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Brookfield Letter to Unitholders Q1 2021 Our business performed well in the quarter . We continue to be focused on acquiring quality assets for value , enhancing cashflows through our operational capabilities , and maintaining a strong balance sheet . All of this with the objective of delivering total returns to our investors of 12 % to 15 % on a per unit basis over the long term . The tailwinds for renewables are accelerating as governments and businesses around the world are intensifying their focus on decarbonization . With each passing quarter , governments are committing to greater emissions reduction targets and business leaders are adopting plans to transition their businesses towards net zero . Over the past couple of weeks , the U.S. , EU , Canada , and Japan have each announced plans to reduce emissions by approximately half by 2030 , while the U.K. announced plans to reduce emissions by almost 80 % by 2035. These plans will require significant capital as well as the operating expertise to build and implement sustainable solutions . As this occurs , growth opportunities are expected to increasingly favor investors who have a global platform and development capabilities . This will position us to participate in the accelerating build out of renewables and our power marketing expertise allows us to provide green power to businesses across all sectors of the economy . Further , due to our size and expertise across all major renewable technologies , we are increasingly seeing attractive large - scale opportunities to help businesses transition existing generation to cleaner forms of electricity production , as utilities and power producers begin a multi - decade decarbonization process . Looking forward , we remain focused on participating in growth from both the continued build out of wind and solar , as well as the increasing demand for decarbonization and energy transition solutions . Of note , this quarter we : • • Generated FFO of $ 242 million , or $ 0.38 per unit , a 21 % increase on a normalized per unit basis over the same period in the prior year ; Progressed approximately 6,000 megawatts through construction and advanced stage permitting , and added nearly 4,500 megawatts to our development pipeline ; Invested or agreed to invest $ 1.6 billion ( nearly $ 410 million net to Brookfield Renewable ) of equity across a range of transactions , including onshore wind , offshore wind , utility scale solar , and distributed generation , in the United States , Europe , and India ; Issued a $ 350 million perpetual green subordinated note issuance at a fixed rate of 4.625 % . Our balance sheet remains robust with almost $ 3.4 billion of available liquidity and no meaningful near - term maturities ; and Q1 2021 Letter to Unitholders Brookfield Renewable Partners L.P. 1