685 Third Avenue The board of the asset management firm will be made up of Mr. Carney, Mr. Flatt, seven independent directors, as well as the founders of the firm's real estate, private equity and infrastructure businesses Brian Kingston, Cyrus Madon and Sam Pollock who will also continue to act as CEOs and managing partners of their respective businesses. Ill get back in the queue. This repowering was completed on time and on budget, despite the supply chain challenges facing developers around on the world. So our approach is not going to change, but to the extent, we do see large transactions, there will be opportunities for us to co-invest. And we also completed saving initiatives that have delivered $20 million of savings on an annualized basis. And secondly, we need to see that from a very high quality counterparty, because that allows us to do the significant up financing such as the one that we did in December, which unlocks a huge amount of capital today that we can immediately invest in accretive growth. Good morning. And therefore, what we are looking to do with our partners is create a decarbonization as a service product offering that can address any of the decarbonization needs of that customer and enhance that relationship such that we can expand it going forward. Second, in our under construction assets, we have always focused on avoiding basis risk by locking in major CapEx components at the same time, we signed PPAs for projects. New York, NY 10017-4036, Chicago Office As Connor mentioned, we achieved a record level of development over 2021. The power price markets that these assets operate in are very different. Very simply what we are seeing is a growing opportunity set and wed probably classify it in three buckets. There are no executives at Brookfield Renewable Partners L.P getting paid more. What really created the opportunity around Lievre, which we thought was very exceptional, was one we had a motivated buyer of the power Hydro Quebec. Thats simply economies of scale playing out. If we take a look at 2021, you put roughly 1,000 thousand megawatts into service up from your development pipeline. That is not to say that we would never sell them. We do see opportunities where some businesses with large operating portfolios, but growth ambitions as well may that rely on the capital markets for capital might need solutions to fund that growth. We will continue to pursue that activity as long as we have that abundance of corporate contracting demand. And to the extent, those become available to us, because we are pursuing large transactions, we absolutely would expect to co-invest and perhaps increase our proportional activity in those investments, slightly above what we do directly through the fund. Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, India, and China. And then that remaining kind of $2 billion to get to the $6 billion of capital need for growth will come from our normal course asset recycling program. Officer at Brookfield Renewable Partners L.P. As the Chief Exec. And just one quick follow up, you mentioned that you're doing more development due to demand from corporate PPAs. And it's also been an extremely robust period in terms of access to capital. Brookfield Renewable Partners L.P. was founded in 1999 and is headquartered in Hamilton, Bermuda. 2021 was another very strong year for our business. Image source: The Motley Fool. Connor Teskey-- Chief Executive Officer. Id like to turn the call back to Connor Teskey for closing remarks. The first one with Amazon is simply a strategic collaboration where we look to build out clean energy projects to support their growth around the world in their increasing clean energy demand. We expect earn returns on this project in line with our typical 12% to 15% return target. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. [Operator Instructions]. No. [Operator Instructions] Please be advised, today's conference may be recorded. This repowering is expected to increase generation of the facilities 25% by increasing rotor diameter to almost 120 meters, and will also extend the life of the project by 30 years. Great. So there was this seemingly a specific instance here that drove the desire to contract this asset. Offering innovative, institutional-caliber investment expertise and solutions for the individual investor. We've operated our portfolio on a highly contracted basis for the last five or six years. And there is certainly upside from that level if we choose to pursue capital recycling of the assets in the future. Mr. Teskey also served on the board at Saeta Yield SA. And were really using that not just in Europe, but around the world to enhance and drive an accelerated build out of our corporate PPA business and our development pipeline. Were seeing increased demand by the largest procurers of green power for multi-regional or global solutions. Good morning. 
So a long-term corporate PPA is not only clean power it also acts as an insurance policy against future price spikes or shortages in global commodity markets like were seeing currently. Salary Company Earnings; Dec 31 2022 How are you thinking about the typical, like, how you typically invested where its been on a 25% basis with all your partners? But as Connor mentioned, overall in terms of the environment for our hydros just given the ability to deploy dispatchable carbon-free power that specific reason may not kind of replicate, but the overall environment, we expect there could be other reasons that our hydros become more attractive to contract long-term. He is on the Board of Directors at Brookfield Global Infrastructure Advisor Ltd., Brookfield Global Property Advisor Ltd., BHAL Global Corporate Ltd., Brookfield Global Asset Management Ltd., Brookfield Global Business Advisor Ltd., Brookfield Global Renewable Energy Advisor Ltd., Brookfield Global Subinvestments Ltd., Buuk Infrastructure No. 
Before we hand it over for the question-and-answer session, I want to spend a few minutes on two topics, our development pipeline, as well as our recent CAD1.2 billion asset level of financing in Quebec. Very good. And for the last couple years due to the pricing environment, we have been very hesitant to do anything that kind of locks in value around this portfolio, whether it be financings or monetizations. And I would say as a business, we looked at all of those opportunities and we couldnt find one that worked for us appropriately from a risk return or a value entry point perspective. And look, we don't want to talk on their behalf, but from what they've said publicly, one thing that was of value to them was the capacity that this provides them during winter and then they also have the ability to export that power in the summer when their capacity requirements are less. Second, our recent acquisition to acquire Urban Grid and third, the strong growth in our distributed generation business. Global Fixed Income: Volatility and Uncertainty Here to Stay, Valuing Banks: Hidden Losses Versus Assets, 2023 Outlook: The Top Five Trends to Monitor in the Year Ahead, Show Me the Income: Discovering plan sponsor and participant preferences for cr, The Future of Infrastructure: Building a Better Tomorrow, For institutional investors, ETFs can make meeting liquidity needs easier, Gold: the most effective commodity investment, 2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios, Ten ways retirement plan professionals add value to plan sponsors. He is also the head of Brookfields Renewable Power & Transition business and Chief Executive Officer of Brookfield Renewable Partners. Welcome to the BEP Fourth Quarter 2021 Results Conference Call and Webcast. And then thirdly, increasingly were seeing opportunities to be a capital provider and an operating partner to corporates that have their own decarbonization goals, but either dont have the capabilities or the money to fund the processes to get them to their objectives. Our financial position remains robust, with approximately $4.1 billion of total available liquidity at year end, and our business model is self-funded. I think Connor, the context you gave in your of prepared comments was you expect the return potential for the Urban Grid build out would be above the high end of the target 12% to 15% return range. 
Mr. Connor D. Teskey is a Chief Executive Officer at Brookfield Renewable Partners LP, a Chief Executive Officer at Brookfield Renewable Corp., a Managing Partner at Brookfield Asset Management (Infrastructure) and a Managing Partner & CEO-Renewable Power at Brookfield Asset Management, Inc. He is also the head of Brookfields Renewable Power & Transition business and Chief Executive Officer of Brookfield Renewable Partners. This is due to the fact that a significant portion of our business has inflation indexation. Hard cap established at US$12.5 Billion. 
If it is it's immaterial and it might be a couple projects at most, the growth of that business is driven by, I would say macro dynamics that far exceed, call it near -term regulatory decisions. Thanks for the color there, Connor. Our wind and solar segments generated a combined $581 million of FFO, representing a 55% increase over the prior year. So this is really kind of has been factored into that funding plan. We further diversified our business with our first investment in offshore wind and we expanded both our hydroelectric and battery storage portfolios. Yes, its a good question, Ben. This will lead to an unprecedented build out of wind, solar and other clean energy solutions over the next decade. Is it fair to say theres still a price at which you might consider a sell down or really is upfinancing kind of representative of a way you can recycle some of the capital from hydros in the future? It seldom requires working at heights. Just wondering on the development side, are you seeing opportunities to move forward on hydro projects that might not have been as attractive from a return perspective 18 months ago perhaps even six months back? And then secondly, do it with a high quality counterparty under a long duration contract, where we could get very attractive financing. 
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