Non-recourse borrowings are typically asset-specific, long-term, non-recourse borrowings denominated in the domestic currency of the subsidiary. Non-recourse borrowings in North America and Europe consist of both fixed and floating interest rate debt indexed to the Secured Overnight Financing Rate (“SOFR”), the Sterling Overnight Index Average (“SONIA”), the Euro Interbank Offered Rate (“EURIBOR”) and the Canadian Overnight Repo Rate Average (“CORRA”). Brookfield Renewable uses interest rate swap agreements in North America and Europe to minimize its exposure to floating interest rates. Non-recourse borrowings in Brazil consist of floating interest rates of 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 and floating interest rates indexed to Indicador Bancario de Referencia rate (“IBR”), the Banco Central de Colombia short-term interest rate, and Colombian Consumer Price Index (“IPC”), Colombia inflation rate, plus a margin.


	June 30, 2026						December 31, 2025
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)	Term (years)(2)	Carrying value		Estimated fair value		Interest rate (%)	Term (years)	Carrying value		Estimated fair value
Non-recourse borrowings(1)
Hydroelectric	8.2	8	$	9,327	$	9,570	7.5	5	$	9,310	$	9,368
Wind	5.0	6	2,185		2,159		5.8	7	2,114		2,103
Solar	4.9	9	3,988		3,943		5.9	9	3,926		3,891

Total	6.9	8	$	15,500	$	15,672	6.9	6	$	15,350	$	15,362
Add: Unamortized premiums and discounts(2)			9						9
Less: Unamortized financing fees(2)			(89)						(95)
Less: Current portion			(1,284)						(2,772)

			$	14,136					$	12,492


(MILLIONS)	As at December 31, 2025		Net cash flows from financing activities		Non-cash
					Transfer to liabilities directly associated with assets held for sale	Other(1)		As at June 30, 2026
Non-recourse borrowings	$	15,264	$	532	(752)	$	376	$	15,420