On March 24, 2021, Brookfield Renewable, together with institutional partners, completed the acquisition of 100% of a portfolio of three wind generation facilities of approximately 845 MW and development projects of approximately 400 MW (together, "Oregon Wind Portfolio") located in Oregon, United States. The purchase price of this acquisition, including working capital and closing adjustments, was approximately $744 million. The total transaction costs of $6 million were expensed as incurred and have been classified under Other in the consolidated statement of income. Brookfield Renewable holds a 25% economic interest.

This investment was accounted for using the acquisition method, and the results of operations have been included in the consolidated financial statements since the date of the acquisition. If the acquisition had taken place at the beginning of the year, the revenue from the Oregon Wind Portfolio would have been $183 million for the year ended December 31, 2021.

On March 31, 2021, Brookfield Renewable, together with institutional partners, completed the acquisition of 100% of a distributed generation business (the "U.S. Distributed Generation Portfolio") comprised of 360 MW of operating and under construction assets across approximately 600 sites and 700 MW of development assets, all in the United States. The purchase price of this acquisition, including working capital and closing adjustments, was approximately $684 million. The total transaction costs of $2 million were expensed as incurred and have been classified under Other in the consolidated statement of income. Brookfield Renewable holds a 25% economic interest.

This investment was accounted for using the acquisition method, and the results of operations have been included in the consolidated financial statements since the date of the acquisition. If the acquisition had taken place at the beginning of the year, the revenue from the U.S. Distributed Generation Portfolio would have been $79 million for the year ended December 31, 2021.


(MILLIONS)	Oregon Wind Portfolio(1)		U.S. Distributed Generation Portfolio		Total
Cash and cash equivalents	$	1	$	1	$	2
Restricted cash	49		5		54
Trade receivables and other current assets	28		23		51
Property, plant and equipment	1,643		723		2,366


Current liabilities	(10)		(6)		(16)
Current portion of non-recourse borrowings	(74)		(7)		(81)
Financial instruments	(16)		—		(16)
Non-recourse borrowings	(761)		(133)		(894)

Provisions	(83)		(16)		(99)
Other long-term liabilities	(33)		(23)		(56)

Fair value of net assets acquired	744		567		1,311
Goodwill	—		117		117
Purchase price	$	744	$	684	$	1,428

The following investments were accounted for using the equity method as Brookfield Renewable has significant influence through its position in the business, and the results of operations have been included in the audited annual consolidated financial statements since the date of investment.

In the first quarter of 2021, Brookfield Renewable, together with its institutional partners, closed its purchase of a 23% interest in a large scale renewable business in Poland (“Polenergia”), in connection with its previously announced tender offer alongside the current majority shareholder, at a cost of approximately $175 million (approximately $44 million net to Brookfield Renewable for a 6% interest). Brookfield Renewable, together with its institutional partners and the current majority shareholder, holds a 75% interest in the company.

The following investments were accounted for using the acquisition method, and the results of operations have been included in the audited annual consolidated financial statements since the date of acquisition.

On February 11, 2020, Brookfield Renewable, through its investment in TerraForm Power, completed the acquisition of 100% of a portfolio of two concentrated solar power facilities (together, “Spanish CSP Portfolio”) located in Spain with a combined nameplate capacity of approximately 100 MW. The purchase price of this acquisition, including working capital adjustments, was €111 million ($121 million). The total acquisition costs of $1 million were expensed as incurred and have been classified under other in the consolidated statement of income (loss).

This investment was accounted for using the acquisition method, and the results of operations have been included in the consolidated financial statements since the date of the acquisition. If the acquisition had taken place at the beginning of the year, the revenue from the Spanish CSP Portfolio would have been $99 million for the year ended December 31, 2020.


(MILLIONS)	Spanish CSP Portfolio
Cash and cash equivalents	$	22
Restricted cash	27
Trade receivables and other current assets	33

Property, plant and equipment, at fair value	661
Deferred tax assets	14
Other non-current assets	8
Current liabilities	(17)

Financial instruments	(148)
Non-recourse borrowings	(475)

Decommissioning liabilities	(23)
Other long-term liabilities	(22)

Fair value of identifiable net assets acquired	80
Goodwill	41
Purchase price	$	121

Brookfield Renewable, together with its institutional partners, completed a transaction in India to acquire a 105 MW operating wind facility on June 7, 2019 and a 105 MW operating wind facility on July 8, 2019 (collectively, the “India Wind Portfolio”).

Brookfield Renewable, along with institutional partners, acquired the India Wind Portfolio for a total consideration of INR 4.6 billion ($67 million), plus a contingent payment expected to be INR 0.8 billion ($12 million). Brookfield Renewable holds a 25% economic interest and 100% voting interest. The total acquisition costs of less than $1 million were expensed as incurred and have been classified under other in the consolidated statement of income (loss).

If the acquisition had taken place at the beginning of the year, the revenue from the India Wind Portfolio would have been $37 million for the year ended December 31, 2019.

On September 30, 2019, Brookfield Renewable, together with its institutional partners, completed the acquisition of a 200 MW operating wind facility in China (“China Wind Facility”) for a total consideration of CNY 1,140 million ($160 million). Brookfield Renewable holds a 25% economic interest and 100% voting interest. The total acquisition costs of less than $1 million were expensed as incurred and have been classified under other in the consolidated statement of income (loss).

If the acquisition had taken place at the beginning of the year, the revenue from the China Wind Facility would have been $44 million for the year ended December 31, 2019.

On September 26, 2019, Brookfield Renewable, through its investment in TerraForm Power, acquired a 100% interest in a 320 MW distributed generation portfolio of renewable energy facilities in the United States, for total consideration of $735 million. The total acquisition costs of $5 million were expensed as incurred and have been classified under other in the consolidated statement of income (loss).

If the acquisition had taken place at the beginning of the year, the revenue from the 2019 TERP DG Portfolio would have been $67 million for the year ended December 31, 2019.


(MILLIONS)	India Wind Portfolio		China Wind Facility		2019 TERP DG Portfolio		Total
Cash	$	—	$	—	$	3	$	3
Restricted cash	14		2		—		16
Trade receivables and other current assets	14		51		47		112
Property, plant and equipment, at fair value	243		307		753		1,303

Current liabilities	(1)		(23)		(8)		(32)
Current portion of non-recourse borrowings	(12)		(18)		—		(30)
Financial instruments	(4)		—		—		(4)
Non-recourse borrowings	(158)		(131)		—		(289)
Deferred income tax liabilities	(8)		(28)		—		(36)
Decommissioning liabilities	(5)		—		(33)		(38)
Other long-term liabilities	(4)		—		(27)		(31)

Fair value of identifiable net assets acquired	$	79	$	160	$	735	$	974