Try our mobile app

Published: 2020-08-07
<<<  go to BEP company page
BROOKFIELD RENEWABLE PARTNERS L.P.CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
UNAUDITED
June 30, 2020December 31, 2019
(MILLIONS)
AssetsCurrent assets
Cash and cash equivalents.................................................................................13$$115
Restricted cash ..................................................................................................14222154
Trade receivables and other current assets........................................................15604718
Financial instrument assets ...............................................................................47275
Due from related parties....................................................................................1811360
Assets held for sale ...........................................................................................3170352
1,4101,474
Financial instrument assets ..................................................................................4289165
Equity-accounted investments .............................................................................121,7791,889
Property, plant and equipment .............................................................................728,52730,714
Goodwill ..............................................................................................................716821
Deferred income tax assets ..................................................................................6125116
Other long-term assets .........................................................................................479512
Total Assets.........................................................................................................$$35,691
LiabilitiesCurrent liabilities
Accounts payable and accrued liabilities ..........................................................16$$590
Financial instrument liabilities..........................................................................457139
Payables due to related parties ..........................................................................18166127
Corporate borrowings .......................................................................................8140—
Non-recourse borrowings..................................................................................81,190685
Liabilities directly associated with assets held for sale.....................................394137
2,1711,678
Financial instrument liabilities ............................................................................415739
Corporate borrowings ..........................................................................................81,9842,100
Non-recourse borrowings ....................................................................................87,5728,219
Deferred income tax liabilities.............................................................................64,2374,537
Other long-term liabilities....................................................................................1,030987
Equity
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries...................97,8138,742
General partnership interest in a holding subsidiary held by Brookfield .........95868
Participating non-controlling interests – in a holding subsidiary –
Redeemable/Exchangeable units held by Brookfield ...................................92,8163,315
Preferred equity.................................................................................................9571597
Preferred limited partners' equity ........................................................................101,028833
Limited partners' equity .......................................................................................113,8884,576
Total Equity16,17418,131
Total Liabilities and Equity..............................................................................$$35,691
The accompanying notes are an integral part of these interim consolidated financial statements.
Approved on behalf of Brookfield Renewable Partners L.P.:
Patricia ZuccottiDirectorDavid MannDirector
Brookfield Renewable Partners L.P.June 30, 2020
Statements and Notes
Page 2
BROOKFIELD RENEWABLE PARTNERS L.P.
CONSOLIDATED STATEMENTS OF INCOME
Three months ended June 30Six months ended June 30
UNAUDITED
2020201920202019
(MILLIONS, EXCEPT PER UNIT INFORMATION)
Revenues.......................................................................18$651$787$$1,612
Other income ................................................................23173325
Direct operating costs ...................................................(248)(252)(509)(506)
Management service costs ............................................(36)(23)(67)(44)
Interest expense ............................................................(154)(178)(316)(351)
Share of (loss) earnings from equity-accounted
investments ...............................................................(15)—(31)32
Foreign exchange and unrealized financial instrument
gain (loss) .................................................................4(14)(12)6(30)
Depreciation..................................................................(192)(200)(398)(400)
Other .............................................................................(17)(1)(25)(3)
Income tax recovery (expense)
Current .......................................................................3(15)(16)(39)
Deferred .....................................................................610(14)11(34)
13(29)(5)(73)
Net income....................................................................$11$109$131$262
Net income attributable to:
Non-controlling interests
Participating non-controlling interests – in
operating subsidiaries .......................................9$35$74$118$168
General partnership interest in a holding
9—1—1
Participating non-controlling interests – in a
holding subsidiary – Redeemable/Exchangeable units held by Brookfield............
(19)7(11)25
9671313
Preferred limited partners' equity .................................1014112621
Limited partners' equity ................................................(25)9(15)34
$11$109$131$262
Basic and diluted (loss) earnings per LP Unit ..............$0.05$(0.08) $0.19
The accompanying notes are an integral part of these interim consolidated financial statements.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 3
BROOKFIELD RENEWABLE PARTNERS L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three months ended June 30Six months ended June 30
UNAUDITED
2020201920202019
(MILLIONS)
Net income...................................................................$11$109$131$262
Other comprehensive income (loss) that will not be reclassified to net income
Actuarial loss on defined benefit plans................(4)(8)(2)(13)
Deferred income taxes on above items................1414
Total items that will not be reclassified to net income(3)(4)(1)(9)
Other comprehensive (loss) income that may be reclassified to net income
22233(1,564)168
Gains (losses) arising during the period on
financial instruments designated as cash-flowhedges ..............................................................
4(16)622
Unrealized (loss) gain on foreign exchange
4(6)7231
Unrealized gain (loss) on investments in equity
41(3)(8)23
Reclassification adjustments for amounts
4(12)(4)(31)—
Deferred income taxes on above items................5251
1215—(8)—
Total items that may be reclassified subsequently to
net income................................................................20941(1,581)195
Other comprehensive income (loss) ............................20637(1,582)186
Comprehensive income (loss)......................................$217146$(1,451) $448
Comprehensive income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in
922776(670)253
General partnership interest in a holding
9(1)—(7)1
Participating non-controlling interests – in a
holding subsidiary – Redeemable/Exchangeable units held by Brookfield...........
9(21)18(331)58
92617(13)36
Preferred limited partners' equity ................................1014112621
Limited partners' equity ...............................................11$(28) $24(456) $79
217146(1,451)448
The accompanying notes are an integral part of these interim consolidated financial statements.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 4
BROOKFIELD RENEWABLE PARTNERS L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Accumulated other comprehensive incomeNon-controlling interests
Participating
non-controlling
Generalinterests – in a
Participatingpartnershipholding
Actuarialnon-interest insubsidiary –
losses onTotalPreferredcontrollinga holdingRedeemable/
UNAUDITEDTHREE MONTHS ENDED JUNE 30(MILLIONS)LimitedForeigndefinedCashInvestmentslimitedlimitedinterests – insubsidiaryExchangeable
partners'currencyRevaluationbenefitflowin equitypartners'partners'Preferredoperatingheld byunits held byTotal
equitytranslationsurplusplanshedgessecuritiesequityequityequitysubsidiariesBrookfieldBrookfieldequity
Balance, as at March 31, 2020.......... $(1,198)$(1,130)$6,413$(8)$(38)$(4)$4,035$1,028$551$7,760$60$2,923$16,357
Net income........................................(25)—————(25)14635—(19)11
Other comprehensive income (loss) .———(1)(6)4(3)—20192(1)(2)206
Distributions or dividends declared ..(97)—————(97)(14)(6)(174)(17)(70)(378)
Distribution reinvestment plan .........2—————2—————2
Other .................................................(22)—(1)—(1)—(24)———16(16)(24)
Change in period...............................(142)—(1)(1)(7)4(147)—2053(2)(107)(183)
Balance as at June 30, 2020 .............. $(1,340)$(1,130)$6,412$(9)$(45)$—$3,888$1,028$571$7,813$58$2,816$16,174
Balance, as at March 31, 2019.......... $(810)$(644)$5,921$(7)$(36)$18$4,442$833$580$8,456$66$3,22117,598
Net income........................................9—————91177417109
Other comprehensive income (loss) .—211(2)(2)(3)15—102(1)1137
Capital contributions.........................—————————10——10
Disposal ............................................—————————(53)——(53)
Distributions or dividends declared ..(92)—————(92)(11)(7)(262)(13)(67)(452)
Distribution reinvestment plan .........1—————1—————1
Other .................................................10(2)(4)——(10)(6)—1(1)12(6)—
Change in period...............................(72)19(3)(2)(2)(13)(73)—11(230)(1)(55)(348)
Balance as at June 30, 2019 .............. $(882)$(625)$5,918$(9)$(38)$5$4,369$833$591$8,226$65$3,166$17,250
The accompanying notes are an integral part of these interim consolidated financial statements.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated Financial Statements andJune 30, 2020
Notes
Page 5
BROOKFIELD RENEWABLE PARTNERS L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Accumulated other comprehensive incomeNon-controlling interests
Participating
non-controlling
Generalinterests – in a
Participatingpartnershipholding
Actuarialnon-interest insubsidiary –
losses onTotalPreferredcontrollinga holdingRedeemable/
LimitedForeigndefinedCashInvestmentslimitedlimitedinterests – insubsidiaryExchangeable
UNAUDITEDSIX MONTHS ENDED JUNE 30(MILLIONS)
partners'currencyRevaluationbenefitflowin equitypartners'partners'Preferredoperatingheld byunits held byTotal
equitytranslationsurplusplanshedgessecuritiesequityequityequitysubsidiariesBrookfieldBrookfieldequity
Balance, as at December 31, 2019.... $(1,119)$(700)$6,424$(9)$(32)$12$4,576$833$597$8,742$68$3,315$18,131
Net income........................................(15)—————(15)2613118—(11)131
Other comprehensive income (loss) .—(428)——(12)(1)(441)—(26)(788)(7)(320)(1,582)
Preferred LP Units issued (Note 10).———————195————195
Capital contributions (Note 9) ..........—————————8——8
Distributions or dividends declared ..(196)—————(196)(26)(13)(251)(34)(142)(662)
Distribution reinvestment plan .........3—————3—————3
Other .................................................(13)(2)(12)—(1)(11)(39)——(16)31(26)(50)
Change in period...............................(221)(430)(12)—(13)(12)(688)195(26)(929)(10)(499)(1,957)
Balance as at June 30, 2020 .............. $(1,340)$(1,130)$6,412$(9)$(45)$—$3,888$1,028$571$7,813$58$2,816$16,174
Balance, as at December 31, 2018....(948)(652)6,120(6)(34)44,4847075688,129663,25217,206
Net income........................................34—————342113168125262
Other comprehensive income (loss) .—411(4)(4)1145—2385—33186
Preferred LP Units issued .................———————126————126
LP Units purchased for cancellation .(1)—————(1)—————(1)
Capital contributions.........................—————————298——298
Disposal ............................................—————————(53)——(53)
Distributions or dividends declared ..(185)—————(185)(21)(13)(396)(28)(135)(778)
Distribution reinvestment plan .........3—————3—————3
Other .................................................215(14)(203)1—(10)(11)——(5)26(9)1
Change in period...............................6627(202)(3)(4)1(115)1262397(1)(86)44
Balance as at June 30, 2019 .............. $(882)$(625)$5,918$(9)$(38)$5$4,369$833$591$8,226$65$3,166$17,250
The accompanying notes are an integral part of these interim consolidated financial statements.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated Financial Statements andJune 30, 2020
Notes
Page 6
BROOKFIELD RENEWABLE PARTNERS L.P.CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITEDThree months ended June 30Six months ended June 30
(MILLIONS)Notes2020201920202019
Operating activitiesNet income ........................................................................
$11$109$131$262
Adjustments for the following non-cash items:
Depreciation ..................................................................7192200398400
Unrealized foreign exchange and financial
instruments loss (gain) ..............................................41411(7)31
Share of earnings from equity-accounted investments .1215—31(32)
Deferred income tax (recovery) expense ......................6(10)14(11)34
Other non-cash items ....................................................4332650
Dividends received from equity-accounted investments ..1214144228
Changes in due to or from related parties .........................8(41)7(36)
Net change in working capital balances............................1328(1)2
261368616739
Financing activitiesProceeds from medium term notes....................................
8$250$—$250$—
Commercial paper and corporate credit facilities, net ......8(198)(26)(159)(721)
Proceeds from non-recourse borrowings ..........................8309852525945
Repayment of non-recourse borrowings ...........................8(235)(573)(546)(666)
Capital contributions from participating non-controlling
interests – in operating subsidiaries ..............................9—107257
Issuance of preferred limited partners' units .....................10——195126
Repurchase of LP Units ....................................................11———(1)
Distributions paid:
To participating non-controlling interests – in
operating subsidiaries................................................9(174)(262)(251)(396)
To preferred shareholders..............................................9(6)(7)(13)(13)
To preferred limited partners' unitholders.....................10(12)(11)(23)(20)
To unitholders of Brookfield Renewable or BRELP ....9,11(183)(171)(365)(342)
Borrowings from related party..........................................18—322—922
Repayments to related party..............................................18—(355)—(600)
(249)(221)(380)(509)
Investing activitiesInvestment in equity-accounted investments ....................
(3)(4)(15)(4)
Acquisitions net of cash and cash equivalents in
acquired entity...............................................................—(26)—(26)
Investment in property, plant and equipment....................7(57)(34)(110)(63)
Proceeds from disposal of assets.......................................2118210582
Purchases of financial assets .............................................4(183)(93)(227)(93)
Proceeds from financial assets ..........................................1151416119
Restricted cash and other ..................................................4566(15)11
(72)5(101)(74)
Foreign exchange loss on cash..........................................(1)1(13)1
Cash and cash equivalents
(Decrease) Increase ........................................................(61)153122157
Net change in cash classified within assets held for
sale..............................................................................(4)(8)(8)(8)
Balance, beginning of period..........................................294177115173
Balance, end of period....................................................$229$322$229$322
Supplemental cash flow information:
Interest paid...................................................................$167$176$317$319
Interest received ............................................................$3$6$9$10
Income taxes paid..........................................................$13$18$34$37
The accompanying notes are an integral part of these interim consolidated financial statements.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 7
BROOKFIELD RENEWABLE PARTNERS L.P.
NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
The business activities of Brookfield Renewable PartnersL.P.  ("Brookfield  Renewable")  consist  of  owning  aportfolio  of  renewable  power  generating  facilitiesprimarily  in  North America,  Colombia,  Brazil,  Europe,India and China.Notes to the consolidated financial statementsPage
1.Basis of preparation and significantaccounting policies9
2.Disposal of assets10
Unless the context indicates or requires otherwise, the term"Brookfield  Renewable"  means  Brookfield  RenewablePartners L.P. and its controlled entities.3.Assets held for sale10
4.Risk management and financial instruments11
5.Segmented information14
6.Income taxes20
Brookfield  Renewable  is  a  publicly  traded  limitedpartnership  established  under  the  laws  of  Bermudapursuant to an amended and restated limited partnershipagreement dated November 20, 2011.
7.Property, plant and equipment20
8.Borrowings21
9.Non-controlling interests23
10.Preferred limited partners' equity26
The registered office of Brookfield Renewable is 73 FrontStreet, Fifth Floor, Hamilton HM12, Bermuda.
11.Limited partners' equity26
12.Equity-accounted investments27
The  immediate  parent  of  Brookfield  Renewable  is  itsgeneral partner, Brookfield Renewable Partners Limited("BRPL"). The ultimate parent of Brookfield Renewableis Brookfield Asset Management Inc. ("Brookfield AssetManagement").  Brookfield  Asset  Management  and  itssubsidiaries,  other  than  Brookfield  Renewable,  are  alsoindividually and collectively referred to as "Brookfield"in these financial statements.13.Cash and cash equivalents28
14.Restricted cash28
15.Trade receivables and other current assets28
16.Accounts payable and accrued liabilities28
17.Commitments, contingencies andguarantees29
18.Related party transactions30
19.Subsidiary public issuers31
Brookfield  Renewable's  non-voting  limited  partnershipunits ("LP Units") are traded under the symbol "BEP" onthe  New  York  Stock  Exchange  and  under  the  symbol"BEP.UN"  on  the  Toronto  Stock  Exchange.  BrookfieldRenewable's Class A Series 5, Series 7, Series 9, Series11,  Series  13,  and  Series  15  preferred  limited  partners'equity  are  traded  under  the  symbols  "BEP.PR.E","BEP.PR.G", "BEP.PR.I", "BEP.PR.K", "BEP.PR.M" and"BEP.PR.O" respectively, on the Toronto Stock Exchange.Brookfield  Renewable's  Class  A  Series  17  preferredlimited  partners'  equity  is  traded  under  the  symbol"BEP.PR.A" on the New York Stock Exchange.20.Subsequent events32
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 8
1. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
(a) Statement of compliance
The interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting. 
Certain  information  and  footnote  disclosures  normally  included  in  the  annual  audited  consolidated  financial  statementsprepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International AccountingStandards Board (“IASB”), have been omitted or condensed. These interim consolidated financial statements should be readin  conjunction  with  Brookfield  Renewable’s  December 31,  2019  audited  consolidated  financial  statements.  The  interimconsolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31,2019 audited consolidated financial statements.
The  interim  consolidated  financial  statements  are  unaudited  and  reflect  adjustments  (consisting  of  normal  recurringadjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periodsin accordance with IFRS.
The results reported in these interim consolidated financial statements should not be regarded as necessarily indicative ofresults that may be expected for an entire year. The policies set out below are consistently applied to all periods presented,unless otherwise noted. 
These consolidated financial statements have been authorized for issuance by the Board of Directors of Brookfield Renewable’sgeneral partner, BRPL, on August 7, 2020.
Certain comparative figures have been reclassified to conform to the current year’s presentation.
References to $, C$, €, R$, COP, INR, and THB are to United States (“U.S.”) dollars, Canadian dollars, Euros, Brazilianreais, Colombian pesos, Indian Rupees, and Thai baht, respectively.
All figures are presented in millions of U.S. dollars unless otherwise noted.
(b) Basis of preparation
The interim consolidated financial statements have been prepared on the basis of historical cost, except for the revaluationof property, plant and equipment and certain assets and liabilities which have been measured at fair value. Cost is recordedbased on the fair value of the consideration given in exchange for assets.
Consolidation
These interim consolidated financial statements include the accounts of Brookfield Renewable and its subsidiaries, whichare the entities over which Brookfield Renewable has control. An investor controls an investee when it is exposed, or hasrights, to variable returns from its involvement with the investee and has the ability to affect those returns through its powerover the investee. Non-controlling interests in the equity of Brookfield Renewable’s subsidiaries are shown separately inequity in the interim consolidated statements of financial position.
(c) Recently adopted accounting standards
Several amendments and interpretations apply for the first time in 2020, but do not have an impact on the consolidated financialstatements of Brookfield Renewable. Brookfield Renewable has not early adopted any other standards, interpretations oramendments that have been issued but are not yet effective.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 9
2. DISPOSAL OF ASSETS
In March 2020, Brookfield Renewable, along with its institutional partners, completed the sale of a 39 MW portfolio of solarassets in Thailand. The total consideration was THB 3,079 million ($94 million) and Brookfield Renewable’s interest in theportfolio was approximately 31%. This resulted in a loss on disposition of $12 million ($4 million net to Brookfield Renewable)recognized in the consolidated statements of income under Other. Immediately prior to the classification of the portfolio asheld for sale in 2018, Brookfield Renewable performed a revaluation of the property, plant & equipment, in line with itselection  to  apply  the  revaluation  method  and  recorded  a  fair  value  uplift  of  $42  million.   As  a  result  of  the  disposition,Brookfield Renewable's portion of the accumulated revaluation surplus of $13 million post-tax was reclassified from othercomprehensive income directly to equity and noted as an Other item in the consolidated statements of changes in equity.
Summarized financial information relating to the disposal of the Thailand portfolio is shown below:
(MILLIONS)
Proceeds .................................................................................................................................................................$94
Carrying value of net assets held for sale
Assets ..................................................................................................................................................................114
Liabilities.............................................................................................................................................................(8)
106
Loss on disposal.....................................................................................................................................................$(12)
3.  ASSETS HELD FOR SALE
As at June 30, 2020, assets held for sale within Brookfield Renewable's operating segments include solar facilities in SouthAfrica and Asia.
The following is a summary of the major items of assets and liabilities classified as held for sale:
(MILLIONS)June 30, 2020December 31, 2019
Assets
Cash and cash equivalents .............................................................................................$6$14
Restricted cash ...............................................................................................................1722
Trade receivables and other current assets.....................................................................813
Property, plant and equipment .......................................................................................139303
Assets held for sale ...........................................................................................................$170$352
Liabilities
Current liabilities ...........................................................................................................$12$18
Long-term debt...............................................................................................................5873
Other long-term liabilities..............................................................................................2446
Liabilities directly associated with assets held for sale ....................................................$94$137
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 10
4.  RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
RISK MANAGEMENT
Brookfield Renewable`s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk,interest rate risk, and foreign currency risk), credit risk and liquidity risk. Brookfield Renewable uses financial instrumentsprimarily to manage these risks.
COVID-19 pandemic has impacted business across the globe and we are monitoring its impact on our business.  While it isdifficult to predict how significant the impact of COVID-19 will be, our business is highly resilient given we are an owner,operator and investor in one of the most critical sectors in the world and have a robust balance sheet with a strong investmentgrade rating.  We generate revenues that are predominantly backed by long-term contracts with well diversified creditworthycounterparties.  The majority of our assets can be operated from centralized control centers and our operators around theworld  have  implemented  contingency  plans  to  ensure  operations,  maintenance  and  capital  programs  continue  with  littledisruption.  
There have been no other material changes in exposure to the risks Brookfield Renewable is exposed to since the December 31,2019 audited consolidated financial statements.
Fair value disclosures
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction betweenmarket participants at the measurement date.
Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimatedfuture  cash  flows  and  discount  rates.  In  determining  those  assumptions,  management  looks  primarily  to  external  readilyobservable market inputs such as interest rate yield curves, currency rates, commodity prices and, as applicable, credit spreads.
A fair value measurement of a non-financial asset is the consideration that would be received in an orderly transaction betweenmarket participants, considering the highest and best use of the asset.
Assets and liabilities measured at fair value are categorized into one of three hierarchy levels, described below. Each level
is based on the transparency of the inputs used to measure the fair values of assets and liabilities.
Level 1 – inputs are based on unadjusted quoted prices in active markets for identical assets and liabilities;
Level 2 – inputs, other than quoted prices in Level 1, that are observable for the asset or liability, either directly or indirectly;and
Level 3 – inputs for the asset or liability that are not based on observable market data.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 11
The following table presents Brookfield Renewable's assets and liabilities measured and disclosed at fair value classified bythe fair value hierarchy:
June 30, 2020December 31, 2019
(MILLIONS)Level 1Level 2Level 3TotalTotal
Assets measured at fair value:
Cash and cash equivalents............................................... $229$—$—$229$115
Restricted cash(1)......................................................................233——233173
Financial instrument assets(2)
Energy derivative contracts ..........................................—60147476
Foreign exchange swaps...............................................—10—104
Investments in debt and equity securities........................818782277160
Property, plant and equipment.........................................——28,52728,52730,714
Liabilities measured at fair value:
Financial instrument liabilities(2)
Energy derivative contracts ..........................................—(9)—(9)(8)
Interest rate swaps ........................................................—(198)—(198)(131)
Foreign exchange swaps...............................................—(7)—(7)(39)
Contingent consideration(3)....................................................——(22)(22)(11)
Assets for which fair value is disclosed:
Equity-accounted investments(4) ...................................1,211——1,2111,010
Liabilities for which fair value is disclosed:
Corporate borrowings ...................................................(2,190)(140)—(2,330)(2,204)
Non-recourse borrowing...............................................(393)(9,145)—(9,538)(9,573)
Total................................................................................. $(902) $(9,242) $ 28,601$18,457$20,286
(1)Includes both the current amount and long-term amount included in Other long-term assets.
(2)Includes both current and long-term amounts.
(3)Amount relates to acquisitions with obligations lapsing in 2021 to 2024.
(4)The fair value corresponds to Brookfield Renewable's investment in publicly-quoted common shares of TerraForm Power, Inc.
There were no transfers between levels during the six months ended June 30, 2020.
Financial instruments disclosures
The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows:
June 30, 2020December 31, 2019
Net AssetsNet Assets
(MILLIONS)AssetsLiabilities(Liabilities)(Liabilities)
Energy derivative contracts ............................................. $74$9$65$68
Interest rate swaps ...........................................................—198(198)(131)
Foreign exchange swaps..................................................1073(35)
Investments in debt and equity securities........................277—277160
Total.................................................................................36121414762
Less: current portion........................................................725715(64)
Long-term portion ........................................................... $289$157$132$126
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 12
(a)   Energy derivative contracts
Brookfield Renewable has entered into energy derivative contracts primarily to stabilize or eliminate the price risk on thesale of certain future power generation. Certain energy contracts are recorded in Brookfield Renewable's interim consolidatedfinancial statements at an amount equal to fair value, using quoted market prices or, in their absence, a valuation model usingboth internal and third-party evidence and forecasts.
(b)   Interest rate hedges
Brookfield Renewable has entered into interest rate hedge contracts primarily to minimize exposure to interest rate fluctuationson its variable rate debt or to lock in interest rates on future debt refinancing. All interest rate hedge contracts are recordedin the interim consolidated financial statements at fair value.
(c)   Foreign exchange swaps
Brookfield Renewable has entered into foreign exchange swaps to minimize its exposure to currency fluctuations impactingits investments and earnings in foreign operations, and to fix the exchange rate on certain anticipated transactions denominatedin foreign currencies.
(d)   Investments in debt and equity securities
Brookfield Renewable's investments in debt and equity securities consist of investments in publicly-quoted and non-publiclyquoted securities which are recorded on the statement of financial position at fair value.  
The following table reflects the unrealized gains (losses) included in Foreign exchange and unrealized financial instrumentloss in the interim consolidated statements of income for the three and six months ended June 30:
Three months ended June 30Six months ended June 30
(MILLIONS)2020201920202019
Energy derivative contracts ...................................................... $(22) $6$2$12
Interest rate swaps ....................................................................(17)(19)(39)(32)
Foreign exchange swaps...........................................................25(8)79(19)
Foreign exchange gain (loss)....................................................—9(36)9
$(14) $(12) $6$(30)
The following table reflects the gains (losses) included in other comprehensive income in the interim consolidated statementsof comprehensive loss for the three and six months ended June 30:
Three months ended June 30Six months ended June 30
(MILLIONS)2020201920202019
Energy derivative contracts ...................................................... $(7) $25$33$38
Interest rate swaps ....................................................................(9)(19)(31)(36)
Foreign exchange swaps........................................................... $—$—$—$—
(16)622
Foreign exchange swaps – net investment ...............................(6)7231
Investments in debt and equity securities .................................1(3)(8)23
$(21) $10$17$26
The following table reflects the reclassification adjustments recognized in net income in the interim consolidated statementsof comprehensive loss for the three and six months ended June 30:
Three months ended June 30Six months ended June 30
(MILLIONS)2020201920202019
Energy derivative contracts ...................................................... $(16) $(8) $(38) $(7)
Interest rate swaps ....................................................................4477
$(12) $(4) $(31) $—
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 13
5. SEGMENTED INFORMATION
Brookfield Renewable’s Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision makeror “CODM”) review the results of the business, manage operations, and allocate resources based on the type of technology.
Our operations are segmented by – 1) hydroelectric, 2) wind, 3) solar, 4) storage & other (cogeneration and biomass), and 5)corporate – with hydroelectric and wind further segmented by geography (i.e., North America, Colombia, Brazil, Europe andAsia). This  best  reflects  the  way  in  which  the  CODM  reviews  results,  manages  operations  and  allocates  resources. TheColombia  segment  aggregates  the  financial  results  of  its  hydroelectric  and  cogeneration  facilities.  The  Canada  segmentincludes the financial results of our strategic investment in TransAlta Corporation ("TransAlta"). The corporate segmentrepresents all activity performed above the individual segments for the business.
Reporting to the CODM on the measures utilized to assess performance and allocate resources is provided on a proportionatebasis. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which it accounts for usingconsolidation and the equity method whereby Brookfield Renewable either controls or exercises significant influence or jointcontrol  over  the  investment,  respectively.  Proportionate  information  provides  a  Unitholder  (holders  of  the  GP  interest,Redeemable/Exchangeable partnership units, and LP Units) perspective that the CODM considers important when performinginternal  analyses  and  making  strategic  and  operating  decisions.  The  CODM  also  believes  that  providing  proportionateinformation  helps  investors  understand  the  impacts  of  decisions  made  by  management  and  financial  results  allocable  toBrookfield Renewable’s Unitholders.
Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconcilingIFRS data with data presented on a proportionate consolidation basis have been disclosed. Segment revenues, other income,direct operating costs, interest expense, depreciation, current and deferred income taxes, and other are items that will differfrom results presented in accordance with IFRS as these items include Brookfield Renewable’s proportionate share of earningsfrom equity-accounted investments attributable to each of the above-noted items, and exclude the proportionate share ofearnings (loss) of consolidated investments not held by us apportioned to each of the above-noted items.
Brookfield Renewable does not control those entities that have not been consolidated and as such, have been presented asequity-accounted  investments  in  its  consolidated  financial  statements.  The  presentation  of  the  assets  and  liabilities  andrevenues and expenses does not represent Brookfield Renewable’s legal claim to such items, and the removal of financialstatement amounts that are attributable to non-controlling interests does not extinguish Brookfield Renewable’s legal claimsor exposures to such items.
Brookfield Renewable reports its results in accordance with these segments and presents prior period segmented informationin a consistent manner.
In accordance with IFRS 8, Operating Segments, Brookfield Renewable discloses information about its reportable segmentsbased  upon  the  measures  used  by  the  CODM  in  assessing  performance.  Except  as  it  relates  to  proportionate  financialinformation discussed above, the accounting policies of the reportable segments are the same as those described in Note 1 –Basis of preparation and significant accounting policies. Brookfield Renewable analyzes the performance of its operatingsegments based on revenues, Adjusted EBITDA, and Funds From Operations. Adjusted EBITDA and Funds From Operationsare not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDAand Funds From Operations used by other entities.
Brookfield Renewable uses Adjusted EBITDA to assess the performance of its operations before the effects of interest expense,income  taxes,  depreciation,  management  service  costs,  non-controlling  interests,  unrealized  gain  or  loss  on  financialinstruments, non-cash gain or loss from equity-accounted investments, distributions to preferred shareholders and preferredlimited partners and other typical non-recurring items.
Brookfield Renewable uses Funds From Operations to assess the performance of its operations and is defined as AdjustedEBITDA less management service costs, interest and current income taxes, which is then adjusted for the cash portion ofnon-controlling interests and distributions to preferred shareholders and preferred limited partners.  
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 14
The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconcilesBrookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings fromBrookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended June 30,2020:
Attributable to Unitholders
ContributionAttributableHydroelectricWind
from equity- to non- As per
accounted controllingIFRSStorageNorth North 
investments interestsfinancials(1) Solar& OtherCorporateTotal(MILLIONS)AmericaBrazilColombiaAmericaEuropeBrazilAsia
Revenues...............................................................21739455615776119—466(104)289651
Other income ........................................................196623121112879(7)(49)23
Direct operating costs ...........................................(63)(10)(26)(13)(5)(2)(3)(13)(8)(6)(149)25(124)(248)
Share of Adjusted EBITDA from equity-
accounted investments .....................................———————————86591
Adjusted EBITDA ................................................1733525451366591222396—121
Management service costs ....................................—————————(36)(36)——(36)
Interest expense ....................................................(29)(4)(7)(15)(3)(1)(2)(20)(3)(20)(104)30(80)(154)
Current income taxes ............................................1(2)1(1)———(2)(1)—(4)343
Distributions attributable to
Preferred limited partners equity........................—————————(14)(14)——(14)
Preferred equity ..................................................—————————(6)(6)——(6)
Share of interest and cash taxes from equity
accounted investments .....................................———————————(33)(5)(38)
Share of Funds From Operations attributable to
non-controlling interests ..................................————————————(40)(40)
Funds From Operations ........................................1452919291054378(54)232——
Depreciation..........................................................(59)(16)(5)(37)(10)(3)(2)(20)(5)(1)(158)43(77)(192)
Foreign exchange and unrealized financial
instrument loss .................................................(32)—(6)(3)(8)——(7)(5)10(51)1522(14)
Deferred income tax expense................................(2)—(2)———1(1)—4—2810
Other .....................................................................(42)(4)5—(1)(2)(1)(15)1(8)(67)1040(17)
Share of earnings from equity-accounted
investments ......................................................———————————(70)2(68)
Net loss attributable to non-controlling interests..————————————55
Net income (loss) attributable to Unitholders(2)....10911(11)(9)—2(6)(1)(49)(44)——(44)
(1)Share of loss from equity-accounted investments of $15 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participatingnon-controlling interests – in operating subsidiaries of $35 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders,non-controlling interests, preferred limited partners equity and preferred equity.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated Financial Statements andJune 30, 2020
Notes
Page 15
The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconcilesBrookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings fromBrookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended June 30,2019:
Attributable to Unitholders
ContributionAttributableHydroelectricWind
from equity- to non- As per
accounted controllingIFRSStorageNorth North 
investments interestsfinancials(1) Solar& OtherCorporateTotal(MILLIONS)AmericaBrazilColombiaAmericaEuropeBrazilAsia
Revenues.................................................................27558565822935121—553(98)332787
Other income ..........................................................82——1——1—214(2)517
Direct operating costs .............................................(72)(18)(21)(18)(8)(3)(1)(10)(11)(5)(167)27(112)(252)
Share of Adjusted EBITDA from equity-
accounted investments.......................................———————————73578
Adjusted EBITDA ..................................................21142354015624210(3)400—230
Management service costs ......................................—————————(23)(23)——(23)
Interest expense ......................................................(39)(6)(8)(16)(4)(2)(1)(15)(3)(25)(119)26(85)(178)
Current income taxes..............................................(4)(3)(2)(1)——————(10)—(5)(15)
Distributions attributable to
Preferred limited partners equity .........................—————————(11)(11)——(11)
Preferred equity....................................................—————————(7)(7)——(7)
Share of interest and cash taxes from equity
accounted investments.......................................———————————(26)(5)(31)
Share of Funds From Operations attributable to
non-controlling interests....................................————————————(135)(135)
Funds From Operations ..........................................1683325231141277(69)230——
Depreciation ...........................................................(56)(22)(5)(39)(13)(5)(1)(15)(6)(1)(163)36(73)(200)
Foreign exchange and unrealized financial
instrument loss...................................................14(1)(1)(8)——4—(12)(13)4(3)(12)
Deferred income tax expense .................................(23)1(2)11————12(10)(1)(3)(14)
Other .......................................................................(11)——(6)(2)52(12)—(3)(27)818(1)
Share of earnings from equity-accounted
investments........................................................———————————(47)—(47)
Net loss attributable to non-controlling interests....————————————6161
Net income (loss) attributable to Unitholders(2) .....791617(22)(11)4241(73)17——17
(1)Share of earnings from equity-accounted investments of nil is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participatingnon-controlling interests – in operating subsidiaries of $74 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders,non-controlling interests, preferred limited partners equity and preferred equity.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated Financial Statements andJune 30, 2020
Notes
Page 16
The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconcilesBrookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings fromBrookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the six months ended June 30, 2020:
Attributable to Unitholders
ContributionAttributableHydroelectricWind
from equity- to non-As per
accounted controllingIFRSStorageNorth North 
investments interestsfinancials(1)Solar& OtherCorporateTotal(MILLIONS)AmericaBrazilColombiaAmericaEuropeBrazilAsia
Revenues ..............................................................48210010511637111311037—1,011(199)6311,443
Other income ........................................................219843121213091(9)(49)33
Direct operating costs...........................................(132)(27)(52)(27)(14)(3)(4)(27)(18)(11)(315)53(247)(509)
Share of Adjusted EBITDA from equity-
accounted investments ....................................———————————15513168
Adjusted EBITDA................................................37182619326911952019787—348
Management service costs....................................—————————(67)(67)——(67)
Interest expense ....................................................(68)(8)(14)(34)(5)(2)(4)(37)(5)(40)(217)57(156)(316)
Current income taxes............................................(2)(4)(3)(1)—(1)—(3)(1)—(15)7(8)(16)
Distributions attributable to
Preferred limited partners equity .......................—————————(26)(26)——(26)
Preferred equity .................................................—————————(13)(13)——(13)
Share of interest and cash taxes from equity
accounted investments ....................................———————————(64)(8)(72)
Share of Funds From Operations attributable to
non-controlling interests .................................————————————(176)(176)
Funds From Operations........................................30170445821675514(127)449——
Depreciation .........................................................(117)(36)(11)(79)(22)(7)(4)(42)(10)(2)(330)91(159)(398)
Foreign exchange and unrealized financial
instrument loss ................................................(14)7(1)(5)(11)—(1)(12)(4)(3)(44)19316
Deferred income tax expense ...............................(22)1(3)(2)1—1(2)—20(6)71011
Other.....................................................................(62)(8)51(1)(2)1(19)—(10)(95)1258(25)
Share of earnings from equity-accounted
investments......................................................———————————(129)2(127)
Net loss attributable to non-controlling interests .————————————5858
Net income (loss) attributable to Unitholders(2) ...863434(27)(12)(3)4(20)—(122)(26)——(26)
(1)Share of loss from equity-accounted investments of $31 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participatingnon-controlling interests – in operating subsidiaries of $118 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controllinginterests.
(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders,non-controlling interests, preferred limited partners equity and preferred equity.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated Financial Statements andJune 30, 2020
Notes
Page 17
The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconcilesBrookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings fromBrookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the six months ended June 30, 2019:
Attributable to Unitholders
Contribution
 from AttributableHydroelectricWind
equity to non-As per
 accounted controllingIFRSStorageNorth North 
 investments interestsfinancials(1)Solar& OtherCorporateTotal(MILLIONS)AmericaBrazilColombiaAmericaEuropeBrazilAsia
Revenues.................................................................539123118121501658945—1,106(189)6951,612
Other income ..........................................................93—21——2—421(6)1025
Direct operating costs .............................................(142)(35)(45)(35)(16)(5)(2)(17)(24)(11)(332)56(230)(506)
Share of Adjusted EBITDA from equity-
accounted investments.......................................———————————13912151
Adjusted EBITDA ..................................................406917388351137421(7)795—487
Management service costs ......................................—————————(44)(44)——(44)
Interest expense ......................................................(80)(12)(16)(35)(7)(4)(1)(29)(7)(49)(240)50(161)(351)
Current income taxes..............................................(6)(6)(6)(1)—(1)————(20)1(20)(39)
Distributions attributable to
Preferred limited partners equity .........................—————————(21)(21)——(21)
Preferred equity....................................................—————————(13)(13)——(13)
Share of interest and cash taxes from equity-
accounted investments.......................................———————————(51)(9)(60)
Share of Funds From Operations attributable to
non-controlling interests....................................————————————(297)(297)
Funds From Operations ..........................................32073515228624514(134)457——
Depreciation ...........................................................(111)(44)(10)(79)(23)(9)(2)(28)(12)(2)(320)69(149)(400)
Foreign exchange and unrealized financial
instrument loss...................................................33(1)(1)(9)(1)—4(1)(28)(31)5(4)(30)
Deferred income tax expense .................................(40)2(4)176—(1)16—1814(36)(12)(34)
Other .......................................................................(26)(1)1(7)(2)52(24)—(8)(60)2136(3)
Share of earnings from equity-accounted
investments........................................................———————————(59)—(59)
Net loss attributable to non-controlling interests....————————————129129
Net income (loss) attributable to Unitholders(2) .....1463337(18)—11131(154)60——60
(1)Share of loss from equity-accounted investments of $32 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participatingnon-controlling interests - in operating subsidiaries of $168 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controllinginterests.
(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders,non-controlling interests, preferred limited partners equity and preferred equity.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated Financial Statements andJune 30, 2020
Notes
Page 18
The following table presents information on a segmented basis about certain items in Brookfield Renewable's statements of financial position:
Attributable to Unitholders
HydroelectricWind
ContributionAttributable
from equity-to non-As per
accountedcontrollingIFRSStorageNorth North 
investmentsinterestsfinancialsSolar& OtherCorporateTotal(MILLIONS)AmericaBrazilColombiaAmericaEuropeBrazilAsia
As at June 30, 2020
Cash and cash equivalents ............................... $23$13$26$22$12$2$5$70$12$8$193$(101)$137$229
Property, plant and equipment .........................11,4011,4071,5362,4436492661732,168710—20,753(4,289)12,06328,527
Total assets.......................................................12,1661,5451,7742,5797332822182,37675125522,679(3,102)13,74833,325
Total borrowings..............................................3,1861584131,265319661211,3832232,1299,263(2,306)3,92910,886
Other liabilities ................................................2,893102434556112823345404464,959(771)2,0776,265
For the six months ended June 30, 2020:
Additions to property, plant and equipment ....226151441—2061278(14)137401
As at December 31, 2019
Cash and cash equivalents ............................... $10$7$10$18$21$2$5$63$6$1$143$(89)$61$115
Property, plant and equipment .........................11,4881,9381,7732,5566283681872,018732—21,688(4,147)13,17330,714
Total assets.......................................................12,2182,1262,0272,7056923912332,26678010323,541(2,872)15,02235,691
Total borrowings..............................................3,0702084491,221326711241,4702352,1079,281(2,157)3,88011,004
Other liabilities ................................................2,8771484995971001028335312484,873(715)2,3986,556
For the six months ended June 30, 2019:
Additions to property, plant and equipment21112122———8157(13)2468
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated Financial Statements andJune 30, 2020
Notes
Page 19
Geographical Information
The following table presents consolidated revenue split by geographical region for the three and six months ended June 30:
Three months ended June 30Six months ended June 30
(MILLIONS)2020201920202019
United States .......................................................... $231$294$530$596
Colombia................................................................189231436488
Canada....................................................................9797187181
Brazil......................................................................7199156199
Europe ....................................................................16274369
Asia ........................................................................47399179
$651$787$1,443$1,612
The  following  table  presents  consolidated  property,  plant  and  equipment  and  equity-accounted  investments  split  bygeographical region:
(MILLIONS)June 30, 2020December 31, 2019
United States........................................................................................................................ $14,942$14,952
Colombia..............................................................................................................................6,3707,353
Canada .................................................................................................................................4,0264,268
Brazil....................................................................................................................................2,6593,631
Europe..................................................................................................................................1,4551,539
Asia ......................................................................................................................................854860
$30,306$32,603
6. INCOME TAXES
Brookfield Renewable's effective income tax rate was 3.7% for the six months ended June 30, 2020 (2019: 21.8%). Theeffective tax rate is different than the statutory rate primarily due to rate differentials and non-controlling interests' incomenot subject to tax.
7. PROPERTY, PLANT AND EQUIPMENT 
The following table presents a reconciliation of property, plant and equipment at fair value:
Storage &
HydroelectricWindSolarother(1)Total(2)
(MILLIONS)
As at December 31, 2019 ................................. $26,024$4,258$197$235$30,714
Additions(3) .......................................................31612721401
Items recognized through OCI
Foreign currency translation..........................(1,777)(342)(5)(55)(2,179)
Items recognized through net income
Changes in fair value .....................................(4)(3)(4)—(11)
Depreciation ..................................................(254)(130)(7)(7)(398)
As at June 30, 2020(4) ....................................... $24,305$3,795$253$174$28,527
(1)Includes biomass and cogeneration.
(2)Includes intangible assets of $8 million (2019: $10 million) and assets under construction of $397 million (2019: $334 million).
(3)Brookfield Renewable exercised the option to buy out the lease on its 192 MW hydroelectric facility in Louisiana and recognized an $247million adjustment to its corresponding right-of-use asset.
(4)Includes right-of-use assets not subject to revaluation of $63 million (2019: $71 million) in our hydroelectric segment, $50 million (2019: $51million) in our wind segment, $1 million (2019: nil) in our solar segment, and $3 million (2019: $3 million) in our storage & other segment.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 20
8. BORROWINGS
Corporate Borrowings
The composition of corporate borrowings is presented in the following table:
June 30, 2020December 31, 2019
Weighted-averageWeighted- average
InterestTermCarryingEstimatedInterestTermCarryingEstimated
(MILLIONS EXCEPT AS NOTED)rate (%)(years)valuefair valuerate (%)(years)valuefair value
Credit facilities...............N/A4$—$—2.95$299$299
Commercial paper..........0.6< 1140140N/AN/AN/AN/A
Medium Term Notes:
Series 4 (C$150) ..........5.8161101435.817115142
Series 8 (C$400) ..........4.822953104.82308324
Series 9 (C$400) ..........3.852953183.85308322
Series 10 (C$500) ........3.673684023.67384400
Series 11 (C$475).........4.393503974.39231248
Series 12 (C$475) ........3.4103503723.410231232
Series 13 (C$300) ........4.3292212484.330231237
4.010$1,989$2,1904.110$1,808$1,905
Total corporate borrowings ...................................2,129$2,3302,107$2,204
Add: Unamortized premiums(1).............................6—
Less: Unamortized financing fees(1)......................(11)(7)
Less: Current portion ............................................(140)—
$1,984$2,100
(1)Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
Brookfield Renewable had $140 million commercial paper outstanding as at June 30, 2020 (2019: nil). The commercial paperprogram is supplemented by our $1.75 billion corporate credit facilities. 
Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include,but are not limited to, security deposits, performance bonds and guarantees for reserve accounts. As at June 30, 2020, therewere no letters of credit issued that utilized the corporate credit facility (2019: nil).
Brookfield Renewable and its subsidiaries issue letters of credit from some of their credit facilities for general corporate andoperating purposes which include, but are not limited to, security deposits, performance bonds and guarantees for debt servicereserve accounts. See Note 17 – Commitments, contingencies and guarantees for letters of credit issued by subsidiaries.
The following table summarizes the available portion of credit facilities:
(MILLIONS)June 30, 2020December 31, 2019
Authorized corporate credit facilities(1)......................................................................... $2,150$2,150
Draws on corporate credit facilities(1) ...........................................................................—(299)
Authorized letter of credit facility.................................................................................400400
Issued letters of credit ...................................................................................................(258)(266)
Available portion of corporate credit facilities ............................................................. $2,292$1,985
(1)Amounts are guaranteed by Brookfield Renewable.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 21
Medium term notes
Medium term notes are obligations of a finance subsidiary of Brookfield Renewable, Brookfield Renewable Partners ULC(“Finco”) (Note 19 – Subsidiary public issuers). Finco may redeem some or all of the borrowings from time to time, pursuantto the terms of the indenture. The balance is payable upon maturity, and interest on corporate borrowings is paid semi-annually.The term notes payable by Finco are unconditionally guaranteed by Brookfield Renewable, Brookfield Renewable EnergyL.P. (“BRELP”) and certain other subsidiaries.
On April 3, 2020, Brookfield Renewable completed the issuance of C$175 million ($124 million) Series 11 medium termnotes and C$175 million ($124 million) Series 12 medium term notes. The medium term notes were issued as a re-openingon identical terms, other than issue date and the price to the public, to the 4.25% Series 11 medium term notes and the 3.38%Series 12 medium term notes that were issued in September 2018 and 2019, respectively. 
Non-recourse borrowings
Non-recourse  borrowings  are  typically  asset-specific,  long-term,  non-recourse  borrowings  denominated  in  the  domesticcurrency of the subsidiary. Non-recourse borrowings in North America and Europe consist of both fixed and floating interestrate debt indexed to the London Interbank Offered Rate (“LIBOR”), the Euro Interbank Offered Rate ("EURIBOR") and theCanadian Dollar Offered Rate (“CDOR”). Brookfield Renewable uses interest rate swap agreements in North America andEurope to minimize its exposure to floating interest rates. Non-recourse borrowings in Brazil consist of floating interest ratesof Taxa de Juros de Longo Prazo (“TJLP”), the Brazil National Bank for Economic Development’s long-term interest rate,or Interbank Deposit Certificate rate (“CDI”), plus a margin. Non-recourse borrowings in Colombia consist of both fixed andfloating interest rates indexed to Indicador Bancario de Referencia rate (IBR), the Banco Central de Colombia short-terminterest rate, and Colombian Consumer Price Index (IPC), Colombia inflation rate, plus a margin. Non-recourse borrowingsin India consist of fixed interest rate debt. Non-recourse borrowings in China consist of floating interest rates of People'sBank of China ("PBOC"). 
The composition of non-recourse borrowings is presented in the following table:
June 30, 2020December 31, 2019
Weighted-averageWeighted-average
InterestTermCarryingEstimatedInterestTermCarryingEstimated
(MILLIONS EXCEPT AS NOTED)rate (%)(years)valuefair valuerate (%)(years)valuefair value
Non-recourse borrowings(1)
Hydroelectric(2)............................5.99$6,569$7,1965.910$6,616$7,106
Wind ............................................5.2101,8611,9615.2111,8992,006
Solar ............................................5.253043025.15355363
Storage & other ...........................3.3177793.949498
Total ..............................................5.79$8,811$9,5385.710$8,964$9,573
Add: Unamortized premiums(3) ......................................89
Less: Unamortized financing fees(3) ...............................(57)(69)
Less: Current portion......................................................(1,190)(685)
$7,572$8,219
(1)Includes $117 million (2019: $142 million) borrowed under a subscription facility of a Brookfield sponsored private fund.
(2)Includes a lease liability of $554 million associated with a hydroelectric facility included in property, plant and equipment, at fair value, whichis subject to revaluation. During the quarter, Brookfield Renewable exercised the buy out option related to this lease liability. The transactionis expected to close in 2020.
(3)Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
In March 2020, Brookfield Renewable completed a refinancing of COP 200 billion ($50 million). The debt, drawn in twotranches, bears interest at the applicable base rate plus an average margin of 2.36% and matures in March 2027.
In March 2020, Brookfield Renewable completed a refinancing totaling INR 1,460 million ($20 million) associated with asolar portfolio in India.  A portion of the loan bears interest 
at the applicable base rate plus a margin of 1.45% and the remaining
portion bears a fixed rate of 9.75%. The loans mature between 2032 to 2037.
In May 2020, Brookfield Renewable completed a bridge financing totaling R$250 million ($46 million) associated with asolar development project in Brazil. 
The loan bears interest at a fixed rate of 5.3% and matures in 2021.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 22
In June 2020, Brookfield Renewable completed a financing totaling C$23 million ($17 million) associated with a hydroelectricfacility in Canada. 
The loan bears interest at a fixed rate of 3.5% and matures in 2044.
9. NON-CONTROLLING INTERESTS
Brookfield Renewable`s non-controlling interests are comprised of the following:
(MILLIONS)June 30, 2020December 31, 2019
Participating non-controlling interests – in operating subsidiaries .................................. $7,813$8,742
General partnership interest in a holding subsidiary held by Brookfield .........................5868
Participating non-controlling interests – in a holding subsidiary – Redeemable/
Exchangeable units held by Brookfield........................................................................2,8163,315
Preferred equity ................................................................................................................571597
$11,258$12,722
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 23
Participating non-controlling interests – in operating subsidiaries
The net change in participating non-controlling interests – in operating subsidiaries is as follows:
Brookfield
AmericasBrookfieldBrookfieldBrookfieldCanadianIsagenIsagen public
InfrastructureInfrastructureInfrastructureInfrastructureHydroelectricThe Catalystinstitutionalnon-controlling
FundFund IIFund IIIFund IVPortfolioGroupinvestorsinterestsOtherTotal
(MILLIONS)
As at December 31, 2018$900$1,929$2,469$—$276$124$2,212$15$204$8,129
Net income (loss) ..................—(13)736191715415262
OCI........................................46134330(3)61(41)2662—795
Capital contributions .............——2159268——(2)3430
Disposal.................................—(87)——————(85)(172)
Distributions..........................(24)(120)(274)—(1)(11)(259)(1)(16)(706)
Other......................................—8(3)1(5)—2(2)34
As at December 31, 2019...... $922$1,851$2,597$163$618$89$2,375$13$114$8,742
Net income (loss) ..................(5)(6)2214191460——118
OCI........................................(38)(114)(283)1(26)—(312)(2)(14)(788)
Capital contributions .............—3219(18)———28
Distributions..........................(5)(25)(123)——(9)(81)—(8)(251)
Other......................................21(14)(2)(1)(1)2(1)(2)(16)
As at June 30, 2020 ............... $876$1,710$2,201$195$592$93$2,044$10$92$7,813
Interests held by third parties75%-80%43%-60%23%-71%75%50%25%53%0.3%20%-50%
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated Financial Statements andJune 30, 2020
Notes
Page 24
General partnership interest in a holding subsidiary held by Brookfield and Participating non-controlling interests – in aholding subsidiary – Redeemable/Exchangeable units held by Brookfield
Brookfield, as the owner of the 1% general partnership interest in BRELP held by Brookfield (“GP interest”), is entitled toregular distributions plus an incentive distribution based on the amount by which quarterly distributions exceed specifiedtarget levels. To the extent that LP Unit distributions exceed $0.375 per LP Unit per quarter, the incentive is 15% of distributionsabove this threshold. To the extent that quarterly LP Unit distributions exceed $0.4225 per LP Unit, the incentive distributionis equal to 25% of distributions above this threshold.
As at June 30, 2020, general partnership units, and Redeemable/Exchangeable partnership units outstanding were 2,651,506(December 31, 2019: 2,651,506) and 129,658,623 (December 31, 2019: 129,658,623), respectively.
Distributions
The composition of the distributions for the three and six months ended June 30 is presented in the following table:
Three months ended June 30Six months ended June 30
(MILLIONS)2020201920202019
General partnership interest in a holding subsidiary held by
Brookfield .................................................................................. $2$1$3$3
Incentive distribution .....................................................................15123125
17133428
Participating non-controlling interests – in a holding subsidiary
– Redeemable/Exchangeable units held by Brookfield .............7067142135
$87$80$176$163
Preferred equity
Brookfield Renewable`s preferred equity consists of Class A Preference Shares of Brookfield Renewable Power PreferredEquity Inc. ("BRP Equity") as follows:
Distributions declared for
Earliestthe six months ended 
CumulativepermittedJune 30Carrying value as at
Sharesdistributionredemption
(MILLIONS EXCEPT ASNOTED)
outstandingrate (%)date20202019June 30, 2020December 31, 2019
Series 1 (C$136) ......5.453.36Apr 2020$2$2$100$105
Series 2 (C$113)(1) ...4.512.85Apr 2020228286
Series 3 (C$249) ......9.964.40Jul 201944183192
Series 5 (C$103) ......4.115.00Apr 2018227679
Series 6 (C$175) ......7.005.00Jul 201833130135
31.03$13$13$571$597
(1)Dividend rate represents annualized distribution based on the most recent quarterly floating rate.
The Class A Preference Shares do not have a fixed maturity date and are not redeemable at the option of the holders. As atJune 30, 2020, none of the issued Class A Preference Shares have been redeemed by BRP Equity. 
Class A Preference Shares – Normal Course Issuer Bid 
In July 2020, the Toronto Stock Exchange accepted notice of BRP Equity's intention to renew the normal course issuer inconnection with its outstanding Class A Preference Shares for another year to July 8, 2021, or earlier should the repurchasesbe completed prior to such date. Under this normal course issuer bid, it is permitted to repurchase up to 10% of the totalpublic float for each respective series of the Class A Preference Shares. Unitholders may receive a copy of the notice, free ofcharge, by contacting Brookfield Renewable. No shares were repurchased during the six months ended June 30, 2020.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 25
10. PREFERRED LIMITED PARTNERS' EQUITY
Brookfield Renewable’s preferred limited partners’ equity comprises of Class A Preferred LP Units as follows:
Distributions declared
Earliest
for the six months
Cumulativepermitted
ended June 30Carrying value as at
Sharesdistributionredemption
(MILLIONS, EXCEPT ASNOTED)outstandingrate (%)date2019
2020June 30, 2020December 31, 2019
Series 5 (C$72)........2.895.59Apr 2018$1$2$49$49
Series 7 (C$175)......7.005.50Jan 202144128128
Series 9 (C$200)......8.005.75Jul 202144147147
Series 11 (C$250) ....10.005.00Apr 202255187187
Series 13 (C$250)....10.005.00Apr 202354196196
Series 15 (C$175)....7.005.75Apr 202442126126
Series 17 ($200) ......8.005.25Mar 20253—$195$—
52.89$26$21$1,028$833
On February 24, 2020, Brookfield Renewable issued 8,000,000 Class A Preferred Limited Partnership Units, Series 17 (the“Series 17 Preferred Units”) at a price of $25 per unit for gross proceeds of $200 million. Brookfield Renewable incurred $5million in related transaction costs inclusive of fees paid to underwriters. The holders of the Series 17 Preferred Units areentitled to receive a cumulative quarterly fixed distribution yielding 5.25%. 
As at June 30, 2020, none of the Class A, Series 5 Preferred Limited Partnership Units have been redeemed.
In July 2020, the Toronto Stock Exchange accepted notice of Brookfield Renewable's intention to renew the normal courseissuer bid in connection with the outstanding Class A Preferred Limited Partnership Units for another year to July 8, 2021,or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, Brookfield Renewableis  permitted  to  repurchase  up  to  10%  of  the  total  public  float  for  each  respective  series  of  its  Class A  Preference  Units.Unitholders may receive a copy of the notice, free of charge, by contacting Brookfield Renewable. No shares were repurchasedduring the six months ended June 30, 2020. 
11. LIMITED PARTNERS' EQUITY 
Limited partners’ equity
As  at  June 30,  2020,  179,047,436  LP  Units  were  outstanding  (December 31,  2019:  178,977,800  LP  Units)  including45,832,944 LP Units (December 31, 2019: 56,068,944 LP Units) held by Brookfield. Brookfield owns all general partnershipinterests in Brookfield Renewable representing a 0.01% interest.
During the second quarter of 2020, certain affiliates of Brookfield Asset Management completed a secondary offering of10,236,000 LP Units at a price of $48.85 per LP Unit, for gross proceeds of $500 million. 
Brookfield Renewable did not
sell LP Units in the offering and will not receive any of the proceeds from the offering of LP Units. 
During the three and six months ended June 30, 2020, 30,458 and 69,636 LP Units (2019: 54,749 and 105,248 LP Units)were issued under the distribution reinvestment plan at a total cost of $1 million and $3 million, respectively (2019: $1 millionand $3 million).
As at June 30, 2020, Brookfield Asset Management’s direct and indirect interest of 175,491,567 LP Units and Redeemable/Exchangeable partnership units represents approximately 57% of Brookfield Renewable on a fully-exchanged basis and theremaining approximate 43% is held by public investors.
On an unexchanged basis, Brookfield holds a 26% direct limited partnership interest in Brookfield Renewable, a 42% directinterest in BRELP through the ownership of Redeemable/Exchangeable partnership units and a direct 1% GP interest inBRELP as at June 30, 2020.
In December 2019, Brookfield Renewable commenced a normal course issuer bid in connection with its LP Units. Underthis  normal  course  issuer  bid  Brookfield  Renewable  is  permitted  to  repurchase  up  to  8.9  million  LP  Units,  representingapproximately 5% of the issued and outstanding LP Units, for capital management purposes. The bid will expire on December11,  2020,  or  earlier  should  Brookfield  Renewable  complete  its  repurchases  prior  to  such  date.  There  were  no  LP  units
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 26
repurchased during the three and six months ended June 30, 2020. During the six months ended June 30, 2019, there were
20,000 LP Units repurchased at a total cost of $1 million.
Distributions
The composition of the limited partners' equity distributions for the three and six months ended June 30 is presented in thefollowing table:
Three months ended June 30Six months ended June 30
(MILLIONS)2020201920202019
Brookfield ............................................................................................. $29$29$60$58
External LP Unitholders........................................................................6863136127
$97$92$196$185
In January 2020, Unitholder distributions were increased to $2.17 per LP Unit on an annualized basis, an increase of $0.11per LP Unit, which took effect with the distribution payable in March 2020.
12. EQUITY-ACCOUNTED INVESTMENTS
The following are Brookfield Renewable’s equity-accounted investments for the six months ended June 30, 2020:
(MILLIONS)
Opening balance..................................................................................................................................................... $1,889
Acquisition.............................................................................................................................................................15
Share of net income (loss)......................................................................................................................................(31)
Share of other comprehensive income...................................................................................................................(8)
Dividends received.................................................................................................................................................(42)
Foreign exchange translation and other .................................................................................................................(44)
Ending balance....................................................................................................................................................... $1,779
The following table summarizes gross revenues and net income of equity-accounted investments in aggregate:
Three months ended June 30Six months ended June 30
2020201920202019
(MILLIONS)
Revenue .................................................................... $371$356$755$715
Net income (loss)......................................................(81)(9)(153)101
Share of net income (loss)(1) .....................................(15)—(31)32
(1)Brookfield Renewable's ownership interest in these entities ranges from 14% to 50%.
The following table summarizes gross assets and liabilities of equity-accounted investments in aggregate at 100%:
(MILLIONS)June 30, 2020December 31, 2019
Current assets.......................................................................................................................... $1,118$1,102
Property, plant and equipment ................................................................................................16,93816,256
Other assets .............................................................................................................................537571
Current liabilities ....................................................................................................................1,3031,279
Non-recourse borrowings .......................................................................................................7,9057,365
Other liabilities .......................................................................................................................3,1532,580
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 27
13. CASH AND CASH EQUIVALENTS
Brookfield Renewable’s cash and cash equivalents are as follows:
(MILLIONS)June 30, 2020December 31, 2019
Cash ........................................................................................................................................ $216$103
Short-term deposits .................................................................................................................1312
$229$115
14. RESTRICTED CASH
Brookfield Renewable’s restricted cash is as follows:  
(MILLIONS)June 30, 2020December 31, 2019
Operations............................................................................................................................... $104$87
Credit obligations....................................................................................................................8169
Development projects .............................................................................................................4817
Total233173
Less: non-current ....................................................................................................................(11)(19)
Current .................................................................................................................................... $222$154
15. TRADE RECEIVABLES AND OTHER CURRENT ASSETS
Brookfield Renewable's trade receivables and other current assets are as follows:
(MILLIONS)June 30, 2020December 31, 2019
Trade receivables .................................................................................................................... $333$406
Prepaids and other...................................................................................................................82119
Other short-term receivables...................................................................................................139142
Current portion of contract asset.............................................................................................5051
$604$718
Brookfield Renewable receives payment monthly for invoiced PPA revenues and has no significant aged receivables as ofthe reporting date. Receivables from contracts with customers are reflected in Trade receivables. 
16.  ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Brookfield Renewable's accounts payable and accrued liabilities are as follows:
(MILLIONS)June 30, 2020December 31, 2019
Operating accrued liabilities ................................................................................................... $207$237
Accounts payable....................................................................................................................76111
Interest payable on borrowings...............................................................................................7173
Deferred consideration............................................................................................................3960
LP Unitholders distributions, preferred limited partnership unit distributions and preferred
dividends payable(1) ............................................................................................................3933
Current portion of lease liabilities ..........................................................................................1515
Other .......................................................................................................................................7761
$524$590
(1)Includes amounts payable only to external LP Unitholders. Amounts payable to Brookfield are included in due to related parties.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 28
17. COMMITMENTS, CONTINGENCIES AND GUARANTEES
Commitments
In the course of its operations, Brookfield Renewable and its subsidiaries have entered into agreements for the use of water,land and dams. Payment under those agreements varies with the amount of power generated. The various agreements can berenewed and are extendable up to 2089.
Together with institutional partners, Brookfield Renewable is committed to invest C$400 million in TransAlta's convertiblesecurities in October 2020. We also agreed, subject to certain terms and conditions, to maintain an ownership of TransAltacommon shares to 9% up to a price ceiling.
Brookfield Renewable, alongside institutional partners, entered into a commitment to invest approximately $37 million toacquire a 210 MW solar development portfolio in Brazil. The transaction is expected to close in the third quarter of 2020,subject to customary closing conditions, with Brookfield Renewable expected to hold a 25% interest.
Subsequent to quarter end, Brookfield Renewable, alongside institutional partners, entered into a commitment to acquire a
1,200 MW solar development portfolio in Brazil for approximately $50 million, which are targeted for commercial operationsin early 2023. The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions, withBrookfield Renewable expected to hold a 25% interest.
An integral part of Brookfield Renewable’s strategy is to participate with institutional investors in Brookfield-sponsoredprivate  equity  funds  that  target  acquisitions  that  suit  Brookfield  Renewable’s  profile.  In  the  normal  course  of  business,Brookfield Renewable has made commitments to Brookfield-sponsored private equity funds to participate in these targetacquisitions in the future, if and when identified.
Contingencies
Brookfield Renewable and its subsidiaries are subject to various legal proceedings, arbitrations and actions arising in thenormal course of business. While the final outcome of such legal proceedings and actions cannot be predicted with certainty,it  is  the  opinion  of  management  that  the  resolution  of  such  proceedings  and  actions  will  not  have  a  material  impact  onBrookfield Renewable’s consolidated financial position or results of operations.
Brookfield Renewable, on behalf of Brookfield Renewable’s subsidiaries, and the subsidiaries themselves have providedletters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, constructioncompletion and performance. The activity on the issued letters of credit by Brookfield Renewable can be found in Note 8 –Borrowings.
Brookfield Renewable, along with institutional investors, has provided letters of credit, which include, but are not limited to,guarantees for debt service reserves, capital reserves, construction completion and performance as it relates to interests in theBrookfield Americas Infrastructure Fund, the Brookfield Infrastructure Fund II, the Brookfield Infrastructure Fund III, andthe Brookfield Infrastructure Fund IV. Brookfield Renewable’s subsidiaries have similarly provided letters of credit, whichinclude, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance.
Letters of credit issued by Brookfield Renewable along with institutional investors and its subsidiaries were as at the followingdates:  
(MILLIONS)June 30, 2020December 31, 2019
Brookfield Renewable along with institutional investors....................................................... $48$50
Brookfield Renewable's subsidiaries ......................................................................................248286
$296$336
Guarantees
In  the  normal  course  of  operations,  Brookfield  Renewable  and  its  subsidiaries  execute  agreements  that  provide  forindemnification and guarantees to third parties of transactions such as business dispositions, capital project purchases, businessacquisitions, and sales and purchases of assets and services. Brookfield Renewable has also agreed to indemnify its directorsand  certain  of  its  officers  and  employees.  The  nature  of  substantially  all  of  the  indemnification  undertakings  preventsBrookfield Renewable from making a reasonable estimate of the maximum potential amount that Brookfield Renewablecould be required to pay third parties as the agreements do not always specify a maximum amount and the amounts aredependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 29
time. Historically, neither Brookfield Renewable nor its subsidiaries have made material payments under such indemnificationagreements.
18. RELATED PARTY TRANSACTIONS
Brookfield Renewable`s related party transactions are recorded at the exchange amount. Brookfield Renewable`s relatedparty transactions are primarily with Brookfield Asset Management.
Brookfield  Asset  Management  has  provided  a  $400  million  committed  unsecured  revolving  credit  facility  maturing  inDecember 2020 and the interest rate applicable on the draws is LIBOR plus up to 1.8%. During the current period, there wereno draws on the committed unsecured revolving credit facility provided by Brookfield Asset Management. Brookfield AssetManagement may from time to time place funds on deposit with Brookfield Renewable which are repayable on demandincluding any interest accrued. There were no funds placed on deposit with Brookfield Renewable in six months ended June30, 2020 (2019: $600 million, which was fully repaid within the period). There was no interest expense on the BrookfieldAsset Management revolving credit facility or deposit for the three and six months ended June 30, 2020 (2019: nil and $3million).  
The following table reflects the related party agreements and transactions for the three and six months ended June 30 in theinterim consolidated statements of income:
Three months ended June 30Six months ended June 30
(MILLIONS)2020201920202019
Revenues
Power purchase and revenue agreements .............. $84$209$180$368
Wind levelization agreement .................................———1
$84$209$180$369
Direct operating costs
Energy purchases ................................................... $—$(2) $—$(5)
Energy marketing fee .............................................(2)(6)(2)(12)
Insurance services(1) ...............................................(6)(7)(12)(14)
$(8) $(15) $(14) $(31)
Interest expense
Borrowings............................................................. $—$—$—$(3)
Contract balance accretion.....................................(4)(3) $(8) $(5)
$(4) $(3) $(8) $(8)
Management service costs ........................................ $(36) $(23) $(67) $(44)
(1)Insurance services are paid to a subsidiary of Brookfield Asset Management that brokers external insurance providers on behalf of BrookfieldRenewable. The fees paid to the subsidiary of Brookfield Asset Management for the three and six months ended June 30, 2020 were less than$1 million (2019: less than $1 million).
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 30
19.  SUBSIDIARY PUBLIC ISSUERS
The following tables provide consolidated summary financial information for Brookfield Renewable, BRP Equity, and Finco:
Brookfield
BrookfieldBRPHoldingOtherConsolidatingRenewable
Renewable(1)EquityFincoEntities(1)(2)Subsidiaries(1)(3)adjustments(4)consolidated
(MILLIONS)
As at June 30, 2020
Current assets..................................... $36$390$ 2,016$250$3,313$(4,595) $1,410
Long-term assets................................4,936240222,70832,152(28,123)31,915
Current liabilities...............................456264,2322,455(4,593)2,171
Long-term liabilities...........................——1,98413913,500(643)14,980
Participating non-controlling
interests – in operatingsubsidiaries
.....................................————7,813—7,813
Participating non-controlling
interests – in a holding subsidiary– Redeemable/Exchangeableunits held by Brookfield
................———2,816——2,816
Preferred equity.................................—571————571
Preferred limited partners' equity....1,028——1,039—(1,039)1,028
As at December 31, 2019
Current assets ....................................... $32$408$ 1,832$133$3,230$(4,161) $1,474
Long-term assets ..................................5,428251225,06834,500(31,032)34,217
Current liabilities .................................407243,9181,852(4,163)1,678
Long-term liabilities.............................——1,80130014,440(659)15,882
Participating non-controlling interests
– in operating subsidiaries...............————8,742—8,742
Participating non-controlling interests
– in a holding subsidiary –Redeemable/Exchangeable unitsheld by Brookfield...........................
———3,315——3,315
Preferred equity....................................—597————597
Preferred limited partners' equity.........833——844—(844)833
(1)Includes investments in subsidiaries under the equity method.
(2)Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited andBrookfield Renewable Investments Limited, together the "Holding Entities".
(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Finco and the Holding Entities.
(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 31
Brookfield
BrookfieldBRPHoldingOtherConsolidatingRenewable
Renewable(1)EquityFincoEntities(1)(2)Subsidiaries(1)(3)adjustments(4)consolidated
(MILLIONS)
Three months ended June 30, 2020
Revenues.............................................. $—$—$—$—$651$—$651
Net income (loss).................................(11)—128358(365)11
Three months ended June 30, 2019
Revenues ............................................... $—$—$—$1$786$—$787
Net income (loss) ..................................21——44414(370)109
Six months ended June 30, 2020
Revenues....................................... $—$—$—$—$1,443$—$1,443
Net income (loss)..........................11—1(35)690(536)131
Six months ended June 30, 2019
Revenues ........................................ $—$—$—$—$1,612$—$1,612
Net income (loss) ...........................56—255746(597)262
(1)Includes investments in subsidiaries under the equity method. 
(2)Includes the Holding Entities.
(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Finco, and the Holding Entities.
(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.
See Note 8 – Borrowings for additional details regarding the medium-term borrowings issued by Finco. See Note 9 – Non-controlling interests for additional details regarding Class A Preference Shares issued by BRP Equity. 
20. SUBSEQUENT EVENTS 
On July 29, 2020, Brookfield Renewable contributed its renewable power assets in the United States, Brazil and Colombia(excluding  a  10%  interest  in  certain  Brazilian  and  Colombian  operations,  which  will  continue  to  be  held  indirectly  byBrookfield Renewable) to BEPC. On July 30, 2020, Brookfield Renewable completed a special distribution (the “specialdistribution”) whereby unitholders of record as of July 27, 2020 (the “Record Date”) received one class A exchangeablesubordinate voting share (“BEPC exchangeable share") for every four units held. Immediately prior to the special distribution,Brookfield Renewable received BEPC exchangeable shares through a distribution by BRELP (the "BRELP" distribution) ofthe BEPC exchangeable shares to all of its unitholders. As a result of the BRELP Distribution, (i) Brookfield and its subsidiariesreceived approximately 33.1 million BEPC exchangeable shares and (ii) Brookfield Renewable received approximately 44.7million class A shares, which it subsequently distributed to unitholders pursuant to the special distribution. Upon completionof the special distribution, (i) holders of units held approximately 42.8% of the issued and outstanding BEPC exchangeableshares (ii) Brookfield and its affiliates held approximately 57.2% of the issued and outstanding BEPC exchangeable shares,and (iii) a subsidiary of Brookfield Renewable owned all of the issued and outstanding class B multiple voting shares, orclass B shares, which represent a 75.0% voting interest in BEPC, and all of the issued and outstanding class C non-votingshares, or class C shares, of BEPC, which entitle Brookfield Renewable to the residual value in BEPC after payment in fullof the amount due to holders of BEPC exchangeable shares and class B shares. Brookfield Renewable directly and indirectlycontrolled BEPC prior to the special distribution and continues to control BEPC subsequent to the special distribution throughits interests in the company. The BEPC exchangeable shares are listed on the New York Stock Exchange and the TorontoStock Exchange under the symbol “BEPC”.
The thresholds used for the calculation of incentive distribution rights that Brookfield is entitled to as the owner of the 1%GP interest in BRELP will be reduced on the completion of the special distribution to give effect to the special distribution,to $0.300 and $0.338, respectively. 
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 32
On July 31, 2020, shortly following the special distribution, Brookfield Renewable acquired all of the outstanding Class Acommon stock of TerraForm Power, other than the approximately 62% already owned by Brookfield Renewable and itsaffiliates, through a series of transactions (the "TerraForm Power acquisition"). Pursuant to the TerraForm Power acquisition,each holder of public shares of TerraForm Power was entitled to receive 0.47625 of a BEPC exchangeable share or, at theelection of the holder, a LP Unit. As a result of the TerraForm Power acquisition, holders of public shares of TerraForm Powerexchanged their shares for 37,035,241 exchangeable units of BEPC and 4,034,469 LP Units. After giving effect to the specialdistribution and the TERP acquisition, Brookfield and its affiliates, including Brookfield Renewable, through its ownershipof BEPC exchangeable shares and class B shares, holds an approximate 84.7% voting interest in BEPC. Holders of BEPCexchangeable shares, excluding Brookfield and its affiliates and Brookfield Renewable, hold an approximate 15.3% aggregatevoting interest in BEPC. 
Concurrently with the TerraForm Power acquisition, Brookfield Renewable entered into a voting agreement with Brookfieldwhereby Brookfield agreed to provide Brookfield Renewable with a number of voting rights, including the authority to directthe election of the Boards of Directors of the Brookfield entity that owns shares in TerraForm Power. As a result, BrookfieldRenewable controls and consolidates TerraForm Power. 
Following  the  closing  of  the TerraForm  Power  acquisition,  Brookfield Asset  Management  owns,  directly  and  indirectly,220,030,707  LP  Units  and  Redeemable/Exchangeable  partnership  units  and  BEPC  exchangeable  shares,  representingapproximately 51.5% of Brookfield Renewable on a fully-exchanged basis and the remaining approximately 48.5% is heldby public investors.
Brookfield Renewable Partners L.P.Q2 2020 Interim Consolidated FinancialJune 30, 2020
Statements and Notes
Page 33
GENERAL INFORMATION 
Corporate Office73 Front StreetFifth FloorHamilton, HM12BermudaTel:  (441) 294-3304Fax: (441) 516-1988https://bep.brookfield.comDirectors of the General Partner ofBrookfield Renewable Partners L.P.Jeffrey BlidnerEleazar de Carvalho FilhoNancy DornDavid MannLou MarounPatricia ZuccottiStephen Westwell
Officers of Brookfield Renewable PartnersL.P.`s Service Provider,BRP Energy Group L.P.
Exchange ListingNYSE: BEP (LP Units)TSX:    BEP.UN (LP Units)TSX:    BEP.PR.E (Preferred LP Units - Series 5)TSX:    BEP.PR.G (Preferred LP Units - Series 7)TSX:    BEP.PR.I (Preferred LP Units - Series 9)TSX:    BEP.PR.K (Preferred LP Units - Series 11)TSX:    BEP.PR.M (Preferred LP Units - Series 13)TSX:    BEP.PR.O (Preferred LP Units - Series 15)NYSE: BEP.PR.A  (Preferred LP Units - Series 17)TSX:    BRF.PR.A (Preferred shares - Series 1)TSX:    BRF.PR.B (Preferred shares - Series 2)TSX:    BRF.PR.C (Preferred shares - Series 3)TSX:    BRF.PR.E (Preferred shares - Series 5)TSX:    BRF.PR.F (Preferred shares - Series 6)
Sachin ShahChief Executive Officer
Wyatt HartleyChief Financial Officer
Transfer Agent & RegistrarComputershare Trust Company of Canada100 University Avenue9th floorToronto, Ontario, M5J 2Y1Tel  Toll Free: (800) 564-6253Fax Toll Free: (888) 453-0330www.computershare.com
Investor InformationVisit Brookfield Renewable online athttps://bep.brookfield.com for more information. The 2019Annual Report and Form 20-F are also available online.For detailed and up-to-date news and information, pleasevisit the News Release section.
Additional financial information is filed electronically withvarious securities regulators in United States and Canadathrough EDGAR at www.sec.gov and through SEDAR atwww.sedar.com.
Shareholder enquiries should be directed to the InvestorRelations Department at (416) 369-2616 orenquiries@brookfieldrenewable.com