Page 1

Brookfield Letter to Unitholders Q4 2020 2020 was another year of significant growth for our business . Despite the economic challenges around the world , we delivered record results and continued to broaden our operations , as we look forward to a multi - decade opportunity to advance decarbonization and assist with the transition of global electricity grids to a more sustainable future . Advancing the transition to a lower carbon future will require substantial capital - in excess of $ 100 trillion over the next three decades - and will require significant expertise . Over 70 % of the world's carbon emissions can be traced directly or indirectly back to power generation and the energy sector . This will translate into an even greater buildout of renewables - and in various regions , a substantial conversion of carbon - intensive industries to cleaner and more sustainable methods of production . Our size , scale across multiple technologies , and depth of operating and development expertise continues to be a meaningful differentiator in sourcing growth opportunities . In the last quarter alone : • • • • In the United States , we continued to build the largest distributed generation business in the country , with over 2,000 megawatts of operating and development solar . This business helps commercial and industrial customers procure renewable power that is produced directly on site , decarbonizing their businesses by reducing their consumption from fossil fuel - based power . In Canada , we invested in a large power producer looking to reduce its carbon emissions in order to meet federal carbon targets . Further , we partnered with a utility to pursue green hydrogen opportunities , leveraging our existing fleet of hydro facilities . In Europe , we are building new wind farms , backed by long term contracts with leading global technology companies , who are looking to support an increasing carbon - free electricity requirement of green data centres , and global energy companies , that are looking to transition their businesses . We are also investing in off - shore wind development in scale . In Brazil , we started construction on one of the largest greenfield solar projects in the world . This solar park will total 1,200 megawatts once completed and will sell power to commercial customers as well as utilities in the country . Lastly , we increased the size of our global development pipeline to almost 23,000 megawatts . Development is a core competitive advantage of ours , extending across solar , wind , hydro , distributed generation , and storage in every market we operate within . While we have a tremendous opportunity ahead of us , we remain focused on delivering shareholders strong results . We are pleased that over the last 20 years we have generated an annualized 20 % per share compounded total return , while maintaining a very strong balance sheet and robust liquidity position . Q4 2020 Letter to Unitholders Brookfield Renewable Partners L.P. 1