CAPITAL MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2021

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

Summary of Brookfield Renewables strategy

Brookfield Renewable’s strategy during 2021, which was unchanged from 2020, was to maintain the measures set out in the following schedule as at December 31:

	Corporate						Consolidated
(MILLIONS)	2021			2020			2021			2020
Commercial paper(1)	$	—		$	3		$	—		$	3
Debt
Medium term notes(2)	2,156			2,140			2,156			2,140
Non-recourse borrowings(3)	—			—			19,352			16,006
	2,156			2,140			21,508			18,146
Deferred income tax liabilities, net(4)	—			—			6,018			5,310
Equity
Non-controlling interest	—			—			12,303			11,100
Preferred equity	613			609			613			609
Perpetual subordinated notes	592			—			592			—
Preferred limited partners’ equity(5)	881			1,028			881			1,028
Unitholders’ equity	9,607			9,030			9,607			9,030
Total capitalization	$	13,849		$	12,807		$	51,522		$	45,223
Debt-to-total capitalization	16		%	17		%	42		%	40		%
Debt-to-total capitalization (market value)(6)	8		%	6		%	33		%	27		%

(1)Draws on corporate credit facilities and commercial paper issuances 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 (2020: $8 million) of deferred financing fees, net of unamortized premiums.

(3)Consolidated non-recourse borrowings include $30 million (2020: $15 million) borrowed under a subscription facility of a Brookfield sponsored private fund and excludes $132 million (2020: $122 million) of deferred financing fees and $160 million (2020: $63 million) of unamortized premiums.

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

(5)Subsequent to year-end, on January 31, 2021, Brookfield Renewable completed the redemption of C$72 million of Series 5 Preferred Units.

(6)Based on market values of Preferred equity, Perpetual subordinated notes, Preferred limited partners’ equity and Unitholders’ equity.