GlobeNewswire Inc | Feb 4, 2021 06:50AM EST

February 04, 2021

All amounts in U.S. dollars unless otherwise indicated

BROOKFIELD, News, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) (Brookfield Renewable or "BEP") today reported financial results for the three and twelve months ended December 31, 2020.

2020 was another year of significant growth for our business. Despite the economic challenges around the world, we delivered record results and continued to broaden our operations, as we look forward to a multi-decade opportunity to advance decarbonization and assist with the transition of global electricity grids to a more sustainable future, said Connor Teskey, CEO of Brookfield Renewable. Our size, scale across multiple technologies, and depth of operating and development expertise continues to be a meaningful differentiator in sourcing growth opportunities, and executing large, high value investments.

Financial Results

Millions (except per unit For the three months ended For the twelve monthsor otherwise noted) December 31 ended December 31Unaudited 2020 2019 2020 2019 Total generation (GWh) ? Long-term average 14,333 13,850 57,457 53,926 generation? Actual generation 13,248 12,465 52,782 52,560 Brookfield Renewable Partner's share (GWh)? Long-term average 7,354 6,561 27,998 26,189 generation? Actual generation 6,583 5,977 26,052 26,038 Net loss attributable to $ (120 ) $ (74 ) $ (304 ) $ (103 )UnitholdersPer LP unit^(1) (0.22 ) (0.15 ) (0.61 ) (0.26 )Funds From Operations (FFO) 201 171 807 761 ^(2)Per Unit^(1)(2)(3) 0.31 0.29 1.32 1.30 Normalized Funds From 265 167 924 725 Operations (FFO)^(2)(4)Per Unit^(1)(2)(3)(4) 0.41 0.28 1.52 1.24

(1) Adjusted for the 3-for-2 Unit split effective December 11, 2020.(2) Non-IFRS measures. Refer to?Cautionary Statement Regarding Use of Non-IFRS Measures?. Average Units outstanding for the three and twelve months ended December31, 2020 were 645.5 million and 609.5 million, respectively (2019:(3) 583.6 million and 583.5 million, respectively), being inclusive of our LP units, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and general partner interest. The actual LP units outstanding at December31, 2020 were 645.5 million (2019: 466.9 million). Normalized FFO assumes long-term average generation in all segments except the Brazil and Colombia hydroelectric segments and uses 2019 foreign currency rates. For the three and twelve months ended December31, 2020,(4) the change related to long-term average generation totaled $41million and $75million, respectively (2019: $(4)million and $(36)million, respectively) and the change related to foreign currency totaled $23million and $42million, respectively.

Brookfield Renewable reported FFO of $807 million ($1.32 per LP unit) for the twelve months ended December31, 2020, a 6% increase from the prior year supported by contributions from growth initiatives and strong asset availability. After deducting non-cash depreciation, our Net loss attributable to Unitholders for the twelve months ended December31, 2020 was $304million or $0.61 per LP unit.

Highlights

-- Advanced key commercial priorities, including delivering on almost $40 million in cost saving initiatives ($17 million net to Brookfield Renewable), securing contracts to deliver3,500 gigawatt hours of clean energy annually (which has the equivalent carbon avoidance of planting almost 30 million trees), and signing a number of strategic contracts with corporate offtakers;

-- Agreed to invest ~$4.6 billion (~$2.5 billion net to Brookfield Renewable) of equity across ten transactions, deploying capital in every major market we operate;

-- Completed the merger of TerraForm Power, consolidating our activities in North America and Europe;

-- Commissioned approximately 460 megawatts of new capacity and progressedclose to 4,200 megawatts through construction and advanced-stage permitting, and increase the size of our development pipeline to over 23,000 megawatts;

-- Maintained a strong balance sheet and bolstered our liquidity, with over $3.3 billion of available liquidity, raising over $1 billion from asset recycling initiatives, closing $3.4 billion of investment-grade financings and extending the average duration of our corporate debt from 10 to 14 years; and -- Broadened our investor base with the creation of BEPC and through our addition to several U.S. and global indices.

Update on Growth Initiatives

In December, we agreed to acquire Exelon Generation Companys U.S. distributed generation (DG) business comprising 360 megawatts of operating generation across nearly 600 sites with an additional over 700 megawatts under development for $810 million (approximately $200 million net to Brookfield Renewable). In 2017, we took our first step into DG with an acquisition after having identified a significant opportunity to build a high-quality scale business in a highly fragmented and rapidly growing market. Since then, through both acquisitions and organic initiatives, we have expanded the business as demand for on-site generation continued to grow as cost declines in solar technology and decarbonization ambitions of commercial and industrial clients accelerated.

With this acquisition, we will own one of the leading distributed generation businesses in the U.S., with deep operating, development and origination capabilities, and a 2,000 megawatt portfolio that generates high-quality contracted cash flows that are diversified by geography and customer. This investment represents the continuation of this strategy and furthers our goal of offering corporates and other institutions a one-stop solution for on- and off-site energy generation, storage and procurement and energy efficiency services to help them achieve their decarbonization objectives and transition to a lower carbon future.

In December, we agreed to acquire the Shepherds Flat wind farm, an 845 megawatt fully contracted wind generation facility located in Oregon for $700 million ($175 million net to Brookfield Renewable). The project, which is fully contracted with a high-quality offtaker, is one of the largest onshore wind projects in the United States and includes an attractive repowering opportunity that we expect to deliver by the end of 2022. This repowering opportunity is one of the largest in the world and is expected to increase total generation by approximately 25% increasing the clean energy produced by approximately 400 gigawatt hours annually. Having the expertise to undertake a project of this size showcases our decades of expertise to drive operational efficiencies while generating attractive returns.

We also continue to use our differentiated operating and commercial capabilities to acquire ready-to-build development assets in Brazil at premium returns. In December, we agreed to acquire a 270 megawatt late-stage development wind project, including an option over a further 200 megawatt expansion. Ahead of construction, we intend to leverage our energy marketing capabilities to contract the project, which is located in one of the highest wind regions in the country. Our relationships with global turbine manufacturers, as one of the largest acquirers globally, should enable us to outperform on equipment procurement, installation and operating costs. With this latest addition, in the last 18-months, we have acquired a collection of projects that once constructed, will represent a combined portfolio of over 2,000 megawatts of long-term contracted wind and solar assets, more than doubling our renewable energy capacity in the country.

Results from Operations

In 2020, we generated FFO of $807 million, a 6% increase from prior year, as the business benefited from recent acquisitions, strong underlying asset availability, and execution on organic growth initiatives. On a normalized basis, our per unit results are up 23%.

During the year, our hydroelectric segment delivered FFO of $662 million. Although we experienced some drier conditions across our fleet, particularly in regions with higher value contracts, overall generation for the year was in line with the long-term average and our reservoirs are well positioned for a strong first quarter, which underscores the benefit of our diverse portfolio.

Our wind and solar segments continue to generate stable revenues and benefit from the diversification of our fleet and highly contracted cash flows with long duration power purchase agreements. During the year, these segments generated a combined $376 million of FFO, representing a 51% increase over the prior year, as we benefited from contributions from acquisitions, andapproximately 440 megawatts of solar and wind projects commissioned during the year.

Our energy transition segment generated $103 million of FFO during the year as our portfolio continues to help commercial and industrial partners achieve their decarbonization goals and provides critical grid-stabilizing ancillary services and back-up capacity required to address the increasing intermittency of greener electric grids. For example, our First Hydro storage portfolio achieved five of its highest revenue days ever in the last couple months as we sold essential stabilizing services to the UK power grid in response to high demand from cold weather and intermittently low wind generation levels.

Across our portfolio, we continue to focus on partnering with a broad range of customers in their decarbonization efforts. During the year, we executed agreements to supply 100% renewable energy to one of the first planned industrial-scale green hydrogen production plants in North America with Plug Power and over 90% of JPMorgans real estate operations in New York State. In South America, our focus continues to be on extending the average duration of our power purchase agreements, which today stand at 8 years in Brazil and 3 years in Colombia. We signed two long-term inflation-linked power purchase agreements for our recently acquired solar development projects in Brazil, substantially contracting these assets.

In recent months, many governments in our target markets have outlined new policies to address climate change. In North America, where the majority of our hydro fleet is located, governments are increasingly considering potential carbon pricing mechanisms, for which our business is uniquely positioned to benefit. As examples, the current U.S. administration has re-established a working group that is expected to increase the social cost of carbon to more than $50 per tonne and in Canada a carbon tax has been set at $30 per tonne for 2020 and is set to increase almost 6 times to $170 by 2030. Carbon taxes or carbon pricing provide long-term support for growing wind and solar capacity, which also increases the value of our hydroelectric power facilities due to their dispatchable nature and the grid-stabilizing services they can provide.

While we always prioritize contracted generation, for our perpetual hydroelectric facilities, we always look to ensure we retain upside optionality for when we believe prices will improve. Across our hydroelectric fleet in North America, we have contracts rolling off for assets that primarily deliver power to markets in the U.S. northeast. Fortunately, these contracts, on a net basis, deliver power at prices in the range of the current market. Therefore, on renewal, we expect minimal impact to our overall revenue, while retaining meaningful potential upside should prices see future support from carbon pricing mechanisms.

Finally, we continued to advance our global development activities, including progressing 2,789 megawatts of construction diversified across distributed- and utility-scale solar, wind, storage, and hydro in over 11 different countries. We are also progressing1,394 megawatts of advanced-stage projects through final permitting and contracting. In total, we expect these projects to contribute approximately $109 million in FFO net to Brookfield Renewable on a run-rate basis when completed.

Balance Sheet and Liquidity

We continue to maintain a robust financial position. We have approximately $3.3 billion of total available liquidity, and our investment grade balance sheet has no material maturities over the next five years and approximately 82% of our financings are non-recourse to Brookfield Renewable.

During 2020, we continued to take advantage of the low interest environment and executed on $3.4 billion of investment grade financings, extending our average corporate debt maturity to 14 years and reducing our borrowing costs by $5 million per year. We continue to advance our green financing strategy to benefit from growing demand for green securities and diversify our debt investor base.

Environmental, Social and Governance (ESG) Reporting

Operating a business with strong ESG principles is simply the right thing to do, and we have always believed that strong ESG practices drive long-term value to our business and create higher barriers to entry. Inherent in our position as one of the largest publicly traded renewable energy companies, is the understanding that climate change poses a serious threat to communities, businesses and ecosystems around the world. We have established ourselves as one of the preeminent renewables franchises and are playing a critical role in addressing climate change and reducing carbon across the world, by shifting power generation, which accounts for more than 70% of global carbon emissions, to a sustainable pathway for the future. To demonstrate our commitment, we were proud to announce in our second ESG report, which was published today, our ambition to double our avoided carbon emissions by 2030.

Distribution Declaration and Increase

The next quarterly distribution in the amount of $0.30375 per LP unit, is payable on March 31, 2021 to unitholders of record as at the close of business on February 26, 2021. This represents a 5% increase to our distribution, bringing our total annual distribution per unit to $1.215.

In conjunction with the Partnerships distribution declaration, the Board of Directors of BEPC has declared an equivalent quarterly dividend of $0.30375 per share, also payable on March 31, 2021 to shareholders of record as at the close of business on February 26, 2021.

The quarterly dividends on BEP's preferred shares and preferred LP units have also been declared.

Distribution Currency Option

The quarterly distributions payable on the BEP units and BEPC shares are declared in U.S. dollars. Unitholders who are residents in the United States will receive payment in U.S. dollars and unitholders who are residents in Canada will receive the Canadian dollar equivalent unless they request otherwise. The Canadian dollar equivalent of the quarterly distribution will be based on the Bank of Canada daily average exchange rate on the record date or, if the record date falls on a weekend or holiday, on the Bank of Canada daily average exchange rate of the preceding business day.

Registered unitholders who are residents in Canada who wish to receive a U.S. dollar distribution and registered unitholders who are residents in the United States wishing to receive the Canadian dollar distribution equivalent should contact Brookfield Renewables transfer agent, Computershare Trust Company of Canada , in writing at 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1 or by phone at 1-800-564-6253. Beneficial unitholders (i.e., those holding their units in street name with their brokerage) should contact the broker with whom their units are held.

Distribution Reinvestment Plan

Brookfield Renewable maintains a Distribution Reinvestment Plan (DRIP) which allows holders of its LP Units who are resident in Canada to acquire additional LP Units by reinvesting all or a portion of their cash distributions without paying commissions. Information on the DRIP, including details on how to enroll, is available on our website at https://bep.brookfield.com/stock-and-distribution/distributions/drip. Additional information on Brookfield Renewables distributions and preferred share dividends can be found on our website at https://bep.brookfield.com.

Brookfield Renewable

Brookfield Renewable operates one of the worlds largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totalsapproximately 19,000 megawatts of installed capacity and an approximately 23,000 megawatt development pipeline. Brookfield Renewable is listed on the New York and Toronto stock exchanges. Further information is available at https://bep.brookfield.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.

Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with approximately $600 billion of assets under management.

Please note that Brookfield Renewables previous audited annual and unaudited quarterly reports filed with the U.S. Securities and Exchange Commission (SEC) and securities regulators in Canada, are available on our website at https://bep.brookfield.com, on SECs website at www.sec.gov and on SEDARs website at www.sedar.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

Contact information: Media: Investors:Claire Holland Robin KooymanVice President - Communications Senior Vice President ? Investor Relations(416) 369-8236 (416) 369-2616claire.holland@brookfield.com robin.kooyman@brookfield.com

Quarterly Earnings Call Details

Investors, analysts and other interested parties can access Brookfield Renewables 2020 Fourth Quarter And Full-Year Results as well as the Letter to Unitholders and Supplemental Information on Brookfield Renewables website at https://bep.brookfield.com.

The conference call can be accessed via webcast on February 4, 2021 at 9:00 a.m. Eastern Time at https://edge.media-server.com/mmc/p/zrk38kj4 or via teleconference at 1-866-688-9430 toll free in North America. If dialing from outside Canada or the U.S., please dial 1-409-216-0817 at approximately 8:50 a.m. Eastern Time. When prompted, enter the conference ID, 4993154. A recording of the teleconference can be accessed through February 11, 2021 at 1-855-859-2056, or from outside Canada and the U.S. please call 1-404-537-3406. When prompted, enter the conference ID, 4993154.

Brookfield Renewable Partners L.P.Consolidated Statements of Financial Position As of December 31 December 31UNAUDITED 2020 2019(MILLIONS)Assets Cash and cash equivalents $ 431 $ 352 Trade receivables and other 1,661 1,541 financial assetsEquity-accounted investments 971 937 Property, plant and equipment, at 44,590 41,055 fair valueGoodwill 970 949 Deferred income tax and other 1,099 1,362 assetsTotal Assets $ 49,722 $ 46,196 Liabilities Corporate borrowings $ 2,135 $ 2,100 Borrowings which have recourse only 15,947 15,200 to assets they financeAccounts payable and other 4,358 3,561 liabilitiesDeferred income tax liabilities 5,515 4,855 Equity Non-controlling interests Participating non-controllinginterests - in operating $ 11,100 $ 11,086 subsidiariesGeneral partnership interest in aholding subsidiary held by 56 68 BrookfieldParticipating non-controllinginterests - in a holding subsidiary 2,721 3,317 ? Redeemable/Exchangeable unitsheld by BrookfieldClass A shares of Brookfield 2,408 ? Renewable CorporationPreferred equity 609 597 Preferred limited partners' equity 1,028 833 Limited partners' equity 3,845 21,767 4,579 20,480 Total Liabilities and Equity $ 49,722 $ 46,196

Brookfield Renewable Partners L.P.Consolidated Statements of Operating Results For the three months ended For the twelve months December 31 ended December 31UNAUDITED(MILLIONS, EXCEPT 2020 2019 2020 2019 AS NOTED)Revenues $ 952 $ 965 $ 3,810 $ 3,971 Other income 77 28 128 105 Direct operating (357 ) (326 ) (1,274 ) (1,263 )costsManagement service (84 ) (44 ) (235 ) (135 )costsInterest expense (243 ) (255 ) (976 ) (1,001 )Share of earningsfrom 31 8 27 29 equity-accountedinvestmentsForeign exchangeand financial 115 39 127 (36 )instrument gain(loss)Depreciation (337 ) (347 ) (1,367 ) (1,271 )Other (307 ) (169 ) (432 ) (276 )Income tax expense Current (37 ) (20 ) (66 ) (70 )Deferred 185 31 213 27 148 11 147 (43 )Net income (loss) $ (5 ) $ (90 ) $ (45 ) $ 80 Net income (loss)attributable topreferred equityand non-controlling (115 ) 16 (259 ) (183 )interests inoperatingsubsidiariesNet income (loss)attributable to $ (120 ) $ (74 ) $ (304 ) $ (103 )UnitholdersBasic and diluted(loss) earnings per $ (0.22 ) $ (0.15 ) $ (0.61 ) $ (0.26 )LP unit

Brookfield Renewable Partners L.P.Consolidated Statements of Cash Flows For the three months For the twelve months ended December 31 ended December 31UNAUDITED 2020 2019 2020 2019 (MILLIONS)Operating activities Net income $ (5 ) $ (90 ) $ (45 ) $ 80 Adjustments for the following non-cash items:Depreciation 337 347 1,367 1,271 Unrealized foreign exchange and (119 ) (41 ) (134 ) 32 financial instrument loss (gain)Share of earnings from (31 ) (8 ) (27 ) (29 )equity-accounted investmentsDeferred income tax expense (185 ) (31 ) (213 ) (27 )Other non-cash items 248 90 388 231 Net change in working capital and 34 (18 ) (40 ) (4 )other 279 249 1,296 1,554 Financing activities Net corporate borrowings ? (341 ) 266 108 Commercial paper and corporate (376 ) 287 (296 ) (422 )credit facilities, netNon-recourse borrowings, net (204 ) 145 (203 ) 792 Capital contributions fromparticipating non-controlling 407 300 475 592 interests - in operatingsubsidiaries, netIssuance of preferred limited ? ? 195 126 partnership unitsIssuance of Units, net (23 ) (1 ) (44 ) (1 )Distributions paid: To participating non-controllinginterests - in operating (233 ) (231 ) (659 ) (844 )subsidiariesTo preferred shareholders & limited (20 ) (19 ) (77 ) (69 )partners' unitholders'To unitholders of Brookfield (202 ) (171 ) (769 ) (684 )Renewable or BRELPBorrowings from related party, net 320 ? 320 ? (331 ) (31 ) (792 ) (402 )Investing activities Acquisitions net of cash and cash ? (170 ) (105 ) (983 )equivalents in acquired entityInvestment in property, plant and (190 ) (310 ) (447 ) (460 )equipmentDisposal of subsidiaries, associates 23 86 58 154 and other securities, netRestricted cash and other 146 74 68 78 (21 ) (320 ) (426 ) (1,211 )Foreign exchange gain (loss) on cash 23 4 13 (6 )Cash and cash equivalents Increase (decrease) $ (50 ) $ (98 ) $ 91 $ (65 )Net change in cash classified within (1 ) 4 (12 ) (5 )assets held for saleBalance, beginning of period 482 446 352 422 Balance, end of period $ 431 $ 352 $ 431 $ 352

PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED DECEMBER31

The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended December31:

(GWh) (MILLIONS) Actual LTA Generation Revenues Adjusted EBITDA FFO Net Income (Loss) Generation 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Hydroelectric North America 2,514 2,858 2,912 2,912 $ 182 $ 205 $ 104 $ 130 $ 67 $ 93 $ 4 $ 3 Brazil 849 817 1,007 1,009 39 61 63 37 58 31 58 4 Colombia 966 749 977 968 57 63 38 37 23 26 21 16 4,329 4,424 4,896 4,889 278 329 205 204 148 150 83 23 Wind North America 1,132 779 1,349 934 90 56 58 43 39 31 36 (28 )Europe 338 241 357 267 41 24 51 17 45 10 13 7 Brazil 143 176 169 172 6 10 6 8 4 5 2 (2 )Asia 123 107 104 104 8 7 8 6 5 2 (1 ) 4 1,736 1,303 1,979 1,477 145 97 123 74 93 48 50 (19 )Solar 303 139 339 139 77 26 84 29 52 16 34 (23 )Energy 215 111 140 56 54 33 39 22 28 16 15 8 transitionCorporate ? ? ? ? ? ? 5 19 (120 ) (59 ) (302 ) (63 )Total 6,583 5,977 7,354 6,561 $ 554 $ 485 $ 456 $ 348 $ 201 $ 171 $ (120 ) $ (74 )

PROPORTIONATE RESULTS FOR THE YEAR ENDED DECEMBER 31

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

(GWh) (MILLIONS) Actual Generation LTA Generation Revenues Adjusted EBITDA FFO Net Income (Loss) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Hydroelectric North America 11,863 13,118 12,166 12,238 $ 824 $ 905 $ 562 $ 622 $ 420 $ 459 $ 68 $ 142 Brazil 3,663 3,707 4,004 3,996 175 234 177 181 152 150 95 59 Colombia 2,999 3,096 3,488 3,488 211 237 131 144 90 101 68 72 18,525 19,921 19,658 19,722 1,210 1,376 870 947 662 710 231 273 Wind North America 3,560 2,969 4,239 3,556 263 223 196 163 123 98 (4 ) (87 )Europe 908 904 1,002 996 105 95 96 67 79 48 (27 ) (11 )Brazil 552 630 671 647 27 37 24 28 17 19 3 1 Asia 428 291 443 290 28 20 25 16 18 10 4 6 5,448 4,794 6,355 5,489 423 375 341 274 237 175 (24 ) (91 )Solar 1,284 773 1,510 782 245 138 232 126 139 74 49 (37 )Energy 795 550 475 196 169 132 130 87 103 70 1 42 transitionCorporate ? ? ? ? ? ? 41 10 (334 ) (268 ) (561 ) (290 )Total 26,052 26,038 27,998 26,189 $ 2,047 $ 2,021 $ 1,614 $ 1,444 $ 807 $ 761 $ (304 ) $ (103 )

The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures. Net income attributable to Unitholders is reconciled to Funds From Operations and reconciled to Proportionate Adjusted EBITDA for the three months and twelve months ended December31:

For the three months For the twelve months ended December 31 ended December 31UNAUDITED 2020 2019 2020 2019 (MILLIONS)Net income attributable to: Limited partners' equity $ (61 ) $ (51 ) $ (184 ) $ (88 )General partnership interest ina holding subsidiary held by 16 14 62 50 BrookfieldParticipating non-controllinginterests - in a holdingsubsidiary - Redeemable/ (44 ) (37 ) (133 ) (65 )Exchangeable units held byBrookfieldClass A shares of Brookfield (31 ) ? (49 ) ? Renewable CorporationNet income attributable to $ (120 ) $ (74 ) $ (304 ) $ (103 )UnitholdersAdjusted for proportionate share of:Depreciation 216 166 756 643 Foreign exchange and financial 2 (14 ) 35 30 instruments loss (gain)Deferred income tax recovery (145 ) (23 ) (175 ) (30 ) Other 248 116 495 221 Funds From Operations $ 201 $ 171 $ 807 $ 761 Normalized long-term average 41 (4 ) 75 (36 )generation adjustmentNormalized foreign currency 23 ? 42 ? adjustmentNormalized Funds From $ 265 $ 167 $ 924 $ 725 OperationsNormalized Funds From (64 ) 4 (117 ) 36 Operations AdjustmentsDistributions attributable to: Preferred limited partners' 14 11 54 44 equityPreferred equity 6 7 25 26 Current income taxes 12 5 26 31 Interest expense 138 116 485 466 Management service costs 85 38 217 116 Proportionate Adjusted EBITDA 456 348 1,614 1,444 Attributable to non-controlling 261 348 1,148 1,449 interestsConsolidated Adjusted EBITDA $ 717 $ 696 $ 2,762 $ 2,893

The following table reconciles the per Unit non-IFRS financial metrics to the most directly comparable IFRS measures. Net income (loss) per LP unit is reconciled to Funds From Operations per Unit, for the three and twelve months ended December31:

For the three months For the twelve months ended December 31 ended December 31 2020 2019 2020 2019 Net income (loss) per LP unit $ (0.22 ) $ (0.15 ) $ (0.61 ) $ (0.26 )^(1)Depreciation 0.33 0.28 1.24 1.10 Foreign exchange andfinancial instruments loss ? (0.02 ) 0.06 0.05 (gain)Deferred income tax recovery 0.20 0.18 0.63 0.41 and otherFunds From Operations per $ 0.31 $ 0.29 $ 1.32 $ 1.30 Unit^(2)Normalized long-term average 0.06 (0.01 ) 0.12 (0.06 )generation adjustmentNormalized foreign exchange 0.04 ? 0.07 ? adjustmentNormalized Funds From $ 0.41 $ 0.28 $ 1.51 $ 1.24 Operations per Unit

Average LP units outstanding for the three and twelve months ended(1) December31, 2020 were 274.8million and 271.1million, respectively (2019: 268.4 million and 268.3million). Net (loss) income per LP unit has been adjusted to reflect the dilutive impact of the special distribution. Average Units, adjusted for the special distribution as if it had been completed prior to the periods presented, for the three months and twelve(2) months ended December31, 2020 were 645.5million and 609.5million, respectively (2019: 583.6million and 583.5million), being inclusive of LP units, Redeemable/Exchangeable partnership units, general partner interest, and BEPC exchangeable shares.

BROOKFIELD RENEWABLE CORPORATION REPORTS FOURTH QUARTER AND FULL-YEAR 2020 RESULTS

All amounts in U.S. dollars unless otherwise indicated

The Board of Directors of Brookfield Renewable Corporation ("BEPC" or our "company") (NYSE, TSX: BEPC) today has declared a quarterly dividend of $0.30375 per class A exchangeable subordinate voting share of BEPC (a "Share"), payable on March 31, 2021 to shareholders of record as at the close of business on February 26, 2021. This dividend is identical in amount per share and has identical record and payment dates to the quarterly distribution announced today by BEP on BEP's LP units.

The BEPC exchangeable shares are structured with the intention of being economically equivalent to the non-voting limited partnership units of Brookfield Renewable Partners L.P. ("BEP" or the "Partnership") (NYSE, BEP; TSX: BEP.UN). We believe economic equivalence is achieved through identical dividends and distributions on the BEPC exchangeable shares and BEP's LP units and each BEPC exchangeable share being exchangeable at the option of the holder for one BEP LP unit at any time. Given the economic equivalence, we expect that the market price of the Shares will be significantly impacted by the market price of BEP's LP units and the combined business performance of our company and BEP as a whole. In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review BEP's continuous disclosure filings available electronically on EDGAR on the SEC's website at www.sec.gov or on SEDAR at www.sedar.com.

Financial Results

Millions (except as noted) For the three months For the twelve months ended December 31 ended December 31Unaudited 2020 2019 2020 2019 Proportionate Generation 3,971 3,675 15,578 16,011 (GWh)Net (loss) incomeattributable to the $ (1,516 ) $ 37 $ (2,738 ) $ 165 partnershipFunds From Operations (FFO) $ 85 $ 97 $ 402 $ 480 ^(1)



(1) Non-IFRS measures. Refer to?Cautionary Statement Regarding Use of Non-IFRS Measures?.

BEPC reported FFO of $402 million for the twelve months ended December31, 2020, compared to $480 million in the prior year. After deducting non-cash depreciation and remeasurement of the Shares, our Net loss attributable to the partnership for the twelve months ended December31, 2020 was$2,738 million.

Brookfield Renewable CorporationConsolidated Statements of Financial Position As ofUNAUDITED December 31 December 31(MILLIONS) 2020 2019Assets Cash and cash equivalents $ 355 $ 304 Trade receivables and other 1,297 1,118 financial assetsEquity-accounted investments 372 360 Property, plant and equipment, at 36,097 32,647 fair valueGoodwill 970 949 Deferred income tax and other 382 379 assetsTotal Assets $ 39,473 $ 35,757 Liabilities Borrowings which have recourse only $ 12,822 $ 11,958 to assets they financeAccounts payable and other 3,296 2,335 liabilitiesDeferred income tax liabilities 4,200 3,590 Exchangeable and class B shares 7,430 ? Equity Non-controlling interests: Participating non-controllinginterests ? in operating $ 10,290 $ 10,258 subsidiariesParticipating non-controllinginterests ? in a holding subsidiary 258 268 held by the partnershipThe partnership 1,177 11,725 7,348 17,874 Total Liabilities and Equity $ 39,473 $ 35,757

Brookfield Renewable CorporationConsolidated Statements of Income UNAUDITED For the three months For the twelve months(MILLIONS) ended December 31 ended December 31 2020 2019 2020 2019 Revenues $ 746 $ 781 $ 3,087 $ 3,226 Other income 70 23 99 79 Direct operating costs (280 ) (268 ) (1,061 ) (1,053 )Management service costs (46 ) (37 ) (152 ) (109 )Interest expense (229 ) (185 ) (816 ) (701 )Share of (loss) earnings from (1 ) 3 (4 ) 12 equity-accounted investmentsForeign exchange and financial 63 27 74 5 instrument gain (loss)Depreciation (259 ) (273 ) (1,065 ) (983 )Other (429 ) (127 ) (493 ) (197 )Remeasurement of exchangeable and (1,398 ) ? (2,561 ) ? class B sharesIncome tax expense Current (35 ) (16 ) (61 ) (64 )Deferred 166 30 134 (3 ) 131 14 73 (67 )Net income (loss) $ (1,632 ) $ (42 ) $ (2,819 ) $ 212 Net income (loss) attributable to:Non-controlling interests: Participating non-controllinginterests ? in operating $ (123 ) $ (82 ) $ (92 ) $ 36 subsidiariesParticipating non-controllinginterests ? in a holding 7 3 11 11 subsidiary held by thepartnershipThe partnership (1,516 ) 37 (2,738 ) 165 $ (1,632 ) $ (42 ) $ (2,819 ) $ 212

Brookfield Renewable CorporationConsolidated Statements of Cash Flows UNAUDITED For the three months For the twelve months(MILLIONS) ended December 31 ended December 31 2020 2019 2020 2019 Operating activities Net income $ (1,632 ) $ (42 ) $ (2,819 ) $ 212 Adjustments for the following non-cash items:Depreciation 259 273 1,065 983 Unrealized foreign exchange andfinancial instruments loss (64 ) (8 ) (78 ) 12 (gain)Share of earnings from 1 (3 ) 4 (12 )equity-accounted investmentsDeferred income tax expense (166 ) (30 ) (134 ) 3 Other non-cash items 361 77 409 109 Remeasurement of exchangeable 1,398 ? 2,561 ? and class B sharesNet change in working capital (36 ) (58 ) (16 ) 49 and other 121 209 992 1,356 Financing activities Non-recourse borrowings, net (99 ) (79 ) 13 584 Capital contributions fromparticipating non-controlling 300 294 329 294 interestsCapital contributions from the ? ? 102 13 partnershipIssuance of exchangeable shares, (23 ) ? (44 ) ? netDistributions paid and return of capital:To participating non-controlling (230 ) (186 ) (595 ) (673 )interestsTo the partnership 1 (361 ) (235 ) (628 )Borrowings from related party, (64) 251 (45) 122 net (115) (81 ) (475 ) (288 )Investing activities Acquisitions net of cash andcash equivalents in acquired ? ? (105 ) (732 )entityInvestment in property, plant (175 ) (284 ) (373 ) (406 )and equipmentDisposal of subsidiaries,associates and other securities, 6 ? 17 ? netRestricted cash and other 126 69 (17 ) 36 (43 ) (215 ) (478 ) (1,102 )Foreign exchange gain (loss) on 15 2 12 (4 )cashCash and cash equivalents Increase (decrease) $ (22 ) $ (85 ) $ 51 $ (38 )Balance, beginning of period 377 389 304 342 Balance, end of period $ 355 $ 304 $ 355 $ 304



The following table reconciles net income (loss) attributable to the partnership to Funds From Operations for the three and twelve months ended December 31:

For the three months For the twelve months ended December 31 ended December 31UNAUDITED 2020 2019 2020 2019 (MILLIONS) Net income (loss)attributable to the $ (1,516 ) $ 37 $ (2,738 ) $ 165 partnershipAdjusted for proportionate share of:Depreciation 114 74 361 301 Other 39 (14 ) 102 14 Dividends on class A 50 ? 116 ? exchangeable sharesRemeasurement ofexchangeable and class B 1,398 ? 2,561 ? sharesFunds From Operations $ 85 $ 97 $ 402 $ 480

Cautionary Statement Regarding Forward-looking Statements

This news release contains forward-looking statements and information within the meaning of Canadian provincial 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. The words will, intend, should, could, target, growth, expect, believe, plan, derivatives thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify the above mentioned and other forward-looking statements. Forward-looking statements in this news release include statements regarding the quality of Brookfield Renewables and its subsidiaries businesses and our expectations regarding future cash flows and distribution growth. They include statements regarding Brookfield Renewables anticipated financial performance, future commissioning of assets, contracted nature of our portfolio, technology diversification, acquisition opportunities, expected completion of acquisitions and dispositions, including the proposed acquisitions of a distributed generation development platform comprising 360 MW of operating and under construction assets throughout the U.S. and an 845 MW operating and fully contracted wind portfolio in Oregon, financing and refinancing opportunities, BEPCs eligibility for index inclusion, BEPCs ability to attract new investors as well as the future performance and prospects of BEPC and BEP, the prospects and benefits of the combination of Brookfield Renewable and TerraForm Power, including certain information regarding the combined companys expected cash flow profile and liquidity, 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, the future growth prospects and distribution profile of Brookfield Renewable and Brookfield Renewables access to capital. Although Brookfield Renewable believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, you should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of Brookfield Renewable are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Brookfield Renewable to differ materially from those contemplated or implied by the statements in this news release include (without limitation) our inability to identify sufficient investment opportunities and complete transactions, including the proposed acquisitions of a distributed generation development platform comprising 360 MW of operating and under construction assets throughout the U.S. and an 845 MW operating and fully contracted wind portfolio in Oregon; the growth of our portfolio and our inability to realize the expected benefits of our transactions or acquisitions; weather conditions and other factors which may impact generation levels at facilities; adverse outcomes with respect to outstanding, pending or future litigation; economic conditions in the jurisdictions in which Brookfield Renewable operates; ability to sell products and services under contract or into merchant energy markets; changes to government regulations, including incentives for renewable energy; ability to complete development and capital projects on time and on budget; inability to finance operations or fund future acquisitions due to the status of the capital markets; health, safety, security or environmental incidents; regulatory risks relating to the power markets in which Brookfield Renewable operates, including relating to the regulation of our assets, licensing and litigation; risks relating to internal control environment; contract counterparties not fulfilling their obligations; changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and other risks associated with the construction, development and operation of power generating facilities. For further information on these known and unknown risks, please see Risk Factors included in the Form 20-F of BEP and in the Form 20-F of BEPC and other risks and factors that are described therein.

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 news release and should not be relied upon as representing our views as of any subsequent date. 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.

No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Statement Regarding Use of Non-IFRS Measures

This news release contains references to Adjusted EBITDA, FFO, FFO per Unit, Normalized FFO and Normalized FFO per Unit, which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDA, FFO, FFO per Unit, Normalized FFO and Normalized FFO per Unit used by other entities. We believe that Adjusted EBITDA, FFO, FFO per Unit, Normalized FFO and Normalized FFO per Unit are useful supplemental measures that may assist investors in assessing the financial performance and the cash anticipated to be generated by our operating portfolio. None of Adjusted EBITDA, FFO, FFO per Unit, Normalized FFO and Normalized FFO 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. For a reconciliation of Adjusted EBITDA, FFO and FFO per Unit to the most directly comparable IFRS measure, please see Reconciliation of Non-IFRS Measures - Three Months Ended December 31 andReconciliation of Non-IFRS Measures - Year Ended December 31 included elsewhere herein and Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures included in our Form 20-F. Normalized FFO assumes long-term average generation in all segments except the Brazil and Colombia hydroelectric segments and uses 2020 foreign currency rates.

References to Brookfield Renewable are to Brookfield Renewable Partners L.P. together with its subsidiary and operating entities unless the context reflects otherwise.