Brookfield Renewable Partners L.P. Limited Partnership Units

Hello, and thank you for standing by. Welcome to the BEP third quarter 2022 results conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. It is now my pleasure to introduce CEO Connor Tuskey.

Thank you, operator. Good morning, everyone, and thank you for joining us on our third 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 future results may differ materially. For more information, you are encouraged to review our regulatory filings available on CDAR, EDGAR, and on our website. On today's call, we will provide an update on the business and some of our recent growth initiatives. Esper Nemi, a vice president in our investments team in North America, will discuss the growth of our renewables development business in the United States. I will then provide an overview of our recently announced acquisition of Westinghouse, and Wyatt will finish off the call discussing our operating results and financial position. Following our remarks, we look forward to taking your questions. We had a great quarter, demonstrating both through our strong financial results and the execution of several large-scale growth initiatives. We generated funds from operations of $243 million or $0.38 per unit a 15% increase from the same period last year, as well as we advanced our key commercial priorities and development activities. We continue to believe that our business is uniquely positioned, providing investors with one of the most attractive value propositions in the sector. We feel this way for a number of reasons. Our business is supported by a highly diversified global platform of clean energy assets, providing deep operating knowledge and visibility and the flexibility to deliver decarbonization solutions for our customers around the world. Second, our cash flows are contracted, long-term, and inflation linked, meaning we will remain resilient throughout all economic environments. Our robust liquidity, strong balance sheet, and access to deep and varied sources of capital provide us the ability to execute on some of the largest and most attractive decarbonization investment opportunities. And lastly, we have a differentiated growth capability. With over 100 dedicated investment professionals around the world looking to deploy capital at attractive risk-adjusted returns, while delivering on our 12% to 15% return target. In this regard, we had a record quarter as we closed or secured investments of up to $6 billion of capital, or $1.5 billion net to Brookfield Renewable, across various transactions and regions. This includes the continued growth of our leading U.S. renewables development business, for which we will turn the call over to Esper to discuss.

Thank you, Conor, and good morning, everyone. As Conor mentioned, our U.S. business continues to see significant growth. Following the close of her recently announced acquisitions, our development pipeline in the country will stand at over 60,000 megawatts and is well diversified across wind, utility-scale solar, distributive generation, and energy storage. The significant pipeline, alongside our existing-scale operating business, means that we are owners and operators of one of the largest diversified clean power businesses in the country. Recently, we announced the acquisition of Scout Clean Energy and Sender Solar, both of which will be highly complementary to our existing business. Scout Clean Energy is one of the largest utility-scale, fully integrated renewable development platforms in the U.S. across wind, solar, and storage. We'll purchase the business for $1 billion, with the potential to invest an additional $350 million to support the business's development activities. In aggregate, this is $270 million net to Brookfield Renewable. SCOW has a sizable existing portfolio of over 800 megawatts of operating wind assets and an attractive pipeline of over 22,000 megawatts of wind, solar, and storage projects across 24 states. This includes almost 2,500 megawatts of under-construction and event-stage projects with high visibility for commercialization and nearly 5,000 additional megawatts that have valuable interconnection queue positions. There's a strong management team in place with significant renewable power experience and a proven track record of successfully developing and financing over 20 gigawatts of clean energy assets. This team will be a great complement to our capabilities and will benefit significantly from being a part of our business, especially our commercial and procurement capabilities. Standard Solar is a leading integrated distributor generation developer in the U.S. We announced the signing of this investment last quarter, and we have now closed the acquisition for consideration of $540 million, with the potential to invest an additional $160 million to support the business's growth initiatives, or $140 million in total net to Brookfield Renewable. Standard Solar is the market-leading owner and operator of commercial and community distributor solar, with end-to-end development capabilities and a strong track record of delivering high-quality assets. The business has approximately 500 megawatts of operating and under-construction contracted assets and an almost 2,000 megawatt identified pipeline. There's an experienced management team in place with a proven ability to execute on significant growth opportunities across several high-value solar markets in the U.S. that are highly complementary to our existing business. Finally, it is important to emphasize that when we under-roll these investments, as well as Urban Grid, our utility-scale solar development platform that we acquired in the first quarter, we did not factor in the impacts of the Inflation Reduction Act. However, with the Inflation Reduction Act firmly enacted, it will provide meaningful upside to our sector, and in particular, these development platforms. These investments will benefit from the extension of tax credits for wind and solar projects, as well as the expansion of tax credits to include storage. which should meaningfully accelerate and increase the build-out of the high-quality development pipelines within these businesses. Thank you for your time today. With that, I'll turn the call back over to Connor to discuss our investment in Westinghouse.