CAPITAL MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of objectives, policies and processes for managing capital [abstract]

Summary of Brookfield Renewables strategy

Brookfield Renewable’s strategy during 2019, which was unchanged from 2018, was to maintain the measures set out in the following schedule as at December 31:

	Corporate						Consolidated
(MILLIONS)	2019			2018			2019			2018
Corporate credit facility(1)	$	299		$	721		$	299		$	721
Debt
Medium term notes(2)	$	1,808		$	1,613		$	1,808		$	1,613
Non-recourse borrowings(3)	—			—			8,964			8,465
	1,808			1,613			10,772			10,078
Deferred income tax liabilities, net(4)	—			—			4,421			4,049
Equity
Participating non-controlling interest - in operating subsidiaries	—			—			8,742			8,129
Preferred equity	597			568			597			568
Preferred limited partners' equity	833			707			833			707
Unitholders' equity(5)	7,959			7,802			7,959			7,802
Total capitalization	$	11,197		$	10,690		$	33,324		$	31,333
Debt to total capitalization	16		%	15		%	32		%	32		%

⁽¹⁾  Draws on corporate credit facilities are excluded from the debt to total capitalization ratios as they are not a permanent source of capital.

⁽²⁾  Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes$7 million (2018: $6 million) of deferred financing fees.

⁽³⁾  Consolidated non-recourse borrowings includes$142 million (2018: $6 million) borrowed under a subscription facility of a Brookfield sponsored private fund and excludes$60 million (2018: $75 million) of deferred financing fees, net of unamortized premiums.

⁽⁴⁾  Deferred income tax liabilities less deferred income tax assets.

⁽⁵⁾  Unitholders' equity includes equity attributable to Limited partners' equity, Redeemable/Exchangeable partnership units, and GP interest.