BROOKFIELD RENEWABLE PARTNERS L.P. (Translation of registrant s name into English)

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of August, 2018 Commission File Number: BROOKFIELD RENEWABLE PARTNERS L.P. (Translation of registrant s name into English) 73 Front Street, 5th Floor Hamilton HM 12 Bermuda (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ýform 40-F o Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1): o Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (7): o The information contained in Exhibits 99.1, 99.2 and 99.3 of this Form 6-K is incorporated by reference into the registrant s registration statement on Form F-3ASR filed with the Securities and Exchange Commission on April 9, 2018 (File No ).

2 EXHIBIT LIST Exhibit 99.1 Q Interim Report 99.2 Interim Consolidated Financial Statements and Notes as at June 30, 2018 and December 31, 2017 and for the Three and Six Months Ended June 30, 2018 and Management s Discussion and Analysis for the Three and Six Months Ended June 30, 2018 and Form F2 Certification of Interim Filings CEO 99.5 Form F2 Certification of Interim Filings CFO 101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE XBRL Instance Document XBRL Taxonomy Extension Schema Document XBRL Taxonomy Extension Calculation Linkbase Document XBRL Taxonomy Extension Definition Linkbase Document XBRL Taxonomy Extension Label Linkbase Document XBRL Taxonomy Extension Presentation Linkbase Document - 2 -

3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BROOKFIELD RENEWABLE PARTNERS L.P. by its general partner, Brookfield Renewable Partners Limited Date: August 3, 2018 By :/s/ Jane Sheere Name: Jane Sheere Title: Secretary - 3 -

4 Exhibit 99.1 Brookfield Renewable Partners L.P. Q INTERIM REPORT

5 OUR OPERATIONS We invest in renewable assets directly, as well as with institutional partners, joint venture partners and through other arrangements. Our portfolio of assets has approximately17,400megawatts( MW )ofcapacityandannualizedlong-termaverage( LTA )generationofapproximately53,300gigawatthours( GWh ),inaddition toadevelopmentpipelineofapproximately8,000mw, makingusoneofthelargestpure-playpublicrenewablecompaniesintheworld.weleverageourextensive operatingexperiencetomaintainandenhancethevalueofassets,growcashflowsonanannualbasisandcultivatepositiverelationswithlocalstakeholders.thetable belowoutlinesourportfolioasatjune30,2018: Storage River Capacity LTA (1) Capacity Systems Facilities (MW) (GWh) (GWh) Hydroelectric NorthAmerica UnitedStates ,886 11,982 2,523 Canada ,361 5,177 1, ,247 17,159 3,784 Colombia 6 6 2,732 14,476 3,703 Brazil , ,906 36,434 7,487 Wind UnitedStates ,888 6,565 - Canada , ,372 8,002 - Europe ,196 2,664 - Brazil ,258 - Other (2) ,397 13,460 - Solar (2) ,783 3,381 - Storage (3) 2 4 2,698-5,220 Other (4) ,364 53,275 12,707 (1) LTAiscalculatedonaconsolidatedandanannualizedbasisfromthebeginningoftheyear,regardlessoftheacquisitionorcommercialoperationdate.See Part8 Presentationto StakeholdersandPerformanceMeasurement foranexplanationonourmethodologyincomputingltaandwhywedonotconsiderltaforourstorageandotherfacilities. (2) Includesfivesolarfacilities(151MW)andonewindfacility(27MW)inSouthAfricathathasbeenpresentedasAssetsheldforsale.See Part1 Q22018Highlights Liquidityand CapitalResources. (3) IncludespumpedstorageinNorthAmerica(600MW)andEurope(2,088MW)andbatterystorageinNorthAmerica(10MW). (4) IncludesfourbiomassfacilitiesinBrazil(175MW),onecogenerationplantinColombia(300MW),andonecogenerationplantinNorthAmerica(105MW).

6 Thefollowingtablepresentstheannualizedlong-termaveragegenerationofourportfolioasatJune30,2018onaconsolidated andquarterlybasis: GENERATION(GWh) (1) Q1 Q2 Q3 Q4 Total Hydroelectric NorthAmerica UnitedStates 3,404 3,474 2,178 2,926 11,982 Canada 1,228 1,508 1,223 1,218 5,177 4,632 4,982 3,401 4,144 17,159 Colombia 3,508 3,509 3,571 3,888 14,476 Brazil 1,181 1,198 1,210 1,210 4,799 9,321 9,689 8,182 9,242 36,434 Wind NorthAmerica UnitedStates 1,798 1,762 1,291 1,714 6,565 Canada ,437 2,198 2,107 1,564 2,133 8,002 Europe ,664 Brazil ,258 Other (2) ,501 3,384 3,011 3,564 13,460 Solar (2) ,381 Total 13,603 14,020 12,094 13,558 53,275 (1) LTAiscalculatedonaconsolidatedandanannualizedbasisfromthebeginningoftheyear,regardlessoftheacquisitionorcommercialoperationdate.See Part8 Presentationto StakeholdersandPerformanceMeasurement foranexplanationonourmethodologyincomputinglta,whywedonotconsiderltaforourstorageandotherfacilities. (2) Includesfivesolarfacilities(151MW)andonewindfacility(27MW)inSouthAfricathathasbeenpresentedasAssetsheldforsale.See Part1 Q22018Highlights Liquidityand CapitalResources.

7 Thefollowingtablepresentstheannualizedlong-termaveragegenerationofourportfolioasatJune30,2018onaproportionate andquarterlybasis: GENERATION(GWh) (1) Q1 Q2 Q3 Q4 Total Hydroelectric NorthAmerica UnitedStates 2,225 2,361 1,470 1,953 8,009 Canada 1,214 1,461 1,184 1,192 5,051 3,439 3,822 2,654 3,145 13,060 Colombia ,482 Brazil ,946 5,252 5,651 4,509 5,076 20,488 Wind NorthAmerica UnitedStates ,215 Canada , ,484 Europe Brazil Other (2) ,376 1,351 1,180 1,413 5,320 Solar (2) Total 6,851 7,277 5,949 6,702 26,779 (1) LTAiscalculatedonaproportionateandanannualizedbasisfromthebeginningoftheyear,regardlessoftheacquisitionorcommercialoperationdate.See Part8 Presentationto StakeholdersandPerformanceMeasurement foranexplanationonthecalculationandrelevanceofproportionateinformation,ourmethodologyincomputinglta,whywedonotconsiderlta forourstorageandotherfacilities. (2) Includesfivesolarfacilities(151MW)andonewindfacility(27MW)inSouthAfricathathasbeenpresentedasAssetsheldforsale.See Part1 Q22018Highlights Liquidityand CapitalResources. Statement Regarding Forward-Looking Statements and Use of Non-IFRS Measures ThisInterimReportcontainsforward-lookinginformationwithinthemeaningofU.S.andCanadiansecuritieslaws.WemaymakesuchstatementsinthisInterimReportandinotherfilingswiththeU.S.SecuritiesandExchangeCommission ( SEC )andwithsecuritiesregulatorsincanada-see PART9-CautionaryStatements.Wemakeuseofnon-IFRSmeasuresinthisInterimReport-see PART9-CautionaryStatements.ThisInterimReport,ourForm20-Fandadditional informationfiledwiththesecandwithsecuritiesregulatorsincanadaareavailableonourwebsiteathttps://bep.brookfield.com,onthesec swebsiteatwww.sec.govoronsedar swebsiteatwww.sedar.com.

8 Thebusinessperformedwellinthesecondquarteraswecontinuedtodeliverstrongavailabilityrates,advanceourdevelopmentandoperatinginitiativesand benefitfromrecentacquisitions.thiswasachieveddespitelowerthanexpectedgeneration.withliquidityof$1.7billionatquarterend,aninvestmentgradebalance sheetandnonear-termmaterialmaturities,wearewellpositionedtoexecuteonourinvestmentandoperatingpriorities. Operating and Financial Results WereportedFundsFromOperations(FFO)of$172millionor$0.55perunitinthesecondquarter.Thebusinesscontinuestoperformwellacrossallregions,however weexperiencedlowwaterlevelsinnorthamericathisquarter.onanormalizedbasis,wewouldhaveachievedffoof$206millionthisquarter,whichrepresentsyearover-yeargrowthof16%onaperunitbasis,reflectingthecontinuedstrengthofouroperatingbusinessaswellascontributionsfromrecentacquisitions. Ourhydroelectricassetscontributed$181millionofFFO.Whilehydrologyremainsclosetolong-termaveragelevelsinSouthAmerica,weexperiencedlowerrainfallin OntarioandNewYorkimpactinggenerationlevels. Duringthequarter, wecontinuedtofocusonextendingourcontractprofileatpremiumpricing. AtPJM srecent capacityauction,wesold964megawattsintostrongmarkets,securing$17millionofrevenue(nettobep)forthe2021/2022deliveryperiod 70%higherthantheprior year.incolombia,wesignedalmost20newcontractswith5to10yearterms.inbrazil,wesecuredfivenewcontractsataveragepricingofapproximatelyr$260per megawatt-hour(~u.s.$70permegawatt-hour).wealsocommissionedour28megawattbrazilianverde4ahydroelectricfacility. Ourwindsegmentdelivered$34millionofFFOinthesecondquarter,$10millionaheadofprioryearaswecontinuetobenefitfromnewacquisitionsanddevelopment projectscomingonline.atterraformpower,windperformancehasbeenconsistentwithourexpectationsandwecontinuedtoprogressoutsourcingofthewindfleet s operationsandmaintenance,whichisexpectedtodrivemeaningfuloperatingcostsavingsoverthenextfewyears.ourbrazilianwindbusinesscontinuestodeliver verystrongresultswithcapacityfactorsconsistentlyaround40%. Our solar business delivered $16 million of FFO this quarter, as our global fleet continues to perform well, with strong availability across the portfolio. Our storage facilitiesdelivered$7millionofffointhesecondquarter asthesefacilities continuetoprovideessential grid-stabilizing ancillaryservices andlarge-scale back-up capacity.atourfirsthydrobusiness,wecontinuetoworkwithourpartnertooptimizeassetoperation,dispatchandtrading. Wecontinuetopursuedevelopmentacrossallbusinesslines.WearecurrentlyadvancingtwohydrofacilitiesinBraziltotaling49megawatts,twowindfarmsinEurope totaling47megawatts,anda63megawattstorageexpansionprojectintheu.s.ourtotalequityinvestmentintheseprojectsisapproximately$75million,themajority ofwhichhasalreadybeenfundedandallprojectsareadvancingonscope,scheduleandbudget.oncecompleted,theseassetsshouldcontributeanadditional$20 milliontoourffo. Transaction Update Duringthe secondquarter, weinvested $450millionintogrowthanddevelopmentinitiatives. Thisincludesourinvestment inadditionalsharesofterraformpower bringingthetotalownershipbetween BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page2

9 ourselvesandourpartnersupto65%(from51%)andincreasingbep sinterestfrom16%to30%.theshareissuancefromterraformpowerwasusedtofundits acquisition of Saeta Yield a high quality, stable 1,028 megawatt European solar and wind portfolio with a $1.2 billion equity valuation. Saeta s revenues are underpinnedprimarilybyastableregulatedratebaseinspainwhichsupportsover80%ofthecompany sebitdaandprotectsthebusinessfromproductionvariability. Thebalanceofthebusiness revenuesaresubjecttolongtermpowerpurchaseagreementswhichexceed16yearsinterm.lookingforward,theportfolioprovidesa numberofoperational and balance sheet enhancement opportunities which should provide meaningful margin expansion over time, consistent with our operationsorientedapproachtoinvesting. WemadeourfirstinvestmentinEuropefiveyearsagowiththeacquisitionof320megawattsofoperatingwindfarmsinIreland.Withthisrecentacquisition,wenow haveapproximately5,100megawattsofoperatinganddevelopmentassetsthroughouteuropeandtheu.k. andadiversifiedportfolio comprisedofwind,solarand pumpedhydro.wecontinuetoseeeuropeasastronggrowthmarketoverthelongtermandaccordingly,continuetogrowouroperatinganddevelopmentcapabilities intheregionacrossmultipletechnologies. Balance Sheet and Capitalization Factoring inrecent investments, weendedthequarterwith$1.7billionofliquidityandcontinuetofocusonstrengthening ourinvestmentgradebalancesheet. Our prioritiesremainthesame:termingoutourdebt,extendingmaturitiesonafixedratebasis,reducingborrowingcostsandmonetizingmatureassetstoredeploycapital intohighervalueopportunities. Duringthequarterweextendedthedurationofourcorporatecreditfacilitytofiveyearsandexecuted$1.1billionofrefinancinginitiativesacrosstheportfolio.Inthe process,weincreasedtheaveragedurationofourassetleveldebttoover10yearsandloweredourinterestcostsby25basispoints.wehaveminimalinterestrate exposurehavinglocked-inlow,long-termratesoverthelastseveralyears.asaresult,todayonly14%ofourdebtisfloatingrate,ofwhichlessthan8%isinnorth AmericaandEurope. Wealsoadvancedourcapitalrecyclinginitiatives. Postquarter-end, weenteredintoanagreementtosell100% ofour178megawatt SouthAfricanwindandsolar portfolio for total proceeds of $166 million, with BEP s share totaling approximately $50 million. These assets were acquired as part of broader TerraForm Global portfolioinlate2017andthesalewillallowustofocusourinvestmentsonourcoremarketswhereweseeconsiderableopportunity. Investment Outlook While the growth of renewables was initially driven by growing support for carbon reduction, with continued declines in the cost for newer renewables, adoption is increasingly being driven by economic rationale. Even with declines in subsidies for renewables, we continue to see higher renewables targets from governments aroundtheworld.thesetargetswillrequiresignificantinvestmentoverthecomingdecades,andassubsidiesdeclineorfallaway,thisopportunitywillincreasinglyfavor thoseinvestorswhocandrivevalueandenhancecashflowsfromoperatingexpertiseasopposedtofinancialortax-drivenbuyers. Accordingly, we continue to execute our long-term business plan of establishing strong operating and growth capabilities in our core markets across multiple technologies such that we can pursue acquisitions and development opportunities and integrate new assets efficiently. Over the last decade, we have grown our operatingcapabilities,builtaglobalbusiness,andhavebeenpatient,butopportunistic,indeployingcapital.inthelastfiveyears,wehaveinvestednearly$3.5billionof capitalintonewopportunities BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page3

10 globally, resultinginaportfolioof8,000megawattsofutilityscalehydro, 6,000megawattsofwindandsolarfacilities, and3,000megawattsofstoragethroughour pumpedhydroandbatteryfacilities.inaddition,wearenowoneofthelargestownersofdistributedsolargenerationintheunitedstatesandaretargetingexpanding thiscapabilitytokeymarketsaroundtheworld. Globally, overthelastfiveyears,approximately$1trillionofcapitalhasbeeninvestedintorenewablesandover1millionmegawattsofnewrenewableshavebeen addedtotheglobalpowermarket.thisisequaltoreplacingtheentireelectricalcapacityintheunitedstateswithrenewablepower.inspiteofallofthis,windandsolar stillaccountforlessthan8%ofglobalpowersupplyandevenifoneassumescurrentannualpaceofinvestmentofapproximately$300billioncontinues,thelevelof overallrenewablepenetrationwillremainmodestformanyyears.weareintheearlystagesofatransformationoftheglobalpowergrid,movingfromfossilfuelsto renewables.thiswillrequiresignificantinvestmentovermultipledecades.weestimatethatreplacingthenon-renewablecapacityinourcoremarketswithwindand solarwillrequireover$10trillionofinvestment.accordingly,theopportunitytoinvestandgrowourbusinessshouldbesubstantialformanydecades. Asalways,weremainfocusedondeliveringourunitholderslong-termtotalreturnsof12%to15%onaperunitbasis.Wethankyouforyourcontinuedsupportandwe lookforwardtoupdatingyouonourprogressinthatregard. Sincerely, SachinShah ChiefExecutiveOfficer August3,2018 BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page4

11 OUR COMPETITIVE STRENGTHS BrookfieldRenewablePartnersL.P.("BrookfieldRenewable")isagloballydiversified,multi-technology,ownerandoperatorofrenewablepowerassets. Ourbusinessmodelistoutilizeourglobalreachtoacquireanddevelophighqualityrenewablepowerassetsbelowintrinsicvalue,financethemonalong-term,low-risk andinvestmentgradebasisthroughaconservativefinancingstrategyandthenoptimizecashflowsbyapplyingouroperatingexpertisetoenhancevalue. One of the largest, public pure play renewable businesses globally. Brookfield Renewable operates and invests in a large, multi-technology and globally diversifiedportfolio.brookfieldrenewableinvestsinrenewableassetsdirectly,aswellaswithinstitutionalpartners,jointventurepartnersandinotherarrangements. Our portfolio consists of approximately 17,400 MW of installed capacity largely across four continents, a development pipeline of approximately 8,000 MW, and annualizedlong-termaveragegenerationonaproportionatebasisof26,779gwh. Thefollowingchartsillustrateannualizedlong-termaveragegenerationonaproportionatebasis: Source of Energy Region Diverseandhighqualityassetswithhydroelectricfocus. BrookfieldRenewablehasacomplementaryportfolioofhydroelectric,wind,solarandstoragefacilities. Our portfolio includes utility-scale facilities, back-up storage power, and distributed power generation. Hydroelectric power comprises the significant majority of our portfolio, and is the highest value renewable asset class as one of the longest life, lowest-cost and most environmentally-preferred forms of power generation. Hydroelectricplantshavehighcashmargins,storagecapacitywiththecapabilitytoproducepoweratallhoursoftheday,andtheabilitytosellmultipleproductsinthe marketincludingenergy,capacityandancillaries.ourwindandsolarfacilitiesprovideexposuretotwoofthefastestgrowingrenewablepowersectors,withhighcash margins,zerofuelinputcost,anddiverseandscalableapplicationsincludingdistributedgeneration.ourstoragefacilitiesprovidethemarketsinwhichtheyarelocated withcriticalservicestothegridanddispatchablegeneration. Withourscale,diversityandthequalityofourassets, wearecompetitivelypositionedrelativetoother powergenerators,providingsignificantscarcityvaluetoourinvestors. Stable,highqualitycashflowswithattractivelong-termvalueforLPUnitholders. Weintendtomaintainahighlystable,predictablecashflowprofilesourced fromadiversifiedportfoliooflowoperatingcost,long-lifehydroelectric,windandsolarassetsthatsellelectricityunderlong-term,fixedpricecontractswithcreditworthy counterparties. Approximately 90% of our 2019 proportionate generation output is contracted to public power authorities, load-serving utilities, industrial users or to affiliates of Brookfield Asset Management. Our power purchase agreements have a weighted-average remaining duration of 15 years, on a proportionate basis, providinglong-termcashflowvisibility. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page5

12 Strongfinancialprofileandconservativefinancingstrategy.BrookfieldRenewablemaintainsarobustbalancesheetandaccesstoglobalcapitalmarketstoensure cash flow resiliency through the cycle. Our debt to total capitalization is 39% and 73% of our borrowings are non-recourse. Corporate borrowings and subsidiary borrowingshaveweighted-averagetermsofapproximatelysixandtenyears,respectively.ouravailableliquidityasatjune30,2018isapproximately$1.7billionof cashandcashequivalents,investmentinequityanddebtsecuritiesandtheavailableportionsofcreditfacilities. Wellpositionedforcashflowgrowth.Wearefocusedondrivingcashflowgrowthfromexistingoperations,fullyfundedbyinternallygeneratedcashflow,including inflationescalationsinourcontracts,marginexpansionthroughrevenuegrowthandcostreductioninitiatives,andbuildingoutourapproximately8,000mwproprietary developmentpipelineatpremiumreturns.whilewedonotrelyonacquisitionstoachieveourgrowthtargets,ourbusinesshasupsidefrommergersandacquisitionson anopportunisticbasis.weemployacontrarianstrategy,andlookforcapitalscarcitytoearnstrongreturns.wetakeadisciplinedapproachtoallocatingcapitalinto developmentandacquisitionswithafocusondownsideprotectionandpreservationofcapital.overthelasttenyears,wehaveinvestedin,acquired,orcommissioned 63hydroelectricfacilitiestotalingapproximately4,800MW,103windfacilitiestotalingapproximately4,200MW,544solarfacilitiestotalingapproximately1,800MW, fourbiomassfacilitiestotaling175mw,twohydroelectricpumpedstoragefacilitiesandonebatterystorageassettotaling2,098mwandone300mwcogeneration plant.ourabilitytodevelopandacquireassetsisstrengthenedbyourestablishedoperatingandprojectdevelopmentteams,strategicrelationshipwithbrookfieldasset Management,andourliquidityandcapitalizationprofile.Wehave,inthepast,andmaycontinueinthefuturetopursuetheacquisitionordevelopmentofassetsthrough arrangementswithinstitutionalinvestorsinbrookfieldassetmanagementsponsoredorco-sponsoredpartnerships. Attractivedistributionprofile. We pursue astrategy which we expect will provide for highly stable, predictable cash flows sourced from predominantly long-life hydroelectricassetsensuringasustainabledistributionyield.wetargetalong-termdistributionpayoutratioofapproximately70%offundsfromoperationsandalongtermdistributiongrowthrateinarangeof5%to9%annually. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page6

13 Management sdiscussionandanalysis ForthethreeandsixmonthsendedJune30,2018 ThisManagement sdiscussionandanalysisforthethreeandsixmonthsendedjune30,2018isprovidedasofaugust3,2018.unlessthecontextindicatesorrequiresotherwise, theterms BrookfieldRenewable, we, us,and our meanbrookfieldrenewablepartnersl.p.anditscontrolledentities.theultimateparentofbrookfieldrenewableisbrookfield AssetManagementInc.( BrookfieldAssetManagement ).BrookfieldAssetManagementanditssubsidiaries,otherthanBrookfieldRenewable,arealsoindividuallyandcollectively referredtoas Brookfield inthismanagement sdiscussionandanalysis. Brookfield Renewable s consolidated equity interests include the non-voting publicly traded limited partnership units ( LP Units ) held by public unitholders and Brookfield, redeemable/exchangeablepartnershipunitsheldbybrookfield( Redeemable/Exchangeablepartnershipunits ),inbrookfieldrenewableenergyl.p.( BRELP )aholdingsubsidiary ofbrookfieldrenewable,andgeneralpartnershipinterest( GPinterest )inbrelpheldbybrookfield.holdersofthegpinterest,redeemable/exchangeablepartnershipunits,and LP Units will be collectively referred to throughout as Unitholders, Units, or as per Unit, unless the context indicates or requires otherwise. The LP Units and Redeemable/Exchangeablepartnershipunitshavethesameeconomicattributesinallrespects.See PART8-PresentationtoStakeholdersandPerformanceMeasurement. Brookfield Renewable s financial statements are prepared in accordance with International Financial Reporting Standards ( IFRS ) as issued by the International Accounting StandardsBoard( IASB ),whichrequireestimatesandassumptionsthataffectthereportedamountsofassetsandliabilitiesanddisclosureofcontingentliabilitiesasatthedateof thefinancialstatementsandtheamountsofrevenueandexpenseduringthereportingperiods. Certaincomparativefigureshavebeenreclassifiedtoconformtothecurrentyear spresentation. Referencesto$,C$,,R$,,COP,andZARaretoUnitedStates( U.S. )dollars,canadiandollars,euros,brazilianreais,britishpoundssterling,colombianpesos,andsouth AfricanRand,respectively.Unlessotherwiseindicated,alldollaramountsareexpressedinU.S.dollars. Foradescriptiononouroperationalandsegmentedinformationandforthenon-IFRSfinancialmeasuresweusetoexplainourfinancialresultssee PART8 Presentation to StakeholdersandPerformanceMeasurement.Forareconciliationofthenon-IFRSfinancialmeasurestothemostcomparableIFRSfinancialmeasures,see PART4 Financial PerformanceReviewonProportionateInformation Reconciliationofnon-IFRSmeasures.ThisManagement sdiscussionandanalysiscontainsforwardlookinginformationwithin themeaningofu.s.andcanadiansecuritieslaws.referto PART9-CautionaryStatements forcautionarystatementsregardingforward-lookingstatementsandtheuseofnon- IFRSmeasures.OurAnnualReportandadditionalinformationfiledwiththeSecuritiesExchangeCommission( SEC )andwithsecuritiesregulatorsincanadaareavailableonour website( swebsite( Organization of the Management s Discussion and Analysis PART 1 Q Highlights 8 PART 5 Liquidity and Capital Resources Capitalization,availableliquidityand PART 2 Financial Performance Review on creditfacilitiesandsubsidiaryborrowings 28 Consolidated Information 10 Long-termdebtandcreditfacilities 29 Consolidatedstatementsofcashflows 31 PART 3 Additional Consolidated Financial Sharesandunitsoutstanding 32 Information Dividendsanddistributions 33 Property,plantandequipment,equity-accounted Contractualobligations 33 investmentsandassetheldforsale 12 Off-statementoffinancialpositionarrangements 33 Relatedpartytransactions 13 Equity 14 PART 6 - Selected Quarterly Information Summaryofhistoricalquarterlyresults 33 PART 4 Financial Performance Review on ProportionateResultsforthesixmonths Proportionate Information endedjune30 34 ProportionateResultsforthethreemonths Reconciliationofnon-IFRSmeasures 35 endedjune30 16 Reconciliationofnon-IFRSmeasures 23 PART 7 - Critical Estimates, Accounting Contractprofile 26 Policies and Internal Controls 38 PART 8 - Presentation to Stakeholders and 40 Performance Measurement PART 9 - Cautionary Statements 45 BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page7

14 PART 1 Q HIGHLIGHTS ThreemonthsendedJun30 SixmonthsendedJun30 (MILLIONS,EXCEPTASNOTED) Operational information Capacity(MW) 17,364 10,621 17,364 10,621 Totalgeneration(GWh) Long-termaveragegeneration 13,521 10,674 26,373 21,038 Actualgeneration 13,122 11,618 26,002 22,102 Proportionategeneration(GWh) Long-termaveragegeneration 6,935 6,277 13,286 12,166 Actualgeneration 6,455 6,719 13,149 12,880 Averagerevenue($perMWh) Selected financial information (1) Net (Loss) income attributable to Unitholders $ (2) $ 38 $ 6 $ 54 Basic (loss) earnings per LP Unit (0.01) ConsolidatedAdjustedEBITDA (2) , ProportionateAdjustedEBITDA (2) FundsFromOperations (2) AdjustedFundsFromOperations (2) FundsFromOperationsperUnit (1)(2) DistributionperLPUnit (1) ForthethreeandsixmonthsendedJune30, 2018, weightedaverage LPUnits, Redeemable/ExchangeablepartnershipunitsandGPinteresttotaled 312.8millionand312.7million, respectively(2017:299.2millionand299.2million). (2) Non-IFRSmeasures.ForreconciliationstothemostdirectlycomparableIFRSmeasure.See PART4-FinancialPerformanceReviewonProportionateInformation-ReconciliationofNon- IFRSMeasures and PART9-CautionaryStatements. Jun30 Dec31 (MILLIONS,EXCEPTASNOTED) Liquidity and Capital Resources Availableliquidity $ 1,666 $ 1,697 Debttocapitalization 39% 39% Proportionateborrowingsnon-recoursetoBrookfieldRenewable 73% 70% Floatingratedebtexposureonaproportionatebasis 14% 13% Corporateborrowings Averagedebttermtomaturity 5.9years 6.4years Averageinterestrate 4.5% 4.5% Subsidiaryborrowingsonaproportionatebasis Averagedebttermtomaturity 10.2years 10.5years Averageinterestrate 5.5% 5.8% BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page8

15 Operations FundsFromOperationsdecreased5%to$172millionasthecontributionfromthegrowthinourportfolio,relativelyhigherrealizedpricesandcost-reductioninitiatives weremorethanoffsetbylowergenerationatournorthamericanhydroelectricfacilitiesduetoweakhydrology(11%belowlongtermaverageand18%lowerthanprior yearwhereweexperiencedhigherthanaveragegeneration). FundsFromOperationsperUnitof$0.55decreased10%fromtheprioryear. YeartodateFundsFromOperationswere5%aboveprioryearasthecontributionsfromgrowthinourportfolio,higherrealizedpricesandcost-reductioninitiativeswere partiallyoffsetbysame-storegenerationthatwas5%belowprioryearand1%belowlong-termaverage. NetincomeattributabletoUnitholdersdecreased$40millioncomparedtotheprioryeardueprimarilytotheabovenoteddecreaseinFundsFromOperationsandan increaseindepreciationassociatedwiththegrowthofourportfolio. BasiclossperLPUnitof$0.01perLPUnitdecreasedfrom$0.13perLPUnitintheprioryear primarilyduetothedecreasesmentionedabove. Continuedtofocusonextendingourcontractprofileatpremiumpricingaswecompletedthefollowing: InColombia,weenteredinto19newcontractsduringthequarterwith5to10yearterms EnteredintofivenewcontractsduringthequarterinBrazilrepresenting91GWhofannualgenerationatanaveragepriceofR$254/MWh Cleared964MWinthemostrecentPJMcapacityauctionatapriceof$4.26/KW-mo,securing$17millionofproportionaterevenueforthe2021/2022delivery period 70%higherthantheprioryear Liquidity and Capital Resources Liquidityremainsstrongwith$1.7billionavailableatquarter-end. Executed$1.1billionofnon-recoursefinancingsinthequarter, reducingourweighted-averagecostofprojectdebtto5.5% whilemaintainingtheweightedaverage durationofourprojectdebtabove10years. Minimalinterestrateexposurewithonly14%floatingratedebtwithlessthan8%inNorthAmericaandEurope. Postquarter-end,weenteredintoanagreementtosell100%ofour178MWSouthAfricanwindandsolarportfoliofortotalproceedsof$166million(ZAR2,031million), withbrookfieldrenewable ssharetotalingapproximately$50million.transactionisexpectedtoclosebythefourthquarterof2018,subjecttoclosingconditions. Growth and Development Deployed$420milliontoincreaseourinterestinTerraFormPowerInc.( TerraFormPower )from16%to30%.terraformpowerusedtheproceedsofits$650million equityoffering,alongwithothersourcesofcapital,toacquiresaetayield,s.a.( SaetaYield ),a1,028mweuropeansolarandwindportfolio. Completedthecommissioningofa28MWhydroprojectinBrazilandcontinuedtoadvanceanadditional160MWofhydro,wind,andstoragedevelopmentprojects. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page9

16 PART 2 FINANCIAL PERFORMANCE REVIEW ON CONSOLIDATED INFORMATION ThefollowingtablereflectskeyfinancialdataforthethreemonthsendedJune30: (MILLIONS,EXCEPTASNOTED) Revenues $ 735 $ 683 Otherincome Directoperatingcosts (247) (240) Managementservicecosts (21) (21) Interestexpense borrowings (178) (156) Depreciation (206) (198) Currentincometax(expense)recovery (7) 4 Deferredincometaxexpense (4) (16) Net(loss)incomeattributabletoUnitholders $ (2) $ 38 AverageFXratestoUSD C$ R$ COP 2,839 2,920 Variance Analysis For The Three Months Ended June 30, 2018 ForthethreemonthsendedJune30, 2018, wereportednetlossattributabletounitholdersof$2millioncomparedtonetincomeattributable tounitholdersof$38 millionforthethreemonthsendedjune30,2017. Revenuestotaling$735millioninthethreemonthsendedJune30,2018representsanincreaseof$52millionovertheprioryearasthecontributionfromgrowthinour portfolio,boththroughourrecentinvestmentsanddevelopmentprojects,andhigherrealizedaveragerevenueswaspartiallyoffsetbylowergenerationatournorth Americanhydroelectricfacilities. Growthcontributed2,739GWhand$69milliontorevenuesandwaspartiallyoffsetbythe$60millionimpactfromthedecreasein consolidatedgenerationonsame-storebasisby1,229gwhor11%dueprimarilytoweakerhydrologyinnorthamerica($47million 8%belowlong-termaverage). Higheraveragerealizedrevenuesprimarilyduetothebenefitofinflationindexationinourcontracts, improvedrealizedpricesonourmerchantexposureacrossour portfolioandincreasedcapacityrevenuesinnorthamericacumulativelycontributed$41million.foreigncurrencymovementspositivelyimpactedourrevenuesby$2 millionastheappreciationofthecanadiandollarandcolombianpesoversustheu.s.dollarwasonlypartiallyoffsetbythedepreciationofthebrazilianreais.the impactoftheseforeigncurrencymovementsalsoaffectedoperatingandborrowingcosts. Directoperatingcoststotaling$247millionrepresentanincreaseof$7millionovertheprioryear.Thegrowthinourportfolioincreasedoperatingcostsby$14million and,onasame-storebasis,operatingcostswere$9millionloweraswecontinuetobenefitfromourcost-reductioninitiatives.theforeignexchangeimpactsnoted aboveincreasedoperatingcostsby$2million. Interestanddepreciationexpensetotaling$178millionand$206million,respectively,representincreasesprimarilyattributabletogrowthof$22millionand$8million, respectively,overtheprioryear. Managementservicecoststotaling$21millionwereconsistentwiththeprioryear. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page10

17 ThefollowingtablereflectskeyfinancialdataforthesixmonthsendedJune30: (MILLIONS,EXCEPTASNOTED) Revenues $ 1,528 $ 1,360 Otherincome Directoperatingcosts (503) (473) Managementservicecosts (42) (37) Interestexpense borrowings (358) (319) Depreciation (419) (398) Currentincometaxexpense (14) (12) Deferredincometaxexpense (13) (21) NetincomeattributabletoUnitholders $ 6 $ 54 AverageFXratestoUSD C$ R$ COP 2,849 2,920 Variance Analysis For The Six Months Ended June 30, 2018 ForthesixmonthsendedJune30,2018,wereportedanetincomeattributabletoUnitholdersof$6millioncomparedtoanetincomeattributabletoUnitholdersof$54 millionforthesixmonthsendedjune30,2017. Revenuestotaling$1,528millionforthesixmonthsendedJune30,2018representanincreaseof$168millionoverthesameperiodintheprioryear.Thecontributions fromthegrowthinourportfolio,boththroughoutrecentinvestmentsanddevelopmentprojects,andhigherrealizedaveragerevenuesacrossourportfoliowerepartially offsetbyslightlylowergenerationatournorthamericanhydroelectricfacilities.thegrowthinourportfoliooverthelast12monthswhichcontributed5,157gwhor$136 milliontoourrevenueswaspartiallyoffsetbytheimpactfromthesaleofaeuropeanwindfarmin2017thatcontributed$8millionor75gwhinthesameperiodofthe prioryear.revenuefromourexistingfacilitieswas$65millionlowerthanprioryeardueprimarilytolowerhydrologyinnorthamerica($51million 1%belowlong-term averageand6%lowerthantheprioryeartodatewhichbenefittedfromstronghydrologyof6%abovelong-termaverage).averagerealizedpricingincreasedrevenues by$89millionprimarilyduetoimprovedrealizedpricesonourmerchantexposureintheportfolio,thebenefitofinflationindexationofourcontractsacrossourportfolio andhighercapacityrevenuesinnorthamerica.thedepreciationoftheu.s.dollaragainstmostoftheforeigncurrenciesinwhichweoperatecontributed$16millionto revenuesandalsoaffectedoperatingandborrowingcosts. Directoperatingcoststotaling$503millionrepresentanincreaseof$30milliondrivenbythegrowthinourportfolio.Excludingone-timecostrecoveriesof$10millionin theprioryear,operatingcostswere$16millionloweronasame-storebasisduetothebenefitofourcost-reductioninitiativesimplementedacrossourbusinesses.the abovenotedforeignexchangeimpactsincreasedoperatingcostsby$6million. Interestanddepreciationexpensetotaling$358millionand$419million,respectively, representincreasesof$39millionand$21million,respectively,overtheprior year.theincreaseisprimarilyattributabletothegrowthinourportfolio. Managementservicecoststotaling$42millionrepresentanincreaseof$5million,whichisprimarilyattributabletothegrowthincapitalizationofourbusinessoverthe lastyear. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page11

18 PART 3 - ADDITIONAL CONSOLIDATED FINANCIAL INFORMATION SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Thefollowingtableprovidesasummaryofthekeylineitemsontheunauditedinterimconsolidatedstatementsoffinancialposition: Jun30 Dec31 (MILLIONS) Currentassets $ 1,833 $ 1,666 Assetsheldforsale Equity-accountedinvestments 1, Property,plantandequipment,atfairvalue 25,774 27,096 Goodwill Totalassets 30,090 30,904 Liabilitiesdirectlyassociatedwithassetsheldforsale Long-termdebtandcreditfacilities 10,974 11,766 Deferredincometaxliabilities 3,575 3,588 Totalliabilities 16,364 16,622 Totalequity 13,726 14,282 Totalliabilitiesandequity 30,090 30,904 Ourbalancesheetremainsstrongandreflectsthestablenatureofthebusinessandtheintegrationofrecentgrowth. PROPERTY, PLANT AND EQUIPMENT Property,plantandequipmenttotaled$25.8billionasatJune30,2018comparedto$27.1billionasatDecember31,2017.Uponenteringintoanagreementtosell178 MWofwindandsolarassetsinSouthAfrica,wereclassified$651milliontoassetsheldforsaleontheStatementofFinancialPosition.TheappreciationoftheU.S. dollardecreasedproperty,plantandequipmentby$712millionandwaslargelyattributabletoassetsinbrazilandcanada.wealsorecognizeddepreciationexpenseof $419millionwhichissignificantlyhigherthanwhatwearerequiredtoreinvestinthebusinessassustainingcapitalexpenditures. EQUITY-ACCOUNTED INVESTMENTS Equityaccountedinvestmentstotaled$1,123millionasatJune30, 2018comparedto$721millionasatDecember31, 2017.Duringthequarter,TerraFormPower closedtheacquisitionandprivatizationofsaetayield a1,028mweuropeansolarandwindportfolio.terraformpowerfundeditsacquisitionofsaetayieldthrough availableliquidityandasset-levelfinancinginitiatives,aswellasthroughissuingadditionalequitytotaling$650million,ofwhichbrookfieldrenewablecontributed$420 million.theadditionalequityacquiredthroughtheprivateplacementincreasedthecollectiveinterestofbrookfieldrenewableanditsinstitutionalpartnersinterraform Powerfrom51%to65%,withBrookfieldRenewable sinterestincreasingfrom16%to30%. ASSETS HELD FOR SALE Postquarter-end,weenteredintoanagreementtosell100%ofour178MWSouthAfricanwindandsolarportfoliofortotalproceedsof$166million(ZAR2,031million), withbrookfieldrenewable ssharetotalingapproximately$50million.thetransactionisexpectedtoclosebythefourthquarterof2018,subjecttothesatisfactionof closingconditions.wereclassifiedtheassociatedassets,includingthe BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page12

19 aforementioned$651millionofproperty,plantandequipment,toassetsheldforsaleonthestatementoffinancialposition.wealsoreclassifiedthedirectlyassociated liabilities,including$378millionoflong-termdebt,toliabilitiesdirectlyassociatedwithassetsheldforsaleonthestatementoffinancialposition. RELATED PARTY TRANSACTIONS BrookfieldRenewable srelatedpartytransactionsareinthenormalcourseofbusiness,andarerecordedattheexchangeamount.brookfieldrenewable srelatedparty transactionsareprimarilywithbrookfieldassetmanagement. BrookfieldRenewablesellselectricitytoBrookfieldthroughlong-termpowerpurchaseagreementstoprovidecontractedcashflowandreduceBrookfieldRenewable s exposuretoelectricitypricesinderegulatedpowermarkets.brookfieldrenewablealsobenefitsfromawindlevelizationagreementwithbrookfieldwhichreducesthe exposuretothefluctuationofwindgenerationatcertainfacilitiesandthusimprovesthestabilityofitscashflow. Inadditiontotheseagreements,BrookfieldRenewableandBrookfieldhaveexecutedotheragreementsthataredescribedinNote19-RelatedPartyTransactionsin ourunauditedinterimconsolidatedfinancialstatements. BrookfieldRenewablehasalsoenteredintoanumberofvotingagreementswithBrookfieldwherebyBrookfield,asmanagingmemberofentitiesrelatedtoBrookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II and Brookfield Infrastructure Fund III, in which Brookfield Renewable holds investments in power generatingoperationswithinstitutionalpartners,agreedtoprovidetobrookfieldrenewabletheauthoritytodirecttheelectionoftheboardsofdirectorsofsuchentities. BrookfieldRenewablehasenteredintoagreementswithBrookfieldAmericasInfrastructureFund,BrookfieldInfrastructureFundII,BrookfieldInfrastructureFundIIIand BrookfieldInfrastructureDebtFund( PrivateFunds ),inwhichtheyprovidebrookfieldrenewablewithaccesstoshort-termfinancingusingtheprivatefunds credit facilities. Therewasadrawforthefullamountof$400milliononthecommittedunsecuredrevolvingcreditfacilityprovidedbyBrookfieldAssetManagement.BrookfieldAsset ManagementhadalsoplacedfundsondepositwithBrookfieldRenewableintheamountof$200millionduringthesecondquarterof2018.Theinterestexpenseonthe drawsfromthecreditfacilityandthedepositforthethreeandsixmonthsendedjune30,2018totaled$3millionand$5million(2017:$niland$1million).subsequent to June 30, 2018, the $200 million funds on deposit and $128 million of the unsecured revolving credit facility, plus accrued interest, was returned and repaid to BrookfieldAssetManagement. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page13

20 Thefollowingtablereflectstherelatedpartyagreementsandtransactionsintheunauditedinterimconsolidatedstatementsofincome: ThreemonthsendedJun30 SixmonthsendedJun30 (MILLIONS) Revenues Powerpurchaseandrevenueagreements $ 134 $ 176 $ 274 $ 326 Windlevelizationagreement $ 137 $ 178 $ 278 $ 329 Directoperatingcosts Energypurchases $ (3) $ (2) $ (5) $ (5) Energymarketingfee (6) (6) (12) (12) Insuranceservices (7) (5) (13) (10) $ (16) $ (13) $ (30) $ (27) Interestexpense-borrowings $ (3) $ - $ (5) $ (1) Managementservicecosts $ (21) $ (21) $ (42) $ (37) EQUITY General partnership interest in a holding subsidiary held by Brookfield Brookfield,astheownerofthe1%GPinterestinBRELP,isentitledtoregulardistributionsplusanincentivedistributionbasedontheamountbywhichquarterlyLPUnit distributionsexceedspecifiedtargetlevels.totheextentthatlpunitdistributionsexceed$0.375perlpunitperquarter,theincentiveis15%ofdistributionsabovethis threshold.totheextentthatlpunitdistributionsexceed$0.4225perlpunitperquarter,theincentivedistributionisequalto25%ofdistributionsabovethisthreshold. Incentivedistributions of $10 million and $20 million, respectively, were declared duringthethree and six months ended June 30, 2018(2017: $7 million and $15 million). Preferred limited partners equity InJanuary2018,BrookfieldRenewableissued10,000,000ClassA,Series13PreferredLimitedPartnershipUnits(the Series13PreferredUnits )atapriceofc$25 perunitforgrossproceedsofc$250million($201million).theholdersoftheseries13preferredunitsareentitledtoreceiveacumulativequarterlyfixeddistribution yielding5.0%fortheinitialperiodendingapril30,2023.thereafter,thedistributionratewillbereseteveryfiveyearsatarateequaltothegreaterof:(i)the5-year GovernmentofCanadabondyieldplus3.00%,and(ii)5.00%. TheholdersofSeries13PreferredUnitswillhavetheright,attheiroption,toreclassifytheirSeries13PreferredUnitsintoClassAPreferredLimitedPartnershipUnits, Series14(the Series14PreferredUnits ),subjecttocertainconditions,onapril30,2023andonapril30everyfiveyearsthereafter.theholdersofseries14preferred Unitswillbeentitledtoreceivefloatingratecumulativepreferentialcashdistributionsequaltothe90-dayCanadianTreasuryBillRateplus3.00%. ThePreferredLPUnitsdonothaveafixedmaturitydateandarenotredeemableattheoptionoftheholders.AsatJune30,2018,noneoftheClassAPreferredLP UnitshavebeenredeemedbyBrookfieldRenewable. Limited partners equity BrookfieldAssetManagementowns,directlyandindirectly185,727,567LPUnitsandRedeemable/Exchangeablepartnershipunits,representingapproximately60%of BrookfieldRenewableonafully-exchangedbasisandtheremainingapproximately40%isheldbypublicinvestors. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page14

21 In December 2017, Brookfield Renewable renewed its normal course issuer bid in connection with its LP Units. Under this normal course issuer bid Brookfield Renewable is permitted to repurchase up to 9 million LP Units, representing approximately 5% of the issued and outstanding LP Units, for capital management purposes.thebidwillexpireondecember28,2018,orearliershouldbrookfieldrenewablecompleteitsrepurchasespriortosuchdate.unitholdersmayreceivea copyofthenotice, freeofcharge, bycontactingbrookfieldrenewable. DuringthethreeandsixmonthsendedJune30, 2018, BrookfieldRenewablere-purchased 272,659and281,359LPUnits,respectivelyontheTorontoStockExchangeandNewYorkStockExchangeatatotalcostof$8million. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page15

22 PART 4 FINANCIAL PERFORMANCE REVIEW ON PROPORTIONATE INFORMATION SEGMENTED DISCLOSURES SegmentedinformationispreparedonthesamebasisthatBrookfieldRenewable schiefoperatingdecisionmaker( CODM )managesthebusiness,evaluatesfinancial results, and makes key operating decisions. See Part 8 Presentation to Stakeholders and Performance Measurement for information on segments and an explanationonthecalculationandrelevanceofproportionateinformation. PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED JUNE 30 Thefollowingchartreflectsthegenerationandsummaryfinancialfiguresonaproportionate basisforthethreemonthsendedjune30: (GWh) (MILLIONS) ActualGeneration LTAGeneration Revenues AdjustedEBITDA FundsFromOperations NetIncome(Loss) Hydroelectric NorthAmerica 3,413 4,186 3,822 3,822 $ 228 $ 270 $ 165 $ 199 $ 123 $ 158 $ 56 $ 82 Brazil Colombia ,187 6,070 5,644 5, Wind NorthAmerica (6) 7 Europe (2) (4) Brazil (5) 1 Other (3) , (16) 4 Solar Storage & Other (1) 1 (3) Corporate (6) (4) (66) (60) (65) (62) Total 6,455 6,719 6,935 6,277 $ 473 $ 447 $ 324 $ 312 $ 172 $ 181 $ (2)$ 38 BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page16

23 HYDROELECTRIC OPERATIONS ON PROPORTIONATE BASIS ThefollowingtablepresentsourproportionateresultsforhydroelectricoperationsforthethreemonthsendedJune30: (MILLIONS,EXCEPTASNOTED) Generation(GWh) LTA 5,644 5,636 Generation(GWh) actual 5,187 6,070 Revenue $ 344 $ 382 Otherincome 6 4 Directoperatingcosts (110) (112) AdjustedEBITDA Interestexpense (55) (57) Currentincometaxes (4) 1 FundsFromOperations $ 181 $ 218 Depreciation (94) (98) Deferredtaxesandother (11) (21) Netincome $ 76 $ 99 ThefollowingtablepresentsourproportionateresultsbygeographyforhydroelectricoperationsforthethreemonthsendedJune30: Average Actual revenue Adjusted FundsFrom Net Generation(GWh) permwh EBITDA Operations Income (MILLIONS,EXCEPTASNOTED) NorthAmerica UnitedStates 2,156 2,496 $ 71 $ 67 $ 103 $ 118 $ 78 $ 93 $ 29 $ 40 Canada 1,257 1, ,413 4, Brazil Colombia Total 5,187 6,070 $ 66 $ 63 $ 240 $ 274 $ 181 $ 218 $ 76 $ 99 FundsFromOperationsatourhydroelectricbusinesswere$181millioncomparedto$218millionintheprioryear. GenerationatourNorth Americanfacilitieswas impactedbyweakhydrology(11%belowlong-termaverage)causinga15%decreasecomparedtothesecondquarterof2017whenwebenefittedfromgenerationthat was10%abovelong-termaverage.theaveragerevenuepermwhofourhydroelectricbusinessincreased5%dueprimarilytohighercapacitypricesintheunited States and higher average realized pricing in Colombia. The cost-reduction initiatives across our hydroelectric businesses contributed $5 million to Funds From Operations. NetincomeattributabletoUnitholdersdecreasedby$23millionovertheprioryearprimarilyduetotheabovenoteddecreaseinFundsFromOperations. North America FundsFromOperationsatourNorthAmericanbusinesswere$123millionversus$158millionintheprioryear.Generationwas11%belowlong-termaverageand18% lowerthanprioryear,whereweexperiencedhigherthanaveragegeneration(10%abovelong-termaverage).averagerevenuepermwhincreased3%dueprimarilyto highercapacitypricesintheu.s.northeast.operatingcostswerelowerthantheprioryearaswecontinuedtoexecuteourcost-reductioninitiatives. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page17

24 NetincomeattributabletoUnitholdersdecreased$26millionovertheprioryearprimarilyduetotheabovenoteddecreaseinFundsFromOperations. Brazil FundsFromOperationsatourBrazilianbusinesswere$37millionversus$45millionintheprioryearascontributionfromourdevelopmentprojectsandhigheraverage revenuepermwhinlocalcurrencyfrominflationindexationofourcontractswasoffsetbythestrongeru.s.dollar. NetincomeattributabletoUnitholdersdecreasedby$4millionovertheprioryearprimarilyduetotheabovenoteddecreaseinFundsFromOperations. Colombia FundsFromOperationsatourColombianbusinesswere$21millionversus$15millionintheprioryearasa33%increaseinaveragerevenueperMWhduetoinflation indexationofourcontracts,re-contractingeffortsinourportfolioandhighermarketpriceswaspartiallyoffsetbygenerationthatwas13%belowprioryear.operating costswerelowerthantheprioryearaswecontinuedtoexecuteourcost-reductioninitiatives. NetincomeattributabletoUnitholderswas$7millionaheadoftheprioryearprimarilyduetotheabovenotedincreaseinFundsFromOperations. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page18

25 WIND OPERATIONS ON PROPORTIONATE BASIS ThefollowingtablepresentsourproportionateresultsforwindoperationsforthethreemonthsendedJune30: (MILLIONS,EXCEPTASNOTED) Generation(GWh) LTA 1, Generation(GWh) actual Revenue $ 79 $ 54 Otherincome 1 - Directoperatingcosts (25) (16) AdjustedEBITDA Interestexpense (20) (14) Currentincometaxes (1) - FundsFromOperations $ 34 $ 24 Depreciation (42) (26) Deferredtaxesandother (8) 6 Net(loss)income $ (16) $ 4 ThefollowingtablepresentsourproportionateresultsbygeographyforwindoperationsforthethreemonthsendedJune30: Average Actual revenue Adjusted FundsFrom Net Generation(GWh) permwh EBITDA Operations Income (MILLIONS,EXCEPTASNOTED) NorthAmerica UnitedStates $ 77 $ 105 $ 20 $ 12 $ 12 $ 7 $ (4)$ (1) Canada (2) (6) 7 Europe (2) (4) Brazil (5) 1 Other (3) - Total $ 81 $ 92 $ 55 $ 38 $ 34 $ 24 $ (16) $ 4 FundsFromOperationsfromourwindbusinesswere$34millionversus$24millionintheprioryearprimarilyduetocontributionsfromourdevelopmentprojectsin EuropeandourinvestmentsinTerraFormPowerandTerraFormGlobal. NetincomeattributabletoUnitholdersdecreasedby$20millionovertheprioryearastheincreaseinFundsFromOperationswasmorethanoffsetbyanincreasein depreciationassociatedwiththegrowthofourportfolioandforeignexchange. North America FundsFromOperationsatourNorthAmericanbusinesswere$24millionversus$20millionintheprioryear.TheimprovedgenerationacrossourU.S.portfolioandthe contributionsfromgrowthduetoourinvestmentsinterraformpowerwaspartiallyoffsetbylowergenerationatourwholly-ownedcanadianwindfarms. NetincomeattributabletoUnitholdersdecreasedby$13millionastheprioryearprimarilyduetoanincreaseindepreciationassociatedwiththegrowthofourportfolio. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page19

26 Europe FundsFromOperationsatourEuropeanbusinesswere$3millionversus$2millionintheprioryeardueprimarilytothecontributionfromgrowthinourportfolio $2 millionoffundsfromoperationsand25gwhofgeneration.onasamestorebasis,fundsfromoperationsdecreasedyearoveryearasimprovedrealizedpricing wasmorethanoffsetbya12%decreaseingenerationduetolowerwindresources. NetlossattributabletoUnitholdersincreasedby$2millionovertheprioryearduetotheabovenotedincreasesinFundsFromOperations. Brazil FundsFromOperationsatourBrazilianbusinesswere$6millionversus$2millionintheprioryeardueprimarilytocontributionfromourinvestmentinTerraFormGlobal $4millionofFundsFromOperationsor108GWhofgeneration.Onasame-storebasis,FundsFromOperationswasconsistentyearoveryearashigheraverage revenuepermwhduetore-contractinginitiativesexecutedearlierintheyearwasoffsetbythestrongeru.s.dollar. NetlossattributabletoUnitholdersdecreasedby$6millionovertheprioryearastheabovenotedincreaseinFundsFromOperationswasoffsetbyforeignexchange andanincreaseindepreciationassociatedwiththegrowthofourportfolio. BrookfieldRenewablePartnersL.P.InterimReportJune30,2018 Page20