Brookfield Renewable Corp (BEPC) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brookfield Renewables first quarter 2025 results conference call and webcast.

您好，感謝您的支持。歡迎參加 Brookfield Renewables 2025 年第一季業績電話會議及網路廣播。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

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

我將把會議交給今天的發言人、執行長康納·特斯基 (Connor Teskey)。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for our first quarter 2025 conference call. Before we begin, we would like to remind you that a copy of our news release, investor supplement, and letter to unitholders can be found on our website.

謝謝您，接線生。大家早安，感謝您參加我們的 2025 年第一季電話會議。在我們開始之前，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。

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 files available on SEDAR, EDGAR, and on our website.

我們也想提醒您，我們可能會在本次電話會議上做出前瞻性的陳述。這些聲明受已知和未知風險的影響，我們未來的結果可能會有重大差異。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 first quarter performance. And then Hannah Labuschagne, our Global Head of Procurement, will speak to the resiliency of our business and how we are well equipped to navigate the current dynamics of the global supply chain and continue to deliver on our target returns in an evolving environment. Then Patrick will conclude our remarks by discussing our operating results and financial position. Following our comments, we look forward to taking your questions.

在今天的電話會議上，我們將對第一季的業績進行回顧。然後，我們的全球採購主管 Hannah Labuschagne 將講述我們業務的彈性，以及我們如何能夠應對當前全球供應鏈的動態，並在不斷變化的環境中繼續實現我們的目標回報。然後派崔克將透過討論我們的經營業績和財務狀況來結束我們的發言。根據我們的評論，我們期待回答您的問題。

In light of recently announced tariffs on goods and the resulting volatility in the market, we want to start by discussing the current environment for the energy sector and how renewables fit into the significant demand for energy globally as well as how we are placed to extend our leadership position in a rapidly changing landscape.

鑑於最近宣布的商品關稅以及由此導致的市場波動，我們首先想討論一下能源產業的當前環境，以及再生能源如何適應全球對能源的巨大需求，以及我們如何在快速變化的環境中擴大我們的領導地位。

First and foremost, the most important driver for our business continues to be the fundamentals for energy, which remain very strong today with digitalization and reindustrialization driving accelerating demand that far outpaces supply.

首先，我們業務最重要的驅動力仍然是能源基本面，在數位化和再工業化推動下，能源需求加速成長，遠遠超過供應，能源基本面在今天依然非常強勁。

We believe that the pace of energy demand growth, the need for baseload power and adequate backup will require an any and all solution to build out the grid. This includes renewables, natural gas, batteries, and nuclear technologies, to name a few. And despite tariffs and the potential impacts on the renewable sector, renewable technologies, particularly onshore wind, solar and batteries represent a critical part of the solution to meet the insatiable demand for energy, given their low-cost position, their ability to be deployed quickly in almost any region around the world, their mature supply chain, and the fact that they do not depend on imported fuel.

我們相信，能源需求成長的速度、對基載電力和充足備用電源的需求將要求採取任何和所有解決方案來建造電網。其中包括再生能源、天然氣、電池和核子技術等等。儘管存在關稅和對再生能源產業的潛在影響，但再生能源技術，特別是陸上風能、太陽能和電池，是滿足對能源的無止境需求的解決方案的關鍵部分，因為它們成本低廉，能夠在全球幾乎任何地區快速部署，擁有成熟的供應鏈，並且不依賴進口燃料。

Today, we are one of the largest renewable operators and developers globally, diversified across the lowest cost and most mature technologies and the most attractive geographies with approximately half our pipeline in North America and the other half spread across other attractive markets around the world, which mitigates our exposure to regional dynamics, market disruptions or resource variability.

如今，我們是全球最大的再生能源營運商和開發商之一，業務多元化，涵蓋成本最低、技術最成熟以及最具吸引力的地區，其中約一半的管道位於北美，另一半分佈在世界各地其他有吸引力的市場，從而減輕了我們受區域動態、市場中斷或資源變化影響的風險。

We are well equipped to navigate near-term supply chain challenges, given our scale, global relationships with the largest Tier 1 suppliers, our approach to development and focus over the past several years to increase purchases from domestic US manufacturers, all of which Hannah will discuss in more detail later on the call.

鑑於我們的規模、與最大的一級供應商的全球關係、我們的發展方式以及過去幾年來致力於增加從美國國內製造商的採購量，我們完全有能力應對近期的供應鏈挑戰，所有這些漢娜將在稍後的電話會議上詳細討論。

With the strong underlying demand for power and the superior characteristics of renewables, combined with our relationships with the suppliers in the US and globally, we continue to be very positive on the outlook for the business and our ability to deliver on our growth and return targets for shareholders.

由於對電力的強勁潛在需求和再生能源的優越特性，加上我們與美國和全球供應商的關係，我們繼續對業務前景以及實現股東成長和回報目標的能力感到非常樂觀。

Moving to our operating results. Our business had a strong quarter to start the year, performing well. We delivered strong financial results and made significant progress executing on our plans for 2025 and beyond.

轉向我們的經營業績。我們的業務在年初的一個季度表現強勁，表現良好。我們取得了強勁的財務業績，並在執行 2025 年及以後的計劃方面取得了重大進展。

Adjusting for very strong hydro generation in the first quarter of last year, our FFO per unit was up 15% versus the prior year period, and on an all-in basis, our FFO per unit was up 7% year-over-year. These results reflect the benefit of our diverse, contracted global fleet of assets, successful commissioning of new capacity recently closed investments and the scaling of our normal course capital recycling activities.

考慮到去年第一季水力發電的強勁增長，我們的單位 FFO 比去年同期增長了 15%，而以綜合計算，我們的單位 FFO 同比增長了 7%。這些結果反映了我們多元化、簽約的全球資產組合的優勢、新產能的成功投產、最近完成的投資以及我們正常資本回收活動的擴大。

We were successful advancing our commercial initiatives as well. including securing contracts to deliver on an incremental 4,500 gigawatt hours per year of generation. We also progressed the delivery of projects to Microsoft under our renewable energy framework agreement and continue to view the initial 10.5 gigawatts scope into the agreement as the minimum we will contract under the framework. We expect to continue to partner with global technology players on both a project-by-project basis and by a larger framework agreements given the persistence of the supply-demand imbalance we are seeing globally.

我們也成功地推進了我們的商業計劃。包括簽訂合同，每年增加 4,500 吉瓦時的發電量。我們還根據可再生能源框架協議向微軟推進了專案交付，並繼續將協議中最初的 10.5 千兆瓦範圍視為我們在該框架下簽約的最低限度。鑑於全球持續存在的供需失衡，我們預計將繼續與全球技術參與者進行合作，既可以按專案進行合作，也可以透過更大的框架協議進行合作。

We progressed our development activities and commissioned approximately 800 megawatts of renewable energy capacity in the quarter across our platforms and continue to expect to bring approximately 8 gigawatts online in 2025, over double our run rate of commissioning capacity just three years ago.

我們推進了開發活動，並在本季度透過我們的平台投產了約 800 兆瓦的可再生能源容量，並繼續預計在 2025 年將有約 8 千兆瓦的容量上線，比三年前投產容量的運行率高出一倍多。

Another byproduct of the recently announced tariffs is that there are lower public market valuations for renewable energy companies despite the strong fundamentals for energy demand. With this, and the significant capital required to meet energy demand, we are seeing meaningful opportunities for those with access to capital, carve-out capabilities, and development expertise to acquire renewable platforms and assets for value.

最近宣布的關稅的另一個副作用是，儘管能源需求基本面強勁，但再生能源公司的公開市場估值較低。有了這一點，以及滿足能源需求所需的大量資本，我們看到那些擁有資本、剝離能力和開發專業知識的人有機會收購再生平台和資產以獲得價值。

In the quarter, we committed or deployed $4.6 billion or $500 million net to Brookfield Renewable, highlighted by the completion of the privatization of Neoen and by reaching an agreement to acquire National Grid Renewables. With our acquisition of Neoen, we will drive value creation through the acceleration of their development activities expecting to double the commissioning cadence from around 1 gigawatt per year to 2 and by the implementation of an asset rotation program, which is already well underway.

本季度，我們向 Brookfield Renewable 承諾或部署了 46 億美元或 5 億美元淨資金，其中最突出的是完成 Neoen 的私有化以及達成收購 National Grid Renewables 的協議。透過收購 Neoen，我們將透過加速其開發活動來推動價值創造，預計調試節奏將從每年約 1 千兆瓦增加一倍至 2 千兆瓦，並透過實施已經在順利進行的資產輪換計劃。

National Grid Renewables is a fully integrated onshore renewable power operator and developer in the United States with 3.9 gigawatts of operating and under construction assets, a 1 gigawatt construction-ready portfolio and an over 30 gigawatt development pipeline.

National Grid Renewables 是美國一家完全一體化的陸上再生能源營運商和開發商，擁有 3.9 千兆瓦的營運和在建資產、1 千兆瓦的準備建設資產組合以及超過 30 千兆瓦的開發管道。

National Grid's contracted operating portfolio provides strong downside protection and we see an opportunity to deliver significant value through the development of National Grid's large, high-quality, advanced-stage pipeline similar to the carve-out of Duke Energy's renewables business that completed about two years ago.

國家電網的合約營運組合提供了強大的下行保護，我們看到了透過開發國家電網的大型、高品質、高級管道來實現巨大價值的機會，類似於大約兩年前完成的杜克能源再生能源業務的剝離。

In contrast to the sentiment for renewables in the public markets today, we continue to see a bifurcation from private markets where there continues to be robust demand from private investors for our de-risked operating assets and platforms with advanced projects and highly executable growth opportunities.

與當今公開市場對再生能源的情緒相反，我們繼續看到私人市場的分歧，私人投資者對我們的去風險營運資產和具有先進項目和高度可執行成長機會的平台的需求持續強勁。

During the quarter, we closed the sale of our stake in First Hydro, and Phase 1 of our India portfolio sale on our expected timelines, generating almost 3 times our invested capital and 20% investment returns. We also reached an agreement to sell an additional 25% stake in Shepherds Flat at the same valuation as our previous 50% stake sale, generating almost 2 times our invested capital and proceeds of approximately $200 million.

在本季度，我們按預期完成了在 First Hydro 的股份出售以及印度投資組合出售的第一階段，獲得了近 3 倍的投資資本和 20% 的投資回報。我們也達成協議，以與先前出售 50% 股份相同的估值出售 Shepherds Flat 的額外 25% 股份，產生的收益幾乎是我們投資資本的兩倍，收益約為 2 億美元。

Looking ahead, we remain well positioned to continue to capitalize on the current market bifurcation, acquiring for value as well as monetizing our de-risked renewables platforms and assets to lower cost of capital buyers and in doing so, generating strong returns.

展望未來，我們仍處於有利地位，可以繼續利用當前的市場分化，進行價值收購以及將我們的去風險再生能源平台和資產貨幣化，以降低資本買家的成本，並在此過程中產生豐厚的回報。

With that, we will now turn the call over to Hannah to speak to how our business is well equipped to navigate the evolving supply chain and continue to deliver on our growth and return targets.

現在，我們將把電話轉給漢娜，讓她談談我們的業務如何更好地應對不斷發展的供應鏈，並繼續實現我們的成長和回報目標。

Thank you, Connor, and good morning, everyone. As Connor mentioned, current sentiment in the public markets for the renewable sector reflects an elevated level of uncertainty with investors reacting to tariff announcements and how these duties may impact development project returns, the pace of development going forward and cash flows from assets operating today.

謝謝你，康納，大家早安。正如康納所提到的，目前公開市場對再生能源行業的情緒反映出不確定性的增加，投資者對關稅公告的反應以及這些關稅可能如何影響開發項目的回報、未來的開發速度以及當前營運資產的現金流。

We are of the view that many investors today are not discerning between those in the sector that are diversified and well positioned to mitigate the potential impact and those that are not. It's at times of heightened uncertainty when the benefits of our global diversified operating and development portfolio and its associated procurement network becomes clear.

我們認為，如今許多投資者無法辨別行業中哪些公司多元化且能夠很好地減輕潛在影響，哪些公司則不能。正是在不確定性加劇的時候，我們全球多元化營運和開發組合及其相關採購網路的優勢才變得清晰起來。

Today, we have a diversified global platform approaching 45,000 megawatts of operating capacity that generates high quality, resilient and inflation-linked cash flows. These assets generate a critical resource at the lowest cost in their respective markets and are largely unimpacted by tariffs. In fact, in an inflationary environment, our operating fleet benefits given the index nature of our contracted revenues.

如今，我們擁有多元化的全球平台，營運容量接近 45,000 兆瓦，可產生高品質、有彈性且與通膨掛鉤的現金流。這些資產在各自的市場上以最低的成本產生關鍵資源，基本上不受關稅的影響。事實上，在通貨膨脹的環境下，由於我們的合約收入具有指數性質，我們的營運船隊將受益。

Regarding our development projects in progress today, we are substantially safeguarded against fluctuations in input costs due to our approach to development. Our strategy of focusing on minimizing risk by securing our costs while simultaneously locking in our cash flows, before investing meaningful CapEx has us well positioned to continue delivering on our target returns. As a result of this approach, most of our projects currently under construction have fixed-price engineering, procurement and construction contracts with limited exposure to price increases. And for those where we do retain price exposure, we have taken actions to help limit our impact on our returns, [great] clauses in our PPA contracts to enable price adjustments. We (technical difficulty) from the implementation of new tariffs on China specifically.

就我們目前正在進行的開發項目而言，由於我們的開發方法，我們基本上可以免受投入成本波動的影響。我們的策略是專注於透過確保成本同時鎖定現金流來最大限度地降低風險，然後再進行有意義的資本支出，這使我們能夠繼續實現目標回報。由於採取這種方法，我們目前正在建設的大多數項目都採用固定價格的工程、採購和施工合同，價格上漲的影響有限。對於那些我們確實保留價格風險的領域，我們已經採取了措施來幫助限制對回報的影響，例如在我們的 PPA 合約中加入[重要]條款來實現價格調整。我們（技術困難）具體來自於對中國實施新的關稅。

(technical difficulty) equipment directly from the country for our US development activities. In the past few years, we have proactively increased consumption of domestic goods in the US through signing of framework agreements with OEMs to support the expansion of domestic suppliers and to minimize the impact of previously enacted tariffs on solar panels manufactured in China.

（技術難度）直接從該國進口設備用於我們的美國開發活動。過去幾年，我們積極透過與原始設備製造商簽署框架協議來增加美國國內商品的消費，以支持國內供應商的擴張，並儘量減少先前對中國製造的太陽能電池板徵收關稅的影響。

With respect to the recently announced updated tariff rates on several Southeast Asian countries as part of the US antidumping and countervailing investigations on solar panels. We are of the view that this further supports domestic US investment and benefits players like ourselves who already have existing relationships with domestic US manufacturers and the capacity and capabilities to adjust our orders and suppliers for our projects around the world.

關於美國近期針對太陽能板發起反傾銷和反補貼調查，宣布對部分東南亞國家更新關稅稅率。我們認為，這進一步支持了美國國內投資，並使像我們這樣已經與美國國內製造商建立了關係並有能力調整我們在世界各地的項目的訂單和供應商的參與者受益。

Furthermore, across our global business, we expect a positive impact on supply chain availability and input costs. Where US developers were a meaningful buyer of equipment from Asian suppliers, we could see increasing quantities of equipment available in other geographies in which we operate as those suppliers look to diversify their customer base and global players like ourselves could benefit from higher availability and lower price.

此外，我們預期全球業務將對供應鏈可用性和投入成本產生正面影響。美國開發商是亞洲供應商設備的重要買家，我們可以看到，我們營運的其他地區的設備供應量正在增加，因為這些供應商希望實現客戶群多元化，而像我們這樣的全球參與者可以從更高的可用性和更低的價格中受益。

And so while the environment continues to evolve, we feel that we are very well positioned to continue to offer the most competitive pricing to our customers to meet growing demand for energy in the US and across the regions in which we operate. Extending our leading position as a partner of choice to the largest corporate buyers of power globally.

因此，儘管環境不斷發展，但我們認為我們完全有能力繼續為客戶提供最具競爭力的價格，以滿足美國以及我們經營所在地區日益增長的能源需求。將我們作為首選合作夥伴的領先地位擴展至全球最大的電力企業買家。

With that, I'll pass it on to Patrick to discuss our operating results and financial position.

說完這些，我將把它轉交給帕特里克，討論我們的經營業績和財務狀況。

Thanks, Hannah, and good morning to everyone on the call. Our business performed well this quarter. We delivered funds from operations of $315 million or $0.48 per unit. Adjusting for strong hydro generation in the prior year, our FFO per unit increased by 15% year-over-year this quarter, and on an all-in basis, increased 7% per unit year-over-year.

謝謝，漢娜，電話裡的各位早安。本季我們的業務表現良好。我們從營運中獲得了 3.15 億美元的資金，即每單位 0.48 美元。考慮到去年強勁的水力發電，本季我們的單位 FFO 年比成長 15%，以綜合計算，單位 FFO 年比成長 7%。

Our business continues to exhibit strong cash flow resiliency with our operating results reflecting our stable and growing cash flows from our operating fleet, which are 90% contracted for approximately 14 years with revenue 70% indexed to inflation.

我們的業務繼續表現出強勁的現金流彈性，我們的經營業績反映了我們營運船隊的穩定且不斷增長的現金流，其中 90% 的合約期限約為 14 年，70% 的收入與通貨膨脹掛鉤。

In addition, we continue to benefit from our growth initiatives and accretive capital recycling activities. Our hydroelectric segment continues to benefit from favorable all-in pricing in the current environment, where demand for clean power remains robust. The business delivered solid results and is well positioned for a strong second quarter and 2025 as solid hydrology and a relatively cold winter in North America, has resulted in a healthy snowpack and reservoir levels near the long-term average.

此外，我們繼續受益於我們的成長計劃和增值資本回收活動。在當前環境下，清潔能源需求仍然強勁，我們的水電部門繼續受益於有利的全包定價。由於北美穩定的水文條件和相對寒冷的冬季，形成了健康的積雪和接近長期平均水平的水庫水位，該業務取得了穩健的業績，並為第二季度和 2025 年的強勁表現做好了準備。

We continue to see strong demand for our hydro generation from the traditional utility customers and increasingly are seeing interest from our corporate partners to procure more power from these assets. With the combined 6,000 gigawatt hours available for recontracting over the next five years alone, coupled with potentially higher levels of inflation, we expect to be able to contract these assets at strong prices, delivering improved cash flows and opportunities for investment grade up financings to support our growth.

我們繼續看到傳統公用事業客戶對水力發電的強勁需求，並且越來越看到我們的企業合作夥伴對從這些資產中購買更多電力的興趣。僅未來五年就將有總計 6,000 吉瓦時的電力可供重新簽約，再加上潛在的更高通膨水平，我們預計能夠以強勁的價格簽約這些資產，從而提供更好的現金流和投資級融資機會，以支持我們的成長。

Our wind and solar segments performed well, benefiting from newly commissioned capacity and the closing of our investments in Neoen and Ørsted.

我們的風能和太陽能部門表現良好，受益於新投產的產能以及我們對 Neoen 和 Ãrsted 的投資結束。

Our distributed energy, storage and sustainable solutions segments delivered strong performance with FFO more than doubling from the prior year on the back of solid performance and accretive capital recycling. Results from our distributed generation and storage business were positively impacted by the asset improvement programs we have been executing, the continued buildup of our development pipeline and a gain on the sale of our interest in First Hydro, which we completed in the first quarter.

我們的分散式能源、儲存和永續解決方案部門表現強勁，在穩健的業績和增值資本回收的推動下，FFO 較上年增長了一倍以上。我們分散式發電和儲存業務的業績受到我們一直在執行的資產改進計劃、我們開發管道的持續建設以及我們在第一季度完成的出售 First Hydro 權益的收益的積極影響。

Westinghouse also continues to perform well, benefiting from the growing demand for nuclear power.

西屋電氣也繼續表現良好，受益於核電需求的不斷增長。

Turning to our financial position. Our balance sheet remains best-in-class, and we ended the quarter with $4.5 billion of available liquidity, providing us with significant flexibility to pursue growth. In March, we opportunistically issued CAD450 million of 10-year notes at our lowest coupon in the past five years and at our tightest new issue spread in almost 20 years. The issuance was consistent with our funding strategy of conservatively accessing the investment-grade corporate debt market as our underlying cash flow grows.

談談我們的財務狀況。我們的資產負債表仍然是一流的，本季末我們擁有 45 億美元的可用流動資金，為我們追求成長提供了極大的靈活性。今年 3 月，我們抓住機會發行了 4.5 億加元 10 年期債券，票面利率為過去五年來的最低水平，新發行利差為近 20 年來最窄水平。此次發行符合我們的融資策略，即隨著我們基礎現金流的成長，謹慎地進入投資等級公司債務市場。

Given our strong financial position and the recent volatility in the market, we have been active repurchasing our units, which we see as an accretive use of capital. Year-to-date, we have bought back approximately $35 million worth of units.

鑑於我們強大的財務狀況和近期市場的波動，我們一直在積極回購我們的單位，我們認為這是資本的增值用途。今年迄今為止，我們已經回購了價值約 3500 萬美元的單位。

In closing, we remain focused on delivering 12% to 15% long-term total returns for our investors, while remaining disciplined allocators of capital, leveraging our deep funding sources and operational capabilities to enhance and de-risk our business.

最後，我們將繼續致力於為投資者實現 12% 至 15% 的長期總回報，同時繼續嚴謹地配置資本，利用我們雄厚的資金來源和營運能力來增強和降低業務風險。

On behalf of the Board and management, we thank all our unitholders and shareholders for their ongoing support. We are excited about Brookfield Renewables future and look forward to updating you on our progress throughout the year.

我謹代表董事會和管理階層感謝所有單位持有人和股東的持續支持。我們對 Brookfield Renewables 的未來充滿期待，並期待全年向您通報我們的進展。

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

今天的電話會議的正式發言到此結束。感謝您今天上午加入我們。說完這些，我會將其轉交給我們的操作員以回答問題。

(Operator Instructions) Nelson Ng, RBC Capital Markets.

（操作員指示）Nelson Ng，RBC 資本市場。

So Connor and Hannah, you mentioned that you have limited exposure to cost inflation and tariffs. But in the US, can you just talk about the permitting situation? Like are you still seeing some delays in the receipt of federal permits? And I guess given the strong demand for power in the US, like, are you able to start construction on a number of projects to meet demand?

康納和漢娜，你們提到你們對成本通膨和關稅的影響有限。但是在美國，你能只談許可情況嗎？您是否仍發現聯邦許可證的領取存在一些延誤？我想，鑑於美國對電力的強勁需求，您是否能夠啟動一些專案來滿足需求？

Absolutely right. We see the impact of the tariff announcement as not material to our business. Given what Hannah said, the way that we've procured equipment already for our existing projects and our global procurement programs, our ability to have a multitude of solutions to provide equipment to projects in the future.

完全正確。我們認為關稅公告對我們的業務的影響並不重大。正如漢娜所說，我們已經為現有專案和全球採購計畫採購設備的方式，我們有能力在未來為專案提供多種解決方案設備。

In terms of permitting, as a reminder to everyone on the call, within the executives orders in the United States, those were largely focused on offshore wind and federal permits for onshore wind on federal lands, of which we have very little if no exposure to either. We have no offshore wind exposure and only a de minimis number of our projects are exposed to federal lands.

在許可方面，提醒所有與會人員，在美國行政命令中，主要集中於離岸風電和聯邦土地上陸上風電的聯邦許可，而我們對這兩項的接觸很少甚至沒有。我們沒有離岸風電項目，而且只有極少數項目位於聯邦土地上。

However, even some projects on private lands do require federal permits. You can think about these as FAA permits, endangered species permits that are regulated at the federal level. This does mark a very modest portion of our portfolio. US wind is less than 10%. We would put it in the mid-single-digit portion of our development pipeline. And yes, that process is still slower than it was prior to the executive orders, but we are hopeful to see that resolved in the near term. And it's -- given its relative size, it's not going to have a meaningful impact on our business or our growth plans either way.

然而，即使是一些私人土地上的項目也需要聯邦許可。您可以將其視為聯邦航空管理局許可證、受聯邦層級監管的瀕危物種許可證。這確實只占我們投資組合中很小的一部分。美國風力不足10%。我們會將其置於開發流程的中位數個位數部分。是的，這個過程仍然比行政命令之前慢，但我們希望在短期內看到這個問題得到解決。而且，考慮到它的相對規模，它無論如何都不會對我們的業務或成長計劃產生重大影響。

And then you mentioned Microsoft in the call. So is Microsoft the only company you have with a framework agreement, and I presume other offtakers would have been interested or in terms of some form of similar agreements. But can you just talk about your willingness or how -- what is your approach to entering into additional framework agreements potentially with other parties?

然後您在電話中提到了微軟。那麼微軟是唯一一家與你們簽訂框架協議的公司嗎？我猜其他承購商也會感興趣，或者對某種形式的類似協議感興趣。但是您能否談談您的意願或如何—您與其他方達成額外框架協議的態度是什麼？

So we -- Microsoft is certainly our largest framework agreement. And is certainly in a scale that differentiates it from our contracting arrangements with any other individual counterparty. Our approach to contracting our projects is always done with a focus on generating the greatest value for our business and for our shareholders. And the joy of the Microsoft arrangement in that regard was it allows us to significantly derisk such a significant portion of some of our development activities, business plans. It allowed us to accelerate the pace of contracting a number of those assets and the way the framework agreement works, there is no obligation to do that at any price discount.

所以我們——微軟無疑是我們最大的框架協議。並且其規模肯定與我們與任何其他單一交易對手的合約安排有所區別。我們承包專案的方法始終是以為我們的業務和股東創造最大價值為重點。微軟在這方面的安排的好處是，它使我們能夠大幅降低部分開發活動和商業計劃的風險。它使我們能夠加快簽訂大量資產合約的速度，而且按照框架協議的運作方式，沒有義務以任何價格折扣來做到這一點。

In terms of other type agreements, I would say the inbounds and the interest of different corporate counterparties in doing renewable power framework agreements with Brookfield Renewable has been high. It's been high ever since the Microsoft agreement was announced and has only accelerated in recent months. And as we sit here today, we would suggest that it is probably far more likely than not that we would execute similar type agreements within 2025.

就其他類型的協議而言，我想說，不同企業交易對手對與 Brookfield Renewable 簽訂再生能源框架協議的參與度和興趣一直很高。自從微軟協議宣布以來，這一數字一直很高，而且近幾個月來更是加速成長。今天我們坐在這裡，我們認為我們很有可能在 2025 年之前簽署類似的協議。

Just one last question before I turn it over. So I noticed that the Asia Pacific development pipeline has really grown in the past year. Is that mainly due to the Neoen acquisition? And I presume a lot of that growth has taken place in China, India, Australia, but can you just talk about how each country is developing from your perspective? And is it mostly solar and batteries? Or is there a material amount of wind as well?

在我翻頁之前，我還有最後一個問題。因此我注意到亞太地區的開發管道在過去一年確實有所成長。這主要是因為 Neoen 的收購嗎？我推測大部分增長發生在中國、印度和澳大利亞，但您能否從您的角度談談每個國家的發展？主要還是太陽能和電池嗎？或是風也有一定的量嗎？

Sure. So the biggest driver of that change is definitely Neoen. Neoen is a French headquartered company prior to our privatization, it was listed on the French Stock Exchange. But interestingly, the biggest component of that business is in Australia. Neoen's Australia operation make it the largest renewable power player in the country of Australia. So that is the biggest driver of the significant increase that you are referencing.

當然。因此，推動這一變化的最大因素肯定是 Neoen。Neoen 是一家總部位於法國的公司，在私有化之前，它在法國證券交易所上市。但有趣的是，該業務最大的組成部分在澳洲。Neoen 的澳洲業務使其成為澳洲最大的可再生能源公司。所以這就是您提到的大幅成長的最大驅動力。

In terms of what Neoen focuses on in Australia, it actually is a lot of wind and a lot of batteries. And that is because similar to other markets around the world that have a very high degree of solar penetration, there is a premium on those asset classes that offer a differentiated load profile to solar. So while it is diversified across solar, wind and batteries, I would say that the focus of Neoen in Australia is largely on wind and batteries because that's certainly where the greatest value is for a developer.

就 Neoen 在澳洲的重點而言，實際上是大量的風能和大量的電池。這是因為與世界上其他太陽能滲透率非常高的市場類似，那些為太陽能提供差異化負載曲線的資產類別具有溢價。因此，儘管 Neoen 在太陽能、風能和電池領域實現了多元化發展，但我認為，該公司在澳洲的重點主要放在風能和電池上，因為這無疑是開發商的最大價值所在。

The other thing I would just highlight as a point of context is our business in India is performing very well, not only in terms of the existing operations and how they're performing. This was illustrated by our very successful sale of some of our mature assets in recent months. But the growth we're seeing within some of our Indian platforms, whether it be Evren, whether it be CleanMax has been very strong, and that's also adding to some of the pipeline growth in Asia Pac that you're referencing.

我想強調的另一件事是，我們在印度的業務表現非常好，不僅在現有營運和表現方面。我們最近幾個月非常成功地出售了一些成熟資產，就證明了這一點。但我們在一些印度平台上看到的成長非常強勁，無論是 Evren 還是 CleanMax，這也增加了您所提到的亞太地區的一些管道成長。

Sean Steuart, TD Cowen.

肖恩·斯圖爾特（Sean Steuart），TD Cowen。

First question, of the 29.8 gigawatts of advanced stage capacity development activity you have in North America, I would imagine most of that is US solar. Can you give us a rough percentage there? And of that, what percentage of the solar you're planning to build in the US is the equipment already secure costs are locked in? And I appreciate all the commentary around mitigation you guys have given your scale and diversity, but can you give me some perspective on that front?

第一個問題，在北美 29.8 千兆瓦的高階階段容量開發活動中，我想其中大部分是美國太陽能。能告訴我們一個大概的百分比嗎？其中，您計劃在美國建造的太陽能專案中，有多少比例的設備已經固定且成本已鎖定？我很感謝你們就緩解措施所發表的所有評論，這些評論具有規模和多樣性，但您能否就此給我一些看法？

Yeah, sure. So I'll let Patrick crunch some percentages really quickly here while we're talking, so we can answer that breakdown question for you. But in terms of our solar pipeline in the United States in terms of what is in an advanced stage, we should leave no doubt here. The absolute vast majority of it has already secured its equipment and has done so under a construct where we're not exposed to the recent tariff announcements.

是的，當然。因此，當我們談話時，我會讓派崔克快速計算一些百分比，這樣我們就可以為您解答這個細分問題。但就我們在美國處於高級階段的太陽能管道而言，我們對此不應有任何疑問。其中絕大多數已經確保了其設備的安全，並且是在我們不會受到最近的關稅公告影響的情況下進行的。

Because of our approach of not locking in revenue contracts until we can also lock in CapEx and that consistent approach about how we derisk development across our platform, not only in the United States, in terms of what's in our advanced stage pipeline, the vast majority of it is fully secured from an equipment perspective. And that percentage you're looking for of solar US, it's about 60%.

由於我們採取的做法是，在鎖定資本支出之前不鎖定收入合同，而且我們在整個平台上降低開發風險的方法一貫如此，不僅在美國，就我們的高級階段管道而言，從設備角度來看，絕大多數都是完全有保障的。您所尋找的美國太陽能百分比約為 60%。

Okay. And I want to follow up on Microsoft as well. Their call earlier this week, they reiterated a disconnect between data center supply and demand. But they have canceled or deferred some of their data center leases. And just trying to get a sense of the framework agreement you have with them, the 10.5 gigawatts, would any of that be exposed to some of the data center activity they might be deferring or canceling? A little bit of context on that front, if you can.

好的。我也想關注微軟的情況。他們在本週稍早的電話中重申了資料中心供需之間的脫節。但他們已經取消或延後了部分資料中心的租賃。只是想了解你們與他們達成的框架協議，10.5 千兆瓦，其中的任何一部分是否會受到他們可能推遲或取消的一些資料中心活動的影響？如果可以的話，請提供一些這方面的背景資訊。

Please remain in your line, your conference will resume momentarily. Once again, please remain on your line, your conference will resume momentarily.

請保持您的隊伍，您的會議將立即恢復。再次提醒，請保持通話，您的會議將立即恢復。

Speakers, you may resume.

各位發言人，您可以繼續了。

Sorry about that. Our line dropped. I believe we got the entirety of the question before the line dropped there. But just in terms of Microsoft and their demand for power and data centers, there's two or three things we would highlight there. One, there have been headlines about them relinquishing certain data center leases and things like that. It's important to put that in context. That is a very small number of data centers in what is a generationally large build-out. The growth that they are seeing in their data center demand is still historic by any perspective. And we are very fortunate to have great interaction with Microsoft given the size of our ongoing relationship.

很抱歉。我們的線路斷了。我相信我們在電話掛斷之前就已經知道了全部問題。但就微軟及其對電力和資料中心的需求而言，我們要強調兩三件事。首先，有頭條新聞報導他們放棄某些資料中心租約等。把這一點放在上下文中很重要。在一代人的大規模建設中，這只是極少數的資料中心。無論從哪個角度來看，他們對資料中心的需求成長都是歷史性的。鑑於我們目前的關係規模，我們非常幸運能夠與微軟進行良好的互動。

And we would really just say two things. One, their growth continues to be exceptionally robust. Any changes in terms of their demand, we would really just see that as an optimization and a tweaking of their data center needs as they understand their demands for AI going forward. It's really a tweaking around the edges as opposed to any change in trajectory in terms of growth. And therefore, the impact on our framework agreement, nothing.

我們實際上只想說兩件事。一是其成長持續保持異常強勁。他們的需求方面有任何變化，我們實際上只會將其視為對資料中心需求的最佳化和調整，因為他們了解未來對人工智慧的需求。這實際上是一種邊緣調整，而不是成長軌蹟的任何改變。因此，這對我們的框架協議沒有任何影響。

If anything, we probably have more confidence in our arrangement with Microsoft than we did 12 or 15 months ago. As their needs are changing, we like to think there is no platform around the world that is better equipped to adjust with them. And as such, we expect our partnership to only grow and increase beyond what was originally announced.

無論如何，我們對與微軟的協議可能比 12 或 15 個月前更有信心。隨著他們的需求不斷變化，我們認為世界上沒有哪個平台比它更能適應他們的需求。因此，我們預計我們的合作夥伴關係將不斷擴大，超越最初宣布的範圍。

The other thing I would perhaps add and I recognize you didn't ask this question, but whether it's the headlines about Microsoft and tweaking some of their data center demands or whether it was the headlines around DeepSeek earlier this year, it's important to recognize the demand for data centers and the power that is required to support that demand far exceeds any reasonable amount of supply that can be brought online in the short and medium term.

我可能還想補充一點，我知道你沒有問這個問題，但無論是關於微軟調整其數據中心需求的頭條新聞，還是今年早些時候有關 DeepSeek 的頭條新聞，重要的是要認識到對數據中心的需求以及支持該需求所需的電力遠遠超過短期和中期內可以上線的任何合理供應量。

The supply-demand imbalance is still so robustly in favor of those that can bring on new data center capacity and the power that supports it. And as such, even if that demand forecast is tweaked, is augmented, even if it was -- the growth trajectory was to plateau a little bit lower, the supply/demand is still very much in our favor and a very constructive backdrop for our business.

供需失衡仍然嚴重有利於那些能夠帶來新的資料中心容量和支援它的電力的企業。因此，即使需求預測被調整或增加，即使成長軌跡趨於平穩並略微降低，供需狀況仍然對我們非常有利，並且對我們的業務來說是一個非常有建設性的背景。

Robert Hope, Scotiabank.

加拿大豐業銀行的羅伯特霍普 (Robert Hope)。

In the prepared remarks, you noted that there's an increased demand to recontract your hydro capacity from a variety of buyers. Can you speak to the strategy of how you want to recontract these assets? Could you wait until there's a cluster of contracted assets and then group them together? Could you see a period of time where you'd be happy to have them a little bit more merchant in advance of a longer-term contract?

在準備好的評論中，您指出各種買家對重新簽訂水電合約的需求增加。您能談談您希望如何重新承包這些資產的策略嗎？您能否等到有一批合約資產後再將它們組合在一起？您是否會樂意在簽訂長期合約之前與他們進行更多的商業往來？

It's a great question, and I'll try and answer it, but also perhaps provide some background context. There's a few exciting things happening for us within our hydro portfolio. As Patrick mentioned, we've got a number of hydro contract -- hydro facilities coming off contract in the next few years. And if we were very simply just to contract those hydros at current market rates, that's a very significant step-up relative to the contracts that are coming to maturity. That's obviously a very positive EBITDA bump for our business.

這是一個很好的問題，我會盡力回答，但也許也會提供一些背景資訊。我們的水電投資組合中發生了一些令人興奮的事情。正如帕特里克所提到的，我們有許多水電合約——水電設施的合約將在未來幾年到期。如果我們只是按照當前市場價格簽訂水電合同，那麼相對於即將到期的合約來說，這是一個非常顯著的進步。這對我們的業務來說顯然是一個非常積極的 EBITDA 成長。

But really where it becomes incredibly accretive is if you lock in a long-term contract at a higher rate, it immediately creates a very low-cost up financing opportunity for our business and provides a very large injection of capital at attractive rates, let's say, give or take, 5% that we can turn around and deploy into new growth and new M&A at 15%. And that is really the incredible value lever that we think is sometimes underappreciated in our business. This isn't just an increase in earnings. It's an increase in earnings that creates an up financing opportunity that allows us to fund our growth at an exceptionally accretive way.

但真正讓它變得令人難以置信的增值之處在於，如果你以更高的利率鎖定一份長期合同，它會立即為我們的業務創造一個非常低成本的融資機會，並以有吸引力的利率注入大量資本，比如大約 5%，我們可以將其扭轉並以 15% 的利率部署到新的增長和新的併購中。我們認為，這確實是令人難以置信的價值槓桿，但在我們的業務中，它有時被低估了。這不僅僅是收入的增加。收益的增加創造了融資機會，使我們能夠以極高的增值方式為我們的成長提供資金。

In terms of what we're seeing from hydro contracting, it's not just a more robust price environment. In the current market where demand for energy is very high and offtakers are really taking an any and all approach to finding power to support their growth, interest in our hydros has increased very dramatically in recent years.

從水電承包的情況來看，這不僅僅是一個更強勁的價格環境。在當前市場中，能源需求非常高，承購商正在採取各種方法來尋找電力來支持他們的成長，近年來，人們對我們的水力發電的興趣急劇增加。

Some of the largest corporate buyers of -- corporate offtakers of power, three or four years ago, they were intensely focused on only wind and solar. What I would say has changed in our business is now those same corporate buyers are very interested in looking at long-term contracts from our hydros, and that's creating incremental demand.

三、四年前，一些最大的電力企業買家——電力承購商，只專注於風能和太陽能。我想說，我們業務發生的變化是，現在那些企業買家對我們水電的長期合約非常感興趣，這正在創造增量需求。

So in terms of how we turn that into execution, it's really no different to what we do elsewhere in our portfolio. We will look to contract those as efficiently and as expeditiously as possible because it pulls forward that really, really attractive up financing opportunity, which is an incredible value lever for our business. But in terms of will we group hydros together or do them individually? That's very much on a case-by-case basis, and we'll be flexible based on what we're seeing from the market.

因此，就我們如何將其轉化為執行而言，這與我們在投資組合中其他地方所做的沒有什麼不同。我們將盡可能有效率、迅速地簽訂這些合同，因為這將帶來真正有吸引力的融資機會，這對我們的業務來說是一個不可思議的價值槓桿。但是我們是將水力發電集中起來還是單獨進行呢？這很大程度是根據具體情況而定的，我們會根據市場狀況靈活處理。

And then maybe in a different direction, in the prepared remarks, you also mentioned that the weakness in public valuations and you're seeing increased opportunities to acquire platforms and portfolios of assets. When you take a look at the opportunity set in front of you, are these largely North American centric? Or are you seeing them spread across your geographies as well as modalities?

然後也許從不同的方向來看，在準備好的評論中，您也提到了公開估值的疲軟，並且您看到了收購平台和資產組合的機會增加。當您審視眼前的機會時，這些機會是否主要以北美為中心？或者您看到它們遍布於您的地域和模式中？

It's a great question. I think it's fair to say what we're seeing in terms of public market opportunities is probably primarily North American focused. But the comment we'd make there is I don't know that, that's specifically because some of the announcements related to tariffs and stuff is having an outsized impact on North American companies. I think the impact those are happening is quite broad-based. I think the fact that most of the public market opportunities we see being in North America is a function because that's where most of the public companies are listed. I would say that's probably the bigger driver.

這是一個很好的問題。我認為可以公平地說，我們所看到的公開市場機會可能主要集中在北美。但我們要說的是，我不知道，這是因為一些與關稅等相關的公告對北美公司產生了巨大影響。我認為這些事情的影響是相當廣泛的。我認為我們看到的大多數公開市場機會都集中在北美，這是因為大多數上市公司都在那裡上市。我想說這可能是更大的驅動力。

What's interesting about the public market opportunity is maybe 2 or 3 points of context there. There has absolutely been a trend in recent years around market consolidation. Renewable power development is a very, very capital-intensive business and being entirely predicated on the capital markets to fund consistent and ongoing growth has always been difficult for a number of publicly listed companies.

公開市場機會的有趣之處可能在於其中的 2 或 3 個背景點。近年來，市場確實出現了整合的趨勢。再生能源開發是一項資本密集型業務，對於許多上市公司來說，完全依賴資本市場來資助持續不斷的成長一直很困難。

And that difficulty has only been enhanced as the public markets have become more volatile and more uncertain, particularly in the last 6 or 12 months. That is no doubt creating an opportunity. I do think that opportunity needs to be counterbalanced by the fact that the uncertainty in the markets is undoubtedly potentially going to push transactions volumes lower for a period of time.

隨著公開市場變得更加動盪和不確定，這種困難只會加劇，尤其是在過去的 6 到 12 個月。這無疑創造了一個機會。我確實認為，這個機會需要與這樣一個事實相抵消：市場的不確定性無疑會在一段時間內壓低交易量。

However, if those companies that are heavily reliant on the capital markets to fund their growth, don't get relief and certainty in the markets by some period of time, they will need to consider strategic alternatives, and that's where the real opportunity will be for market participants like us.

然而，如果那些嚴重依賴資本市場來資助其成長的公司在一段時間內得不到市場的緩解和確定性，他們就需要考慮策略替代方案，而這正是我們這樣的市場參與者的真正機會所在。

The only other point I would make on this question is, I think when people hear public market opportunities that they always think of take private. But take, for example, the transaction we did with National Grid Renewables just in Q1, that's a much broader, much bigger publicly traded utility that wasn't getting the appropriate value of -- for its renewables business in its public market valuation. And that's what created an opportunity for us to buy that business.

關於這個問題我唯一想說的另一點是，我認為當人們聽到公開市場機會時，他們總是會想到私有化。但就拿我們在第一季與國家電網再生能源公司進行的交易為例，這是一家範圍更廣、規模更大的上市公用事業公司，但其再生能源業務在公開市場估值中並沒有獲得適當的價值。這為我們創造了收購該企業的機會。

So the current uncertainty and low valuations in public markets creates a number of opportunities, including carve-outs, not only take privates.

因此，當前公開市場的不確定性和低估值創造了許多機會，包括剝離，而不僅僅是私有化。

Mark Jarvi, CIBC.

加拿大帝國商業銀行的馬克‧賈維 (Mark Jarvi)。

So Connor, you talked about how well you think you're insulated and can manage some of the tariff risk, but someone ultimately has to bear that cost. So how do you feel like the entire ecosystem can manage this where the vulnerabilities and buyers of power to fully absorb the inflationary pressures?

康納，您談到了您認為自己可以很好地抵禦風險並能管理部分關稅風險，但最終必須有人承擔這些成本。那麼您認為整個生態系統如何管理脆弱性和權力買家，以充分吸收通膨壓力？

Thanks, Mark. And you're absolutely right. And I do think there's there needs to be a situation where money can still be made, of course. And a lot of this does center around the tariff announcements and in particular, in the United States. And there's two points we would make here.

謝謝，馬克。你說得完全正確。當然，我確實認為需要存在一種仍然可以賺錢的情況。其中許多確實圍繞著關稅公告，特別是在美國。這裡我們要強調兩點。

The first is there have been a lot of headlines about the tariffs and a lot of very large percentages get thrown around. But it's important to ground yourself in the fundamentals. When you look at building a renewables project in the United States, approximately 50% of the cost of that project is EPC, the majority of which is domestic labor that wasn't subject to a tariff. Maybe a third to 40% is equipment and CapEx, only a portion of which is subject to tariffs and then the rest is other.

首先，有關關稅的新聞頭條很多，而且有許多非常大的百分比被提及。但重要的是要紮實掌握基本功。在美國建造一個再生能源項目時，大約 50% 的項目成本是 EPC，其中大部分是不受關稅約束的國內勞動力。也許三分之一到 40% 是設備和資本支出，其中只有一部分需要繳納關稅，其餘的是其他。

And therefore, when you look at the potential for these tariff costs to pass through, it's not the triple digits that people suggest in terms of cost increases. We view it as something much more marginable and much more manageable, something in the very low double digits, maybe in the teens range. And that will obviously depend differently on different projects and different technologies in different regions.

因此，當你考慮這些關稅成本轉嫁的可能性時，你會發現成本成長幅度並不像人們所說的三位數。我們認為這是一個更具有邊際效益和更易於管理的數值，大約在兩位數的低位，甚至可能在十幾位的範圍內。顯然，這將取決於不同地區的不同項目和不同技術。

But that is a very manageable increase in CapEx that can be pushed through into the market to the end customer in form of offtake and renewables will still be the cheapest form of bulk electricity. So even with that cost increase, we are well inside the other forms of electricity production. And that's what gives us confidence that there will still be very, very strong demand, no impact on demand and no impact on developer margins.

但這是資本支出的一個非常可控的成長，可以以承購的形式推向市場，最終惠及客戶，而再生能源仍將是批量電力中最便宜的形式。因此，即使成本增加，我們仍然能夠很好地實現其他形式的電力生產。這使我們相信，需求仍然會非常強勁，不會對需求產生影響，也不會對開發商的利潤產生影響。

The other way that we manage our portfolio is often to put the tariff risk back on the equipment supplier. And the important thing to highlight here is, again, focusing on the US market. The US market has been one of the fastest-growing, highest margin and most profitable markets for equipment suppliers in recent memory. And therefore, in that component of, call it, the value creation chain, there is certainly some cushion to absorb slightly higher costs as well.

我們管理投資組合的另一種方式通常是將關稅風險轉嫁給設備供應商。這裡需要強調的重要一點是，再次關注美國市場。美國市場是近年來設備供應商成長最快、利潤率最高、利潤最高的市場之一。因此，在價值創造鏈的這個組成部分中，肯定也存在一些緩衝來吸收略高的成本。

But at this point, no increased sort of concern around the health of the supply chain in terms of ability to absorb these costs at this point?

但目前，人們對供應鏈吸收這些成本的能力是否更加擔憂？

Not at this point. And maybe I'll start and Hannah, if there's anything you'd want to add. When we think about trying to simplify the impact of these tariffs and the announcements, there's two or three things that we think are important to recognize. They will lead to slightly higher costs and slightly higher power prices in the US. But one, we think it's very manageable. That's point one.

目前還不行。也許我會開始，漢娜，如果你想補充什麼的話。當我們試圖簡化這些關稅和公告的影響時，我們認為有兩三件事需要認識到。這將導緻美國的成本和電價略有上升。但首先，我們認為這是非常容易管理的。這是第一點。

Point two is the one point that is often overlooked is a lot of the equipment that we use in the United States was already subject to different duties and tariffs before, let's say, the liberation day announcement.

第二點是經常被忽略的一點，那就是我們在美國使用的許多設備在解放日公告發布之前就已經受到不同的關稅和關稅約束。

So some of the increased tariffs that were announced, yes, they were increased tariffs, but they increased tariffs on essentially 0% of our volumes. So they don't actually -- they generate a lot of headlines, but they don't have a material impact on our business. And then maybe the last point I would make, and this is where Brookfield Renewable we feel is exceptionally differentiated in a positive way versus --

因此，所宣布的一些增加的關稅，是的，它們確實增加了關稅，但它們基本上沒有增加我們 0% 的出口額的關稅。因此，它們實際上並沒有——它們產生了很多頭條新聞，但它們並沒有對我們的業務產生實質的影響。然後也許我要說的最後一點是，我們認為 Brookfield Renewable 與其他公司相比有著顯著的差異化優勢。--

Please remain in your line, your conference will resume momentarily.

請保持您的隊伍，您的會議將立即恢復。

Can you hear me?

你聽得到我嗎？

Yes, Hannah.

是的，漢娜。

I'll take over from Connor. Apologies. He lost his line again. I think two ways in which we're quite differentiated from others. One is we've been pushing a domestic strategy in the US for a long time. Solar has been subject to tariffs for many years and in particular, against Chinese equipment, but along with other geographies as well. And so we've worked really hard at focusing on that domestic strategy that mitigates a significant amount of the tariff risk that we're seeing right now.

我將接替康納。抱歉。他又失去了路線。我認為我們與其他人有兩個明顯的區別。一是我們長期在美國推行國內戰略。多年來，太陽能一直受到關稅的約束，特別是針對中國設備，但其他地區也是如此。因此，我們非常努力地專注於國內策略，以減輕我們目前看到的大量關稅風險。

With regards to our current 2025 projects, we have already all the primary equipment in the country, most of the major other insidiary equipment also in the country. And then I think thirdly, I would add from a technology point of view, one of the big underappreciated things about renewables is the pace of technology growth. And if you look anywhere else in the world, we've seen massive decreases in CapEx with regards to that technology. And so as you see the technology improving, there is also some natural cost decreases as a result of those technology improvements. And so there's some room there in terms of technology increases getting offset by tariffs that helps mitigate a number of the technologies as well.

就我們目前的2025年專案來說，我們已經在國內擁有了所有主要設備，其他大部分主要內部設備也在國內擁有。第三，我想補充一點，從技術角度來看，再生能源最大的被低估的事情之一就是技術發展的速度。如果你看看世界其他地方，我們會發現與該技術相關的資本支出大幅下降。因此，隨著技術的進步，成本自然也會下降。因此，在技術成長方面，透過關稅來抵消有一些空間，這也有助於緩解一些技術的壓力。

And another question is you mentioned about potentially positive impact on availability of equipment and input costs outside the US. Can you quantify that? Do you think that lasts for a while? Do you think that gets arbitraged out in the market from the developer side?

另一個問題是，您提到了對美國以外設備可用性和投入成本的潛在正面影響。你能量化嗎？您認為這會持續一段時間嗎？您認為從開發商的角度來看，市場有套利行為嗎？

So first of all, apologies. Patrick and I clearly have a faulty line. We'll get it sorted for next quarter. But this is actually the point I think we were trying to make right before we dropped there. One of the big benefits of our business where we're unique versus our peers is our globally diversified platform. And what tariffs do is they make acquiring goods from one region of the world from another region of the world more expensive, but that product needs to go somewhere. And therefore, while it might make the cost of goods expensive -- more expensive in one region around the world, it equally has an offsetting impact of making cost of goods less expensive in another area around the world.

首先，我深表歉意。我和派崔克之間顯然存在誤解。我們將在下個季度之前解決這個問題。但我認為這實際上是我們在到達那裡之前試圖表達的觀點。我們的業務與同業相比獨一無二的一大優勢就是我們的全球多元化平台。關稅的作用是，它使得從世界一個地區購買另一個地區的商品變得更加昂貴，但這些商品需要運往某個地方。因此，雖然它可能會使商品成本變得昂貴——在世界某個地區更加昂貴，但它同樣會產生抵消作用，使世界另一個地區的商品成本變得更便宜。

I'll give a very readily available example in the current market due to some of the tariffs that were announced just four or five weeks ago, solar panel costs and equipment costs in India are probably at historic lows. And that is because previously, a lot of that equipment produced in India was exported to the US, but now it's more expensive to do so. So it makes more sense to keep a certain amount of that equipment in country, and we're certainly seeing the benefit of that for our Indian development pipeline.

我舉一個在當前市場上非常容易找到的例子，由於四、五週前宣布的一些關稅，印度的太陽能板成本和設備成本可能處於歷史低點。這是因為，以前印度生產的許多設備都出口到美國，但現在這樣做的成本更高了。因此，在國內保留一定數量的設備更有意義，而且我們確實看到了這樣做對我們的印度開發管道的好處。

To address your question, it would be naive and ignorant to suggest that tariffs don't create some inefficiency in the system. The global nature of our business is not a full offset, but I would say it is a very, very material offset.

回答你的問題，認為關稅不會造成系統效率低下是天真和無知的。我們的業務的全球性並不是完全抵消，但我想說這是一個非常非常重要的抵消。

Christine Cho, Barclays.

巴克萊銀行的 Christine Cho。

So I appreciate your comments around all the tariff stuff and locking in your equipment costs. But can you just go into some detail on how contracts with your EPC, your suppliers and PPAs work for the renewable projects, I understand it's going to be different on a project-by-project basis. But high level, it sounds like you have clauses to pass through some change orders you might get on the EPC side or suppliers through higher PPA prices. But is it like within a certain range, it's just easily passed, but if it falls outside that range, there needs to be a more in-depth negotiation?

因此，我很感謝您對所有關稅問題以及鎖定設備成本的評論。但是，您能否詳細說明您與 EPC、供應商和 PPA 簽訂的合約在可再生能源專案中是如何運作的，我知道每個專案的情況都會有所不同。但從高層次來看，聽起來您有條款可以透過更高的 PPA 價格傳遞您可能從 EPC 方面或供應商獲得的一些變更單。但不是在一定範圍內就很容易通過，而超出這個範圍就需要更深入的談判了？

And if so, could this delay the timing of your projects? Also, it sounds like a lot of the contract may have embedded in tariffs tied to raw materials like steel or aluminum. But I sort of got the impression that country-specific tariffs, such as the ones brought on by the reciprocal tariffs aren't as explicit in the contract. So can you talk about how that works?

如果是這樣，這會延遲您的專案進度嗎？此外，聽起來很多合約可能都包含與鋼鐵或鋁等原料相關的關稅。但我感覺，針對特定國家的關稅，例如互惠關稅帶來的關稅，在合約中並沒有那麼明確。那麼你能談談它是如何運作的嗎？

Christine, welcome to the call, and thank you for the question. I'll start and then I'll hand to Hannah. She is our internal expert on this and is best positioned to speak to the details of how we're seeing this play out in contracts. But from a high level, there's really two different ways that we protect our business. One is we don't commit to projects unless we can lock in the revenue, the financing and the CapEx purchase on a fully wrapped de-risked basis all at once. And at which point, we are no longer exposed to changes in the tariffs or changes in the cost of that CapEx, and that project is largely de-risked beyond the construction execution, which we are very happy to take. That is one way.

克里斯汀，歡迎您來電，感謝您的提問。我先開始，然後交給漢娜。她是我們這方面的內部專家，最適合詳細講述我們如何在合約中看到這一點。但從高層次來看，我們保護業務的方式其實有兩種。一是，除非我們能夠一次性以完全無風險的方式鎖定收入、融資和資本支出購買，否則我們不會承諾專案。此時，我們將不再受到關稅變化或資本支出成本變化的影響，並且該項目在施工執行之外的風險已基本消除，我們非常樂意接受這一點。這是一種方法。

In which case, the tariff risk under that scenario is really left with the supplier. The other way we can derisk our business is kind of de-risking it using the customer. And in that situation, if under the CapEx arrangement, we absorb the tariff risk with the equipment supplier. What we will look to do is put a PPA adjuster in the offtake agreement such that if tariffs come into play and our cost of construction increases, there is an offsetting increase in the PPA that preserves our development margins and our returns on the project. So that's it from a high level, but perhaps I'll hand to Hannah to speak through some of the specifics.

在這種情況下，該情境下的關稅風險實際上是由供應商承擔。我們降低業務風險的另一種方法是利用客戶來降低風險。在這種情況下，如果按照資本支出安排，我們將與設備供應商共同承擔關稅風險。我們希望在承購協議中加入電力購買協議 (PPA) 調整器，這樣，如果出現關稅問題，導致我們的建設成本增加，那麼電力購買協議 (PPA) 就會相應增加，從而保持我們的開發利潤和專案回報。從高層次來看就是這樣，但也許我會讓漢娜來談談一些具體細節。

Yes, sure. So I think a couple of points there. One, with regards to your question about the country-specific tariffs and whether they're incorporated in those clauses. I think there's a different answer for wind versus everything else. So I would agree with you that typically in wind, you might see specific clauses on, for example, like steel and aluminum tariffs.

是的，當然。所以我認為有幾點。第一，關於您關於特定國家關稅以及這些條款是否包含這些關稅的問題。我認為，對於風和其他一切事物，答案都是不同的。因此，我同意你的觀點，在風能領域，你可能會看到具體的條款，例如鋼鐵和鋁關稅。

The difference being in wind, it has a strong domestic supply chain that's been there for a number of years. And most of the components like nacelles and towers are already domestic. And so the most material risk you have in terms of price changes are with regards to the steel. So in wind, I would say, yes, you're correct, that those clauses tend to be -- contemplate specific tariffs. In the remainder of our contracts, it's typically all tariffs and tariff changes from the day of contract signature onwards, and we would specifically address what happens in those contracts.

不同之處在於，在風能領域，中國擁有已經存在多年的強大的國內供應鏈。機艙和塔架等大部分零件已經國產化。因此，就價格變動而言，最大的風險與鋼鐵有關。因此，在風能方面，我想說，是的，你是對的，這些條款往往是 - 考慮具體的關稅。在我們剩餘的合約中，通常涉及從合約簽署之日起的所有關稅和關稅變更，我們會具體解決這些合約中發生的情況。

With regards to what -- your question over delay, I would say not really. I'd say perhaps in wind, you could see a delay through the renegotiation, but that's why those clauses are so specific in the wind contracts to specifically avoid that. We had one renegotiation last week that we resolved with the supplier with a very minimal change, and we resolved it within 1.5 days.

至於你關於延遲的問題，我想說不是真的。我想說，也許在風能領域，你可能會看到透過重新談判而導致的延遲，但這就是為什麼風能合約中的那些條款如此具體，是為了避免這種情況。上週我們與供應商進行了一次重新談判，只做了很小的改動，並且在 1.5 天內解決了問題。

So I would say our supplier and our supplier relationships are very strong. And we do have a large global footprint with the suppliers. So typically, we have orders with them in a variety of geographies. And so we are important to them in geographies around the world. And despite what might a headwind in one geography, they still want our business in other geographies.

所以我想說我們的供應商和我們的供應商關係非常牢固。我們與供應商確實有著廣泛的全球合作關係。通常情況下，我們會向來自不同地區的他們下訂單。因此，對於世界各地的他們來說，我們都很重要。儘管在一個地區可能遇到阻力，但他們仍然希望在其他地區開展業務。

And so I think we tend to see an increased amount of cooperation there as we work together to absorb any of the changes by kind of resourcing or changing certain pieces of the contract. We've seen really significant speed from the suppliers and the ability to execute on that.

因此，我認為，隨著我們透過資源配置或改變合約的某些部分來共同吸收任何變化，我們傾向於看到合作的增加。我們已經看到供應商的速度和執行能力確實顯著提高。

And then just my follow-up question. On the PPA side, you've mentioned for both tariffs and in the event of an ITC removal or step down that you have adjusters in PPAs to keep the developed margin full. Again, I know it's going to be different on a project-by-project basis, but can you just sort of give us like a ballpark percentage of how much cushion the PPA prices can go up before the offtakers maybe start to push back or some way to think about that?

然後是我的後續問題。在 PPA 方面，您提到了兩種關稅，如果 ITC 被取消或降低，您在 PPA 中都有調整器來保持已開發的利潤充足。再說一次，我知道每個專案的情況都會有所不同，但您能否給我們一個大概的百分比，即在承購商開始反擊之前，PPA 價格可以上漲多少緩衝，或者您能給我們一些思考的方法嗎？

Yes, sure. So it should -- most of the adjusters that we've been seeing and we've been executing on more recently have been around tariffs and probably perhaps to a lesser extent, tax credits. Maybe just to speak about tax credits and the impact on our business. To date, there's been no changes to the tax credit regime in the United States. And as mentioned a few times in the prepared remarks, the thing that is really shining through about our business right now is our very large installed cash-generative, high-quality inflation-linked operating base that really is not subject to any change in those tax credits going forward.

是的，當然。所以應該如此——我們看到的和最近執行的大多數調整都與關稅有關，也許在較小程度上也與稅收抵免有關。也許只是談論稅收抵免及其對我們業務的影響。到目前為止，美國的稅收抵免制度尚未發生任何變化。正如我們在準備好的演講稿中多次提到的那樣，我們業務目前真正閃耀的亮點是我們擁有非常龐大的現金生成能力、高質量的與通膨掛鉤的運營基礎，而這些基礎實際上不會受到未來稅收抵免任何變化的影響。

And then you get to the point where I think your question was going, which is the most important thing for our business and the ability to continue growing and continue to preserve our development margins is that the very robust fundamental demand for power right now. As long as there is a supply-demand mismatch where there are more offtakers looking for power than there are ready-to-build projects, we remain quite confident that we will be able to push any direct or indirect increase in construction CapEx through to the end customer. That could be both in the form of a tariff or in the form of a reduction of a tax credit.

然後你就到了我認為你的問題是，對於我們的業務來說最重要的是什麼，以及繼續增長和繼續保持我們的發展利潤的能力是目前對電力非常強勁的基本需求。只要存在供需不匹配的情況，即尋求電力的承購商數量多於準備建設的項目數量，我們仍然非常有信心，我們能夠將任何直接或間接的建設資本支出增加轉嫁給最終客戶。這可以是關稅的形式，也可以是減少稅收抵免的形式。

And in terms of how much cushion do we have, I would say more than enough. And this is where I'll tie it back to something Hannah said on a previous question. Renewables are not only the cheapest form of bulk electricity production today by a very significant margin. They're getting cheaper than the alternatives on an ongoing basis.

至於我們有多少緩衝，我想說是足夠的。在這裡，我要將其與漢娜在上一個問題中所說的內容聯繫起來。再生能源不僅是當今最便宜的大規模電力生產形式，而且成本低廉。它們的價格正在逐漸比其他替代品便宜。

So that cushion that we have to push costs through to the end customer or to the suppliers and still be the cheapest form of bulk electricity production is widening year after year, quarter after quarter. And therefore, in any reasonable outcome, we expect that we'll be able to push things through and not see change in our demand or change in our developer returns.

因此，我們必須將成本轉嫁給最終客戶或供應商，並且仍然是最便宜的批量電力生產方式，這種緩衝正在逐年、逐季度地擴大。因此，在任何合理的結果中，我們都期望能夠推動事情進展，並且不會看到我們的需求發生變化或開發人員回報發生變化。

Benjamin Pham, BMO.

班傑明‧範 (Benjamin Pham)，BMO。

Maybe a couple of questions on the Nailen acquisition. I'm just curious what your near-term integration priorities are -- how do you think the development backlog evolves over the next couple of years? And is there any mature assets or are the mature assets that you might be able to accelerate and sell in that portfolio?

也許有幾個關於 Nailen 收購的問題。我只是好奇您近期的整合重點是什麼—您認為未來幾年開發積壓情況會如何發展？並且，該投資組合中是否存在任何成熟資產，或有哪些成熟資產您可以加速出售？

Great question. Thanks, Ben. And you're essentially right on all three accounts. But our business plan on Neoen is pretty -- despite the size of the business down the fairway and what you would expect to see with us across other businesses that we acquire.

好問題。謝謝，本。您的這三個說法基本上都是正確的。但是，儘管我們的業務規模很大，而且您期望在我們收購的其他業務中看到我們這樣做，但我們對 Neoen 的商業計劃還是不錯的。

First thing we want to do is we want to provide capital to that business to accelerate its development activities. One thing we felt in our due diligence of the company is it had one of the most attractive, most derisked and highest value development pipelines we've seen in the industry. But as a public company, it lacked access to capital to build it out as fast as they could.

我們要做的第一件事就是為該企業提供資金以加速其發展活動。在對該公司進行盡職調查時，我們感覺到的一件事是，它擁有業內最具吸引力、風險最低、價值最高的開發管道之一。但作為一家上市公司，它缺乏資金來盡快實現擴張。

And we want to take the regulators off that business, give the management team access to capital to accelerate that growth. And we're going to look to double the pace of development from about 1 gigawatt a year to 2 gigawatts a year within that company. That's point one.

我們希望取消對該業務的監管，讓管理團隊能夠獲得資金來加速成長。我們希望將該公司的發展速度提高一倍，從每年約 1 千兆瓦增加到每年 2 千兆瓦。這是第一點。

Point two, I would say, is we want to bring Neoen into our broader platform where it will get some of the benefits of our scale. That can be helping them with more efficient capital structures, leveraging our financing capabilities, more efficient procurement of equipment, leveraging Hannah and her team and also integrating them into some of our broad-based key accounts with corporate offtakes like the Microsoft framework agreement. So that would be bucket number two.

我想說的第二點是，我們希望將 Neoen 納入我們更廣泛的平台，以便它可以獲得我們規模帶來的一些好處。這可以幫助他們建立更有效率的資本結構，利用我們的融資能力，更有效率地採購設備，利用漢娜和她的團隊，並將他們整合到我們的一些廣泛的關鍵客戶中，並與微軟框架協議等企業承購商進行整合。這就是第二個桶子。

And then the third bucket is one of the unbelievable things about Neoen is it comes with 8 gigawatts of either operating or under construction assets. These are recently built contracted high-quality assets in very attractive markets around the world. And immediately, it is already underway.

第三個桶子是 Neoen 令人難以置信的事情之一，它配備了 8 千兆瓦的營運或在建資產。這些都是近期在全球極具吸引力的市場中建造的、已簽約的優質資產。並且現在一切已經啟動。

We will look to begin to sell some of those derisked assets to lower cost of capital buyers and use the proceeds from those sales to reinvest into accretive development and/or pay distributions up to Brookfield Renewables. So despite the size of the business, I would say it's actually a very similar playbook to what we've executed with our other developers around the world in the past, whether it be X-ELIO or OnPath or other investments we've made in recent years.

我們將考慮開始將部分去風險資產出售給資本成本較低的買家，並將銷售所得用於再投資於增值開發和/或向 Brookfield Renewables 支付分配。因此，儘管業務規模很大，但我想說，這實際上與我們過去與全球其他開發商合作執行的策略非常相似，無論是 X-ELIO 還是 OnPath，還是我們近年來進行的其他投資。

Okay. That's great. Sounds exciting. Maybe on the -- you talked about the Microsoft interest levels and data center opportunity. How do you think that evolves then going forward from a geographic standpoint with your discussions with them or is this more of a US thematic? Or do you think of it as more of a broader one outside of that?

好的。那太棒了。聽起來很令人興奮。也許—您談到了微軟的興趣程度和資料中心機會。那麼，從地理角度來看，您認為與他們的討論將如何發展，或者這是否更多地涉及美國主題？或者您認為除此之外它還有更廣泛的含義嗎？

Certainly. And the comment we would make is that it's not so much a geographic tweaking or optimization that they're doing. It's more as their AI activities, their cloud activities have grown, they are themselves becoming --

當然。我們的評論是，他們所做的並不是地理調整或優化。隨著他們的人工智慧活動和雲端運算活動不斷發展，他們自己也變得--

Please remain in your line, the conference will resume momentarily.

請保持您的隊伍，會議將立即恢復。

Speakers, you may resume.

各位發言人，您可以繼續了。

Ben, we're back. Sorry about that. As we were saying, it's not so much Microsoft is adjusting their geographic demand from our perspective. It's just as they've learned more about their forecasted growth in their AI activities and their cloud activities, they're really learning that they need different types of data centers in different places, whether it's for cloud, whether it's for learning, whether it's for inference, that determines different types of data centers have different latency needs and different types of data centers have different supply needs. And that really is going to lead to different needs for power in different places within their portfolio.

本，我們回來了。很抱歉。正如我們所說的，從我們的角度來看，微軟並沒有調整其地理需求。正如他們對人工智慧活動和雲端活動的預測成長有了更多的了解一樣，他們也真正了解到他們需要在不同地方建立不同類型的資料中心，無論是用於雲端、用於學習還是用於推理，這決定了不同類型的資料中心有不同的延遲需求，不同類型的資料中心有不同的供應需求。這確實會導致其投資組合中不同地方對電力的需求不同。

I would say the concentration of build-out is still in North America. And after North America, it's Western Europe. But the changes we are seeing are much more modest in terms of different types of plants and different types of data centers and different sizes of data centers. And again, I tie it back to the comment from earlier. We feel very well equipped to complement Microsoft as their needs change. And if anything, their refinement and their optimization is only going to cause the partnership between the two firms to become stronger.

我想說建設的重點仍在北美。繼北美之後，就是西歐。但就不同類型的工廠、不同類型的資料中心以及不同規模的資料中心而言，我們看到的變化要溫和得多。我再次將其與先前的評論聯繫起來。隨著微軟需求的變化，我們覺得自己已經有了很好的補充能力。無論如何，他們的改進和優化只會使兩家公司之間的合作關係變得更加牢固。

Okay. And maybe just one quick one, more detailed on the segments, Sustainable Solutions, with EBITDA down year-over-year. Can you provide context on what's driving that? And that Westinghouse underwriting projections, are you more or less tracking that still?

好的。也許我只想簡單介紹一下永續解決方案的各個部分，其 EBITDA 年比下降。您能否提供一下推動這現象的背景資訊？西屋電氣的承保預測，您是否仍在追蹤它？

I'll start on the year-over-year on the sustainable solutions side, and then Connor can maybe touch on Westinghouse and what we're seeing there. So last year, we had an item with respect to our investment within an Indian business, where we were successful in realizing on a premium within one of our sustainable solution financial assets that we have in that business in India. And that was what was in the last year's figures.

我將從永續解決方案的同比情況開始介紹，然後康納可以談談西屋電氣以及我們在那裡看到的情況。因此，去年，我們在一家印度企業的投資中成功實現了我們在印度該企業中的一項可持續解決方案金融資產的溢價。這就是去年的數據。

And then in terms of Westinghouse, I'm sure as everyone can imagine on this call, we're thrilled with our exposure to Westinghouse. The tailwinds for nuclear get stronger day by day, just one, given the electricity demands around the world and nuclear's ability to provide clean dispatchable baseload power at scale. The added benefit that should not go unrecognized is in all the headlines, nuclear is a key focus of the new US administration. And as the leading technology globally in the space, but of US origin, Westinghouse is certainly the beneficiary of that.

然後就西屋電氣而言，我相信正如大家在這次電話會議上想像的那樣，我們對與西屋電氣的接觸感到非常興奮。鑑於全球的電力需求以及核能大規模提供清潔可調度基載電力的能力，核能的順風日益增強。不容忽視的額外好處是，在所有頭條新聞中，核能都是美國新政府關注的重點。作為該領域全球領先但源自美國的科技公司，西屋電氣無疑是其中的受益者。

In terms -- the one thing I would highlight is the tremendous demand and growth we are seeing in terms of nuclear isn't actually even showing up in Westinghouse's financials yet. The financials are performing well. I would say they're absolutely tracking to underwriting. But the thing that's exciting for us is the orders that are coming in are certainly above what we initially expected, and that creates a very positive outlook for financials in future periods. That will take a few years to play out, but it gives us incredible confidence for the foundation and outlook for that business.

就此而言——我想強調的一點是，我們所看到的核能方面的巨大需求和增長實際上還沒有體現在西屋電氣的財務狀況中。財務狀況表現良好。我想說他們絕對在跟踪承保。但令我們興奮的是，收到的訂單肯定超出了我們最初的預期，這為未來的財務前景帶來了非常積極的前景。這將需要幾年的時間來實現，但它讓我們對該業務的基礎和前景充滿信心。

Thank you. I would now like to turn the call back over to Connor Teskey for closing remarks.

謝謝。現在我想將電話轉回給康納特​​斯基 (Connor Teskey) 做最後發言。

Great. Well, thank you, everyone, for joining our call today, and thank you for your interest and support of Brookfield Renewable. We look forward to providing you an update on our Q2 call in a few months. Thank you, and have a great day.

偉大的。好吧，謝謝大家今天參加我們的電話會議，也謝謝大家對 Brookfield Renewable 的關注與支持。我們期待在幾個月後向您提供我們第二季電話會議的最新消息。謝謝您，祝您有愉快的一天。

This concludes today's conference call. Thank you for your participation. 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。