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BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2019
LONG-TERM DEBT AND CREDIT FACILITIES [Abstract]  
Summary of corporate borrowings
The composition of corporate borrowings as at December 31 is presented in the following table:
 
December 31, 2019
 
December 31, 2018
(MILLIONS EXCEPT AS NOTED)
Weighted-average Interest rate (%)

 
Term (years)

 
Carrying value

 
Estimated fair value

 
Weighted-average Interest rate (%)

 
Term (years)

 
Carrying value

 
Estimated fair value

Credit facilities
2.9


5


$
299

 
$
299

 
3.3


4


$
721

 
$
721

Medium Term Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series 4 (C$150)
5.8

 
17

 
$
115

 
$
142

 
5.8

 
18

 
$
110

 
$
124

Series 7 (C$450)
—

 
—

 
—

 
—

 
5.1

 
2

 
330

 
342

Series 8 (C$400)
4.8

 
2

 
308

 
324

 
4.8

 
3

 
293

 
309

Series 9 (C$400)
3.8

 
5

 
308

 
322

 
3.8

 
6

 
293

 
288

Series 10 (C$500)
3.6

 
7

 
384

 
400

 
3.6

 
8

 
367

 
357

Series 11 (C$300)
4.3

 
9

 
231

 
248

 
4.3

 
10

 
220

 
220

Series 12 (C$300)
3.4

 
10

 
231

 
232

 
—

 
—

 
—

 
—

Series 13 (C$300)
4.3

 
30

 
231

 
237

 
—

 
—

 
—

 
—

 
4.1


10


$
1,808

 
$
1,905

 
4.4


7


$
1,613

 
$
1,640

Total corporate borrowings
 
2,107

 
$
2,204

 
 
 
 
 
2,334

 
$
2,361

Less: Unamortized financing fees(1)
 
(7
)
 
 
 
 
 
 
 
(6
)
 
 
 
 
 
 
 
$
2,100

 
 
 
 
 
 
 
$
2,328

 
 
(1) Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
The composition of non-recourse borrowings as at December 31 is presented in the following table:
 
December 31, 2019
 
December 31, 2018
 
Weighted-average
 
 
 
 
 
Weighted-average
 
 
 
 
(MILLIONS EXCEPT AS NOTED)
Weighted-average interest rate (%)
 
Term (years)
 
Carrying value

 
Estimated fair value

 
Weighted-average interest rate (%)
 
Term (years)
 
Carrying value

 
Estimated fair value

Non-recourse borrowings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hydroelectric(1)
5.9

10

$
6,616

 
$
7,106

 
6.1

9

$
6,318

 
$
6,517

Wind
5.2

11

1,899

 
2,006

 
4.7

11

1,914

 
1,957

Solar
5.1

5

355

 
363

 
6.0

7

142

 
133

Storage and other
3.9

4

94

 
98

 
4.1

5

91

 
95

Total
5.7

10
 
8,964

 
$
9,573

 
5.7

10

8,465

 
$
8,702

Add: Unamortized premiums(2)
 
9

 
 
 
 
 
 
 
1

 
 
Less: Unamortized financing fees(2)
 
(69
)
 
 
 
 
 
 
 
(76
)
 
 
Less: Current portion
 
(685
)
 
 
 
 
 
 
 
(495
)
 
 
 
 
 
 
 
$
8,219

 
 
 
 
 
 
 
$
7,895

 
 
(1) 
Includes a lease liability of $330 million associated with a hydroelectric facility included in property, plant and equipment, at fair value, which is subject to revaluation.
(2) 
Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
Summary of change in the unamortized financing fees of corporate borrowings
The following table outlines the change in the unamortized financing fees of non-recourse borrowings for the year ended December 31:
(MILLIONS)
2019

 
2018

 
2017

Non-recourse borrowings
 
 
 
 
 
Unamortized financing fees, beginning of year
$
(76
)
 
$
(72
)
 
$
(74
)
Additional financing fees
(15
)
 
(21
)
 
(16
)
Amortization of financing fees
12

 
12

 
14

Foreign exchange translation and other
10

 
5

 
4

Unamortized financing fees, end of year
$
(69
)
 
$
(76
)
 
$
(72
)
The following table outlines the change in the unamortized financing fees of corporate borrowings for the year ended December 31:
(MILLIONS)
2019

 
2018

 
2017

Corporate borrowings
 
 
 
 
 
Unamortized financing fees, beginning of year
$
(6
)
 
$
(5
)
 
$
(6
)
Additional financing fees
(2
)
 
(2
)
 
—

Amortization of financing fees
1

 
1

 
1

Unamortized financing fees, end of year
$
(7
)
 
$
(6
)
 
$
(5
)
Summary of available portion of credit facilities
The following table summarizes the available portion of corporate credit facilities as at December 31:
(MILLIONS)
2019

 
2018

Authorized corporate credit facilities(1)
$
2,150

 
$
2,100

Draws on corporate credit facilities(1)
(299
)
 
(721
)
Authorized letter of credit facility
400

 
300

Issued letters of credit
(266
)
 
(209
)
Available portion of corporate credit facilities
$
1,985

 
$
1,470

(1) 
Amounts are guaranteed by Brookfield Renewable. Excludes $142 million (2018: $6 million) borrowed under a subscription facility of a Brookfield sponsored private fund.
Summary of future repayments of Brookfield Renewables debt obligations, for each of the next five years
Future repayments of Brookfield Renewable’s non-recourse borrowings for each of the next five years and thereafter are as follows:
(MILLIONS)
2020

 
2021

 
2022

 
2023

 
2024

 
Thereafter

 
Total

Non-recourse borrowings
 
 
 
 
 
 
 
 
 
 
 
 
 
Hydro
$
402

 
$
123

 
$
583

 
$
924

 
$
399

 
$
4,185

 
$
6,616

Wind
133

 
120

 
156

 
156

 
127

 
1,207

 
1,899

Solar
149

 
10

 
—

 
—

 
—

 
196

 
355

Storage and other
1

 
80

 
1

 
1

 
1

 
10

 
94

 
$
685

 
$
333

 
$
740

 
$
1,081

 
$
527

 
$
5,598

 
$
8,964
Summary of Brookfield Renewables borrowings
The following table outlines changes in Brookfield Renewable’s borrowings for the year ended December 31:
(MILLIONS)
January 1

 
Net cash flows from
financing activities

 
Non-cash
 
 
 
Acquisition

 
Transfer to Held for sale

 
Other(1)

 
December 31

2019
 
 
 
 
 
 
 
 
 
 
 
Corporate borrowings
$
2,328

 
(314
)
 
—

 
—

 
86

 
$
2,100

Non-recourse borrowings
$
8,390

 
339

 
319

 
(196
)
 
52

 
$
8,904

2018
 
 
 
 
 
 
 
 
 
 
 
Corporate borrowings
$
2,552

 
(88
)
 
—

 
—

 
(136
)
 
$
2,328

Non-recourse borrowings
$
9,214

 
(178
)
 
90

 
(360
)
 
(376
)
 
$
8,390

(1) 
Includes foreign exchange and amortization of unamortized premium and financing fees.