BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2021

LONG-TERM DEBT AND CREDIT FACILITIES [Abstract]

The composition of corporate borrowings as at December 31 is presented in the following table:


	December 31, 2021						December 31, 2020
(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	N/A	5	$	—	$	—	N/A	4	$	—	$	—
Commercial paper	N/A	N/A	—		—		0.4	< 1	3		3
Medium Term Notes:
Series 4 (C$150)	5.8	15	118		154		5.8	16	118		160
Series 9 (C$400)	3.8	3	317		334		3.8	4	314		348
Series 10 (C$500)	3.6	5	396		421		3.6	6	392		441
Series 11 (C$475)	4.3	7	376		419		4.3	8	373		442
Series 12 (C$475)	3.4	8	376		399		3.4	9	373		420
Series 13 (C$300)	4.3	28	237		275		4.3	29	236		287
Series 14 (C$425)	3.3	29	336		332		3.3	30	334		347
	3.9	13	2,156		2,334		3.9	14	2,140		2,445
Total corporate borrowings			2,156		$	2,334			2,143		$	2,448
Add: Unamortized premiums(1)			3						3
Less: Unamortized financing fees(1)			(10)						(11)
Less: Current portion			—						(3)
			$	2,149					$	2,132

(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, 2021						December 31, 2020
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Weighted-average interest rate (%)	Term (years)(4)	Carrying value		Estimated fair value		Weighted-average interest rate (%)	Term (years)	Carrying value		Estimated fair value
Non-recourse borrowings(1)
Hydroelectric(2)	4.9	11	$	8,541	$	9,008	4.8	9	$	6,989	$	7,853
Wind	4.4	8	4,767		5,059		4.3	10	4,324		4,785
Solar	4.1	13	4,303		4,561		3.6	12	3,684		4,247
Energy transition	3.2	8	1,741		1,807		3.8	11	1,009		1,106
Total	4.5	10	19,352		$	20,435	4.3	10	16,006		$	17,991
Add: Unamortized premiums(3)			160						63
Less: Unamortized financing fees(3)			(132)						(122)
Less: Current portion			(1,818)						(1,026)
			$	17,562					$	14,921

(1)Includes $30 million (2020: $15 million) borrowed under a subscription facility of a Brookfield sponsored private fund.

(2)Includes $51 million (2020: nil) outstanding to an associate of Brookfield. Refer to Note 29 - Related party transactions for more details.

(3)Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.

(4)Excluding non-permanent financings, total weighted-average term is 11 years.

Summary of change in the unamortized financing fees and premiums

The following table outlines the change in the unamortized financing fees of corporate borrowings for the year ended December 31:


(MILLIONS)	2021		2020
Corporate borrowings
Unamortized financing fees, beginning of year	$	(11)	$	(7)
Additional financing fees	—		(5)
Amortization of financing fees	1		1
Unamortized financing fees, end of year	$	(10)	$	(11)

The following table outlines the change in the unamortized financing fees of non-recourse borrowings for the year ended December 31:


(MILLIONS)	2021		2020
Non-recourse borrowings
Unamortized financing fees, beginning of year	$	(122)	$	(119)
Additional financing fees	(40)		(17)
Amortization of financing fees	21		9
Foreign exchange translation and other	9		5
Unamortized financing fees, end of year	$	(132)	$	(122)

The following table outlines the change in the unamortized premiums of non-recourse borrowings for the year ended December 31:


(MILLIONS)	2021		2020
Non-recourse borrowings
Unamortized premiums, beginning of year	$	63	$	92
Additional premiums	103		4
Amortization of premiums	(13)		5
Foreign exchange translation and other	7		(38)
Unamortized premiums, end of year	$	160	$	63

Summary of available portion of credit facilities

The following table summarizes the available portion of corporate credit facilities as at December 31:


(MILLIONS)	2021		2020
Authorized corporate credit facilities and related party credit facilities(1)	$	2,375	$	2,150
Draws on corporate credit facilities(1)(2)	(24)		—
Authorized letter of credit facility	400		400
Issued letters of credit	(289)		(300)
Available portion of corporate credit facilities	$	2,462	$	2,250

(1)Amounts are guaranteed by Brookfield Renewable.

(2)Relates to letter of credit issued on Brookfield Renewable’s corporate credit facilities of $1,975 million.

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)	2022		2023		2024		2025		2026		Thereafter		Total
Non-recourse borrowings
Hydroelectric	$	750	$	871	$	769	$	607	$	843	$	4,701	$	8,541
Wind	422		804		290		296		561		2,394		4,767
Solar	537		439		215		192		320		2,600		4,303
Energy transition	109		511		118		47		43		913		1,741
	$	1,818	$	2,625	$	1,392	$	1,142	$	1,767	$	10,608	$	19,352

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(1)	Non-cash
				Acquisition	Disposal	Other(2)(3)	December 31
2021
Corporate borrowings	$	2,135	(3)	—	—	17	$	2,149
Non-recourse borrowings	$	15,947	3,177	869	(646)	33	$	19,380
2020
Corporate borrowings	$	2,100	(30)	—	—	65	$	2,135
Non-recourse borrowings(4)	$	15,200	(155)	475	—	427	$	15,947

(1)Excludes $51 million (2020: $(20) million) of net cash flow from financing activities related to tax equity recorded on the consolidated statements of cash flows.

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

(3)Includes $358 million (2020: $20 million) of non-recourse borrowings acquired through asset acquisitions.

(4)Other includes a $247 million adjustment related to the buyout of the lease on a 192 MW hydroelectric facility in Louisiana.