v3.26.1
BORROWINGS
 6 Months Ended
Jun. 30, 2026
Disclosure of detailed information about borrowings [abstract]  
BORROWINGS BORROWINGS
Corporate Borrowings
The composition of corporate borrowings is presented in the following table:
June 30, 2026December 31, 2025
Weighted-averageWeighted-average
(MILLIONS EXCEPT AS NOTED)Interest
rate (%)		Term
(years)		Carrying
value		Estimated fair valueInterest
rate (%)		Term
(years)		Carrying
value		Estimated fair value
Credit facilities4.9 5$54 $54 N/A5$— $— 
Commercial paper4.2 <11,100 1,100 4.3 <1194 194 
Medium Term Notes:
Series 4 (C$150)
5.8 10106 116 5.8 11109 120 
Series 10 (C$500)
3.6 <1352 353 3.6 1364 366 
Series 11 (C$475)
4.3 3335 340 4.3 3346 354 
Series 12 (C$475)
3.4 4335 332 3.4 4346 344 
Series 13 (C$300)
4.3 23211 184 4.3 24219 193 
Series 14 (C$425)
3.3 24299 221 3.3 25310 229 
Series 15 (C$400)(1)
5.9 6282 309 5.9 7291 320 
Series 16 (C$400)
5.3 7282 301 5.3 8291 310 
Series 17 (C$500)
5.3 28352 355 5.3 28364 370 
Series 18 (C$300)
5.0 8211 220 5.0 9219 227 
Series 19 (C$450)
4.5 9317 319 4.5 10 328 328 
Series 20 (C$500)
5.2 30352 349 — — — — 
4.6 133,434 3,399 4.5123,187 3,161 
Hybrid Notes:
Fixed to fixed subordinated (C$200)
5.5 29141 142 5.529146 147 
Fixed to fixed subordinated (C$250)
5.4 29176 178 5.4 30182 184 
5.4 29317 320 5.4 30328 331 
Total corporate borrowings4,905 $4,873 3,709 $3,686 
Add: Unamortized premiums(2)
1 1 
Less: Unamortized financing fees(2)
(24)(24)
Less: Current portion(1,452)(194)
$3,430 $3,492 
(1)Includes $7 million (2025: $7 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions for more details.
(2)Unamortized premiums and financing fees are amortized over the terms of the borrowing.
Credit facilities and commercial paper
Brookfield Renewable had $1,100 million of commercial paper outstanding as at June 30, 2026 (2025: $194 million).
Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include, but are not limited to, security deposits, performance bonds and guarantees for debt service reserve accounts. See Note 19 – Commitments, contingencies and guarantees for letters of credit issued by subsidiaries.
The following table summarizes the available portion of corporate credit facilities:
(MILLIONS)June 30, 2026December 31, 2025
Authorized corporate credit facilities and related party credit facilities(1)
$2,450 $2,450 
Draws on corporate credit facilities(1)
(54)— 
Authorized letter of credit facility450 450 
Issued letters of credit(403)(414)
Available portion of corporate credit facilities$2,443 $2,486 
(1)Amounts are guaranteed by Brookfield Renewable.
Medium-term notes and Hybrid notes
Corporate borrowings are obligations of a finance subsidiary of Brookfield Renewable, Brookfield Renewable Partners ULC (“Canadian Finco”) (Note 21 – Subsidiary public issuers). Canadian Finco may redeem some or all of the borrowings from time to time, pursuant to the terms of the indenture. The balance is payable upon maturity, and interest on corporate borrowings is paid semi-annually. The term notes payable by Canadian Finco are unconditionally guaranteed by Brookfield Renewable, Brookfield Renewable Energy L.P. (“BRELP”) and certain other subsidiaries.
During the first quarter of 2026, Brookfield Renewable issued C$500 million of Series 20 medium-term notes. The medium-term notes have a fixed interest rate of 5.20% and a maturity date of January 15, 2056. The Series 20 medium-term notes are corporate-level green bonds.
Non-recourse borrowings
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 Brazilian 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. Non-Recourse borrowings in India consist of both fixed and floating interest indexed to Prime lending rate of lender (“MCLR”). Non-recourse borrowings in China consist of floating interest rates of People's Bank of China (“PBOC”). Non-recourse borrowings in South Korea consist of both fixed and floating interest rates indexed to the certificate deposit rate published by the Korea Financial Investment Association (“KOFIA”). Non-recourse borrowings in Australia consist of both fixed and floating interest rates indexed to the Bank Bill Swap Bid Rate (“BBSY”).
The composition of non-recourse borrowings is presented in the following table:
June 30, 2026December 31, 2025
Weighted-averageWeighted-average
(MILLIONS EXCEPT AS NOTED)Interest
rate (%)		Term
(years)		Carrying
value		Estimated
fair value		Interest
rate (%)		Term
(years)		Carrying
value		Estimated
fair value
Non-recourse borrowings(1)(2)(3)
Hydroelectric7.5 9 $11,130 $11,312 6.9 8 $11,235 $11,229 
Wind4.6 8 8,020 7,982 5.0 8 8,191 8,147 
Utility-scale solar5.3 8 9,759 9,713 5.8 8 8,838 8,806 
Distributed energy & storage6.0 6 3,023 3,086 5.7 4 2,802 2,869 
Sustainable solutions7.1 2 456 456 7.4 3 489 489 
Total6.0 8 $32,388 $32,549 6.0 8 $31,555 $31,540 
Less: Unamortized premiums and discounts(4)
(154)(181)
Less: Unamortized financing fees(4)
(184)(168)
Less: Current portion(4,713)(7,384)
$27,337 $23,822 
(1)Includes $1,350 million (2025: $1,569 million) borrowed under a subscription facility of a Brookfield sponsored private fund.
(2)Includes $268 million (2025: $58 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions.
(3)During the second quarter of 2025, subsidiaries of Brookfield Renewable, alongside related parties, became party to a non-recourse credit facility with third party lenders. Brookfield Renewable agreed that its subsidiaries would support their portion of any draws or repayments under the credit facility.
(4)Unamortized premiums, discounts and financing fees are amortized over the terms of the borrowing.
Supplemental Information
The following table outlines changes in Brookfield Renewable’s borrowings as at June 30, 2026:
(MILLIONS)Corporate borrowingsNon-recourse borrowings
As at December 31, 2025
$3,686 $31,206 
Net cash flows from financing activities(1)
1,319 1,075 
Non-cash
Transfer to liabilities, directly associated with assets held for sale— (1,017)
Foreign exchange(123)315 
Other(2)(3)(4)
— 471 
As at June 30, 2026
$4,882 $32,050 
(1)Excludes $361 million of net cash flow from financing activities related to tax equity recorded on the consolidated statements of cash flows.
(2)Includes amortization of unamortized premiums, discounts and financing fees.
(3)Includes $30 million (2025: $545 million) of non-recourse borrowings acquired through asset acquisitions.
(4)Includes $165 million of non-recourse borrowings that has been reclassified from liabilities directly associated with assets held for sale during the second quarter of 2026. Refer to Note 4 - Assets held for sale, for more details.