Brookfield Renewable Partners Non Voting Units BRENF

Summary of BEP senior managment meeting with Scotia

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As noted in this report, BEP is a high quality and high growth way to participate in the renewable sector. This is my favourite growth stock by a long shot.....

We recently hosted members of Brookfield Renewable’s (BEP) senior management for investor meetings. The meetings were dominated by conversations regarding the company’s exposure to incremental AI / data center power demand. Of our coverage universe, we see Brookfield Renewable as best positioned to benefit from this theme. The recent ~10 GW Microsoft agreement

supports this view (link). Other topics of conversation included the outlook for nuclear and the M&A market. Since the Microsoft agreement was announced, Brookfield’s shares have increased by 33%. While it has outperformed its peers, we note that we have seen sentiment for the whole renewable space shift more positive, though off of a very negative base. While the shares have gone on a strong run recently, we note the shares are only up 6% year-todate. We see further upside. We view Brookfield Renewable as a high-quality and high-growth way to participate inthe global renewable power and decarbonization theme and reiterate our Sector Outperform rating