(BEPC) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brookfield Renewables Fourth Quarter 2023 Earnings Call. (Operator Instructions). Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加布魯克菲爾德再生能源公司 2023 年第四季財報電話會議。 （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 host today, Connor Teskey, Chief Executive Officer. Please go ahead.

現在我想將會議交給今天的東道主，執行長康納·特斯基。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for our fourth 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 would also like 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，接線生。大家早安，感謝您參加我們的 2023 年第四季電話會議。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。我們也想提醒您，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 a review of our 2023 performance and an update on the business and our growth initiatives before handing it over to Stephen Gallagher, CEO of Brookfield Renewable U.S. who will discuss how we are enabling the growth of the largest and fastest-growing companies around the world and what that means for our business. And then lastly, Wyatt will conclude the call by discussing our operating results and financial position. As always, following our remarks, we look forward to taking your questions.

在今天的電話會議上，我們將回顧2023 年的業績以及業務和增長計劃的最新情況，然後將其交給布魯克菲爾德可再生能源美國公司首席執行官斯蒂芬·加拉格爾(Stephen Gallagher)，他將討論我們如何促進最大和最快的成長-世界各地不斷成長的公司以及這對我們的業務意味著什麼。最後，懷亞特將透過討論我們的經營業績和財務狀況來結束電話會議。一如既往，在我們發言之後，我們期待回答您的問題。

2023 was a record year for our business on many metrics. We generated record funds from operations benefiting from organic growth and acquisitions. We deployed a record amount of capital into attractive and accretive opportunities across all our key markets. And we developed more capacity than we ever have before, all while strengthening our balance sheet.

從許多指標來看，2023 年對我們的業務來說都是創紀錄的一年。我們從有機成長和收購中受益的營運中獲得了創紀錄的資金。我們將創紀錄的資金投入所有主要市場中具有吸引力和增值性的機會。我們發展了比以往更多的產能，同時加強了我們的資產負債表。

We have established ourselves as a global clean energy super major evolving from a pure play renewable energy producer to a preeminent platform for renewable power and decarbonization solutions with scale and the breadth of capabilities and relationships that set us apart from our peers.

我們已成為全球清潔能源超級巨頭，從純粹的再生能源生產商發展成為再生能源和脫碳解決方案的卓越平台，其規模、能力和關係的廣度使我們在同行中脫穎而出。

In a year where we saw rising interest rates and supply chain challenges facing the sector, we were able to execute across our business plan. Most notably, our disciplined approach to development, which focuses on removing risks upfront meant that our development activities remained robust, delivering a record year and preserving our returns, all at a time when some market participants saw headwinds.

在我們看到利率上升和該行業面臨供應鏈挑戰的一年中，我們能夠執行我們的業務計劃。最值得注意的是，我們注重預先消除風險的嚴格開發方法意味著我們的開發活動保持強勁，實現了創紀錄的一年並保持了我們的回報，而所有這些都是在一些市場參與者看到逆風的時候。

We also saw the benefit of our prudent approach to financing our business, which combined with the strength of our balance sheet, durability of our cash flows and diverse sources of scale capital ensured that we were able to continue to pursue growth at a time when some could not, and there was less competition.

我們也看到了我們謹慎的業務融資方式的好處，再加上我們的資產負債表的實力、現金流的持久性和規模資本的多樣化來源，確保我們能夠在某些情況下繼續追求成長。不能，而且競爭也較少。

We deployed or agreed to deploy $9 billion of capital alongside our partners, highlighted by our acquisitions of Westinghouse, Deriva Energy, the remaining 50% interest in X-Elio which we did not own, banks renewables and investments in CleanMax and Avaada in India. And while our proposed acquisition of Origin Energy did not receive the required level of shareholder support, we are confident in achieving our target deployment of $7 billion to $8 billion over the next 5 years, and growing our cash flows and distributions in line with our targets.

我們與合作夥伴一起部署或同意部署90 億美元的資本，其中最突出的是我們收購了Westinghouse、Deriva Energy、我們不擁有的X-Elio 剩餘50% 的權益、銀行可再生能源以及對印度CleanMax 和Avaada 的投資。儘管我們對 Origin Energy 的收購計劃並未獲得所需水平的股東支持，但我們有信心在未來 5 年內實現 70 億至 80 億美元的部署目標，並根據我們的目標增加我們的現金流和分配。

Since the initial announcement of the Origin transaction, we have received inbounds from businesses around the world who are seeking a partner with significant capital and deep operating expertise to accelerate their transition goals and enhance the value of their businesses.

自從最初宣布 Origin 交易以來，我們收到了來自世界各地的企業的來信，他們正在尋找擁有大量資本和深厚營運專業知識的合作夥伴，以加速其轉型目標並提高其業務價值。

With respect to our development, we continue to scale up our capabilities and delivered almost 5,000 megawatts of new capacity in the past year, up from 3,500 megawatts in 2022, and we also pulled forward the rest of our pipeline. Our advanced stage pipeline is materially derisked with over 25% of the next 3 years planned capacity already under construction, an additional over 20% with revenues and inputs fully contracted and an incremental over 30% in the final stages of securing PPAs and construction contracts. Between our de-risked highly visible development pipeline, the growth opportunities we are seeing in the market, and our organic growth levers, we are confident in achieving our 10% plus FFO per unit growth in 2024 and beyond.

在發展方面，我們繼續擴大產能，去年交付了近 5,000 兆瓦的新產能，高於 2022 年的 3,500 兆瓦，我們也推動了其餘的專案。我們的高級階段管道已大幅降低風險，未來3 年計劃產能中超過25% 已在建設中，另外超過20% 的收入和投入已完全簽訂合同，並且在獲得購電協議和施工合同的最後階段增量超過30%。憑藉我們去風險且高度可見的開發管道、我們在市場上看到的成長機會以及我們的有機成長槓桿，我們有信心在 2024 年及以後實現每單位 FFO 增長 10% 以上。

With that, we are pleased to announce an over 5% increase to our annual distribution to $1.42 per unit. This is the 13th consecutive year of at least 5% annual distribution growth dating back to 2011 when Brookfield Renewable was publicly listed.

因此，我們很高興地宣布我們的年度分配增加了 5% 以上，達到每單位 1.42 美元。自 2011 年 Brookfield Renewable 公開上市以來，這是連續 13 年年度分配成長至少 5%。

Now we will turn it over to Stephen to discuss how we are enabling the growth of the global technology companies and what that means for our business.

現在我們將把它交給史蒂芬討論我們如何促進全球科技公司的發展以及這對我們的業務意味著什麼。

Thank you, Connor, and good morning, everyone. With the significant growth in demand for data globally, the position of the technology mega cap as the largest and fastest-growing businesses in the world continues to solidify. Since 2020, the cloud computing segments of these companies have grown by over 30% per annum representing their highest growth segments and generating their highest margins.

謝謝你，康納，大家早安。隨著全球數據需求的顯著成長，科技巨頭作為全球最大、成長最快的企業的地位不斷鞏固。自 2020 年以來，這些公司的雲端運算領域每年成長超過 30%，是其成長最快的領域，並產生最高的利潤。

Increasing demand for cloud computing from digitalization and the adoption of AI-enabled tools are driving these companies to continue to invest heavily in their capabilities and capacity. And 2 of the key ingredients needed to deliver these products are computing power and energy. Over the last 12 months, the race to increase computing power has been illustrated by the increase in demand for certain inputs, such as computer chips. However, we believe most investors have yet to grasp the importance of a secure energy source in enabling the delivery of the data center and computing power growth.

數位化和人工智慧工具的採用對雲端運算的需求不斷增加，正在推動這些公司繼續對其能力和能力進行大量投資。交付這些產品所需的兩個關鍵要素是運算能力和能源。在過去 12 個月中，對電腦晶片等某些投入的需求增加就說明了提高運算能力的競賽。然而，我們認為大多數投資者尚未認識到安全能源對於實現資料中心交付和運算能力成長的重要性。

The largest cloud computing businesses run on clean power. These companies have committed to 100% clean energy targets and have grown the consumption by approximately 50% per annum over the last couple of years, making them the largest buyers of green power globally. And now the highly power-intensive nature of AI is acting as a multiplier on energy demand, which is increasingly becoming a key bottleneck for growth of cloud computing. For example, the integration of AI uses up to 10x more power when integrated into a typical search process.

最大的雲端運算業務依靠清潔能源運作。這些公司承諾實現 100% 清潔能源目標，並且在過去幾年中每年消耗量成長約 50%，使其成為全球最大的綠色電力買家。現在，人工智慧的高能耗特性正成為能源需求的乘數，這日益成為雲端運算成長的關鍵瓶頸。例如，當整合到典型的搜尋過程中時，人工智慧的整合會消耗多達 10 倍的電力。

And renewable power is the cheapest form of bulk electricity. Production is the solution to this growing electricity demand.

再生能源是大容量電力中最便宜的形式。生產是滿足不斷增長的電力需求的解決方案。

Furthermore, as the scale and energy intensifies of data centers increases, these facilities put pressure on the global electricity grids. As a result, certain regulators are now requiring data center developers to provide a power solution in order to receive their data center permits. This has put access to power and the critical path to growth for these technology companies. This is leading our partners to engage in commercial conversations earlier in the process to develop solutions with us, which is the dual benefit of both derisking the technology company's power needs and also our development pipeline.

此外，隨著資料中心規模和能源的增加，這些設施給全球電網帶來了壓力。因此，某些監管機構現在要求資料中心開發人員提供電源解決方案才能獲得資料中心許可證。這為這些科技公司提供了獲得電力和成長的關鍵途徑。這促使我們的合作夥伴在與我們一起開發解決方案的過程中儘早參與商業對話，這是降低科技公司的電力需求和我們的開發管道風險的雙重好處。

It is widely estimated that global electricity consumption from data centers will increase to approximately 10% of total electricity demand by 2030, up from approximately 2% today. To put this in context, this means that to satisfy the needs of data centers alone, which doesn't factor in the penetration of EVs or broader electrification, additional generation capacity will be required equivalent to the size of the current U.S. grid.

人們廣泛估計，到 2030 年，資料中心的全球電力消耗將增加到總電力需求的 10% 左右，而目前這一比例約為 2%。綜上所述，這意味著，為了僅滿足資料中心的需求（不考慮電動車的普及或更廣泛的電氣化），將需要相當於當前美國電網規模的額外發電容量。

For the better part of a decade, we have been positioning our business to capitalize on these trends. By building a leading global development platform, combined with our early focus on corporate power marketing capabilities, this has allowed us to serve the needs of the largest and fastest-growing buyers of green power. The global technology companies have been among the largest corporate customers of our businesses now for years. As we have differentiated ourselves with our scale and credibility delivering new energy projects on time to enable their growth.

在過去十年的大部分時間裡，我們一直在調整我們的業務以利用這些趨勢。透過建立領先的全球開發平台，結合我們早期對企業電力行銷能力的關注，這使我們能夠滿足最大和成長最快的綠色電力買家的需求。多年來，全球科技公司一直是我們業務中最大的企業客戶之一。我們憑藉規模和信譽使自己脫穎而出，按時交付新能源項目以促進其成長。

Our ability to deliver 24/7 clean power solutions at scale and across geographies positions our business to continue to be a major beneficiary of this robust demand growth. Further, our ability to provide unique and tailored solutions at scale allows us to avoid competition and drive better returns in the bilateral markets. We have signed contracts to provide over 60 terawatt hours of power over the past 2 years to these large technology companies. An amount we expect to increase dramatically in the coming years. As a result, going forward, we expect the vast majority of our new renewable power development will be contracted to corporate customers, where we are seeing strong demand from our differentiated offerings at attractive contract terms.

我們能夠大規模、跨地區提供 24/7 清潔能源解決方案，這使我們的業務能夠繼續成為這一強勁需求成長的主要受益者。此外，我們大規模提供獨特和客製化解決方案的能力使我們能夠避免競爭並在雙邊市場上獲得更好的回報。在過去的兩年裡，我們已經簽署了向這些大型科技公司提供超過 60 太瓦時電力的合約。我們預計未來幾年這一數量將大幅增加。因此，展望未來，我們預計絕大多數新的再生能源開發將承包給企業客戶，我們看到我們的差異化產品和有吸引力的合約條款的強勁需求。

Currently, we have approximately 22 terawatt hours per year of generation contracted to corporate customers, representing approximately 30% of our total contract volumes over double the volumes contracted to these types of customers 5 years ago. Based on our existing development pipeline, we expect contracted generation to (inaudible) customers to double again by 2028 to approximately 44 terawatt hours per year, or 45% of our contracted volumes. With that, I will pass it on to Wyatt to discuss our operating results and financial position.

目前，我們與企業客戶簽訂的每年發電量約為 22 太瓦時，約占我們總合約量的 30%，是 5 年前與此類客戶簽訂的合約量的兩倍多。根據我們現有的開發管道，我們預計到 2028 年，（聽不清楚）客戶的合約發電量將再次翻倍，達到每年約 44 太瓦時，即我們合約發電量的 45%。接下來，我會將其轉交給懷亞特，討論我們的經營績效和財務狀況。

Thank you, Stephen, and good morning, everyone. Our operations continued to perform well this quarter, benefiting from the diversification of our fleet and strong all-in power prices. We delivered solid results in the fourth quarter with FFO of $0.38, up 9% year-over-year. And on a full year basis, we delivered record FFO at $1.1 billion or $1.67 per unit, a 7% increase over the prior year. While our results fell slightly below our target of 10%-plus FFO per unit growth for the year, largely due to later-than-expected transaction closings during the fourth quarter, we remain well positioned to achieve our goal going into 2024 and beyond.

謝謝你，史蒂芬，大家早安。由於機隊的多元化和強勁的綜合電價，本季我們的營運持續表現良好。我們在第四季度取得了穩健的業績，FFO 為 0.38 美元，年增 9%。從全年來看，我們交付的 FFO 創歷史新高，達到 11 億美元，即每單位 1.67 美元，比上年增長 7%。雖然我們的業績略低於我們今年每單位 FFO 成長 10% 以上的目標，這主要是由於第四季度的交易完成時間晚於預期，但我們仍然有能力實現 2024 年及以後的目標。

We are already seeing the benefits of our growth activities, which were back-end weighted this year as we commissioned nearly half of our almost 5,000 megawatts of new capacity in the fourth quarter. We are also seeing strong cash flows from the closing of the previously mentioned major acquisitions that took place in the final 3 months of the year and are expected to contribute over $100 million in incremental annual FFO. We also expect to receive an uplift as our fleet reverts to long-term average generation, particularly from our hydro assets, where we often see cyclicality.

我們已經看到了成長活動的好處，今年我們對成長活動進行了後端加權，因為我們在第四季度投產了近 5,000 兆瓦新產能中的近一半。我們還看到，今年最後 3 個月完成的上述重大收購帶來了強勁的現金流，預計將為年度 FFO 增量貢獻超過 1 億美元。隨著我們的船隊恢復到長期平均發電水平，我們也預計會得到提升，特別是來自我們經常看到週期性的水力資產。

During the year, we continued to execute on our growth initiatives, as Connor highlighted, while simultaneously strengthening our balance sheet. We executed on almost $15 billion in nonrecourse financings, generating almost $500 million enough financing proceeds to Brookfield Renewable. We were also successful with our capital recycling program, which we continue to scale with our development growth, generating $800 million of proceeds over the past 12 months representing over 3x our invested capital.

正如康納所強調的那樣，在這一年中，我們繼續執行我們的成長計劃，同時加強我們的資產負債表。我們執行了近 150 億美元的無追索權融資，為布魯克菲爾德再生能源公司產生了近 5 億美元的足夠融資收益。我們的資本回收計劃也取得了成功，隨著我們的發展成長，我們繼續擴大該計劃，在過去 12 個月內產生了 8 億美元的收益，相當於我們投資資本的 3 倍多。

We take a disciplined and practical approach to asset rotation, looking to sell assets when they are in demand and attracting valuations at or above our internal assessments, regardless of technology or geography. This approach has served us well and generated returns above our underwriting targets for investors.

我們對資產輪換採取嚴格而務實的方法，尋求在有需求時出售資產，並吸引估值達到或高於我們的內部評估，無論技術或地理位置如何。這種方法對我們很有幫助，並為投資者帶來了高於我們承保目標的回報。

During the second half of the year, we saw a disconnect between the price of our shares in the public markets and the underlying value of our business and took that opportunity to repurchase 2 million units under our normal course issuer bid. Looking forward, we will continue to allocate capital based on where we're seeing the best risk-adjusted returns and remain confident we will continue to create meaningful value for our investors going forward.

今年下半年，我們發現公開市場上的股票價格與我們業務的基本價值之間存在脫節，並藉此機會按照正常發行人的出價回購了 200 萬股。展望未來，我們將繼續根據我們所看到的最佳風險調整回報來分配資本，並堅信我們將繼續為投資者創造有意義的價值。

In closing, we remain focused on delivering 12% to 50% long-term total returns for our investors while remaining disciplined allocators of capital, leveraging our deep funding sources, and operational capabilities to enhance and derisk our business.

最後，我們仍然致力於為投資者提供 12% 至 50% 的長期總回報，同時保持嚴格的資本分配者，利用我們深厚的資金來源和營運能力來增強我們的業務並降低風險。

On behalf of the Board and management, we thank all our unitholders and shareholders for the ongoing support. We are excited about Brookfield Renewables future and look forward to updating you on our progress throughout 2024. 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再生能源公司的未來感到興奮，並期待向您通報我們在 2024 年全年的進展。我們今天電話會議的正式演講到此結束。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) 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 few questions on the corporate PPA environment. Can you give us perspective on price terms, how that's trended? I know there's an upward trend, but specific to the contracts you're signing, how that trend for pricing has evolved? And how that tension relates to contract duration? I know there's been a general trend towards longer-term contracts. How does that interplay with the price trends you can attain right now?

關於企業 PPA 環境的幾個問題。您能否為我們介紹一下價格方面的觀點及其趨勢？我知道有上升趨勢，但具體到您正在簽署的合同，定價趨勢是如何演變的？這種緊張關係與合約期限有何關係？我知道目前普遍趨勢是簽訂長期合約。這與您現在可以獲得的價格趨勢有何交互作用？

Thanks for the question. So maybe we'll come at this in a slightly different way, but we'll answer your question head on. What we are seeing as a result of significant increases in new electricity demand. This is being driven by the data center demand, this is being driven by increased penetration of EVs. This is being driven by electrification of industrial processes is right now, there is far more corporate offtake demand than there are ready to build projects. In key locations, there is simply a supply-demand imbalance in favor of those that have ready to build projects in key locations.

謝謝你的提問。所以也許我們會以稍微不同的方式來解決這個問題，但我們會正面回答你的問題。我們所看到的是新電力需求大幅增加的結果。這是由資料中心需求推動的，也是由電動車普及率提高所推動的。這是由工業流程電氣化所推動的，目前企業的承購需求遠遠多於準備建置的專案。在關鍵地點，供需不平衡的情況有利於那些準備在關鍵地點建造專案的人。

And the way this shows up in terms of pricing is the dynamic that we've been seeing for a number of years now, which is we are able to pass through higher CapEx costs, higher funding costs through to the offtaker in the form of higher PPA prices while preserving our development margin. And therefore, we are able to continually service this increased amount of demand and put more projects through into that increased amount of demand at the same development returns that we were seeing previously, if not even a little bit higher today because of that really robust supply/demand dynamic.

這在定價方面表現出來的方式是我們多年來看到的動態，即我們能夠以更高的形式將更高的資本支出成本、更高的融資成本轉嫁給承銷商。PPA 價格同時保持我們的發展利潤。因此，我們能夠持續滿足不斷增加的需求，並在與我們之前看到的相同的開發回報下投入更多的項目來滿足不斷增加的需求，即使今天不會更高一點，因為供應確實強勁/需求動態。

So that's what we're seeing in terms of pricing. It will obviously depend on the respective power market and things like CapEx and funding costs within those respective markets. But what we are seeing because of that increased demand is the ability to preserve or even perhaps marginally enhance our development margins.

這就是我們在定價方面看到的情況。這顯然取決於各自的電力市場以及各自市場內的資本支出和融資成本等因素。但由於需求的增加，我們看到的是保持甚至可能略微提高我們的發展利潤的能力。

And then in terms of contract duration, one thing we have been very uncompromising about for years now is there's been this perception that as Renewables over the last 10 years came off government feed and tariffs increasingly on to corporate contracts, that meant that contract durations got shorter. We simply aren't seeing that. And we're seeing significant demand for long-term contracts, 15, 17, 18, 20 years. And those are obviously very attractive to us and can be financed very attractively if we deal with high credit quality counterparties. And that's really the bulk of demand that we're seeing today.

然後就合約期限而言，多年來我們一直非常不妥協的一件事是，人們認為，隨著過去10 年可再生能源不再由政府提供電力，而且企業合約的關稅越來越多，這意味著合約期限變得越來越長。更短。我們根本沒有看到這一點。我們看到對 15 年、17 年、18 年、20 年長期合約的巨大需求。這些顯然對我們非常有吸引力，如果我們與高信用品質的交易對手打交道，則可以獲得非常有吸引力的融資。這確實是我們今天看到的大部分需求。

And then just 1 follow-on with respect to data centers. I know at least in the U.S., the location of those data centers tend to be quite concentrated in specific regions. How do you expect that will evolve? And can you give perspective on Brookfield's ability to meet demand in those specific areas?

然後是關於資料中心的 1 個後續行動。我知道至少在美國，這些資料中心的位置往往相當集中在特定區域。您預計這將如何發展？您能否談談布魯克菲爾德滿足這些特定領域需求的能力？

Sean, it's really astute question because you're absolutely right. This demand -- well, significant is not equal in all places. The power needs to be in a place where it can service that corporate demand load. But we are seeing a number of dynamics. First and foremost, the ability to work with the counterparties, where is there the potential to co-locate new data centers near power generation that can be built, and our really strong relationships with the large corporate offtakers is we can proactively work with them to identify those locations. And then either through M&A or through greenfield development prospecting, we can look to create development pipeline in those regions to service that demand.

肖恩，這真是一個精明的問題，因為你是絕對正確的。這種需求——嗯，很重要，但並非在所有地方都是平等的。電源需要位於能夠滿足企業需求負載的地方。但我們看到了一些動態。首先也是最重要的是，與交易對手合作的能力，哪裡有可能在可以建造的發電站附近共建新的資料中心，我們與大型企業承購商真正牢固的關係是我們可以主動與他們合作確定這些位置。然後，無論是透過併購或綠地開發勘探，我們都可以在這些地區建立開發管道來滿足這一需求。

The second point I would make in regards to your question here is the opportunity to service this corporate demand is really today. It's not something that we're seeing for the future. This is happening in real time. So in order to service this corporate demand, it's not simply having the capability or the capital to do it, you actually need to already have a very large pipeline of projects.

關於你的問題，我要說的第二點是，今天確實有機會滿足這項企業需求。這不是我們未來所看到的。這是即時發生的。因此，為了滿足這種企業需求，不僅僅是有能力或資本來做這件事，你實際上需要已經擁有一個非常大的專案管道。

And this is where our strategy for the last few years is really coming to fruition, where we have been focused on buying premium developers with large development pipelines in core markets really to ensure that we are well positioned to meet this demand as it has accelerated. And today, those pipelines are very valuable because they are in the ground, they are existing. They are working through their development process and they can meet that demand in the near term as opposed to simply planning for projects 3 to 5 or 7 years out.

這就是我們過去幾年的策略真正取得成果的地方，我們一直專注於收購在核心市場擁有大量開發管道的優質開發商，以確保我們能夠在這種加速成長的需求中滿足這一需求。如今，這些管道非常有價值，因為它們位於地下，是現有的。他們正在完成開發過程，並且可以在短期內滿足該需求，而不是簡單地規劃 3 至 5 或 7 年後的專案。

That's great detail. Thanks, Connor. I will get back in the queue.

這是非常詳細的。謝謝，康納。我會回到隊列中。

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 wanted to stick on the data center team for today. So when you're looking at your development pipeline and the contracting strategy there, like how -- can you maybe add a little bit of color of how it's moved away from single assets to more groups of assets to serve this demand, and then when you think about the opportunity set in front of you, do large developers such as yourself with a large pipeline, should you disproportionately benefit versus the smaller developers in this, we'll call it, increasing opportunity set so that, in essence, your market share should increase?

今天我想留在資料中心團隊。因此，當您查看開發管道和那裡的承包策略時，例如，您是否可以添加一點顏色，說明如何從單一資產轉移到更多資產組來滿足這一需求，然後什麼時候你想想你面前的機會集，像你這樣的大型開發商擁有大型管道，如果你在這方面與小型開發商相比獲得不成比例的利益，我們稱之為，增加機會集，這樣，從本質上講，你的市場份額應該增加嗎？

Sure. So Rob, thanks for the question. You are right that -- this dynamic is going to lead to concentrations in certain regions, this data center demand dynamic. And to be clear, there is, without question, the greatest concentration of data center growth that needs power supply is in the United States. And we are very fortunate that over half of our development pipeline globally sits in the United States.

當然。羅布，謝謝你的提問。你是對的——這種動態將導致資料中心需求動態集中在某些地區。需要明確的是，毫無疑問，需要電力供應的資料中心成長最集中在美國。我們非常幸運，我們全球一半以上的開發管道位於美國。

The second thing to highlight here is, yes, well, individual projects might be signing contracts to support individual data centers. The corporate counterparty that backstops that contract is the corporate holdco of these large tech companies. We have a corporate guarantee from the $1 trillion-plus market cap companies around the world. It is not a ring-fenced counterparty credit individualized to a singular data center. And I think that's a really important dynamic to understand because we take great comfort that as this growing opportunity set continues to expand. These are literally the best counterparties around the world. These are not individual assets. These are the large tech companies themselves that are the counterparties.

這裡要強調的第二件事是，是的，各個專案可能會簽署合約來支援各個資料中心。支持該合約的企業對手方是這些大型科技公司的企業控股公司。我們擁有來自全球市值超過 1 兆美元的公司的企業擔保。它不是針對單一資料中心的個人化的封閉交易對手信用。我認為這是一個需要理解的非常重要的動態，因為隨著這個不斷增長的機會集不斷擴大，我們感到非常欣慰。這些實際上是世界上最好的交易對手。這些不是個人資產。這些大型科技公司本身就是交易對手。

And then to your question about scale, this is going to play into the hands of the larger players. But I think the reason for that is perhaps a little bit nuanced. And we would really focus on 2 things. The power demand that is required by these large tech companies is truly remarkable. Sometimes it's tough to put the magnitudes in context. And therefore, if you are a large technology company looking to secure your power supply, you can either work with literally thousands of individual small developers or you can work with a smaller number of very large developers. And we are very fortunate to be in that group or even at the top of the list when it comes to that group that can provide to meet the needs of these large technology companies at a scale that few others can't and really move the needle for them in terms of debottlenecking their future growth.

至於你關於規模的問題，這將有利於更大的參與者。但我認為其中的原因可能有點微妙。我們真的會關注兩件事。這些大型科技公司所需的電力需求確實非常驚人。有時很難將其大小放在上下文中。因此，如果您是一家希望確保電力供應安全的大型科技公司，您可以與數千名個體小型開發人員合作，也可以與數量較少的大型開發人員合作。我們很幸運能夠躋身該集團，甚至在能夠滿足這些大型科技公司需求的集團中名列前茅，其規模是其他公司無法做到的，並且能夠真正推動發展對他們來說，消除未來增長的瓶頸。

So that would be point one. The other point that should not be underestimated and why we are so constructive on this market is the most important thing to these counterparties is that projects are delivered. They are delivered on time. And the developer does not walk away from the projects if they can't get the equipment or they get knocked off schedule because of supply chain or shipping issues. And our global capabilities and our ability to push through issues using our operational capabilities when they arise ensures that we are amongst the most reliable counterparties to these large tech companies.

這是第一點。另外一點也不應該被低估，為什麼我們在這個市場上如此有建設性，對這些交易對手來說最重要的是專案的交付。他們準時交貨。如果開發商無法獲得設備或因供應鏈或運輸問題導致進度被推遲，開發商也不會放棄專案。我們的全球能力以及在出現問題時利用我們的營運能力解決問題的能力確保我們成為這些大型科技公司最可靠的對手方之一。

The power will be delivered on schedule. And I would say that is a completely underappreciated benefit for large players such as us because the worst thing for the tech company is if the power isn't there and the data center can't turn on. And this is why we're finding them to be very constructive in terms of contract terms when working with large reliable counterparties such as ourselves because the most important thing to them is that reliability and that the project will be delivered on time. And that's a reputation and a capability we've been reinforcing and enhancing for years now.

電力將按計劃交付。我想說，對於像我們這樣的大型企業來說，這是一個完全被低估的好處，因為對於科技公司來說，最糟糕的事情是沒有電源並且資料中心無法啟動。這就是為什麼我們發現他們在與像我們這樣的大型可靠對手方合作時在合約條款方面非常有建設性，因為對他們來說最重要的是可靠性以及專案將按時交付。這是我們多年來一直在加強和增強的聲譽和能力。

I appreciate that. Maybe as a follow-up and more broadly, with the [recurring] in equity markets, how are you thinking about allocating capital in 2024? Does the returns kind of skew more to the development side versus the buy side right now? Or how are you seeing that opportunity set?

我很感激。也許作為後續行動，更廣泛地說，隨著股票市場的[經常性]，您如何考慮 2024 年的資本配置？現在的回報是否更偏向開發方而不是買方？或者您如何看待這個機會？

Certainly, really, what we've seen, particularly in the last, call it maybe 4 weeks of Q4 and into 2024 is what we've seen is a stabilization in interest rates. In 2023, rates were going up and up and up. And the great part about our business is this is a real returns business. It works whether interest rates are at 3% or 4% or 5%, but everyone can appreciate that when markets are uncertain and rates seem like they're going up in perpetuity, that becomes a more tougher market for people to transact in.

當然，實際上，我們所看到的，特別是在最後，可能是第四季度的 4 週以及到 2024 年，我們所看到的是利率的穩定。 2023 年，利率不斷上漲。我們業務最重要的一點是，這是一項真正的回報業務。無論利率是 3%、4% 還是 5%，它都有效，但每個人都可以理解，當市場不確定且利率似乎永遠上漲時，人們就很難在其中進行交易。

And as we kind of turn the page into a new calendar year here, what we have is stability in interest rates. Maybe they land at [3 and 3/4], maybe they land up 4.5%, but they're going to be within a pretty tight range here, and that is a very constructive level for our industry. And as a result, we think this year will be very, very active from a transaction perspective, both on the investment side and on the capital recycling side.

當我們將這一頁翻到新的日曆年時，我們所擁有的是利率的穩定性。也許他們會達到 [3 和 3/4]，也許他們會上漲 4.5%，但他們將在一個非常狹窄的範圍內，這對我們行業來說是一個非常有建設性的水平。因此，我們認為，從交易角度來看，今年無論是在投資方面還是在資本回收方面都將非常非常活躍。

Some of the uncertainty, particularly in the latter half of 2023, probably caused the number of people to stand on the sidelines. Early indications in 2024 is with this reduced uncertainty in the market, people are open for business. And we're seeing that in our sales processes that have launched, and we're also seeing that in our engagement in terms of new growth opportunities.

一些不確定性，尤其是 2023 年下半年的不確定性，可能導致許多人持觀望態度。 2024 年的早期跡象表明，隨著市場不確定性的減少，人們將開始營業。我們在已經啟動的銷售流程中看到了這一點，並且在我們對新成長機會的參與中也看到了這一點。

In terms of where, specifically, we're seeing those opportunities, I would say it's across the spectrum and public companies still do remain a key focus of ours, even with somewhat of the relief rally in the latter part of the year. But I would say where interest rates are settling, it's a pretty good level for both buying -- both operating assets and development assets. I think we would be pretty balanced this year going forward.

具體來說，就我們在哪裡看到這些機會而言，我想說的是，它是跨領域的，上市公司仍然是我們的重點關注點，儘管今年下半年出現了一些緩解性的反彈。但我想說的是，當利率穩定下來時，對於購買——無論是營運資產還是開發資產——來說，這都是一個相當不錯的水平。我認為今年我們會非常平衡。

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

我們的下一個問題來自國家銀行的魯珀特·梅勒 (Rupert Merer)。

One more follow-up on the data centers. So the PPAs you're looking at, are they typically simple take or pay contracts? Or is there some element of capacity required?

關於資料中心的另一項後續行動。那麼您正在考慮的購電協議通常是簡單的照付不議合約嗎？或是否需要某些能力要素？

Most of them are 17, 18, 20-year take-or-pay inflation-linked contracts. These are the good ones that we want. Some of the large technology companies are increasingly looking for 24/7 green power solutions, and we can use our wind and solar development and pair that with either hydros or battery storage. But I would say that's typically at a premium or with incremental upside to those, call it, 17 to 18- to 20-year take-or-pay inflation-linked contracts.

其中大部分是 17 年、18 年、20 年期的照付不議的通膨掛鉤合約。這些都是我們想要的好東西。一些大型科技公司越來越多地尋求 24/7 綠色電力解決方案，我們可以利用我們的風能和太陽能開發，並將其與水力或電池儲存配對。但我想說的是，這通常是溢價，或者說相對於那些所謂的 17 至 18 至 20 年照付不議的通膨掛鉤合約而言，有增量上漲空間。

Great. And then secondly, looking at your production in the quarter, so you came in around 85% of LTA. We are seeing similar trends across your peer group, of course. Just wondering if you can comment on those recent weather patterns and what you anticipate going forward? Maybe some thoughts about your LTA assumptions?

偉大的。其次，看看您本季的產量，您的 LTA 產量約為 85%。當然，我們在您的同行群體中看到了類似的趨勢。只是想知道您是否可以評論一下最近的天氣模式以及您對未來的預期？也許對您的 LTA 假設有一些想法？

Perfect. And thanks for the question. And maybe let us share and shine a little bit of light here because there's really 2 different dynamics happening within our LTA. One of the key differentiating factors of Brookfield Renewable and one of the things that is really the bedrock of our business is we have that very large critical base of baseload hydro. And while that is very, very valuable, relative to wind and solar, hydrology is a slightly more variable asset class in terms of resource.

完美的。謝謝你的提問。也許讓我們在這裡分享和闡明一點，因為我們的長期協議中確實發生了兩種不同的動態。布魯克菲爾德再生能源公司的關鍵差異化因素之一，也是我們業務的真正基石之一，是我們擁有非常大的基本負載水力發電關鍵基礎。雖然相對於風能和太陽能來說，這是非常非常有價值的，但就資源而言，水文學是一種稍微多變的資產類別。

But there's 2 things I would focus on when it comes to our hydro LTA. One, we monitor it exceptionally closely and we are constantly needing to update it for any financings or transactions that we do. And therefore, over any period of time, yes, there can be some variability, a little below LTA, a little above LTA, but those long-term averages are bang on. But even when the resource can be a little above or a little below LTA. The other thing that needs to be over layered on that dynamic is where is that resource above or below LTA. If our hydro resources below LTA in a very high-value market versus being above LTA in I'll say, lower-value market, that can have a different impact on our financial results.

但當談到我們的水電長期協議時，我會關注兩件事。第一，我們對其進行異常密切的監控，我們需要不斷更新我們進行的任何融資或交易。因此，在任何時間段內，都可能存在一些變化，略低於 LTA，略高於 LTA，但這些長期平均值是準確的。但即使資源可能略高於或略低於 LTA。另一件需要在動態上分層的事情是 LTA 之上或之下的資源在哪裡。如果我們的水力資源在價值極高的市場中低於長期協議（LTA），而在價值較低的市場中高於長期協議（LTA），這可能會對我們的財務表現產生不同的影響。

So while that hydrology is a little bit more variable, it is very consistent over the long term. And the one point we would reference here is as our business continues to grow and diversify, the importance of that hydro LTA is being increasingly diluted over time.

因此，雖然水文學的變化有點大，但從長遠來看，它是非常一致的。我們在這裡要提到的一點是，隨著我們的業務不斷增長和多元化，水電長期協議的重要性隨著時間的推移而日益淡化。

The second component of our LTA is a little bit more structural. And it's showing up a little bit more in our current results today for obvious reasons, which is as we buy new businesses, one of the things we often focus on is finding investment opportunities where there are clear operational enhancements that we can execute in the short to medium term under our ownership.

我們的長期協議的第二個組成部分更具結構性。出於顯而易見的原因，它在我們今天當前的業績中出現得更多一些，那就是當我們購買新業務時，我們經常關注的事情之一是尋找投資機會，其中我們可以在短期內執行明顯的營運增強到中期由我們擁有。

So often when we buy new businesses, they do start at slightly below LTA, and as we take over those businesses from their previous ownership and then as we execute our business plans and implement those operational improvements, those businesses trend up to that LTA number. As we've gone through a period of very, very rapid growth here over the last, call it, 12 to 36 months, we have more of that in our numbers today than we would have had, let's say, 3 or 5 years ago. But the great news is that's all identified, that's all within our control, and we will see those numbers trend up to LTA as we execute on some of the repowerings, refurbishments, equipment replacements that we identified in our underwriting, and that's all moving very, very much on track and should increasingly play out in our financial performance going forward.

通常，當我們購買新企業時，它們的起價確實略低於LTA，當我們從這些企業之前的所有權手中接管這些企業，然後當我們執行業務計劃並實施這些營運改進時，這些企業就會趨向於達到LTA 數字。由於我們在過去經歷了一段非常非常快速的成長時期，稱之為 12 到 36 個月，我們今天的數據比 3 或 5 年前還要多。但好消息是，這一切都已確定，都在我們的控制範圍內，當我們執行我們在承保中確定的一些重新供電、翻新、設備更換時，我們將看到這些數字趨向於LTA，這一切都非常令人感動。 ，一切都步入正軌，並且應該在我們未來的財務業績中發揮越來越大的作用。

So looking at that second component and the overall shortfall to LTA, how much of it was a result of curtailments. So we do see quite significant curtailment of wind power in some markets. And of course, that's something that can be controlled to some degree with the addition of batteries or maybe new transmission lines. Is this a significant component of the shortfall for you?

因此，看看第二個組成部分以及 LTA 的總體缺口，其中有多少是由於削減造成的。因此，我們確實看到一些市場上風力發電的大幅削減。當然，這可以透過添加電池或新的傳輸線在某種程度上進行控制。這對您來說是短缺的重要組成部分嗎？

I would say no, I don't have a specific figure to provide here. But without doubt, the most significant components of the discount to LTA are one, just resource variability. And then secondly, those specific identified operational improvements that we are pushing through our assets, curtailment of course, does exist in this business, but I wouldn't say it's a material driver of our LTA results.

我想說不，我這裡沒有具體的數字可以提供。但毫無疑問，LTA 折扣最重要的組成部分之一就是資源可變性。其次，我們正在透過資產推動的那些特定的營運改進，當然，削減，確實存在於這項業務中，但我不會說這是我們長期協議結果的物質驅動力。

Well, I hope that answers your question. There's perhaps one thing I would add, which is you commented on batteries and increasingly the implementation of storage. That is a very strong dynamic we are seeing in our business. In particular, the addition of batteries on an increasing proportion of the new development activity we do, we're seeing that as a very low risk and attractive return -- risk-adjusted return way to enhance a number of the assets that we've either recently acquired or are developing.

嗯，我希望這能回答你的問題。也許我要補充一件事，那就是您對電池以及越來越多的儲存實施的評論。這是我們在業務中看到的非常強勁的動力。特別是，在我們所做的新開發活動中添加電池的比例越來越大，我們認為這是一種非常低的風險和有吸引力的回報——風險調整後的回報方式，可以增強我們已經擁有的許多資產。最近收購或正在開發。

Great. I'll leave it there.

偉大的。我會把它留在那裡。

Our next question comes from the line of Mark Jarvi with CIBC.

我們的下一個問題來自 CIBC 的 Mark Jarvi。

Maybe just Connor, building off your comment around interest rate stability sort of opening up the M&A markets a little bit more. How would you frame the interest competitive dynamics around larger assets or portfolios. Is it the same as it was 6 months ago, or do you think the number of, I guess, potential interested parties has increased in the last couple of months?

也許只是康納，在你關於利率穩定性的評論的基礎上，進一步開放了併購市場。您將如何圍繞較大的資產或投資組合建立利益競爭動態。與 6 個月前一樣嗎？或者您認為過去幾個月潛在感興趣方的數量有所增加？

I would say that the stabilization in interest rates absolutely has increased the number of interested parties. There is no question about that. I would say we have really seen a fairly dramatic shift, here we are the beginning of February, end of January. If you compare the market today versus where we were at, say, the end of September 4 months ago, it is night and day in terms of level of activity, the amount of interested parties, again on both the buy side or the sell side.

我想說，利率的穩定絕對增加了相關方的數量。毫無疑問。我想說，我們確實看到了相當戲劇性的轉變，現在是二月初、一月底。如果你將今天的市場與 4 個月前 9 月底的市場進行比較，你會發現無論是買方還是賣方，無論是在活動水平、感興趣的各方數量方面，現在都是日日夜夜。 。

Maybe the only added point of color that we would make there and it ties back to our answer to one of the previous questions is, really, what we saw in 2023 was a number of businesses saw headwinds that we thought could largely be attributed to one of 2 things. If you took significant basis risk in your development activities, the higher CapEx levels, increasing CapEx levels and higher funding costs really caught you short. And that really disrupted or negatively impacted a number of developers around the world, particularly those in the offshore space. That was 1 dynamic that was a key headwind to 2023.

也許我們會在那裡做的唯一增加的色彩點，它與我們對之前問題之一的回答有關，實際上，我們在2023 年看到的是，許多企業都遇到了阻力，我們認為這些阻力很大程度上可以歸因於一個2 件事。如果您在開發活動中承擔了重大的基礎風險，那麼更高的資本支出水準、不斷增加的資本支出水準和更高的融資成本確實會讓您陷入困境。這確實擾亂了世界各地的許多開發商，尤其是離岸領域的開發商，或對其產生了負面影響。這是 2023 年的一個主要阻力。

The other dynamic was simply the higher interest rates more materially impacted those businesses that were reliant on unfettered access to the capital markets and very, very cheap financing. And businesses that have relied on that sort of funding structure suffered in last year's economic environment. Those 2 dynamics have seen a little bit of relief in the last, again, call it, 2 to 3 months. But we should be very clear that those dynamics haven't gone completely away. We have not returned yet. And I don't think we will return to the almost 0 interest rates and unlimited access to capital that was there 3 or 4 years ago. So some of those business models still don't work, and will need either capital or operating partners to get back on a stable footing. So while there is more activity in the markets, I would say it's also still a relatively robust investment opportunity set.

另一個動態是，較高的利率對那些依賴不受限制的資本市場准入和非常非常便宜的融資的企業產生了更大的影響。依賴這種融資結構的企業在去年的經濟環境中遭受了損失。這兩種動態在過去 2 到 3 個月中有所緩解。但我們應該非常清楚，這些動力並沒有完全消失。我們還沒回來。我認為我們不會回到三、四年前幾乎為零的利率和無限獲得資本的狀態。因此，其中一些商業模式仍然行不通，需要資本或營運合作夥伴才能恢復穩定。因此，儘管市場活動較多，但我認為這仍然是一個相對強勁的投資機會。

Okay. A couple of follow-ups on that. Maybe does that mean like an opportunity to do the deep transaction is not as readily available at that valuation today? And I guess on the flip side, how does the market conditions inform, I guess, the pace -- the type of assets that you're considering for capital recycling in 2024?

好的。對此有一些後續行動。也許這是否意味著在今天的估值下進行深度交易的機會並不那麼容易獲得？我想，另一方面，市場狀況如何影響您在 2024 年考慮進行資本回收的資產類型？

Yes. Both great questions. I would say, the comments I made stand by everything and I would say, are very, very vastly applicable. Transactions like what we did on the Duke transaction or the bank's transactions, those were essentially bilateral deals, a very significant scale where we offered something that essentially the other participants in the market could not. And while there are more people active in the market today. There is still a very, very large opportunity set for us to do bilateral deals where either the transaction structure we can own, the operating capabilities we can bring or the scale we can provide is relatively unmatched. So for many transactions, is there more competition today, yes. But are we seeing an inability to do bilateral transactions as we have done in the past? No, we are not.

是的。這兩個問題都很好。我想說，我所做的評論是站得住腳的，我想說的是，非常非常適用。就像我們在杜克大學交易或銀行交易中所做的交易，這些交易本質上是雙邊交易，規模非常大，我們提供了市場上其他參與者基本上無法提供的東西。儘管如今活躍在市場上的人越來越多。我們仍然有非常非常大的機會進行雙邊交易，無論是我們可以擁有的交易結構、我們可以帶來的營運能力還是我們可以提供的規模都是相對無與倫比的。那麼對於許多交易來說，今天的競爭是否更加激烈，是的。但我們是否發現無法像過去那樣進行雙邊交易？不，我們不是。

And then just maybe on asset sales in terms of the pace of potential asset sales this year versus last year, do you think that accelerates?

然後，就資產銷售而言，就今年潛在資產銷售的速度而言，與去年相比，您認為這種情況是否會加速？

100%. Sorry, I forgot to answer the second part of your question. Absolutely. And this is where we have seen some really strong demand to start 2024 is there does seem to be still a lot of capital flowing into this sector. And that capital maybe took a pause for a couple of quarters in that more uncertain interest rate environment. It has not taken long for that capital to come back. So we would expect to be relatively active on the capital recycling side in 2024.

100%。抱歉，我忘了回答你問題的第二部分。絕對地。從 2024 年開始，我們就看到了一些非常強勁的需求，似乎仍有大量資本流入該領域。在更不確定的利率環境中，這些資本可能會暫停幾個季度。沒多久，這筆資金就回來了。因此，我們預計 2024 年資本回收方面將相對活躍。

And in terms of where we see that activity, same strategy that we've always executed. We will be unemotional in terms of geography, asset class or technology. And we will look for opportunities where we can sell assets at greater value than we see in holding them in our own portfolio.

就我們在哪裡看到該活動而言，我們一直執行的策略相同。我們將在地理、資產類別或技術方面保持冷靜。我們將尋找機會以比我們在自己的投資組合中持有資產更高的價值出售資產。

In terms of where some of those dollars might be, I would say, just given the relative dispersion of our portfolio that today is largely in North America and Western Europe. Surely, because of that concentration, that's probably where we'd see the greatest amount of asset recycling.

我想說的是，考慮到我們的投資組合相對分散，目前主要分佈在北美和西歐，就其中一些美元可能在哪裡而言。當然，由於這種集中度，這可能是我們看到資產回收量最大的地方。

Okay. And I'll just sneak one more in. Just recent sort of update is there is a positive turn around in maybe stepping into larger offshore wind investments. Is that still something that you're really active on? Has any kind of change in terms of the likelihood of making a larger play in offshore wind sometime in 2024?

好的。我再偷偷地講一個。最近的更新是，可能會涉足更大規模的離岸風電投資，出現積極的轉變。這仍然是你真正積極從事的事情嗎？ 2024 年某個時候在離岸風電領域發揮更大作用的可能性是否會發生任何變化？

Sure. So our approach to offshore wind, and we'll quickly restate it here. We love the technology. It's large, it's fast growing, it's mature. And quite frankly, because of the differentiated load pattern it can provide to onshore wind and onshore solar, it is actually critical to many power markets around the world. What we have struggled with in the past is the investment profile or the basis risk you had to take as an investor or as a developer, where sometimes you had to invest hundreds of millions or billions of dollars upfront for the right to build out a project in 4 or 5 or 6 years. And in that time period -- in that leg, market conditions could shift and go against you.

當然。我們的離岸風電方法，我們將在這裡快速重申。我們熱愛這項技術。它很大，生長很快，而且已經成熟了。坦白說，由於它可以為陸上風電和陸上太陽能提供差異化的負載模式，它實際上對全球許多電力市場至關重要。過去我們一直在努力解決的是投資概況或作為投資者或開發商必須承擔的基本風險，有時您必須預先投資數億或數十億美元才能獲得建設項目的權利4、5、6年後。在那段時期內，市場狀況可能會改變並對您不利。

Obviously, today, there are a number of market participants who have seen headwinds that maybe need to get out of some of their offshore wind projects, and maybe some of those offshore wind projects are a lot closer to construction or a lot closer to coming online. And therefore, there is less of that basis risk that we had an aversion to. So I would say we are much more active in reviewing opportunities in the offshore space today than we would have been a couple of years ago. But like anything, we'll compare those opportunities to the risk-adjusted returns we see elsewhere and allocate to the best ones.

顯然，今天有許多市場參與者已經看到了逆風，可能需要擺脫一些離岸風電項目，也許其中一些離岸風電項目已經更接近施工或更接近上線了。因此，我們所厭惡的基差風險較小。因此，我想說，我們今天比幾年前更積極地審查離岸領域的機會。但與任何事情一樣，我們會將這些機會與我們在其他地方看到的風險調整回報進行比較，並分配給最好的機會。

Our next question will come from the line of Nelson Ng with RBC Capital Markets.

我們的下一個問題將來自 RBC Capital Markets 的 Nelson Ng。

I had a few questions on your development pipeline. So obviously, you've highlighted a lot of opportunities in the U.S. But I was just looking at your development pipeline in South America is pretty thin. I don't think there are any wind or utility-scale projects in the advanced stage there. So I was just wondering, is there a lack of opportunities there? Or are you just mainly focused on developing in North America and Europe at the moment?

我對你們的開發流程有幾個問題。顯然，您強調了美國的許多機會，但我只是看到您在南美洲的開發管道非常薄弱。我認為那裡沒有任何風能或公用事業規模的專案處於後期階段。所以我就想知道，那裡缺少機會嗎？還是目前主要專注於北美和歐洲的發展？

Very good question and relatively easy to answer. Obviously, the vast majority of our development activity traditionally in South America has been in Brazil. And for the last few years, we have, I would say, been very, very successful in developing some large and attractive projects in that market. For those that don't know, power prices in Brazil due to their very strong concentration of hydroelectric generation across the grid are very dependent on hydrology levels. And if you went back, I would say, 2 to 4 or 2 to 5 years ago, hydrology levels across the Brazilian system were relatively low, and that supported higher power prices that made wind and solar development very, very, very attractive. And that's the market where we developed many of those large projects into that have come online in '22 or 2023 or are scheduled to come online in 2024.

非常好的問題並且相對容易回答。顯然，我們傳統上在南美洲進行的絕大多數開發活動都在巴西進行。我想說，在過去的幾年裡，我們在該市場開發了一些大型且有吸引力的專案方面非常非常成功。對於那些不知道的人來說，由於整個電網中水力發電非常集中，巴西的電價非常依賴水文水平。如果你回到 2 到 4 或 2 到 5 年前，整個巴西系統的水文水平相對較低，這支撐了更高的電價，使風能和太陽能開發非常非常有吸引力。這就是我們開發的許多大型專案的市場，這些專案已在 22 年或 2023 年上線，或計劃在 2024 年上線。

But what has since happened, I would say, in the last 18 months, is hydrology has dramatically improved in Brazil. And because that is across the system, it pushes power prices down. And today, they are at very, very low historical levels. Obviously, our business in Brazil is almost 100% contracted, so we are not exposed to those lower power prices, but it does make it more difficult to find new wind and solar projects that can secure contracts in this price environment and still be developed at attractive levels.

但我想說的是，在過去 18 個月裡，巴西的水文狀況得到了顯著改善。而且由於這是整個系統的一部分，因此它壓低了電價。如今，它們處於非常非常低的歷史水平。顯然，我們在巴西的業務幾乎100% 已簽訂合同，因此我們不會受到較低電價的影響，但這確實使我們更難找到新的風能和太陽能項目，這些項目可以在這種價格環境下獲得合同，並仍以較低的價格開發。有吸引力的水平。

So this is a short-term dynamic. Wind and solar growth in Brazil will recover, and it will be very robust. But this has been driven by a relatively large shift in hydrology levels that has changed the market prices, and we are simply in a period of time where development activity in that market is going to be reduced because it's simply tough to secure contracts at attractive enough levels to justify the CapEx.

所以這是一個短期動態。巴西的風能和太陽能成長將恢復，而且將非常強勁。但這是由水文水準相對較大的變化所驅動的，這改變了市場價格，而且我們正處於該市場的開發活動將會減少的時期，因為很難以足夠有吸引力的價格獲得合約水準來證明資本支出的合理性。

That's very good color, Connor. I'm glad they're getting more water, but too bad, it slowed down development. So the next question is the -- obviously, you've commissioned about 4.5 gigawatts in '23, and that's growing to, I think, 6.6 and 7.6 gigawatts over the next 2 years. I know you have your target of roughly deploying, call it, $1.5 billion per year on average. So of that $1.5 billion, roughly what portion of that is going to development?

這顏色非常好，康納。我很高興他們得到了更多的水，但不幸的是，它減慢了發育速度。所以下一個問題是——顯然，你們在 23 年已經投入使用了大約 4.5 吉瓦，我認為在接下來的兩年裡，這一數字將增長到 6.6 和 7.6 吉瓦。我知道你們的目標是平均每年部署約 15 億美元。那麼，這 15 億美元中，大約有多少部分將用於開發？

Yes, sure. So I would say going into the next couple of years, '24, '25, approximately 1/3, give or take is already kind of identified in organic growth opportunities. That number could prove to be a little bit light, but I would say it's about 1/3.

是的，當然。所以我想說，進入未來幾年，'24、'25，大約 1/3，給予或索取已經在有機增長機會中得到了確定。這個數字可能有點小，但我想說大約是 1/3。

Okay. And then just 1 last question. I noticed that you are also involved in solar panel manufacturing to some degree. It looks like there's about 1.5 gigawatts and 2.5 gigawatts next year. Like are you self supplying some of your developments? Or is this more of a hedge on costs? Or how do you look at the -- your involvement in solar panel manufacturing?

好的。然後是最後一個問題。我注意到你們也在某種程度上參與了太陽能板的製造。看起來明年大約有1.5吉瓦和2.5吉瓦。就像你自己提供一些開發成果嗎？還是這更多的是對沖成本？或者您如何看待您對太陽能板製造的參與？

Sure. So probably the easiest way to answer that question is let's talk about the exposure we have today as well as our approach going forward. Our exposure today to solar panel manufacturing is part of a structure -- a large structured investment we made in a company called Avaada Energy in India. Avaada Energy is 1 of the largest independent renewable power, owner operators and developers. And that is the vast majority of the bulk of their business. But in addition to being that large-scale owner and developer of renewable power, they also have 2 other business lines. One, they're doing some solar panel manufacturing themselves. And two, they are also in the early stages of some green hydrogen production, all of this in India.

當然。因此，回答這個問題最簡單的方法可能是讓我們談談我們今天所面臨的風險以及我們未來的方法。我們今天接觸的太陽能電池板製造是一個結構的一部分——我們對印度一家名為 Avaada Energy 的公司進行的一項大型結構性投資。 Avaada Energy 是最大的獨立再生能源、業主營運商和開發商之一。這是他們業務的絕大部分。但除了作為再生能源的大型所有者和開發商之外，他們還有其他兩條業務線。第一，他們正在自己製造一些太陽能板。第二，他們也處於一些綠氫生產的早期階段，所有這些都在印度。

So our exposure to the space is through Avaada, where we have made a downside protected structured investment to fund their growth across all 3 of those verticals. But the vast majority of that business today is a, I would say, relatively down the fairway leading renewable power developer in India.

因此，我們透過 Avaada 涉足該領域，我們在那裡進行了下行保護結構性投資，為他們在所有 3 個垂直領域的成長提供資金。但我想說，今天的絕大多數業務都是印度領先的再生能源開發商的相對落後。

In terms of -- so -- and while we do have a good relationship with Avaada, and we'd happily use some of those solar panels when they are up and running and producing, our investment exposure is, I would say, very, very modest relative to our global procurement needs. Well, that's our exposure today, we are seeing around the world a trend towards just the scaling up of the supply chain for both renewable power and other decarbonization solutions.

就這一點而言，雖然我們確實與 Avaada 有著良好的關係，並且我們很樂意在其中一些太陽能電池板啟動、運行和生產時使用它們，但我想說，我們的投資風險非常，相對於我們的全球採購需求來說非常有限。好吧，這就是我們今天的曝光，我們在世界各地看到了擴大再生能源和其他脫碳解決方案供應鏈的趨勢。

And we could see ourselves in the future look to be an investor in the scaling up of that supply chain. But only if we can do so on a very attractive risk-adjusted return basis, and with an investment profile that we are comfortable with. And that essentially means we would only do it if the -- our investment was backstopped by long-term take-or-pay offtake contracts very similar to what we look for when we build a new solar plant or build a new wind farm.

我們可以看到自己在未來成為擴大供應鏈規模的投資者。但前提是我們能夠在非常有吸引力的風險調整回報基礎上做到這一點，並擁有我們滿意的投資狀況。這本質上意味著，只有當我們的投資得到長期照付不議承購合約的支持時，我們才會這樣做，這與我們在建造新的太陽能發電廠或建造新的風電場時所尋求的非常相似。

So we would not rule out investing in supply chain in the future, but only if we can do so with an investment profile commensurate with what we typically target, and that means it would have to be backed by long-term offtake contracts.

因此，我們不會排除未來對供應鏈進行投資，但前提是我們能夠以與我們通常目標相稱的投資組合進行投資，這意味著它必須得到長期承購合約的支持。

That's great color. I'll leave it there.

那顏色真棒。我會把它留在那裡。

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

我們的下一個問題將來自大衛·克薩達和雷蒙·詹姆斯的對話。

Maybe first one for me, just on the comments in the release around inbounds that you've gotten, inbound calls since the Origin deal was announced. Just curious if there's any color you can provide on what kind of opportunities you see there, maybe in terms of the nature of those deals, geographical location, the scale of those opportunities? Any color on that?

也許對我來說第一個是關於自 Origin 交易宣布以來您收到的入站、入站電話的新聞稿中的評論。只是好奇您是否可以提供任何顏色來說明您在那裡看到的是什麼樣的機會，也許是在這些交易的性質、地理位置、這些機會的規模方面？那上面有什麼顏色嗎？

For sure. What we would say is, well, the outcome of the Origin vote was disappointing. Going through that process and the highly public nature of it, we really demonstrated, one, not only the business plan we were willing to sign up for. But also the operating capabilities and capital commitment, we would throw behind one of those large-scale business transformation or power transformation opportunities.

一定。我們想說的是，起源投票的結果令人失望。透過這個過程及其高度公開的性質，我們真正展示了，不僅是我們願意簽署的商業計劃。但也包括營運能力和資本承諾，我們將放棄那些大規模業務轉型或電力轉型機會之一。

The other thing that I think was demonstrated throughout Origin is, while, yes, it did represent buying perhaps a different initial business than when we buy a pure-play renewables developer, what became very clear in our explanation of what we were doing there is our business plan was really predicated on the exact same thing we do everywhere else around the world. It was predicated on being a leading high-quality, best-in-class renewable power developer and just doing that within a different company or business construct. I think that was very illustrative and illuminating to the market because we have received inbounds, and I would say those inbounds are across North America, South America, Europe and Australia since the announcement of Origin.

我認為在整個Origin 中展示的另一件事是，是的，它確實代表購買可能與我們購買純可再生能源開發商不同的初始業務，在我們對我們在那裡所做的事情的解釋中變得非常清楚的是我們的商業計劃實際上是基於我們在世界其他地方所做的完全相同的事情。它的目標是成為領先的高品質、一流的再生能源開發商，並在不同的公司或業務結構中做到這一點。我認為這對市場來說非常具有說明性和啟發性，因為我們已經收到了入境信息，而且我想說，自從 Origin 宣布以來，這些入境信息遍布北美、南美、歐洲和澳大利亞。

The one point I would highlight, however, David, is these are very large and strategic decisions for our company to make. It is really changing the trajectory of a business, large-scale CapEx program to transition businesses that leading businesses in their market to less carbon-intensive and more derisked and more valuable business strategies, but over a multiyear period. Therefore, those types of transactions, they don't happen overnight. They involve a long-term courtship period, education process, working with those companies before a transaction can be agreed upon or come to fruition. So while we are having a number of those conversations today, I would suggest that we're excited about them, but they do tend to be longer lead time deals.

然而，大衛，我要強調的一點是，這些都是我們公司需要做出的非常重大的策略決策。它確實正在改變企業的發展軌跡，大規模的資本支出計劃將在其市場上領先的企業轉變為碳密集度較低、風險更低且更有價值的業務策略，但需要多年的時間。因此，這些類型的交易不會在一夜之間發生。它們涉及長期的求愛期、教育過程、在交易達成一致或實現之前與這些公司合作。因此，雖然我們今天進行了許多此類對話，但我建議我們對它們感到興奮，但它們確實往往是交貨時間較長的交易。

Excellent. And then maybe just one more for me. Any quick thoughts on -- I mean, it certainly sounds like the M&A pipeline is alive and well and the stabilized rate environment, things have been better. But I'm just curious what you think the I guess, uncertainty around the U.S. election, how could that affect things as the year goes on, maybe uncertainty around what happens with the tax credits?

出色的。然後也許對我來說還有一個。任何快速的想法 - 我的意思是，聽起來併購管道確實活躍並且運作良好，並且穩定的利率環境，情況變得更好。但我只是好奇你怎麼想，我猜，美國大選的不確定性，隨著時間的推移，這會如何影響事情，也許稅收抵免的不確定性？

Yes. Certainly. Great question. And we'll revert back to a point that I think it's really critical not to lose sight of. And it ties to a bunch of the major themes we've been discussing on today's call. Today, energy transition, decarbonization and renewable power development is undoubtedly driven by corporate demand far, far, far more than it is by government push. And therefore, while politics does have a role to play, it is in no way going to disrupt the rapid growth and the current trend line of investment and opportunity in those sectors.

是的。當然。很好的問題。我們將回到一個我認為不要忽視的非常重要的觀點。它與我們在今天的電話會議上討論的一系列主要主題相關。如今，能源轉型、脫碳和再生能源發展無疑是由企業需求推動的，遠遠超過政府的推動。因此，雖然政治確實可以發揮作用，但它絕不會破壞這些行業的快速成長以及當前投資和機會的趨勢線。

However, I do think it is important to respond to some of the rhetoric and headlines in the market today, depending on what might happen in the U.S. elections. And I do think there's 2 very important things to highlight. One, under IRA today, the vast majority of IRA funds are going to Republican states. So while there may be changes to that bill under a different leadership. We wouldn't expect it to change dramatically. And then the second thing to highlight is what's fantastic about the current situation in the United States is we've seen what happens for renewables growth under both a Republican or a Democratic leadership in recent years. And even going back to when there was Republican leadership in the United States, that was one of the fastest growing periods for renewable power in that country.

然而，我確實認為，根據美國大選可能發生的情況，對當今市場上的一些言論和頭條新聞做出回應很重要。我確實認為有兩件非常重要的事情需要強調。第一，在今天的 IRA 下，絕大多數 IRA 資金都流向了共和黨州。因此，儘管在不同的領導下該法案可能會發生變化。我們不希望它有巨大的改變。第二件需要強調的是，美國當前情況的奇妙之處在於，我們已經看到了近年來在共和黨或民主黨領導下再生能源成長所發生的情況。即使回到美國共和黨領導時期，也是全國再生能源成長最快的時期之一。

So I think that does reiterate that while government policy can have an effect on things, that trend line of corporate demand is going to set the pace and growth of this industry and government policy is simply going to put a little bit of ebb and flow around that trend line. It's certainly not going to wildly change our approach to the market or our strategy.

因此，我認為這確實重申了，雖然政府政策會對事物產生影響，但企業需求的趨勢線將決定該行業的步伐和增長，而政府政策只會帶來一些潮起潮落那個趨勢線。這當然不會大幅改變我們的市場方式或策略。

That's great color. I appreciate it. I'll turn it over.

那顏色真棒。我很感激。我會把它翻過來。

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

我們的下一個問題來自 BMO 的 Ben Pham。

I wanted to continue the topic of corporate M&A versus asset acquisitions. And I'm curious, when you think about corporate deals with Brookfield Renewable historically or even how you think about it going forward, what do you think the main benefits for you specifically on the corporate transaction, especially when you talked about maybe that the long-drawn-out process for courtship.

我想繼續討論企業併購與資產收購的議題。我很好奇，當您考慮歷史上與布魯克菲爾德可再生能源公司的公司交易，甚至您如何看待未來的情況時，您認為公司交易對您的主要好處是什麼，特別是當您談到長期合作時- 漫長的求愛過程。

Yes, certainly. So Ben, it's a great question. And there's 2 or 3 things I would highlight. In particular, it's an environment where we can very much differentiate ourselves using our scale and operating capabilities. Those corporate are essentially picking a partner to help them transition to a new business model that is going to be more sustainable and more valuable for decades to come. They don't want to pick a partner who isn't very, very credible without best-in-class capabilities. So we do think it is an environment where we can do those types of deals on a bilateral basis, and really be differentiated and therefore, hopefully target some very attractive returns on our capital.

是的，當然了。所以本，這是一個很好的問題。我要強調兩三件事。特別是，在這個環境中，我們可以利用我們的規模和營運能力來讓自己脫穎而出。這些公司本質上是在選擇一個合作夥伴來幫助他們過渡到新的商業模式，這種模式在未來幾十年內將更加永續、更有價值。他們不想選擇一個不太可信、沒有一流能力的合作夥伴。因此，我們確實認為這是一個我們可以在雙邊基礎上進行此類交易的環境，並且真正實現差異化，因此希望我們的資本能夠獲得非常有吸引力的回報。

The other thing that is important to highlight is [not dissimilar] to what we've seen in other, call it, power transformation or business transformation opportunities is there is an underappreciated benefit in some of those deals. Those are often large and leading corporates in many of the markets that they operate in. And as a result, there's often some very attractive embedded infrastructure within those businesses that we can utilize to make the invested capital in renewables build-out or other transition initiatives either more derisked or done at higher returns. Because these businesses are often leading and have been built up over years and decades, the underlying infrastructure is sometimes an underappreciated benefit of some of those transactions.

另一件需要強調的重要事情是，與我們在其他所謂的權力轉型或業務轉型機會中看到的[沒有什麼不同]，其中一些交易存在未被充分認識的好處。這些企業通常是其所在的許多市場中的大型領先企業。因此，這些企業中通常有一些非常有吸引力的嵌入式基礎設施，我們可以利用它們將投資資本用於再生能源建設或其他轉型計劃要么降低風險，要么獲得更高的回報。由於這些業務通常處於領先地位，並且經過數年和數十年的積累，因此底層基礎設施有時是其中一些交易的未得到充分重視的好處。

Interesting. And maybe my second and last one, the distribution of 5%, quite solid in this environment. And I don't -- I think it seems like this question around is not -- it wasn't strong, but I'm curious more that 5%. How do we think about that relative to your 10% growth rate plus and in your guidance of 5% to 9%. How do you reconcile that?

有趣的。也許是我的第二個也是最後一個，5% 的分配，在這種環境下相當穩定。我不認為——我認為這個問題似乎不是——它並不強烈，但我很好奇超過 5%。相對於 10% 以上的成長率以及 5% 至 9% 的指導，我們如何看待這一點。你如何協調這一點？

Absolutely. So we remain very committed to our -- increasing our distribution within that 5% to 9% annual increase range that we've had in the market for years now. And our decision around where we sit within that range is always dictated by where can we drive the best returns for our capital. And because we are simply seeing so much growth and have seen so much growth in our industry and in our sector and quite frankly, within our company specifically, both our organic pipeline and our M&A pipeline, we have been at the low end of that range. And that's simply because we are seeing such attractive opportunities to deploy that capital very accretively into growth.

絕對地。因此，我們仍然非常致力於在市場上多年來一直保持的 5% 至 9% 的年增長率範圍內增加我們的分銷。我們在這個範圍內的決定始終取決於我們可以在哪裡為我們的資本帶來最佳回報。因為我們看到瞭如此多的成長，並且看到了我們的行業和部門的如此多的增長，坦率地說，特別是在我們公司內部，我們的有機管道和併購管道，我們一直處於該範圍的低端。這只是因為我們看到瞭如此有吸引力的機會，可以將這些資本非常增值地部署到成長中。

Obviously, we're a long way away from making those decisions for years to come. But that trend has been quite consistent for a number of years now and no doubt played a big role in where we set the distribution increase this year.

顯然，我們距離做出這些決定還有很長的路要走。但這種趨勢多年來一直相當一致，毫無疑問在我們設定今年的分配成長方面發揮了重要作用。

Our next question comes from the line of [Joe Nussbaum] with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 [Joe Nussbaum]。

How do you think about contracted versus spot power price going forward as the percent moves into the 80s [percent] and 70s? Would you see decreases or increases in realized price and how would hedges play a role?

隨著百分比進入 80 年代和 70 年代，您如何看待未來的合約電價與現貨電價？您會看到實際價格下降還是上升以及對沖將如何發揮作用？

Yes, certainly. So our business is outside of some of the hydro facilities we own in essentially the United States and Colombia -- is essentially 100% contracted business. And we continue to believe that the risk-adjusted returns you can get by fully contracting out our wind and solar pipelines, all of our new development, the attractive financing you can get against those contracts and the stability it provides to our growth in our earnings is the most attractive thing we can do. And therefore, we remain committed to not building on spec, only building when we've secured that long-term contracted revenue offtake.

是的，當然了。因此，我們的業務不在我們在美國和哥倫比亞擁有的一些水力設施之外，基本上是 100% 的承包業務。我們仍然相信，透過完全承包我們的風能和太陽能管道、我們所有的新開發項目，您可以獲得風險調整後的回報，您可以根據這些合約獲得有吸引力的融資，以及它為我們的收益增長提供的穩定性是我們能做的最有吸引力的事情。因此，我們仍然致力於不按規格進行建設，只有在我們獲得長期合約收入承付後才進行建設。

But to your question, our contract profile, I would say, almost always looks the way that it does today, a little bit higher in the near term and then kind of fading down, call it, 10 percentage points over the next 5 years. And what that is, is largely just our hydro portfolio that does have some modest component of merchants. We do that to protect against the variability of the resource. And very simply, some of those contracts are rolling off over the next 2 or 3 years, but we would simply look to recontract them at that point.

但對於你的問題，我想說的是，我們的合約狀況幾乎總是像現在這樣，短期內略高一點，然後在未來 5 年內逐漸下降，稱之為 10 個百分點。這很大程度上只是我們的水力發電投資組合，其中確實有一些適度的商人組成部分。我們這樣做是為了防止資源的改變。很簡單，其中一些合約將在未來 2 或 3 年內到期，但我們只是希望在那時重新簽訂合約。

And I would say being at essentially 90% contracted for the current year, and kind of tailing off 10 percentage points from there over a 5-year forecast, I would say that profile is largely going to stay the same and just keep rolling forward as time passes. If anything, it might go a little bit up because the power price environment today is far more constructive than it's been over the last 3 to 5 years. So we might enter into more long-term contracts on that hydro portfolio. But otherwise, I would say that, that profile is largely going to stay the same even as time passes and rolls forward.

我想說的是，今年的收縮率基本上是90%，並且在5 年的預測中會比現在下降10 個百分點，我想說的是，這種情況在很大程度上將保持不變，並且會繼續向前推進時間流逝。如果有什麼不同的話，那就是它可能會稍微上漲，因為今天的電價環境比過去三到五年更具建設性。因此，我們可能會就該水電投資組合簽訂更多長期合約。但除此之外，我想說的是，即使隨著時間的流逝和前進，這種形像在很大程度上也會保持不變。

Got it. Okay. Okay. That makes a lot of sense. And I guess just one on up financing. You completed $500 million in 2023. I think it was $800 million was the most recent expectation. Is this due to the LTA performance -- performance versus LTA? Or how should we think about this for 2024? Or is it just lumpy?

知道了。好的。好的。這很有意義。我想只有一項融資。你們在 2023 年完成了 5 億美元。我認為最近的預期是 8 億美元。這是由於 LTA 效能（效能與 LTA 相比）造成的嗎？或者說2024年我們該如何思考這個問題？或者它只是塊狀？

Perhaps I'll start and then maybe Wyatt, you can jump in if I've missed anything. I would say it certainly wasn't anything to do with LTA performance that didn't even come into the discussion. What we are always looking to do is use excess leverage capacity within our portfolio as a means to raise liquidity at very attractive rates that we can then reinvest into growth in a very accretive manner. And we'll look to do that on an opportunistic basis at all times going forward.

也許我會開始，然後也許懷亞特，如果我錯過了什麼，你可以加入。我想說，這當然與 LTA 的表現沒有任何關係，甚至沒有進入討論。我們一直在尋求做的是利用我們投資組合中的過剩槓桿能力，以非常有吸引力的利率提高流動性，然後我們可以以非常增值的方式再投資於成長。今後我們將始終在機會主義的基礎上做到這一點。

A great example of that was how we tapped the MTN market just in January, securing 30-year term debt at very attractive rates when there was an attractive opening in that market. So I would say there is nothing specific around the timing of those up financings, but Wyatt I'll hand to you if there's anything to add.

一個很好的例子是，我們在一月份就進入了 MTN 市場，當該市場出現有吸引力的空檔時，我們以非常有吸引力的利率獲得了 30 年期債務。所以我想說，關於這些追加融資的時間安排沒有什麼具體的內容，但懷亞特，如果有什麼需要補充的，我會告訴你的。

Yes. (inaudible) look, the financing environment for the majority of where we're looking to do those up financings are on our hydro assets, the financing environment continues to be robust and it's probably even more robust as rates have normalized. And so really, this was just a factor of timing and planning around our funding needs, what have you. That capacity that we had previously mentioned, that additional $300 million continues to be there. And it was just around us managing our sources and uses based on our growth pipeline, what have you. So it was really just a factor of timing. And as I mentioned, the capacity is there. And in fact, the environment has gotten better than we would have made that estimate around $800 million.

是的。 （聽不清楚）看起來，我們尋求融資的大多數地方的融資環境都是針對我們的水電資產，融資環境仍然強勁，隨著利率正常化，融資環境可能會更加強勁。事實上，這只是圍繞我們的資金需求進行時間和規劃的一個因素，你有什麼。我們之前提到的額外 3 億美元的產能仍然存在。它就在我們周圍，根據我們的成長管道管理我們的來源和用途，你有什麼。所以這其實只是一個時間因素。正如我所提到的，容量就在那裡。事實上，環境已經比我們估計的 8 億美元左右的情況要好。

That's all the time we have for Q&A today. I'd like to turn the call back to Connor Teskey for closing remarks.

這就是我們今天問答的全部時間。我想將電話轉回給康納·泰斯基（Connor Teskey）做結束語。

Thank you, everyone, for joining this quarter's call. We appreciate your interest and support of Brookfield Renewable, and we look forward to updating you with our Q1 results in a couple of months. Thank you, and have a great day. Cheers.

感謝大家參加本季的電話會議。我們感謝您對布魯克菲爾德再生能源公司的興趣和支持，我們期待在幾個月內向您通報我們第一季的最新業績。謝謝您，祝您有美好的一天。乾杯。

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。您現在可以斷開連線。