v3.26.1
NON-CONTROLLING INTERESTS
 6 Months Ended
Jun. 30, 2026
Disclosure Of Detailed Information About Non-controlling Interests [Abstract]  
NON-CONTROLLING INTERESTS NON-CONTROLLING INTERESTS
Brookfield Renewable`s non-controlling interests are comprised of the following:
(MILLIONS)June 30, 2026December 31, 2025
Participating non-controlling interests – in operating subsidiaries$25,395 $24,164 
General partnership interest in a holding subsidiary held by Brookfield50 52 
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
2,423 2,524 
BEPC exchangeable shares and class A.2 exchangeable shares2,312 2,330 
Preferred equity545 563 
Perpetual subordinated notes737 737 
$31,462 $30,370 
Participating non-controlling interests – in operating subsidiaries
The net change in participating non-controlling interests – in operating subsidiaries is as follows:
(MILLIONS)Interests held by third partiesAs at December 31, 2025Net income
(loss)		Other
comprehensive (loss) income		Capital contributionsReturn of capitalDistributionsChange in OwnershipOther
As at June 30, 2026
Brookfield Americas Infrastructure Fund
 78%
$39 $— $— $— $— $— $— $(1)$38 
Brookfield Infrastructure Fund II
43% - 60%
1,171 7 (10)— — (352)— (7)809 
Brookfield Infrastructure Fund III
35% - 71%
975 (63)(40)— — (2)— (3)867 
Brookfield Infrastructure Fund IV
75%
1,541 (34)60 28 — (70)— (13)1,512 
Brookfield Infrastructure Fund V72 %1,760 (38)78 — — (294)— 7 1,513 
Brookfield Infrastructure Income Fund
3% - 25%
1,092 (13)54 167 — (18)— 2 1,284 
Brookfield Global Transition Fund I
77% - 80%
6,385 132 (273)448 (334)(114)— (127)6,117 
Brookfield Global Transition Fund II
72% - 77%
1,607 (131)34 1,732 (140)(21)— (154)2,927 
Neoen institutional partners
20% - 38%
2,139 (98)87 280 — (1)— (120)2,287 
Canadian Hydroelectric Portfolio50 %1,341 14 (43)— — (32)— 2 1,282 
The Catalyst Group25 %196 7 — — — — — — 203 
Isagen institutional partners54 %4,268 27 427 — — (138)— — 4,584 
Isagen public non-controlling interests0.3 %24 — 2 —— — — — 26 
Other
1.3% - 50%
1,626 (1)(27)255 (18)(114)231 (6)1,946 
Total$24,164 $(191)$349 $2,910 $(492)$(1,156)$231 $(420)$25,395 
General partnership interest in a holding subsidiary held by Brookfield, Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield, Class A exchangeable shares of Brookfield Renewable Corporation held by public shareholders and Brookfield Holders and Class A.2 exchangeable shares of Brookfield Renewable Holdings Corporation held by Brookfield Holders.
Brookfield, as the owner of the 1% GP interest in BRELP, is entitled to regular distributions plus an incentive distribution based on the amount by which quarterly distributions exceed specified target levels. As at June 30, 2026, to the extent that LP unit distributions exceed $0.20 per LP unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that quarterly LP unit distributions exceed $0.2253 per LP unit per quarter, the incentive distribution is equal to 25% of distributions above this threshold. Incentive distributions of $43 million and $84 million were declared during the three and six months ended June 30, 2026 (2025: $35 million and $72 million, respectively).
Consolidated equity includes Redeemable/Exchangeable partnership units, BEPC exchangeable shares, class A.2 exchangeable shares and the GP interest. The Redeemable/Exchangeable partnership units and the GP interest are held 100% by Brookfield, the BEPC exchangeable shares and class A.2 exchangeable shares are held 24% by Brookfield Holders, with the remainder held by public shareholders. The Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares provide the holder, at its discretion, with the right to redeem these units or shares, respectively, for cash consideration. Since this redemption right is subject to Brookfield Renewable’s right, at its sole discretion, to satisfy the redemption request with LP units of Brookfield Renewable, or in the case of class A.2 exchangeable shares, BEPC exchangeable shares or LP units, at the election of Brookfield, rather than cash, on a one-for-one basis, the Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares are classified as equity in accordance with IAS 32, Financial Instruments: Presentation. Refer to Note 20 - Related party transactions for more details.
The Redeemable/Exchangeable partnership units, BEPC exchangeable shares, class A.2 exchangeable shares and the GP interest are presented as non-controlling interests since they relate to equity in a subsidiary that is not attributable, directly or indirectly, to Brookfield Renewable. During the three and six months ended June 30, 2026, exchangeable shareholders of BEPC exchanged 366 and 366 BEPC exchangeable shares, respectively (2025: 248 and 35,561 BEPC exchangeable shares, respectively) for an equivalent number of LP units amounting to less than $1 million (2025: less than $1 million). No Redeemable/Exchangeable partnership units or class A.2 exchangeable shares have been redeemed.
The Redeemable/Exchangeable partnership units issued by BRELP, the BEPC exchangeable shares issued by BEPC and the class A.2 exchangeable shares issued by BRHC have the same economic attributes in all respects to the LP units issued by Brookfield Renewable, except for the redemption rights described above. The Redeemable/Exchangeable partnership units, BEPC exchangeable shares, class A.2 exchangeable shares and the GP interest, excluding incentive distributions, participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the LP units of Brookfield Renewable.
As at June 30, 2026, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares on a combined basis and units of GP interest outstanding were 194,487,939 units (December 31, 2025: 194,487,939 units), 185,599,260 shares (December 31, 2025: 179,604,793 shares), and 3,977,260 units (December 31, 2025: 3,977,260 units), respectively.
During the first quarter of 2026, Brookfield Renewable established an at-the-market (“ATM”) equity program under which it may, at its discretion, offer and sell up to $400 million of BEPC exchangeable shares directly from treasury. During the three and six months ended June 30, 2026, 3,218,037 and 5,994,833, respectively, of BEPC exchangeable shares were issued for gross proceeds of approximately $122 million and $237 million, respectively.
In December 2025, Brookfield Renewable renewed its normal course issuer bid in connection with its outstanding BEPC exchangeable shares. Brookfield Renewable is authorized to repurchase up to 7,244,255 BEPC exchangeable shares, representing 5% of its issued and outstanding BEPC exchangeable shares. The bid will expire on December 17, 2026, or earlier should Brookfield Renewable complete its repurchases prior to such date. There were no BEPC exchangeable shares repurchased during the three and six months ended June 30, 2026 and 2025.
Distributions
The composition of the distributions for the three and six months ended June 30 is presented in the following table:
Three months ended June 30Six months ended June 30
(MILLIONS)2026202520262025
General partnership interest in a holding subsidiary held by Brookfield
$1 $2 $3 $4 
Incentive distribution
43 35 84 72 
44 37 87 76 
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield
79 73 154 147 
BEPC exchangeable shares and class A.2 exchangeable shares held by
Brookfield Holders17 17 35 34 
External shareholders56 50 109 101 
Total BEPC exchangeable shares and class A.2 exchangeable shares73 67 144 135 
$196 $177 $385 $358 
Preferred equity
Brookfield Renewable's preferred equity consists of Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. ("BRP Equity") as follows:
(MILLIONS EXCEPT AS NOTED)Shares
outstanding		Cumulative
distribution
rate (%)		Earliest
permitted
redemption
date
Distributions declared for the six months ended
June 30
Carrying value as at
20262025June 30, 2026December 31, 2025
Series 1 (C$209)
8.37 5.20 April 2025$4 $4 $147 $152 
Series 2 (C$40)(1)
1.59 5.11 April 20251 1 28 29 
Series 3 (C$249)
9.96 6.52 July 20246 4 175 180 
Series 5 (C$103)
4.11 5.00 April 20182 2 72 75 
Series 6 (C$175)
7.00 5.00 July 20183 3 123 127 
31.03 $16 $14 $545 $563 
(1)Dividend rate represents annualized distribution based on the most recent quarterly floating rate.
Distributions paid during the three and six months ended June 30, 2026, totaled $7 million and $14 million, respectively (2025: $7 million and $14 million).
The Class A Preference Shares do not have a fixed maturity date and are not redeemable at the option of the holders. As at June 30, 2026, none of the issued Class A Preference Shares have been redeemed by BRP Equity.
In December 2025, the Toronto Stock Exchange accepted notice of BRP Equity’s intention to renew the normal course issuer bid in connection with its outstanding Class A Preference Shares for another year to December 17, 2026, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, BRP Equity is permitted to repurchase up to 10% of the total public float for each respective series of the Class A Preference Shares. There were no repurchases of Class A Preference Shares during the three and six ended June 30, 2026 and 2025.
Perpetual subordinated notes
Brookfield Renewable's perpetual subordinated notes consists:
(MILLIONS EXCEPT AS NOTED)Notes
outstanding
Interest
rate (%)		Earliest permitted redemption date
Interest expense for the six months ended June 30
Carrying value as at
Issuance date20262025June 30, 2026December 31, 2025
April, 2021
14.00
4.63 April, 2026$8 $8 $340 $340 
December, 2021
10.40
4.88 December, 20266 6 252 252 
March, 2024
6.00
7.25 March, 20296 6 145 145 
30.40 $20 $20 $737 $737 
Distributions paid during the three and six months ended June 30, 2026, totaled $10 million and $20 million, respectively (2025: $10 million and $20 million, respectively).