Brookfield Renewable Partners L.P. Limited Partnership Units

Thank you for standing by and welcome to the Brookfield Renewable second quarter 2025 results conference call and webcast. 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 this session, you'll need to press star 1-1 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 1-1 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Conor Teske, CEO. Please go ahead, sir.

Thank you, operator. Good morning, everyone, and thank you for joining us for our second quarter 2025 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're encouraged to review our regulatory filings available on CDAR, EDGAR, and on our website. On today's call, we will provide a review of our second quarter performance. And then Wyatt Hartley, co-president of Brookfield Renewable and head of our North American business, will discuss our recently announced hydro framework agreement with Google and how our strategic operating portfolio and deep capabilities across renewable technologies has positioned us as the partner of choice to the largest buyers of power globally. Lastly, Patrick will conclude our remarks by discussing our operating results and the strong financing environment that we are seeing for our business and our assets today. Following our comments, we look forward to taking your questions. We had a successful quarter. delivering strong financial results and executing on our business plans and growth initiatives. Our robust operating results were driven by our large hydro fleet, which is increasingly strategic in the current environment, and the benefits of our development activities, where over the past 12 months we have commissioned 7.7 gigawatts of new renewable energy capacity globally. One highlight in the quarter was the strong results from our nuclear services business, Westinghouse, as the momentum for nuclear power continues to build with Westinghouse well-placed to benefit from continued growth in the sector given its global leadership position. Looking at the broader market, we recently received additional clarity on policy changes in the United States with the signing of the One Big Beautiful Bill. And while we have been preparing our business for changes in tax credit eligibility for U.S. renewables projects for some time, we are now in a position to execute with a greater level of confidence. With that, we began deploying a safe harboring strategy that will secure credit eligibility for nearly all of our projects in the United States through to the end of 2029. While doing so, we are staying true to our approach to development, focusing on ensuring we have strong line of sight on both our costs and revenues for each project. with a particular focus on minimizing the capital at risk while protecting our ability to deliver our target returns. Most importantly, the outlook for global and diversified business like ours remain exceptionally strong, driven by the most robust energy demand growth we have seen in decades. We continue to see a significant supply-demand imbalance for energy throughout the regions in which we operate, And it is becoming increasingly clear that solving this imbalance will require substantial expansion of many forms of energy generation. But with low-cost, quick-to-market renewables technologies well positioned to provide much of this needed build-out, in addition to other critical technologies that will support grid reliability. Our business is well positioned to help meet this exponential demand and support grid reliability with our over 230 gigawatt pipeline of projects, which includes significant battery storage solutions, our global fleet of operating hydro facilities, and through Westinghouse, our leading nuclear service business. Turning back to our performance during the quarter, we delivered strong financial results and executed on our commercial initiatives and growth plans, all while maintaining the strength of our balance sheet. We delivered FFO per unit that was up 10% year over year and continue to expect to deliver on our 10% plus FFO per unit growth target for the year. We were successful in advancing our commercial initiatives, securing contracts to deliver an incremental 4,300 gigawatt hours per year of generation in addition to signing the hydro framework agreement. We progressed our development activities and commissioned approximately 2.1 gigawatts of new renewable energy capacity in the quarter, and anticipate bringing on approximately eight gigawatts in 2025, which will be a record for our business. We have also continued to execute on our asset recycling initiatives, and since the start of the second quarter, we've sold assets for expected proceeds of approximately $1.5 billion or 400 million net to Brookfield Renewable, all at strong returns. Based on our advanced pipeline, we expect total asset sales proceeds in 2025 to exceed last year, with returns at or above our targets, illustrative of the increasing and recurring nature of asset monetizations as a highly accretive way to fund our future growth. The outlook for our business remains robust, driven by exceptionally strong demand for power that will necessitate the development of all forms of energy. With our globally diversified portfolio across hydro, wind, solar, nuclear, and battery storage, we see strong potential to deepen relationships with the world's largest buyers of power. And this gives us confidence that for our business, the best is yet to come. With that, We will now turn it over to Wyatt to speak to our recently announced hydro framework agreement with Google and how our strategic operating portfolio and deep capabilities across renewables technologies has positioned us as the partner of choice to the largest buyers of power globally.

Thank you, Connor, and good morning, everyone. This past quarter, we reinforced our position as the energy solutions partner of choice to the global technology players with the signing of a first of its kind agreement with Google to deliver up to three gigawatts of hydroelectric capacity across the United States. This framework agreement follows on our landmark framework agreement with Microsoft that we signed last year to deliver over 10.5 gigawatts of renewable energy capacity and is a testament to our unique capabilities while also demonstrating our credibility with the largest buyers of power in the world. The agreement is also notable as it reflects a trend in how the hyperscalers are procuring power. Historically, they were focused on contracting new-build wind and solar. However, in the current environment, we have seen them extend their procurement of power to include hydro and nuclear generation at scale, as a complement to their continued strong demand for low-cost and quick-to-market wind and solar. We have already signed the first two contracts under the Google Framework Agreement for 670 megawatts of capacity from our Holtwood and Safe Harbor facilities in Pennsylvania, securing 20-year contracts that deliver strong all-in prices and provide a near-term path to up-financing, which will generate significant proceeds to deploy into further accretive growth. We also have another 300 megawatts of hydro capacity we are presenting to Google this year that we expect to contract at similarly attractive terms that should provide additional up-financing opportunities. For the remaining capacity under the framework agreement, we will explore additional contracting opportunities within our existing hydro fleet as well as to pursue potential new hydro investments. Stepping back, as Connor spoke to in his remarks, there is an incredible growth in energy demand that will require an any and all solution to deliver the electricity needed in the market. At the same time, there is also an increasing requirement to match the needs of the grid with the right mix of technologies to maintain reliability. In light of this, we continue to expand our capabilities in low-cost wind and solar generation while also placing emphasis on critical technologies that enable and support broader development of these renewables, namely hydro, nuclear, and batteries. By continuing to grow our capabilities in these technologies, we are further positioning ourselves for large-scale partnerships that deliver on the needs to deliver the needs of our customers, while at the same time earning strong risk-adjusted returns in line with our expectations. Furthering our strategy of growing in critical technologies to provide clean baseload power to support the grid, in July, we reached an agreement to invest up to $1 billion to acquire an approximately 15% incremental stake in our Colombian hydro platform, ISAHEN. This accretive transaction enables us to increase our interest in an irreplaceable fleet of primarily hydro assets that generates 24-7 base load power and delivers significant, stable, and contracted cash flows. The business generates almost 20% of Colombia's electricity and we continue to identify opportunities to drive performance improvements by leveraging our commercial relationships, marketing expertise, and building out incremental renewable generation in the country. The investment is anticipated to be approximately 2% accretive to our FFO in 2026. In addition to our growing hydro fleet, we own Westinghouse, which services approximately two-thirds of the world's nuclear power fleet and whose technology is the basis for approximately half the operating nuclear reactors globally, providing us exposure to another critical technology required to meet the needs of today's grid. Beyond Westinghouse's core fuel and reactor services business, Westinghouse provides design and engineering for new-build reactors, without taking on certain nuclear-specific new build risks. The U.S. government recently announced executive orders to significantly grow nuclear capacity in the country, and Westinghouse, as the U.S. nuclear champion with the most advanced utility-scale reactor technology that is operating today, is well positioned to help deliver on these objectives. Lastly, in the first quarter, we closed our acquisition of Naon, which significantly expanded our battery capabilities and made us one of the largest operators and developers of battery storage solutions globally. This enhanced the suite of energy solutions we can offer to our customers and is leading to more opportunities across our business, both in terms of M&A opportunities, but also within our existing fleet. Going forward, we will continue to be active investing in the critical technologies that are required to support growing energy demand and the reliability of the grid. In addition to low cost wind and solar, and expect to expand our partnerships with the largest buyers of power on large scale framework agreements like the ones we executed with Google and Microsoft to date, as well as on a project by project basis. With that, I will pass it on to Patrick to discuss our operating results and financial position.