and judgments in reporting assets, liabilities, revenues, expenses and contingencies. In the judgment of management, none of the estimates outlined in Note 1 – Basis of preparation and significant accounting policies in our unaudited interim consolidated financial statements are considered critical accounting estimates as defined in Canadian National Instrument 51-102 – Continuous Disclosure Obligations with the exception of the estimates related to the valuation of property, plant and equipment and the related deferred income tax liabilities. These assumptions include estimates of future electricity prices, discount rates, expected long-term average generation, inflation rates, terminal year and operating and capital costs, the amount, the timing and the income tax rates of future income tax provisions. Estimates also include determination of accruals, purchase price allocations, useful lives, asset valuations, asset impairment testing, deferred tax liabilities, decommissioning retirement obligations and those relevant to the defined benefit pension and non-pension benefit plans. Estimates are based on historical experience, current trends and various other assumptions that are believed to be reasonable under the circumstances.

In making estimates, management relies on external information and observable conditions where possible, supplemented by internal analysis, as required. These estimates have been applied in a manner consistent with that in the prior year and there are no known trends, commitments, events or uncertainties that we believe will materially affect the methodology or assumptions utilized in this report. These estimates are impacted by, among other things, future power prices, movements in interest rates, foreign exchange volatility and other factors, some of which are highly uncertain, as described in the “Risk Factors” section in our 2017 Annual Report. The interrelated nature of these factors prevents us from quantifying the overall impact of these movements on Brookfield Renewable’s financial statements in a meaningful way. These sources of estimation uncertainty relate in varying degrees to substantially all asset and liability account balances. Actual results could differ from those estimates.

NEW ACCOUNTING STANDARDS

(i)      IFRS 15 – Revenue from contracts from customers

On January 1, 2018 Brookfield Renewable adopted IFRS 15 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. The new standard replaces the majority of existing IFRS requirements on revenue recognition including IAS 18, Revenue, IAS 11, Construction Contracts and related interpretations. The core principle of the standard is to recognize revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard has prescribed a five-step model to apply the principles which requires the identification of a contract with a customer, the identification of performance obligations with the contract, determination of the transaction price, the allocation of the transaction price to the performance obligations and the recognition of revenue when performance obligations have been satisfied. The standard also specifies how to account for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract as well as requiring more informative and relevant disclosures. IFRS 15 applies to nearly all contracts with customers, unless covered by another standard, such as leases, financial instruments and insurance contracts.

The pattern and timing of revenue recognition under the new standard is consistent with prior practice. There have been no adjustments recognized on the adoption of IFRS 15.

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(ii)      IFRS 9 – Financial instruments

Brookfield Renewable adopted IFRS 9, Financial Instruments (“IFRS 9”), as issued by the IASB in 2014, which provide more reliable and relevant information for users to assess the amounts, timing and uncertainty of future cash flows. The new accounting policies were applied retrospectively from January 1, 2018 and, in accordance with the transitional provisions in IFRS 9, comparative figures were not restated. The adoption of IFRS 9 did not result in any material transition adjustments being recognized as at January 1, 2018

IFRS 9 replaces certain provisions of IAS 39, Financial Instruments Recognition and Measurement (“IAS 39”) that relate to the recognition, classification and measurement of financial assets and financial liabilities; derecognition of financial instruments; impairment of financial assets; and hedge accounting. IFRS 9 also significantly amends other standards dealing with financial instruments such as IFRS 7, Financial Instruments: Disclosures.

Future changes in accounting policies

(i)      Leases

In January 2016, the IASB issued IFRS 16, Leases (“IFRS 16”). IFRS 16 brings most leases onto the statement of financial position for lessees under a single model, eliminating the distinction between operating and finance leases. Lessor accounting remains largely unchanged and the distinction between operating and finance leases is retained. Under IFRS 16 a lessee recognizes a right-of-use asset and a lease liability. The right-of-use asset is treated similarly to other non-financial assets and depreciated accordingly, and the liability accrues interest. The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease. Lessees are permitted to make an accounting policy election, by class of underlying asset, to apply a method like IAS 17’s operating lease accounting and not recognize lease assets and lease liabilities for leases with a lease term of 12 months or less, and on a lease-by-lease basis, to apply a method similar to current operating lease accounting to leases for which the underlying asset is of low value. IFRS 16 supersedes IAS 17, Leases and related interpretations. A lessee will apply IFRS 16 to its leases either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying IFRS 16 being recognized at the date of initial application. IFRS 16 is effective for annual periods beginning on or after January 1, 2019, with early adoption permitted. Management has formed its adoption working group and participated in planning sessions with Brookfield Asset Management. Initial scoping has been completed and preliminary quantification is underway. Management continues to evaluate the impact of IFRS 16 on the consolidated financial statements.

Internal Control over Financial Reporting

No changes were made in our internal control over financial reporting during the six months ended June 30, 2018, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART 8 - PRESENTATION TO STAKEHOLDERS AND PERFORMANCE Measurement

PRESENTATION TO PUBLIC STAKEHOLDERS

Equity

Brookfield Renewable’s consolidated equity interests include the non-voting LP Units held by public LP Unitholders and Brookfield, Redeemable/Exchangeable limited partnership units in BRELP, a holding subsidiary of Brookfield Renewable, held by Brookfield, and GP interest in BRELP held by Brookfield. The LP Units and the Redeemable/Exchangeable partnership units have the same economic attributes in all respects, except that the Redeemable/Exchangeable partnership units provide Brookfield the right to request that their units be redeemed for cash consideration. In the event that Brookfield exercises this right, Brookfield Renewable has the right, at its sole discretion, to satisfy the redemption request with LP Units, rather than cash, on a one-for-one basis. Brookfield, as holder of Redeemable/Exchangeable partnership units, participates in earnings and distributions on a per unit basis equivalent to the per unit participation of the LP Units. As Brookfield Renewable, at its sole discretion, has the right to settle the obligation with LP Units, the Redeemable/Exchangeable partnership units are classified under equity, and not as a liability.

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

As at the date of this report, Brookfield owns an approximate 60% LP Unit interest, on a fully-exchanged basis, and all general partnership interests in Brookfield Renewable, representing a 0.01% interest, while the remaining approximately 40% is held by the public.

Actual and Long-term Average Generation

For assets acquired or reaching commercial operation during the year, reported generation is calculated from the acquisition or commercial operation date and is not annualized. As it relates to Colombia only, generation includes both hydroelectric and cogeneration facilities. “Other” includes generation from North America cogeneration and Brazil biomass.

North America hydroelectric LTA is the expected average level of generation based on the results of a simulation based on historical inflow data performed over a period of typically 30 years. Colombia hydroelectric LTA is the expected average level of generation based on the results of a simulation based on historical inflow data performed over a period of typically 20 years. Colombia includes generation from both hydroelectric and cogeneration facilities. Hydroelectric assets located in Brazil benefit from a market framework which levelizes generation risk across producers. Wind LTA is the expected average level of generation based on the results based on simulated historical wind speed data performed over a period of typically 10 years. Solar LTA is the expected average level of generation based on the results of a simulation using historical irradiance levels in the locations of our projects from the last 14 to 20 years combined with actual generation data during the operational period.

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

Our risk of a generation shortfall in Brazil continues to be minimized by participation in a hydrological balancing pool administered by the government of Brazil. This program mitigates hydrology risk by assuring that all participants receive, at any particular point in time, an assured energy amount, irrespective of the actual volume of energy generated. The program reallocates energy, transferring surplus energy from those

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who generated an excess to those who generate less than their assured energy, up to the total generation within the pool. Periodically, low precipitation across the entire country’s system could result in a temporary reduction of generation available for sale. During these periods, we expect that a higher proportion of thermal generation would be needed to balance supply and demand in the country potentially leading to higher overall spot market prices.

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

Voting Agreements with Affiliates

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

Brookfield Renewable has also entered into a voting agreement with Brookfield, whereby Brookfield Renewable gained certain rights in respect of the partnership that controls TerraForm Power and its subsidiaries. This voting agreement provides Brookfield Renewable the authority to direct the election of one member of the Board of Directors of the relevant entity, among other things, and therefore provide Brookfield Renewable with significant influence over the partnership that controls TerraForm Power. Accordingly, Brookfield Renewable equity accounts for the partnership that controls TerraForm Power.

For entities previously controlled by Brookfield Asset Management, the voting agreements entered into do not represent business combinations in accordance with IFRS 3, as all combining businesses are ultimately controlled by Brookfield Asset Management both before and after the transactions were completed. Brookfield Renewable accounts for these transactions involving entities under common control in a manner similar to a pooling of interest, which requires the presentation of pre-voting agreement financial information as if the transactions had always been in place. Refer to Note 1(o)(ii) –Critical judgments in applying accounting policies - Common control transactionsin our December 31, 2017 audited consolidated financial statements for our policy on accounting for transactions under common control.

Performance Measurement

Segment Information

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

Operations are segmented by technology – 1) hydroelectric, 2) wind, 3) solar, 4) storage & other (cogeneration and biomass), and 5) corporate – with hydroelectric and wind further segmented by geography (i.e., North America, Colombia, Brazil, Europe and Other). This best reflects the way in which the CODM reviews results, manages operations and allocates resources. Our investment in the TerraForm Power and TerraForm Global businesses led to the creation of the solar segment which will now be reviewed on a standalone basis. Our investment in First Hydro resulted in the creation of a storage segment which will be reviewed along with our cogeneration and biomass businesses, on an aggregate basis. A

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pumped storage facility in North America, that was previously included in the hydroelectric segment, is now included in the “storage and other” segment. The Colombia segment aggregates the financial results of its hydroelectric and cogeneration facilities. The corporate segment represents all activity performed above the individual segments for the business.

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

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

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

Proportionate Information

Reporting to the CODM on the measures utilized to assess performance and allocate resources has been provided on a proportionate basis since the fourth quarter of 2017. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which it accounts for using consolidation and the equity method whereby Brookfield Renewable either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides a Unitholder perspective that the CODM considers important when performing internal analyses and making strategic and operating decisions. The CODM also believes that providing proportionate information helps investors understand the impacts of decisions made by management and financial results allocable to Unitholders.

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

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

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

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

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

Segmented net income (loss) is not a measure the CODM uses to review the results of business and allocate resources. Brookfield Renewable does not control those entities that have not been consolidated

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

Net Income (Loss)

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

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

Adjusted EBITDA

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

Brookfield Renewable uses Adjusted EBITDA to assess the performance of its operations 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. Brookfield Renewable adjusts for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance.

As compared to the preceding years, we revised our definition of Adjusted EBITDA to include our proportionate share of Adjusted EBITDA from equity-accounted investments. In preceding years, we included our proportionate share of Funds From Operations from equity-accounted investments. We revised our definition as we believe it provides a more meaningful measure for investors to evaluate our financial and operating performance on an allocable basis to Unitholders.

Funds From Operations and Funds From Operations per Unit

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

Brookfield Renewable uses Funds From Operations to assess the performance of the business before the effects of 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 typical non-recurring items as these are not reflective of the performance of the underlying business. In our unaudited interim consolidated financial statements we use the revaluation approach in accordance with IAS 16, Property, Plant and Equipment, whereby depreciation is determined based on a revalued amount, thereby reducing comparability with our peers who do not report under IFRS as issued by the IASB or who do not employ the revaluation approach to measuring property, plant and equipment. We add back deferred income taxes on the basis that we do not believe this item reflects the present value of the actual tax obligations that we expect to incur over our long-term investment horizon.

Brookfield Renewable believes that analysis and presentation of Funds From Operations on this basis will enhance an investor’s understanding of the performance of the business. Funds From Operations per Unit

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is not a substitute measure of performance for earnings per share and does not represent amounts available for distribution to LP Unitholders.

Adjusted Funds From Operations

Adjusted Funds From Operations is a non-IFRS measure used by investors to analyze net earnings from operations without the effects of certain volatile items that generally have no current financial impact or items not directly related to the performance of the business but also adjusted for sustaining capital expenditures.

Adjusted sustaining capital expenditures are an estimate made by management of the amount of ongoing capital investment required to maintain the condition of all our facilities and current revenues.

Annually, Brookfield Renewable determines the fair value of its property, plant and equipment using a 20-year discounted cash flow model with each operational facility having a 20-year capital plan. In addition, the useful lives of property, plant and equipment are determined periodically by independent engineers and are reviewed annually by management.

Management considers several items in estimating adjusted sustaining capital expenditures. Such factors include, but are not limited to, review and analysis of historical capital spending, the annual budgeted capital expenditures, management’s 5-year business plan, and independent third-party engineering assessments.

Sustaining capital expenditures do not occur evenly over the life of our assets and may fluctuate depending on the timing of actual project spend.

Adjusted sustaining capital expenditures are intended to reflect an average annual spending level based on the 20-year capital plan and are our best estimate of the long-term capital required to maintain the operations of our facilities. Over time, we expect our average sustaining capital expenditures to be in line with our adjusted long-term sustaining capital forecasts.

Accounting rules require us to recognize a significantly higher level of depreciation for our assets than we are required to reinvest in the business as sustaining capital expenditures. This higher level of depreciation is primarily attributed to: 1) our election to annually fair value property, plant and equipment under IFRS; and 2) accounting useful life is not always reflective of the perpetual nature of a hydroelectric facility.

Brookfield Renewable uses Adjusted Funds From Operations to also assess performance of the business and defines it as Funds From Operations less Brookfield Renewable’s proportionate share of adjusted sustaining capital expenditures (based on long-term sustaining capital expenditure plans) which are recurring in nature and used to maintain the reliability and efficiency of our power generating assets over our long-term investment horizon.

Neither Funds From Operations or Adjusted Funds From Operations are intended to be representative of cash provided by operating activities or results of operations determined in accordance with IFRS. Furthermore, these measures are not used by the CODM to assess Brookfield Renewable’s liquidity.

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PART 9 – CAUTIONARY STATEMENTS

cautionary statement regarding forward-looking statements

This Management's Discussion and Analysis contains forward-looking statements and information, within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations, concerning the business and operations of Brookfield Renewable. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements in this Management's Discussion and Analysis include statements regarding the quality of Brookfield Renewable’s assets and the resiliency of the cash flow they will generate, Brookfield Renewable’s anticipated financial performance and payout ratio, future commissioning of assets, contracted nature of our portfolio, technology diversification, acquisition opportunities, expected completion of acquisitions, financing and refinancing opportunities, future energy prices and demand for electricity, economic recovery, achieving long-term average generation, project development and capital expenditure costs, energy policies, economic growth, growth potential of the renewable asset class, the future growth prospects and distribution profile of Brookfield Renewable and Brookfield Renewable’s access to capital. In some cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”, “continue”, “attempts”, “likely”, “primarily”, “approximately”, “endeavours”, “pursues”, “strives”, “seeks”, “targets”, “believes”, or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information in this Management's Discussion and Analysis 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.

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 at any of our facilities; volatility in supply and demand in the energy markets; our inability to re-negotiate or replace expiring power purchase agreements 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 hydrological balancing pool in Brazil; increased regulation of our operations; concessions and licenses expiring and not being renewed or replaced on similar terms; increases in the cost of operating our plants; our failure to comply with conditions in, or our inability to maintain, governmental permits; equipment failures, including relating to wind turbines and solar panels; dam failures and the costs and potential liabilities associated with such failures; force majeure events; uninsurable losses; 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; disputes, governmental and regulatory investigations and litigation; counterparties to our contracts not fulfilling their obligations; the time and expense of enforcing contracts against non-performing counter-parties and the uncertainty of success; our operations being affected by local communities; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems; 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

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new sites suitable for the development of greenfield projects; delays, cost overruns and other problems associated with the construction and operation of generating facilities and risks associated with the arrangements we enter into with communities and joint venture partners; Brookfield Asset Management’s election not to source acquisition opportunities for us and our lack of access to all renewable power acquisitions that Brookfield Asset Management identifies; we do not have control over all our operations or investments; 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; the incurrence of debt at multiple levels within our organizational structure; being deemed an “investment company” under the U.S. Investment Company Act of 1940; the effectiveness of our internal controls over financial reporting; our dependence on Brookfield Asset Management and Brookfield Asset Management’s significant influence over us; the departure of some or all of Brookfield Asset Management’s key professionals; changes in how Brookfield Asset Management elects to hold its ownership interests in Brookfield Renewable; and Brookfield Asset Management acting in a way that is not in the best interests of Brookfield Renewable or our unitholders.

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 Management's Discussion and Analysis and should not be relied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see “Risk Factors” included in our Form 20-F.

cautionary statement regarding use of non-ifrs measures

This Management's Discussion and Analysis contains references to Adjusted EBITDA, Funds From Operations, Adjusted 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, Adjusted Funds From Operations and Funds From Operations per Unit used by other entities. In particular, our definition of Funds From Operations and Adjusted Funds From Operations may differ from the definition of funds from operations used by other organizations, as well as the definition of funds from operations used by the Real Property Association of Canada and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREIT definition is based on U.S. GAAP, as opposed to IFRS. We believe that Adjusted EBITDA, Funds From Operations, Adjusted Funds From Operations and Funds From Operations per Unit are useful supplemental measures that may assist investors in assessing the financial performance and the cash anticipated to be generated by our operating portfolio. Neither Adjusted EBITDA, Funds From Operations, Adjusted Funds From Operations nor 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.

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

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GENERALINFORMATION

Corporate Office 73 Front Street Fifth Floor Hamilton, HM12 Bermuda Tel:  (441) 294-3304 Fax: (441) 516-1988 https://bep.brookfield.com Officers of Brookfield Renewable Partners L.P.’s Service Provider, BRP Energy Group L.P. Richard Legault Group Chairman Harry Goldgut Group Chairman Sachin Shah Chief Executive Officer Wyatt Hartley Chief Financial Officer Transfer Agent & Registrar Computershare Trust Company of Canada 100 University Avenue 9th floor Toronto, Ontario, M5J 2Y1 Tel  Toll Free: (800) 564-6253 Fax Toll Free: (888) 453-0330 www.computershare.com

Directors of the General Partner of Brookfield Renewable Partners L.P. Jeffrey Blidner Eleazar de Carvalho Filho John Van Egmond David Mann Lou Maroun Patricia Zuccotti Lars Josefsson Exchange Listing NYSE: BEP (LP Units) TSX:    BEP.UN (LP Units) TSX:    BEP.PR.E (Preferred LP Units – Series 5) TSX:    BEP.PR.G (Preferred LP Units – Series 7) TSX:    BEP.PR.I (Preferred LP Units – Series 9) TSX:    BEP.PR.K (Preferred LP Units – Series 11) TSX:    BEP.PR.M (Preferred LP Units – Series 13) TSX:    BRF.PR.A (Preferred shares – Series 1) TSX:    BRF.PR.B (Preferred shares – Series 2) TSX:    BRF.PR.C (Preferred shares – Series 3) TSX:    BRF.PR.E (Preferred shares – Series 5) TSX:    BRF.PR.F (Preferred shares – Series 6) Investor Information Visit Brookfield Renewable online at https://bep.brookfield.com for more information. The 2017 Annual Report and Form 20-F are also available online. For detailed and up-to-date news and information, please visit the News Release section. Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR at www.sedar.com. Shareholder enquiries should be directed to the Investor Relations Department at (416) 369-2616 or enquiries@brookfieldrenewable.com

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NYSE: BEP

TSX: BEP.UN