NON-CONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 31, 2019

Non Controlling Interest [Abstract]

Summary of Brookfield Renewables non-controlling interests

Brookfield Renewable’s non-controlling interests are comprised of the following as at December 31:

(MILLIONS)	2019		2018
Participating non-controlling interests – in operating subsidiaries	$	8,742	$	8,129
General partnership interest in a holding subsidiary held by Brookfield	68		66
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	3,315		3,252
Preferred equity	597		568
	$	12,722	$	12,015

Disclosure of significant investments non-controlling interest in subsidiaries

The net change in participating non-controlling interests – in operating subsidiaries is as follows:

(MILLIONS)	Brookfield Americas Infrastructure Fund			Brookfield Infrastructure Fund II			Brookfield Infrastructure Fund III			Brookfield Infrastructure Fund IV			Canadian Hydroelectric Portfolio			The Catalyst Group			Isagen institutional investors			Isagen public non-controlling interests			Other			Total
As at December 31, 2016	$	963		$	1,654		$	1,085		$	—		$	—		$	127		$	1,675		$	14		$	71		$	5,589
Net income (loss)	(29		)	(13		)	33			—			—			12			47			—			3			53
OCI	(76		)	269			111			—			—			2			78			(1		)	—			383
Capital contributions	—			89			186			—			—			—			19			—			—			294
Acquisition	—			—			525			—			—			—			—			—			—			525
Distributions	(8		)	(317		)	(88		)	—			—			(7		)	(115		)	—			(4		)	(539		)
Purchase of Isagen shares	—			—			(1		)	—			—			—			(5		)	5			—			(1		)
Other	—			—			1			—			—			—			2			(9		)	—			(6		)
As at December 31, 2017	850			1,682			1,852			—			—			134			1,701			9			70			6,298
Net income	1			9			86			—			4			14			174			1			8			297
OCI	66			298			805			—			(11		)	(18		)	504			5			58			1,707
Capital contributions	—			9			5			—			293			—			—			—			—			307
Acquisition	—			—			—			—			—			—			—			—			21			21
Distributions	(17		)	(81		)	(276		)	—			—			(6		)	(167		)	—			(6		)	(553		)
Other	—			12			(3		)	—			(10		)	—			—			—			53			52
As at December 31, 2018	900			1,929			2,469			—			276			124			2,212			15			204			8,129
Net income (loss)	—			(13		)	73			6			19			17			154			1			5			262
OCI	46			134			330			(3		)	61			(41		)	266			2			—			795
Capital contributions	—			—			2			159			268			—			—			(2		)	3			430
Disposals	—			(87		)	—			—			—			—			—			—			(85		)	(172		)
Distributions	(24		)	(120		)	(274		)	—			(1		)	(11		)	(259		)	(1		)	(16		)	(706		)
Other	—			8			(3		)	1			(5		)	—			2			(2		)	3			4
As at December 31, 2019	$	922		$	1,851		$	2,597		$	163		$	618		$	89		$	2,375		$	13		$	114		$	8,742
Interests held by third parties	75%-80%			43%-60%			23%-71%			72%-73%			50		%	25		%	53		%	0.4		%	20%-50%

Disclosure of financial information of significant investments non-controlling interest in subsidiaries

The following tables summarize certain financial information of operating subsidiaries that have non-controlling interests that are material to Brookfield Renewable:

(MILLIONS)	Brookfield Americas Infrastructure Fund			Brookfield Infrastructure Fund II			Brookfield Infrastructure Fund III(1)		Brookfield Infrastructure Fund IV		Canadian Hydroelectric Portfolio			The Catalyst Group			Isagen (2)			Other		Total
Interests held by third parties	75%-80%			43%-60%			69%-71%		72%-73%		50		%	25		%	76		%	20%-50%
Place of business	United States, Brazil			United States, Brazil, Europe			United States, Brazil, India, China		India, China		Canada			United States			Colombia			United States, Brazil, Canada, Colombia
Year ended December 31, 2017:
Revenue	$	123		$	430		$	53	$	—	$	—		$	135		$	797		$	32	$	1,570
Net income (loss)	(34		)	(20		)	18		—		—			47			89			7		107
Total comprehensive income (loss)	(133		)	529			126		—		—			57			236			—		815
Net income (loss) allocated to non-controlling interests	(29		)	(13		)	13		—		—			12			67			3		53
Year ended December 31, 2018:
Revenue	$	157		$	447		$	311	$	—	$	38		$	142		$	896		$	21	$	2,012
Net income	2			17			19		—		15			56			331			2		442
Total comprehensive income (loss)	95			544			898		—		25			(16		)	1,290			16		2,852
Net income allocated to non-controlling interests	1			9			15		—		6			14			251			1		297
As at December 31, 2018:
Property, plant and equipment, at fair value	$	1,687		$	5,553		$	2,322	$	—	$	1,679		$	875		$	6,665		$	253	$	19,034
Total assets	1,737			5,831			3,725		—		1,975			982			7,717			293		22,260
Total borrowings	536			1,979			838		—		924			369			1,744			70		6,460
Total liabilities	582			2,395			1,441		—		1,933			387			3,548			88		10,374
Carrying value of non-controlling interests	900			1,929			1,641		—		314			124			3,169			52		8,129
Year ended December 31, 2019:
Revenue	$	155		$	451		$	255	$	39	$	96		$	145		$	971		$	29	$	2,141
Net income (loss)	2			(20		)	10		9		42			67			293			6		409
Total comprehensive income (loss)	61			294			359		4		138			(99		)	1,007			17		1,781
Net income allocated to non-controlling interests	—			(13		)	8		6		19			17			220			5		262
As at December 31, 2019:
Property, plant and equipment, at fair value	$	1,713		$	5,240		$	2,508	$	538	$	1,849		$	696		$	7,352		$	261	$	20,157
Total assets	1,754			5,455			3,371		662		3,486			794			8,403			268		24,193
Total borrowings	509			1,756			850		331		1,651			325			1,865			93		7,380
Total liabilities	569			2,116			1,089		439		2,045			342			3,928			114		10,642
Carrying value of non-controlling interests	922			1,852			1,622		162		651			88			3,395			50		8,742

⁽¹⁾  Excludes information relating to Isagen which is presented separately.

⁽²⁾  The total third parties ownership interest in Isagen as of December 31, 2019 was 75.9% and comprised of Brookfield Infrastructure Fund III: 22.9%, Isagen Institutional investors 52.6% and other non-controlling interests: 0.4%.

Summary of composition of the distributions

The composition of the distributions are presented in the following table:

(MILLIONS)	2019		2018
General partnership interest in a holding subsidiary held by Brookfield	$	5	$	5
Incentive distribution	50		40
	$	55	$	45
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	$	268	$	255
	$	323	$	300

The composition of the distributions are presented in the following table:

(MILLIONS)	2019		2018
Brookfield	$	116	$	110
External LP Unitholders	254		245
	$	370	$	355

Disclosure of summary financial information

The following table summarizes certain financial information regarding General partnership interest in a holding subsidiary held by Brookfield and Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield:

(MILLIONS)	2019			2018		2017
For the year ended December 31:
Revenue	$	2,980		$	2,982	$	2,625
Net income	273			403		51
Comprehensive income	1,998			3,667		1,401
Net income allocated to(1):
General partnership interest in a holding subsidiary held by Brookfield	—			1		(1		)
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	(25		)	17		(23		)
As at December 31:
Property, plant and equipment, at fair value	$	30,714		$	29,025
Total assets	35,691			34,103
Total borrowings	11,004			10,718
Total liabilities	17,560			16,897
Carrying value of (2):
General partnership interest in a holding subsidiary held by Brookfield	68			66
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	3,315			3,252

⁽¹⁾  Allocated based on weighted-average GP interest, Redeemable/Exchangeable partnership units and LP Units of 2.7 million, 129.7 million, and 178.9 million, respectively (2018: 2.7 million, 129.7 million, and 180.2 million, respectively and 2017: 2.7 million, 129.7 million, and 173.5 million, respectively).

⁽²⁾  Allocated based on outstanding GP interest, Redeemable/Exchangeable partnership units and LP Units of 2.7 million, 129.7 million, and 179.0 million, respectively (2018: 2.7 million, 129.7 million and 178.8 million, respectively).

Disclosure of preference shares

Brookfield Renewable’s preferred equity as at December 31 consists of Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. (“BRP Equity”) as follows:

	Shares outstanding	Cumulative dividend rate (%)	Earliest permitted redemption date	Dividends declared for the year ended December 31				Carrying value as at
(MILLIONS, EXCEPT AS NOTED)				2019		2018		December 31, 2019		December 31, 2018
Series 1 (C$136)	5.45	3.36	April 2020	$	3	$	4	$	105	$	100
Series 2 (C$113)(1)	4.51	4.26	April 2020	4		3		86		83
Series 3 (C$249)	9.96	4.40	July 2019	8		8		192		182
Series 5 (C$103)	4.11	5.00	April 2018	4		4		79		75
Series 6 (C$175)	7.00	5.00	July 2018	7		7		135		128
	31.03			$	26	$	26	$	597	$	568

⁽¹⁾  Dividend rate represents annualized distribution based on the most recent quarterly floating rate.