Brookfield Renewable Corporation (‘BEPC’ or ‘Brookfield Renewable’) and its subsidiaries own and operate a portfolio of renewable power and sustainable solution assets primarily in North America, South America, and Europe.
Developments
In May 2024, Brookfield Renewable, together with institutional partners, completed the sale of a 30 MW hydroelectric asset in the U.S.
In May 2024, Brookfield Renewable, together with institutional partners, completed the sale of an 85 MW portfolio of biomass f...
Brookfield Renewable Corporation (‘BEPC’ or ‘Brookfield Renewable’) and its subsidiaries own and operate a portfolio of renewable power and sustainable solution assets primarily in North America, South America, and Europe.
Developments
In May 2024, Brookfield Renewable, together with institutional partners, completed the sale of a 30 MW hydroelectric asset in the U.S.
In May 2024, Brookfield Renewable, together with institutional partners, completed the sale of an 85 MW portfolio of biomass facilities in Brazil.
In November 2024, Brookfield Renewable, together with institutional partners, completed the sale of a 90 MW portfolio of hydroelectric assets in Brazil.
In December 2024, Brookfield Renewable, together with institutional partners, completed the sale of a renewable platform with 682 MW of wind assets, 63 MW of solar assets, and a 1.6 GW development pipeline in Portugal and Spain.
In December 2024, Brookfield Renewable, together with institutional partners, entered into a strategic partnership with a leading eFuels manufacturer.
In February 2025, Brookfield Renewable, together with institutional partners, agreed to acquire a diversified operating and development platform in the U.S. with 3.9 GW of operating and under construction renewable power and storage assets and an over 30 GW development pipeline. The closing of this transaction is expected to occur in the first half of 2025 and is subject to customary closing conditions.
Operations
The company’s operations consist of approximately 13,948 MW of installed hydroelectric, wind, utility-scale solar, and distributed energy and sustainable solutions capacity across North America, South America, and Europe.
The United States
The company is strategically focused on power markets in the United States. The majority of the company’s hydroelectric capacity in the United States is located in New York, Pennsylvania, and New England. In New York, the company is one of the largest independent power producers, with 74 hydroelectric facilities with an aggregate installed capacity of 711 MW. In Pennsylvania, the company has four hydroelectric facilities with an aggregate installed capacity of 747 MW. In New England, the company has 48 hydroelectric facilities with an aggregate installed capacity of 700 MW.
A number of the company’s U.S. hydroelectric assets have water storage reservoirs that can collectively store approximately 2,500 GWh, or approximately 38% of their annualized long-term average generation. The company also benefits from a 50% joint-venture interest in a 666 MW hydroelectric pumped storage facility located in Massachusetts. Pumped storage is a form of hydroelectric power that allows energy to be stored by pumping water up into a reservoir, and then producing power by releasing the water when power prices are higher.
Through the company’s subsidiary, TerraForm Power, it has a geographically diverse portfolio of utility-scale wind and solar platforms located principally in California, Illinois, Texas, and New York, with an aggregate installed capacity of approximately 2,336 MW, including 78 MW of wind assets and 59 MW of solar assets in Canada, and 101 MW of solar assets in Chile. TerraForm Power also has a 720 MW distributed generation solar portfolio in the U.S.
The company’s right to operate its generation facilities in the United States is secured primarily through long-term licenses from FERC, the federal agency that regulates the licensing of substantially all power plants in the United States. FERC has oversight of substantially all of the company’s ongoing project operations. The company’s ability to sell power from certain of its generation facilities is also subject to the receipt and maintenance of certain approvals from FERC, including the authority to sell power at market-based rates.
In August 2022, the company, together with institutional partners, committed to invest in a joint venture with California Resources Corporation to develop CCS projects in California, with the option to invest in approved CCS projects in California. The company holds an approximate 10% economic interest.
Europe
The company’s Spanish business includes 350 MW of CSP capacity. The principal revenues generated by the company’s Spanish business’ CSP assets in Spain are received pursuant to a regulated return that is set by Spanish legislation. 200 MW of the company’s CSP assets in Spain are entitled to a regulated rate of 7.39% through December 31, 2031, and 150 MW of CSP assets are entitled to a regulated return rate of 7.09% through December 31, 2025. The regulated return rate is set every six years. In December 2024, together with institutional partners, the company sold its Spanish and Portuguese wind and conventional PV solar portfolio.
Brookfield Renewable’s investment and growth strategy in Europe focuses on larger, low-sovereign risk markets that have both a record of reliable renewable policies and renewable assets with attractive long-term fundamental value and scarcity attributes.
Spain
The company’s regulated Spanish assets benefit from a ‘return on investment’ based regime by which they receive an overall payment equivalent to all the costs and initial investment to develop the project, plus a reasonable regulated return on investment (7.4% for the majority of the company’s assets).
Colombia
Brookfield Renewable’s 2016 acquisition of Isagen (Isagen S.A. E.S.P.) with its institutional partners marked the company’s entry into the Colombian market. The Brookfield Renewable consortium’s ownership interest in Isagen is over 99%, with Brookfield Renewable’s share being approximately 23%. Isagen’s principal office is located in Medellín. Isagen’s Colombian National System Control Center is also located in Medellín and allows for the remote monitoring and control of Brookfield Renewable’s assets in the country.
The consortium holds its interest in Isagen through an entity (‘Hydro Holdings’), which is entitled to appoint a majority of the board of directors of Isagen. The general partner of Hydro Holdings is a controlled subsidiary of the company. The company is entitled to appoint a majority of Hydro Holdings’ board of directors, provided that Brookfield Corporation and its subsidiaries (including Brookfield Renewable) collectively are the largest holder of Hydro Holdings’ limited partnership interests, and hold over 30% of Hydro Holdings’ limited partnership interests.
Isagen is Colombia’s third-largest power generation company and owns and operates a 3,153 MW portfolio. This portfolio accounts for approximately 15% of Colombia’s generating capacity and principally consists of large reservoir-based, hydroelectric facilities. The hydroelectric assets include the largest reservoir by volume in Colombia and are collectively able to store approximately 23% of their annualized long-term average generation. Isagen’s portfolio also includes 200 MW of solar operating assets and 32 MW of wind operating assets.
Isagen owns all of its power generating assets in perpetuity and holds requisite water usage and other rights in respect of each of its assets.
Brazil
In aggregate, the company owns and operates facilities totaling approximately 3,900 MW located in 10 Brazilian states, representing approximately 44% of the country’s population and approximately 40% of the economic activity (in GDP terms). As such, Brookfield Renewable’s business in Brazil is particularly well positioned to participate in a large and diversified economy with further developmental potential. The company has developed and built 48 facilities totaling approximately 2.3 GW of capacity and has several projects in various stages of development.
The company generally focuses on SHPPs, a category of hydroelectric power plant with less than 30 MW of capacity. SHPP plants can be secured directly from ANEEL, whereas sites for hydroelectric plants above 50 MW can only be granted by public auction, requiring developers to bid the lowest tariff in order to win the concession and a PPA with local utilities. Of the company’s authorizations and concessions (including hydroelectric, wind, solar, and biomass), approximately 90% have remaining terms of more than nine years. Generally, the company’s hydroelectric authorizations provide for an initial term of 35 years and the possibility to renew for an additional 30-year period, subject to payment of certain amounts under a water lease. Similarly, hydroelectric concessions provide for an initial term of 30 years with the possibility to renew the concession for an additional 20-year period. On the other hand, wind and solar authorizations provide for a fixed 35-year, non-renewable term.
In the regulated market, the company has typically entered into 20-year PPAs with distribution companies. In the ‘free customer’ market, the company has typically entered into PPAs with two to six-year terms with industrial and commercial customers primarily engaged in well-established, stable industries, such as telecommunications, food services, sanitation, and pharmaceuticals. The company’s PPAs in Brazil typically provide a fixed price that is fully indexed to inflation annually. The company’s Brazilian portfolio has a weighted average remaining contract term of approximately 9 years.
The company has also made investments in sustainable solutions, consisting of assets and businesses that enable the transition to net-zero, where it can leverage its access to capital and partnerships to accelerate growth, and emerging transition asset classes where the group’s initial investment positions it for potential future large-scale decarbonization investment.
As a controlled subsidiary of the partnership, an integral part of the company’s strategy is to participate along with institutional investors in Brookfield-sponsored funds, consortia, joint ventures, and other arrangements that target acquisitions that suit the company’s profile. Across the company’s business, it leverages its extensive operating experience to maintain and enhance the value of assets, grow cash flows on an annual basis, and cultivate positive relations with local stakeholders.
Marketing
Brookfield Renewable operates in various North American, European, Colombian, and Brazilian power markets.
In the United States, the company’s energy marketing activities are managed and performed by its subsidiary BRTM. These businesses operate 24 hours a day, 365 days a year, and its energy marketing business performs transaction execution, risk management, settlement, information technology, regulatory, legal, and human resource functions. This business also provides the group with valuable market intelligence regarding pricing dynamics, regulatory regimes, and market participants.
The company also leverages its relationship with Brookfield, which provides a unique competitive advantage considering Brookfield’s strong reputation in the energy marketing, asset management, infrastructure, and global real estate industries.
Intellectual Property
Brookfield Renewable, as a licensee, entered into the Licensing Agreement with Brookfield, pursuant to which Brookfield granted the company a non-exclusive, royalty-free license to use the name ‘Brookfield’ and the Brookfield logo worldwide. Other than under this limited license, the company does not have a legal right to the ‘Brookfield’ name and the Brookfield logo.
Brookfield Renewable Partners L.P.
The partnership operates one of the world’s largest publicly traded renewable power and transition platforms. Brookfield Renewable’s portfolio consists of hydroelectric, wind, solar, distributed generation, and storage facilities in North America, South America, Europe, and the Asia-Pacific. Brookfield Renewable has also made investments in its sustainable solutions portfolio, consisting of assets and businesses that enable the transition to net-zero through established but emerging technologies that require capital to scale. The partnership is focused on leveraging its extensive operating experience to maintain and enhance the value of assets and cultivate positive relations with local stakeholders.
NA Holdco
NA Holdco is an indirect wholly-owned subsidiary of BEP, incorporated under the Business Corporations Act (Ontario). NA Holdco indirectly holds most of Brookfield Renewable’s North American operating assets, as well as its interest in BEPC.
The Asset Management Company
Certain wholly-owned subsidiaries of the Asset Management Company, which is wholly owned, directly and indirectly, by Brookfield Asset Management, provide services to the Service Recipients.
History
Brookfield Renewable Corporation was founded in 2019. The company was incorporated in 2019 under the laws of British Columbia.