Brookfield Renewable Partners L.P. Limited Partnership Units

for standing by and welcome to the Brookfield Renewable Second Quarter 2022 Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. As a reminder, today's program may be recorded. And now I'd like to introduce your host for today's program, Connor Teske, CEO. Please go ahead, sir.

Thank you, Operator. Good morning, everyone, and thank you for joining us for our second quarter 2022 conference call. Before we begin, we would like to remind you that a copy of our news release, investor supplement, and letter to unit holders can be found on our website. We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks and our future results may differ materially. For more information, you are encouraged to review our regulatory filings available on CDAR, EDGAR, and our website. To kick off today's call, we'll provide an update on the business and some of our recent growth initiatives. After my remarks, Ruth Kent, our Chief Operating Officer, will give an update on our development activities, and then Wyatt will provide an overview of our operating results and balance sheet and liquidity. Following our remarks, we look forward to taking your questions. The business performed well this quarter, generating funds from operations of $294 million, or 46 cents per unit, a 10% increase over the same period last year. We continue to advance our key operating priorities, as well as execute on transactions from our strong pipeline of growth opportunities. The trends driving the energy transition continue to accelerate, driven by the focus on net zero ambitions, low-cost energy, and energy security. Given the nature of power as an essential service, our business remains well positioned to operate and grow irrespective of the economic situation. We feel the current environment will continue to favor investors like ourselves who are well capitalized and globally diversified with significant development capabilities to build out renewables in scale. As always, We remain focused on growing our leading renewable power platform, expanding the spectrum of decarbonization solutions we can provide to our customers, and building global businesses that are critical to the transition to net zero. The recent growth in our business has been significant. So far this year, we have deployed or agreed to deploy $4.5 billion or $1 billion net to Brookfield Renewable. This capital spreads across a wide range of investments, including battery storage, carbon capture, distributed generation, and utility scale wind and solar. To date, our investments into new transition opportunities comprise only a small portion of our capital deployment, but mark valuable entry points into segments that we feel have the potential to grow significantly over time. These investments represent new and incremental growth levers for our business, beyond our continued expansion in renewables. Our approach to investing in these new transition opportunities is similar to how we look at renewables investments. We look for opportunities that are economic without government subsidy, technologically proven, and underpinned by strong macro tailwinds. We focus on situations where our key advantages of access to capital, knowledge of power markets, operating and development capabilities, extensive customer relationships, and global reach can differentiate us both as investors and as operators. Over time, as more decarbonization products and services scale, we expect transition investments to grow within our portfolio. But that being said, investment in clean power generation remains the largest decarbonization opportunity today, and we therefore expect it to represent the majority of our deployment for the foreseeable future. Our global distributed generation business continues to be a significant area of growth as the trends of decentralized power generation and direct customer interaction accelerate. In the past year, we have grown our USDG business by three times the 6,500 megawatts through various organic growth initiatives. These include channel partnerships, joint development agreements, and strategic partnerships like our cooperation agreement with Trane Technologies, which enables us to leverage our respective capabilities to create full-suite decarbonization solutions for our customers. We recently agreed to acquire a leading integrated distributed generation developer in the U.S. with a proven track record of developing and operating projects. We intend to invest $700 million or $140 million net to Brookfield Renewable, representing both our equity purchase price and additional equity deployment to fund future growth. The business has in-house expertise across all stages of the development lifecycle, with 500 megawatts of contracted, operating, and under-construction assets located primarily in the U.S. Northeast, and an 1,800-megawatt identified development pipeline, of which almost 200 megawatts are de-risked with long-term credit-worthy counterparties. With this investment, we further enhanced our position as the global leader in distributed generation, with over 10,000 megawatts of operating and development assets, With capabilities and scale across all our core regions, we are well positioned to keep growing and provide our customers with innovative decarbonization solutions across multiple markets. This will help our partners meet their sustainability targets while reducing operating costs through onsite renewable energy and other decarbonization services. We also expanded our North American carbon capture and storage platform through a recently announced joint venture to establish a new carbon management business. Under an arrangement with California Resource Corporation, an independent oil and natural gas company committed to the energy transition, we will fund the development and construction of identified CCS projects in California with an initial goal of deploying up to $500 million of capital or $100 million net to Brookfield Renewable. We expect that the joint venture, where we will retain the option to fund projects meeting our objectives, will benefit from a first mover advantage through CRC's ownership of prospective CO2 storage reservoirs that are a critical asset for carbon capture and storage in California, one of the most desirable jurisdictions globally, given the state's low carbon fuel standards credit system. The joint venture is targeting the injection of 5 million metric tons per annum and 200 million metric tons of total carbon dioxide storage development, which if reached, could result in an additional investment opportunity of approximately $1 billion or $200 million net to Brookfield Renewable. Lastly, as illustrated, the growth of our U.S. business continues to be significant. However, it is important to emphasize that all of our recent underwritings did not factor in the recently proposed Inflation Reduction Act, and we believe the investments will deliver excellent results regardless. However, not unexpectedly, if the bill is passed in its current form, it will without doubt be a net positive to the growth of these investments and our business. We are fortunate that with the recent acquisitions we have made this year, including Urban Grid, our U.S.-based utility-scale solar and storage developer, along with the recent acquisitions and growth of our DG business, as well as our CCS joint venture and our green hydrogen development pipeline, that we are uniquely positioned to benefit from the bill. Our growth prospects in the U.S. are significant. Our in-house organic growth development pipeline in the United States alone covers a broad range of transition products consisting of 35 gigawatts of wind, solar, and storage and 5 million metric tons per annum of CCS. With that, I'll turn the call over to Ruth to discuss some of our recent operational activity.

Thank you, Conor, and good morning, everyone. I'm excited to be speaking with you today about some of our recent operational initiatives. We believe it's our global operating and development expertise, including our commercial capabilities, that differentiates us as a partner of choice in decarbonization. Our 3,200 operating professionals around the world mean we can invest and execute across the entire spectrum of renewable power and transition assets. We are end to end. For example, we can invest during the asset development stage and leverage our capabilities to secure grid connection, permitting, procure equipment, construct the project, contract the power with corporate off takers, and ultimately operate the asset. This end to end capability is not only a meaningful organic growth lever for our existing assets, but it also enables us to source a wide spectrum of opportunities where we can bring these capabilities to bear and de-risk investments and earn strong returns. We have a very substantial global development pipeline, which now stands at over 75 gigawatts, along with an 8 million metric tons per annum of CO2 carbon capture development pipeline. Of that, we have 17 gigawatts of advanced stage and ready-to-build construction projects, which we are advancing and delivering on. We continue to be well positioned from a supply chain perspective, given our globally diversified pipeline and strong global relationships. Our cash flows have now started to meaningfully benefit from the considerable dollars in the ground that we have invested into our development projects in the past number of years. These investments will translate into higher earnings that will only accelerate for the rest of 2022 into 2023 and beyond. Our development investment has increased in recent years and that will continue, meaning we have strong visibility into the future growth of our cash flows as more of our development projects come online. So far this year, we have commissioned approximately 1,500 megawatts of capacity, which will contribute approximately $20 million of additional run rate FFO. And we are on track to commission an additional 6,400 megawatts of capacity by the end of 2023. These are expected to contribute an incremental of approximately $100 million of run rate FFO. This includes our 850 megawatt Shepard's flat repowering project. Further, with our scale pipeline, we expect to see continued opportunities to pull forward development and accelerate the deployment of capital at accretive returns throughout the portfolio. Given this ability to execute globally and at scale, we remain a top choice for corporates looking to procure green power. This is because we can be a flexible partner offering a full suite of decarbonisation solutions from our diverse fleet of renewable power and transition assets across the globe. And despite recent pressure on development and financing costs globally, buyers of clean energy are generally accommodating of cost increases in the form of higher PPA prices, given decarbonization imperatives, energy security tailwinds, as well as the still very favorable economics that renewable power presents. Most recently, we signed several agreements of wind and solar development with multinational corporations who are market leaders in their respective industries. That includes Amazon, BASF, Johnson & Johnson, and Salesforce. Each of these agreements has unique characteristics, but with the consistent underlying theme of helping these corporations decarbonize their operations. By way of example, we are finalizing terms on one of the largest national accounts distributed generation portfolios ever awarded globally, and we signed a 25-year fixed-price renewable electricity supply agreement with BASF, a multinational chemical company. we're going to power one of its largest production facilities globally that it is currently building. All of these agreements involve the build-out of significant clean energy and leverage our deep development expertise and centralised procurement platform, and they represent opportunities to continue to enhance our long-term decarbonisation relationships with these global corporations. With that, I'll turn over to Wyatt to discuss our operating results and financial position.