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

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Andrew Kuske: Okay. That’s very helpful. And then maybe just another way to think about Brookfield’s optionality with providing solutions. You have got, like the infrastructure funds, which you participate in, there is the energy transition fund now, is there an opportunity to have like a super core renewable fund in the broader Brookfield product shelf that you would participate in?

Connor Teskey: Certainly, we wouldn’t rule anything out. We obviously have had significant success recently with the launch of the transition fund. And that has seen not only tremendous interest from investors, but it’s also seen tremendous opportunities for deployment. And therefore, if the market continues to be constructive, which we expect it will, we could see that that product easily back in the market in the next 12 months. So, not only are we seeing scaling of our existing products, absolutely as the industry continues to get bigger, and we see more opportunities both across the capital stack and across the risk reward spectrum. We wouldn’t rule out different products, if that’s one what our customers were looking for. And two, we saw a significant opportunity to put that capital work at attractive risk adjusted returns. Given the way the market is going, absolutely wouldn’t rule it out.

Andrew Kuske: Okay. Thank you for that. And maybe just one final extension on that as your comments earlier on solar, it would seem that stabilized solar would marry up really well with like a super core product for some clients. Is that kind of how you are conceptually thinking about that?

Connor Teskey: Well, the way we probably see it most €“ it’s a great question, Andrew. The way we would probably see it most today is you think about things like stabilized solar. Those are the types of assets that that work really well into an asset-recycling program right now. And that once we built them out, once we have de-risked them, once they are under a long-term PPA with long-term financing and a long-term O&M contract, that is a very, very direct attractive inflation linked cash flow stream. Those are the types of opportunities we are seeing for asset recycling. And given how many dollars we have put in the ground in recent years, and how many projects we are bringing online, that’s the type of opportunity that lends itself to some of the asset recycling initiatives that we have kicked off.

Andrew Kuske: Okay. Excellent. Thank you very much.

Operator: That concludes today’s question-and-answer session. I would like to turn the call back to Connor Teskey for closing remarks.

Connor Teskey: Great. Well, we very much appreciate everyone dialing in. We always appreciate the support and interest in Brookfield Renewable and we look forward to providing an update all in the next quarter and throughout 2023. Thank you everyone and have a good day.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.

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