Brookfield Renewable Partners L.P. (NYSE:BEP) Q4 2022 Earnings Call Transcript

The timing of when those business plans and those operations complete is going to ebb and flow over the wide variety of businesses we have, but we have had a number complete throughout 2022. And that just creates the opportunity for a very attractive and accretive capital recycling this year, really bringing together call it, the full cycle value creation approach we like to deploy.

Naji Baydoun: Okay. That’s helpful. Thank you. And just one last question on offshore wind €“ two part question. One, if you can just discuss the latest auction in the Netherlands. And if you are thinking strange around participating in that market going forward. And then if you also see the potential to participate in the sort of the launch or the beginning of the offshore wind industry in Colombia? Thank you.

Connor Teskey: Certainly. So, we weren’t successful in our bid in the most recent Dutch auction. We continued to believe that is a very compelling market. I would say we monitor all the major offshore wind markets around the world. And there are certain attributes about market that that we thought were very interesting to us, in particular, the ability to leverage our power marketing capabilities in an outsized way. And therefore, we will continue to look at opportunities in that market. We would not hesitate to go back there in the future. Apologies, a trolley just went by outside the meeting room here. The second thing I would say is, we do look at offshore in many markets around the world. When you are talking about a market like Colombia, we continue to believe that that is a long way in the future.

So, we will monitor it, but it’s not something on €“ high on our radar right now. One thing I would say, however, is our existing offshore pipeline in Poland continues to move forward in a really constructive way. The adjustments the governments has made in the region around inflation indexation and the ability for those contracts to be priced in euros are both very, very helpful to our investment thesis and underwriting for that business.

Naji Baydoun: Okay. Thank you. That’s great.

Operator: Our next question comes from a line of Andrew Kuske with Credit Suisse.

Andrew Kuske: Thanks. Good morning. Maybe a big picture question, we saw a lot of tech companies have a lot of appetite for effectively renewable PPAs. A number of those companies kind of got over their skis with data center build out, their house build out are now pulling back a bit. What are you really seeing from that customer base as far as appetite for PPAs on a go forward basis? Was there a little bit of a pause, or is it still, full throttle ahead?

Connor Teskey: Absolutely, full throttle. Well, we say that without hesitation. The demand we continued to see from the tech sector, particularly in our biggest markets, North America, Europe is tremendous. They continued to be many of our largest clients. And simply, given the size and scale of their business, they are trying to go 100% green over the next 4 years or 9 years, I am sorry, 3 years or 8 years. And that is a huge undertaking given the size of their businesses today. And that undertaking, it becomes even more monumental when you consider the growth of those businesses going forward. Even if that growth trajectory comes off just the shade. So, the amount of demand coming out of that sector continues to be tremendous. And we continue to feel that there is very few that can supply on the scale that those types of customers desire.