(BEPC) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the BEP Brookfield Renewable Fourth Quarter Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎參加 BEP 布魯克菲爾德可再生能源第四季度電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Connor Teskey, Chief Executive Officer. Please go ahead.

我現在想把會議交給今天的發言人，首席執行官 Connor Teskey。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for our fourth 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 unitholders 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.

謝謝你，運營商。大家早上好，感謝您加入我們的 2022 年第四季度電話會議。在我們開始之前，我們想提醒您，可以在我們的網站上找到我們的新聞稿、投資者補充和致單位持有人的信函的副本。我們還想提醒您，我們可能會就此次電話會議做出前瞻性陳述。這些陳述受已知和未知風險的影響，我們未來的結果可能存在重大差異。

For more information, you are encouraged to review our regulatory filings available on SEDAR, EDGAR and on our website. On today's call, we will provide a review of our 2022 performance and growth initiatives. Then Julian Thomas, who heads up Strategic Initiatives within our group will discuss how we are harnessing our partnership with institutional capital to accelerate our growth. And lastly, Wyatt will conclude the call by discussing our operating results and financial position. Following our remarks, we look forward to taking any of your questions.

如需更多信息，我們鼓勵您查看我們在 SEDAR、EDGAR 和我們網站上提供的監管文件。在今天的電話會議上，我們將回顧我們 2022 年的績效和增長計劃。然後，負責我們集團戰略計劃的朱利安·托馬斯 (Julian Thomas) 將討論我們如何利用與機構資本的伙伴關係來加速我們的發展。最後，懷亞特將通過討論我們的經營業績和財務狀況來結束電話會議。在我們的評論之後，我們期待著回答您的任何問題。

We have had another successful year, continuing our track record of double-digit average annual FFO growth for over a decade. We generated funds from operations of over $1 billion or $1.56 per unit, an 8% increase over last year as a result of the stability of our high-quality cash flows, organic growth and commercial initiatives and contribution from acquisitions. We agreed to deploy capital well ahead of our targets, growing in every market we operate, while dramatically expanding our renewables operations and making our first transition investments. We also delivered record performance from our development activities with 19,000 megawatts of capacity either under construction or in advanced stages as well as we increased our global development pipeline to almost 110,000 megawatts. We are now in the early days of more of these high-returning development dollars beginning to flow through our income statement, a trend that we expect to continue as more and more of our projects reach commercialization. As it relates to capital deployment, 2022 has been our strongest year-to-date. We closed or agreed to invest up to $12 billion or close to $3 billion net to Brookfield Renewable which will be deployed over the next 5 years. This represents almost half of our growth target for that period.

我們又迎來了成功的一年，延續了十多年來 FFO 年均兩位數增長的記錄。我們從超過 10 億美元或每單位 1.56 美元的運營中獲得資金，比去年增長 8%，這歸功於我們穩定的高質量現金流、有機增長和商業計劃以及收購的貢獻。我們同意遠早於我們的目標部署資本，在我們經營的每個市場實現增長，同時大幅擴大我們的可再生能源業務並進行我們的首次轉型投資。我們還通過我們的開發活動創造了創紀錄的業績，在建或處於後期階段的容量為 19,000 兆瓦，並且我們將全球開發管道增加到近 110,000 兆瓦。我們現在正處於更多這些高回報開發資金開始通過我們的損益表流動的早期階段，隨著我們越來越多的項目實現商業化，我們預計這一趨勢將繼續下去。就資本部署而言，2022 年是我們迄今為止最強勁的一年。我們關閉或同意向 Brookfield Renewable 投資高達 120 億美元或近 30 億美元的淨額，這將在未來 5 年內部署。這幾乎佔了我們同期增長目標的一半。

The investment environment for renewables remains highly compelling. Renewables low-cost energy profile, combined with the themes of corporate clean energy demand, electrification and energy independence continue to be key trends accelerating renewable deployment. Our disciplined approach to investing and long history of owning and operating renewables enables us to capture some of the most attractive opportunities going forward. And as Wyatt and Julian will discuss later, we maintain a best-in-class balance sheet, robust levels of liquidity and access to diverse and deep pools of capital, including our ability to invest alongside large-scale institutional capital which enables us to execute on sizable transactions that generate strong risk-adjusted returns.

可再生能源的投資環境仍然極具吸引力。可再生能源的低成本能源概況，結合企業清潔能源需求、電氣化和能源獨立的主題，仍然是加速可再生能源部署的主要趨勢。我們嚴格的投資方法以及擁有和運營可再生能源的悠久歷史使我們能夠抓住一些未來最具吸引力的機會。正如懷亞特和朱利安稍後將討論的那樣，我們保持著一流的資產負債表、強勁的流動性水平以及獲得多樣化和深厚的資本池的機會，包括我們與大規模機構資本一起投資的能力，這使我們能夠執行產生強大的風險調整後回報的大規模交易。

During the year, we agreed to invest up to $4.6 billion or $1.4 billion net to Brookfield Renewable of capital into our renewable development initiatives through both organic growth within our existing business and by acquiring new complementary platforms that enhance our current offering. This includes our investment in 3 large renewable development businesses in the United States. Urban Grid, Standard Solar and Scout Clean Energy. These investments enhance our position in what is our largest market bringing our total size to 74,000 megawatts of operating and development capacity in the U.S. Since acquiring these businesses, we have worked quickly to integrate them into our overall U.S. platform and have begun executing on the business plans we set out. We are already seeing strong performance from these new investments. They are all benefiting from the Inflation Reduction Act and strong corporate demand which is enabling us to accelerate the development pipelines and grow these businesses beyond our original underwriting expectations.

在這一年中，我們同意通過我們現有業務的有機增長和通過收購新的互補平台來增強我們當前的產品，向 Brookfield Renewable 投資高達 46 億美元或 14 億美元的資本淨額用於我們的可再生髮展計劃。這包括我們對美國 3 家大型可再生能源開發企業的投資。 Urban Grid、Standard Solar 和 Scout Clean Energy。這些投資增強了我們在我們最大的市場中的地位，使我們在美國的總規模達到 74,000 兆瓦的運營和開發能力。自收購這些業務以來，我們迅速將它們整合到我們的整體美國平台中，並開始執行業務我們制定的計劃。我們已經看到這些新投資的強勁表現。他們都受益於《降低通貨膨脹法案》和強勁的企業需求，這使我們能夠加快開發管道並使這些業務發展超出我們最初的承保預期。

Turning to nuclear power. As many are aware, we formed a strategic partnership with Cameco to acquire Westinghouse, one of the world's largest nuclear services businesses and a critical player in the energy transition. We are moving forward with obtaining the required approvals for this investment and are on track to close the transaction in the second half of 2023. The business is performing well and we are already seeing benefits of the investment beyond our underwriting as nuclear is increasingly recognized as a provider of clean, dispatchable baseload power generation.

轉向核電。正如許多人所知，我們與 Cameco 建立了戰略合作夥伴關係，以收購西屋公司，這是世界上最大的核服務企業之一，也是能源轉型的關鍵參與者。我們正在取得這項投資所需的批准，並有望在 2023 年下半年完成交易。業務表現良好，我們已經看到了除了承銷之外的投資收益，因為核能越來越被認為是清潔、可調度的基荷發電供應商。

As an example, the Polish government announced that it has selected Westinghouse's AP1000 technology for the build-out of the first 3 of its planned large-scale nuclear reactors. This is a key step towards the country achieving its decarbonization targets and greater energy independence. We are also progressing our transition asset investments including most recently, our investment in California Bioenergy, a leading California-based developer operator and owner of RNG assets where we have the ability to invest up to $500 million or $100 million net to Brookfield Renewable in downside protected convertible structures that support the development of new agriculture renewable natural gas assets. This investment is another in the continuation of our strategy of entering into high-growth transition asset classes that are complementary to our core renewables business.

例如，波蘭政府宣布已選擇西屋電氣的 AP1000 技術建造其計劃中的前 3 個大型核反應堆。這是該國實現脫碳目標和提高能源獨立性的關鍵一步。我們還在推進我們的轉型資產投資，包括最近對加州生物能源公司的投資，這是一家總部位於加州的領先開發商運營商和 RNG 資產的所有者，我們有能力在不利情況下向 Brookfield Renewable 淨投資高達 5 億美元或 1 億美元受保護的可轉換結構，支持開發新的農業可再生天然氣資產。這項投資是我們繼續實施與我們的核心可再生能源業務互補的高增長轉型資產類別戰略的另一項投資。

Similar to carbon capture and storage, recycling and renewable natural gas, we have invested through small upfront capital deployments with experienced partners through investment structures that provide us with downside protection, discretion over future investments and significant potential upside returns on our capital. As we enter 2023, our business has tremendous momentum. As a leading global clean energy company with deep access to capital, we are uniquely positioned to execute on the most attractive clean energy and decarbonization investment opportunities around the world. Given our strong financial and operating performance, robust liquidity and positive outlook for the business, we are pleased to announce a 5.5% increase to our distributions to $1.35 per unit on an annualized basis. This is the 12th consecutive year of at least 5% annual distribution growth since 2011 when Brookfield Renewable was publicly listed.

類似於碳捕獲和儲存、回收和可再生天然氣，我們通過投資結構與經驗豐富的合作夥伴通過小額前期資本部署進行投資，為我們提供下行保護、對未來投資的自由裁量權以及我們資本的巨大潛在上行回報。隨著我們進入 2023 年，我們的業務勢頭強勁。作為一家擁有深度融資渠道的全球領先清潔能源公司，我們在執行全球最具吸引力的清潔能源和脫碳投資機會方面具有得天獨厚的優勢。鑑於我們強勁的財務和運營業績、強勁的流動性和積極的業務前景，我們很高興地宣布，我們的分紅按年率增加 5.5% 至每單位 1.35 美元。自 2011 年 Brookfield Renewable 公開上市以來，這是連續第 12 年實現至少 5% 的年度分銷增長。

With that, we will now turn it over to Julian to discuss the importance of our capital sources in supporting our growth.

有了這個，我們現在將把它交給朱利安來討論我們的資本來源在支持我們增長方面的重要性。

Thank you, Connor, and good morning, everyone. We have said for many years that the strength of our balance sheet and our ability to invest alongside large-scale institutional capital represents a significant competitive advantage. We have always prioritized capitalizing the business with a strong investment-grade balance sheet, utilizing long-duration, nonrecourse debt and maintaining high levels of liquidity. This allows us to maintain a low-risk financial profile and focus on financial strength and flexibility so we can invest throughout the cycle. We believe this is critical to our long-term success as it contributes meaningfully to the compounding of our cash flows and the total returns delivered to our unitholders.

謝謝你，Connor，大家早上好。多年來，我們一直表示，我們強大的資產負債表以及我們與大規模機構資本一起投資的能力代表了一項重要的競爭優勢。我們一直優先考慮通過強大的投資級資產負債表、利用長期無追索權債務和保持高水平的流動性來利用業務。這使我們能夠保持低風險的財務狀況，並專注於財務實力和靈活性，以便我們可以在整個週期內進行投資。我們認為這對我們的長期成功至關重要，因為它對我們的現金流量和交付給單位持有人的總回報的複合做出了有意義的貢獻。

In addition to this approach is our structure of investing alongside Brookfield's private funds, which provides access to scale, long-term institutional capital enabling us to target sizable deals where there is often limited competition. At Brookfield, we manage capital for more than 2,000 institutional clients that collectively have trillions of dollars of capital under management to invest. This means we have the ability to target multibillion dollar transactions and smaller investments that are, in many cases, far more competitive. We believe this structure is often underappreciated by the market. However, we think it represents a very meaningful competitive advantage for our business, particularly in this economic environment. Combined with our platform capabilities, this means that on a recurring basis, we can generate strong risk-adjusted returns by executing some of the most attractive, large-scale decarbonization opportunities. Investor appetite for energy transition remains very strong. We have significant institutional demand to invest alongside experienced owners, operators and investors like us. The success of Brookfield's first transition fund demonstrates this.

除了這種方法之外，我們還與 Brookfield 的私人基金一起進行投資，這提供了獲得規模、長期機構資本的途徑，使我們能夠在通常競爭有限的情況下瞄準大規模交易。在 Brookfield，我們為 2,000 多家機構客戶管理資金，這些客戶總共管理著數万億美元的資金用於投資。這意味著我們有能力瞄準數十億美元的交易和在許多情況下更具競爭力的較小投資。我們認為這種結構往往被市場低估。然而，我們認為這對我們的業務來說代表了一個非常有意義的競爭優勢，尤其是在這種經濟環境下。結合我們的平台能力，這意味著在經常性的基礎上，我們可以通過執行一些最具吸引力的大規模脫碳機會來產生強勁的風險調整後回報。投資者對能源轉型的興趣仍然非常強烈。我們有很大的機構需求，需要與像我們這樣經驗豐富的所有者、運營商和投資者一起進行投資。布魯克菲爾德首個過渡基金的成功證明了這一點。

We raised $15 billion establishing the world's largest private fund dedicated to facilitating the global transition to a net-zero economy. The fund features some of the largest commitments in Brookfield's history with around 30% coming from new clients, illustrating investor desire to allocate meaningful capital towards energy transition. A key part of Brookfield's private fund strategy is developing relationships with large pools of long-term private capital, who seek the opportunity to invest alongside us both by investing in our private funds and also directly in our investments as co-investors. The program both enhances our access to capital and provides another source of liquidity. Our Westinghouse investment, given its size, is a great example of our co-investment program in practice. We've had strong interest from our LPs to co-invest with us in Westinghouse and the process is moving along well.

我們籌集了 150 億美元，建立了世界上最大的私人基金，致力於促進全球向淨零經濟轉型。該基金擁有 Brookfield 歷史上一些最大的承諾，其中約 30% 來自新客戶，表明投資者希望為能源轉型分配有意義的資本。 Brookfield 私募基金戰略的一個關鍵部分是與大量長期私人資本發展關係，他們尋求機會通過投資我們的私募基金以及直接作為共同投資者與我們一起投資。該計劃既增加了我們獲得資本的機會，又提供了另一種流動性來源。鑑於其規模，我們對西屋電氣的投資是我們共同投資計劃在實踐中的一個很好的例子。我們的有限合夥人對與我們共同投資西屋電氣產生了濃厚的興趣，而且這一過程進展順利。

Today, access to capital is limited for some market participants. So accessing this funding source represents an even more meaningful competitive advantage. Institutional capital supports our ability to invest in great businesses, and achieved strong results that maximize long-term returns for our investors. The scale of our transition fund and the institutional relationships and capital it brings is another meaningful step change in our funding strategy that will continue to employ as we grow our business and seek large-scale attractive investment opportunities.

如今，一些市場參與者獲得資金的渠道受到限制。因此，獲得這種資金來源代表了一種更有意義的競爭優勢。機構資本支持我們投資於偉大企業的能力，並取得了強勁的業績，為我們的投資者帶來了最大的長期回報。我們的過渡基金的規模及其帶來的機構關係和資本是我們融資戰略的又一次有意義的轉變，隨著我們發展業務和尋求大規模有吸引力的投資機會，這種轉變將繼續發揮作用。

With that, I'll turn it over to Wyatt to discuss our operating results and financial position.

有了這個，我會把它交給懷亞特來討論我們的經營業績和財務狀況。

Thank you, Julian. As Connor mentioned in his earlier remarks, we had strong results in the quarter as our operations benefited from strong global power prices and continued growth both through development and acquisitions. We generated FFO of over $1 billion or $1.56 per unit, reflecting solid performance and an increase of 8% versus the same period last year. Our business is backed by high-quality cash flows in large part from our perpetual hydro portfolio which has become an increasingly valuable source of clean, baseload power as more intermittent renewables come online.

謝謝你，朱利安。正如 Connor 在他之前的評論中提到的那樣，我們在本季度取得了強勁的業績，因為我們的業務受益於強勁的全球電力價格以及通過開發和收購實現的持續增長。我們產生了超過 10 億美元或每單位 1.56 美元的 FFO，反映出穩健的表現，與去年同期相比增長了 8%。我們的業務得到高質量現金流的支持，這在很大程度上來自我們的永久水電組合，隨著更多間歇性可再生能源上線，該組合已成為越來越有價值的清潔、基本負荷電力來源。

With over 5,000 gigawatt hours of generation available for recontracting across our portfolio over the next 5 years and the positive pricing environment for our hydro portfolio, we have significant capacity across our fleet to execute on accretive contracts that we expect to contribute additional FFO and generate a low-cost funding source for our growth.

在未來 5 年內，我們的投資組合中有超過 5,000 千兆瓦時的發電量可供重新承包，而且我們的水電投資組合具有積極的定價環境，我們的船隊有很大的能力執行增值合同，我們預計這些合同將貢獻額外的 FFO 並產生我們增長的低成本資金來源。

Our financial position remains excellent, and our available liquidity is robust, providing significant flexibility to fund our growth. Julian already touched on the importance of our access to capital and maintaining a strong balance sheet. We are resilient to the rising interest rates globally with over 90% of our borrowings being project level, fixed rate nonrecourse debt with an average remaining term of 12 years, no material near-term maturities and only 3% exposure to floating rate debt.

我們的財務狀況依然出色，可用流動性強勁，為我們的增長提供了巨大的靈活性。朱利安已經談到了我們獲得資本和保持穩健資產負債表的重要性。我們對全球利率上升具有彈性，我們超過 90% 的借款是項目級別的、平均剩餘期限為 12 年的固定利率無追索權債務、沒有實質性的短期到期債務並且只有 3% 的浮動利率債務敞口。

Despite market volatility, our access to deep and varied pools of capital continues to be differentiated. We have approximately $3.7 billion of available liquidity giving us significant financial flexibility during periods of capital scarcity. During the year, we secured approximately $10 billion of nonrecourse financings across the business, resulting in approximately $1.2 billion in our financing proceeds to Brookfield Renewable. We are also accelerating our capital recycling activities which are both an accretive funding lever and a critical part of our full cycle investment strategy. We continue to see a very constructive environment for selling de-risked, appropriately-sized mature renewable assets to lower cost of capital buyers and we are advancing numerous capital recycling opportunities in this regard. We have initiated several processes where we have successfully completed our business plan and executed on our investment thesis. These assets could generate up to $4 billion in aggregate approximately $1.5 billion net to Brookfield Renewable of proceeds when closed and provide significant incremental liquidity in the coming quarters.

儘管市場波動，但我們獲得豐富多樣的資金池的途徑仍然存在差異。我們擁有大約 37 億美元的可用流動資金，在資金短缺期間為我們提供了顯著的財務靈活性。在這一年中，我們在整個業務中獲得了大約 100 億美元的無追索權融資，從而使我們向 Brookfield Renewable 提供了大約 12 億美元的融資收益。我們還在加速我們的資本回收活動，這既是一種增加資金的槓桿，也是我們全週期投資戰略的重要組成部分。我們繼續看到一個非常有建設性的環境，可以出售去風險、規模適當的成熟可再生資產以降低資本購買者的成本，我們正在這方面推進大量的資本回收機會。我們已經啟動了多個流程，成功完成了我們的商業計劃並執行了我們的投資主題。這些資產在關閉時可為 Brookfield Renewable 帶來總計高達 40 億美元的收益淨額約 15 億美元，並在未來幾個季度提供顯著的增量流動性。

In closing, we remain focused on delivering 12% to 15% long-term total returns for our investors. To do this, we will continue to be disciplined allocators of capital by leveraging our deep funding sources and operational capabilities to enhance value and derisk our business. On behalf of the Board and management, we thank all our unitholders and shareholders for the ongoing support. We are excited about Brookfield Renewable's future and look forward to updating you on our progress throughout 2023.

最後，我們仍然專注於為投資者提供 12% 至 15% 的長期總回報。為此，我們將繼續通過利用我們深厚的資金來源和運營能力來提高價值並降低我們的業務風險，從而繼續成為紀律嚴明的資本分配者。我們代表董事會和管理層感謝所有單位持有人和股東的持續支持。我們對 Brookfield Renewable 的未來感到興奮，並期待在整個 2023 年向您通報我們的最新進展。

That concludes our formal remarks for today's call. Thank you for joining us this morning. And with that, I'll pass it back to our operator for questions.

我們對今天的電話會議的正式發言到此結束。感謝您今天早上加入我們。有了這個，我會把它傳回給我們的接線員詢問問題。

(Operator Instructions) Our first question comes from the line of Sean Steuart with TD Securities.

（操作員說明）我們的第一個問題來自道明證券的 Sean Steuart。

A couple of questions. With respect to the broader asset recycling plan that you laid out, Wyatt, beyond the Mexican solar portfolio. Can you give us any context on the regional or technology focus for that asset sale program? And further to that, any guidance on returns you expect you'll be able to crystallize through those initiatives.

幾個問題。關於您制定的更廣泛的資產回收計劃，Wyatt 超出了墨西哥太陽能投資組合。您能否為我們提供有關該資產出售計劃的區域或技術重點的任何背景信息？此外，任何關於您期望的回報的指導都可以通過這些舉措具體化。

Sure. Sean, it's Connor. Perhaps I'll take that. We probably don't want to comment on any of the live sales processes that we have going, but we're certainly happy to provide some incremental color. The background to this is during the second half of 2022, we saw significant inbounds from potential buyers for a number of our businesses. And what we're finding is those inbounds are particularly coming on businesses that we feel we have largely derisked and we've largely executed our initial investment thesis in our initial business planning. And that's when we like to sell assets. When we have an interested buyer, and we've completed the derisking and value creation process that we initially set off to do.

當然。肖恩，是康納。也許我會接受。我們可能不想評論我們正在進行的任何現場銷售流程，但我們當然很樂意提供一些增量顏色。其背景是在 2022 年下半年，我們看到大量潛在買家湧入我們的許多業務。我們發現，這些入境特別是在我們認為我們已經很大程度上降低了風險並且我們已經在我們的初始業務計劃中執行了我們的初始投資主題的業務中。那就是我們喜歡出售資產的時候。當我們有一個感興趣的買家，並且我們已經完成了我們最初開始做的去風險和價值創造過程。

What I would say in terms of locations, it's what we would probably say is the vast majority of capital recycling that we see the potential for in the next few quarters is largely in the Americas, both North and South America for us. And then in terms of IRR, we're very -- we absolutely recognized that underlying rates have gone up, but we have not seen much, if at all, any widening in terms of target investor returns on a total IRR basis in the inbound price indications that we have seen. So we continue to monitor that, but we do still see a very, very constructive bid for derisked, high-quality renewables assets, and those are the types of things that we'd look to sell as part of this program.

就地點而言，我要說的是，我們可能會說，我們認為未來幾個季度的潛力的絕大多數資本回收主要在美洲，對我們來說包括北美和南美。然後就 IRR 而言，我們非常 - 我們絕對認識到基礎利率已經上升，但我們沒有看到太多（如果有的話）在入站總 IRR 基礎上的目標投資者回報方面有任何擴大我們已經看到的價格跡象。因此，我們將繼續對其進行監控，但我們仍然看到對去風險的高質量可再生能源資產的非常非常有建設性的出價，而這些是我們希望作為該計劃的一部分出售的東西。

Thanks, Connor. That's useful detail. Second question, in your supplemental information, the buildup of your advanced stage development pipeline, for 2023, it looks like there's quite a bit added to your Asia platform, at least compared to the guidance you gave a quarter ago. Can you give us any detail on what's been added to that particular piece of the development platform?

謝謝，康納。這是有用的細節。第二個問題，在你的補充信息中，你的高級階段開發管道的建立，到 2023 年，看起來你的亞洲平台增加了很多，至少與你一個季度前給出的指導相比是這樣。您能否向我們詳細介紹該開發平台的特定部分添加了什麼？

Yes, certainly. So I'll start and, Wyatt, if I miss anything, please don't hesitate to jump in. There's 2 things in particular that have been added that jump to mind. One is in India, in the latter part of last year, we've pursued this strategy of building out renewable energy parks in India. And that is a somewhat unique strategy within India, where you buy large plots of land that have a strong grid connection and you can build out renewables over multiple phases and sell the power from those projects to multiple offtakes.

是的，當然了。那麼我要開始了，Wyatt，如果我遺漏了什麼，請不要猶豫加入。有兩件事特別添加，讓我想起了。一個是在印度，去年下半年，我們實施了在印度建設可再生能源園區的戰略。這在印度是一個有點獨特的策略，在那裡你可以購買大片土地，這些土地具有強大的電網連接，你可以分多個階段建設可再生能源，並將這些項目的電力出售給多個承購商。

We've done a number of those transactions in the latter part of the year, and that would certainly be inflating that number. The other thing that I would highlight is our previously announced arrangement with BASF, where we are looking to build renewables for them in China that will be directly contracted to a new large chemical production facility that BASF is building in the region that they want to be supported by green power. That is a very sizable arrangement we have with them. We're talking gigawatts, and that is another thing that would support the pipeline in Asia.

我們在今年下半年完成了許多這樣的交易，這肯定會誇大這個數字。我要強調的另一件事是我們之前宣布的與巴斯夫的安排，我們希望在中國為他們建造可再生能源，這些可再生能源將直接承包給巴斯夫在他們希望成為的地區建造的新大型化學品生產設施得到綠色力量的支持。這是我們與他們之間的一項非常大的安排。我們說的是千兆瓦，這是支持亞洲管道的另一件事。

Wyatt, I'm sure that covers most of it, but anything else you would add there?

懷亞特，我敢肯定這涵蓋了大部分內容，但是您還有什麼要補充的嗎？

The only other thing, Connor, I would add is we had, in past, highlighted our rooftop solar business in China, where the business -- or the momentum for that business continues to build. And so we are seeing a little bit more activity out of that business, but you highlighted the majority of them, Connor.

康納，我要補充的唯一一件事是，我們過去強調了我們在中國的屋頂太陽能業務，該業務或該業務的勢頭繼續發展。因此，我們看到該業務的活動有所增加，但您強調了其中的大部分，Connor。

Our next question comes from the line of Robert Hope with Scotiabank.

我們的下一個問題來自加拿大豐業銀行的羅伯特霍普。

Maybe hoping you could comment on what your investment pipeline looks moving forward in terms of, we'll call it, asset acquisitions or maybe larger platforms, any geographies or assets that are looking the best. And you mentioned that inbound indications for pricing have been changed on your end, but what about assets that would require maybe a little bit more work on the financing or contracting side.

也許希望你能就你的投資渠道在哪些方面發表評論，我們稱之為資產收購或更大的平台，任何看起來最好的地區或資產。你提到定價的入站指示已經在你這邊發生了變化，但是那些可能需要在融資或承包方面做更多工作的資產呢？

Thanks, Rob. And no doubt, the pipeline remains strong. And there's probably 2 key things that we would highlight. Clearly, in 2022, and we'll make a comment here that we've made previously. If we go all the way back to 2021, we looked at buying a lot of renewable development platforms in our core markets around the world. We did a lot of due diligence processes. We analyzed a lot of opportunities but we found the market was very, very frothy, and we struggled to see things where we were comfortable with the value entry point.

謝謝，羅布。毫無疑問，管道依然強勁。我們可能會強調 2 個關鍵事項。顯然，在 2022 年，我們將在這裡發表我們之前發表的評論。如果我們一直追溯到 2021 年，我們考慮在全球核心市場購買大量可再生能源開發平台。我們做了很多盡職調查過程。我們分析了很多機會，但我們發現市場非常非常泡沫，我們很難看到我們對價值切入點感到滿意的事情。

As we moved into 2022, there were a number of things in the market, a little bit of macro uncertainty, rising rates, some supply chain pressures that perhaps other market participants aren't as well suited to manage through. We saw tremendous opportunities in 2020 through -- 2022, sorry, to buy renewables developers, high-quality renewables developers in our core markets at entry points that quite frankly, we would have fallen out of our chair to execute on in 2021.

隨著我們進入 2022 年，市場上出現了很多事情，一些宏觀不確定性、利率上升、一些供應鏈壓力，其他市場參與者可能不太適合管理這些壓力。我們在 2020 年到 2022 年看到了巨大的機會，抱歉，在我們的核心市場的切入點購買可再生能源開發商，高質量的可再生能源開發商，坦率地說，我們將在 2021 年從椅子上跌下來執行。

One big theme as we enter 2023 is we see that dynamic continuing. We do see that dynamic continuing in the early part of the year, and we are seeing the ability, we believe, to acquire renewable development platforms where we can, obviously, use our corporate capabilities to enhance those businesses, we're still seeing attractive value entry points there and hope to execute some of those transactions in the near term.

進入 2023 年的一個重要主題是我們看到這種動態仍在繼續。我們確實看到這種動態在今年年初繼續存在，我們相信，我們有能力獲得可再生能源開發平台，顯然，我們可以利用我們的企業能力來增強這些業務，我們仍然看到有吸引力的那裡的價值切入點，並希望在短期內執行其中的一些交易。

If that's point one. The other thing that we would highlight is with the rise in rates and some of the market uncertainty and perhaps capital scarcity, in the market, we do believe that we are going to see more opportunities in 2023 to buy operating assets than perhaps we saw in last year or the year before that. So that continues to be an increasing portion of our pipeline, something we're obviously excited to see begin to come back in the strike zone.

如果那是第一點。我們要強調的另一件事是，隨著利率上升和市場的一些不確定性以及可能的資本短缺，我們確實相信，我們將在 2023 年看到更多購買運營資產的機會，而不是我們在 2023 年看到的去年或前年。因此，這將繼續成為我們管道中越來越多的部分，我們顯然很高興看到它開始回到罷工區。

I appreciate the color. And then maybe a follow-up there. If we take a look at your development pipeline, you have accelerated some investments into 2023, how are you looking at the supply chain? Are most of the issues behind us as well as inflation. Do you have a good handle on that to give you the confidence to further accelerate development into 2023?

我很欣賞這種顏色。然後可能會有後續行動。如果我們看一下您的開發管道，您已經加快了到 2023 年的一些投資，您如何看待供應鏈？我們身後的大部分問題以及通貨膨脹。您是否對此有很好的把握，讓您有信心進一步加速發展到 2023 年？

Yes. So we'll perhaps split that into 2 chunks. The one thing I would say about our 2023 pipeline and as referenced in the supplemental, we see -- 2022 was our biggest year of development on record. We brought 3.5 gigawatts of new projects online. As we look to 2023, that number is -- sitting today, we expect to bring about 5 gigawatts online. The first thing we would highlight is of these 2023 projects, a large portion of that 5 gigawatts in our minds is very largely derisked at this point. It's -- a lot of it is either under construction or it's already fully contracted. And we often make the comment that funding is secured in a lot of these projects, all the funding is already in the ground. We don't need to contribute any incremental equity to get those projects across the line. So our confidence on delivery in 2023 is very strong.

是的。所以我們可能會將其分成兩部分。關於我們的 2023 年管道，我要說的一件事是補充中提到的，我們看到——2022 年是我們有記錄以來發展最快的一年。我們上線了 3.5 吉瓦的新項目。當我們展望 2023 年時，這個數字是——坐在今天，我們預計將在線帶來約 5 吉瓦。我們要強調的第一件事是這些 2023 年的項目，在這一點上，我們心目中的 5 吉瓦項目中的很大一部分在很大程度上被低估了。它是——其中很多要么正在建設中，要么已經完全簽約。我們經常評論說，很多這些項目的資金都是有保障的，所有的資金都已經到位了。我們不需要貢獻任何增量股權來讓這些項目順利通過。因此，我們對 2023 年交付的信心非常強。

When you speak about the supply chain issues, for us, we think about that probably beyond 2023 because our 2023 is very well wrapped up. And I think there's probably 2 dynamics to consider there. One is on a global basis, we're really seeing the cost of solar modules dropped significantly. In the past year or so, we've seen them quoted as high as, call it, $0.40. Now we're largely seeing that prices in the low $0.20. So not all the way back to where they were in 2019, but the majority of the way back. The one place where there continues to be some uncertainty and management of the supply chain required continues to be the United States. But the good news is -- there is with the benefits of IRA and the things we can do with our central procurement system, putting orders in ahead of time working with our key suppliers, we definitely see the supply chain in total getting much easier to manage than where we were 6 or 12 months ago. So it's definitely a good news story from both an execution and an economic's perspective.

當你談到供應鏈問題時，對我們來說，我們考慮的可能是 2023 年以後，因為我們的 2023 年已經結束。我認為可能有兩種動態需要考慮。一是在全球範圍內，我們確實看到太陽能組件的成本大幅下降。在過去一年左右的時間裡，我們看到它們的報價高達 0.40 美元。現在我們主要看到價格處於 0.20 美元的低位。因此，並不是一直回到 2019 年的狀態，而是大部分都回到了原點。仍然存在一些不確定性和所需供應鏈管理的地方仍然是美國。但好消息是——有了 IRA 的好處以及我們可以用我們的中央採購系統做的事情，提前與我們的主要供應商合作下訂單，我們肯定會看到整個供應鏈變得更容易比我們 6 或 12 個月前的管理水平要好。因此，從執行和經濟角度來看，這絕對是一個好消息。

Our next question comes from the line of Rupert Merer with National Bank Financial.

我們的下一個問題來自 Rupert Merer 與 National Bank Financial 的對話。

Just following up on the U.S. solar development question. Can you talk a little about how the availability of grid interconnections is evolving? And are you seeing increasing competition for interconnection spots?

只是跟進美國太陽能發展問題。您能談談電網互連的可用性是如何演變的嗎？您是否看到對互連點的競爭越來越激烈？

Thanks, Rupert. It's -- I appreciate you asking it because it's one of our favorite questions. The focus on grid connection and interconnection availability is certainly something that has grabbed much more headlines across the industry, I would say, in the last 6 or 12 months. And -- as it should, as part of any development process, you need to secure land, you need to secure grid connection and you need to secure permitting. From there, you need to get equipment and EPC in a contract. But you need those first 3. And with the amount of renewables going on to grids around the world, there's probably very few grids around the world that the value of high-quality interconnection hasn't gone up in recent years. The reason why we really like this question is, this is something that we've been focused on probably now for 4 or 5 years. And when we assess developers and the quality of their pipelines, we've always been taking into account what rig connections they have and where do they fit within the interconnection queue when valuing those pipelines and the likelihood and the economics at which they can be built out.

謝謝，魯珀特。這是——感謝你提出這個問題，因為這是我們最喜歡的問題之一。我想說，在過去 6 或 12 個月裡，對電網連接和互連可用性的關注肯定在整個行業佔據了更多的頭條新聞。而且——作為任何開發過程的一部分，你需要確保土地安全，需要確保電網連接安全，並且需要獲得許可。從那裡，您需要在合同中獲得設備和 EPC。但你首先需要這些 3。隨著世界各地電網中可再生能源的數量不斷增加，世界上可能幾乎沒有電網的高質量互連的價值近年來沒有上升。我們真正喜歡這個問題的原因是，這是我們可能已經關注了 4 或 5 年的事情。當我們評估開發商及其管道的質量時，我們一直在考慮他們擁有哪些鑽機連接以及在評估這些管道時它們在互連隊列中的位置以及建造它們的可能性和經濟性出去。

A great example of this is Urban Grid, which we bought last year. One of the reasons why we felt we saw value in that platform where maybe perhaps didn't is we feel that Urban Grid has an incredibly strong portfolio of positions in the PJM interconnection queue that most would recognize PJM is a very high-value market for renewables development. So this will continue to be a focus, but we feel it's something that we have well in hand, not because of our work in the last 6 or 12 months, but because of our work over the last 4 or 5 years.

一個很好的例子是我們去年購買的 Urban Grid。我們認為我們在該平台中看到了價值而也許沒有看到的原因之一是我們認為 Urban Grid 在 PJM 互連隊列中擁有非常強大的位置組合，大多數人會認識到 PJM 是一個非常高價值的市場可再生能源開發。所以這將繼續成為一個重點，但我們覺得這是我們手頭的事情，不是因為我們在過去 6 或 12 個月的工作，而是因為我們在過去 4 或 5 年的工作。

Okay. But it doesn't sound like it's going to limit your pace of growth.

好的。但這聽起來不會限制您的增長速度。

Not at all. In fact, when we lay out our expected pipeline and the projects that we want to bring online, that already takes into account our views of when we'll get those grid connections.

一點也不。事實上，當我們規劃我們預期的管道和我們想要上線的項目時，已經考慮了我們對何時獲得這些網格連接的看法。

And a follow-up on the asset recycling question. Would you consider recycling any of your hydro assets in North America. And if you do, how do you assess the value of those today versus the value of solar and the wind asset given some of the storage potential?

以及資產回收問題的後續行動。您會考慮在北美回收您的任何水電資產嗎？如果你這樣做，你如何評估今天的價值與太陽能和風能資產的價值相比，考慮到一些存儲潛力？

Yes, certainly. We will always do what is in the best interest of ourselves and our unitholders in terms of capital recycling, where will we allocate capital, where will we seek to recycle some assets. We do believe that our portions of our hydro portfolio around the world are truly irreplaceable assets. And they have a long runway of continued value growth given their ability to not only provide baseload clean, dispatchable power but also the ability for them to provide grid stabilizing ancillary services to electricity grids that increasingly are going to have more intermittent renewable wind and solar connected. So would we sell those assets at the appropriate price, Absolutely, but only at a price that we feel takes into account that extremely robust outlook for those assets that we're seeing from our vantage point.

是的，當然了。在資本回收方面，我們將始終做最符合我們自己和我們的單位持有人利益的事情，我們將在哪里分配資本，我們將在哪裡尋求回收一些資產。我們確實相信，我們在世界各地的水電投資組合中的部分是真正不可替代的資產。由於它們不僅能夠提供基荷清潔、可調度的電力，而且能夠為越來越多的間歇性可再生風能和太陽能連接的電網提供電網穩定輔助服務，因此它們的價值持續增長還有很長的路要走.因此，我們是否會以適當的價格出售這些資產，當然，但前提是我們認為要考慮到我們從有利位置看到的這些資產的極其強勁的前景。

Our next question comes from the line of Ben Pham with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Ben Pham。

Also a question on the U.S. market. And I'm wondering how do you see your U.S. initiatives shaking out the next couple of years. Is that -- I know you mentioned accelerating some of the projects there, but do you think it's -- do you think the development backlog is going to increase? Is it some M&A around the corner? And then maybe share a little bit? I know you mentioned that you centralized purchasing a competitive advantage, but anything else you can share in terms of how you position yourself in the U.S.?

還有一個關於美國市場的問題。我想知道你如何看待未來幾年你在美國的舉措。那是——我知道你提到了加速那裡的一些項目，但你認為它——你認為開發積壓會增加嗎？是不是一些併購指日可待？然後也許分享一點？我知道您提到您集中採購具有競爭優勢，但就您如何在美國定位自己而言，您還有什麼可以分享的嗎？

Certainly. So it's a good question, Ben. I think the thing to recognize about our U.S. platform, is there's 2 things that differentiate us in the U.S. at a level that is very, very tough for almost any other platform to match. And those 2 things are, one, the scale of our platform; and two, the fact that we have a very diverse set of renewable technologies at a scale in the U.S. And that's really driving our business in 2 different ways. One, we are seeing increasing opportunities to provide unique contract solutions in the U.S. And when I say unique, they could be unique in a multiple of different ways, but I'll give the first example. We have over 70,000 megawatts of operating and development capacity there. We can provide green power on a scale in the U.S. that very few others can. So when you're thinking of the largest corporate procurers of green energy in that market, we can satisfy not only their existing needs, but their growing needs in the future in a meaningful way. The other thing that we're increasingly seeing, in particular in the U.S. given not only the size but the breadth of our portfolio is to use our different asset classes together to provide unique solutions to our customers. That might be pairing one of our hydro assets with wind and solar projects in the regions to provide 24/7 green power solutions to a customer that wants 100% clean energy. So the U.S., it's our biggest market today, but it's also the market that we saw the most amount of M&A deployed into last year and the most amount of development progressed last year. Different years might ebb and flow, but the U.S. is always going to be one of our most active markets for at least the foreseeable future.

當然。所以這是個好問題，本。我認為關於我們的美國平台要認識到的一點是，有兩件事讓我們在美國與眾不同，幾乎任何其他平台都無法與之匹敵。這兩件事是，一，我們平台的規模；第二，事實上我們在美國擁有一套非常多樣化的可再生技術，這確實以兩種不同的方式推動了我們的業務。第一，我們看到越來越多的機會在美國提供獨特的合同解決方案。當我說獨特時，它們可能以多種不同的方式獨一無二，但我會舉第一個例子。我們在那裡擁有超過 70,000 兆瓦的運營和開發能力。我們可以在美國大規模提供綠色能源，這是其他公司做不到的。因此，當您想到該市場中最大的綠色能源企業採購商時，我們不僅可以滿足他們現有的需求，還可以以有意義的方式滿足他們未來不斷增長的需求。我們越來越多地看到的另一件事，尤其是在美國，不僅考慮到我們投資組合的規模，而且考慮到我們投資組合的廣度，那就是一起使用我們不同的資產類別，為我們的客戶提供獨特的解決方案。這可能是將我們的一項水電資產與該地區的風能和太陽能項目相結合，為需要 100% 清潔能源的客戶提供 24/7 綠色電力解決方案。所以美國，它是我們今天最大的市場，但它也是我們去年看到最多併購部署和去年開發進展最多的市場。不同的年份可能會潮起潮落，但至少在可預見的未來，美國將始終是我們最活躍的市場之一。

Okay. Interesting. And are you still the most bullish on solar then in terms of your technologies?

好的。有趣的。就您的技術而言，您仍然是最看好太陽能的嗎？

Yes. So I think it's important to recognize we see solar as the fastest-growing technology in terms of megawatts that will be added to the grid on a global basis because it is the cheapest form of bulk electricity production in most markets, and it is on a relative basis less operationally intensive to one build and to maintain. So today, I would say that as we look at grids in major markets around the world, we would probably expect solar to be the fastest-growing renewable technology.

是的。因此，我認為重要的是要認識到我們將太陽能視為增長最快的兆瓦技術，將在全球範圍內添加到電網中，因為它是大多數市場中最便宜的大宗電力生產形式，而且它處於一個構建和維護的相對基礎操作密集度較低。所以今天，我想說的是，當我們審視全球主要市場的電網時，我們可能會期望太陽能成為增長最快的可再生技術。

In terms of where we will invest our capital, we're completely indifferent. We'll go wherever we see the most attractive risk-adjusted returns, and we're seeing things across all technologies in the current environment.

就我們將把資本投資在哪里而言，我們完全無動於衷。我們會去任何我們看到最具吸引力的風險調整後回報的地方，我們在當前環境中看到所有技術的事情。

Okay. And maybe one last question on the countries. Is there a country that -- or region that you're maybe initially looking at right now that you want to be in potentially in 5 years?

好的。也許最後一個問題是關於國家的。有沒有一個國家或地區是您現在可能最初關注的，您可能希望在 5 年內進入？

Yes, sure. So we've said for many years now that we're in all the regions around the world where we feel the need to be there. Obviously, last year, we made our first investments in Australia. We set up a team there. In fact, in this last quarter, we brought our first project online. That's a market that we'll continue to look at opportunities in. And I would say we'll continue to expand in Europe. We're not a large player in all the European markets, and they do have slightly different electricity grids and we're seeing very, very strong moves by many regulatory bodies and governments in Europe to enable the faster build-out of renewables as that continent, if you will, tries to establish a greater form of energy security.

是的，當然。所以我們多年來一直說，我們在世界上所有我們覺得有必要去的地區。顯然，去年，我們在澳大利亞進行了第一筆投資。我們在那裡成立了一個團隊。事實上，在上個季度，我們將第一個項目上線了。這是一個我們將繼續尋找機會的市場。我想說我們將繼續在歐洲擴張。我們並不是所有歐洲市場的大玩家，它們的電網確實略有不同，我們看到歐洲許多監管機構和政府採取了非常非常有力的舉措，以加快可再生能源的建設大陸，如果你願意的話，試圖建立一種更大形式的能源安全。

So I would say, we're not talking any major changes beyond our historic geographical footprint, but probably just deepening our positions in what we already consider to be our core markets.

所以我想說，我們不是在談論超出我們歷史地理足蹟的任何重大變化，而是可能只是加深我們在我們已經認為是核心市場的地位。

Our next question comes from the line of Frederic Bastien with Raymond James.

我們的下一個問題來自 Frederic Bastien 和 Raymond James 的台詞。

Brookfield Infrastructure said yesterday, it's taken some modesto positions in publicly traded stocks. When you think about adding or acquiring operating assets to your portfolio, is the opportunity more weighted towards corporate carve-outs right now? Or are you also seeing good opportunities for private transactions?

Brookfield Infrastructure 昨天表示，它在公開交易的股票中採取了一些溫和的立場。當您考慮在您的投資組合中添加或收購經營資產時，現在的機會是否更傾向於企業分拆？或者您是否也看到了私下交易的好機會？

Yes, I would definitely say it's both. In the last, call it, 12 to 18 months as demonstrated by the transactions that we've done, we've really focused on a lot of businesses that are, what you would call, pure-play developers. We felt like a lot of those -- the pipelines in those businesses were very far advanced. There were projects that were either under construction or about to come online, but very few of them had operating assets. Even when you look at something like Scout Energy that we did at the end of last year, you could already see the market moving in that direction as when we bought Scout, it comes with not only a very large pipeline of future development opportunities, but a large portfolio of operating assets as well. So -- we are seeing opportunities on the private side as well. But no doubt, the current economic environment and some of the down wins throughout Q4 across public markets have certainly increased the opportunities we see in the public take private space as well.

是的，我肯定會說兩者兼而有之。在過去的 12 到 18 個月裡，正如我們所做的交易所證明的那樣，我們真的專注於很多業務，你可以稱之為純粹的開發商。我們感覺像很多這樣的企業——這些企業的管道非常先進。有在建或即將上線的項目，但很少有運營資產。即使你看一下我們去年年底做的像 Scout Energy 這樣的公司，你也可以看到市場正朝著這個方向發展，因為當我們收購 Scout 時，它不僅帶來了大量的未來發展機會，而且還有大量的經營資產組合。所以——我們也在私人方面看到了機會。但毫無疑問，當前的經濟環境和整個第四季度公開市場的一些下跌肯定增加了我們在公眾中看到的私人空間的機會。

Connor, can you share whether you've taken some total positions like your sister LP company?

康納，你能分享一下你是否像你的姊妹LP公司那樣擔任過一些總職位嗎？

So what I would say is we take to hold positions almost on an ongoing basis throughout the cycle. I wouldn't say our activities in that regard have gone up or down in particular over the last couple of quarters, but it's something we do on an ongoing basis and something we'll continue to do. It's been a useful way to help us source transactions over the last 5 to 10 years.

所以我要說的是，我們在整個週期中幾乎持續持有頭寸。我不會說我們在這方面的活動特別是在過去幾個季度中有所上升或下降，但這是我們持續進行的事情，我們將繼續這樣做。在過去的 5 到 10 年裡，它一直是幫助我們尋找交易來源的有用方法。

Okay. Cool. That's helpful. Last one for me. Of the 19 gigawatt of advanced stage and construction-ready projects that you highlighted, how much of that will be commissioned this year versus next year and the following years?

好的。涼爽的。這很有幫助。最後一個給我。在您強調的 19 吉瓦的高級階段和建設就緒項目中，與明年和接下來的幾年相比，今年將委託多少？

So we're targeting about 5 gigawatts this year.

所以我們今年的目標是 5 吉瓦。

And just maybe for the following year?

也許就在下一年？

Sorry. I jumped. It's about 5 gigawatts for this year and a little bit more closer to 5.5 to next year. But I would say 5 is probably a pretty healthy run rate of where we're at right now.

對不起。我跳了。今年約為 5 吉瓦，明年更接近 5.5。但我想說 5 可能是我們現在所處位置的一個相當健康的運行率。

Our next question comes from the line of Naji Baydoun with Industrial Alliance Securities.

我們的下一個問題來自 Naji Baydoun 與 Industrial Alliance Securities 的對話。

I just wanted to go back to the funding picture. So $1.5 billion of targeted asset sales for this year, a large part of, I think, your overall target for proceeds on asset sales over the next few years. How much of this pulling forward of capital recycling is a function of near-term funding needs versus just the strong valuations on the assets as you previously mentioned?

我只想回到資金情況。因此，今年 15 億美元的目標資產出售，我認為很大一部分是您未來幾年資產出售收益的總體目標。資本回收的這種推動有多少是近期資金需求的函數，而不僅僅是您之前提到的資產估值過高？

Yes. So I'll answer that question in 2 ways. I would say the asset sales that we are planning, I would say those will happen throughout 2023, and some may stretch into 2024. So we wouldn't want to give anyone the impression that it's all coming in the next 11 months. Some of these processes are for large businesses and may take time. So certainly could extend into next year.

是的。所以我會用兩種方式回答這個問題。我會說我們計劃的資產出售，我會說這些將在整個 2023 年發生，有些可能會延續到 2024 年。所以我們不想給任何人留下這一切都將在未來 11 個月內發生的印象。其中一些流程適用於大型企業，可能需要一些時間。所以肯定會延續到明年。

To answer your second point, what's driving this, I would say it's almost entirely the latter part of your question. It's the robust demand we're seeing for our assets. And the simple fact I'd almost say it's coincidental that we are at a point where we are completing the business plans and believe that we have extracted the value-add opportunity that we saw in a number of businesses around this time. The timing of when those business plans and those operations complete is going to ebb and flow over the wide variety of businesses we have, but we've had a number complete throughout 2022. And that just creates the opportunity for very attractive accretive capital recycling this year, really bringing together, call it, the full cycle value creation approach we like to deploy.

要回答你的第二點，是什麼推動了這一點，我想說這幾乎完全是你問題的後半部分。這是我們對資產的強勁需求。我幾乎要說的一個簡單事實是巧合，我們正處於完成業務計劃的時刻，並且相信我們已經提取了這段時間在許多業務中看到的增值機會。這些業務計劃和業務完成的時間將在我們擁有的各種業務中起伏不定，但我們在整個 2022 年完成了一些業務。這只是為非常有吸引力的增值資本循環創造了機會這一年，真正匯集了我們喜歡部署的全週期價值創造方法。

Okay. That's helpful. And just one last question on offshore wind. Two-part question. One, if you can just discuss the latest auction in the Netherlands and if your thinking is strange around participating in that market going forward? And then if you also see the potential to participate in the sort of the launch or the beginning of the offshore wind industry in Colombia.

好的。這很有幫助。還有最後一個關於海上風電的問題。兩部分的問題。第一，您是否可以討論荷蘭最近的拍賣，以及您對未來參與該市場的想法是否奇怪？然後，如果您還看到了參與哥倫比亞海上風電行業的啟動或開始的潛力。

Certainly. So we weren't successful in our bid in the most recent Dutch auction. We continue to believe that is a very compelling market. I would say we monitor all the major offshore wind markets around the world, and there are certain attributes of that market that we thought were very interesting to us, in particular, the ability to leverage our power marketing capabilities in an outsized way. And therefore, we will continue to look at opportunities in that market. We would not hesitate to go back there in the future.

當然。所以我們在最近的荷蘭拍賣中沒有成功。我們仍然相信這是一個非常有吸引力的市場。我想說的是，我們監控著全球所有主要的海上風電市場，我們認為該市場的某些屬性對我們來說非常有趣，特別是能夠以超大方式利用我們的電力營銷能力。因此，我們將繼續尋找該市場的機會。我們會毫不猶豫地回到那裡。

Apologies, Charlie just went by in the -- outside the meeting room here. The second thing I would say is, we do look at offshore in many markets around the world. When you're talking about a market like Colombia, we continue to believe that, that is a long way in the future. So we'll monitor it, but it's not something high on our radar right now. One thing I would say, however, is our existing offshore pipeline in Poland continues to move forward in a really constructive way. The adjustments that the government has made in the region around inflation indexation and the ability for those contracts to be priced in euros are both very, very helpful to our investment thesis and underwriting for that business.

抱歉，Charlie 剛剛經過這裡的會議室外面。我要說的第二件事是，我們確實關注全球許多市場的離岸業務。當你談論像哥倫比亞這樣的市場時，我們仍然相信，未來還有很長的路要走。所以我們會監控它，但它現在不是我們關注的重點。然而，我要說的一件事是，我們在波蘭現有的海上管道繼續以一種真正具有建設性的方式向前發展。政府圍繞通貨膨脹指數化在該地區所做的調整以及這些合同以歐元定價的能力對我們的投資主題和該業務的承銷都非常非常有幫助。

(Operator Instructions) Our next question comes from the line of Andrew Kuske with Crédit Suisse.

（操作員說明）我們的下一個問題來自 Andrew Kuske 與 Crédit Suisse 的合作。

Maybe a big picture question. We saw a lot of tech companies have a lot of appetite for effectively renewable PPAs, a number of those companies kind of got over their SKIs with data center build out warehouse build out and now are pulling back a bit. What are you really seeing from that customer base as far as appetite for PPAs on a go-forward basis? Is there a little bit of a pause -- or is it still full throttle ahead?

也許是一個大問題。我們看到很多科技公司對有效的可再生 PPA 有很大的興趣，其中一些公司通過數據中心擴建倉庫來克服他們的 SKI，現在正在縮減一些。就未來對 PPA 的興趣而言，您從該客戶群中真正看到了什麼？是否有一點停頓——還是前方仍然全速前進？

Absolutely, full throttle. We say that without hesitation. The demand we continue to see from the tech sector, particularly in our biggest markets, North America, Europe is tremendous. They continue to be many of our largest clients and simply given the size and scale of their business, they're trying to go 100% green over the next 4 or 9 years -- sorry, 3 or 8 years. And that is a huge undertaking, given the size of their businesses today. And that undertaking becomes even more monumental when you consider the growth of those businesses going forward, even if that growth trajectory comes off just a shade. So the amount of demand coming out of that sector continues to be tremendous, and we continue to feel that there's very few that can supply on the scale that those types of customers desire.

絕對，全速前進。我們毫不猶豫地說。我們繼續看到來自科技行業的需求，特別是在我們最大的市場，北美和歐洲，需求是巨大的。他們仍然是我們最大的客戶中的許多人，僅僅考慮到他們業務的規模和規模，他們正試圖在未來 4 或 9 年內實現 100% 綠色環保——抱歉，3 或 8 年。考慮到他們如今的業務規模，這是一項艱鉅的任務。當你考慮到這些企業未來的增長時，這項事業變得更加具有里程碑意義，即使這種增長軌跡只是一個陰影。因此，該行業的需求量仍然很大，我們仍然認為，很少有人能夠提供這些類型的客戶所需的規模。

Okay. That's very helpful. And then maybe just another way to think about Brookfield's optionality with providing solutions. You've got like the infrastructure funds, which you participate in, there's 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'd participate in?

好的。這很有幫助。然後也許只是考慮 Brookfield 在提供解決方案方面的選擇性的另一種方式。你有像你參與的基礎設施基金，現在有能源轉型基金。是否有機會在您參與的更廣泛的 Brookfield 產品架中擁有超級核心可再生基金？

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 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 to work at attractive risk-adjusted returns. Given the way the market is going, absolutely wouldn't rule it out.

當然，我們不會排除任何可能性。顯然，我們最近在推出過渡基金方面取得了重大成功，不僅引起了投資者的極大興趣，而且還看到了巨大的部署機會。因此，如果市場繼續保持建設性，正如我們預期的那樣，我們可以在未來 12 個月內輕鬆看到該產品重返市場。因此，我們不僅看到我們現有產品的規模不斷擴大，絕對是隨著行業的不斷擴大，而且我們看到了更多的機會，無論是在資本堆棧還是在風險回報範圍內。如果滿足以下條件，我們不會排除不同的產品： 第一，我們的客戶正在尋找什麼；第二，我們看到了一個重要的機會，可以將這些資本投入到具有吸引力的風險調整後回報中。鑑於市場的發展方式，絕對不會排除這種可能性。

Okay. And maybe just one final extension on that is 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're conceptually thinking about that?

好的。也許最後一個擴展就是你之前對太陽能的評論，對於一些客戶來說，穩定的太陽能似乎會像超級核心產品一樣很好地結合起來。你在概念上是這樣想的嗎？

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

好吧，我們可能最常看到的方式——這是一個很好的問題，安德魯。我們今天最可能看到的方式是你考慮像穩定太陽能這樣的東西，這些是目前在資產回收計劃中非常有效的資產類型。一旦我們將它們建成，一旦我們消除了它們的風險，一旦它們處於具有長期融資和長期 O&M 合同的長期 PPA 之下，那將是一個非常、非常具有吸引力的與通脹掛鉤的現金流。這些是我們在資產回收方面看到的機會類型。鑑於我們近年來投入了多少美元以及我們將多少項目上線，這就是我們已經啟動的一些資產回收計劃的機會類型。

That concludes today's question-and-answer session. I'd like to turn the call back to Connor Teskey for closing remarks.

今天的問答環節到此結束。我想將電話轉回 Connor Teskey 以作結束語。

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 following the next quarter and throughout 2023. Thank you, everyone, and have a good day.

偉大的。好吧，我們非常感謝大家撥通電話。我們始終感謝對 Brookfield Renewable 的支持和興趣，我們期待在下一季度和整個 2023 年提供更新。謝謝大家，祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。