Brhc Holdings Ltd (BEPC) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the first-quarter 2026 Brookfield Renewable earnings results and webcast. (Operator Instructions) As a reminder, today's program is being recorded.

感謝各位稍候，歡迎收聽 Brookfield Renewable 2026 年第一季財報結果與網路直播。(接線員指示) 提醒各位，今天的節目將會錄音。

And now I'd like to introduce your host for today's program, Connor Teskey. Please go ahead, sir.

現在我想介紹今天節目的主持人 Connor Teskey。先生，請開始。

Thank you, operator. Good morning, everyone, and thank you for joining us for our first-quarter 2026 conference call. Before we begin, we would like to remind you that a copy of our news release and investor supplement can be found on our website. We also want to remind you that we may make forward-looking statements on this call.

謝謝，接線員。各位早安，感謝各位參加我們 2026 年第一季電話會議。在開始之前，我們提醒各位，我們的新聞稿與投資人補充資料可在公司網站上取得。我們也提醒各位，本次電話會議中可能會發表前瞻性陳述。

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. On today's call, we will review our first-quarter 2026 performance and discuss what we are seeing today in the broader energy market and what this means for our business.

這些陳述受到已知與未知風險影響，我們未來的結果可能會有重大差異。如需更多資訊，建議各位查閱我們在 SEDAR+、EDGAR 以及公司網站上提供的監管申報文件。在今天的電話會議中，我們將回顧 2026 年第一季的表現，並討論我們目前在更廣泛能源市場中所觀察到的情況，以及這對我們業務的意涵。

We will then turn the call over to Jehangir Vevaina, our Chief Investment Officer, to discuss our approach to growth through M&A and our recently announced agreement to acquire Boralex. Patrick will then conclude the call with a discussion of our operating results, financial position and funding activities, along with the potential simplification of our structure to a single listed corporate entity.

接著我們將把電話會議交給我們的投資長 Jehangir Vevaina，說明我們透過併購推動成長的策略，以及近期宣布收購 Boralex 的協議。之後 Patrick 將以我們的營運成果、財務狀況與資金籌措活動作結，並討論我們可能將架構簡化為單一上市公司實體。

Following our comments, we look forward to taking your questions. We had a very strong start to the year, delivering record financial results, advancing key strategic initiatives, and further strengthening our balance sheet. We generated FFO of $375 million, up 19% year-over-year and 15% on a per unit basis, equating to $0.55 per unit.

在我們發言之後，期待回答各位的提問。我們今年開局非常強勁，創下創紀錄的財務成果，推進關鍵策略性計畫，並進一步強化資產負債表。我們創造的 FFO 為 3.75 億美元，年增 19%，以每單位計年增 15%，相當於每單位 0.55 美元。

We deployed our committed $2.2 billion into growth or $550 million net to BEP highlighted by the privatization of Boralex, a leading global renewable platform with a significant operating base and a large and derisked development pipeline. From a development perspective, we brought online 1.8 gigawatts of new capacity in the quarter and contracted 1.7 gigawatts of development projects from our advanced development pipeline.

我們已投入承諾的 22 億美元用於成長（淨額對 BEP 為 5.5 億美元），其中亮點包括將 Boralex 私有化；Boralex 是領先的全球再生能源平台，擁有可觀的營運基礎以及龐大且已去風險化的開發管線。從開發角度來看，本季我們新增併網 1.8 吉瓦的新裝置容量，並自我們的進階開發管線中簽約 1.7 吉瓦的開發專案。

In addition, we continue to scale our capital recycling program selling assets that will generate nearly $3 billion of proceeds or over $800 million net to BEP at returns in line with our targets. This includes the launch of Northview Energy which represents a new and recurring way, we are monetizing our derisked assets in North America to some of the world's largest and most sophisticated private investors.

此外，我們持續擴大資本回收計畫，出售資產以取得近 30 億美元的處分收入（淨額對 BEP 超過 8 億美元），其報酬率符合我們的目標。其中包括推出 Northview Energy，這代表一種新的、可重複的方式，讓我們將北美已去風險化的資產變現，出售給全球規模最大且最成熟的私人投資人之一。

We did all of this while continuing to strengthen our balance sheet, opportunistically executing almost $4 billion of financings and ending the quarter with over $4.7 billion of available liquidity. Now taking a step back and looking at the global energy market today, this past quarter, we saw the disruption with the outbreak of the conflict in the Middle East.

在此同時，我們持續強化資產負債表，並把握時機完成近 40 億美元的融資，季末可用流動性超過 47 億美元。現在退一步看當前全球能源市場，本季我們看到中東衝突爆發所帶來的擾動。

First and foremost, the safety and well-being of our employees and our customers in the region remains our highest priority. We are happy to report that our teams are safe and our limited investments in the region today have not been directly impacted and are all continuing to perform. While some markets are experiencing higher energy prices as a result of the conflict, our business is largely contracted, and therefore, we do not expect a material impact on our cash flows in the near term.

首先也是最重要的，我們在該地區員工與客戶的安全與福祉仍是我們的最高優先事項。我們很高興回報，我們的團隊都平安無事，而我們目前在該地區的有限投資未受到直接影響，且皆持續正常運作。雖然部分市場因衝突而出現較高的能源價格，但我們的業務大多已簽約，因此我們預期短期內對現金流不會有重大影響。

What the conflict has done is put a renewed spotlight on the importance of energy security. Reliable power is the essential foundation for economic growth and without a secure, consistent and affordable supply corporations and governments cannot confidently commit to large-scale capital investments that underpin broader economic development.

這場衝突讓「能源安全」的重要性再次成為焦點。可靠的電力是經濟成長不可或缺的基礎；若缺乏安全、穩定且可負擔的供應，企業與政府便無法有信心承諾支撐更廣泛經濟發展的大規模資本投資。

This is leading to governments and corporates to increasingly prioritize energy security and domestic supply, reinforcing investments in renewables, which are the lowest cost form of generation to meet demand today and do not rely on an imported fuel and nuclear, which can meet the growing need for large-scale baseload generation while offering a high degree of energy security with the ability to store significant amounts of fuel on site.

這正促使政府與企業日益優先考量能源安全與國內供應，進一步強化對再生能源的投資；再生能源是目前滿足需求的最低成本發電形式，且不依賴進口燃料。同時也強化對核能的投資；核能可滿足日益增加的大規模基載發電需求，並具備高度能源安全性，因其可在場址儲存大量燃料。

Against this backdrop of accelerating energy demand and an increased focus on energy security, we are bringing on more new renewable generation capacity than ever before. In the last 12 months alone, we commissioned over 9 gigawatts of new capacity which is nearly double the capacity we delivered just two years ago, and we remain on track to increase our annual commissioning run rate to approximately 10 gigawatts per year in 2027.

在能源需求加速成長、且更加聚焦能源安全的背景下，我們正以前所未有的速度新增再生能源發電容量。僅在過去 12 個月，我們就已投運超過 9 吉瓦的新容量，幾乎是兩年前交付容量的兩倍；我們也仍按計畫在 2027 年將年度投運速度提升至約每年 10 吉瓦。

Another great example of how accelerating energy demand is helping drive growth in our business is with our recently announced partnership with the US government to accelerate the build-out of new Westinghouse large-scale nuclear reactors in the United States. During the quarter, we made good progress advancing the development of new utility scale reactors in the US with a focus on progressing key work streams, including the ordering of long lead time equipment for Westinghouse's proprietary AP1000 technology.

另一個顯示能源需求加速如何推動我們業務成長的絕佳例子，是我們近期宣布與美國政府合作，加速在美國建置新的 Westinghouse 大型核反應爐。本季我們在推進美國新公用事業規模反應爐的開發方面取得良好進展，重點在於推動關鍵工作流程，包括為 Westinghouse 專有的 AP1000 技術訂購交期較長的設備。

In summary, the current environment is defined by the convergence of accelerating energy demand driven by electrification, reindustrialization and digitalization and an increased focus on energy security. Together, these dynamics are driving the need for an any-and-all approach to energy supply and creating one of the strongest backdrops we have seen for the sector and in turn, our business.

總結而言，當前環境的特徵是：由電氣化、再工業化與數位化所驅動的能源需求加速成長，並且更加重視能源安全。這些動態共同推動能源供應採取「不拘一格、全方位」的策略，並為本產業以及我們的業務創造了我們所見過最強勁的背景之一。

Those with operating assets and scale development capabilities stand to benefit the most. And we believe we are a leader on both fronts. Importantly, capturing this opportunity also requires significant access to capital, which has always been a key differentiator for our business. And in this regard, we believe we are stronger today than at any point in our history.

擁有營運中資產以及具規模的開發能力者，將最能受益。我們相信我們在這兩方面都是領導者。同樣重要的是，把握這個機會也需要大量資本取得能力，而這一直是我們業務的關鍵差異化因素。在這方面，我們相信我們如今比歷史上任何時點都更強。

As a result, we remain well positioned to deliver outsized earnings growth in the near term and more importantly, we are better positioned than ever to generate significant value for our investors over the long term.

因此，我們仍具備良好條件在短期內實現超額的獲利成長；更重要的是，長期而言，我們比以往任何時候都更有能力為投資人創造可觀價值。

With that, we will turn the call over to Jay to discuss our approach to growth and our recently announced agreement to acquire Boralex.

接下來，我們將把電話會議交給 Jay，請他說明我們的成長策略，以及近期宣布收購 Boralex 的協議。

Thank you, Connor, and good morning, everyone. In the current environment, characterized by accelerating power demand and an increased focus on energy security, we're seeing some of the most compelling investment opportunities for our franchise to date both through continued execution of our 80-gigawatt advanced stage development pipeline and M&A.

謝謝你，Connor，各位早安。在當前由電力需求加速成長與更重視能源安全所形塑的環境下，我們看到迄今為止對我們平台而言最具吸引力的一些投資機會，來源包括持續執行我們 80 吉瓦的進階開發管線，以及併購。

And while the opportunity set is better than ever, our proven M&A playbook and disciplined approach to investing has not changed. Our competitive advantage from an M&A perspective stems from the fact that we are able to invest at scale globally across both public and private markets, acquire or invest in assets and businesses spanning the development life cycle and have deep commercial and operational know-how to drive value that others cannot.

儘管機會集合比以往任何時候都更好，我們經驗證的併購操作手冊與嚴謹的投資方法並未改變。從併購角度來看，我們的競爭優勢在於：我們能在全球範圍內、跨公開與私募市場以規模化方式投資；能收購或投資於橫跨開發生命週期的資產與企業；並具備深厚的商業與營運專業，能創造他人無法達成的價值。

Broadening our opportunity set and allowing us to be highly selective in when and where we deploy capital. Our first step in identifying potential opportunities is focusing on scale platforms and businesses in attractive markets with strong and growing demand for power. We look for businesses led by experienced management teams with large portfolios of assets and expertise in mature, proven technologies.

這擴大了我們的機會集合，並讓我們能在資本部署的時間與地點上保持高度選擇性。我們辨識潛在機會的第一步，是聚焦於具規模的平台與企業，且位於具吸引力、電力需求強勁且持續成長的市場。我們尋找由具經驗的管理團隊領導、擁有大型資產組合，並在成熟且已驗證的技術上具備專業能力的企業。

Once we have identified a potential investment opportunity, we then evaluate the quality and durability of the business' cash flows ensuring highly contracted revenues with high credit quality counterparties that can underpin our investment returns. Lastly, we assess how we can enhance the value of the platform by leveraging our access to scale capital and differentiated capabilities through the value chain.

一旦我們辨識出潛在投資機會，接著便會評估該企業現金流的品質與持久性，確保其收入高度簽約，且交易對手具高信用品質，以支撐我們的投資報酬。最後，我們會評估如何透過我們取得規模化資本的能力，以及在價值鏈上的差異化能力，來提升該平台的價值。

With clearly defined initiatives in our business plan to drive sustainable growth and strong long-term returns. Some of the key initiatives we can usually execute on to help drive our returns, including leveraging our commercial relationships with the largest buyers of power including integrating newly acquired platforms into our existing frameworks, such as our Microsoft and Google agreements.

在我們的業務計畫中，透過明確界定的各項舉措，以推動可持續成長並帶來強勁的長期回報。我們通常可執行的若干關鍵舉措有助於推動回報，包括善用我們與最大電力買家的商業關係，以及將新收購的平台整合至我們既有的架構中，例如我們與 Microsoft 及 Google 的協議。

We are also able to leverage our global supplier relationships to enhance procurement and deliver economies of scale as well as optimize the capital structure and provide financing for growth, supported by our strong relationships with financial institutions, significant liquidity and robust funding sources. Taken together, these initiatives and capabilities enable us to accelerate growth across our business and support the delivery of stronger return than others can deliver over the long term.

我們亦能善用全球供應商關係以強化採購並實現規模經濟，同時優化資本結構並為成長提供融資；這些均由我們與金融機構的穩固關係、充裕流動性及強健的資金來源所支持。綜合而言，這些舉措與能力使我們能加速全業務成長，並支持在長期內交付較他人更強的回報。

Our recently announced privatization of Boralex alongside La Caisse is a great example of our disciplined, repeatable and consistent approach to value creation through M&A. Similar to our recent successful acquisitions of Neoen in France and Australia, OnPath in the UK and acquisitions in the US of Geronimo, Deriva, Scout and Urban Grid, where we were able to acquire excellent businesses that meet our investment criteria and execute on our value-enhancing initiatives.

我們近期宣布與 La Caisse 一同將 Boralex 私有化，是我們透過併購（M&A）創造價值之紀律性、可複製且一致方法的絕佳例證。這與我們近期在法國與澳洲成功收購 Neoen、在英國收購 OnPath，以及在美國收購 Geronimo、Deriva、Scout 與 Urban Grid 類似；我們得以收購符合投資標準的優質企業，並落實我們提升價值的各項舉措。

We're now adding a leading Canadian-based platform where we can execute our proven playbook. Boralex's strong base in its core markets, including Canada, complement our current business and give us an opportunity to do more in this highly attractive and growing market. Under the terms of the transaction, La Caisse will increase its ownership from 15% to 30%, while BEP alongside institutional partners will acquire the remaining 70% of the business at an implied enterprise value of $6.5 billion.

我們現在正加入一個領先的加拿大本土平台，得以執行我們經驗證的作戰手冊。Boralex 在其核心市場（包括加拿大）具備堅實基礎，與我們現有業務相輔相成，並讓我們有機會在這個極具吸引力且持續成長的市場中做得更多。依交易條款，La Caisse 將其持股由 15% 提高至 30%，而 BEP 將與機構合作夥伴一同收購其餘 70% 的業務，按推算企業價值為 65 億美元。

The transaction is subject to shareholder and normal course regulatory approvals and is expected to close later this year. Our acquisition of Boralex is expected to contribute positively to our financial results on close, and we see significant opportunity to enhance value over time by accelerating growth and through the execution of our business plan to deliver outsized returns.

本交易仍須取得股東及一般例行監管核准，預期將於今年稍晚完成交割。我們對 Boralex 的收購預期在交割後將對財務結果帶來正面貢獻；我們亦看見透過加速成長並執行業務計畫以交付超額回報，隨時間推進可顯著提升價值的機會。

We expect to add value following our acquisition by leveraging our access to capital and commercial and supplier relationships to accelerate development across the platform. We also see an opportunity to enhance Boralex's leading position in its core markets by expanding its capabilities across technologies and delivering differentiated energy solutions, including incorporating battery storage.

我們預期在完成收購後，將透過我們的資本取得能力以及商業與供應商關係，來加速整個平台的開發並創造價值。我們也看見機會可透過跨技術擴展能力並提供差異化能源解決方案（包括導入電池儲能），以強化 Boralex 在其核心市場的領先地位。

We expect to be able to drive efficiencies within Boralex through the sharing of best practices across Brookfield's global businesses and create value by establishing an asset recycling program within the platform, drawing on Brookfield's experience to scale asset recycling alongside development, supporting a growth model of recycling capital into higher-returning opportunities at the business.

我們預期可透過在 Brookfield 全球業務間分享最佳實務，推動 Boralex 的效率提升；並可在平台內建立資產循環（asset recycling）計畫以創造價值，借助 Brookfield 的經驗，在擴大開發的同時擴展資產循環，支持將資本回收再投入至企業內更高回報機會的成長模式。

Boralex has a strong and experienced management team, and we're looking forward to supporting them with the additional resources and flexibility that come from being part of Brookfield Renewable as we work together to grow and enhance the value of the business. Going forward, we will continue to employ a disciplined approach to capital deployment in a market where we're seeing more attractive opportunities than ever for players such as ourselves. We have the capabilities and capital to unlock value through M&A and execute development of our large project pipeline.

Boralex 擁有強大且經驗豐富的管理團隊；我們期待在共同推動業務成長並提升價值的過程中，透過成為 Brookfield Renewable 一員所帶來的額外資源與彈性來支持他們。展望未來，在我們所處市場中，我們看到對像我們這樣的參與者而言，比以往更具吸引力的機會；我們將持續以紀律性的方式進行資本配置。我們具備能力與資本，能透過併購（M&A）釋放價值，並推進我們龐大專案管線的開發。

With that, I will pass it on to Patrick to discuss our operating results in more detail our financial position and funding activities and the potential simplification of our structure to a single listed corporate entity.

接下來，我將交給 Patrick，更詳細說明我們的營運成果、財務狀況與融資活動，以及我們可能將架構簡化為單一上市公司實體的計畫。

Thanks, Jay, and good morning to everyone on the call. We delivered record financial results this quarter, generating FFO of $375 million or $0.55 per unit, up 19% or 15% per unit year-over-year. In the last 12 months, we delivered $1,394 billion of FFO or $2.08 per unit, up 13% or 12% on a per unit basis compared to the prior year period.

謝謝你，Jay，也向各位與會者道早安。本季我們交出創紀錄的財務表現，FFO 為 3.75 億美元或每單位 0.55 美元，年增 19%，或以每單位計年增 15%。過去 12 個月，我們的 FFO 為 13.94 億美元或每單位 2.08 美元，較前一年度同期年增 13%，或以每單位計年增 12%。

Our results reflect the strength of our diversified global platform and the continued execution of our strategy. Our hydroelectric segment generated $210 million of FFO, up almost 30% year-over-year, supported by strong generation across our Canadian and Colombian fleets and a realized gain on the sale of our 25% interest in a noncore hydro portfolio in the US all of which offset weaker hydrology at our US operations.

我們的成果反映出多元化全球平台的實力，以及我們策略持續落實的成效。我們的水力發電部門貢獻 2.10 億美元 FFO，年增近 30%；主要受惠於加拿大與哥倫比亞機組的強勁發電量，以及出售我們在美國一個非核心水力資產組合 25% 權益所實現的收益，以上因素抵銷了我們美國營運因水文條件較弱所帶來的影響。

Our wind and solar segments delivered a combined $245 million of FFO, up over 60% year-over-year. benefiting from contributions from development, acquisitions and accretive capital recycling across several of our platforms. Lastly, our distributed energy storage and sustainable solutions businesses contributed $58 million of FFO, reflecting strong development activity and continued growth at Westinghouse, driven by new reactor design and engineering work.

我們的風電與太陽能部門合計貢獻 2.45 億美元 FFO，年增逾 60%，受惠於開發、收購，以及在多個平台上具增益性的資本循環所帶來的貢獻。最後，我們的分散式能源儲存與永續解決方案業務貢獻 5,800 萬美元 FFO，反映強勁的開發活動，以及 Westinghouse 持續成長；其成長由新的反應爐設計與工程工作所帶動。

And organic growth within its core fuel and maintenance services business. Turning to our balance sheet. We continue to strengthen our financial position. completing almost $4 billion of financings across the platform in the first three months of the year alone, extending maturities and optimizing our capital structure, while ending the quarter with over $4.7 billion of available liquidity.

以及其核心燃料與維護服務業務的有機成長。接著談資產負債表。我們持續強化財務狀況；僅今年前三個月便在整個平台完成近 40 億美元融資，延長到期年限並優化資本結構，同時在季末擁有超過 47 億美元的可用流動性。

The quarter was highlighted by the issuance of CAD500 million of 30-year notes, priced at the tightest spread we have ever achieved. With this issuance, we now have an average maturity on our corporate level debt of approximately 14 years, representing the longest average corporate maturity in our history. Put simply, during a period of significant growth and value creation, our business has the most durable and stable capital structure in its history.

本季亮點包括發行 5 億加幣、30 年期票據，定價利差為我們歷來最緊。透過此次發行，我們公司層級債務的平均到期年限目前約為 14 年，為我們歷史上最長的公司平均到期年限。簡而言之，在顯著成長與價值創造的期間，我們的業務擁有史上最具韌性且最穩健的資本結構。

In addition to recent successful financings, we are also progressing recontracting initiatives on a scale portfolio of hydro assets in Ontario during the quarter, which once signed, will support significant up financings that we plan to execute over the course of the year, providing additional capital to deploy into growth.

除近期成功融資外，本季我們也在推進安大略省一組規模化水力資產組合的重新簽約（recontracting）計畫；一旦簽署，將支持我們在今年內規劃執行的大規模追加融資，提供更多資本以投入成長。

We also had a very strong start to the year from a capital recycling perspective. Closing or agreeing to sell assets expected to generate approximately $2.8 billion or $820 million net to BEP. Recently, we agreed to sell our remaining 50% interest in a portfolio of noncore US hydro assets, crystallizing significant value we created under our ownership.

從資本循環角度來看，我們今年開局也非常強勁。完成交割或已同意出售的資產，預期可產生約 28 億美元的總收益，或 BEP 淨得 8.20 億美元。近期，我們同意出售在一組美國非核心水力資產組合中剩餘的 50% 權益，將我們持有期間所創造的顯著價值予以實現。

We also completed the IPO of CleanMax in India, selling approximately half of our interest. With the IPO, we have returned all of our original invested capital while continuing to maintain exposure to the platform's long-term growth trajectory and generated a 25% IRR to date. We also closed a previously announced sale of a portfolio of operating solar assets in the US from our Deriva platform.

我們也完成印度 CleanMax 的 IPO，出售約一半持股。透過此次 IPO，我們已收回所有原始投入資本，同時仍保有對該平台長期成長軌跡的曝險，且迄今已實現 25% 的 IRR。我們亦完成先前宣布的交易，出售來自 Deriva 平台的一組美國營運中太陽能資產組合。

Our asset recycling in the quarter was also highlighted by the creation of a new private renewable vehicle focused on operating renewable assets in North America, Northview Energy, which is a partnership between BCI, Norges Bank Investment Management and a Brookfield Fund. The creation of Northview Energy is in response to the strong demand we are seeing from our institutional partners for high-quality derisked infrastructure-like assets with long-term contracted and durable cash flows.

本季資產循環的另一亮點，是成立一個新的私募再生能源投資工具 Northview Energy，聚焦北美營運中的再生能源資產；該工具由 BCI、Norges Bank Investment Management 與一支 Brookfield 基金共同合作。成立 Northview Energy 是為回應我們從機構合作夥伴所見的強勁需求：對高品質、已去風險、類基礎建設型資產的需求，這些資產具備長期合約與穩健、可持續的現金流。

We seeded the vehicle through the sale of 22 operating onshore wind and utility scale solar assets, generating total proceeds of $1.3 billion or $315 million net to BEP. Beyond the initial seed assets sold into the platform, the arrangement with BCI and Norges also established a framework to sell additionally new developed assets from our pipeline into the vehicle with a framework to acquire assets generating up to an additional $1.5 billion of incremental gross proceeds over time.

我們透過出售 22 項營運中的陸域風電與公用事業級太陽能資產作為種子資產注入該投資工具，產生 13 億美元總收益，或 BEP 淨得 3.15 億美元。除最初注入平台的種子資產外，與 BCI 及 Norges 的安排亦建立一套框架，可將我們管線中新增開發的資產進一步出售予該投資工具；並設有可隨時間收購資產的機制，預計可帶來最高額外 15 億美元的增量總收益。

While Northview is the first vehicle of its kind, we have launched, we continue to progress similar initiatives of meaningful scale across our global platform. During the quarter, we also launched our at-the-market equity issuance program for BEPC which we paired with the buying of BEP LP units under our normal course issuer bid.

雖然 Northview 是我們推出的首個同類型投資工具，但我們仍在全球平台上持續推進其他具相當規模的類似計畫。本季我們也為 BEPC 啟動隨市發行（at-the-market）股權發行計畫，並搭配在我們的一般發行人回購（normal course issuer bid）下買回 BEP LP 單位。

In the first-quarter, we issued 2.8 million BEPC shares with proceeds from the issuance used to repurchase the same number of BEP units, resulting in approximately $27 million of realized cash gains. Lastly, as our business in the broader market continues to evolve, we remain focused on ensuring that our structure is aligned with the best interest of our shareholders.

在第一季，我們發行了280萬股BEPC股票，發行所得用於回購同等數量的BEP單位，因而實現約2,700萬美元的已實現現金收益。最後，隨著我們在更廣泛市場中的業務持續演進，我們仍專注於確保我們的架構符合股東的最佳利益。

We are currently exploring whether a single combined corporate structure would better serve our investors going forward with the goal to determine if on a tax-free basis, we can create a single corporate security to enhance liquidity, increase index inclusion and create value for our investors. We expect to have more details to provide later in the year as we begin our work and look forward to updating you on our progress.

我們目前正在評估，未來採用單一合併的公司架構是否能更好地服務投資人；目標是確認我們是否能在免稅基礎上，創設單一公司證券，以提升流動性、增加納入指數的機會，並為投資人創造價值。隨著我們展開相關工作，我們預期在今年稍晚能提供更多細節，並期待向各位更新我們的進展。

In closing, we remain focused on delivering 12% to 15% long-term total returns for our investors, supported by our strong operating platform disciplined capital allocation and our growing capital recycling program. On behalf of the Board and management, we thank all our unitholders and shareholders for their ongoing support.

總結而言，我們仍專注於為投資人提供12%至15%的長期總回報，並由我們強大的營運平台、嚴謹的資本配置，以及日益成長的資本循環計畫所支撐。我謹代表董事會與管理團隊，感謝所有單位持有人與股東持續的支持。

We are excited about Brookfield Renewable's future and look forward to sharing further updates on our progress over the course of the year. That concludes our formal remarks for today's call. Thank you for joining us this morning.

我們對Brookfield Renewable的未來感到振奮，並期待在今年內持續分享我們進展的更多更新。以上為我們今天電話會議的正式發言。感謝各位今天早上加入我們。

And with that, I'll pass it back to our operator for questions.

接下來，我把時間交回給我們的主持人進行提問。

Sean Steuart, TD Cowen.

Sean Steuart，TD Cowen。

I want to start with asset recycling. You guys have a lot on the go there. The magnitude is accelerating, I guess, in tandem with an expanding organic pipeline as well. Can you give us updated perspective on the cadence and magnitude of overall asset recycling plans over the next year? And you referenced the CleanMax IRR, but broader perspective on returns you're crystallizing through those initiatives.

我想先從資產循環談起。你們在這方面有很多項目正在進行。我想規模正在加速，應該也與擴大的內生成長管線同步。你們能否更新一下未來一年整體資產循環計畫的節奏與規模？另外你們提到CleanMax的IRR，但也想請你們從更廣的角度談談，透過這些措施所鎖定（實現）的回報。

Thanks for the question, Sean. Three things perhaps it's worth saying about capital recycling. First, the growth in our asset recycling activities is a very natural expansion of our business that is tied on a slightly lagged basis to the growth in our organic and development activities. And as we have been building more and more wind, solar and other assets in-house, we increasingly are looking to sell those down to lower cost of capital buyers capture our development margin and redeploy that capital into accretive growth.

謝謝你的問題，Sean。關於資本循環，或許有三點值得說明。第一，我們資產循環活動的成長，是業務非常自然的延伸，並且與我們內生與開發活動的成長呈現些微落後的連動關係。隨著我們在內部建置越來越多的風電、太陽能及其他資產，我們也愈來愈傾向將這些資產出售給資本成本較低的買家，鎖定我們的開發利潤，並將資本重新部署到具增益性的成長機會上。

And while it has been growing incrementally in recent years, we do expect it to grow on a similar trajectory going forward. And it's increasingly becoming a very normal course and part of our business. In terms of targets for size and scale and amount of capital recycling, we're going to continue to be entirely driven by the values we see in the market.

雖然近年來它是逐步成長，但我們確實預期未來仍將沿著類似的軌跡成長。而且它正逐漸成為我們業務中非常常態、例行的一部分。至於規模、尺度以及資本循環金額的目標，我們將完全以市場上所看到的估值為驅動。

And if we see opportunities to sell assets at values above where we think they will produce within our portfolio, we will sell them for cash and redeploy that cash. And therefore, we're not working to a consistent target. But perhaps to give you some direction or steer. At our Investor Day last year, we spoke about a $9 billion to $10 billion deployment of equity into growth over a five-year period.

如果我們看到以高於我們認為其在投資組合內可產生價值的估值出售資產的機會，我們就會以現金出售並重新部署該現金。因此，我們並沒有設定固定一致的目標。但或許給你一些方向或指引。在去年投資人日，我們談到在五年期間投入90億至100億美元的股權資金用於成長。

And we would expect at least 1/3 of that capital over a five-year period to come from asset recycling and perhaps more if we see strong values in the market. And this largely brings us to the last point where we do have a fairly robust capital recycling program ahead of us in 2026. And this is purely a result of the strong bids we are seeing for both platforms as well as stabilized assets in the current market.

我們預期在五年期間，至少有三分之一的資金將來自資產循環；若市場估值強勁，比例可能更高。這也大致帶到最後一點：我們在2026年之前有一個相當強勁的資本循環計畫。這純粹是因為在目前市場中，我們看到無論是平台型資產或已穩定營運的資產，都有非常強勁的出價。

And therefore, I would say, on balance, the returns that we are generating through this capital recycling program, we are consistently seeing at the high end or maybe even above the high end of our target range.

因此，整體而言，我會說我們透過這項資本循環計畫所產生的回報，持續落在我們目標區間的高端，甚至可能高於高端。

Second question is with respect to the M&A opportunity set. The previous quarter's commentary was public equities offered a more compelling opportunity than private M&A opportunities, and that's consistent with the Boralex deal. Do you still see that gap in place? And post Boralex, can you qualify your continued M&A appetite?

第二個問題是關於併購（M&A）的機會集合。上一季的評論是，公開市場股權相較於私募併購機會更具吸引力，這也與Boralex交易一致。你們仍然認為這個差距存在嗎？以及在完成Boralex之後，你們能否說明你們持續進行併購的意願程度？

So we continue to see both. Undoubtedly, for all the same reasons we mentioned last quarter, we continue to see opportunities in the public market. Those opportunities didn't stop and end with Boralex. The opportunities in the public market continue to exist. And similar to last quarter, it is because some companies in the public market are more constrained for capital, and therefore, not able to capture the tremendous demand environment that we're currently operating in.

我們仍然同時看到兩者的機會。毫無疑問，基於我們上季提到的相同原因，我們仍在公開市場看到機會。這些機會並沒有隨著Boralex而停止或結束。公開市場的機會仍然存在。而且與上季相同，原因在於公開市場中的一些公司資本受限，因此無法把握我們目前所處的強勁需求環境。

We continue to see an environment where public companies with access to capital are -- that they can use to capitalize on the really attractive demand environment are performing well. and companies that don't have the right access to capital are struggling in the public markets. And therefore, we do continue to see opportunities in the public markets, but I would highlight we're seeing a pretty robust pipeline across both private and public for the remainder of the year.

我們持續看到這樣的環境：能取得資本、並可運用資本來把握極具吸引力需求環境的上市公司表現良好；而無法取得適當資本的公司則在公開市場中面臨困境。因此，我們確實仍在公開市場看到機會；但我也要強調，對於今年剩餘時間，我們在私募與公開市場兩方面都看到相當強勁的案源管線。

Mark Jarvi, CIBC.

Mark Jarvi，CIBC。

Connor, can you just clarify the comments you made about progress on the US government with Westinghouse in terms of long lead items. Have those long lead items been actually signed right now and you're starting to get the support from the US government at this point? If not, when does that come?

Connor，你能否釐清一下你提到與Westinghouse在美國政府方面、關於長交期項目（long lead items）的進展評論。那些長交期項目現在是否已經實際簽署，你們也在此時點開始獲得美國政府的支持了嗎？如果還沒有，那會在什麼時候發生？

Mark, this is a very live discussion, and we hope to be in a position to announce some significant progress, not only in 2026, but in the near term. Since our announcement in Q4 of last year, we continue to see tremendous demand from nuclear both around the world, but in particularly in the United States from both the government as well as the utilities.

Mark，這是一個正在進行中的討論，我們希望不僅在2026年，而且在近期就能處於可宣布一些重大進展的位置。自去年第四季我們發布公告以來，我們持續看到全球核能需求非常強勁，尤其是在美國，無論是政府端或公用事業公司端皆是如此。

And that demand is coming from, I would say, all stakeholders across the environment. It's coming from offtakers, it's coming from the utilities. It's coming from the government. We continue to make significant progress on establishing frameworks under which initial orders can be made. And we hope to make some announcements in that regard --

我會說，這股需求來自整個生態系的所有利害關係人。來自承購方（offtakers），來自公用事業公司。也來自政府。我們在建立可讓初始訂單得以下達的架構方面持續取得重大進展。我們希望能就此做出一些公告。--

Did that answer your question?

這樣有回答到你的問題嗎？

Yes. Sorry, just my catching broke for a second there. Next question, just -- I think there was a commentary earlier in the call, you said something about outsized ability to drive growth here. In the near term. Is the expectation then that you can exceed the 10% FFO per unit growth in the next couple of years? And if so, the primary drivers of that right now?

有。抱歉，我剛剛訊號中斷了一下。下一個問題是——我想在電話會議稍早你提到「在此有超常的推動成長能力」。在短期內。那麼你們是否預期未來幾年可以超過每單位10%的FFO成長？如果是的話，目前主要的驅動因素是什麼？

In the current environment, we do feel that we are well positioned to exceed our long-term target of 10%. This is driven by a number of things. Obviously, M&A in our business, the significant addition of new capacity that's coming online from organic growth. And then lastly, our ability to recycle assets at very attractive values in the current environment. There could obviously be some timing variables on each of those things.

在目前的環境下，我們確實認為我們具備條件超越10%的長期目標。這是由多項因素所驅動。顯然包括我們業務中的併購，以及內生成長帶來、即將併網上線的大量新增產能。最後，還包括我們在目前環境下以非常具吸引力的估值進行資產循環的能力。當然，這些因素各自都可能存在一些時點上的變數。

But based on the underlying fundamentals of those three drivers, we feel that for both the short and short to medium term, we are well positioned to exceed that 10% per year target.

但基於這三項驅動因素的基本面，我們認為無論是短期或短至中期，我們都處於有利位置，可望超越每年10%的目標。

And so just to follow up on that. So obviously, asset sale gains would be a component of that. But if you put those aside, would you say the ability to drive FFO growth from the organic development and M&A side is stronger today ex asset sale gain?

那我就接著追問一下。很明顯，資產出售收益會是其中一個組成部分。但如果先把這部分放一邊，您是否會說，撇除資產出售收益後，透過有機開發與併購來推動FFO成長的能力，現在比以前更強？

Yes, we would. We would absolutely say that the operating fundamentals of our business and the organic growth profile of our business is as strong as it's ever been. And the ability to generate gains on sale above and beyond that and to recycle that capital accretively into even further growth would be upside.

是的，我們會這麼說。我們絕對會說，我們業務的營運基本面以及有機成長輪廓，已經強勁到前所未有。而在此之外，若能在出售時取得額外收益，並將資本以增值方式再循環投入以帶動更進一步成長，將會是上行空間。

Baltej Sidhu, National Bank of Canada.

Baltej Sidhu，加拿大國家銀行。

Just on Northview Energy, how should we think about the cadence of future drop-downs and the potential mix of assets into this vehicle? And -- should we think about this as more of a steady-state annual funding lever or something that could scale more opportunistically depending on market conditions?

關於Northview Energy，我們應該如何看待未來下放（drop-down）的節奏，以及注入該載體的資產可能組合？另外——我們應該把它視為較為穩態的年度融資槓桿，還是會依市場狀況更機會性地擴大規模？

Thank you. From BEP's perspective, it's important to recognize that we have the option, but not the obligation to sell assets into Northview Energy. And the assets that fit that pool of capital are high credit contracted long-duration wind and solar assets in North America at prices and go-forward returns, which are very consistent with what we have seen and expect to achieve in our asset sales to third parties outside of this vehicle.

謝謝。從BEP的角度來看，重要的是要認知到，我們有選擇權，但沒有義務把資產賣給Northview Energy。而符合這個資本池的資產，是北美高信用、已簽約、長年期的風電與太陽能資產，其價格與未來報酬，與我們在此載體之外向第三方出售資產時所見到並預期可達成的水準非常一致。

This is critical and we think immensely additive to our business because the structure helps us in derisking our development and enabling us to fund further high-margin growth. In terms of the drop-downs and the cadence of them, we'll really make two comments. One, the additional capital for future drop-downs we expect that to be utilized, we would say, over a two- to three-, two- to four-year period among asset sales to third parties outside of Northview.

這點至關重要，我們認為對業務具有極大的增益，因為這種結構有助於我們降低開發風險，並使我們能夠為進一步的高毛利成長提供資金。至於下放以及其節奏，我們主要有兩點評論。第一，對於未來下放的額外資本，我們預期會在兩到三年、或兩到四年的期間內使用完畢，並與在Northview之外向第三方的資產出售並行進行。

At the end of the consumption of that initial allotment of capital, we will consider what to do next. We -- and that is a discussion for the future, we could potentially expand this vehicle, create new vehicles. But for now, we are just focused on consuming that initial commitment, which we expect will take two to three or two to four years.

在用完這筆初始配置的資本後，我們會再考慮下一步要怎麼做。我們——而這是未來才會討論的議題——可能會擴大這個載體，或創設新的載體。但就目前而言，我們只專注於消化這項初始承諾，我們預期需要兩到三年或兩到四年。

Very good. And just one more for me. Just on the prevailing hyperscaler agreements that we have in place. Could you provide an update on how those agreements are progressing forward and what the potential pipeline looks and how conversations with such parties are evolving?

很好。我再問最後一個。關於我們目前已簽訂的超大規模雲端業者（hyperscaler）協議。您能否更新一下這些協議的推進情況、潛在的案源管線長什麼樣子，以及與這些對象的對話如何演進？

So there's probably two things that characterize our activity with the hyperscalers in the context of those agreements and more broadly. One, is the demand -- and we apologize for sounding like a broken record call after call, but demand continues to go up. It is higher today than it was last quarter. It's higher today than it was last year, and we expect it to be higher next year than it is today.

在這些協議的脈絡下，以及更廣泛地來看，我們與hyperscaler的互動大概有兩個特徵。第一是需求——我們也抱歉每次電話會議都像跳針一樣，但需求確實持續上升。現在的需求比上季更高。現在的需求也比去年更高，而我們預期明年的需求會比現在更高。

The demand for energy, particularly from the hyperscalers, particularly in their core markets, continue to increase at paces, we would say, significantly above previous market expectations. The other thing we are seeing in terms of our activities with the hyperscalers within those frameworks is our activities continue to broaden and evolve.

對能源的需求，特別是來自hyperscaler、特別是在其核心市場的需求，持續以我們認為顯著高於先前市場預期的速度增加。第二個我們看到的現象是，在這些框架內我們與hyperscaler的合作活動也在持續擴大並演進。

I'll give the example of the first framework agreement we did was with Microsoft, and it was really focused on wind and solar assets. We continue to contract more and more wind and solar assets with Microsoft under that arrangement. But last quarter, we also contracted some hydros under a long-term contract with them.

舉例來說，我們簽的第一份框架協議是與Microsoft，當時主要聚焦在風電與太陽能資產。在該安排下，我們持續與Microsoft簽下越來越多的風電與太陽能資產合約。但在上個季度，我們也與他們簽訂了一些水力發電資產的長期合約。

And we're now to meet their evolving demands increasingly looking at including battery storage, either with the projects that we're contracting with them or as part of the broader arrangement with them. So the 2 points we would make is the demand and the activity continues to grow and accelerate, but it also continues to broaden. And we feel it's the second point where our scale and diversity continues to differentiate us in our ability to serve the largest corporate consumers of electricity.

而現在，為了滿足他們不斷演變的需求，我們也越來越多地考慮納入電池儲能，無論是與我們正在與他們簽約的專案搭配，或作為與他們更廣泛安排的一部分。因此我們要強調的兩點是：需求與合作活動持續成長並加速，同時也持續擴展到更多領域。我們認為第二點正是我們的規模與多元化能持續形成差異化之處，使我們有能力服務最大的企業用電客戶。

(Operator Instructions) Christine Cho, Barclays.

(接線員指示) Christine Cho，Barclays。

I just wanted to ask about this single combined corporate structure. You guys have been trying to increase the liquidity of Pezzi for a while. So this seems sort of like a natural progression. But can you walk through what led you to evaluate this and what's on the table other than the tax rate part of this, could you talk about other things that need to be considered in trying to do this? And would this change how you view your distribution policy?

我想問一下這個單一合併的公司架構。你們一直在嘗試提升Pezzi的流動性一段時間了。所以這看起來像是很自然的下一步。但你們能否說明是什麼促使你們評估這件事？除了稅率這一部分之外，還有哪些事項在推動這件事時需要被納入考量？另外，這會改變你們對配息政策的看法嗎？

Christine, it's Patrick. There isn't much more that we can say other than what we have already said sort of in our opening remarks as well as in our press release. But what I will say is our focus in beginning our work is really looking at, can we achieve a simplified structure while achieving a rollover on a tax-free basis for our investors and also try to capture some of the potential benefits around broader index inclusion enhanced trading liquidity that we are observing amongst corporate securities relative to partnerships.

Christine，我是Patrick。除了我們在開場致詞以及新聞稿中已經說過的內容之外，我們其實沒有太多可以補充的。但我想說的是，我們開始這項工作的重點，主要是在看：我們是否能在為投資人達成免稅換股（rollover）的同時，實現架構簡化，並且也嘗試掌握一些潛在好處，例如更廣泛的指數納入、以及相較於合夥架構，我們觀察到公司型證券具有更佳的交易流動性。

And then lastly, just focusing on can this broadly create value for the entire investor base. But we can't really say much more than what we've already said in our opening remarks, Christine.

最後，就是聚焦於這是否能在整體上為所有投資人創造價值。但除了我們在開場致詞中已經說過的內容之外，我們真的無法再多說什麼了，Christine。

Okay. I appreciate that. And then are there any regions or technologies where execution risk has increased a little more than you would have thought, especially with the current administration, the surge in demand for power from hyperscalers and just general pushback from communities that we're seeing, whether it's on like permitting, interconnection and supply chain that we should be more mindful of?

好的。我理解，謝謝。另外，在目前政府施政、hyperscaler帶動的用電需求激增，以及我們看到社區普遍反彈的情況下——不論是在許可、併網或供應鏈方面——是否有任何地區或技術的執行風險，比你們原先預期的上升得更多，讓我們需要更留意？

Christine, I'll take the second one. Maybe just so it doesn't get missed on your previous question. We would not expect any change to the corporate structure to adjust our dividend policy. I'll just make sure we didn't gloss over that point. In terms of what we are seeing in terms of opportunity and dynamics around different types of projects and different types of development.

Christine，我來回答第二個問題。也許先補充一下，避免你前一個問題的重點被忽略。我們不預期公司架構的任何變動會導致我們調整股利政策。我只是確保我們沒有略過這一點。至於我們在不同類型專案與不同開發類型上所看到的機會與動態。

There's probably two things worth noting across our business. One -- maybe three, I apologize. One is, this is pick your tagline any and all in all of the above type solutions. The demand for energy is going to require all types of sources. We are seeing the greatest growth in renewables because they are quick to deploy, and they are cheap, but we are going to see demand across all types of energy in terms of additions to meet the demand forecast going forward.

在我們整體業務中，大概有兩點值得注意。或者三點——抱歉。第一點是，這是一個「任你選標語」的情境：任何與所有、以及以上皆是的解決方案都需要。能源需求將需要各種來源。我們看到再生能源的成長最大，因為它們部署快、成本低；但為了滿足未來的需求預測，我們也會看到各類能源在新增供給方面都會有需求。

The second thing that's worth noting is undoubtedly the fastest-growing technology across Brookfield Renewable today is batteries and energy storage. We are seeing that within all of our existing development platforms. We are increasingly looking at stand-alone energy storage opportunities. And the rationale for this is very simple. They remove grid congestion. They don't add to it.

第二點值得注意的是，毫無疑問，Brookfield Renewable目前成長最快的技術是電池與儲能。我們在所有既有的開發平台中都看到這個趨勢。我們也越來越多地在尋找獨立式儲能的機會。其背後的理由非常簡單。它們能消除電網壅塞。它們不會加劇壅塞。

So they solve that problem, and they are very quick to deploy. Further, this has been -- this opportunity has been driven by the fact that CapEx for batteries and energy storage has come down 65% to 70% over the last 24 months, making these investments very economic and financially attractive. The third point, and this is probably the most insightful in terms of hitting your question head on.

因此他們解決了那個問題，而且部署速度非常快。此外，這個機會之所以能夠出現，是因為過去24個月電池與儲能的資本支出（CapEx）下降了65%到70%，使得這些投資在經濟性上非常划算、在財務上也極具吸引力。第三點，而且就直接切中你的問題而言，這可能是最具洞見的一點。

We are seeing a dramatic increase in interest and growth in behind-the-meter solutions. The reality is the demand trajectory ahead of us is greater than the pace at which grids can expand. And therefore, we are going to see significant expansion of electricity demand on grids, but we're increasingly seeing demand for behind-the-meter solutions.

我們看到對表後（behind-the-meter）解決方案的興趣與成長大幅增加。現實是，未來的需求成長軌跡超過電網擴張的速度。因此，我們將看到電網上的用電需求顯著擴張，但同時也愈來愈看到對表後解決方案的需求。

It's important to recognize that while behind the meter solutions are perhaps growing faster on a relative basis, they are coming off a very, very low base and the vast majority of demand growth is still going to go through grids the way it has in the past, but we are seeing increasing demand for behind-the-meter solutions.

需要認清的是，雖然表後解決方案在相對增速上可能更快，但它是從非常、非常低的基期起步；而且絕大多數的需求成長仍將像過去一樣透過電網來滿足，但我們確實看到對表後解決方案的需求正在增加。

Nelson Ng, RBC Capital Markets.

Nelson Ng，RBC資本市場。

Connor, you previously talked about how battery storage is a pretty big opportunity. When you look at your like current solar and wind portfolio, is it economic to add batteries to existing sites? And I know many of those assets are contracted. So are you seeing offtakers willing to pay that extra amount to firm up their power?

Connor，你先前談到電池儲能是一個相當大的機會。當你看你目前的太陽能與風電資產組合時，把電池加到既有場址在經濟上划算嗎？而且我知道其中很多資產都有合約。所以你是否看到承購方（offtakers）願意支付額外費用，來讓他們的電力更穩定、可調度？

Absolutely, in no uncertain terms, yes. The value proposition for batteries in today's market is very compelling for offtakers in terms of giving them a load profile that better matches their 24/7 curve. And we're seeing it, therefore, alongside existing projects in new developments and on a stand-alone basis?

絕對是，毫無疑問，是的。在當今市場，電池對承購方的價值主張非常有吸引力，因為它能提供更符合其24/7用電曲線的負載曲線。因此我們看到它不僅與既有專案搭配出現在新開發案中，也以獨立（stand-alone）的形式出現。

Okay. And then switching gears a bit. So in South America, I know the environment isn't great for renewable development and interest rates are really high. And you're not that active on the development front. But on the M&A side, you recently increased your stake in Isagen, but can you just talk about whether there are like M&A opportunities you're seeing in South America?

好的。接著稍微換個話題。在南美洲，我知道再生能源開發的環境不太好，而且利率非常高。你們在開發端也不是那麼活躍。但在併購（M&A）方面，你們最近提高了在Isagen的持股；你能談談你們是否在南美看到一些併購機會嗎？

Certainly. In South America (technical difficulty) there when we can do so at compelling risk-adjusted returns. Our more modest activity in South America, I would say, over the last two or three years outside of the Isagen transaction, I would say, is simply episodic. A lot of it was driven by very high hydrology and rapid build-out in Brazil. that pushed prices down and made new build in that country, a little less compelling for a period of time.

當然。在南美洲（技術問題）在那裡，只要我們能以具吸引力的風險調整後報酬來進行，我們就會這麼做。我會說，過去兩到三年我們在南美較為溫和的活動（不含Isagen交易）其實只是階段性、偶發性的。其中很大一部分是因為巴西水文條件非常好、且建置速度很快，導致價格下滑，使得在那個國家一段時間內新建案的吸引力稍微降低。

We're seeing demand recover. We're seeing hydrology normalize and that market strengthen again. We continue to do significant growth in Colombia, but we do it within the Isagen platform. So it doesn't show up as a new discrete M&A transaction. And then we've continued to do smaller transactions in other regions or other countries in the region, whether it be Chile, Central America. So it is a compelling market. It is one where the value of (technical difficulty).

我們看到需求正在回升。我們看到水文條件回歸常態，市場也再次走強。我們在哥倫比亞持續進行顯著成長，但我們是在Isagen平台內進行。因此它不會以一筆新的、獨立的M&A交易呈現。此外，我們也在該區域的其他地區或其他國家持續進行較小型的交易，不論是智利或中美洲。所以這是一個很有吸引力的市場。這也是一個其價值在於(技術問題)。

It continues to be a market we focus on. And we'll be -- continue to be a portion of our business going forward, albeit smaller than our core markets in North America and Western Europe.

它仍然是我們關注的市場。未來它也將持續是我們業務的一部分，儘管規模會小於我們在北美與西歐的核心市場。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗（Mizuho）。

Just two quick ones, if I could squeeze in. One is a follow-up from Christine's question earlier. Is there just a time line of when you hope to have a decision made on the corporate consolidation? Is it a quarter or by year-end? And then I have a follow-up on nuclear.

如果我可以再擠進兩個很快的問題。第一個是延續先前Christine的問題。你們希望在什麼時間點對公司整併（corporate consolidation）做出決定？是某一季內，還是年底前？然後我還有一個關於核能的追問。

Anthony, it's Patrick. We have just begun our assessment, and so we can't really give any indicative time line at this moment or really add much more at this time.

Anthony，我是Patrick。我們才剛開始進行評估，所以目前無法提供任何具指標性的時間表，也暫時無法再補充更多。

Great. And then on the nuclear, you talked about the success and the momentum going on with the AP1000 and the US government. I'm just curious, where do you see the bottleneck right now before we get an announcement, is it on the utility side? Is it on the government side, regulatory side. What's the bottleneck before we get an announcement?

了解。那關於核能，你提到AP1000與美國政府方面的成功與動能。我只是好奇，在我們看到公告之前，你認為目前的瓶頸在哪裡？是在公用事業端嗎？是在政府端、監管端嗎？在我們看到公告之前，瓶頸是什麼？

Perhaps this is putting a positive spin on this, but I wouldn't almost look at it as a bottleneck. The potential for new build nuclear reactors in the United States, is an immense step change to what has been done over the past 10 or 20 years. We are talking about additions that exceed 10 announcing in 1 shot additions that exceed 10x what has been done over the last 15 years.

也許這樣說有點過度正面，但我幾乎不會把它看作瓶頸。在美國新建核反應爐的潛力，對比過去10到20年所做的事情，是一個巨大的躍升。我們談的是一次宣布新增的規模，超過過去15年所做的10倍以上。

And therefore, this simply requires obtaining alignment from all the stakeholders for that scale of a build-out. That includes the government. That includes the nuclear eligible utility operators. That includes the offtakes and that includes the financing parties. we candidly would suggest that the momentum and the traction that has been made over the last six or nine months is incredibly significant.

因此，這只是需要讓所有利害關係人就如此規模的擴建取得一致。這包括政府。這包括具核能資格的公用事業營運商。這包括承購方（offtakers），也包括融資方。我們坦白說，過去六到九個月所取得的動能與進展極其顯著。

And reflective of the demand for growth in the asset class because what we're looking to do in the course of 6 or 12 months far exceeds what's been done in the last 10 to 15 years. So I wouldn't say it's a bottleneck. It's just getting alignment from all the appropriate groups. And at this point, the interest and support for getting this done is pretty overwhelming.

而這也反映出該資產類別的成長需求，因為我們希望在6到12個月內完成的事情，遠遠超過過去10到15年所做的。所以我不會說這是瓶頸。這只是讓所有適當的團體取得一致。而就目前而言，推動這件事完成的興趣與支持相當壓倒性。

And this does conclude the question-and-answer session of today's program. I'd like to hand the program back to Connor Teskey for any further remarks.

以上即為今天節目的問答環節結束。我想把節目交回給Connor Teskey，請他做進一步的結語。

Thank you, everyone, for joining our earnings call this quarter. We deeply appreciate your continued support and interest in Brookfield Renewable and we look forward to updating you following our Q2 results. Thank you, and have a great day.

感謝各位參加本季的財報電話會議。我們由衷感謝各位對Brookfield Renewable持續的支持與關注，並期待在我們第二季（Q2）業績公布後再向各位更新。謝謝，祝各位有美好的一天。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參與今天的會議。本節目到此結束。您現在可以掛線。祝各位安好。