OUR OPERATIONS

We invest in renewable power and sustainable solutions assets directly, as well as with institutional partners, joint venture partners and through other arrangements. Across our business, we leverage our extensive operating experience to maintain and enhance the value of assets, grow cash flows on an annual basis and cultivate positive relations with local stakeholders.

Our global diversified portfolio of renewable power assets, which makes up over 97% of our business, has approximately 32,500 MW of operating capacity and annualized LTA generation of approximately 93,000 GWh and a development pipeline of approximately 157,000 MW.

The table below outlines our portfolio as at March 31, 2024:

	River Systems	Facilities	Capacity (MW)	LTA(1) (GWh)	Storage Capacity (GWh)
Hydroelectric
North America
United States(2)	30	140	2,935	11,963	2,559
Canada	19	33	1,361	5,178	1,261
	49	173	4,296	17,141	3,820
Colombia(3)	11	22	3,053	16,143	3,703
Brazil	27	43	940	4,811	—
	87	238	8,289	38,095	7,523
Wind(4)
North America	—	55	6,830	21,872	—
Europe(5)	—	56	1,432	3,309	—
Brazil	—	37	890	3,949	—
Asia	—	33	1,874	5,534	—
	—	181	11,026	34,664	—
Utility-scale solar(6)	—	220	7,119	15,578	—
Distributed generation & storage(7)(8)	2	6,925	5,677	3,630	5,220
Total renewable power	89	7,564	32,111	91,967	12,743

(1)LTA is calculated based on our portfolio as at March 31, 2024, reflecting all facilities on a consolidated and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for an explanation on our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.

(2)Includes four battery storage facilities in North America (50 MW).

(3)Includes two wind plants (32 MW) and five solar plants (100 MW) in Colombia.

(4)Excludes 303 MW of wind capacity with an LTA of 742 GWh included in our sustainable solutions segment.

(5)Includes a 67 MW portfolio of wind assets located in the United Kingdom that have been presented as Assets held for sale.

(6)Excludes 118 MW of solar capacity with an LTA of 243 GWh included in our sustainable solutions segment.

(7)Includes a battery storage facility in North America (10 MW).

(8)Includes nine fuel cell facilities in North America (10 MW) and pumped storage in North America (633 MW) and Europe (2,088 MW).

We also have investments in our sustainable solution portfolio comprised of assets and businesses that enable the transition to net-zero through established but emerging technologies that require capital to scale, and in businesses where we believe we can leverage our access to capital and partnerships to accelerate growth. This portfolio includes our investment in Westinghouse (a leading global nuclear services business) as well as investments in an operating portfolio of 57 thousand metric tonnes per annum (“TMTPA”) of carbon capture and storage (“CCS”), 3 million Metric Million British thermal units (“MMBtu”) of agricultural renewable natural gas (“RNG”) operating production capacity annually and over 1 million tons of recycled materials annually. Our sustainable solutions development pipeline includes opportunities to invest in additional projects with 16 million metric tonnes per annum (“MMTPA”) of CCS, 1.6 milliontons of recycled materials, roughly 3.5 million MMBtu of RNG production capacity, a solar manufacturing facility capable of producing 3,000 MW panels annually.

The following table presents the annualized long-term average generation of our portfolio as at March 31, 2024 on a consolidated and quarterly basis:

GENERATION (GWh)(1)	Q1	Q2	Q3	Q4	Total
Hydroelectric
North America
United States	3,402	3,469	2,171	2,921	11,963
Canada	1,235	1,489	1,236	1,218	5,178
	4,637	4,958	3,407	4,139	17,141
Colombia(2)	3,697	4,048	3,944	4,454	16,143
Brazil	1,183	1,198	1,214	1,216	4,811
	9,517	10,204	8,565	9,809	38,095
Wind(3)	8,920	8,840	7,809	9,095	34,664
Utility-scale solar	3,346	4,425	4,558	3,249	15,578
Distributed generation & storage	820	1,058	1,005	747	3,630
Total	22,603	24,527	21,937	22,900	91,967

(1)LTA is calculated based on our portfolio as at March 31, 2024 reflecting all facilities on an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for an explanation on our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.

(2)Includes two wind plants (174 GWh) and five solar plants (248 GWh) in Colombia.

(3)Includes a 231 GWh portfolio of wind assets in the United Kingdom that has been presented as Assets held for sale.

The following table presents the annualized long-term average generation of our portfolio as at March 31, 2024 on a proportionate and quarterly basis:

GENERATION (GWh)(1)	Q1	Q2	Q3	Q4	Total
Hydroelectric
North America
United States	2,224	2,359	1,466	1,950	7,999
Canada	1,010	1,210	980	959	4,159
	3,234	3,569	2,446	2,909	12,158
Colombia(2)(3)	843	922	900	1,016	3,681
Brazil	1,008	1,020	1,034	1,035	4,097
	5,085	5,511	4,380	4,960	19,936
Wind(4)	2,500	2,415	2,120	2,554	9,589
Utility-scale solar	862	1,240	1,302	839	4,243
Distributed generation	225	323	309	204	1,061
Total	8,672	9,489	8,111	8,557	34,829

(1)LTA is calculated based on our portfolio as at March 31, 2024 reflecting all facilities on an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for an explanation on our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.

(2)Includes two wind plants in Colombia (41 GWh).

(3)Includes five solar plants in Colombia (57 GWh).

(4)Includes a 58 GWh portfolio of wind assets in the United Kingdom that has been presented as Assets held for sale.

Statement Regarding Forward-Looking Statements and Use of Non-IFRS Measures

This Interim Report contains forward-looking information within the meaning of U.S. and Canadian securities laws. We may make such statements in this Interim Report and in other filings with the U.S. Securities and Exchange Commission ("SEC") and with securities regulators in Canada – see "Part 8 – Presentation to Stakeholders and Performance Measurement". We make use of non-IFRS measures in this Interim Report – see "Part 8 – Presentation to Stakeholders and Performance Measurement". This Interim Report, our Form 20-F and additional information filed with the SEC and with securities regulators in Canada are available on our website at https://bep.brookfield.com, on the SEC's website at www.sec.gov or on SEDAR+'s website at www.sedarplus.ca

.Letter to Unitholders

.

We had a strong start to the year advancing a number of growth and development initiatives, and our financial results reflect our ever-increasingly diverse and durable business.

Demand for clean power continues to accelerate on the back of digitalization of the global economy, and we are well positioned to benefit as a result of our differentiated capabilities and track record of credibly delivering scale clean power solutions.

Our pipeline of attractive growth opportunities is as robust as ever given our access to scale capital, strong operating business, and market conditions where not all counterparties are necessarily as well situated – creating a favorable environment for new investments. At the same time, we are seeing a strong bid for high-quality de-risked assets, creating an attractive market to recycle capital at accretive returns.

Highlights for the quarter include:

•Generated FFO of $296 million, or $0.45 per unit, an 8% increase from the prior year. The strong results reflect solid resources across our hydro fleet and the impact from development and growth initiatives. These results position us well to deliver our target 10%+ FFO per unit growth for the year.

•Advanced commercial priorities, including securing contracts to deliver an incremental ~5,200 gigawatt hours per year of generation and finalized a landmark partnership with Microsoft to deliver over 10,500 megawatts of renewable capacity between 2026 and 2030.

•Continued to progress development activities during the quarter and expect to bring on ~7,000 megawatts of new renewable capacity this year.

•Progressed asset recycling activities that are expected to generate $3 billion of proceeds ($1.3 billion net to Brookfield Renewable) this year at attractive returns.

•Strengthened our balance sheet by executing approximately $6 billion of financings, ending the quarter with $4.4 billion of available liquidity to deploy into a very attractive investment environment.

We are Positioned as the Leading Clean Power Provider to the Digitalizing Global Economy

As the accelerating global trends of cloud computing, digitalization, and adoption of AI continue to drive significant growth in demand for power, we are fortunate to be a key enabler of one of the most significant growth trends in recent history.

Demand for cloud computing and AI is incentivizing the leading technology companies to scale their investment in these areas, and the key requirements needed to deliver these products are computing power and energy. However, existing energy infrastructure is not enough, meaning sourcing additional sustainable renewable power at scale is on the critical path to growth for these companies.

In May we signed a landmark renewable energy framework agreement with Microsoft, furthering our strategic partnership, where we expect to deliver them over 10,500 megawatts of new renewable energy capacity in the U.S. and Europe between 2026 and 2030.

The first-of-its-kind agreement, which is almost eight times larger than the largest single corporate PPA ever signed, will assist Microsoft’s data center growth and support its investment in AI powered cloud

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services. The agreement positions us well to deliver over 7,000 megawatts of new capacity annually through the end of the decade.

There are further opportunities to partner with Microsoft, with whom we are already set to deliver almost 1,000 megawatts of projects through 2025. The agreement includes provisions to increase its scope to deliver additional renewable energy capacity within the U.S. and Europe, and beyond to Asia-Pacific, India, and Latin America.

The partnership is a testament to our differentiated offering which is characterized by our significant access to capital and credibility to deliver scale clean power solutions from our extensive pipeline of advanced stage projects, which are well positioned from an interconnection and permitting perspective in many key data center markets globally.

While this partnership is a first-of-its-kind, given the significant scale of investment required to meet the increase in energy demand, we believe we are uniquely positioned to be a key enabler of growth for the largest technology players through similar arrangements. Our access to scale capital, sizeable development pipeline, and ability to commission significant capacity concurrently to meet this demand differentiates us as a partner.

We are also uniquely positioned to provide a tailored solution to help address our customers’ needs. Our ability to provide scale 24/7 clean power solutions through the combination of our large portfolio of existing hydro assets, our leading nuclear services business, and other renewable power capacity from across the technology spectrum also distinguishes our offering; this is translating to favorable contracting opportunities.

Our Growth Pipeline is as Robust as Ever

In the foreseeable future, there is a need for greater amounts of capital for renewables than is available. Electricity demand is accelerating as a result of growth in digitalization and electrification, and renewables, which are the lowest cost source of bulk power generation in most regions and countries now, and are aligned with net zero targets, are among the most likely sources to meet this growth.

In 2023, while renewable capacity additions globally grew by 50% compared to the prior year, renewable power developers and operators who were not prepared for a higher interest rate environment or were unable to manage through supply chain challenges have seen their business models disrupted. This has created an opportunity to invest for value. With our business, which remains insulated from such headwinds, we are ideally situated at the clean energy center between capital and opportunities.

Our access to scale capital means we can execute on large opportunities where there are fewer viable partners and risk adjusted returns can therefore be very attractive. Larger companies can often attract stronger management teams and have imbedded growth opportunities, which when combined with our capital and capabilities, can unlock additional value creation that others cannot. We are excited about the opportunity to add scale businesses and platforms in attractive markets where we can compound our competitive advantages.

We are also able to leverage the expertise of our global investment teams and our operating capabilities to strategically enter new markets, which enables us to look at a broader range of opportunities.

Thus far this year we have advanced several growth initiatives that when closed will add operating capacity and near-term growth to our development pipeline and based on our current pipeline we are optimistic that our capital deployment will accelerate throughout the rest of the year.

Considering public market conditions and our strong conviction in the intrinsic value of our business, we allocated capital to repurchase our units in the quarter. In the last nine months, we repurchased over 4 million units under our normal course issuer bid. Looking forward, we will continue to allocate capital

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based on where we are seeing the best risk-adjusted returns and remain confident we will continue to create meaningful value for our investors.

Operating Results

We generated FFO of $296 million, or $0.45 per unit, representing an 8% increase from the prior year as we benefited from our diverse operating assets and contribution from our growth and development activities.

Our hydro assets continue to exhibit strong cash flow resiliency given our diversified asset base, inflation-linked power purchase agreements, and ability to realize strong power prices. Our hydroelectric segment delivered FFO of $193 million driven by solid resources across our fleet, which resulted in generation at 105% of the long-term average, and strong all-in pricing.

Our wind and solar segments generated a combined $148 million of FFO, benefiting from recently closed acquisitions and the commissioning of new projects. We continue to execute on development, further diversifying our business and reducing quarter-over-quarter volatility.

Our distributed energy and storage, and sustainable solutions segments generated a combined $67 million of FFO. We continued to scale our distributed generation business with strong growth in our backlog of projects that we expect to commission over the next few years and benefited from our acquisition of Westinghouse, where we continue to see robust performance.

Balance Sheet & Liquidity

Our financial position remains strong with $4.4 billion of available liquidity enabling us to deploy significant capital into growth.

During the quarter we further strengthened our balance sheet executing almost $6 billion in financings. Globally, we continue to see robust financing markets and have been actively extending maturities at attractive pricing with spreads near historic lows.

In January, we issued C$400 million of 30-year notes at 5.3% and meaningfully extended our debt maturity profile. Later in the quarter we issued $150 million of fixed rate perpetual subordinated notes, with proceeds being used to refinance outstanding preferred shares that were scheduled to reset in early April. The newly issued notes are 70 bps cheaper than the reset rate of the outstanding preferred shares we redeemed, saving us almost $5 million over the next five years.

The market for the right type of renewable power assets continues to strengthen as the outlook for interest rates has stabilized. Our large and growing portfolio of contracted operating assets with fixed rate non-recourse financing and pipeline of derisked projects are in high demand from lower cost of capital buyers. We are fortunate to have launched a significant pipeline of asset sales into this environment which we are advancing. In aggregate we are targeting to generate $3 billion of proceeds ($1.3 billion net to Brookfield Renewable) this year at attractive returns.

Outlook

We are excited about the prospects for our business going forward and remain focused on delivering 12-15% long-term total returns for investors. We will continue to be disciplined in our approach while working to capitalize on opportunities in the current environment.

On behalf of the Board and management, we thank all our unitholders and shareholders for their ongoing support and look forward to updating you on our progress throughout the year.

Sincerely,

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		Page 7

Connor Teskey

Chief Executive Officer

May 3, 2024

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OUR COMPETITIVE STRENGTHS

Brookfield Renewable Partners L.P. (together with its controlled entities, “Brookfield Renewable”) is a globally diversified, multi-technology, owner and operator of clean energy and sustainable solutions assets.

Our business model is to utilize our global reach and experience to acquire and develop high quality clean energy and sustainable solutions assets below intrinsic value, finance them on a long-term, low-risk and investment grade basis through a conservative financing strategy and then optimize cash flows by applying our operating expertise to enhance value or bring these assets into production generating incremental cash flows for our business.

One of the largest, public decarbonization businesses globally. Brookfield Renewable has a 23-year track record as a publicly traded operator and investor in renewable power and sustainable solution assets. Today we have a large, multi-technology and globally diversified portfolio that is supported by approximately 4,770 experienced employees (inclusive of employees employed by our consolidated portfolio companies). Brookfield Renewable invests in assets directly, as well as with institutional partners, joint venture partners and through other arrangements. We have also made investments in our sustainable solutions portfolio comprised of assets and businesses that enable the transition to net-zero where we can leverage our access to capital and partnerships to accelerate growth, and emerging transition asset classes where our initial investment positions us for potential future large scale decarbonization investment. Our sustainable solutions portfolio also includes investments in power transformation opportunities where we have invested in businesses to enable the reduction of greenhouse gas emissions through the deployment of traditional renewables.

Our globally diverse portfolio helps to mitigate resource variability, and improves consistency of our cash flows. Our organic growth and acquisitions are typically done through Brookfield's private funds and therefore on a proportionate basis Brookfield Renewable's business will continue to diversify but remain heavily weighted to our premium hydroelectric assets.

Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, DG and storage facilities in North America, South America, Europe and Asia, and totals approximately 32,500 megawatts of installed capacity and a development pipeline of approximately 157,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business), as well as investments in an operating portfolio of 57 thousand metric tonnes per annum of CCS capacity, 3 million MMBtu of annual agricultural RNG production capacity and over 1 million tons of recycled materials annually. Our sustainable solutions development pipeline consists of 16 MMTPA of CCS capacity, 3.5 million MMBtu of annual renewable natural gas production, 1.6 million tons of recycled materials annual capacity, and 3,000 MW of annual solar panel manufacturing capacity.

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The following charts illustrate normalized funds from operations on a proportionate basis(1):

(1) Figures based on normalized funds from operation for the last twelve months, proportionate to Brookfield Renewable.

Helping to accelerate the decarbonization and stability of the electricity grids. Climate change and energy security are viewed as two of the most significant and urgent issues facing the global economy, posing immense risks to the safety and security of communities and to our collective and economic prosperity. In response, governments and businesses have adopted ambitious plans to support a transition to a decarbonized economy. We believe that our scale and global operating, development and investing capabilities make us well positioned to partner with governments and businesses to help them achieve their decarbonization goals.

Strong financial profile and conservative financing strategy. Brookfield Renewable maintains a robust balance sheet, strong investment grade rating, and access to global capital markets to ensure cash flow resiliency through the cycle. Our approach to financing is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries on an investment grade basis with no financial maintenance covenants. Approximately 90% of our debt is either investment grade rated or sized to investment grade metrics. Our corporate debt to total capitalization is approximately 14%, and approximately 90% of our borrowings are non-recourse. Corporate borrowings and proportionate non-recourse borrowings each have weighted-average terms of approximately 12 years and 12 years, respectively, with no material maturities over the next five years. Approximately 90% of our financings are effectively fixed rate and only 7% of our debt outside North America and Europe is exposed to changes in interest rates. Our available liquidity as at March 31, 2024 was over $4.4 billion of cash and cash equivalents, investments in marketable securities and the available portion of credit facilities.

Best-in class operators and developers.Brookfield Renewable has approximately 4,770 experienced operators (inclusive of employees employed by our consolidated portfolio companies) and approximately 120 power marketing experts that are located across the globe to help optimize the performance and maximize the returns of all our assets. Our experience operating, developing, and managing power generation facilities span over 120 years. We continue to accelerate our development activities as we build out our approximately 157,000 MW renewable power pipeline, and further enhance our decarbonization offering to our customers through the build out of our sustainable solutions assets, which includes opportunities to invest in additional projects with 16 MMTPA of CCS, 1.6 million tonnes of recycled materials, roughly 3.5 million MMBtu of annual RNG production capacity, and 3,000 MW of annual solar panel manufacturing capacity. Increasingly, the combination of our operating and developing capabilities combined with our growth pipeline is differentiating our business as the partner of choice for buyers of clean power and entities looking to decarbonize, driving the growth of our business.

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Diverse and high-quality portfolio of renewable power and sustainable solutions assets. Brookfield Renewable has a complementary portfolio of hydroelectric, wind, utility-scale solar, and other sustainable solutions assets, including distributed generation solar and storage:

•Hydroelectric Power. Today, hydroelectric power is the largest segment in our portfolio and continues to be a premium technology as one of the longest life, lowest-cost and cleanest most environmentally-preferred forms of power generation. Hydroelectric plants have high cash margins, storage capacity with the ability to dispatch power at all hours of the day.

•Wind & Solar Power. Our wind, utility-scale solar, and distributed generation facilities provide exposure to two of the fastest growing renewable power sectors, with high cash margins, zero fuel input cost, and diverse and scalable applications including distributed generation. Wind and solar are now among the lowest cost forms of power generation available globally.

•Energy Storage & Sustainability Solutions. Our energy storage facilities provide the markets in which they are located with critical services to the grid and dispatchable generation. Our other sustainable solutions assets, such as carbon capture and our nuclear service business, are helping businesses and countries achieve their net-zero goals.

With our scale, diversity and the quality of our assets, we are competitively positioned relative to other renewable power and transition companies. Our large pipeline and differentiated capabilities provide significant scarcity value and growth potential for our investors.

Well positioned for cash flow growth and an attractive long term distribution profile. We are focused on delivering resilient, stable distributions with meaningful growth of 5% to 9% annually through all market cycles from existing operations and new investments. We are fully funded by internally generated cash flows, with inflation escalations in the vast majority of our contracts, potential margin expansion through revenue growth and cost reduction initiatives, and the building out our development pipeline at premium returns. We also supplement this organic growth through acquisitions, leveraging Brookfield’s team of over 100 investment professionals globally who are dedicated to sourcing and underwriting accretive acquisitions on an opportunistic basis.

Disciplined and contrarian investment strategy. Our global scale and multi-technology capabilities allow us to rotate capital where it is scarce in order to earn strong risk-adjusted returns. We take a disciplined approach to allocating capital into development and acquisitions with a focus on downside protection and preservation of capital. Our ability to develop and acquire assets is strengthened by our operating and project development teams across the globe, strategic relationship with Brookfield, and our liquidity and capitalization profile.

Conservative approach to asset development and asset management. We employ a conservative approach with respect to asset development and management whereby we look to remove what we call “basis risk” before committing significant capital. To do this, we look to secure financing, customer agreements and engineering, procurement and construction contracts concurrently so we have strong visibility on cash flows and can lock-in our target returns. Where possible, we look to secure fixed rate financing, inflation indexed customer agreements and full wrap construction contracts to minimize uncertainty.

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Management’s Discussion and Analysis

For the three months ended March 31, 2024

This Management’s Discussion and Analysis for the three months ended March 31, 2024 is provided as of May 3, 2024. Unless the context indicates or requires otherwise, the terms “Brookfield Renewable”, “we”, “us”, and “our company” mean Brookfield Renewable Partners L.P. and its controlled entities. The ultimate parent of Brookfield Renewable is Brookfield Corporation (“Brookfield Corporation”). Brookfield Corporation and its subsidiaries, other than Brookfield Renewable, and unless the context otherwise requires, includes Brookfield Asset Management Ltd (“Brookfield Asset Management”), are also individually and collectively referred to as “Brookfield” in this Management’s Discussion and Analysis. The term “Brookfield Holders” means Brookfield, Brookfield Reinsurance and their related parties.

Brookfield Renewable’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP units”) held by public unitholders and Brookfield, class A BEPC exchangeable subordinate voting shares ("BEPC exchangeable shares") of Brookfield Renewable Corporation ("BEPC") held by public shareholders and Brookfield, redeemable/exchangeable partnership units ("Redeemable/Exchangeable partnership units") in Brookfield Renewable Energy L.P. (“BRELP”), a holding subsidiary of Brookfield Renewable, held by Brookfield, and general partnership interest (“GP interest”) in BRELP held by Brookfield. Holders of the LP units, Redeemable/Exchangeable partnership units, GP interest, and BEPC exchangeable shares will be collectively referred to throughout as “Unitholders” unless the context indicates or requires otherwise. LP units, Redeemable/Exchangeable partnership units, GP interest, and BEPC exchangeable shares will be collectively referred to throughout as “Units”, or as “per Unit”, unless the context indicates or requires otherwise. The LP units, BEPC exchangeable shares and Redeemable/Exchangeable partnership units have the same economic attributes in all respects. See – “Part 8 – Presentation to Stakeholders and Performance Measurement”.

Brookfield Renewable’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), which require estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the amounts of revenue and expense during the reporting periods.

Certain comparative figures have been reclassified to conform to the current year’s presentation.

References to $, C$, €, R$, £, and COP are to United States (“U.S.”) dollars, Canadian dollars, Euros, Brazilian reais, British pounds sterling, and Colombian pesos, respectively. Unless otherwise indicated, all dollar amounts are expressed in U.S. dollars.

For a description on our operational and segmented information and for the non-IFRS financial measures we use to explain our financial results see “Part 8 – Presentation to Stakeholders and Performance Measurement”. For a reconciliation of the non-IFRS financial measures to the most comparable IFRS financial measures, see “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures”. This Management’s Discussion and Analysis contains forward-looking information within the meaning of U.S. and Canadian securities laws. Refer to – “Part 9 – Cautionary Statements” for cautionary statements regarding forward-looking statements and the use of non-IFRS measures. Our Annual Report and additional information filed with the Securities Exchange Commission (“SEC”) and with securities regulators in Canada are available on our website (https://bep.brookfield.com), on the SEC’s website (www.sec.gov/edgar.shtml), or on SEDAR+ (www.sedarplus.ca).

Organization of the Management’s Discussion and Analysis
Part 1 – Q1 2024 Highlights	13	Part 5 – Liquidity and Capital Resources (continued)
		Capital expenditures	31
Part 2 – Financial Performance Review on Consolidated Information	15	Consolidated statements of cash flows	32
		Shares and units outstanding	33
		Dividends and distributions	34
Part 3 – Additional Consolidated Financial Information	16	Contractual obligations	34
Summary consolidated statements of financial position	16	Supplemental guarantor financial information	34
Related party transactions	16	Off-statement of financial position arrangements	35
Equity	19
		Part 6 – Selected Quarterly Information	36
Part 4 – Financial Performance Review on Proportionate Information	21	Summary of historical quarterly results	36
Proportionate results for the three months ended March 31	21	Part 7 – Critical Estimates, Accounting Policies and Internal Controls	37
Reconciliation of non-IFRS measures	25
Contract profile	28	Part 8 – Presentation to Stakeholders and Performance Measurement	39
Part 5 – Liquidity and Capital Resources	29	Part 9 – Cautionary Statements	43
Capitalization and available liquidity	29
Borrowings	30

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PART 1 – Q1 2024 HIGHLIGHTS

	Three months ended March 31
(MILLIONS, EXCEPT AS NOTED)	2024		2023
Select financial information
Revenues	$	1,492	$	1,331
Net loss attributable to Unitholders(1)	(120)		(32)
Basic and diluted loss per LP unit(2)	(0.23)		(0.09)
Proportionate Adjusted EBITDA(3)	575		559
Funds From Operations(3)	296		275
Funds From Operations per Unit(3)(4)	0.45		0.43
Distribution per LP unit	0.36		0.34
Operational information
Capacity (MW)	33,640		25,718
Total generation (GWh)
Long-term average generation	22,513		17,550
Actual generation	20,300		19,030
Proportionate generation (GWh)
Actual generation	8,461		8,240

(1)Includes $67 million loss attributed to Limited Partner equity, $41 million loss attributed to BEPC exchangeable shares, $45 million loss attributed to Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield, and $33 million income attributed to General partnership interest in a holding subsidiary held by Brookfield.

(2)Average LP units for the three months ended March 31, 2024 were 286.8 million (2023: 275.4 million).

(3)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure, See “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures” and “Part 9 – Cautionary Statements”.

(4)Average Units outstanding for the three months ended March 31, 2024 were 664.9 million (2023: 646.0 million), being inclusive of our LP units, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and GP interest.

(MILLIONS, EXCEPT AS NOTED)	March 31, 2024			December 31, 2023
Liquidity and Capital Resources
Available liquidity	$	4,437		$	4,121
Debt to capitalization – Corporate		14	%		12	%
Debt to capitalization – Consolidated		40	%		40	%
Non-recourse borrowings – Consolidated		90	%		91	%
Fixed rate debt exposure on a proportionate basis(1)		95	%		96	%
Corporate borrowings
Average debt term to maturity		12 years			10 years
Average interest rate		4.4	%		4.3	%
Non-recourse borrowings on a proportionate basis
Average debt term to maturity		12 years			12 years
Average interest rate		5.4	%		5.4	%

(1)Total floating rate exposure is 12% (2023: 12%) of which 7% (2023: 8%) is related to floating rate debt exposure of certain regions outside of North America and Europe due to the high cost of hedging associated with those regions.

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Operations

Funds From Operations of $296 million or $0.45 on a per Unit basis is higher than the prior year driven by:

•Contributions from growth, both from acquisitions and roughly 4,200 MW of new development projects reaching commercial operation in the past 12 months;

•Strong realized prices across most of our fleet; and

•High asset availability across our portfolio

After deducting non-cash depreciation, foreign exchange and derivative gains or loss and other, net loss attributable to Unitholders for the three months ended March 31, 2024 was $120 million.

We continued to focus on being the partner of choice to procure power

•Signed a landmark renewable energy framework agreement with Microsoft, furthering our strategic partnership, where we expect to deliver them over 10,500 MW of new renewable energy capacity in the U.S. and Europe between 2026 and 2030

◦The first of its kind agreement, which is almost eight times larger than the largest single corporate PPA ever signed, will assist Microsoft’s data center growth and support its investment in AI powered cloud services

◦The agreement positions us well to deliver over 7,000 MW of new capacity annually through the end of the decade

◦There are further opportunities to partner with Microsoft, with whom we are already set to deliver almost 1,000 MW of projects through 2025

◦The agreement includes provisions to increase its scope to deliver additional renewable energy capacity within the U.S. and Europe, and beyond to Asia-Pacific, India and Latin America

•Advanced commercial priorities, including securing contracts to deliver an incremental ~5,200 gigawatt hours per year in addition to the announced partnership with Microsoft

Liquidity and Capital Resources

Our best-in-class balance sheet with investment grade BBB+ credit rating and access to diverse sources of capital continue to differentiate our business and enable us to opportunistically invest when capital becomes scarce

•Our financial position remains strong, with $4.4 billion of available liquidity enabling us to deploy significant capital into growth

•During the quarter we further strengthened our balance sheet executing almost $6 billion in financings

•In-line with our strategy to incrementally issue corporate debt as our cash flows grow, we issued C$400 million 30-year medium-term notes at 5.3% and meaningfully extended our debt maturity profile

•Issued $150 million of fixed rate perpetual notes, with proceeds being used to refinance outstanding preferred shares that were scheduled to reset in April. The newly issued notes are 70 bps cheaper than the reset rate of the outstanding preferred shares we redeemed, saving us almost $5 million over the next five years

•Progressed asset recycling activities that are expected to generate almost $3 billion of proceeds (~$1.3 billion net to Brookfield Renewable) at attractive returns

Growth and Development

We advanced several growth initiatives during the quarter that when closed will add operating capacity and near-term growth to our development pipeline and based on our current deal pipeline we are optimistic that our capital deployment will accelerate throughout the rest of the year

Continued to progress development activities during the quarter and expect to bring on ~7,000 megawatts of new renewable capacity this year

Considering public market conditions and our strong conviction in the intrinsic value of our business, we allocated capital to repurchase our units in the quarter. In the last nine months, we repurchased over 4 million units under our normal course issuer bid

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 14

PART 2 – FINANCIAL PERFORMANCE REVIEW ON CONSOLIDATED INFORMATION

The following table reflects key financial data for the three months ended March 31:

	Three months ended March 31
(MILLIONS, EXCEPT AS NOTED)	2024		2023
Revenues	$	1,492	$	1,331
Direct operating costs	(634)		(401)
Management service costs	(45)		(57)
Interest expense	(476)		(394)
Depreciation	(502)		(429)
Income tax expense	(14)		(24)
Net income (loss)	$	(70)	$	177
	Average FX rates to USD
C$	1.35		1.35
€	0.92		0.93
R$	4.95		5.19
COP	3,915		4,762

Variance Analysis For The Three Months Ended March 31, 2024

Revenues totaling $1,492 million represents an increase of $161 million over the same period in the prior year due to the growth of our business, strong realized prices across most markets and high asset availability. Recently acquired and commissioned facilities contributed 4,082 GWh of generation and $231 million to revenues, which was partly offset by our recently completed asset sales that reduced generation by 588 GWh and revenues by $42 million. On a same store, constant currency basis, revenue decreased by $95 million as the benefits from higher realized prices across most markets on the back of inflation escalation and commercial initiatives were offset by lower resources at our Colombian hydro assets as the prior year benefited from above LTA conditions and lower average revenue per MWh at our European wind and solar portfolio as a result of adjustments to the regulated price earned in Spain that decreased revenues but has no impact on the value of the asset given the regulatory construct.

The weakening of the U.S. dollar relative to the same period in the prior year across most currencies increased revenues by $67 million, which was partly offset by a $49 million unfavorable foreign exchange impact on our direct operating costs and interest expense for the quarter.

Direct operating costs totaling $634 million represents an increase of $233 million over the same period in the prior year primarily due to additional costs from our recently acquired and commissioned facilities including the growth of our business, higher power purchases in Colombia, which are passed through to consumers and the above noted weakening of the U.S. dollar, which were partially offset by our recently completed asset sales.

Management service costs totaling $45 million represents a decrease of $12 million over the same period in the prior year.

Interest expense totaling $476 million represents an increase of $82 million over the same period in the prior year due to financing initiatives to fund growth.

Depreciation expense totaling $502 million represents an increase of $73 million over the same period in the prior year due to the growth of our business and the weakening of the U.S. dollar relative to prior year.

Net loss totaling $70 million represents a decrease of $247 million over the prior year primarily due to the above noted items.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 15

PART 3 – ADDITIONAL CONSOLIDATED FINANCIAL INFORMATION

SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

The following table provides a summary of the key line items on the unaudited interim consolidated statements of financial position:

(MILLIONS)	March 31, 2024		December 31, 2023
Assets held for sale	$	256	$	—
Current assets	4,050		4,610
Equity-accounted investments	2,484		2,546
Property, plant and equipment, at fair value	63,527		64,005
Total assets	75,110		76,128
Liabilities directly associated with assets held for sale	98		—
Corporate borrowings	3,545		2,833
Non-recourse borrowings	25,579		26,869
Deferred income tax liabilities	7,091		7,174
Total liabilities and equity	75,110		76,128
	Spot FX rates to USD
C$	1.35		1.33
€	0.93		0.91
R$	5.00		4.84
COP	3,842		3,822

Property, plant and equipment

Property, plant and equipment totaled $63.5 billion as at March 31, 2024 compared to $64.0 billion as at December 31, 2023, representing a decrease of $0.5 billion. Our continued investments in the development of power generating assets increased property, plant and equipment by $0.8 billion. The increase was offset by $0.3 billion of property, plant and equipment being classified as held for sale, the strengthening of the U.S. dollar versus most currencies that decreased property, plant and equipment by $0.4 billion, and depreciation expense of $0.5 billion.

Assets held for sale and Liabilities directly associated with assets held for sale

Assets held for sale and Liabilities directly associated with assets held for sale totaled $256 million and $98 million, respectively, as at March 31, 2024 compared to nil and nil, respectively, as at December 31, 2023.

As at March 31, 2024, assets held for sale includes a 67 MW portfolio of wind assets in the United Kingdom and a 85 MW portfolio of biomass facilities in Brazil.

RELATED PARTY TRANSACTIONS

Brookfield Renewable's related party transactions are in the normal course of business and are recorded at the exchange amount. Brookfield Renewable's related party transactions are primarily with Brookfield Corporation.

Brookfield Renewable sells electricity to Brookfield through a single long-term PPA across Brookfield Renewable’s New York hydroelectric facilities.

Brookfield Renewable has entered into voting agreements with Brookfield, whereby Brookfield Renewable gained control of the entities that own certain renewable power generating facilities. Brookfield Renewable has also entered into a voting agreement with its consortium partners in respect of the Colombian business. The voting agreements provide Brookfield Renewable the authority to direct the election of the Boards of Directors of the relevant entities, among other things, and therefore provide Brookfield Renewable with control. Accordingly, Brookfield Renewable consolidates the accounts of these entities.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 16

Brookfield Renewable participates with institutional partners in Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV, Brookfield Infrastructure Fund V, Brookfield Infrastructure Income Fund, Brookfield Global Transition Fund I, Brookfield Global Transition Fund II, and Brookfield Infrastructure Debt Fund (“Private Funds”), each of which is a Brookfield sponsored fund, and in connection therewith, Brookfield Renewable, together with our institutional partners, has access to financing using the Private Funds’ credit facilities.

From time to time, in order to facilitate investment activities in a timely and efficient manner, Brookfield Renewable will fund deposits or incur other costs and expenses (including by use of loan facilities to consummate, support, guarantee or issue letters of credit) in respect of an investment that ultimately will be shared with or made entirely by Brookfield sponsored vehicles, consortiums and/or partnerships (including private funds, joint ventures and similar arrangements), Brookfield Renewable, or by co-investors.

Brookfield Corporation has provided a $400 million committed unsecured revolving credit facility maturing in December 2024 and the draws bear interest at Secured Overnight Financing Rate plus a margin. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield Corporation. Brookfield Corporation may from time to time place funds on deposit with Brookfield Renewable which are repayable on demand including any interest accrued. There were nil funds placed on deposit with Brookfield Renewable as at March 31, 2024 (December 31, 2023: nil). The interest expense on the Brookfield Corporation revolving credit facility and deposit for the three months ended March 31, 2024 totaled nil (2023: nil, respectively).

In addition, our company has executed, amended, or terminated other agreements with Brookfield that are described in Note 28 - Related party transactions in Brookfield Renewable’s December 31, 2023 audited consolidated financial statements.

The following table reflects the related party agreements and transactions in the unaudited interim consolidated statements of income for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2024		2023
Revenues
Power purchase and revenue agreements	$	16	$	44
Direct operating costs
Energy marketing fee and other services	(7)		(1)
Interest expense
Borrowings	$	(9)	$	(7)
Contract balance accretion	(8)		(8)
	$	(17)	$	(15)
Other
Distribution income	$	2	$	1
Other related party services	$	1	$	—
Financial instrument gain/loss	$	2	$	5
Management service costs	$	(45)	$	(57)

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 17

The following table reflects the impact of the related party agreements and transactions on the consolidated statements of

financial position:

(MILLIONS)	Related party	March 31, 2024		December 31, 2023
Current assets
Trade receivables and other current assets
Contract asset	Brookfield	$	63	$	61
Due from related parties
Amounts due from	Brookfield(1)	209		1,386
	Equity-accounted investments and other	39		57
		248		1,443
Non-current assets
Financial instrument assets	Brookfield	172		170
Other long-term assets
Contract asset	Brookfield	297		314
Amounts due from	Equity-accounted investments and other	134		135
Current liabilities
Contract liability	Brookfield	38		35
Financial instrument liabilities	Brookfield Reinsurance	2		2
Due to related parties
Amounts due to	Brookfield(2)	548		541
	Equity-accounted investments and other	22		13
	Brookfield Reinsurance	233		242
Accrued distributions payable on LP units, BEPC exchangeable shares, Redeemable/Exchangeable partnership units and GP interest	Brookfield	49		39
		852		835
Non-current liabilities
Financial instrument liabilities	Brookfield Reinsurance	2		2
Due to related parties
Amounts due to	Brookfield(2)	477		496
	Equity-accounted investments and other	204		209
		681		705
Corporate borrowings	Brookfield Reinsurance	7		8
Non-recourse borrowings	Brookfield Reinsurance and associates	100		101
Other long-term liabilities
Contract liability	Brookfield	682		680
Equity
Preferred limited partners equity	Brookfield Reinsurance and associates	$	11	$	11

(1)Includes receivables of $153 million (2023: $1,328 million) associated with the Brookfield Global Transition Fund credit facility

(2)Includes payables of nil (2023: $6 million), $81 million (2023: $81 million), and $308 million (2023: $307 million) associated with the Brookfield Infrastructure Fund IV, Brookfield Global Transition Fund, and Brookfield Global Transition Fund II credit facilities, respectively

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 18

EQUITY

General partnership interest in a holding subsidiary held by Brookfield

Brookfield, as the owner of the 1% GP interest in BRELP, is entitled to regular distributions plus an incentive distribution based on the amount by which quarterly LP unit distributions exceed specified target levels. As at March 31, 2024, to the extent that LP unit distributions exceed $0.20 per LP unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that quarterly LP unit distributions exceed $0.2253 per LP unit per quarter, the incentive distribution is equal to 25% of distributions above this threshold. Incentive distributions of $33 million were declared during the three months ended March 31, 2024 (2023: $27 million).

Preferred equity

The Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. (“BRP Equity”) do not have a fixed maturity date and are not redeemable at the option of the holders. As at March 31, 2024, none of the issued Class A, Series 5 and 6 Preference Shares have been redeemed by BRP Equity.

In December 2023, the Toronto Stock Exchange accepted notice of BRP Equity's intention to renew the normal course issuer bid in connection with its outstanding Class A Preference Shares to December 17, 2024, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, BRP Equity is permitted to repurchase up to 10% of the total public float for each respective series of the Class A Preference Shares. Shareholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. There were no repurchases of Class A Preference Shares during the three months ended March 31, 2024 and 2023.

Perpetual subordinated notes

The perpetual subordinated notes are classified as a separate class of non-controlling interest on Brookfield Renewable's consolidated statements of financial position. Brookfield Renewable incurred interest of $7 million (2023: $7 million) on the perpetual subordinated notes during the three months ended March 31, 2024. Interest incurred on the perpetual subordinated notes are presented as distributions in the consolidated statements of changes in equity.

During the first quarter of 2024, Brookfield BRP Holdings (Canada) Inc., a wholly-owned subsidiary of Brookfield Renewable, issued $150 million of perpetual subordinated notes at a fixed rate of 7.25%.

Preferred limited partners' equity

The Class A Preferred Limited Partnership Units (“Preferred units”) of Brookfield Renewable do not have a fixed maturity date and are not redeemable at the option of the holders.

In December 2023, the Toronto Stock Exchange accepted notice of Brookfield Renewable's intention to renew the normal course issuer bid in connection with the outstanding Class A Preferred Limited Partnership Units for another year to December 17, 2024, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, Brookfield Renewable is permitted to repurchase up to 10% of the total public float for each respective series of its Class A Preferred Limited Partnership Units. Unitholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. No units were repurchased during the three months ended March 31, 2024 and 2023.

Limited partners' equity, Redeemable/Exchangeable partnership units, and exchangeable shares

As at March 31, 2024, Brookfield Holders held a direct and indirect interest of approximately 48% of Brookfield Renewable on a fully-exchanged basis. Brookfield Holders held a direct and indirect interest of 313,640,823 LP units, Redeemable/Exchangeable partnership units and BEPC exchangeable shares, on a combined basis, and the remaining is held by public investors.

During the three months ended March 31, 2024, Brookfield Renewable issued 95,018 units (2023: 72,119 units) under the distribution reinvestment plan at a total value of $2 million (2023: $2 million).

During the three months ended March 31, 2024, holders of BEPC exchangeable shares exchanged 2,683 exchangeable shares (2023: 1,742 exchangeable shares) for an equivalent number of LP units amounting to less than $1 million LP units (2023: less than $1 million).

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 19

In December 2023, Brookfield Renewable renewed its normal course issuer bid in connection with its LP units and outstanding BEPC exchangeable shares. Brookfield Renewable is authorized to repurchase up to 14,361,497 LP units and 8,982,586 BEPC exchangeable shares, representing 5% of each of its issued and outstanding LP units and BEPC exchangeable shares. The bids will expire on December 17, 2024, or earlier should Brookfield Renewable complete its repurchases prior to such date. During the three months ended March 31, 2024, there were 1,216,254 LP units (2023: nil) repurchased and cancelled at a total cost of $28 million (2023: nil). An additional 80,000 LP Units were repurchased on March 27, 2024 and March 28, 2024 but were not cancelled until April 1, 2024 and April 2, 2024. During the three months ended March 31, 2024 and 2023, there were nil BEPC exchangeable shares repurchased.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 20

PART 4 – FINANCIAL PERFORMANCE REVIEW ON PROPORTIONATE INFORMATION

SEGMENTED DISCLOSURES

Segmented information is prepared on the same basis that Brookfield Renewable's Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or "CODM") manages the business, evaluates financial results, and makes key operating decisions. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for information on segments and an explanation on the calculation and relevance of proportionate information, Adjusted EBITDA and Funds From Operations which are non-IFRS measures.

PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED MARCH 31

The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended March 31:

	(GWh)				(MILLIONS)
	Actual Generation		LTA Generation		Revenues				Adjusted EBITDA(1)				Funds From Operations
	2024	2023	2024	2023	2024		2023		2024		2023		2024		2023
Hydroelectric
North America	3,621	3,576	3,234	3,237	$	303	$	335	$	206	$	230	$	137	$	158
Brazil	1,014	1,207	1,008	1,008	59		61		42		45		36		38
Colombia	694	1,010	843	853	79		66		45		48		20		23
	5,329	5,793	5,085	5,098	441		462		293		323		193		219
Wind	2,128	1,677	2,500	1,998	170		142		121		107		87		78
Utility-scale solar	720	484	844	568	93		88		90		69		61		40
Distributed energy & storage	284	233	225	181	52		61		43		45		34		33
Sustainable solutions	—	—	—	—	119		19		35		12		33		11
Corporate	—	—	—	—	—		—		(7)		3		(112)		(106)
Total	8,461	8,187	8,654	7,845	$	875	$	772	$	575	$	559	$	296	$	275

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 21

HYDROELECTRIC OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for hydroelectric operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2024		2023
Revenue	$	441	$	462
Other income	8		6
Direct operating costs	(156)		(145)
Adjusted EBITDA	293		323
Interest expense	(94)		(94)
Current income taxes	(6)		(10)
Funds From Operations	$	193	$	219
Generation (GWh) – LTA	5,085		5,098
Generation (GWh) – actual	5,329		5,793
Average revenue per MWh	74		69

The following table presents our proportionate results by geography for hydroelectric operations for the three months ended March 31:

	Actual Generation (GWh)		Average revenue per MWh(1)				Adjusted EBITDA(2)				Funds From Operations
(MILLIONS, EXCEPT AS NOTED)	2024	2023	2024		2023		2024		2023		2024		2023
North America
United States	2,454	2,390	$	78	$	82	$	130	$	149	$	89	$	108
Canada	1,167	1,186	71		63		76		81		48		50
	3,621	3,576	76		76		206		230		137		158
Brazil	1,014	1,207	58		51		42		45		36		38
Colombia	694	1,010	88		65		45		48		20		23
Total	5,329	5,793	$	74	$	69	$	293	$	323	$	193	$	219

(1)Average revenue per MWh was adjusted to net the impact of power purchases and any revenue with no corresponding generation.

(2)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

North America

Funds From Operations at our North American business was $137 million versus $158 million in the prior year as the benefit from higher resources and inflation indexation on our contracted generation was offset by lower average revenue per MWh in the U.S. due primarily to generation mix and the benefit of a commercial initiative realized in the prior year.

Brazil

Funds From Operations at our Brazilian business was $36 million versus $38 million in the prior year as the benefit of higher average revenue per MWh due to inflation indexation and recontracting initiatives and strong generation at LTA levels were offset by lower resources compared to the prior year that benefited from hydrology levels that were well above LTA (20%).

Colombia

Funds From Operations at our Colombian business was $20 million versus $23 million in the prior year as the benefits from higher average revenue per MWh due to inflation indexation on contracted generation and low system wide hydrology was offset by lower generation compared to prior year which benefited from hydrology levels that were well above LTA (18%).

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 22

WIND OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for wind operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2024		2023
Revenue	$	170	$	142
Other income	10		1
Direct operating costs	(59)		(36)
Adjusted EBITDA	121		107
Interest expense	(31)		(26)
Current income taxes	(3)		(3)
Funds From Operations	$	87	$	78
Generation (GWh) – LTA	2,500		1,998
Generation (GWh) – actual	2,128		1,677
Average revenue per MWh	74		87

Funds From Operations at our wind business were $87 million in 2024 versus $78 million in the prior year as the benefit from newly acquired and commissioned facilities was partially offset by the disposition of non-core assets in 2023 and lower average revenue per MWh due to adjustments to the regulated price earned by our Spanish assets that decrease revenues but has no impact on value given the regulatory construct.

UTILITY-SCALE SOLAR OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for utility-scale solar operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2024		2023
Revenue	$	93	$	88
Other income	28		8
Direct operating costs	(31)		(27)
Adjusted EBITDA	90		69
Interest expense	(30)		(27)
Current income taxes	1		(2)
Funds From Operations	$	61	$	40
Generation (GWh) – LTA	844		568
Generation (GWh) – actual	720		484
Average revenue per MWh	87		138

Funds From Operations at our utility-scale solar business was $61 million versus $40 million in the prior year as the benefit from newly acquired and commissioned facilities and higher generation on a same store basis was partially offset by lower average revenue per MWh due to adjustments to the regulated price earned by our Spanish assets that decrease revenues but has no impact on value given the regulatory construct.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 23

DISTRIBUTED ENERGY & STORAGE OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for distributed energy & sustainable solutions business for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2024		2023
Revenue	$	52	$	61
Other income	14		3
Direct operating costs	(23)		(19)
Adjusted EBITDA	43		45
Interest expense	(8)		(11)
Current income taxes	(1)		(1)
Funds From Operations	$	34	$	33
Generation (GWh) – LTA	225		181
Generation (GWh) – actual	284		233

Funds From Operations at our distributed energy & sustainable solutions business was $34 million versus $33 million in the prior year as the benefit of recent development activities and stronger availability was offset by lower contributions from pumped storage as the prior year benefited from higher pricing volatility.

SUSTAINABLE SOLUTIONS OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for sustainable solutions business for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2024		2023
Revenue	$	119	$	19
Other income	13		2
Direct operating costs	(97)		(9)
Adjusted EBITDA	35		12
Interest expense	(1)		(1)
Current income taxes	(1)		—
Funds From Operations	$	33	$	11

Funds From Operations at our sustainable solutions business were $33 million in 2024 versus $11 million in the prior year due to growth and development including our investment in Westinghouse and commercial initiatives.

CORPORATE

The following table presents our results for Corporate for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2024		2023
Other income	$	4	$	12
Direct operating costs	(11)		(9)
Adjusted EBITDA	(7)		3
Management service costs	(45)		(57)
Interest expense	(35)		(28)
Distributions(1)	(25)		(24)
Funds From Operations	$	(112)	$	(106)

(1)Distributions on Preferred Units, Class A Preference Shares and Perpetual Subordinated Notes.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 24

RECONCILIATION OF NON-IFRS MEASURES

The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended March 31, 2024:

	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Net income (loss)	$	93	$	1	$	28	$	9	$	(61)	$	(28)	$	(6)	$	(106)	$	(70)
Add back or deduct the following:
Depreciation	104		20		37		210		96		31		4		—		502
Deferred income tax (recovery) expense	(2)		—		4		(6)		(1)		(3)		—		(6)		(14)
Foreign exchange and financial instrument loss (gain)	(48)		3		11		(75)		7		8		(23)		(3)		(120)
Other(1)	(45)		4		(6)		(29)		(21)		(24)		10		16		(95)
Management service costs	—		—		—		—		—		—		—		45		45
Interest expense	84		17		97		111		85		32		3		47		476
Current income tax expense	1		2		15		9		—		1		—		—		28
Amount attributable to equity accounted investments and non-controlling interests(2)	19		(5)		(141)		(108)		(15)		26		47		—		(177)
Adjusted EBITDA attributable to Unitholders	$	206	$	42	$	45	$	121	$	90	$	43	$	35	$	(7)	$	575

(1)Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable’s economic share of foreign currency hedges and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included within Adjusted EBITDA.

(2)Amount attributable to equity accounted investments corresponds to the Adjusted EBITDA to Brookfield Renewable that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries. By adjusting Adjusted EBITDA attributable to non-controlling interest, our partnership is able to remove the portion of Adjusted EBITDA earned at non-wholly owned subsidiaries that are not attributable to our partnership.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 25

The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended March 31, 2023:

	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Net income (loss)	$	161	$	10	$	67	$	29	$	(48)	$	26	$	27	$	(95)	$	177
Add back or deduct the following:
Depreciation	103		23		28		150		82		29		14		—		429
Deferred income tax expense (recovery)	23		—		2		—		(1)		(14)		1		(30)		(19)
Foreign exchange and financial instrument loss (gain)	(93)		(1)		—		(40)		2		(10)		1		(5)		(146)
Other(1)	19		4		2		5		12		16		(13)		29		74
Management service costs	—		—		—		—		—		—		—		57		57
Interest expense	92		12		79		62		65		23		11		50		394
Current income tax expense	1		2		31		4		5		—		—		—		43
Amount attributable to equity accounted investments and non-controlling interests(2)	(76)		(5)		(161)		(103)		(48)		(25)		(29)		(3)		(450)
Adjusted EBITDA attributable to Unitholders	$	230	$	45	$	48	$	107	$	69	$	45	$	12	$	3	$	559

(1)Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable’s economic share of foreign currency hedges and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included within Adjusted EBITDA.

(2)Amount attributable to equity accounted investments corresponds to the Adjusted EBITDA to Brookfield Renewable that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries. By adjusting Adjusted EBITDA attributable to non-controlling interest, our partnership is able to remove the portion of Adjusted EBITDA earned at non-wholly owned subsidiaries that are not attributable to our partnership.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 26

The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Funds From Operations for the three months ended March 31:

(MILLIONS)	2024		2023
Net income (loss)	$	(70)	$	177
Add back or deduct the following:
Depreciation	502		429
Deferred income tax expense (recovery)	(14)		(19)
Foreign exchange and financial instruments gain	(120)		(146)
Other(1)	(95)		74
Amount attributable to equity accounted investments and non-controlling interest(2)	93		(240)
Funds From Operations	$	296	$	275

(1)Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and the company’s economic share of foreign currency hedges and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included in Funds From Operations.

(2)Amount attributable to equity accounted investments corresponds to the Funds From Operations that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries. By adjusting Funds From Operations attributable to non-controlling interest, our partnership is able to remove the portion of Funds From Operations earned at non-wholly owned subsidiaries that are not attributable to our partnership.

The following table reconciles the per unit non-IFRS financial measures to the most directly comparable IFRS measures. Basic earnings (loss) per LP unit is reconciled to Funds From Operations per Unit, for the three months ended March 31:

	2024		2023
Basic loss per LP unit(1)	$	(0.23)	$	(0.09)
Depreciation	0.38		0.37
Foreign exchange and financial instruments (gain) loss	(0.06)		(0.07)
Deferred income tax recovery	(0.03)		—
Other(2)	0.39		0.22
Funds From Operations per Unit(3)	$	0.45	$	0.43

(1)During the three months ended March 31, 2024, on average there were 286.8 million LP units outstanding (2023: 275.4 million).

(2)Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and the company’s economic share of foreign currency hedges and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included in Funds From Operations.

(3)Average units outstanding, for the three months ended March 31, 2024, were 664.9 million (2023: 646.0 million), being inclusive of GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 27

CONTRACT PROFILE

We operate our power business on a largely contracted basis to provide a high degree of predictability in Funds From Operations. We maintain a long-term view that electricity prices and the demand for electricity will rise due to electrification of the global economy including segments like industrial and transportation as well as from increasing digitalization. We also expect demand for clean power to grow on the increasing level of acceptance around climate change, the legislated requirements in some areas to diversify away from fossil fuel based generation and because renewables are the cheapest form of bulk electricity generation.

In Brazil and Colombia, we also expect power prices will continue to be supported by the need to build new supply over the medium-to-long term to serve growing demand. In these markets, contracting for power is the only current mechanism to buy and sell power, and therefore we would expect to capture rising prices as we re-contract our power over the medium-term.

The following table sets out our power contracts over the next five years for generation output in North America, Brazil, Europe and certain other countries, assuming long-term average on a proportionate basis. The table excludes Brazil and Colombia hydroelectric portfolios, where we would expect the energy associated with maturing contracts to be re-contracted in the normal course given the construct of the respective power markets. In these countries we currently have a contracted profile of approximately 90% and 80%, respectively, of the long-term average and we would expect to maintain this going forward. Overall, our power portfolio has a weighted-average remaining contract duration of 13 years on a proportionate basis.

(GWh, except as noted)	Balance of 2024			2025			2026			2027			2028
Hydroelectric
North America
United States(1)	5,275			6,610			5,630			5,347			4,721
Canada	2,746			3,620			3,620			3,620			3,620
	8,021			10,230			9,250			8,967			8,341
Wind	6,011			8,193			8,097			7,795			7,657
Utility-scale solar	3,198			4,084			4,080			4,066			4,026
Distributed energy & storage	822			1,027			1,017			999			986
Sustainable solutions	35			47			44			44			43
Contracted on a proportionate basis	18,087			23,581			22,488			21,871			21,053
Uncontracted on a proportionate basis	2,173			3,519			4,612			5,229			6,047
Long-term average on a proportionate basis	20,260			27,100			27,100			27,100			27,100
Non-controlling interests	33,684			45,013			45,013			45,013			45,013
Total long-term average	53,944			72,113			72,113			72,113			72,113
Contracted generation as a % of total generation on a proportionate basis	89		%	87		%	83		%	81		%	78		%
Price per MWh – total generation on a proportionate basis	$	78		$	78		$	80		$	81		$	83

(1)Includes generation of 1,093 GWh for 2024, 1,307 GWh for 2025, and 948 GWh for 2026, 643 GWh for 2027, and 19 GWh for 2028 secured under financial contracts.

Weighted-average remaining contract durations on a proportionate basis are 14 years in North America, 14 years in Europe, 9 years in Brazil, 5 years in Colombia, and 14 years across our remaining jurisdictions.

In North America, over the next five years, a number of contracts will expire at our hydroelectric facilities. Based on current market prices for energy and ancillary products, we expect a net positive impact to cash flows.

In our Colombian portfolio, we continue to focus on securing long-term contracts while maintaining a certain percentage of uncontracted generation to mitigate hydrology risk.

The majority of Brookfield Renewable’s long-term power purchase agreements within our North American and European businesses are with investment-grade rated or creditworthy counterparties. The economic exposure of our contracted generation on a proportionate basis is distributed as follows: power authorities (35%), distribution companies (23%), commercial & industrial users (30%) and Brookfield (11%).

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 28

PART 5 – LIQUIDITY AND CAPITAL RESOURCES

CAPITALIZATION

A key element of our financing strategy is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries on an investment-grade basis with no maintenance covenants. Substantially all of our debt is either investment grade rated or sized to investment grade and approximately 90% of debt is non-recourse.

The following table summarizes our capitalization:

	Corporate						Consolidated
(MILLIONS, EXCEPT AS NOTED)	March 31, 2024			December 31, 2023			March 31, 2024			December 31, 2023
Commercial paper(1)	658			183			658			183
Debt
Medium term notes(2)	2,899			2,660			2,899			2,660
Non-recourse borrowings(3)	—			—			25,736			27,020
	2,899			2,660			28,635			29,680
Deferred income tax liabilities, net(4)	—			—			6,860			6,930
Equity
Non-controlling interest	—			—			18,669			18,863
Preferred equity	570			583			570			583
Perpetual subordinated notes	738			592			738			592
Preferred limited partners' equity(6)	634			760			634			760
Unitholders' equity	8,636			9,181			8,636			9,181
Total capitalization	$	13,477		$	13,776		$	64,742		$	66,589
Debt-to-total capitalization	22		%	19		%	44		%	45		%
Debt-to-total capitalization (market value)(5)	14		%	12		%	40		%	40		%

(1)Draws on corporate credit facilities and commercial paper issuances are excluded from the debt to total capitalization ratios as they are not permanent sources of capital.

(2)Medium term notes are unsecured and guaranteed by Brookfield Renewable and exclude $12 million (2023: $10 million) of deferred financing fees, net of unamortized premiums.

(3)Consolidated non-recourse borrowings include $1,159 million (2023: $2,626 million) borrowed under a subscription facility of a Brookfield sponsored private fund and exclude $147 million (2023: $140 million) of deferred financing fees and $10 million (2023: $11 million) of unamortized premiums.

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

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

(6)Preferred limited partners' equity as at March 31, 2024 is adjusted to reflect the redemption of C$175 million Series 15 Preferred Units that was completed on April 30, 2024.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
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AVAILABLE LIQUIDITY

The following tables summarizes the available liquidity:

(MILLIONS)	March 31, 2024		December 31, 2023
Brookfield Renewable's share of cash and cash equivalents	$	694	$	567
Investments in marketable securities	296		309
Corporate credit facilities
Authorized credit facilities	2,375		2,375
Draws on credit facilities(1)	(150)		(165)
Authorized letter of credit facility	500		500
Issued letters of credit	(317)		(307)
Available portion of corporate credit facilities	2,408		2,403
Available portion of subsidiary credit facilities on a proportionate basis	1,039		842
Available liquidity	$	4,437	$	4,121

(1)Relates to letter of credit issued against Brookfield Renewable’s corporate credit facilities.

We operate with sufficient liquidity to enable us to fund growth initiatives, capital expenditures, distributions and withstand sudden adverse changes in economic circumstances or short-term fluctuations in generation. We maintain a strong, investment grade balance sheet characterized by a conservative capital structure, access to multiple funding levers including a focus on capital recycling on an opportunistic basis, and diverse sources of capital. Principal sources of liquidity are cash flows from operations, our credit facilities, up-financings on non-recourse borrowings and proceeds from the issuance of various securities through public markets.

BORROWINGS

The composition of debt obligations, overall maturity profile, and average interest rates associated with our borrowings and credit facilities on a proportionate basis is presented in the following table:

	March 31, 2024				December 31, 2023
	Weighted-average				Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)(1)	Term (years)	Total(1)		Interest rate (%)(1)	Term (years)	Total(1)
Corporate borrowings
Credit facilities	N/A	4	—		N/A	5	—
Commercial paper	5.9	<1	$	658	6.0	<1	$	183
Medium term notes	4.4	12	2,899		4.3	10	2,660
Proportionate non-recourse borrowings(2)
Hydroelectric	5.9	12	5,116		6.0	12	5,215
Wind	5.0	9	2,384		5.0	9	2,408
Utility-scale solar	5.0	13	2,581		5.1	13	2,596
Distributed energy & storage	4.4	8	943		4.5	8	917
Sustainable solutions	7.2	7	395		6.6	7	391
	5.4	12	11,419		5.4	12	11,527
			14,976				14,370
Proportionate unamortized financing fees, net of unamortized premiums			(93)				(88)
			14,883				14,282
Equity-accounted borrowings			(1,001)				(991)
Non-controlling interests and other(3)			15,242				16,411
As per IFRS Statements			$	29,124			$	29,702

(1)Includes cash yields on tax equity.

(2)See “Part 8 – Presentation to Stakeholders and Performance Measurement” for information on proportionate debt.

(3)Includes tax equity liability.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 30

The following table summarizes our undiscounted principal repayments and scheduled amortization on a proportionate basis as at March 31, 2024:

(MILLIONS)	Balance of 2024		2025		2026		2027		2028		Thereafter		Total
Debt Principal repayments(1)
Medium term notes(2)	$	—	$	295	$	—	$	369	$	—	$	2,235	$	2,899
Non-recourse borrowings(3)
Hydroelectric	24		383		307		170		184		1,303		2,371
Wind	76		84		73		1		186		298		718
Utility-scale solar	2		38		42		1		172		288		543
Distributed energy & storage	3		168		—		40		179		109		499
Sustainable solutions	1		3		3		2		12		334		355
	106		676		425		214		733		2,332		4,486
Amortizing debt principal repayments
Non-recourse borrowings
Hydroelectric	126		162		178		152		173		1,954		2,745
Wind	154		179		168		165		145		855		1,666
Utility-scale solar	145		162		138		153		149		1,291		2,038
Distributed energy & storage	33		37		36		26		26		286		444
Sustainable solutions	3		5		5		5		5		17		40
	461		545		525		501		498		4,403		6,933
Total	$	567	$	1,516	$	950	$	1,084	$	1,231	$	8,970	$	14,318

(1)Draws on corporate credit facilities and commercial paper issuances are excluded from the debt repayment schedule as they are not a permanent source of capital.

(2)Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes $12 million (2023: $10 million) of deferred financing fees, net of unamortized premiums.

(3)Includes adjustments for project-level refinancing subsequent to March 31, 2024.

We remain focused on refinancing near-term facilities on acceptable terms and maintaining a manageable maturity ladder. We do not anticipate material issues in refinancing our borrowings through 2028 on acceptable terms and will do so opportunistically based on the prevailing interest rate environment.

CAPITAL EXPENDITURES

We fund growth capital expenditures with cash flow generated from operations, supplemented by non-recourse debt sized to investment grade coverage and covenant thresholds. This is designed to ensure that our investments have stable capital structures supported by a substantial level of equity and that cash flows at the asset level can be remitted freely to our company. This strategy also underpins our investment grade profile.

To fund large scale development projects and acquisitions, we will evaluate a variety of capital sources including proceeds from selling mature businesses, in addition to raising money in the capital markets through equity, debt and preferred share issuances. Furthermore, we have $2.38 billion committed revolving credit facilities available for investments and acquisitions, as well as funding the equity component of organic growth initiatives. The facilities are intended, and have historically been used, as a bridge to a long-term financing strategy rather than a permanent source of capital.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 31

CONSOLIDATED STATEMENTS OF CASH FLOWS

The following table summarizes the key items in the unaudited interim consolidated statements of cash flows:

	Three months ended March 31
(MILLIONS)	2024		2023
Cash flow provided by (used in):
Operating activities before changes in due to or from related parties and net working capital change	$	391	$	480
Changes in due to or from related parties	58		32
Net change in working capital balances	(125)		151
Operating activities	324		663
Financing activities	821		640
Investing activities	(835)		(1,176)
Foreign exchange gain (loss) on cash	(17)		14
Increase in cash and cash equivalents	$	293	$	141

Operating Activities

Cash flows provided by operating activities before changes in due to or from related parties and net working capital changes for the three months ended March 31, 2024 totaled $391 million and $480 million in 2023, reflecting the strong operating performance of our business during both periods.

Financing Activities

Cash flows provided by financing activities totaled $821 million for the three months ended March 31, 2024. The strength of our balance sheet and disciplined access to diverse sources of capital to fund our growth as discussed below allowed us to generate net proceeds of $1,257 million for the three months ended March 31, 2024 from corporate and non-recourse financings including the issuance of C$400 million ($297 million) of medium term notes and the issuance of $150 million perpetual green subordinated notes, net inflows from related parties, and capital contributions from participating non-controlling interests.

Distributions paid during the three months ended March 31, 2024 to Unitholders were $260 million (2023: $243 million). We increased our distributions to $1.42 per LP unit in 2024 on an annualized basis (2023: $1.35), representing a 5.2% increase per LP unit, which took effect in the first quarter of 2024. The distributions paid during the three months ended March 31, 2024, to preferred shareholders, preferred limited partners' unitholders, perpetual subordinate notes, and participating non-controlling interests in operating subsidiaries totaled $132 million (2023: $142 million).

Capital repaid to participating non-controlling interests during the three months ended March 31, 2024 totaled $16 million (2023: nil). Redemption and repurchase of equity instruments during the three months ended March 31, 2024 totaled $28 million (2023: nil).

Cash flows provided by financing activities totaled $640 million for the three months ended March 31, 2023. The strength of our balance sheet and disciplined access to diverse sources of capital allowed us to fund our growth and generate $31 million of net proceeds from corporate, non-recourse financings and related party borrowings for the three months ended March 31, 2023, including the issuance of C$400 million ($293 million) of medium term notes.

Investing Activities

Cash flows used in investing activities totaled $835 million for the three months ended March 31, 2024. During the quarter, we invested $11 million into growth including investments to increase our ownership in a leading commercial and industrial renewable development platform. Our continued investment in our property, plant and equipment, including the construction and development of approximately 3,550 MW of wind, solar, distributed generation, and storage development projects in the U.S., 660 MW of wind and solar development projects in Brazil, and 1,030 MW of wind and solar development assets in India totaled $840 million for the three months ended March 31, 2024.

Cash flows used in investing activities totaled $1,176 million for the three months ended March 31, 2023. During the quarter, we invested $626 million into growth, including an initial investment in the form of convertible securities in a leading renewable platform in India with 11,000 megawatts of operating and development assets and a 136 MW portfolio

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 32

of operating wind assets in Brazil. Our continued investment in our property, plant and equipment, including the construction of over 200 MW of our utility-scale solar facility in Brazil and 100 MW of wind assets in China, as well as the continued advancement of over 100 MW of distributed energy portfolio in the United States and 400 MW of wind assets in Brazil and United States was $572 million for the three months ended March 31, 2023.

SHARES, UNITS AND NOTES OUTSTANDING

Shares, units and notes outstanding are as follows:

	March 31, 2024	December 31, 2023
Class A Preference Shares(1)	31,035,967	31,035,967
Perpetual Subordinated Notes
Balance, beginning of year	24,400,000	24,400,000
Issuance	6,000,000	—
Balance, end of period	30,400,000	24,400,000
Preferred Units(2)	38,000,000	38,000,000
GP interest	3,977,260	3,977,260
Redeemable/Exchangeable partnership units	194,487,939	194,487,939
BEPC exchangeable shares(3)
Balance, beginning of year	179,651,526	172,218,098
Issuance	—	7,441,893
Exchanged for BEP LP units	(2,683)	(8,465)
Balance, end of period	179,648,843	179,651,526
LP units
Balance, beginning of year	287,164,340	275,358,750
Issuance	—	13,348,270
Repurchase of LP units for cancellation	(1,216,254)	(1,856,044)
Distribution reinvestment plan	95,018	304,899
Issued in exchange for BEPC exchangeable shares	2,683	8,465
Balance, end of period	286,045,787	287,164,340
Total LP units on a fully-exchanged basis(4)	660,182,569	661,303,805

(1)Class A Preference Shares are broken down by series as follows: 6,849,533 Series 1 Class A Preference Shares are outstanding; 3,110,531 Series 2 Class A Preference Shares are outstanding; 9,961,399 Series 3 Class A Preference Shares are outstanding; 4,114,504 Series 5 Class A Preference Shares are outstanding; and 7,000,000 Series 6 Class A Preference Shares are outstanding.

(2)Preferred Units are broken down by series and certain series are convertible on a one for one basis at the option of the holder as follows: 7,000,000 Series 7 Preferred Units are outstanding (convertible for Series 8 Preferred Units beginning on January 31, 2026); 10,000,000 Series 13 Preferred Units are outstanding (convertible for Series 14 Preferred Units beginning on April 30, 2028); 7,000,000 Series 15 Preferred Units are outstanding (convertible for Series 16 Preferred Units beginning on April 30, 2024); 8,000,000 Series 17 Preferred Units are outstanding; and 6,000,000 Series 18 Preferred Units are outstanding.

(3)The 2024 Canadian federal budget included potential changes to the tax rules relating to mutual fund corporations including BEPC. We are aware of the potential changes and are continuing to consider them, but we currently do not expect them to materially impact our business or holders of BEPC exchangeable shares.

(4)The fully-exchange amounts assume the exchange of all Redeemable/Exchangeable partnership units and BEPC exchangeable shares for LP Units.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 33

DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the dividends and distributions declared and paid for the three months ended March 31:

	Three months ended March 31, 2024
	Declared				Paid
(MILLIONS)	2024		2023		2024		2023
Class A Preference Shares	$	7	$	7	$	7	$	7
Perpetual Subordinated Notes	7		7		7		7
Class A Preferred LP units	11		10		11		10
Participating non-controlling interests – in operating subsidiaries	107		158		107		118
GP interest and incentive distributions	34		28		33		28
Redeemable/Exchangeable partnership units	70		67		69		66
BEPC Exchangeable shares	65		58		64		58
LP units	103		97		94		91

CONTRACTUAL OBLIGATIONS

Please see Note 16 – Commitments, contingencies and guarantees in the unaudited interim consolidated financial statements, for further details on the following:

•Commitments – Water, land, and dam usage agreements, and agreements and conditions on committed acquisitions of operating portfolios and development projects;

•Contingencies – Legal proceedings, arbitrations and actions arising in the normal course of business, and providing for letters of credit; and

•Guarantees – Nature of all the indemnification undertakings and guarantees to third-parties for certain transactions.

SUPPLEMENTAL FINANCIAL INFORMATION

In April 2021, December 2021 and March 2024, Brookfield BRP Holdings (Canada) Inc., a wholly-owned subsidiary of Brookfield Renewable, issued $350 million, $260 million and $150 million, respectively, of perpetual subordinated notes at a fixed rate of 4.625%, 4.875% and 7.250%, respectively.

These notes are fully and unconditionally guaranteed, on a subordinated basis by each of Brookfield Renewable Partners L.P., BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc (together, the "guarantor subsidiaries"). The other subsidiaries of Brookfield Renewable do not guarantee the securities and are referred to below as the “non-guarantor subsidiaries”.

Pursuant to Rule 13-01 of the SEC's Regulation S-X, the following table provides combined summarized financial information of Brookfield BRP Holdings (Canada) Inc. and the guarantor subsidiaries:

	Three months ended March 31
(MILLIONS)	2024		2023
Revenues(1)	$	—	$	—
Gross profit	—		—
Dividend income from non-guarantor subsidiaries	18		18
Net income	(32)		(12)

(1)Brookfield Renewable's total revenues for the three months ended March 31, 2024 were $1,492 million (2023: $1,331 million).

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
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(MILLIONS)	March 31, 2024		December 31, 2023
Current assets(1)	$	811	$	776
Total assets(2)(3)	2,304		2,521
Current liabilities(4)	8,771		8,399
Total liabilities(4)	8,825		8,455

(1)Amount due from non-guarantor subsidiaries was $798 million (2023: $767 million).

(2)Brookfield Renewable's total assets as at March 31, 2024 and December 31, 2023 were $75,110 million and $76,128 million.

(3)Amount due from non-guarantor subsidiaries was $2,196 million (2023: $2,421 million).

(4)Amount due to non-guarantor subsidiaries was $7,945 million (2023: $8,045 million).

OFF-STATEMENT OF FINANCIAL POSITION ARRANGEMENTS

Brookfield Renewable does not have any off-statement of financial position arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include, but are not limited to, security deposits, performance bonds and guarantees for reserve accounts. As at March 31, 2024, letters of credit issued amounted to $2,673 million (2023: $2,126 million).

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PART 6 – SELECTED QUARTERLY INFORMATION

SUMMARY OF HISTORICAL QUARTERLY RESULTS

The following is a summary of unaudited quarterly financial information for the last eight consecutive quarters:

	2024		2023								2022
(MILLIONS, EXCEPT AS NOTED)	Q1		Q4		Q3		Q2		Q1		Q4		Q3		Q2
Total Generation (GWh) – LTA	22,514		22,641		16,800		18,622		17,636		17,692		15,097		16,280
Total Generation (GWh) – actual	20,300		17,006		15,870		17,798		18,875		16,450		14,906		16,488
Proportionate Generation (GWh) – LTA	8,653		8,512		7,112		8,403		7,899		7,655		6,905		8,152
Proportionate Generation (GWh) – actual	8,461		7,151		6,533		7,543		8,243		6,826		6,440		7,978
Revenues	$	1,492	$	1,323	$	1,179	$	1,205	$	1,331	$	1,196	$	1,105	$	1,274
Net income (loss) attributable to Unitholders	(120)		35		(64)		(39)		(32)		(82)		(136)		1
Basic loss per LP unit	(0.23)		0.01		(0.14)		(0.10)		(0.09)		(0.16)		(0.25)		(0.03)
Funds From Operations	296		255		253		312		275		225		243		294
Funds From Operations per Unit	0.45		0.38		0.38		0.48		0.43		0.35		0.38		0.46
Distribution per LP Unit	0.36		0.34		0.34		0.34		0.34		0.32		0.32		0.32

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PART 7 – CRITICAL ESTIMATES, ACCOUNTING POLICIES AND INTERNAL CONTROLS

CRITICAL ESTIMATES AND CRITICAL JUDGMENTS IN APPLYING ACCOUNTING POLICIES

The unaudited interim consolidated financial statements are prepared in accordance with IFRS, which require the use of estimates and judgments in reporting assets, liabilities, revenues, expenses and contingencies. In the judgment of management, none of the estimates outlined in Note 1 – Basis of preparation and material accounting policy information in our audited consolidated financial statements are considered critical accounting estimates as defined in Canadian National Instrument 51-102 – Continuous Disclosure Obligations with the exception of the estimates related to the valuation of property, plant and equipment, financial instruments, deferred income tax liabilities, decommissioning liabilities and impairment of goodwill. These assumptions include estimates of future electricity prices, discount rates, expected long-term average generation, inflation rates, terminal year, the amount and timing of operating and capital costs and the income tax rates of future income tax provisions. Estimates also include determination of accruals, provisions, purchase price allocations, useful lives, asset valuations, asset impairment testing and those relevant to the defined benefit pension and non-pension benefit plans. Estimates are based on historical experience, current trends and various other assumptions that are believed to be reasonable under the circumstances.

In making estimates, management relies on external information and observable conditions where possible, supplemented by internal analysis, as required. These estimates have been applied in a manner consistent with that in the prior year and there are no known trends, commitments, events or uncertainties that we believe will materially affect the methodology or assumptions utilized in this report. These estimates are impacted by, among other things, future power prices, movements in interest rates, foreign exchange volatility and other factors, some of which are highly uncertain, as described in the “Risk Factors” section. The interrelated nature of these factors prevents us from quantifying the overall impact of these movements on Brookfield Renewable’s financial statements in a meaningful way. These sources of estimation uncertainty relate in varying degrees to substantially all asset and liability account balances. Actual results could differ from those estimates.

RECENTLY ADOPTED ACCOUNTING STANDARDS

International Tax Reform - Amendments to IAS 12- Pillar Two model rules

Brookfield Renewable operates in countries which have enacted new legislation to implement the global minimum top-up tax. Brookfield Renewable has applied a temporary mandatory relief from recognizing and disclosing information related to the top-up tax and will account for it as a current tax when it is incurred. There is no material current tax impact for the three months ended March 31, 2024. The Canadian legislation is not yet substantively enacted and if enacted in its current form, will be effective from January 1, 2024. The global minimum top-up tax is not anticipated to have a significant impact on the financial position of the Brookfield Renewable.

Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”)

The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2024. Brookfield Renewable noted no impact for the three months ended March 31, 2024.

FUTURE CHANGES IN ACCOUNTING POLICIES

IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”)

In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18, Presentation and Disclosure of Financial Statements (IFRS 18). IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 is expected to improve the quality of financial reporting by requiring defined subtotals in the statement of profit or loss, requiring disclosure about management-defined performance measures, and adding new principles for aggregation and disaggregation of information. Brookfield Renewable has not yet determined the impact of this standard on its disclosures.

There are currently no other future changes to IFRS with potential impact on Brookfield Renewable.

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INTERNAL CONTROL OVER FINANCIAL REPORTING

No changes were made in our internal control over financial reporting during the three months ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

SUBSEQUENT EVENTS

Subsequent to the quarter, Brookfield Renewable redeemed all of the outstanding units of Series 15 Preferred Limited Partnership units for C$175 million.

Subsequent to the quarter, Brookfield Renewable repurchased 920,000 LP units on the Toronto Stock Exchange at a total cost of $20 million.

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, completed to the sale of a 60 MW battery development project in the U.S. for proceeds of approximately $116 million ($33 million net to Brookfield Renewable ).

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PART 8 – PRESENTATION TO STAKEHOLDERS AND PERFORMANCE MEASUREMENT

PRESENTATION TO PUBLIC STAKEHOLDERS

Equity

Brookfield Renewable’s consolidated equity interests include (i) non-voting publicly traded LP units, held by public unitholders and Brookfield, (ii) BEPC exchangeable shares, held by public shareholders and Brookfield, (iii) Redeemable/Exchangeable Limited partnership units in BRELP, a holding subsidiary of Brookfield Renewable, held by Brookfield, and (iv) the GP interest in BRELP, held by Brookfield.

The LP units, the BEPC exchangeable shares and the Redeemable/Exchangeable partnership units have the same economic attributes in all respects, except that the BEPC exchangeable shares provide the holder, and the Redeemable/Exchangeable partnership units provide Brookfield, the right to request that all or a portion of such shares or units be redeemed for cash consideration. Brookfield Renewable, however, has the right, at its sole discretion, to satisfy any such redemption request with LP units, rather than cash, on a one-for-one basis. The public holders of BEPC exchangeable shares, and Brookfield, as holder of BEPC exchangeable shares and Redeemable/Exchangeable partnership units, participates in earnings and distributions on a per unit basis equivalent to the per unit participation of the LP units. Because Brookfield Renewable, at its sole discretion, has the right to settle any redemption request in respect of BEPC exchangeable shares and Redeemable/Exchangeable partnership units with LP units, the BEPC exchangeable shares and Redeemable/Exchangeable partnership units are classified under equity, and not as a liability.

Given the exchange feature referenced above, we are presenting LP units, BEPC exchangeable shares, Redeemable/Exchangeable partnership units, and GP Interest as separate components of consolidated equity. This presentation does not impact the total income (loss), per unit or share information, or total consolidated equity.

Actual and Long-term Average Generation

For assets acquired, disposed or reached commercial operation during the year, reported generation is calculated from the acquisition, disposition or commercial operation date and is not annualized. Generation on a same store basis refers to the generation of assets that were owned during both periods presented. As it relates to Colombia only, generation includes both hydroelectric and cogeneration facilities. Distributed energy & sustainable solutions includes generation from our distributed generation, pumped storage, North America cogeneration and Brazil biomass assets.

North America hydroelectric long-term average is the expected average level of generation based on the results of a simulation based on historical inflow data performed over a period of typically 30 years. Colombia hydroelectric long-term average is the expected average level of generation based on the results of a simulation based on historical inflow data performed over a period of typically 20 years. For substantially all of our hydroelectric assets in Brazil the long-term average is based on the reference amount of electricity allocated to our facilities under the market framework which levelizes generation risk across producers. Wind long-term average is the expected average level of generation based on the results of simulated historical wind speed data performed over a period of typically 10 years. Utility-scale solar long-term average is the expected average level of generation based on the results of a simulation using historical irradiance levels in the locations of our projects from the last 14 to 20 years combined with actual generation data during the operational period.

We compare actual generation levels against the long-term average to highlight the impact of an important factor that affects the variability of our business results. In the short-term, we recognize that hydrology, wind and irradiance conditions will vary from one period to the next; over time however, we expect our facilities will continue to produce in line with their long-term averages, which have proven to be reliable indicators of performance.

Our risk of a generation shortfall in Brazil continues to be minimized by participation in the MRE administered by the government of Brazil. This program mitigates hydrology risk by assuring that all participants receive, at any particular point in time, an assured energy amount, irrespective of the actual volume of energy generated. The program reallocates energy, transferring surplus energy from those who generated an excess to those who generate less than their assured energy, up to the total generation within the pool. Periodically, low precipitation across the entire country’s system could result in a temporary reduction of generation available for sale. During these periods, we expect that a higher proportion of thermal generation would be needed to balance supply and demand in the country, potentially leading to higher overall spot market prices.

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Generation from our pumped storage and cogeneration facilities in North America is highly dependent on market price conditions rather than the generating capacity of the facilities. Our pumped storage facility in Europe generates on a dispatchable basis when required by our contracts for ancillary services. Generation from our biomass facilities in Brazil is dependent on the amount of sugar cane harvested in a given year. For these reasons, we do not consider a long-term average for these facilities.

Voting Agreements with Affiliates

Brookfield Renewable has entered into voting agreements with Brookfield, whereby Brookfield Renewable gained control or have significant influence over the entities that own certain renewable power and sustainable solution investments. Brookfield Renewable has also entered into a voting agreement with its consortium partners in respect of the Colombian business. The voting agreements provide Brookfield Renewable the authority to direct the election of the Boards of Directors of the relevant entities, among other things, and therefore provide Brookfield Renewable with control. Accordingly, Brookfield Renewable consolidates the accounts of these entities.

For entities previously controlled by Brookfield Corporation, the voting agreements entered into do not represent business combinations in accordance with IFRS 3, as all combining businesses are ultimately controlled by Brookfield Corporation both before and after the transactions were completed. Brookfield Renewable accounts for these transactions involving entities under common control in a manner similar to a pooling of interest, which requires the presentation of pre-voting agreement financial information as if the transactions had always been in place. Refer to Note 1(s)(ii) – Critical judgments in applying accounting policies – Common control transactions in our December 31, 2023 audited consolidated financial statements for our policy on accounting for transactions under common control.

PERFORMANCE MEASUREMENT

Segment Information

Our operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy and storage (distributed generation and pumped storage), 5) sustainable solutions (agricultural renewable natural gas, carbon capture and storage, recycling, cogeneration, biomass, nuclear services, and power transformation), and 6) corporate – with hydroelectric further segmented by geography (i.e., North America, Colombia, and Brazil).This best reflects the way in which the CODM reviews results of our company.

The reporting to the CODM was revised during the fourth quarter of 2023 to disaggregate the distributed energy & sustainable solutions business into distributed energy & storage and sustainable solutions. This change is consistent with the development of Brookfield Renewable’s business as distributed generation and sustainable solutions continue to grow as a more significant component of the business. The financial information of operating segments in the prior period has been restated to present the corresponding results of the distributed energy & storage and sustainable solutions.

We report our results in accordance with these segments and present prior period segmented information in a consistent manner. See Note 4 – Segmented information in our unaudited interim consolidated financial statements.

One of our primary business objectives is to generate stable and growing cash flows while minimizing risk for the benefit of all stakeholders. We monitor our performance in this regard through three key metrics – i) Net Income (Loss), ii) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and iii) Funds From Operations.

It is important to highlight that Adjusted EBITDA and Funds From Operations do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other companies and have limitations as analytical tools. We provide additional information below on how we determine Adjusted EBITDA and Funds From Operations. We also provide reconciliations to Net income (loss). See “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of Non-IFRS Measures” and “Part 6 – Selected Quarterly Information – Reconciliation of Non-IFRS measures”.

Proportionate Information

Reporting to the CODM on the measures utilized to assess performance and allocate resources has been provided on a proportionate basis. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which it accounts for using consolidation and the equity method whereby Brookfield Renewable either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides a Unitholder perspective that the CODM considers important when performing internal analyses and making strategic and operating

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decisions. The CODM also believes that providing proportionate information helps investors understand the impacts of decisions made by management and financial results that can be allocated to Unitholders.

Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconciling IFRS data with data presented on a proportionate basis have been disclosed. Segment revenues, other income, direct operating costs, interest expense, depreciation, current and deferred income taxes, and other are items that will differ from results presented in accordance with IFRS as these items (1) include Brookfield Renewable’s proportionate share of earnings from equity-accounted investments attributable to each of the above-noted items, and (2) exclude the proportionate share of earnings (loss) of consolidated investments not held by us apportioned to each of the above-noted items.

The presentation of proportionate results has limitations as an analytical tool, including the following:

•The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•Other companies may calculate proportionate results differently than we do.

Because of these limitations, our proportionate financial information should not be considered in isolation or as a substitute for our financial statements as reported under IFRS.

Brookfield Renewable does not control those entities that have not been consolidated and as such, have been presented as equity-accounted investments in its financial statements. The presentation of the assets and liabilities and revenues and expenses do not represent Brookfield Renewable’s legal claim to such items, and the removal of financial statement amounts that are attributable to non-controlling interests does not extinguish Brookfield Renewable’s legal claims or exposures to such items.

Unless the context indicates or requires otherwise, information with respect to the megawatts ("MW") attributable to Brookfield Renewable’s facilities, including development assets, is presented on a consolidated basis, including with respect to facilities whereby Brookfield Renewable either controls or jointly controls the applicable facility.

Net Income (Loss)

Net income (loss) is calculated in accordance with IFRS.

Net income (loss) is an important measure of profitability, in particular because it has a standardized meaning under IFRS. The presentation of net income (loss) on an IFRS basis for our business will often lead to the recognition of a loss even though the underlying cash flows generated by the assets are supported by strong margins and stable, long-term power purchase agreements. The primary reason for this is that accounting rules require us to recognize a significantly higher level of depreciation for our assets than we are required to reinvest in the business as sustaining capital expenditures.

Adjusted EBITDA

Adjusted EBITDA is a non-IFRS measure used by investors to analyze the operating performance of companies.

Brookfield Renewable uses Adjusted EBITDA to assess the performance of Brookfield Renewable before the effects of interest expense, income taxes, depreciation, management service costs, non-controlling interests, unrealized gain or loss on financial instruments, non-cash income or loss from equity-accounted investments, distributions to preferred shareholders, preferred limited partnership unit holders, perpetual subordinated noteholders and other typical non-recurring items. Brookfield Renewable adjusts for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. Brookfield Renewable includes realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term within Adjusted EBITDA in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period Adjusted EBITDA.

Brookfield Renewable believes that presentation of this measure will enhance an investor’s ability to evaluate its financial and operating performance on an allocable basis.

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Funds From Operations

Funds From Operations is a non-IFRS measure used by investors to analyze net earnings from operations without the effects of certain volatile items that generally have no current financial impact or items not directly related to the performance of Brookfield Renewable.

Brookfield Renewable uses Funds From Operations to assess the performance of Brookfield Renewable before the effects of certain cash items (e.g. acquisition costs and other typical non-recurring cash items) and certain non-cash items (e.g. deferred income taxes, depreciation, non-cash portion of non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, and other non-cash items) as these are not reflective of the performance of the underlying business. In the unaudited interim consolidated financial statements of Brookfield Renewable, the revaluation approach is used in accordance with IAS 16, Property, Plant and Equipment, whereby depreciation is determined based on a revalued amount, thereby reducing comparability with peers who do not report under IFRS as issued by the IASB or who do not employ the revaluation approach to measuring property, plant and equipment. Management adds back deferred income taxes on the basis that they do not believe this item reflects the present value of the actual tax obligations that they expect Brookfield Renewable to incur over the long-term investment horizon of Brookfield Renewable.

Brookfield Renewable believes that analysis and presentation of Funds From Operations on this basis will enhance an investor’s understanding of the performance of Brookfield Renewable. Funds From Operations is not a substitute measure of performance for earnings per share and does not represent amounts available for distribution.

Funds From Operations is not a generally accepted accounting measure under IFRS and therefore may differ from definitions of Funds From Operations used by other entities, as well as the definition of funds from operations used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). Furthermore, this measure is not used by the CODM to assess Brookfield Renewable’s liquidity.

Proportionate Debt

Proportionate debt is presented based on the proportionate share of borrowings obligations relating to the investments of Brookfield Renewable in various portfolio businesses. The proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Proportionate debt measures are provided because management believes it assists investors and analysts in estimating the overall performance and understanding the leverage pertaining specifically to Brookfield Renewable's share of its invested capital in a given investment. When used in conjunction with Proportionate Adjusted EBITDA, proportionate debt is expected to provide useful information as to how Brookfield Renewable has financed its businesses at the asset-level. Management believes that the proportionate presentation, when read in conjunction with Brookfield Renewable’s reported results under IFRS, including consolidated debt, provides a more meaningful assessment of how the operations of Brookfield Renewable are performing and capital is being managed. The presentation of proportionate results has limitations as an analytical tool, including the following:

•Proportionate debt amounts do not represent the consolidated obligation for debt underlying a consolidated investment. If an individual project does not generate sufficient cash flows to service the entire amount of its debt payments, management may determine, in their discretion, to pay the shortfall through an equity injection to avoid defaulting on the obligation. Such a shortfall may not be apparent from or may not equal the difference between aggregate Proportionate Adjusted EBITDA for all of the portfolio investments of Brookfield Renewable and aggregate proportionate debt for all of the portfolio investments of Brookfield Renewable; and

•Other companies may calculate proportionate debt differently.

Because of these limitations, the proportionate financial information of Brookfield Renewable should not be considered in isolation or as a substitute for the financial statements of Brookfield Renewable as reported under IFRS.

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PART 9 – CAUTIONARY STATEMENTS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements and information, within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations, concerning the business and operations of Brookfield Renewable. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements in this report include, but are not limited to, statements regarding the quality of Brookfield Renewable’s assets and the resiliency of the cash flow they will generate, our anticipated financial performance, future commissioning of assets, contracted portfolio, technology diversification, acquisition opportunities, expected completion of acquisitions and dispositions, future energy prices and demand for electricity, economic recovery, achieving long-term average generation, project development and capital expenditure costs, energy policies, economic growth, growth potential of the renewable asset class, our future growth prospects and distribution profile, our access to capital and future dividends and distributions made to holders of LP units and BEPC's exchangeable shares. In some cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”, “continue”, “attempts”, “likely”, “primarily”, “approximately”, “endeavors”, “pursues”, “strives”, “seeks”, “targets”, “believes”,or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. These forward-looking statements and information are not historical facts but reflect our current expectations regarding future results or events and are based on information currently available to us and on assumptions we believe are reasonable. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information in this report are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. You should not place undue reliance on forward-looking statements and information as such statements and information involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and result of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation and volatility in the financial markets; changes to resource availability, as a result of climate change or otherwise, at any of our renewable power facilities; supply, demand, volatility and marketing in the energy markets; our inability to re-negotiate or replace expiring contracts (including PPAs, power guarantee agreements or similar long-term agreements, between a seller and a buyer of electrical power generation)on similar terms; an increase in the amount of uncontracted generation in our renewable power portfolio or a change in the contract profile for future renewable power projects; availability and access to interconnection facilities and transmission systems; our ability to comply with, secure, replace or renew concessions, licenses, permits and other governmental approvals needed for our operating and development projects; our real property rights for our facilities being adversely affected by the rights of lienholders and leaseholders that are superior to those granted to us; increases in the cost of operating our existing facilities and of developing new projects; equipment failures and procurement challenges; increased regulation of and third party opposition to our nuclear services business’s customers and operations; failure of the nuclear power industry to expand ;insufficient indemnification for our nuclear services business; our reliance on computerized business systems, which could expose us to cyber-attacks; dam failures and the costs and potential liabilities associated with such failures; uninsurable losses and higher insurance premiums; changes in regulatory, political, economic and social conditions in the jurisdictions in which we operate; force majeure events; health, safety, security and environmental risks; energy marketing risks and our ability to manage commodity and financial risk; the termination of, or a change to, the MRE balancing pool in Brazil; involvement in litigation and other disputes, and governmental and regulatory investigations; counterparties to our contracts not fulfilling their obligations; the time and expense of enforcing contracts against non-performing counterparties and the uncertainty of success; foreign laws or regulation to which we become subject as a result of future acquisitions in new markets; our operations being affected by local communities; newly developed technologies or new business lines in which we invest not performing as anticipated; advances in technology that impair or eliminate the competitive advantage of our projects; increases in water rental costs (or similar fees) or changes to the regulation of water supply; labor disruptions and economically unfavorable collective bargaining agreements; our inability to finance our operations and fund growth due to the status of the capital markets or our ability to complete capital recycling initiatives; operating and financial restrictions imposed on us by our loan, debt and security agreements; changes to our credit ratings; the incurrence of debt at multiple levels within our organizational structure; restrictions on our ability to engage in certain activities or make distributions due to our indebtedness; adverse changes in currency exchange rates and our inability to effectively manage foreign currency exposure through our hedging strategy or otherwise; our inability to identify sufficient investment opportunities and complete transactions; political instability or changes in government policy negatively impacting our business or assets; changes to our current business, including through future sustainable solutions investments; the growth of our portfolio and our inability to realize the expected benefits of our transactions or acquisitions; our inability to develop the projects in our development pipeline; delays, cost overruns and other problems associated with the construction and operation of our facilities and risks associated with the arrangements we enter into with communities and joint venture partners; we do not have control over all of our operations or investments, including certain investments made through joint ventures, partnerships, consortiums or structured arrangements; some of our acquisitions may be of distressed companies, which may subject us to increased risks; a decline in the value of our investments in securities, including publicly traded securities of other companies; the separation of economic interest from control within our organizational structure; the separation of economic interest from control within our organizational structure; our dependence on Brookfield and Brookfield’s significant influence over us; Brookfield’s election not to source acquisition opportunities for us and our lack of access to all renewable power acquisitions that Brookfield identifies, including by reason of conflicts of interest; the departure of some or all of Brookfield’s key professionals; Brookfield acting in a way that is not in our best interests or the best interests of our shareholders or our unitholders; our inability to terminate the Master Services Agreement and the limited liability of the Service

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Provider under our arrangements with them; Brookfield’s relationship with Oaktree; changes in how Brookfield elects to hold its ownership interests in Brookfield Renewable; changes in the amount of cash we can distribute to our unitholders; future sales or issuances of our securities will result in dilution of existing holders and even the perception of such sales or issuances taking place could depress the trading price of the BEP units or BEPC exchangeable shares; any changes in the market price of the BEP units and BEPC exchangeable shares; the inability of our unitholders to take part in the management of BEP; limits on unitholders’ ability to obtain favourable judicial forum for disputes related to BEP or to enforce judgements against us; our reliance on subsidiaries to provide funds to pay distributions; changes in tax law and practice; changes to government policies and incentives relating to the renewable power and sustainable solutions industries; adverse impacts of inflationary pressures; changes in regulatory, political, economic and social conditions in the jurisdictions in which we operate; health, safety, security and environmental risks; force majeure events; foreign currency risk associated with BEP’s distributions; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems and restrictions on foreign direct investment; increased regulation of our operations; we are not subject to the same disclosure requirements as a U.S. domestic issuer; changes in our credit ratings; new regulatory initiatives related to sustainability and ESG; human rights impacts of our business activities; being deemed an “investment company” under the Investment Company Act; the effectiveness of our internal controls over financial reporting; and other factors described in our most recent Annual Report on Form 20-F, including those set forth under Item 3.D “Risk Factors”.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this report and should not be relied upon as representing our views as of any date subsequent to the date of this report. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see “Risk Factors” included in our most recent Annual Report on Form 20-F and other risks and factors that are described therein.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES

This report contains references to Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit which are not generally accepted accounting measures standardized under IFRS and therefore may differ from definitions of Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit used by other entities. In particular, our definition of Funds From Operations may differ from the definition of funds from operations used by other organizations, as well as the definition of funds from operations used by the Real Property Association of Canada and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREIT definition is based on U.S. GAAP, as opposed to IFRS. We believe that Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit are useful supplemental measures that may assist investors in assessing our financial performance. None of Adjusted EBITDA, Funds From Operations or Funds From Operations per Unit should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. These non-IFRS measures reflect how we manage our business and, in our opinion, enable the reader to better understand our business.

Reconciliations of each of Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit to net income (loss) are presented in our Management’s Discussion and Analysis. We have also provided a reconciliation of Adjusted EBITDA and Funds From Operations to net income in Note 4 – Segmented information in the unaudited interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 44

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

UNAUDITED (MILLIONS)	Notes	March 31, 2024		December 31, 2023
Assets
Current assets
Cash and cash equivalents	12	$	1,423	$	1,141
Restricted cash	13	264		310
Trade receivables and other current assets	14	1,629		1,517
Financial instrument assets	3	230		199
Due from related parties	17	248		1,443
Assets held for sale	2	256		—
		4,050		4,610
Financial instrument assets	3	1,813		1,768
Equity-accounted investments	11	2,484		2,546
Property, plant and equipment, at fair value	6	63,527		64,005
Goodwill		1,944		1,944
Deferred income tax assets	5	231		244
Other long-term assets		1,061		1,011
Total Assets		$	75,110	$	76,128
Liabilities
Current liabilities
Accounts payable and accrued liabilities	15	$	1,585	$	1,539
Financial instrument liabilities	3	750		687
Due to related parties	17	852		835
Corporate borrowings	7	658		183
Non-recourse borrowings	7	3,197		4,752
Provisions		37		42
Liabilities directly associated with assets held for sale	2	98		—
		7,177		8,038
Financial instrument liabilities	3	2,613		2,433
Corporate borrowings	7	2,887		2,650
Non-recourse borrowings	7	22,382		22,117
Deferred income tax liabilities	5	7,091		7,174
Provisions		1,222		1,268
Due to related parties	17	681		705
Other long-term liabilities		1,684		1,764
Equity
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	8	18,669		18,863
General partnership interest in a holding subsidiary held by Brookfield	8	52		55
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	8	2,529		2,684
BEPC exchangeable shares	8	2,336		2,479
Preferred equity	8	570		583
Perpetual subordinated notes	8	738		592
Preferred limited partners' equity	9	760		760
Limited partners' equity	10	3,719		3,963
Total Equity		29,373		29,979
Total Liabilities and Equity		$	75,110	$	76,128

The accompanying notes are an integral part of these interim consolidated financial statements.

Approved on behalf of Brookfield Renewable Partners L.P.:
Patricia Zuccotti Director	David Mann Director

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 45

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

UNAUDITED (MILLIONS, EXCEPT PER UNIT INFORMATION)		Three months ended March 31
	Notes	2024		2023
Revenues	17	$	1,492	$	1,331
Other income		34		26
Direct operating costs(1)		(634)		(401)
Management service costs	17	(45)		(57)
Interest expense	7	(476)		(394)
Share of earnings from equity-accounted investments	11	(33)		33
Foreign exchange and financial instruments gain	3	120		146
Depreciation	6	(502)		(429)
Other		(12)		(54)
Income tax (expense) recovery
Current	5	(28)		(43)
Deferred	5	14		19
		(14)		(24)
Net income (loss)		$	(70)	$	177
Net income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	8	$	25	$	185
General partnership interest in a holding subsidiary held by Brookfield	8	33		28
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	8	(45)		(18)
BEPC exchangeable shares	8	(41)		(16)
Preferred equity	8	7		7
Perpetual subordinated notes	8	7		7
Preferred limited partners' equity	9	11		10
Limited partners' equity	10	(67)		(26)
		$	(70)	$	177
Basic and diluted loss per LP unit		$	(0.23)	$	(0.09)

(1)Direct operating costs exclude depreciation expense disclosed below.

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 46

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED (MILLIONS)		Three months ended March 31
	Notes	2024		2023
Net income (loss)		$	(70)	$	177
Other comprehensive income (loss) that will not be reclassified to net income (loss)
Revaluations of property, plant and equipment	6	(25)		(42)
Actuarial gain (loss) on defined benefit plans		2		(1)
Deferred tax recovery (expense) on above item		(3)		—
Equity-accounted investments	11	—		10
Total items that will not be reclassified to net income		(26)		(33)
Other comprehensive income (loss) that may be reclassified to net income
Foreign currency translation		(241)		272
Gain (loss) arising during the period on financial instruments designated as cash-flow hedges	3	(174)		128
Gain (loss) on foreign exchange swaps – net investment hedge	3	22		(19)
Reclassification adjustments for amounts recognized in net income (loss)	3	(29)		(49)
Deferred income taxes on above items		24		(11)
Equity-accounted investments	11	(13)		(7)
Total items that may be reclassified subsequently to net income (loss)		(411)		314
Other comprehensive income (loss)		(437)		281
Comprehensive income (loss)		$	(507)	$	458
Comprehensive income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	8	$	(272)	$	354
General partnership interest in a holding subsidiary held by Brookfield	8	32		29
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	8	(82)		15
BEPC exchangeable shares	8	(75)		13
Preferred equity	8	(6)		9
Perpetual subordinated notes	8	7		7
Preferred limited partners' equity	9	11		10
Limited partners' equity	10	(122)		21
		$	(507)	$	458

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 47

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Accumulated other comprehensive income														Non-controlling interests
UNAUDITED THREE MONTHS ENDED MARCH 31 (MILLIONS)	Limited partners' equity		Foreign currency translation		Revaluation surplus		Actuarial losses on defined benefit plans		Cash flow hedges		Investments in equity securities		Total limited partners' equity		Preferred limited partners' equity		Preferred equity		Perpetual subordinated notes		BEPC exchangeable shares		Participating non-controlling interests – in operating subsidiaries		General partnership interest in a holding subsidiary held by Brookfield		Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		Total equity
Balance, as at December 31, 2023	$	(2,118)	$	(701)	$	6,743	$	2	$	36	$	1	$	3,963	$	760	$	583	$	592	$	2,479	$	18,863	$	55	$	2,684	$	29,979
Net income (loss)	(67)		—		—		—		—		—		(67)		11		7		7		(41)		25		33		(45)		(70)
Other comprehensive income (loss)	—		(35)		(5)		—		(15)		—		(55)		—		(13)		—		(34)		(297)		(1)		(37)		(437)
Equity issuance (Note 8)	—		—		—		—		—		—		—		—		—		146		—		—		—		—		146
LP Units purchased for cancellation (Note 10)	(28)		—		—		—		—		—		(28)		—		—				—		—		—		—		(28)
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		167		—		—		167
Disposal	—		—		—		—		—		—		—		—		—		—		—		(16)		—		—		(16)
Distributions or dividends declared	(103)		—		—		—		—		—		(103)		(11)		(7)		(7)		(65)		(107)		(34)		(70)		(404)
Distribution reinvestment plan	2		—		—		—		—		—		2		—		—		—		—		—		—		—		2
Other	9		1		(2)		—		(1)		—		7		—		—		—		(3)		34		(1)		(3)		34
Change in period	(187)		(34)		(7)		—		(16)		—		(244)		—		(13)		146		(143)		(194)		(3)		(155)		(606)
Balance, as at March 31, 2024	$	(2,305)	$	(735)	$	6,736	$	2	$	20	$	1	$	3,719	$	760	$	570	$	738	$	2,336	$	18,669	$	52	$	2,529	$	29,373
Balance, as at December 31, 2022	$	(1,898)	$	(845)	$	6,817	$	4	$	17	$	1	$	4,096	$	760	$	571	$	592	$	2,561	$	14,755	$	59	$	2,892	26,286
Net income (loss)	(26)		—		—		—		—		—		(26)		10		7		7		(16)		185		28		(18)		177
Other comprehensive income (loss)	—		38		(4)		1		12		—		47		—		2		—		29		169		1		33		281
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		994		—		—		994
Disposal	14		—		(14)		—		—		—		—		—		—		—		—		(388)		—		—		(388)
Distributions or dividends declared	(97)		—		—		—		—		—		(97)		(10)		(7)		(7)		(58)		(158)		(28)		(67)		(432)
Distribution reinvestment plan	2		—		—		—		—		—		2		—		—		—		—		—		—		—		2
Other	(3)		11		2		—		1		—		11		—		—		—		6		(31)		(2)		8		(8)
Change in period	(110)		49		(16)		1		13		—		(63)		—		2		—		(39)		771		(1)		(44)		626
Balance, as at March 31, 2023	$	(2,008)	$	(796)	$	6,801	$	5	$	30	$	1	$	4,033	$	760	$	573	$	592	$	2,522	$	15,526	$	58	$	2,848	$	26,912

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 48

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED		Three months ended March 31
(MILLIONS)	Notes	2024		2023
Operating activities
Net income (loss)		$	(70)	$	177
Adjustments for the following non-cash items:
Depreciation	6	502		429
Unrealized foreign exchange and financial instruments gain	3	(117)		(130)
Share of (earnings) loss from equity-accounted investments	11	33		(33)
Deferred income tax expense	5	(14)		(19)
Other non-cash items		56		37
Dividends received from equity-accounted investments	11	1		19
		391		480
Changes in due to or from related parties	17	58		32
Net change in working capital balances		(125)		151
		324		663
Financing activities
Proceeds from medium term notes	7	297		293
Commercial paper, net	7	476		(69)
Proceeds from non-recourse borrowings	7,17	1,878		1,528
Repayment of non-recourse borrowings	7,17	(2,846)		(1,622)
Capital contributions from participating non-controlling interests – in operating subsidiaries	8	167		994
Capital repaid to participating non-controlling interests – in operating subsidiaries	8	(16)		—
Issuance of equity instruments and related costs	8,10	146		—
Redemption and repurchase of equity instruments	9	(28)		—
Distributions paid:
To participating non-controlling interests – in operating subsidiaries, preferred shareholders, preferred limited partners unitholders, and perpetual subordinate notes	8,9	(132)		(142)
To unitholders of Brookfield Renewable or BRELP and shareholders of Brookfield Renewable Corporation	8,10	(260)		(243)
Inflows from related party	17	1,265		—
Outflows to related party	17	(126)		(99)
		821		640
Investing activities
Acquisitions, net of cash and cash equivalents, in acquired entity		(11)		(81)
Investment in property, plant and equipment	6	(840)		(572)
Investment in equity-accounted investments		2		(93)
Proceeds from disposal of assets, net of cash and cash equivalents disposed		—		3
Purchases of financial assets	3	(5)		(452)
Proceeds from financial assets	3	5		3
Restricted cash and other		14		16
		(835)		(1,176)
Foreign exchange (gain) loss on cash		(17)		14
Cash and cash equivalents
Increase		293		141
Net change in cash classified within assets held for sale		(11)		1
Balance, beginning of period		1,141		998
Balance, end of period		$	1,423	$	1,140
Supplemental cash flow information:
Interest paid		$	421	$	305
Interest received		$	24	$	16
Income taxes paid		$	39	$	31

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 49

BROOKFIELD RENEWABLE PARTNERS L.P.

NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The business activities of Brookfield Renewable Partners L.P. (“Brookfield Renewable”) consist of owning a portfolio of renewable power and sustainable solution assets primarily in North America, South America, Europe and Asia.

Unless the context indicates or requires otherwise, the term “Brookfield Renewable” means Brookfield Renewable Partners L.P. and its controlled entities, including Brookfield Renewable Corporation (“BEPC”). Unless the context indicates or requires otherwise, the term “the partnership” means Brookfield Renewable Partners L.P. and its controlled entities, excluding BEPC.

Brookfield Renewable’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP units”) held by public unitholders and Brookfield, class A exchangeable subordinate voting shares (“BEPC exchangeable shares”) of BEPC held by public shareholders and Brookfield, redeemable/exchangeable partnership units (“Redeemable/Exchangeable partnership units”) in Brookfield Renewable Energy L.P. (“BRELP”), a holding subsidiary of Brookfield Renewable, held by Brookfield, and general partnership interest (“GP interest”) in BRELP held by Brookfield. Holders of the LP units, Redeemable/Exchangeable partnership units, GP interest, and BEPC exchangeable shares will be collectively referred to throughout as “Unitholders” unless the context indicates or requires otherwise. LP units, Redeemable/Exchangeable partnership units, GP interest, and BEPC exchangeable shares will be collectively referred to throughout as "Units", or as "per Unit", unless the context indicates or requires otherwise.

Brookfield Renewable is a publicly traded limited partnership established under the laws of Bermuda pursuant to an amended and restated limited partnership agreement dated November 20, 2011 as thereafter amended from time to time.

The registered office of Brookfield Renewable is 73 Front Street, Fifth Floor, Hamilton HM12, Bermuda.

The immediate parent of Brookfield Renewable is its general partner, Brookfield Renewable Partners Limited (“BRPL”). The ultimate parent of Brookfield Renewable is Brookfield Corporation (“Brookfield Corporation”). Brookfield Corporation and its subsidiaries, other than Brookfield Renewable, and unless the context otherwise requires, includes Brookfield Asset Management Ltd (“Brookfield Asset Management”), are also individually and collectively referred to as “Brookfield” in these financial statements.

The BEPC exchangeable shares are traded under the symbol “BEPC” on the New York Stock Exchange and the Toronto Stock Exchange.

The LP units are traded under the symbol “BEP” on the New York Stock Exchange and under the symbol “BEP.UN” on the Toronto Stock Exchange. Brookfield Renewable's Class A Series 7, Series 13, Series 15, and Series 18 preferred limited partners’ equity are traded under the symbols “BEP.PR.E”, “BEP.PR.G”, “BEP.PR.I”, “BEP.PR.K”, “BEP.PR.M”, and “BEP.PR.R”, respectively, on the Toronto Stock Exchange. Brookfield Renewable's Class A Series 17 preferred limited partners’ equity is traded under the symbol “BEP.PR.A” on the New York Stock Exchange. The perpetual subordinated notes are traded under the symbol “BEPH”, “BEPI”, and “BEPJ” on the New York Stock Exchange.

Notes to the consolidated financial statements		Page
1.	Basis of preparation and material accounting policy information	51
2.	Assets held for sale	52
3.	Risk management and financial instruments	52
4.	Segmented information	55
5.	Income taxes	60
6.	Property, plant and equipment	61
7.	Borrowings	62
8.	Non-controlling interests	64
9.	Preferred limited partners' equity	68
10.	Limited partners' equity	68
11.	Equity-accounted investments	69
12.	Cash and cash equivalents	69
13.	Restricted cash	70
14.	Trade receivables and other current assets	70
15.	Accounts payable and accrued liabilities	70
16.	Commitments, contingencies and guarantees	71
17.	Related party transactions	72
18.	Subsidiary public issuers	75
19.	Subsequent events	76

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 50

1. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICY INFORMATION

(a) Statement of compliance

The interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting. 

Certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with Brookfield Renewable’s December 31, 2023 audited consolidated financial statements. The interim consolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2023 audited consolidated financial statements.

The interim consolidated financial statements are unaudited and reflect adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periods in accordance with IFRS.

The results reported in these interim consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire year. The policies set out below are consistently applied to all periods presented, unless otherwise noted. 

These consolidated financial statements have been authorized for issuance by the Board of Directors of Brookfield Renewable’s general partner, BRPL, on May 3, 2024.

Certain comparative figures have been reclassified to conform to the current year’s presentation.

References to $, C$, €, £, R$, COP, INR and CNY are to United States (“U.S.”) dollars, Canadian dollars, Euros, British pound, Brazilian reais, Colombian pesos, Indian rupees and Chinese yuan, respectively.

All figures are presented in millions of U.S. dollars unless otherwise noted.

(b) Basis of preparation

The interim consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of property, plant and equipment and certain assets and liabilities which have been measured at fair value. Cost is recorded based on the fair value of the consideration given in exchange for assets.

(c) Consolidation

These consolidated financial statements include the accounts of Brookfield Renewable and its subsidiaries, which are the entities over which Brookfield Renewable has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of Brookfield Renewable’s subsidiaries are shown separately in equity in the combined statements of financial position.

(d) Recently adopted accounting standards

International Tax Reform - Amendments to IAS 12- Pillar Two model rules

Brookfield Renewable operates in countries which have enacted new legislation to implement the global minimum top-up tax. Brookfield Renewable has applied a temporary mandatory relief from recognizing and disclosing information related to the top-up tax and will account for it as a current tax when it is incurred. There is no material current tax impact for the three months ended March 31, 2024. The Canadian legislation is not yet substantively enacted and if enacted in its current form, will be effective from January 1, 2024. The global minimum top-up tax is not anticipated to have a significant impact on the financial position of the Brookfield Renewable.

Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”)

The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2024. Brookfield Renewable noted no impact for the three months ended March 31, 2024.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 51

(e) Future changes in accounting policies

IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”)

In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18, Presentation and Disclosure of Financial Statements (IFRS 18). IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 is expected to improve the quality of financial reporting by requiring defined subtotals in the statement of profit or loss, requiring disclosure about management-defined performance measures, and adding new principles for aggregation and disaggregation of information. Brookfield Renewable has not yet determined the impact of this standard on its disclosures.

There are currently no other future changes to IFRS with potential impact on Brookfield Renewable.

2. ASSETS HELD FOR SALE

As at March 31, 2024, assets held for sale includes a 67 MW portfolio of wind assets in the United Kingdom, a 85 MW portfolio of biomass facilities in Brazil.

The following is a summary of the major items of assets and liabilities classified as held for sale:

(MILLIONS)	March 31, 2024
Assets
Cash and cash equivalents	$	11
Trade receivables and other current assets	9
Property, plant and equipment, at fair value	236
Assets held for sale	$	256
Liabilities
Current liabilities	$	4
Non-recourse borrowings	38
Financial instrument liabilities	28
Other long-term liabilities	15
Deferred tax liability	12
Provisions	1
Liabilities directly associated with assets held for sale	$	98

3. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

RISK MANAGEMENT

Brookfield Renewable’s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. Brookfield Renewable uses financial instruments primarily to manage these risks.

There have been no other material changes in exposure to the risks Brookfield Renewable is exposed to since the December 31, 2023 audited consolidated financial statements.

Fair value disclosures

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, management looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, commodity prices and, as applicable, credit spreads.

A fair value measurement of a non-financial asset is the consideration that would be received in an orderly transaction between market participants, considering the highest and best use of the asset.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 52

Assets and liabilitiesmeasured at fair value are categorized into one of three hierarchy levels, described below. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities.

Level 1 – inputs are based on unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 – inputs, other than quoted prices in Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3 – inputs for the asset or liability that are not based on observable market data.

The following table presents Brookfield Renewable's assets and liabilities including energy derivative contracts, power purchase agreements accounted for under IFRS 9 (“IFRS 9 PPAs”), interest rate swaps, foreign exchange swaps and tax equity measured and disclosed at fair value classified by the fair value hierarchy:

	March 31, 2024								December 31, 2023
(MILLIONS)	Level 1		Level 2		Level 3		Total		Total
Assets measured at fair value:
Cash and cash equivalents	$	1,423	$	—	$	—	$	1,423	$	1,141
Restricted cash(1)	383		—		—		383		391
Financial instrument assets(1)
IFRS 9 PPAs	—		—		37		37		50
Energy derivative contracts	—		109		—		109		90
Interest rate swaps	—		256		—		256		233
Foreign exchange swaps	—		34		—		34		27
Tax equity	—		—		43		43		27
Investments in debt and equity securities	—		46		1,518		1,564		1,540
Property, plant and equipment	—		—		63,527		63,527		64,005
Liabilities measured at fair value:
Financial instrument liabilities(1)
IFRS 9 PPAs	—		(52)		(857)		(909)		(798)
Energy derivative contracts	—		(108)		—		(108)		(82)
Interest rate swaps	—		(93)		—		(93)		(105)
Foreign exchange swaps	—		(380)		—		(380)		(353)
Tax equity	—		—		(1,873)		(1,873)		(1,782)
Contingent consideration(2)	—		—		(90)		(90)		(92)
Liabilities for which fair value is disclosed:
Corporate borrowings(1)	(3,417)		—		—		(3,417)		(2,731)
Non-recourse borrowing(1)	(2,081)		(23,299)		—		(25,380)		(26,839)
Total	$	(3,692)	$	(23,487)	$	62,305	$	35,126	$	34,722

(1)Includes both the current amount and long-term amounts.

(2)Amount relates to business combinations completed in 2022 and 2023 with obligations lapsing from 2024 to 2027.

There were no transfers between levels during the three months ended March 31, 2024.

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Financial instruments disclosures

The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows:

	March 31, 2024						December 31, 2023
(MILLIONS)	Assets		Liabilities		Net Assets (Liabilities)		Net Assets (Liabilities)
IFRS 9 PPAs	$	37	$	909	$	(872)	$	(748)
Energy derivative contracts	109		108		1		8
Interest rate swaps	256		93		163		128
Foreign exchange swaps	34		380		(346)		(326)
Investments in debt and equity securities	1,564		—		1,564		1,540
Tax equity	43		1,873		(1,830)		(1,755)
Total	2,043		3,363		(1,320)		(1,153)
Less: current portion	230		750		(520)		(488)
Long-term portion	$	1,813	$	2,613	$	(800)	$	(665)

(a)   Energy derivative contracts and IFRS 9 PPAs

Brookfield Renewable has entered into long-term energy derivative contracts primarily to stabilize or eliminate the price risk on the sale of certain future power generation. Certain energy contracts are recorded in Brookfield Renewable's interim consolidated financial statements at an amount equal to fair value, using quoted market prices or, in their absence, a valuation model using both internal and third-party evidence and forecasts.

(b)   Interest rate hedges

Brookfield Renewable has entered into interest rate hedge contracts primarily to minimize exposure to interest rate fluctuations on its variable rate debt or to lock in interest rates on future debt refinancing. All interest rate hedge contracts are recorded in the interim consolidated financial statements at fair value.

(c)   Foreign exchange swaps

Brookfield Renewable has entered into foreign exchange swaps to minimize its exposure to currency fluctuations impacting its investments and earnings in foreign operations, and to fix the exchange rate on certain anticipated transactions denominated in foreign currencies.

(d)   Tax equity

Brookfield Renewable owns and operates certain projects in the United States under tax equity structures to finance the construction of utility-scale solar, and wind projects. In accordance with the substance of the contractual agreements, the amounts paid by the tax equity investors for their equity stakes are classified as financial instrument liabilities on the consolidated statements of financial position.

Gains or loss on the tax equity liabilities are recognized within the foreign exchange and financial instruments gain (loss) in the consolidated statements of income (loss).

(e)   Investments in debt and equity securities

Brookfield Renewable's investments in debt and equity securities are classified as FVPL, FVOCI and amortized cost.

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The following table reflects the gains (losses) included in Foreign exchange and financial instruments gain (loss) in the interim consolidated statements of income (loss) for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2024		2023
Energy derivative contracts	$	11	$	66
IFRS 9 PPAs	16		57
Investment in debt and equity securities	28		13
Interest rate swaps	11		(6)
Foreign exchange swaps	(4)		(5)
Tax equity	56		8
Foreign exchange gain	2		13
	$	120	$	146

For the three months ended March 31, 2024, the gains associated with debt and equity securities of nil (2023: $13 million) were recorded in Other income on the interim consolidated statements of income (loss).

The following table reflects the gains (losses) included in other comprehensive income in the interim consolidated statements of comprehensive income (loss) for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2024		2023
Energy derivative contracts	$	6	$	166
IFRS 9 PPAs	(192)		12
Interest rate swaps	16		(46)
Foreign exchange swaps	(4)		(4)
	(174)		128
Foreign exchange swaps – net investment	22		(19)
Investments in debt and equity securities	—		10
	$	(152)	$	119

The following table reflects the reclassification adjustments recognized in net income (loss) in the interim consolidated statements of comprehensive income (loss) for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2024		2023
Energy derivative contracts	$	(31)	$	(48)
Interest rate swaps	2		(1)
	$	(29)	$	(49)

4. SEGMENTED INFORMATION

Brookfield Renewable’s Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or “CODM”) review the results of the business, manage operations, and allocate resources based on the type of technology.

Brookfield Renewable operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy and storage (distributed generation and pumped storage), 5) sustainable solutions (renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation), and 6) corporate - with hydroelectric further segmented by geography (i.e., North America, Colombia, and Brazil). This best reflects the way in which the CODM reviews results of our company.

The reporting to the CODM was revised during the fourth quarter of 2023 to disaggregate the distributed energy & sustainable solutions business into distributed energy & storage and sustainable solutions. This change is consistent with

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the development of Brookfield Renewable’s business as distributed generation and sustainable solutions continue to grow as a more significant component of the business. The financial information of operating segments in the prior period has been restated to present the corresponding results of the distributed energy & storage and sustainable solutions.

Reporting to the CODM on the measures utilized to assess performance and allocate resources is provided on a proportionate basis. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which it accounts for using consolidation and the equity method whereby Brookfield Renewable either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides a Unitholder (holders of the GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units) perspective that the CODM considers important when performing internal analyses and making strategic and operating decisions. The CODM also believes that providing proportionate information helps investors understand the impacts of decisions made by management and financial results allocable to Brookfield Renewable’s Unitholders.

Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconciling IFRS data with data presented on a proportionate consolidation basis have been disclosed. Segment revenues, other income, direct operating costs, interest expense, depreciation, current and deferred income taxes, and other are items that will differ from results presented in accordance with IFRS as these items include Brookfield Renewable’s proportionate share of earnings from equity-accounted investments attributable to each of the above-noted items, and exclude the proportionate share of earnings (loss) of consolidated investments not held by us apportioned to each of the above-noted items.

Brookfield Renewable does not control those entities that have not been consolidated and as such, have been presented as equity-accounted investments in its consolidated financial statements. The presentation of the assets and liabilities and revenues and expenses does not represent Brookfield Renewable’s legal claim to such items, and the removal of financial statement amounts that are attributable to non-controlling interests does not extinguish Brookfield Renewable’s legal claims or exposures to such items.

Brookfield Renewable reports its results in accordance with these segments and presents prior period segmented information in a consistent manner.

The accounting policies of the reportable segments are the same as those described in Note 1 – Basis of preparation and material accounting policy information. Brookfield Renewable analyzes the performance of its operating segments based on Funds From Operations. Funds From Operations is not a generally accepted accounting measure under IFRS and therefore may differ from definitions of Funds From Operations used by other entities, as well as the definition of funds from operations used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”).

Brookfield Renewable uses Funds From Operations to assess the performance of Brookfield Renewable before the effects of certain cash items (e.g., acquisition costs and other typical non-recurring cash items) and certain non-cash items (e.g., deferred income taxes, depreciation, non-cash portion of non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, and other non-cash items) as these are not reflective of the performance of the underlying business. Brookfield Renewable includes realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term within Funds From Operations in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period net income.

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The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income (loss) on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended March 31, 2024:

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable to non-controlling interests		As per IFRS financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Revenues	$	303	$	59	$	79	$	170	$	93	$	52	$	119	$	—	$	875	$	(157)	$	774	$	1,492
Other income	6		1		1		10		28		14		13		4		77		(6)		(37)		34
Direct operating costs	(103)		(18)		(35)		(59)		(31)		(23)		(97)		(11)		(377)		112		(369)		(634)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		51		—		51
	206		42		45		121		90		43		35		(7)		575		—		368
Management service costs	—		—		—		—		—		—		—		(45)		(45)		—		—		(45)
Interest expense	(68)		(4)		(22)		(31)		(30)		(8)		(1)		(35)		(199)		7		(284)		(476)
Current income taxes	(1)		(2)		(3)		(3)		1		(1)		(1)		—		(10)		2		(20)		(28)
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(11)		(11)		—		—		(11)
Preferred equity	—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Perpetual subordinated notes	—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Share of interest and cash taxes from equity accounted investments	—		—		—		—		—		—		—		—		—		(9)		—		(9)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(64)		(64)
Funds From Operations	137		36		20		87		61		34		33		(112)		296		—		—
Depreciation																							(502)
Foreign exchange and financial instrument gain																							120
Deferred income tax expense (recovery)																							14
Other																							(12)
Share of earnings from equity-accounted investments																							(75)
Net income attributable to non-controlling interests																							39
Net income (loss) attributable to Unitholders(2)																							$	(120)

(1)Share of loss from equity-accounted investments of $33 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $25 million is comprised of amounts found on share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes.

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The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income (loss) on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended March 31, 2023:

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable  to non-  controlling  interests		As per IFRS financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable Solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Revenues	$	335	$	61	$	66	$	142	$	88	$	61	$	19	$	—	$	772	$	(79)	$	638	$	1,331
Other income	4		1		1		1		8		3		2		12		32		(5)		(1)		26
Direct operating costs	(109)		(17)		(19)		(36)		(27)		(19)		(9)		(9)		(245)		34		(190)		(401)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		50		—		50
	230		45		48		107		69		45		12		3		559		—		447
Management service costs	—		—		—		—		—		—		—		(57)		(57)		—		—		(57)
Interest expense	(71)		(5)		(18)		(26)		(27)		(11)		(1)		(28)		(187)		10		(217)		(394)
Current income taxes	(1)		(2)		(7)		(3)		(2)		(1)		—		—		(16)		3		(30)		(43)
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(10)		(10)		—		—		(10)
Preferred equity	—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Perpetual subordinated notes							—				—		—		(7)		(7)		—		—		(7)
Share of interest and cash taxes from equity accounted investments	—		—		—		—		—		—		—		—		—		(13)		—		(13)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(200)		(200)
Funds From Operations	158		38		23		78		40		33		11		(106)		275		—		—
Depreciation																							(429)
Foreign exchange and financial instrument gain (loss)																							146
Deferred income tax expense																							19
Other																							(54)
Share of earnings from equity-accounted investments																							(4)
Net income attributable to non-controlling interests																							15
Net (loss) attributable to Unitholders(2)																							$	(32)

(1)Share of earning from equity-accounted investments of $33 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of earnings lines. Net loss attributable to participating non-controlling interests – in operating subsidiaries of $185 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes.

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The following table provides information on each segment's statement of financial position in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of financial position by aggregating the components comprising from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests:

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable to non- controlling interests		As per IFRS financials
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
As at March 31, 2024
Cash and cash equivalents	$	141	$	38	$	15	$	244	$	167	$	57	$	30	$	—	$	692	$	(79)	$	810	$	1,423
Property, plant and equipment	14,961		1,629		2,501		5,776		3,614		2,421		322		—		31,224		(1,582)		33,885		63,527
Total assets	16,045		1,852		2,749		6,665		4,496		2,882		1,510		269		36,468		(1,515)		40,157		75,110
Total liabilities	9,109		545		1,739		4,568		3,442		1,734		754		3,880		25,771		(1,515)		21,481		45,737
As at December 31, 2023
Cash and cash equivalents	$	77	$	20	$	12	$	225	$	123	$	50	$	30	$	3	$	540	$	(85)	$	686	$	1,141
Property, plant and equipment	15,134		1,694		2,490		6,024		3,635		2,386		341		—		31,704		(1,578)		33,879		64,005
Total assets	16,143		1,880		2,738		6,802		4,518		2,842		1,540		257		36,720		(1,529)		40,937		76,128
Total liabilities	9,231		531		1,645		4,727		3,484		1,705		1,126		3,159		25,608		(1,529)		22,070		46,149

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Geographical Information

The following table presents consolidated revenue split by reportable segment for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2024		2023
Hydroelectric
North America	$	340	$	422
Brazil	66		67
Colombia	351		283
	757		772
Wind	422		319
Utility-scale solar	229		164
Distributed energy & storage	77		64
Sustainable solutions	7		12
Total	$	1,492	$	1,331

The following table presents consolidated property, plant and equipment and equity-accounted investments split by geography region:

(MILLIONS)	March 31, 2024		December 31, 2023
United States	$	34,602	$	34,303
Colombia	10,499		10,585
Canada	7,262		7,483
Brazil	5,382		5,622
Europe	4,668		5,046
Asia	3,402		3,320
Other	196		192
	$	66,011	$	66,551

5. INCOME TAXES

Brookfield Renewable's effective income tax rate was (25)% for the three months ended March 31, 2024 (2023: 12%). The effective tax rate is different than the statutory rate primarily due to rate differentials and non-controlling interests' income or loss not subject to tax.

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6. PROPERTY, PLANT AND EQUIPMENT

The following table presents a reconciliation of property, plant and equipment at fair value:

(MILLIONS)	Hydroelectric		Wind		Solar		Other(1)		Total
Property, plant and equipment, at fair value
As at December 31, 2023	$	32,646	$	15,224	$	11,022	$	197	$	59,089
Additions, net	1		(30)		20		(12)		(21)
Transfer from construction work-in-progress	1		206		388		—		595
Transfer to assets held for sale	—		(15)		—		(44)		(59)
Items recognized through OCI:
Change in fair value	—		—		—		(25)		(25)
Foreign exchange	(242)		(115)		(97)		(3)		(457)
Items recognized through net income:
Depreciation	(158)		(210)		(129)		(5)		(502)
As at March 31, 2024	$	32,248	$	15,060	$	11,204	$	108	$	58,620
Construction work-in-progress
As at December 31, 2023	$	300	$	1,617	$	2,987	$	12	$	4,916
Additions	22		117		608		36		783
Transfer to property, plant and equipment	(1)		(206)		(388)		—		(595)
Transfer to assets held for sale	—		(175)		—		(3)		(178)
Items recognized through OCI:
Foreign exchange	5		(9)		(13)		(2)		(19)
As at March 31, 2024	$	326	$	1,344	$	3,194	$	43	$	4,907
Total property, plant and equipment, at fair value
As at December 31, 2023(2)(3)	$	32,946	$	16,841	$	14,009	$	209	$	64,005
As at March 31, 2024(2)(3)	$	32,574	$	16,404	$	14,398	$	151	$	63,527

(1)Includes biomass and cogeneration.

(2)Includes right-of-use assets not subject to revaluation of $55 million (2023: $60 million) in hydroelectric, $271 million (2023: $284 million) in wind, $382 million (2023: $385 million) in solar, and nil (2023: nil) in other.

(3)Includes land not subject to revaluation of $221 million (2023: $222 million) in hydroelectric, $20 million (2023: $20 million) in wind, $130 million (2023: $92 million) in solar, and $1 million (2023: $1 million) in other.

During the period, Brookfield Renewable, together with its institutional partners, completed the acquisitions of the following investments. They are accounted for as asset acquisitions as they do not constitute business combinations under IFRS 3:

•A series of distributed generation assets in the U.S. totaling 102 MW with $55 million of property, plant and equipment included in the consolidated statements of financial position at the acquisition date. Brookfield Renewable holds a 20% economic interest.

•A series of distributed generation assets in the U.S. totaling 61 MW with $41 million of property, plant and equipment included in the consolidated statements of financial position at the acquisition date. Brookfield Renewable holds a 25% economic interest.

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7. BORROWINGS

Corporate Borrowings

The composition of corporate borrowings is presented in the following table:

	March 31, 2024						December 31, 2023
	Weighted-average						Weighted- average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)	Term (years)	Carrying value		Estimated fair value		Interest rate (%)	Term (years)	Carrying value		Estimated fair value
Credit facilities	N/A	4.3	$	—	—		N/A	4.5	$	—	$	—
Commercial paper	5.9	<1	658		658		6.0	<1	183		183
Medium Term Notes:
Series 4 (C$150)	5.8	13	111		117		5.8	13	113		121
Series 9 (C$400)	3.8	1	295		291		3.8	1	302		297
Series 10 (C$500)	3.6	3	369		359		3.6	3	377		366
Series 11 (C$475)	4.3	5	351		343		4.3	5	358		353
Series 12 (C$475)	3.4	6	351		327		3.4	6	358		335
Series 13 (C$300)	4.3	26	222		189		4.3	26	226		201
Series 14 (C$425)	3.3	26	314		225		3.3	27	321		240
Series 15 (C$400)(1)	5.9	9	296		313		5.9	9	303		324
Series 16 (C$400)	5.3	10	295		301		5.3	10	302		311
Series 17 (C$400)	5.3	30	295		294		—	—	—		—
	4.4	12	2,899		2,759		4.3	10	2,660		2,548
Total corporate borrowings			3,557		$	3,417			2,843		$	2,731
Add: Unamortized premiums(2)			1						2
Less: Unamortized financing fees(2)			(13)						(12)
Less: Current portion			(658)						(183)
			$	2,887					$	2,650

(1)Includes $7 million (2023: $8 million) outstanding to an associate of Brookfield. Refer to Note 17 - Related party transactions for more details.

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

Credit facilities and commercial paper

Brookfield Renewable had $658 million commercial paper outstanding as at March 31, 2024 (2023: $183 million).

Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include, but are not limited to, security deposits, performance bonds and guarantees for debt service reserve accounts. See Note 16 – Commitments, contingencies and guarantees for letters of credit issued by subsidiaries.

The following table summarizes the available portion of corporate credit facilities:

(MILLIONS)	March 31, 2024		December 31, 2023
Authorized corporate credit facilities and related party credit facilities(1)	$	2,375	$	2,375
Draws on corporate credit facilities(1)(2)	(150)		(165)
Authorized letter of credit facility	500		500
Issued letters of credit	(317)		(307)
Available portion of corporate credit facilities	$	2,408	$	2,403

(1)Amounts are guaranteed by Brookfield Renewable.

(2)Relates to letter of credit issued against Brookfield Renewable’s corporate credit facilities.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
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Medium term notes

Corporate borrowings are obligations of a finance subsidiary of Brookfield Renewable, Brookfield Renewable Partners ULC (“Canadian Finco”) (Note 18 – Subsidiary public issuers). Canadian Finco may redeem some or all of the borrowings from time to time, pursuant to the terms of the indenture. The balance is payable upon maturity, and interest on corporate borrowings is paid semi-annually. The term notes payable by Canadian Finco are unconditionally guaranteed by Brookfield Renewable, Brookfield Renewable Energy L.P. (“BRELP”) and certain other subsidiaries.

During the first quarter of 2024, Brookfield Renewable issued C$400 million of Series 17 medium-term notes. The medium-term notes have a fixed interest rate of 5.32% and a maturity date of January 10, 2054. The Series 17 medium-term notes are corporate-level green bonds.

Non-recourse borrowings

Non-recourse borrowings are typically asset-specific, long-term, non-recourse borrowings denominated in the domestic currency of the subsidiary. Non-recourse borrowings in North America and Europe consist of both fixed and floating interest rate debt indexed to the Secured Overnight Financing Rate (“SOFR”), the Sterling Overnight Index Average (“SONIA”), the Euro Interbank Offered Rate (“EURIBOR”) and the Canadian Dollar Offered Rate (“CDOR”). Brookfield Renewable uses interest rate swap agreements in North America and Europe to minimize its exposure to floating interest rates. Non-recourse borrowings in Brazil consist of floating interest rates of Taxa de Juros de Longo Prazo (“TJLP”), the Brazil National Bank for Economic Development’s long-term interest rate, or Interbank Deposit Certificate rate (“CDI”), plus a margin. Non-recourse borrowings in Colombia consist of both fixed and floating interest rates indexed to Indicador Bancario de Referencia rate (“IBR”), the Banco Central de Colombia short-term interest rate, and Colombian Consumer Price Index (“IPC”), Colombia inflation rate, plus a margin. Non-Recourse borrowings in India consist of both fixed and floating interest indexed to Prime lending rate of lender (“MCLR”). Non-recourse borrowings in China consist of floating interest rates of People's Bank of China (“PBOC”).

Effective July 1, 2023, SOFR replaced US$ LIBOR. The Canadian Overnight Repo Rate Average (“CORRA”) is expected to replace CDOR after June 28, 2024.

As at March 31, 2024, Brookfield Renewable’s floating rate borrowings have not been materially impacted by SOFR reforms.

The composition of non-recourse borrowings is presented in the following table:

	March 31, 2024						December 31, 2023
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)	Term (years)	Carrying value		Estimated fair value		Interest rate (%)	Term (years)	Carrying value		Estimated fair value
Non-recourse borrowings(1)(2)
Hydroelectric	7.6	9	$	9,352	$	9,149	7.8	9	$	9,468	$	9,292
Wind	6.0	9	6,809		$	6,775	6.1	9	6,866		6,922
Utility-scale solar	6.2	10	6,036		$	5,969	6.2	12	5,868		5,879
Distributed energy & storage	6.3	5	3,318		3,266		6.2	6	3,035		2,963
Sustainable solutions	7.0	1	221		221		7.0	1	1,783		1,783
Total	6.7	9	$	25,736	$	25,380	6.8	9	$	27,020	$	26,839
Add: Unamortized premiums(3)			(10)						(11)
Less: Unamortized financing fees(3)			(147)						(140)
Less: Current portion			(3,197)						(4,752)
			$	22,382					$	22,117

(1)Includes $1,159 million (2023: 2,626 million) borrowed under a subscription facility of a Brookfield sponsored private fund.

(2)Includes $100 million (2023: $101 million) outstanding to an associate of Brookfield. Refer to Note 17 - Related party transactions for more details.

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

Brookfield Renewable’s financing and refinancing completed for the three months ended March 31, 2024 are as follows:

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
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Period Closed	Region	Technology	Average  Interest rate(1)		Maturity	Carrying Value
Q1 2024	India	Solar	9.20%	Financing	2041	INR 2,278 million ($27 million)
Q1 2024	India	Various	9.20%	Financing	2041	INR 3,713 million ($44 million)
Q1 2024	India	Wind	9.20%	Refinancing	2043	INR 1,350 million ($16 million)
Q1 2024	India	Solar	9.20%	Financing	2041	INR 1,181 million ($14 million)
Q1 2024	India	Solar	9.00%	Financing	2044	INR 1,097 million ($13 million)
Q1 2024	India	Solar	10.50%	Financing	2044	INR 1,097 million ($13 million)
Q1 2024	Brazil	Distributed generation	CDI	Financing	2025	BRL 100 million ($20 million)
Q1 2024	Brazil	Distributed generation	CDI	Financing	2025	BRL 200 million ($40 million)
Q1 2024	Brazil	Solar	CDI	Financing	2025	BRL 340 million ($68 million)
Q1 2024	US	Wind	SOFR	Financing	2029	$25 million
Q1 2024	US	Wind	4.20%	Financing	2034	$43 million
Q1 2024	US	Wind	SOFR	Financing	2027	$100 million
Q1 2024	US	Hydro	SOFR	Refinancing	2026	$100 million
Q1 2024	US	Solar	SOFR	Financing	2046(2)	$87 million
Q1 2024	Europe	Distributed generation	4.76%	Financing	2034-2044	EUR 14 million ($15 million)
Q1 2024	Colombia	Hydro	IBR	Financing	2034	COP $60 billion ($15 million)
Q1 2024	Colombia	Hydro	IBR	Financing	2034	COP $90 billion ($23 million)

(1)Benchmarked financings bear a variable interest at the applicable rate plus margin.

(2)Term conversion date in 2025 automatically rolling into a maturity of 2046.

8. NON-CONTROLLING INTERESTS

Brookfield Renewable`s non-controlling interests are comprised of the following:

(MILLIONS)	March 31, 2024		December 31, 2023
Participating non-controlling interests – in operating subsidiaries	$	18,669	$	18,863
General partnership interest in a holding subsidiary held by Brookfield	52		55
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	2,529		2,684
BEPC exchangeable shares	2,336		2,479
Preferred equity	570		583
Perpetual subordinated notes	738		592
	$	24,894	$	25,256

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Participating non-controlling interests – in operating 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			Brookfield Infrastructure Fund V			Brookfield Global Transition Fund I		Brookfield Global Transition Fund II			Canadian Hydroelectric Portfolio			The Catalyst Group			Isagen institutional investors			Isagen public non-controlling interests			Other		Total
As at December 31, 2023	$	75	$	2,463	$	3,214	$	2,411		$	917		$	3,682	$	296		$	1,288		$	122		$	2,704		$	18		$	1,673	$	18,863
Net income (loss)	—		4		4		3			(2)			(22)		2			12			4			22			—			(2)		25
Other comprehensive  income (loss)	—		(28)		(26)		(26)			(40)			(93)		—			(26)			—			(16)			—			(42)		(297)
Capital contributions	—		—		—		9			54			78		2			—			—			—			—			24		167
Return of capital	—		—		—		(12)			—			(4)		—			—			—			—			—			—		(16)
Distributions	(1)		(13)		(29)		(5)			—			(2)		—			(16)			—			(32)			—			(9)		(107)
Other	—		1		1		9			10			29		15			—			—			—			—			(31)		34
As at March 31, 2024	$	74	$	2,427	$	3,164	$	2,389		$	939		$	3,668	$	315		$	1,258		$	126		$	2,678		$	18		$	1,613	$	18,669
Interests held by third parties	75% - 78%		43% - 60%		23% - 71%		75		%	72		%	77% - 80%		51		%	50		%	25		%	53		%	0.3		%	0.3% - 71%

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General partnership interest in a holding subsidiary held by Brookfield, Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield and BEPC Class A exchangeable shares of Brookfield Renewable Corporation held by public shareholders and Brookfield

Brookfield, as the owner of the 1% GP interest in BRELP, is entitled to regular distributions plus an incentive distribution based on the amount by which quarterly distributions exceed specified target levels. As at March 31, 2024, to the extent that LP unit distributions exceed $0.20 per LP unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that quarterly LP unit distributions exceed $0.2253 per LP unit per quarter, the incentive distribution is equal to 25% of distributions above this threshold. Incentive distributions of $33 million were declared during the three months ended March 31, 2024, respectively (2023: $27 million).

Consolidated equity includes Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest. The Redeemable/Exchangeable partnership units and the GP interest are held 100% by Brookfield, the BEPC exchangeable shares are held 25% by Brookfield Holders, with the remainder held by public shareholders. The Redeemable/Exchangeable partnership units and BEPC exchangeable shares provide the holder, at its discretion, with the right to redeem these units or shares, respectively, for cash consideration. Since this redemption right is subject to Brookfield Renewable’s right, at its sole discretion, to satisfy the redemption request with LP units of Brookfield Renewable on a one-for-one basis, the Redeemable/Exchangeable partnership units and BEPC exchangeable shares are classified as equity in accordance with IAS 32, Financial Instruments: Presentation.

The Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest are presented as non-controlling interests since they relate to equity in a subsidiary that is not attributable, directly or indirectly, to Brookfield Renewable. During the three months ended March 31, 2024, exchangeable shareholders of BEPC exchanged 2,683 BEPC exchangeable shares (2023: 1,742) for an equivalent number of LP units amounting to less than $1 million (2023: less than $1 million). No Redeemable/Exchangeable partnership units have been redeemed.

The Redeemable/Exchangeable partnership units issued by BRELP and the BEPC exchangeable shares issued by BEPC have the same economic attributes in all respects to the LP units issued by Brookfield Renewable, except for the redemption rights described above. The Redeemable/Exchangeable partnership units, BEPC exchangeable shares and the GP interest, excluding incentive distributions, participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the LP units of Brookfield Renewable.

As at March 31, 2024, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and units of GP interest outstanding were 194,487,939 units (December 31, 2023: 194,487,939 units), 179,648,843 shares (December 31, 2023: 179,651,526 shares), and 3,977,260 units (December 31, 2023: 3,977,260 units), respectively.

In December 2023, Brookfield Renewable renewed its normal course issuer bid in connection with its LP units and entered into a normal course issuer bid for its outstanding BEPC exchangeable shares. Brookfield Renewable is authorized to repurchase up to 14,361,497 LP units and 8,982,586 BEPC exchangeable shares, representing 5% of its issued and outstanding LP units and BEPC exchangeable shares. The bids will expire on December 17, 2024, or earlier should Brookfield Renewable complete its repurchases prior to such date. During the three months ended March 31, 2024 and 2023, there were nil BEPC exchangeable shares repurchased.

Distributions

The composition of the distributions for the three months ended March 31 is presented in the following table:

	Three months ended March 31
(MILLIONS)	2024		2023
General partnership interest in a holding subsidiary held by Brookfield	$	1	$	1
Incentive distribution	33		27
	34		28
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	70		67
BEPC exchangeable shares held by
Brookfield Holders	16		16
External shareholders	49		42
Total BEPC exchangeable shares	65		58
	$	169	$	153

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
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Preferred equity

Brookfield Renewable's preferred equity consists of Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. ("BRP Equity") as follows:

(MILLIONS EXCEPT AS NOTED)	Shares outstanding	Cumulative distribution rate (%)	Earliest permitted redemption date	Distributions declared for the three months ended March 31				Carrying value as at
				2024		2023		March 31, 2024		December 31, 2023
Series 1 (C$136)	6.85	3.1	April 2025	$	1	$	1	$	126	$	129
Series 2 (C$113)(1)	3.11	7.8	April 2025	1		1		57		58
Series 3 (C$249)	9.96	4.4	July 2024	2		2		182		187
Series 5 (C$103)	4.11	5.0	April 2018	1		1		76		77
Series 6 (C$175)	7.00	5.0	July 2018	2		2		129		132
	31.03			$	7	$	7	$	570	$	583

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

Distributions paid during the three months ended March 31, 2024, totaled $7 million (2023: $7 million).

The Class A Preference Shares do not have a fixed maturity date and are not redeemable at the option of the holders. As at March 31, 2024, none of the issued Class A, Series 5 and 6 Preference Shares have been redeemed by BRP Equity.

In December 2023, the Toronto Stock Exchange accepted notice of BRP Equity's intention to renew the normal course issuer bid in connection with its outstanding Class A Preference Shares to December 17, 2024, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, BRP Equity is permitted to repurchase up to 10% of the total public float for each respective series of the Class A Preference Shares. Shareholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. There were no repurchases of Class A Preference Shares during the three months ended March 31, 2024 and 2023.

Perpetual subordinated notes

Brookfield Renewable's perpetual subordinated notes consists:

(MILLIONS EXCEPT AS NOTED)	Notes outstanding	Interest rate (%)	Earliest permitted redemption date	Interest expense for the three months ended March 31				Carrying value as at
Issuance date				2024		2023		March 31, 2024		December 31, 2023
April, 2021	14.00	4.6	April, 2026	$	4	$	4	$	350	$	350
December, 2021	10.40	4.9	December, 2026	3		3		260		260
March, 2024	6.00	7.3	March, 2029	—		—		150		—
	30.40			$	7	$	7	$	760	$	610

During the first quarter of 2024, Brookfield BRP Holdings (Canada) Inc., a wholly-owned subsidiary of Brookfield Renewable, issued $150 million of perpetual subordinated notes at a fixed rate of 7.25%.

Distributions paid during the three months ended March 31, 2024, totaled $7 million (2023: $7 million).

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9. PREFERRED LIMITED PARTNERS' EQUITY

Brookfield Renewable’s preferred limited partners’ equity comprises of Class A Preferred units as follows:

(MILLIONS, EXCEPT AS NOTED)	Shares outstanding	Cumulative distribution rate (%)	Earliest permitted redemption date	Distributions declared for the three months ended March 31				Carrying value as at
				2024		2023		March 31, 2024		December 31, 2023
Series 7 (C$175)	7.00	5.50	January 2026	2		2		128		128
Series 13 (C$250)	10.00	6.05	April 2028	3		2		196		196
Series 15 (C$175)	7.00	5.75	April 2024	2		2		126		126
Series 17 ($200)	8.00	5.25	March 2025	2		2		195		195
Series 18 (C$150)	6.00	5.50	April 2027	2		2		115		115
	38.00			$	11	$	10	$	760	$	760

Distributions paid during the three months ended March 31, 2024, totaled $11 million (2023: $10 million).

Class A Preferred LP Units - Normal Course Issuer Bid

In December 2023, the Toronto Stock Exchange accepted notice of Brookfield Renewable's intention to renew the normal course issuer bid in connection with the outstanding Class A Preferred Limited Partnership Units for another year to December 17, 2024, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, Brookfield Renewable is permitted to repurchase up to 10% of the total public float for each respective series of its Class A Preferred Limited Partnership Units. Unitholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. No units were repurchased during the three months ended March 31, 2024 and 2023.

10. LIMITED PARTNERS' EQUITY

Limited partners’ equity

As at March 31, 2024, 286,045,787 LP units were outstanding (December 31, 2023: 287,164,340 LP units) including 74,339,049 LP units (December 31, 2023: 74,339,049 LP units) held by Brookfield Holders. Brookfield owns all general partnership interests in Brookfield Renewable representing a 0.01% interest.

During the three months ended March 31, 2024, 95,018 LP units (2023: 72,119 LP units) were issued under the distribution reinvestment plan at a total value of $2 million (2023: $2 million).

During the three months ended March 31, 2024, exchangeable shareholders of BEPC exchanged 2,683 BEPC exchangeable shares (2023: 1,742 shares) for an equivalent number of LP units amounting to less than $1 million (2023: less than $1 million).

As at March 31, 2024, Brookfield Holders held a direct and indirect interest of approximately 48% of Brookfield Renewable on a fully-exchanged basis. Brookfield Holders held a direct and indirect interest of 313,640,823 LP units, Redeemable/Exchangeable partnership units, the remaining is held by public investors.

On an unexchanged basis, Brookfield Holders hold a 26% direct and indirect limited partnership interest in Brookfield Renewable, a 40% direct interest in BRELP through the ownership of Redeemable/Exchangeable partnership units, a direct 1% GP interest in BRELP and a 25% direct and indirect interest in the exchangeable shares of BEPC as at March 31, 2024.

In December 2023, Brookfield Renewable renewed its normal course issuer bid in connection with its LP units and outstanding BEPC exchangeable shares. Brookfield Renewable is authorized to repurchase up to 14,361,497 LP units and 8,982,586 BEPC exchangeable shares, representing 5% of each of its issued and outstanding LP units and BEPC exchangeable shares. The bids will expire on December 17, 2024, or earlier should Brookfield Renewable complete its repurchases prior to such date. During the three months ended March 31, 2024, there were 1,216,254 LP units (2023: nil) repurchased and cancelled at a total cost of $28 million (2023: nil). An additional 80,000 LP Units were repurchased on March 27, 2024 and March 28, 2024 but were not cancelled until April 1, 2024 and April 2, 2024. During the three months ended March 31, 2024 and 2023, there were nil BEPC exchangeable shares repurchased.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
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Distributions

The composition of distributions for the three months ended March 31 are presented in the following table:

	Three months ended March 31
(MILLIONS)	2024		2023
Brookfield Holders	$	26	$	24
External LP unitholders	77		73
	$	103	$	97

In February 2024, Unitholder distributions were increased to $1.42 per LP unit on an annualized basis, an increase of $0.07 per LP unit, which took effect with the distribution paid in March 2024.

Distributions paid during the three months ended March 31, 2024 totaled $94 million (2023: $91 million).

11. EQUITY-ACCOUNTED INVESTMENTS

The following are Brookfield Renewable’s equity-accounted investments for the three months ended March 31, 2024:

(MILLIONS)	March 31, 2024
Balance, beginning of year	$	2,546
Investment	6
Share of net loss	(33)
Share of other comprehensive loss	(13)
Dividends received	(1)
Foreign exchange translation and other	$	(21)
Balance as at March 31, 2024	$	2,484

The following table presents the ownership interests and carrying values of Brookfield Renewable’s investments in associates and joint ventures, all of which are accounted for using the equity method:

	Ownership Interest		Carrying Value
	2024	2023	2024		2023
Hydroelectric	14%-50%	14%-50%	$	225	$	225
Wind	25%-50%	25%-50%	144		159
Utility-scale solar	25%-65%	25%-65%	291		304
Distributed energy & storage	25%-50%	25%-50%	1,035		1,049
Sustainable solutions	4%-49%	4%-49%	789		809
			$	2,484	$	2,546

12. CASH AND CASH EQUIVALENTS

Brookfield Renewable’s cash and cash equivalents are as follows:

(MILLIONS)	March 31, 2024		December 31, 2023
Cash	$	999	$	821
Cash subject to restriction	304		251
Short-term deposits	120		69
	$	1,423	$	1,141

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13. RESTRICTED CASH

Brookfield Renewable’s restricted cash is as follows:

(MILLIONS)	March 31, 2024		December 31, 2023
Operations	$	250	$	299
Capital expenditures and development projects	20		13
Credit obligations	113		79
Total	383		391
Less: non-current	(119)		(81)
Current	$	264	$	310

14. TRADE RECEIVABLES AND OTHER CURRENT ASSETS

Brookfield Renewable's trade receivables and other current assets are as follows:

(MILLIONS)	March 31, 2024		December 31, 2023
Trade receivables	$	778	$	662
Prepaids and other	156		127
Collateral deposits(1)	167		178
Inventory	120		111
Sales taxes receivable	92		94
Current portion of contract asset	63		61
Income tax receivable	39		74
Short-term deposits and advances	32		23
Other short-term receivables	182		187
	$	1,629	$	1,517

(1)Collateral deposits are related to energy derivative contracts that Brookfield Renewable enters into in order to mitigate the exposure to wholesale market electricity prices on the future sale of uncontracted generation, as part of Brookfield Renewable's risk management strategy.

Brookfield Renewable primarily receives monthly payments for invoiced power purchase agreement revenues and has no significant aged receivables as of the reporting date. Receivables from contracts with customers are reflected in Trade receivables.

15. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Brookfield Renewable's accounts payable and accrued liabilities are as follows:

(MILLIONS)	March 31, 2024		December 31, 2023
Operating accrued liabilities	$	552	$	603
Accounts payable	442		388
Interest payable on borrowings	326		301
LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable , perpetual subordinate notes distributions and exchange shares dividends(1)	60		58
Current portion of lease liabilities	42		41
Current portion of contract liability	38		35
Income tax payable	34		41
Other	91		72
	$	1,585	$	1,539

(1)Includes amounts payable only to external LP unitholders and BEPC exchangeable shareholders. Amounts payable to Brookfield are included in due to related parties.

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16. COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments

In the course of its operations, Brookfield Renewable and its subsidiaries have entered into agreements for the use of water, land and dams. Payment under those agreements varies with the amount of power generated. The various agreements can be renewed and are extendable up to 2089.

In the normal course of business, Brookfield Renewable will enter into capital expenditure commitments which primarily relate to contracted project costs for various growth initiatives. As at March 31, 2024, Brookfield Renewable had $3.2 billion (2023: $2.8 billion) of capital expenditure commitments outstanding of which $2.4 billion is payable in 2024, $532 million is payable in 2025, $231 million is payable in 2026 to 2028, and $6 million thereafter.

The following table lists the assets and portfolio of assets that Brookfield Renewable, together with institutional partners have agreed to acquire which are subject to customary closing conditions as at March 31, 2024:

Region	Technology	Capacity	Consideration	Brookfield Renewable Economic Interest	Expected Close
China	Wind	102 MW development	CNY $116 million ($16 million)	20%	Q4 2024
China	Wind	350 MW development	CNY $794 million ($110 million)	20%	Q4 2024
Brazil	Distributed energy & storage	829 MW development 13 MW operating	BRL $350 million ($70 million)	20%	2024-2026

Brookfield Renewable, together with its institutional partners, agreed to invest an additional $46 million ($10 million net to Brookfield Renewable) into CRC in the second quarter of 2024. There will be no change to Brookfield Renewable’s economic interest as a result of the transaction.

An integral part of Brookfield Renewable’s strategy is to participate with institutional partners in Brookfield-sponsored private equity funds that target acquisitions that suit Brookfield Renewable’s profile. In the normal course of business, Brookfield Renewable has made commitments to Brookfield-sponsored private equity funds to participate in these target acquisitions in the future, if and when identified. From time to time, in order to facilitate investment activities in a timely and efficient manner, Brookfield Renewable will fund deposits or incur other costs and expenses (including by use of loan facilities to consummate, support, guarantee or issue letters of credit) in respect of an investment that ultimately will be shared with or made entirely by Brookfield sponsored vehicles, consortiums and/or partnerships (including private funds, joint ventures and similar arrangements), Brookfield Renewable, or by co-investors.

Contingencies

Brookfield Renewable and its subsidiaries are subject to various legal proceedings, arbitrations and actions arising in the normal course of business. While the final outcome of such legal proceedings and actions cannot be predicted with certainty, it is the opinion of management that the resolution of such proceedings and actions will not have a material impact on Brookfield Renewable’s consolidated financial position or results of operations.

Brookfield Renewable, on behalf of Brookfield Renewable’s subsidiaries, and the subsidiaries themselves have provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance. The activity on the issued letters of credit by Brookfield Renewable can be found in Note 7 – Borrowings.

Brookfield Renewable, along with institutional partners, has provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance as it relates to interests in the Brookfield Americas Infrastructure Fund, the Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV, Brookfield Infrastructure Fund V, Brookfield Global Transition Fund and Brookfield Global Transition Fund II. Brookfield Renewable’s subsidiaries have similarly provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
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Letters of credit issued by Brookfield Renewable along with institutional partners and its subsidiaries were as at the following dates:

(MILLIONS)	March 31, 2024		December 31, 2023
Brookfield Renewable along with institutional partners	$	85	$	100
Brookfield Renewable's subsidiaries	2,588		2,026
	$	2,673	$	2,126

Guarantees

In the normal course of operations, Brookfield Renewable and its subsidiaries execute agreements that provide for indemnification and guarantees to third-parties of transactions such as business dispositions, capital project purchases, business acquisitions, power marketing activities such as purchase and sale agreements, swap agreements, credit facilities of certain Brookfield private funds and that are also secured by committed capital of our third-party institutional partners, and sales and purchases of assets and services. Brookfield Renewable has also agreed to indemnify its directors and certain of its officers and employees. The nature of substantially all of the indemnification undertakings prevents Brookfield Renewable from making a reasonable estimate of the maximum potential amount that Brookfield Renewable could be required to pay third parties as the agreements do not always specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, neither Brookfield Renewable nor its subsidiaries have made material payments under such indemnification agreements.

17. RELATED PARTY TRANSACTIONS

Brookfield Renewable’s related party transactions are recorded at the exchange amount and are primarily with Brookfield.

Brookfield Corporation has provided a $400 million committed unsecured revolving credit facility maturing in December 2024 and the draws bear interest at Secured Overnight Financing Rate plus a margin. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield Corporation. Brookfield Corporation may from time to time place funds on deposit with Brookfield Renewable which are repayable on demand including any interest accrued. There were nil funds placed on deposit with Brookfield Renewable as at March 31, 2024 (December 31, 2023: nil). The interest expense on the Brookfield Corporation revolving credit facility and deposit for the three months ended March 31, 2024 totaled nil (2023: nil).

From time to time Brookfield Reinsurance and its related entities may participate in capital raises undertaken by Brookfield Renewable. These financings are typically provided at the market rates and as at March 31, 2024, $100 million of non-recourse borrowings (2023: $101 million) and $7 million of corporate borrowings (2023: $8 million) were due to Brookfield Reinsurance. Brookfield Reinsurance has also subscribed to tax equity financing of $2 million (2023: $2 million) and preferred limited partners equity of $11 million (2023: $11 million). As at March 31, 2024, Brookfield Renewable had $436 million (2023: $450 million) of borrowings from Brookfield Reinsurance classified as due to related party.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
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The following table reflects the related party agreements and transactions for the three months ended March 31 in the interim consolidated statements of income (loss):

	Three months ended March 31
(MILLIONS)	2024		2023
Revenues
Power purchase and revenue agreements	$	16	$	44
Direct operating costs
Energy marketing fee & other services	$	(7)	$	(1)
Interest expense
Borrowings	$	(9)	$	(7)
Contract balance accretion	(8)		(8)
	$	(17)	$	(15)
Other
Distribution income	$	2	$	1
Other related party services	$	1	$	—
Financial instrument gain/(loss)	$	2	$	5
Management service costs	$	(45)	$	(57)

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
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The following table reflects the impact of the related party agreements and transactions on the consolidated statements of financial position:

(MILLIONS)	Related party	March 31, 2024		December 31, 2023
Current assets
Trade receivables and other current assets
Contract asset	Brookfield	$	63	$	61
Due from related parties
Amounts due from	Brookfield(1)	209		1,386
	Equity-accounted investments and other	39		57
		248		1,443
Non-current assets
Financial instrument assets	Brookfield	172		170
Other long-term assets
Contract asset	Brookfield	297		314
Due from related parties
	Equity-accounted investments and other	134		135
Current liabilities
Contract liability	Brookfield	38		35
Financial instrument liabilities	Brookfield Reinsurance	2		2
Due to related parties
Amounts due to	Brookfield(2)	548		541
	Equity-accounted investments and other	22		13
	Brookfield Reinsurance	233		242
Accrued distributions payable on LP units, BEPC exchangeable shares, Redeemable/Exchangeable partnership units and GP interest	Brookfield	49		39
		852		835
Non-current liabilities
Financial instrument liabilities	Brookfield Reinsurance	2		2
Due to related parties
Amounts due to	Brookfield(2)	477		496
	Equity-accounted investments and other	204		209
		681		705
Corporate borrowings	Brookfield Reinsurance	7		8
Non-recourse borrowings	Brookfield Reinsurance and associates	100		101
Other long-term liabilities
Contract liability	Brookfield	682		680
Equity
Preferred limited partners equity	Brookfield Reinsurance and associates	$	11	$	11

(1)Includes receivables of $153 million (2023: $1,328 million) associated with the Brookfield Global Transition Fund credit facility.

(2)Includes payables of nil (2023: $6 million), $81 million (2023: $81 million), and $308 million (2023: $307 million) associated with the Brookfield Infrastructure Fund IV, Brookfield Global Transition Fund, and Brookfield Global Transition Fund II credit facilities, respectively.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
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18. SUBSIDIARY PUBLIC ISSUERS

The following tables provide consolidated summary financial information for Brookfield Renewable, BRP Equity, and Canadian Finco:

(MILLIONS)	Brookfield Renewable(1)		BRP Equity		Canadian Finco		Subsidiary Credit Supporters(2)		Other Subsidiaries(1)(3)		Consolidating adjustments(4)		Brookfield Renewable consolidated
As at March 31, 2024
Current assets	$	68	$	392	$	2,948	$	827	$	4,036	$	(4,221)	$	4,050
Long-term assets	4,492		241		2		43,077		70,972		(47,724)		71,060
Current liabilities	76		8		47		8,779		6,309		(8,042)		7,177
Long-term liabilities	—		—		2,887		54		35,619		—		38,560
Participating non-controlling interests – in operating subsidiaries	—		—		—		—		18,669		—		18,669
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	—		—		—		2,529		—		—		2,529
BEPC exchangeable shares	—		—		—		—		2,336		—		2,336
Preferred equity	—		570		—		—		—		—		570
Perpetual subordinated notes	—		—		—		738		—		—		738
Preferred limited partners' equity	760		—		—		765		—		(765)		760
As at December 31, 2023
Current assets	$	65	$	400	$	2,695	$	790	$	4,611	$	(3,951)	$	4,610
Long-term assets	4,735		246		2		44,239		71,435		(49,139)		71,518
Current liabilities	72		8		32		8,406		7,658		(8,138)		8,038
Long-term liabilities	—		—		2,650		56		35,405		—		38,111
Participating non-controlling interests – in operating subsidiaries	—		—		—		—		18,863		—		18,863
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	—		—		—		2,684		—		—		2,684
BEPC exchangeable shares	—		—		—		—		2,479		—		2,479
Preferred equity	—		583		—		—		—		—		583
Perpetual subordinated notes	—		—		—		592		—		—		592
Preferred limited partners' equity	760		—		—		765		—		(765)		760

(1)Includes investments in subsidiaries under the equity method.

(2)Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc., collectively the "Subsidiary Credit Supporters".

(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco and the Subsidiary Credit Supporters.

(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 75

(MILLIONS)	Brookfield Renewable(1)		BRP Equity		Canadian Finco		Subsidiary Credit Supporters(2)		Other Subsidiaries(1)(3)		Consolidating adjustments(4)		Brookfield Renewable consolidated
Three months ended March 31, 2024
Revenues	$	—	$	—	$	—	$	—	$	1,492	$	—	$	1,492
Net income (loss)	(56)		—		—		(381)		183		184		(70)
Three months ended March 31, 2023
Revenues	$	—	$	—	$	—	$	—	$	1,331	$	—	$	1,331
Net income (loss)	(16)		—		1		(186)		353		25		177

(1)Includes investments in subsidiaries under the equity method.

(2)Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments and BEP Subco Inc., collectively the “Subsidiary Credit Supporters”.

(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco, and the Subsidiary Credit Supporters.

(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.

See Note 7 – Borrowings for additional details regarding the medium-term borrowings issued by Canadian Finco. See Note 8 – Non-controlling interests for additional details regarding Class A Preference Shares issued by BRP Equity.

19. SUBSEQUENT EVENTS

Subsequent to the quarter, Brookfield Renewable redeemed all of the outstanding units of Series 15 Preferred Limited Partnership units for C$175 million.

Subsequent to the quarter, Brookfield Renewable repurchased 920,000 LP units on the Toronto Stock Exchange at a total cost of $20 million.

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, completed to the sale of a 60 MW battery development project in the U.S. for proceeds of approximately $116 million ($33 million net to Brookfield Renewable ).

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2024
		Page 76

GENERALINFORMATION

Corporate Office 73 Front Street 5th Floor Hamilton, HM12 Bermuda Tel:  (441) 294-3304 https://bep.brookfield.com Officers of Brookfield Renewable Partners L.P.'s Service Provider, Brookfield Canada Renewable Manager LP Connor Teskey Chief Executive Officer Wyatt Hartley Chief Financial Officer Transfer Agent & Registrar Computershare Trust Company of Canada 100 University Avenue 8th floor Toronto, Ontario, M5J 2Y1 Tel  Toll Free: (800) 564-6253 Fax Toll Free: (888) 453-0330 www.computershare.com

Directors of the General Partner of Brookfield Renewable Partners L.P. Jeffrey Blidner Scott Cutler Dr. Sarah Deasley Nancy Dorn David Mann Lou Maroun Stephen Westwell Patricia Zuccotti Exchange Listing NYSE: BEP (LP units) TSX:    BEP.UN (LP units) NYSE: BEPC (exchangeable shares) TSX: BEPC (exchangeable shares) TSX:    BEP.PR.G (Preferred LP Units - Series 7) TSX:    BEP.PR.M (Preferred LP Units - Series 13) NYSE: BEP.PR.A (Preferred LP Units - Series 17) TSX: BEP.PR.R (Preferred LP Units - Series 18) TSX:    BRF.PR.A (Preferred shares - Series 1) TSX:    BRF.PR.B (Preferred shares - Series 2) TSX:    BRF.PR.C (Preferred shares - Series 3) TSX:    BRF.PR.E (Preferred shares - Series 5) TSX:    BRF.PR.F (Preferred shares - Series 6) NYSE: BEPH (Perpetual subordinated notes) NYSE: BEPI (Perpetual subordinated notes) NYSE: BEPJ (Perpetual subordinated notes) Investor Information Visit Brookfield Renewable online at https://bep.brookfield.com for more information. The 2023 Annual Report and Form 20-F are also available online. For detailed and up-to-date news and information, please visit the News Release section. Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR+ at www.sedarplus.ca. Shareholder enquiries should be directed to the Investor Relations Department at (416) 649-8172 or enquiries@brookfieldrenewable.com