(BEPC) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the BEP Second Quarter 2023 Results Conference Call.

美好的一天，感謝您的支持。歡迎參加 BEP 2023 年第二季度業績電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

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, CEO. Please go ahead.

現在我想將會議交給今天的發言人，首席執行官康納·泰斯基 (Connor Teskey)。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for our second quarter 2023 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. For more information, you are encouraged to review our regulatory filings available on SEDAR, EDGAR and on our website.

謝謝你，接線員。大家早上好，感謝您參加我們的 2023 年第二季度電話會議。在開始之前，我們想提醒您，您可以在我們的網站上找到我們的新聞稿、投資者補充資料和致單位持有人的信函的副本。我們還想提醒您，我們可能會在本次電話會議中做出前瞻性陳述。這些陳述面臨已知和未知的風險，我們未來的結果可能會產生重大差異。如需了解更多信息，我們鼓勵您查看 SEDAR、EDGAR 和我們網站上提供的監管文件。

On today's call, we will provide an update on the business and our development activities. Then, Jay Vevaina, a managing partner and our Chief Investment Officer, will highlight the recently announced acquisition of Duke Energy Renewables, and lastly, Wyatt will conclude the call by discussing our operating results and financial position. Following our prepared remarks, we look forward to taking your questions.

在今天的電話會議上，我們將提供有關業務和開發活動的最新信息。然後，管理合夥人兼首席投資官 Jay Vevaina 將重點介紹最近宣布的對杜克能源可再生能源公司的收購，最後，懷亞特將通過討論我們的運營業績和財務狀況來結束電話會議。在我們準備好的發言之後，我們期待回答您的問題。

Our business performed well this quarter, building on the strong start to the year as we achieved 10% annual FFO per unit growth year-to-date. We were also successful in our development activities and growth initiatives, including our repowering activities, where we have seen a strong uplift in the performance at recently repowered assets and are evaluating a growing pipeline of attractive opportunities within our portfolio.

我們的業務在今年強勁的開局基礎上，本季度表現良好，迄今為止，我們實現了每單位 FFO 年度增長率 10%。我們的開發活動和增長計劃也取得了成功，包括我們的重新供電活動，我們看到最近重新供電的資產的業績大幅提升，並正在評估我們的投資組合中不斷增長的有吸引力的機會。

We continue to see the benefits of our geographically and technologically diverse operating platform. As we have said previously, we have purposely built our business by acquiring and developing a variety of clean energy assets in attractive power markets across the globe where we are able to sign long-term PPAs with high-quality off-takers. In periods of volatile resource, like this past quarter, the benefits of this strategy are especially pronounced as our scale and diversity enables us to consistently deliver on our targets.

我們繼續看到我們的地理和技術多元化運營平台的優勢。正如我們之前所說，我們有目的地通過在全球有吸引力的電力市場收購和開發各種清潔能源資產來建立我們的業務，我們能夠與優質承購商簽署長期購電協議。在資源不穩定的時期，比如上個季度，這一戰略的好處尤其明顯，因為我們的規模和多樣性使我們能夠始終如一地實現我們的目標。

On our development initiatives, we have commissioned approximately 1,500 megawatts of new capacity so far this year, including the final phase of one of the largest-ever solar projects in the Americas, and we are on track to commission almost 5,000 megawatts in 2023, which is up from 35,000 megawatts commissioned in 2022 and 1,000 megawatts commissioned in 2021.

在我們的發展計劃中，今年到目前為止，我們已投產了約1,500 兆瓦的新產能，其中包括美洲有史以來最大的太陽能項目之一的最後階段，我們有望在2023 年投產近5,000 兆瓦，這高於 2022 年投產的 35,000 兆瓦和 2021 年投產的 1,000 兆瓦。

Looking out over the next 3 years, we expect to deliver nearly 18,000 megawatts of new capacity, most of which have been materially derisked already, meaning, we generally have permitting and interconnection largely in hand and PPAs, match financing and construction contracts in place. Our approach to development has always been predicated on matching costs with future cash flows, mitigating the impact of cost escalation that many renewable power developers are experiencing in the current market, and thereby securing the economics of our projects and not exposing our business to undue risk.

展望未來 3 年，我們預計將提供近 18,000 兆瓦的新產能，其中大部分已大幅降低風險，這意味著我們通常已掌握大部分許可和互連以及購電協議、配套融資和建設合同。我們的開發方法始終基於將成本與未來現金流相匹配，減輕當前市場上許多可再生能源開發商所經歷的成本上升的影響，從而確保我們項目的經濟性，不讓我們的業務面臨不當風險。

And with the scale of our broader 134,000-megawatt global development pipeline and the depth of our development and operating capabilities, we are well positioned to capture the increasing corporate demand for contracted renewable energy at attractive prices.

憑藉我們更廣泛的 134,000 兆瓦全球開發管道的規模以及我們開發和運營能力的深度，我們有能力以有吸引力的價格抓住企業對合同可再生能源日益增長的需求。

As an example, we expect annual demand from large technology companies to accelerate meaningfully, increasing by more than 3x by the mid- to latter part of this decade on the back of growth in expected generative AI computing demand. These technology companies are already the largest corporate procurers of green power globally.

例如，我們預計大型科技公司的年度需求將顯著加速，在預期的生成式 AI 計算需求增長的支持下，到本十年中後期將增長 3 倍以上。這些科技公司已經是全球最大的綠色電力採購企業。

So to put this growth into context, we could see the energy load from just one of these large global technology companies, with a 100% renewable power target equal the current load demand of the entirety of the United Kingdom. We have long-standing global relationships with firms facing these needs and are currently engaged with a number of them around strategic partnerships where we are well positioned to be a trusted partner given our capability and credibility to provide large-scale clean energy solutions on a global basis.

因此，將這一增長放在背景中，我們可以看到，僅這些大型全球科技公司之一的能源負荷（其 100% 可再生能源電力目標就等於整個英國當前的負荷需求）。我們與面臨這些需求的公司建立了長期的全球關係，目前正在與其中一些公司圍繞戰略合作夥伴關係進行合作，鑑於我們有能力和信譽在全球範圍內提供大規模清潔能源解決方案，我們有能力成為值得信賴的合作夥伴。基礎。

Today, demand for clean energy and energy transition is much more a corporate pull than a government push. We expect this dynamic, which will continue to accelerate to help drive higher returns through the sector and will increasingly differentiate market participants and favor businesses like ours that have the ability to provide a wide set of scale, green power and decarbonization solutions, with the ability to execute across the development spectrum and across all major power markets.

如今，對清潔能源和能源轉型的需求更多地是企業的拉動，而不是政府的推動。我們預計這種動態將繼續加速，以幫助推動該行業更高的回報，並將日益區分市場參與者，並有利於像我們這樣有能力提供廣泛的規模、綠色電力和脫碳解決方案的企業，並且有能力在整個開發領域和所有主要電力市場上執行。

We continue to scale our business in line with the growth in the sector, as shown through our growth in commission capacity, our repowering projects and through acquisition. We were successful this quarter, signing transactions for almost $1.3 billion of equity investment alongside our institutional partners.

我們繼續根據行業的增長來擴大我們的業務，這通過我們的佣金能力、我們的改造項目和收購的增長就可以看出。本季度我們取得了成功，與我們的機構合作夥伴簽署了近 13 億美元的股權投資交易。

Over the past 18 months, we have meaningfully outperformed our growth targets, closing transactions or agreeing to invest up to $21 billion or $4 billion net to Brookfield Renewable. On the back of this significant outperformance compared with our targets, we executed a bought deal and concurrent private placement raising the aggregate equity proceeds to Brookfield Renewable of $650 million, our first equity issuance in 7 years.

在過去 18 個月中，我們顯著超出了我們的增長目標，完成了交易或同意向 Brookfield Renewable 投資高達 210 億美元或 40 億美元淨額。與我們的目標相比，業績顯著優於我們的目標，我們執行了一項收購交易並同時進行私募，將布魯克菲爾德可再生能源公司的股權收益總額提高了6.5 億美元，這是我們7 年來的首次股票發行。

While we have always focused on financing our growth via asset recycling, up financing and with a measured amount of corporate debt or preferred equity, our step change in run rate growth, which we expect to continue and our ability to acquire assets at attractive and highly accretive valuations, resulted in us electing to issue equity capital to supplement these sources of financing.

雖然我們始終專注於通過資產回收、追加融資以及一定數量的公司債務或優先股為我們的增長提供融資，但我們的運行率增長發生了階段性變化，我們預計這種變化將持續下去，並且我們有能力以有吸引力和高的價格收購資產估值增值，導致我們選擇發行股本來補充這些融資來源。

Going forward, we will continue to focus on execution of a self-funding model and selectively use equity when we see outsized highly accretive growth opportunities. Following this offering, we have over $4.5 billion of available liquidity and are well positioned to continue to fund our long-term growth targets through a mix of normal course funding sources.

展望未來，我們將繼續專注於自籌資金模式的執行，並在看到巨大的高增值增長機會時選擇性地使用股權。此次發行後，我們擁有超過 45 億美元的可用流動資金，並且有能力繼續通過多種正常融資來源為我們的長期增長目標提供資金。

With that, we will turn the call over to Jay to highlight our Duke Energy Renewables investment and some of our recent success with repowering projects.

至此，我們將把電話轉給 Jay，重點介紹我們在杜克能源可再生能源公司的投資以及我們最近在重新供電項目方面取得的一些成功。

Thank you, Connor, and good morning, everyone. As Connor mentioned earlier, we're continuing to scale our business in line with the growing demand for green power through development and acquisition initiatives, including repowerings.

謝謝你，康納，大家早上好。正如康納之前提到的，我們將通過開發和收購計劃（包括重新供電）繼續擴大我們的業務，以滿足對綠色電力不斷增長的需求。

This quarter, for approximately $1 billion in equity, we agreed to acquire Duke Energy Renewables, a fully integrated developer and operator of renewable power assets in the U.S. with 5,900 megawatts of operating and under construction assets and a 6,100-megawatt development pipeline. With the closing of the Duke acquisition, we will have 14,000 megawatts of operating and 76,000 megawatts of development capacity in the U.S. across all major renewable technologies, making us one of the largest clean energy providers in the country and making it our largest market globally.

本季度，我們同意以約10 億美元的股權收購杜克能源可再生能源公司(Duke Energy Renewables)，這是一家美國可再生能源資產的全面綜合開發商和運營商，擁有5,900 兆瓦的運營和在建資產以及6,100 兆瓦的開發管道。隨著杜克收購的完成，我們將在美國所有主要可再生能源技術領域擁有14,000 兆瓦的運營能力和76,000 兆瓦的開發能力，使我們成為美國最大的清潔能源提供商之一，並使其成為我們全球最大的市場。

With this acquisition, where the purchase prices to be paid over 2 equal installments, with 50% in closing and 50% 18 months post-closing, we're adding a scale operating renewable platform that is 90% contracted, generating strong going-in cash flows, which are immediately accretive, with significant upside from potential operating and commercial synergies and repowering and development projects.

通過此次收購，購買價格將分兩次等額支付，其中50% 在交割時支付，50% 在交割後18 個月內支付，我們將增加一個規模化運營的可再生能源平台，該平台已簽約90%，產生了強勁的進入勢頭現金流可立即增值，潛在的運營和商業協同效應以及改造和開發項目具有顯著的上升空間。

With the incorporation of this portfolio in our business, we see potential to add value in several ways. The first is by leveraging our global procurement capabilities and operating expertise to take costs out of the business. We expect to be able to reduce corporate G&A costs and realize meaningful savings across the wind and solar fleet given our operating experience. These cost savings were not factored into our purchase price multiple, and we are well positioned to execute these initiatives given our experience acquiring and integrating assets.

通過將該產品組合納入我們的業務，我們看到了通過多種方式增加價值的潛力。首先是利用我們的全球採購能力和運營專業知識來降低業務成本。鑑於我們的運營經驗，我們希望能夠降低企業的一般管理費用，並在風能和太陽能發電領域實現有意義的節省。這些成本節省並未計入我們的購買價格倍數中，鑑於我們在收購和整合資產方面的經驗，我們有能力執行這些舉措。

We also see potential to increase the revenue profile of merchant and hub contracted assets through our power marketing capabilities by signing new PPAs for uncontracted assets, leveraging our relationships with large buyers of green power.

我們還看到了通過我們的電力營銷能力，通過簽署新的非合同資產購電協議，利用我們與綠色電力大買家的關係，增加商業和樞紐合同資產收入狀況的潛力。

Given the potential benefit from investment in production tax credits, Duke's portfolio also has significant repowering potential. We see the opportunity to repower at least 1.5 gigawatts of wind assets over the next several years, given advancements in technology, the age of these assets and the strong wind resource at project locations.

考慮到生產稅收抵免投資的潛在收益，杜克大學的投資組合也具有巨大的重組潛力。鑑於技術的進步、這些資產的年限以及項目所在地強大的風能資源，我們認為未來幾年有機會為至少 1.5 吉瓦的風能資產重新供電。

And we believe with our recent experience in U.S. repowering, we are uniquely capable of executing on these projects. This quarter, we advanced the repowering of our 200-megawatt Bishop Hill Wind Farm in Illinois, which we expect to complete in 2024 and will increase generation by approximately 15%. This is following other successful repowering projects we completed, including the first wind repowering project in the state of New York, which boosted generation across those assets by nearly 30% and the repowering of our Shepherds Flat wind assets, the largest repowering projects in the world, where we have seen excellent results thus far.

我們相信，憑藉我們最近在美國重建方面的經驗，我們有能力執行這些項目。本季度，我們推進了伊利諾伊州 200 兆瓦 Bishop Hill 風電場的重新供電工作，預計將於 2024 年完成，發電量將增加約 15%。在此之前，我們成功完成了其他重新供電項目，包括紐約州的第一個風力重新供電項目，該項目將這些資產的發電量提高了近30%，以及我們的Shepherds Flat 風力資產的重新供電，這是世界上最大的重新供電項目，到目前為止我們已經看到了出色的結果。

Duke's assets are located in some of the best resource locations in the U.S. and therefore, the benefit from enhancing the productivity and extending the asset life is especially attractive.

杜克大學的資產位於美國一些最好的資源地點，因此，提高生產率和延長資產壽命所帶來的好處尤其有吸引力。

Finally, while we ascribe minimal value to the development pipeline when we underwrote this deal, there remains significant potential to advance these projects. The development portfolio has a large amount of secured interconnection in land, which will be built over time at good returns.

最後，雖然我們在承銷這筆交易時將開發渠道的價值降到了最低，但推進這些項目仍然存在巨大的潛力。該開發組合擁有大量土地上的安全互連，隨著時間的推移，這些互連將獲得良好的回報。

Our financial strength credibility as a counter-party and capacity to review, underwrite and execute a scale investment quickly was integral to reaching an agreement with Duke. A key competitive advantage we have is our capabilities around executing large deals, given our expansive team of dedicated investment professionals and access to scale partner capital. We also benefited as we were able to gain comfort around the integration of the business, and our ability to carve out a large renewable power platform spread across multiple markets in the U.S.

我們作為交易對手的財務實力、可信度以及快速審查、承銷和執行大規模投資的能力是與杜克大學達成協議的重要組成部分。我們擁有的一個關鍵競爭優勢是我們執行大型交易的能力，因為我們擁有龐大的專業投資專業團隊以及獲得規模合作夥伴資本的機會。我們還受益於我們能夠對業務整合感到滿意，以及我們有能力打造一個遍布美國多個市場的大型可再生能源平台。

We believe our purchase price represents attractive risk-adjusted returns. And in this market, we believe we will see more opportunities to acquire large operating portfolios of renewable assets. There's a growing group of sellers looking to monetize for various reasons and limited buyers who have the scale and ability to acquire and integrate these businesses. We look at all deals that come to market and expect to remain active.

我們相信我們的購買價格代表著有吸引力的風險調整回報。在這個市場上，我們相信我們將看到更多收購大型可再生資產運營組合的機會。越來越多的賣家出於各種原因尋求貨幣化，而有規模和能力收購和整合這些業務的買家卻有限。我們關注所有進入市場的交易，並預計將保持活躍。

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

接下來，我將把它交給懷亞特討論我們的經營業績和財務狀況。

Thank you, Jay. As Connor spoke to in his earlier remarks, we continued to build on our strong start to the year in the second quarter. Operating results reflect robust realized pricing, the benefits of our organic development and contributions from acquisitions and repowering. We generated FFO of $312 million or $0.91 per unit so far this year, which is a 10% increase compared to prior year.

謝謝你，傑伊。正如康納在早些時候的講話中所說，我們在第二季度繼續鞏固今年強勁的開局。經營業績反映了強勁的已實現定價、我們有機發展的好處以及收購和重組的貢獻。今年到目前為止，我們的 FFO 收入為 3.12 億美元，即每單位 0.91 美元，比去年增長了 10%。

Our business continues to demonstrate the benefits of operating across diverse technologies and geographies with strong resources in 1 region or asset class, helping to offset weaker resources and others. Our North American hydro assets were impacted by a dryer-than-normal June. However, we have seen significant precipitation in July, meaning reservoirs across our fleet are in good shape, setting us up well to capture strong summer pricing this quarter.

我們的業務繼續展示了跨技術和跨地域運營的優勢，並在一個地區或資產類別擁有強大的資源，有助於抵消較弱的資源和其他資源。我們的北美水電資產受到 6 月份比正常情況乾燥的影響。然而，我們在 7 月份看到了明顯的降水，這意味著我們整個船隊的水庫狀況良好，這使我們能夠在本季度獲得強勁的夏季價格。

We had solid performance in our wind and solar segment, benefiting from our inflation-linked long-duration contracts at favorable prices, which helped to offset an adjustment to the regulated price earned by our Spanish assets. The adjustment will reduce the revenue generated by these assets this year, but has a very positive impact on cash flows in the future resulting in a slightly net positive overall impact to our returns given their regulated nature.

我們的風能和太陽能領域表現穩健，受益於我們以優惠價格簽訂的與通脹掛鉤的長期合同，這有助於抵消我們西班牙資產所賺取的監管價格的調整。此次調整將減少這些資產今年產生的收入，但對未來的現金流產生非常積極的影響，鑑於其受監管的性質，對我們的回報產生輕微的淨積極總體影響。

As Connor mentioned, our balance sheet is in an excellent position, and our available liquidity remains robust at over $4.5 billion, providing significant flexibility to fund growth and be opportunistic. Following our first equity issuance in 7 years, we are well positioned to deliver on our growth targets utilizing our normal sources of funding and are advancing nonrecourse financing initiatives and our asset recycling program.

正如康納提到的，我們的資產負債表狀況良好，我們的可用流動性仍然強勁，超過 45 億美元，為資金增長和機會主義提供了巨大的靈活性。繼七年來首次發行股票之後，我們已做好充分準備，利用我們的正常資金來源實現我們的增長目標，並正在推進無追索權融資計劃和資產回收計劃。

Thus far this year, we have generated over $600 million of proceeds from our asset recycling program, achieving our dual goals of generating strong risk-adjusted returns on our invested capital and helping fund our growth internally through the derisking and sale of assets.

今年迄今為止，我們的資產回收計劃已產生超過 6 億美元的收益，實現了我們的雙重目標：為我們的投資資本帶來強勁的風險調整回報，並通過降低風險和出售資產幫助我們內部增長。

As an example, this quarter, we signed the sale of our operating renewable portfolio in Uruguay, generating a 20% return and over 2x our capital during our 6 years of investment in the country. Despite a tighter market for capital, we continue to see strong demand for high-quality renewable assets given accelerating corporate demand and increasing focus on energy security and government-supported electrification and decarbonization targets. We also remain in an excellent position to be patient across our processes given our strong balance sheet, unique access to partner capital and scale operating business that delivers consistent cash from operations.

例如，本季度，我們簽署了出售烏拉圭運營中的可再生能源投資組合的協議，在該國投資的 6 年期間，我們獲得了 20% 的回報和超過 2 倍的資本。儘管資本市場趨緊，但鑑於企業需求加速以及對能源安全和政府支持的電氣化和脫碳目標的日益關注，我們仍然看到對優質可再生資產的強勁需求。鑑於我們強大的資產負債表、獲得合作夥伴資本的獨特渠道以及規模化運營業務（可從運營中提供持續的現金），我們在整個流程中仍保持著良好的耐心。

In closing, we remain focused on delivering 12% to 15% long-term total returns for our investors. To do this, we will continue to leverage our differentiated growth capabilities, advancing our significantly derisked pipeline of projects being opportunistic in the current market and investing in our operations to add value.

最後，我們仍然致力於為投資者提供 12% 至 15% 的長期總回報。為此，我們將繼續利用我們的差異化增長能力，推進我們在當前市場上機會主義的大幅降低風險的項目管道，並投資於我們的業務以增加價值。

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 the remainder of the year.

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。我們對布魯克菲爾德可再生能源公司的未來感到興奮，並期待在今年剩餘時間內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.

我們今天電話會議的正式發言到此結束。感謝您今天早上加入我們。然後，我會將其傳回給我們的接線員以供提問。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Sean Steuart with TD Securities.

我們的第一個問題來自道明證券 (TD Securities) 的肖恩·斯圖爾特 (Sean Steuart)。

A couple of questions. Interested in your thoughts on continued asset recycling plans. You've advanced a lot so far this year. It feels like this is more a buyer's market. Connor, can you speak to, I guess, midterm intentions with respect to asset recycling and technologies or regions that maybe offer better valuation terms on a relative basis?

有幾個問題。對您對持續資產回收計劃的想法感興趣。今年到目前為止，你已經進步了很多。感覺這更像是一個買方市場。康納，我想你能談談關於資產回收和技術或相對而言可能提供更好估值條件的地區的中期意圖嗎？

Sean, thank you. What we would say we are seeing in the market is given a higher level of uncertainty around financing for a number of players, you certainly are seeing situations where it is a buyer's market. And I think an example of that would be something like Duke Energy Renewables.

肖恩，謝謝你。我們想說的是，我們在市場上看到的情況是，許多參與者的融資方面存在更高程度的不確定性，你肯定會看到買方市場的情況。我認為杜克能源可再生能源公司就是一個例子。

However, that certainly is not the whole story, and there is still overwhelming demand for derisked, high-quality renewables assets. And I think this really goes to our strategy. We want to be investing where there is uncertainty and scarcity of capital and the need to improve, simplify and enhance businesses. And then we want to be selling assets that are very simple, very derisked and can attract lower cost of capital buyers.

然而，這當然不是故事的全部，對無風險的高質量可再生能源資產的需求仍然巨大。我認為這確實符合我們的戰略。我們希望在存在不確定性和資本稀缺以及需要改進、簡化和增強業務的領域進行投資。然後我們希望出售非常簡單、風險很低並且可以吸引資本成本較低的買家的資產。

And we're seeing opportunities to do both. And we bought Duke this last quarter, and we sold Uruguay at what we think is a very attractive valuation. And we see both those trends continuing going forward. We do have a very robust capital recycling program throughout the remainder of 2023 and into 2024.

我們看到了兩者兼得的機會。上個季度我們購買了杜克大學，並以我們認為非常有吸引力的估值出售了烏拉圭。我們看到這兩種趨勢仍在繼續發展。我們確實有一個非常強大的資本回收計劃，貫穿 2023 年剩餘時間和 2024 年。

But to put some color around that, I would say the key focus of that asset recycling program is very primarily concentrated on wind and solar assets in the Americas and Europe. That's certainly where we're seeing the greatest amount of demand.

但為了對此進行一些說明，我想說該資產回收計劃的重點主要集中在美洲和歐洲的風能和太陽能資產。這當然是我們看到需求量最大的地方。

Okay. That's useful context. A question on Westinghouse. You're sticking with the second half closing for that transaction. Do you have any comments on the U.K. regulator process here? And any other context on other approvals that will be needed to get that one across the line?

好的。這是有用的上下文。關於西屋電氣的問題。您堅持該交易的下半年結束。您對英國監管程序有何評論？以及為了獲得批准而需要的其他批准的任何其他背景？

The only context we would provide is this is all very normal course. We needed upwards of 35 different regulatory approvals as it pertains to the Westinghouse transaction. We have received almost all of them at this point. There are a few outstanding that we are working through in the normal course, and I would say none of this is unexpected or unusual. And we are simply going through the typical process for a transaction of this nature.

我們能提供的唯一背景是，這都是非常正常的過程。由於涉及西屋電氣交易，我們需要超過 35 個不同的監管部門批准。目前我們已經收到了幾乎所有的郵件。我們正在正常處理一些突出的問題，我想說這一切都不是意外或不尋常的。我們只是經歷這種性質的交易的典型流程。

Your question highlights an exciting point for our business. We have 4 relatively scaled transactions that have been signed that are working through to closing, being the 50 -- the remaining 50% acquisition of X-ELIO, Duke Energy Renewables, Westinghouse and Origin, I would say, we probably expect those to close and give or take that order, with the first 3 coming this year and Origin coming early next year, if not sooner. And that gives our business a lot of growth trajectory for the next several quarters.

您的問題凸顯了我們業務的一個令人興奮的點。我們已經簽署了4 項規模相對較大的交易，正在努力完成，其中50 項交易是對X-ELIO、杜克能源可再生能源公司、西屋電氣和Origin 的剩餘50% 收購，我想說，我們可能預計這些交易將會完成並給出或接受該訂單，前 3 個將在今年推出，Origin 將於明年初（如果不是更早的話）推出。這為我們的業務在未來幾個季度提供了很大的增長軌跡。

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

我們的下一個問題來自國家銀行金融公司的魯珀特·梅勒 (Rupert Merer)。

Connor, you mentioned the potential for strategic partnerships with large customers for renewable power. With an attractive PPA market, do you see any potential to optimize your revenues in your North American hydro portfolio and evolve away from hedge strategy?

康納，您提到了與可再生能源大客戶建立戰略合作夥伴關係的潛力。面對有吸引力的購電協議市場，您是否認為有潛力優化北美水電投資組合的收入並擺脫對沖策略？

Rupert, thank you for the question. It's a great question. Maybe just taking a step back. This is something that we have been saying for a little while now, but it is really coming to light in the current environment. The demand for energy transition and decarbonization, there's a narrative out there that this is being driven by governments. We could not disagree. This is being driven by corporates, and it is being driven by the largest, most profit-seeking corporations around the world.

魯珀特，謝謝你的提問。這是一個很好的問題。也許只是退一步。這是我們已經說過一段時間的事情了，但在當前的環境下，它確實得到了體現。對能源轉型和脫碳的需求，有一種說法稱這是由政府推動的。我們無法同意。這是由企業推動的，而且是由全球最大、最追求利潤的企業推動的。

Those are the ones with a seemingly insatiable demand for green power and other decarbonization solutions. And because these are the businesses that are not only the largest, but are growing the fastest, they are going to continue to drive enhanced demand for green power solutions.

這些人對綠色電力和其他脫碳解決方案的需求似乎永無止境。由於這些企業不僅規模最大，而且增長最快，因此它們將繼續推動對綠色電力解決方案的需求增加。

And while the bulk of that is going to be driven through PPAs tied to new build wind and solar projects, when we have conversations with these counterparties, our ability to offer them solutions across different green energy asset classes is one of the things that really differentiates us.

雖然其中大部分將通過與新建風能和太陽能項目相關的購電協議來推動，但當我們與這些交易對手進行對話時，我們為他們提供跨不同綠色能源資產類別的解決方案的能力是真正與眾不同的因素之一我們。

And you mentioned our hydros, our ability to offer contracting solutions, 24/7 power mixing, wind and solar with hydro is something that really differentiates us for these leading corporates that not only want green power, but one uninterrupted all-day green power. So the bulk of it is going to be PPAs to wind and solar, but we're seeing it across all of our asset classes, including hydro. The tailwinds are pretty broad-based here.

您提到了我們的水力發電，我們提供承包解決方案、24/7 電力混合、風能和太陽能與水力發電的能力，對於這些不僅需要綠色電力，而且需要不間斷的全天綠色電力的領先企業來說，真正使我們與眾不同。因此，其中大部分將是風能和太陽能的購電協議，但我們在包括水電在內的所有資產類別中都看到了這種情況。這裡的有利因素相當廣泛。

So could we expect to see some PPAs on those hydros as well in the next few years?

那麼，我們是否可以期望在未來幾年內看到這些水力發電的一些購電協議？

PPAs or other long-term contracts, we're relatively indifferent as to the form of those contracts. But I think we could tell you with confidence, given the more constructive pricing environment we're seeing today relative to, let's say, 12 to 48 months ago, this is certainly an environment where we will look to contract those assets out on a medium or long-term basis and walk in some of these benefits for many years to come.

對於購電協議或其他長期合同，我們對這些合同的形式相對不關心。但我認為我們可以自信地告訴你，鑑於我們今天看到的定價環境相對於 12 至 48 個月前更具建設性，這肯定是我們將尋求通過媒介將這些資產外包的環境。或長期的基礎，並在未來的許多年裡享受其中的一些好處。

Great. And then as a follow-up to the conversation you had with Sean on M&A markets. So it's a buyer's market. You see more demand for wind and solar in Americas and Europe from competitors. Has that shifted your view on where you can get the best returns today? And M&A, I know we see you have been buying assets in North America, but is there going to be a, say, higher return opportunity outside of North America and Europe?

偉大的。然後作為您與 Sean 就併購市場進行的對話的後續內容。所以這是一個買方市場。您會看到美洲和歐洲的競爭對手對風能和太陽能的需求增加。這是否改變了您對今天可以獲得最佳回報的看法？至於併購，我知道我們看到您一直在北美購買資產，但是在北美和歐洲之外是否會有更高回報的機會？

I wouldn't say that. We're always cautious in painting the market in 1 way. Everything is a buyer's market or everything is the seller's market. What is unique about this market is relative to, let's say, 18 months ago, capital is a little higher cost and a little more uncertain for many market participants. And that's obviously going to affect different people, different ways, but it can create very attractive buying opportunities for us literally anywhere in the world or across any asset class, subject to the discrete dynamics of the counterparty on the other side.

我不會這麼說。我們總是以一種方式謹慎地描繪市場。一切都是買方市場，或者一切都是賣方市場。這個市場的獨特之處在於，與 18 個月前相比，對於許多市場參與者來說，資本成本更高一些，不確定性也更大一些。這顯然會以不同的方式影響不同的人，但它可以為我們在世界任何地方或任何資產類別創造非常有吸引力的購買機會，但受到另一方交易對手離散動態的影響。

So when we look at things like the European market right now, we do have a pretty robust pipeline and expect to be active there in the back half of the year, seeing very, very attractive risk-adjusted returns. While at the same time, we also might sell assets in the European market where we think we're going to get a really good outcome as well.

因此，當我們現在關注歐洲市場等情況時，我們確實擁有相當強勁的渠道，並預計將在今年下半年活躍在那裡，看到非常非常有吸引力的風險調整回報。與此同時，我們也可能在歐洲市場出售資產，我們認為我們也將獲得非常好的結果。

So what I would say we're seeing in the market is the slight increases in uncertainty around funding and the slight increases in uncertainty around things like supply chains that are difficult for some market participants to manage through, just create a more diversified set of opportunities, which means that you can be buying and selling both at attractive outcomes in the same markets at the same time.

因此，我想說的是，我們在市場上看到的是，融資方面的不確定性略有增加，供應鍊等方面的不確定性略有增加，這對一些市場參與者來說是難以管理的，只是創造了更多樣化的機會，這意味著您可以在同一市場同時以有吸引力的結果進行買賣。

And it really is discrete to the counterparty on the other side. Quite frankly, we love these market dynamics. It allows us to be playing positively in both directions.

對於另一方的交易對手來說，這確實是離散的。坦率地說，我們喜歡這些市場動態。它使我們能夠在兩個方向上積極發揮。

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

我們的下一個問題來自豐業銀行的羅伯特·霍普 (Robert Hope)。

I was hoping you could add some color on how you're thinking about how your development pipeline overlays with the expected increase in demand from technology companies. Could you potentially look to augment or reorder your projects such that they are -- they align better with the geographies where we could see the largest increase in technology demand? Or kind of more broadly, how do you stack up your development pipeline versus the areas where you expect to see growth?

我希望您能就您如何考慮您的開發渠道如何與技術公司的預期需求增長相重疊添加一些色彩。您是否可以考慮擴大或重新排序您的項目，以便它們更好地適應我們可以看到技術需求最大增長的地區？或者更廣泛地說，您如何將您的開發渠道與您期望看到增長的領域相結合？

Sure. Thanks, Rob. Perhaps taking a step back, what we are seeing in the market today is a pretty strong supply/demand imbalance that if you have economic ready-to-build projects near load centers, you have multiple potential offtakes for that power. There is more demand for that power than there are ready-to-build projects to supply it.

當然。謝謝，羅布。也許退一步來說，我們今天在市場上看到的是相當嚴重的供需失衡，如果你在負荷中心附近有經濟上的現成項目，那麼你就有多個潛在的電力購買機會。對這種電力的需求超過了可提供電力的現成項目。

And therefore, one, it allows us to attract more constructive pricing and put through some of the cost increases of CapEx and interest through to the end customer and preserve our developed margin. That's point one.

因此，第一，它使我們能夠吸引更具建設性的定價，並將部分資本支出和利息的成本增加轉嫁給最終客戶，並保持我們已開發的利潤率。這是第一點。

And then two, the other thing that we are doing across our portfolio is, because we see such strong demand, we're doing everything in our power to pull-forward projects within our development pipeline to get them pulled out of the ground faster. And I think the benefits of, one, programs like IRA and two, the step change increase in demand is going to allow us to continue that dynamic of trying to pull-forward development projects faster for the short to medium term. There's certainly enough visibility on it.

第二，我們在整個投資組合中所做的另一件事是，因為我們看到如此強勁的需求，所以我們正在盡一切努力在我們的開發管道中推進項目，以使它們更快地啟動。我認為，第一，像 IRA 這樣的計劃的好處，第二，需求的逐步增加將使我們能夠繼續努力在中短期內更快地推進開發項目。當然有足夠的可見度。

In terms of the question around, where are we -- are we going to try and augment our development pipeline? We have 135,000 megawatts around the world. We're going to keep adding to that. The point I would say is this demand is broad-based across all the major geographies around the world. So we're just going to keep working to keep our pipeline robust and strong and then work to keep pulling projects forward within that pipeline.

就問題而言，我們在哪裡——我們是否要嘗試擴大我們的開發渠道？我們在全球擁有 135,000 兆瓦的電力。我們將繼續對此進行補充。我想說的一點是，這種需求在全球所有主要地區都有廣泛的基礎。因此，我們將繼續努力保持我們的管道穩健和強大，然後努力繼續推動該管道內的項目向前發展。

Quite frankly, I think given the dynamics I explained, it's unlikely you're going to buy for value, a ready-to-build project just to recontract it with a tech company. The market is more efficient than that. That's already priced in and probably wouldn't generate the returns we wanted.

坦率地說，我認為考慮到我所解釋的動態，你不太可能為了價值而購買一個現成的項目，只是為了與一家科技公司重新簽訂合同。市場比這更有效率。這已經被定價了，可能不會產生我們想要的回報。

I appreciate that. And then maybe another broad question. How are you seeing system operators? Or how this -- have you seen any changes in system operators or transmission interconnection rules just given the significant increase in renewables Alberta pipeline across the globe? Just kind of referencing the Alberta announcement from yesterday. And whether or not we could see some system operators pause to put a more orderly investment of renewables in the system?

我很感激。也許還有另一個廣泛的問題。您如何看待系統操作員？或者考慮到全球艾伯塔省可再生能源管道的顯著增加，您是否看到系統運營商或傳輸互連規則發生任何變化？只是參考了昨天阿爾伯塔省的公告。我們是否會看到一些系統運營商停下來，對系統中的可再生能源進行更有序的投資？

Certainly. So we'll make 3 comments on that. The first is, there seems to be a lot of heightened interest on grid interconnection timing and how that impacts development in the last 6 or 12 or 18 months.

當然。因此，我們將對此發表 3 條評論。首先，人們似乎對電網互連時間及其對過去 6 個月、12 個月或 18 個月發展的影響更加感興趣。

We would respectfully suggest that -- securing grid connection has been a critical component of developing renewables for the last 10 years. And therefore, while it might be getting more airtime in the news more recently, identifying which projects have grid connection, where they sit in the grid queue has always been part of our development process and always something we take into account when buying development pipeline.

我們謹建議——過去十年來，確保電網連接一直是發展可再生能源的關鍵組成部分。因此，雖然最近新聞中的報導可能越來越多，但確定哪些項目具有電網連接、它們在電網隊列中的位置始終是我們開發過程的一部分，也是我們在購買開發管道時考慮的因素。

It would have been almost ridiculous for a renewables developer to not see some of this grid connection congestion coming. It should have been baked into everyone's underwriting. It's certainly been baked into ours.

對於可再生能源開發商來說，如果沒有看到一些電網連接擁堵的到來，那簡直是荒謬的。它應該被納入每個人的承保範圍內。它肯定已經融入到我們的生活中了。

The second point I would make is, every project around the world in order to get built needs lands, permits, grid connection. And once you have those 3 things, it needs financing offtake and equipment and construction EPC. We encourage anything around the world that expedites the bringing forward of any of those necessary requirements of development to bring projects forward.

我要說的第二點是，世界各地的每個項目的建設都需要土地、許可證和電網連接。一旦具備這三件事，就需要融資承購、設備和施工 EPC。我們鼓勵世界各地加快提出任何必要的發展要求以推進項目。

So we greatly encourage some of the things that we're seeing around the world to make interconnection processes more efficient and connect more projects quicker. We think we will be a net beneficiary of that and someone that can move quickly to take advantage of any of those changes.

因此，我們大力鼓勵我們在世界各地看到的一些事情，以使互連流程更加高效並更快地連接更多項目。我們認為我們將成為這一變化的淨受益者，並且能夠迅速採取行動以利用這些變化。

Our next question comes from the line of David Quezada with Raymond James.

我們的下一個問題來自大衛·克薩達和雷蒙德·詹姆斯的對話。

Maybe just starting with a question just related to M&A, I guess, and the commentary around that. Certainly, it feels like a good environment for you guys in terms of there being potentially some attractive targets. I'm just wondering, with the 3 transactions that you've kind of got in the queue so far, do you need to see those close before you could pursue anything else? Or do you still feel like that you'd be open to an attractive deal if it arose?

我想，也許只是從一個與併購相關的問題開始，以及圍繞該問題的評論。當然，就潛在的一些有吸引力的目標而言，這對你們來說是一個很好的環境。我只是想知道，到目前為止，您已經在隊列中完成了 3 筆交易，您是否需要先查看這些交易的完成情況，然後才能進行其他操作？或者，您是否仍然認為，如果出現有吸引力的交易，您會願意接受？

I want to be abundantly clear. We would not wait for those transactions to close. If we saw an attractive deal today, we would do it without hesitation. Part of our motivation around some of the significant up-financing activity we've done year-to-date and our first equity offering is to put ourselves in a position to be opportunistic in this market and we think that's something that has proven to play very well for us quite recently and will continue to play well for us going forward.

我想說得非常清楚。我們不會等待這些交易結束。如果我們今天看到一筆有吸引力的交易，我們會毫不猶豫地去做。我們今年迄今進行的一些重大融資活動和首次股票發行的部分動機是讓自己在這個市場上處於機會主義的位置，我們認為這已經被證明發揮了作用最近對我們來說非常好，並且未來將繼續為我們發揮出色。

We see this as a very robust market where we can do accretive transactions. And maybe to be more helpful, I'll split it into 2 buckets. Given the significant demand we're seeing for corporate contracts, for green power PPAs, we continue to see very attractive risk-return dynamics in developers.

我們認為這是一個非常強勁的市場，我們可以在其中進行增值交易。也許為了更有幫助，我將把它分成兩部分。鑑於我們看到對企業合同和綠色電力購電協議的巨大需求，我們繼續看到開發商非常有吸引力的風險回報動態。

So we certainly aren't going to take our foot off the gas in terms of the growth we're pursuing in that segment because the investments we've done to date are performing well, if not ahead of underwriting, and we think the tailwinds are going to get stronger.

因此，就我們在該領域追求的增長而言，我們當然不會放鬆警惕，因為我們迄今為止所做的投資即使不是在承保之前也表現良好，而且我們認為順風順水將會變得更強。

The one thing that is changing where our access to capital and our ability to be opportunistic is going to be helpful is in looking at opportunities to buy either operating assets or looking at public to private. Those are both areas of the market where we've been a little quieter over the last 2 to 3 years, but we see them increasingly coming into the strike zone. And if we see attractive opportunities, we won't hesitate to execute.

正在發生變化的一件事是，我們獲得資本的渠道和機會主義的能力將會有所幫助，那就是尋找購買運營資產或從公共到私人的機會。在過去的兩到三年裡，這兩個市場領域我們都比較安靜，但我們看到它們越來越多地進入攻擊區。如果我們看到有吸引力的機會，我們會毫不猶豫地執行。

That's great color. I appreciate that. And maybe just one more for me. Any comment that you would make on what you're seeing in the supply chain, be it for solar panels, or turbines, or key equipment components?

那顏色真棒。我很感激。也許對我來說還只是一個。您對供應鏈中所看到的情況有何評論，無論是太陽能電池板、渦輪機還是關鍵設備部件？

Yes, great question. And there's not actually an easy answer for that because I would say that the direction of different equipment, it's quite all over the map. I would say that the solar panel supply chain around the world is improving dramatically.

是的，很好的問題。實際上並沒有一個簡單的答案，因為我想說的是不同設備的方向，它遍布整個地圖。我想說，世界各地的太陽能電池板供應鏈正在顯著改善。

Cost for solar panels are going down very significantly around the world. There is increased global capacity that has come online. This is not only reducing prices, but it's reducing shipping and lead times. There is 1 caveat to that, which is in the U.S., where some of the ongoing investigations and tariff discussions have muted some of those dynamics. But even in the U.S., we've seen panel prices decline quite significantly year-to-date. So that's solar panels.

全球太陽能電池板的成本正在大幅下降。全球上線容量有所增加。這不僅降低了價格，還減少了運輸和交貨時間。對此有一個警告，那就是在美國，一些正在進行的調查和關稅討論已經減弱了其中的一些動態。但即使在美國，我們也看到今年迄今為止面板價格大幅下降。這就是太陽能電池板。

In wind, the wind OEM market, I would say, is challenging right now. We are seeing some shortages across the global supply chain similar to what we saw in solar maybe 2 years ago. And again, I think this market plays to those who are well equipped to use their scale and their operating expertise to manage through those dynamics as wind equipment procurement is getting more expensive and lead times, I would say, are not shrinking.

我想說，在風電領域，風電 OEM 市場目前充滿挑戰。我們發現全球供應鏈出現了一些短缺，類似於我們兩年前在太陽能領域看到的情況。再說一次，我認為這個市場適合那些有能力利用其規模和運營專業知識來管理這些動態的人，因為風電設備採購變得越來越昂貴，而且我想說，交貨時間並沒有縮短。

And then the last one then -- that I would highlight, which is very top of mind to us and something that we are taking into account in all of our development underwriting and business plans, is transformers. Transformers are increasingly becoming one of the longer lead time items, that's fine. You just need to bake that into your underwriting, and that's what we've done in all our development plans we have.

然後最後一個——我要強調的是，這對我們來說是最重要的，也是我們在所有開發承保和商業計劃中考慮的事情，那就是變壓器。變壓器越來越成為交貨時間較長的產品之一，這很好。您只需要將其納入您的承保中，這就是我們在所有開發計劃中所做的。

Our next question comes from the line of Andrew Kuske with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的安德魯·庫斯克 (Andrew Kuske)。

I guess the question focuses on the building versus buying. And historically, you've done a lot of buying, maybe less building, but in fairness, you have built. Have the conditions really changed? And I think this came in the prepared remarks, is the 18 gigs, I think over the next 3 years, you plan on building. Are you really on a step function change on the building side versus the buying, but still looking opportunistically to buy?

我想問題集中在建造與購買上。從歷史上看，你進行了大量的購買，也許建造的較少，但公平地說，你已經建造了。條件真的改變了嗎？我認為這是在準備好的發言中提到的，我認為在未來 3 年裡，你計劃建造 18 場演出。您是否確實在建築方面與購買方面發生了階躍功能變化，但仍然尋求機會購買？

Great question. The way I would position it is we have historically -- looking back, we were probably about 90% operating, 10% development, and we are seeing increasing opportunities to secure very attractive risk-adjusted returns on the development side that could see that percentage increase.

很好的問題。我的定位是，我們從歷史上看，我們可能有90% 是在運營，10% 是在開發，而且我們看到越來越多的機會在開發方面獲得非常有吸引力的風險調整回報，可以看到這個百分比增加。

But to be clear, it's not going to become the majority of our business. I would say, even if we are seeing a significant increase in our development activities, the vast majority of our recurring cash flows and profits, probably north of 80%, is going to continue to come from operating assets.

但需要明確的是，它不會成為我們的主要業務。我想說，即使我們的開發活動大幅增加，我們的絕大多數經常性現金流和利潤（可能超過 80%）仍將來自運營資產。

That being said, we appreciate you highlighting it. We are seeing very significant growth in our development activities, 1,000 megawatts in 2021, 3,500 megawatts in 2022, 5,000 megawatts this year, 18,000 megawatts over the next 3 years.

話雖這麼說，我們感謝您強調這一點。我們看到我們的開發活動有了非常顯著的增長，2021 年將增長 1,000 兆瓦，2022 年將增長 3,500 兆瓦，今年將增長 5,000 兆瓦，未來 3 年將增長 18,000 兆瓦。

I think that's a level of activity that we're very comfortable with, given the growth of our business and the number of development portfolio companies we've acquired over the last 3 or 5 years. So development is becoming an increasing portion of our business. But I would say, our operating portfolio is still going to be the bulk of our business for the foreseeable future.

考慮到我們業務的增長以及我們在過去三五年收購的開發投資組合公司的數量，我認為這是我們非常滿意的活動水平。因此，開發正在成為我們業務中越來越重要的一部分。但我想說，在可預見的未來，我們的運營組合仍將是我們業務的大部分。

Appreciate that. And then maybe just dovetailing with those comments. The return profile, you've talked about the 12% to 15% on a longer-term basis, remains unchanged. But is there maybe a greater tilt to that? Like going in might be more modest, but then in the back end, it's more robust? Or just any thoughts you have on additional color you can provide?

感謝。然後也許只是與這些評論相吻合。您談到的長期回報率為 12% 至 15%，保持不變。但是否有更大的傾向呢？就像進入可能更溫和，但在後端，它更強大？或者您對可以提供的其他顏色有什麼想法嗎？

Yes, it's a great question. I -- the 12% to 15%, I'd say we feel very comfortable with it. We still, on a blended basis, absolutely expect to be in that range. The only thing I would almost want to convey is, I think at certain points in time when markets were really robust, we would have said long-term contracted operating assets are maybe 10% to 12% and construction assets are 12% to 15% and development assets are high-teens returns.

是的，這是一個很好的問題。我——12% 到 15%，我想說我們對此感到非常滿意。在綜合基礎上，我們仍然絕對期望處於該範圍內。我唯一想傳達的是，我認為在市場真正強勁的某些時間點，我們會說長期合同運營資產可能為 10% 至 12%，建築資產為 12% 至 15%和開發資產的回報率很高。

But in the market that we're seeing today, where you can be very opportunistic, I would say, we're seeing opportunities to buy operating contracted renewables in that 12% to 15% range, which obviously is a fantastic risk-adjusted return. So given the opportunity set that we are in, maybe I'd answer your question by saying, I don't think the spectrum is changing, but I think maybe the floor is rising.

但在我們今天看到的市場上，你可以非常投機取巧，我想說，我們看到了購買 12% 至 15% 範圍內的運營合同可再生能源的機會，這顯然是一個非常棒的風險調整回報。因此，考慮到我們所處的機會，也許我會這樣回答你的問題：我不認為範圍正在改變，但我認為下限可能正在上升。

(Operator Instructions)

（操作員說明）

Our next question comes from Naji Baydoun with iA Capital Markets.

我們的下一個問題來自 iA Capital Markets 的 Naji Baydoun。

I just wanted to go back to the sort of corporate power market dynamics. I think you're saying in your letter that there are potentially higher returns in some of the corporate-backed projects or contracts. Can you maybe talk about sort of the trade-offs between corporate versus government contracts and how you see that evolving over time?

我只是想回到企業電力市場動態。我認為你在信中說，一些公司支持的項目或合同可能有更高的回報。您能否談談企業合同與政府合同之間的權衡，以及您如何看待這種權衡隨著時間的推移而演變？

Naji, the -- so I might take an extra minute just to go from a higher level to explain how we've always pursued this. If you really go back maybe 6 or 7 years, we took the view that we really wanted to build a best-in-class corporate power marketing capability within Brookfield Renewable.

納吉，所以我可能會多花一點時間從更高的層面解釋我們一直以來是如何追求這一目標的。如果你真的回到六七年前，我們認為我們真的想在布魯克菲爾德可再生能源公司內部建立一流的企業電力營銷能力。

And in doing so, what we wanted to avoid is running around the world chasing government tariffs that could, in fact, get removed with a change in government or a change in policy. And we always felt that the corporate demand dynamics would be increasing in terms of the momentum and would be a lot more enduring over time, and we largely think that has played out.

在這樣做的過程中，我們想要避免的是在世界各地追逐政府關稅，事實上，隨著政府更迭或政策的改變，這些關稅可能會被取消。我們一直認為，企業的需求動態會隨著時間的推移而增加，並且會更加持久，我們基本上認為這種情況已經發揮出來。

With the benefit of hindsight, candidly, we were probably a half step too early. We tried to build that corporate power marketing capability probably 2 years before the market was ready, but what that has led to now, 4 or 5 years later, is we really do truly have one of the best corporate power marketing capabilities globally.

坦率地說，事後看來，我們可能早了半步。我們可能在市場準備好之前兩年就試圖建立企業權力營銷能力，但四五年後的現在，我們確實擁有全球最好的企業權力營銷能力之一。

And the way we see the demand for green power procurement around the world, if the trend line is unequivocally being driven by corporates, not only are the largest and fastest-growing corporates around the world driving that momentum, but we're increasingly seeing a broader number of corporates looking to procure green power.

從我們對全球綠色電力採購需求的看法來看，如果趨勢線明確是由企業推動的，那麼不僅是全球最大、增長最快的企業推動了這一勢頭，而且我們越來越多地看到更多的企業尋求採購綠色電力。

So if corporate demand is setting the trend line, what we would say is government policy is determining the ebb and flow around that trend line. And the nice thing we have right now is both are going in our favor. Corporate demand is accelerating very intensely and government policy is just an additional tailwind through programs like IRA and similar programs we're seeing around the world.

因此，如果企業需求決定了趨勢線，那麼我們會說政府政策決定了該趨勢線周圍的潮起潮落。我們現在所擁有的好處是，兩者都對我們有利。企業需求正在急劇加速，而政府政策只是通過 IRA 等計劃以及我們在世界各地看到的類似計劃帶來的額外推動力。

The reason why -- so if that's where we see long-term demand, the reason why we think this is very, very good for returns is 2 things. One, building renewables and developing renewables into long-term corporate offtakes is a bit more involved of a process. You need more in-house capabilities, but therefore, can generate higher returns. That's -- it's a lot more difficult, but more rewarding to build into corporate PPAs than it was to build into a government feed-in tariff system that you may have seen 3 or 5 years ago.

如果這是我們看到長期需求的地方，那麼我們認為這對回報非常非常有利的原因有兩點。第一，建設可再生能源並將可再生能源開發為長期企業承購是一個更加複雜的過程。您需要更多的內部能力，但因此可以產生更高的回報。也就是說，與三五年前建立的政府上網電價補貼制度相比，建立企業購電協議要困難得多，但回報也更高。

And then secondly, corporate demand, we would say is much more resilient. It tends to be long term in nature. This is being driven by the 5-, 10- or 15-year strategic visions of these companies as opposed to the 4-, 5-year government cycles of an elected party. And therefore, we see this shift to a corporate pull as opposed to a government push is very positive for our industry in terms of, one, demand and two, ensuring that returns stay at an attractive level for the medium to long term.

其次，我們可以說企業需求更具彈性。它本質上往往是長期的。這是由這些公司的 5 年、10 年或 15 年戰略願景推動的，而不是民選政黨的 4 年、5 年政府週期。因此，我們認為這種向企業拉動而不是政府推動的轉變對我們的行業來說非常積極，一是需求，二是確保回報在中長期內保持在有吸引力的水平。

I guess you're seeing sort of a better trade-off with corporations and governments because just to build on that, like historically, some of the puts and takes were that with sort of government-backed contracts, you would have sort of a higher counterparty -- higher credit quality counterparty, longer-term contracts, but you're saying maybe some of that now flow into the corporate market and because of that complexity that you mentioned may potentially better returns?

我想你會看到一種與公司和政府更好的權衡，因為只是在此基礎上，就像歷史上一樣，一些看跌期權和看跌期權是政府支持的合同，你會得到更高的收益交易對手——信用質量更高的交易對手、長期合同，但你是說其中一些現在可能流入企業市場，並且由於你提到的複雜性可能會帶來更好的回報？

Yes. And I would say that who are our biggest customers around the world? These are the largest, highest-quality, strongest credit party -- sorry, strongest credit counterparty entities that you could have. Some of these institutions have higher ratings than some of the government-backed contracts around the world. So I wouldn't -- we would be very quick to suggest we haven't given anything away in terms of credit counterparty risk.

是的。我想說誰是我們在全球最大的客戶？這些是最大、最高質量、最強的信用方——抱歉，是您可以擁有的最強大的信用交易對手實體。其中一些機構的評級高於世界各地政府支持的一些合同。所以我不會——我們會很快表明我們在信用交易對手風險方面沒有放棄任何東西。

That's very helpful. Just couple of other follow-up questions. On the new transition fund, just wondering if you can just talk about sort of what are some of the target opportunities that you think the second transition fund could be pursuing? And if, similarly to the first one, you'd maybe be leaning more towards newer forms of decarbonization, be it transition investing, or carbon capture, et cetera?

這非常有幫助。還有其他幾個後續問題。關於新的過渡基金，我想知道您是否可以談談您認為第二個過渡基金可以追求的目標機會是什麼？如果與第一個類似，您可能更傾向於更新形式的脫碳，無論是轉型投資還是碳捕獲等等？

Certainly. So Brookfield Asset Management launched fundraising for its second global transition fund in Q2. I would say that, as expected, the reception has been very, very positive, and the strategy is resonating very well with investors. And what it does for Brookfield Renewable is it continues to give us that large-scale institutional capital to invest alongside of, allowing us to pursue the largest and most attractive opportunities where we see less competition. So we see BGTF 2 as a huge benefit to BEP going forward.

當然。因此，布魯克菲爾德資產管理公司在第二季度為其第二隻全球轉型基金啟動了籌款活動。我想說，正如預期的那樣，反響非常非常積極，而且該策略與投資者產生了很好的共鳴。它對布魯克菲爾德可再生能源公司的作用是繼續為我們提供大規模的機構資本進行投資，使我們能夠在競爭較少的地方尋求最大、最具吸引力的機會。因此，我們認為 BGTF 2 對 BEP 的未來有巨大的好處。

In terms of what the fund will target, 100% consistent with what BGTF 1 targeted. When we looked at BGTF 1, the biggest component of that fund was clean energy renewables developers. The second biggest component of that fund was power transformation, building out renewables within existing utilities. And the third biggest component of that fund was investments in other clean energy technologies like nuclear. Really, it was only about 20% of the fund that was in new decarbonization solutions. And I would say that's probably a similar balance that we expect going forward.

就該基金的目標而言，與 BGTF 1 的目標 100% 一致。當我們查看 BGTF 1 時，該基金的最大組成部分是清潔能源可再生能源開發商。該基金的第二大組成部分是電力轉型，在現有公用事業中建設可再生能源。該基金的第三大組成部分是對核能等其他清潔能源技術的投資。事實上，只有大約 20% 的資金投入了新的脫碳解決方案。我想說，這可能是我們期望的未來類似的平衡。

Okay. That's great. And maybe just one last quick question. Similar to sort of the Duke transaction, we're seeing a number of utilities also looking to maybe simplify their structures and separate some assets. I guess this would play very well into your capabilities on the M&A side. Are you sort of looking at more of these, say, more complex deals in the Americas?

好的。那太棒了。也許只是最後一個簡單的問題。與杜克大學的交易類似，我們看到許多公用事業公司也希望簡化其結構並分離一些資產。我想這會很好地發揮你在併購方面的能力。您是否正在考慮在美洲進行更多此類更複雜的交易？

Absolutely. I would say one of the benefits of our platform today is, given our scale in particular, our growth over the last 2 or 3 years, we're very fortunate where -- we'd like to think that we see almost every opportunity in the market. And from that position, are able to focus our time and resources on the ones where we see the best risk-adjusted returns and ones where we see we are able to bring something differentiated that allows us to be successful and generate a return above what perhaps other market participants could achieve.

絕對地。我想說，我們今天平台的好處之一是，特別是考慮到我們的規模，以及我們過去兩三年的增長，我們非常幸運，我們認為我們看到了幾乎所有的機會市場。從這個角度來看，我們能夠將時間和資源集中在那些我們認為風險調整後回報最佳的領域，以及我們認為我們能夠帶來一些差異化的東西，使我們能夠取得成功並產生高於可能水平的回報的領域。其他市場參與者可以實現。

So I would say, there is a dynamic around the world today where there are some sellers who, for a variety of reasons, are looking to get off high-quality assets. We're looking at a number of those, and we'll look to execute the ones that we're most well positioned on.

所以我想說，當今世界存在一種動態，一些賣家出於各種原因正在尋求出售優質資產。我們正在研究其中的一些，並且我們將尋求執行我們最擅長的那些。

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。我想將電話轉回給康納·泰斯基（Connor Teskey）做結束語。

Thank you, everyone, for joining today's call and for your ongoing interest and support in Brookfield Renewable. We look forward to speaking to everyone at our Investor Day on September 21, and then updating on our results throughout the remainder of the year. Thank you, and have a great day.

感謝大家參加今天的電話會議，感謝大家對布魯克菲爾德可再生能源公司的持續關注和支持。我們期待在 9 月 21 日的投資者日與大家交流，然後在今年剩餘時間內更新我們的業績。謝謝您，祝您有美好的一天。

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。