6-K - BEPC - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________________________________________________

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 May 2024

Commission File Number: 001-39355

BROOKFIELD RENEWABLE

CORPORATION

(Translation of registrant's name into English)

_____________________________________________________________________________________________________________________

250 Vesey Street, 15th Floor

New York, New York 10281

(Address of principal executive office)

_____________________________________________________________________________________________________________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ý Form 40-F ¨

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): ¨

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): ¨

The information contained in Exhibits 99.1 and 99.2 of this Form 6-K is incorporated by reference into (i) the registrant’s registration statement on Form S-8 that became effective with the Securities and Exchange Commission ("SEC") on August 3, 2020 (File No. 333-240282), and (ii) the registrant’s registration statement on Form F-3 (File No. 333-278523) that was declared effective by the SEC on April 17, 2024.

EXHIBIT LIST

Exhibit
99.1	Interim Consolidated Financial Statements and Notes as at March 31, 2024 and December 31, 2023 and for the Three Months Ended March 31, 2024 and 2023
99.2	Management's Discussion and Analysis for the Three Months Ended March 31, 2024 and 2023
99.3	Form 52-109F2 – Certification of Interim Filings – CEO
99.4	Form 52-109F2 – Certification of Interim Filings – CFO

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 CORPORATION
Date: May 3, 2024	By:	/s/ Jennifer Mazin
		Name: Jennifer Mazin<br>Title: General Counsel and Corporate Secretary

Document

BROOKFIELD RENEWABLE CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

UNAUDITED<br><br>(MILLIONS)	Notes	March 31, 2024		December 31, 2023
Assets
Current assets
Cash and cash equivalents	11	$	639	$	627
Restricted cash	12	29		165
Trade receivables and other current assets	13	834		955
Financial instrument assets	3	129		124
Due from related parties	16	1,086		1,427
Assets held for sale	2	52		—
		2,769		3,298
Financial instrument assets	3	308		301
Equity-accounted investments	10	603		644
Property, plant and equipment, at fair value	6	39,485		44,038
Goodwill		847		854
Deferred income tax assets	5	81		102
Other long-term assets		147		184
Total Assets		$	44,240	$	49,421
Liabilities
Current liabilities
Accounts payable and accrued liabilities	14	$	653	$	807
Financial instrument liabilities	3	355		441
Due to related parties	16	518		456
Non-recourse borrowings	7	1,396		1,891
Provisions		15		19
Liabilities directly associated with assets held for sale	2	2		—
BEPC exchangeable and class B shares	9	4,173		4,721
		7,112		8,335
Financial instrument liabilities	3	522		1,376
Non-recourse borrowings	7	13,095		14,181
Deferred income tax liabilities	5	5,791		5,819
Provisions	16	499		926
Due to related parties	16	676		930
Other long-term liabilities		529		725
Equity
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	8	9,661		11,070
Participating non-controlling interests – in a holding subsidiary held by the partnership	8	260		272
The partnership	9	6,095		5,787
Total Equity		16,016		17,129
Total Liabilities and Equity		$	44,240	$	49,421

The accompanying notes are an integral part of these interim consolidated financial statements.

Approved on behalf of Brookfield Renewable Corporation:
Patricia Zuccotti<br><br>Director	David Mann<br><br>Director		Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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BROOKFIELD RENEWABLE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

UNAUDITED<br><br>(MILLIONS)
	Notes		2024			2023
Revenues		16		$	1,125		$	1,066
Other income				24			13
Direct operating costs(1)				(484)			(304)
Management service costs		16		(21)			(36)
Interest expense		7		(363)			(306)
Share of earnings (loss) from equity-accounted investments		10		(15)			3
Foreign exchange and financial instruments gain		3		29			115
Depreciation		6		(345)			(306)
Other				26			(39)
Remeasurement of BEPC exchangeable and class B shares		9		548			(1,063)
Income tax (expense) recovery
Current		5		(20)			(38)
Deferred		5		(13)			(25)
				(33)			(63)
Net income (loss)				$	491		$	(920)
Net income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries		8		$	1		$	143
Participating non-controlling interests – in a holding subsidiary held by the partnership		8		(1)			2
The partnership		9		491			(1,065)
				$	491		$	(920)

The accompanying notes are an integral part of these interim consolidated financial statements.

(1) Direct operating costs exclude depreciation expense disclosed below.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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BROOKFIELD RENEWABLE CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED<br><br>(MILLIONS)				Three months ended March 31
	Notes		2024			2023
Net income (loss)				$	491		$	(920)
Other comprehensive income (loss) that will not be reclassified to net income:
Revaluations of property, plant and equipment		6		(25)			(49)
Deferred income taxes on above item				—			3
Total items that will not be reclassified to net income				(25)			(46)
Other comprehensive income (loss) that may be reclassified to net income:
Foreign currency translation				(171)			246
Gains (losses) arising during the period on financial instruments designated as cash-flow hedges		3		(57)			140
Unrealized loss on foreign exchange swap net investment hedges		3		(6)			(16)
Reclassification adjustments for amounts recognized in net income		3		(27)			(49)
Deferred income taxes on above items				4			(12)
Equity-accounted investments		10		(1)			1
Total items that may be reclassified subsequently to net income				(258)			310
Other comprehensive income (loss)				(283)			264
Comprehensive income (loss)				$	208		$	(656)
Comprehensive income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries		8		$	(165)		$	294
Participating non-controlling interests – in a holding subsidiary held by the partnership		8		(12)			7
The partnership		8		385			(957)
				$	208		$	(656)

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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BROOKFIELD RENEWABLE CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Accumulated other comprehensive income								Non-controlling interests
UNAUDITED<br><br>THREE MONTHS ENDED MARCH 31<br><br>(MILLIONS)	The partnership		Foreign<br>currency<br>translation		Revaluation<br>surplus		Other		Total		Participating non-controlling interests – in a holding subsidiary held by the partnership		Participating non-controlling interests – in operating subsidiaries		Total<br>equity
Balance, as at December 31, 2023	$	(3,477)	$	(1,255)	$	10,437	$	82	$	5,787	$	272	$	11,070	$	17,129
Net income (loss)	491		—		—		—		491		(1)		1		491
Other comprehensive loss	—		(74)		(10)		(22)		(106)		(11)		(166)		(283)
Capital contributions	—		—		—		—		—		—		82		82
Disposals (Note 16)	(78)		—		—		15		(63)		—		(1,269)		(1,332)
Dividends declared	—		—		—		—		—		—		(76)		(76)
Other	(22)		—		11		(3)		(14)		—		19		5
Change in period	391		(74)		1		(10)		308		(12)		(1,409)		(1,113)
Balance, as at March 31, 2024	$	(3,086)	$	(1,329)	$	10,438	$	72	$	6,095	$	260	$	9,661	$	16,016
Balance, as at December 31, 2022	$	(3,186)	$	(1,582)	$	10,615	$	26	$	5,873	$	271	$	10,680	$	16,824
Net income (loss)	(1,065)		—		—		—		(1,065)		2		143		(920)
Other comprehensive income (loss)	—		73		(8)		43		108		5		151		264
Capital contributions	—		—		—		—		—		—		52		52
Disposal	34		—		(34)		—		—		—		(388)		(388)
Dividends declared	—		—		—		—		—		—		(144)		(144)
Other	(3)		—		6		1		4		1		18		23
Change in period	(1,034)		73		(36)		44		(953)		8		(168)		(1,113)
Balance, as at March 31, 2023	$	(4,220)	$	(1,509)	$	10,579	$	70	$	4,920	$	279	$	10,512	$	15,711

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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BROOKFIELD RENEWABLE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED
(MILLIONS)	Notes	2024		2023
Operating activities
Net income (loss)		$	491	$	(920)
Adjustments for the following non-cash items:
Depreciation	6	345		306
Unrealized financial instruments gain	3	(28)		(108)
Share of (earnings) loss from equity-accounted investments	10	15		(2)
Deferred income tax expense	5	13		25
Other non-cash items		16		24
Remeasurement of BEPC exchangeable shares and class B shares	9	(548)		1,063
Dividends received from equity-accounted investments	10	—		1
		304		389
Changes in due to or from related parties		32		24
Net change in working capital balances		(79)		179
		257		592
Financing activities
Proceeds from non-recourse borrowings		763		350
Repayment of non-recourse borrowings	7	(747)		(345)
Capital contributions from non-controlling interests	8	82		52
Distributions paid:
To participating non-controlling interests	8	(76)		(133)
Related party borrowings, net	16	115		(286)
		137		(362)
Investing activities
Acquisitions, net of cash and cash equivalents, in acquired entity		—		(81)
Investment in property, plant and equipment	6	(277)		(162)
Proceeds from disposal of assets, net of cash and cash equivalents disposed	16	(113)		3
Restricted cash and other		19		13
		(371)		(227)
Foreign exchange gain (loss) on cash		(9)		12
Cash and cash equivalents
Increase		14		15
Net change in cash classified within assets held for sale		(2)		—
Balance, beginning of period		627		642
Balance, end of period		$	639	$	657
Supplemental cash flow information:
Interest paid		$	334	$	278
Interest received		$	24	$	14
Income taxes paid		$	30	$	23

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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BROOKFIELD RENEWABLE CORPORATION

NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Brookfield Renewable Corporation (“BEPC” or the “company) and its subsidiaries, own and operate a portfolio of renewable power and sustainable solution assets primarily in North America, South America and Europe. BEPC was formed as a corporation established under the British Columbia Business Corporation Act on September 9, 2019 and is a subsidiary of Brookfield Renewable Partners L.P. (“BEP”), or, collectively with its controlled subsidiaries, including BEPC (“Brookfield Renewable”, or, collectively with its controlled subsidiaries, excluding BEPC, (the “partnership”). Brookfield Corporation (“Brookfield Corporation” or together with its controlled subsidiaries, other than Brookfield Renewable, and unless the context otherwise requires, includes Brookfield Corporation, “Brookfield”) is our company’s ultimate parent. The term “Brookfield Holders” means Brookfield, Brookfield Reinsurance and their related parties.

The class A exchangeable subordinate voting shares (“BEPC exchangeable shares”) of Brookfield Renewable Corporation are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “BEPC”.

The registered head office of Brookfield Renewable Corporation is 250 Vesey Street, New York, NY, United States.

Notes to the consolidated financial statements		Page
1.	Basis of presentation and material accounting policy information	8
2.	Assets held for sale	9
3.	Risk management and financial instruments	9
4.	Segmented information	12
5.	Income taxes	17
6.	Property, plant and equipment	18
7.	Borrowings	19
8.	Non-controlling interests	20
9.	BEPC Exchangeable shares, BEPC Class B shares and BEPC Class C shares	22
10.	Equity-accounted investments	22
11.	Cash and cash equivalents	23
12.	Restricted cash	23
13.	Trade receivables and other current assets	23
14.	Accounts payable and accrued liabilities	24
15.	Commitments, contingencies and guarantees	24
16.	Related party transactions	25
Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICY INFORMATION

(a) Statement of compliance

The interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting.

Certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with the company’s December 31, 2023 audited consolidated financial statements. The interim consolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2023 audited consolidated financial statements.

The interim consolidated financial statements are unaudited and reflect adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periods in accordance with IFRS.

The results reported in these interim consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire year. The policies set out below are consistently applied to all periods presented, unless otherwise noted.

These interim financial statements were authorized for issuance by the Board of Directors of the company and authorized of issue on May 3, 2024.

Certain comparative figures have been reclassified to conform to the current year’s presentation.

References to $, €, R$, and COP are to United States (“U.S.”) dollars, Euros, Brazilian reais, and Colombian pesos, respectively.

All figures are presented in millions of U.S. dollars unless otherwise noted.

(b) Basis of presentation

The interim consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of property, plant and equipment and certain assets and liabilities which have been measured at fair value. Cost is recorded based on the fair value of the consideration given in exchange for assets.

These interim consolidated financial statements include the accounts of the company and its subsidiaries, which are the entities over which the company has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of the company’s subsidiaries are shown separately in equity in the interim consolidated statements of financial position.

(d) Recently adopted accounting standards

International Tax Reform - Amendments to IAS 12 - Pillar Two model rules

The company operates in countries which have enacted new legislation to implement the global minimum top-up tax. The company has applied a temporary mandatory relief from recognizing and disclosing information related to the top-up tax and will account for it as a current tax when it is incurred. There is no material current tax impact for the three months ended March 31, 2024. The Canadian legislation is not yet substantively enacted and if enacted in its current form, will be effective from January 1, 2024. The global minimum top-up tax is not anticipated to have a significant impact on the financial position of the company.

Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”)

The amendments clarify how to classify debt and other liabilities as current or non-current. The amendments to IAS 1 apply to annual reporting periods beginning on or after January 1, 2024. The company has assessed the impact of these amendments and have noted no impact on the presentation of the financial statements for the three months ended March 31, 2024.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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(e) Future changes in accounting policies

IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”)

In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18, Presentation and Disclosure of Financial Statements (IFRS 18). IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 is expected to improve the quality of financial reporting by requiring defined subtotals in the statement of profit or loss, requiring disclosure about management-defined performance measures, and adding new principles for aggregation and disaggregation of information. The company has not yet determined the impact of this standard on its disclosures.

There are currently no other future changes to IFRS with potential impact on the company.

ASSETS HELD FOR SALE

As at March 31, 2024, assets held for sale include a 85 MW portfolio of biomass facilities in Brazil.

The following is a summary of the major items of assets and liabilities classified as held for sale:

(MILLIONS)	March 31, 2024
Assets
Cash and cash equivalents	$	2
Trade receivables and other current assets	3
Property, plant and equipment	47
Assets held for sale	$	52
Liabilities
Current liabilities	$	2
Liabilities directly associated with assets held for sale	$	2

RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

RISK MANAGEMENT

The company’s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. The company uses financial instruments primarily to manage these risks.

Fair value disclosures

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, management looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, commodity prices and, as applicable, credit spreads.

A fair value measurement of a non-financial asset is the consideration that would be received in an orderly transaction between market participants, considering the highest and best use of the asset.

Assets and liabilities measured at fair value are categorized into one of three hierarchy levels, described below. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities.

Level 1 – inputs are based on unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 – inputs, other than quoted prices in Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3 – inputs for the asset or liability that are not based on observable market data.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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The following table presents the company's assets and liabilities including energy derivative contracts, power purchase agreements accounted for under IFRS 9 (“IFRS 9 PPAs”), interest rate swaps, foreign exchange swaps and tax equity measured and disclosed at fair value classified by the fair value hierarchy:

	March 31, 2024								December 31, 2023
(MILLIONS)	Level 1		Level 2		Level 3		Total		Total
Assets measured at fair value:
Cash and cash equivalents	$	639	$	—	$	—	$	639	$	627
Restricted cash(1)	91		—		—		91		202
Financial instrument assets(1)
IFRS 9 PPAs	—		—		7		7		9
Energy derivative contracts	—		109		—		109		86
Interest rate swaps	—		148		—		148		159
Investments in equity securities	—		—		173		173		171
Property, plant and equipment	—		—		39,485		39,485		44,038
Liabilities measured at fair value:
Financial instrument liabilities(1)
IFRS 9 PPAs	—		(37)		(130)		(167)		(500)
Energy derivative contracts	—		(103)		—		(103)		(74)
Interest rate swaps	—		(13)		—		(13)		(24)
Foreign exchange swaps	—		(337)		—		(337)		(284)
Tax equity	—		—		(257)		(257)		(935)
Liabilities for which fair value is disclosed:
BEPC exchangeable and class B shares(2)	(4,173)		—		—		(4,173)		(4,721)
Non-recourse borrowing(1)	(1,760)		(12,637)		—		(14,397)		(16,243)
Total	$	(5,203)	$	(12,870)	$	39,278	$	21,205	$	22,511

(1)Includes both the current amount and long-term amounts.

(2)BEPC class C shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 9 –BEPC Exchangeable shares, BEPC Class B shares and BEPC Class C shares, the BEPC class C shares meet certain qualifying criteria and are presented as equity.

There were no transfers between levels during the three months ended March 31, 2024.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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Financial instruments disclosures

The aggregate amount of our company's net financial instrument positions are as follows:

	March 31, 2024						December 31, 2023
(MILLIONS)	Assets		Liabilities		Net Assets<br>(Liabilities)		Net Assets<br>(Liabilities)
IFRS 9 PPAs	$	7	$	167	$	(160)	$	(491)
Energy derivative contracts	109		103		6		12
Interest rate swaps	148		13		135		135
Foreign exchange swaps	—		337		(337)		(284)
Investments in equity securities	173		—		173		171
Tax equity	—		257		(257)		(935)
Total	437		877		(440)		(1,392)
Less: current portion	129		355		(226)		(317)
Long-term portion	$	308	$	522	$	(214)	$	(1,075)

(a) Tax equity

The company owns and operates certain projects in the United States under tax equity structures to finance the construction of utility-scale solar, distributed generation and wind projects. In accordance with the substance of the contractual agreements, the amounts paid by the tax equity investors for their equity stakes are classified as financial instrument liabilities on the interim consolidated statements of financial position.

Gain or loss on the tax equity liabilities are recognized within foreign exchange and financial instruments gain (loss) in the interim consolidated statements of income (loss).

(b) Energy derivative contracts and IFRS 9 PPAs

The company has entered into long-term energy derivative contracts primarily to stabilize or eliminate the price risk on the sale of certain future power generation. Certain energy contracts are recorded in the company's interim consolidated financial statements at an amount equal to fair value, using quoted market prices or, in their absence, a valuation model using both internal and third-party evidence and forecasts.

The company has entered into interest rate hedge contracts primarily to minimize exposure to interest rate fluctuations on its variable rate debt or to lock in interest rates on future debt refinancing. All interest rate hedge contracts are recorded in the interim consolidated financial statements at fair value.

(d) Foreign exchange swaps

The company has entered into foreign exchange swaps to minimize its exposure to currency fluctuations impacting its investments and earnings in foreign operations, and to fix the exchange rate on certain anticipated transactions denominated in foreign currencies.

(e) Investments in debt and equity securities

The company’s investments in debt and equity securities consist of investments in securities which are recorded on the statement of financial position at fair value.

The following table reflects the gains (losses) included in foreign exchange and financial instruments gain (loss) in the interim consolidated statements of income for the three months ended March 31:

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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	Three months ended March 31
---	---	---	---	---
(MILLIONS)	2024		2023
IFRS 9 PPAs	$	6	$	31
Energy derivative contracts	16		70
Interest rate swaps	12		(2)
Foreign exchange swaps	(6)		(3)
Tax equity	5		6
Investments in equity securities	2		5
Foreign exchange gain (loss)	(6)		8
	$	29	$	115

The following table reflects the gains (losses) included in other comprehensive income (loss) in the interim consolidated statements of comprehensive income (loss) for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2024		2023
IFRS 9 PPAs	$	(71)	$	14
Energy derivative contracts	6		168
Interest rate swaps	11		(38)
Foreign exchange swaps	(3)		(4)
	(57)		140
Foreign exchange swaps - net investment	(6)		(16)
	$	(63)	$	124

The following table reflects the reclassification adjustments recognized in net income in the interim consolidated statements of comprehensive income (loss) for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2024		2023
Energy derivative contracts	$	(24)	$	(49)
Interest rate swaps	(3)		—
	$	(27)	$	(49)

SEGMENTED INFORMATION

The company’s Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or “CODM”) review the results of the operations, manage the operations, and allocate resources based on the type of technology, in conjunction with other segments of Brookfield Renewable.

The operations of the company are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy & sustainable solutions (distributed generation, pumped storage, carbon capture and storage, cogeneration and biomass) and 5) corporate. This best reflects the way in which the CODM reviews the results of the company.

In accordance with IFRS 8, Operating Segments, the company discloses information about its reportable segments based upon the measures used by the CODM in assessing performance. The accounting policies of the reportable segments are the same as those described in Note 1 – Basis of presentation and material accounting policy information.

Reporting to the CODM on the measures utilized to assess performance and allocate resources is provided on a proportionate basis. Information on a proportionate basis reflects the company’s share from facilities which it accounts for using consolidation and the equity method whereby the company either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides shareholders perspective that the CODM considers important when performing internal analyses and making strategic and operating decisions. The CODM also believes that providing proportionate information helps investors understand the impacts of decisions made by management and financial results allocable to the company’s shareholders.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconciling IFRS data with data presented on a proportionate consolidation basis have been disclosed below. Segment revenues, other income, direct operating costs, interest expense, depreciation, current and deferred income taxes, and other are items that will differ from results presented in accordance with IFRS as these items include the company’s proportionate share of earnings from equity-accounted investments attributable to each of the above-noted items, and exclude the proportionate share of earnings (loss) of consolidated investments not held by the company apportioned to each of the above-noted items.

The company does not control those entities that have not been consolidated and as such, have been presented as equity-accounted investments in its consolidated financial statements. The presentation of the assets and liabilities and revenues and expenses does not represent the company’s legal claim to such items, and the removal of financial statement amounts that are attributable to non-controlling interests does not extinguish the company’s legal claims or exposures to such items.

The company reports its results in accordance with these segments and presents prior period segmented information in a consistent manner.

The company analyzes the performance of its operating segments based on Funds From Operations. Funds From Operations is not a generally accepted accounting measure under IFRS and therefore may differ from definitions of Funds From Operations used by other entities, as well as the definition of funds from operations used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”).

The company uses Funds From Operations to assess the performance of the company before the effects of certain cash items (e.g., acquisition costs and other typical non-recurring cash items) and certain non-cash items (e.g., deferred income taxes, depreciation, non-cash portion of non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, and other non-cash items) as these are not reflective of the performance of the underlying business. The company includes realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term within Funds From Operations in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period net income.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles the company's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings from the company's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended March 31, 2024:

	Attributable to the partnership										Contribution from equity-accounted investments			Attributable<br> to non-<br>controlling<br> interests		As per <br>IFRS<br><br>financials(1)
(MILLIONS)	Hydroelectric		Wind		Utility-scale solar		Distributed energy & sustainable solutions		Corporate				Total
Revenues	$	343	$	70	$	63	$	34	$	—	$	510		$	(22)	$	637	$	1,125
Other income (loss)	4		4		11		1		—		20			—		4		24
Direct operating costs	(124)		(27)		(21)		(14)		(2)		(188)			9		(305)		(484)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—			13		—		13
	223		47		53		21		(2)		342			—		336
Management service costs	—		—		—		—		(21)		(21)			—		—		(21)
Interest expense(1)	(74)		(13)		(18)		(5)		14		(96)			1		(203)		(298)
Current income taxes	(6)		—		—		—		—		(6)			—		(14)		(20)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—			(1)		—		(1)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—			—		(119)		(119)
Funds From Operations	143		34		35		16		(9)		219			—		—
Depreciation																		(345)
Foreign exchange and financial instrument gain																		29
Deferred income tax expense (recovery)																		(13)
Other																		26
Dividends on BEPC exchangeable shares(1)																		(65)
Remeasurement of BEPC exchangeable and BEPC class B shares																		548
Share of earnings from equity-accounted investments																		(27)
Net income attributable to non-controlling interests																		119
Net income attributable to the partnership																		$	491

(1)Share of loss from equity-accounted investments of $15 million is comprised of amounts found on the Share of revenue, other income and direct operating costs, Share of interest and cash taxes and Share of earnings lines. Net income attributable to participating non-controlling interests of $0 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests. Total interest expense of $363 million is comprised of amounts on Interest expense and Dividends on BEPC exchangeable shares.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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	Attributable to the partnership												Contribution from equity-accounted investments		Attributable<br> to non-<br>controlling<br> interests		As per <br>IFRS<br><br>financials(1)
(MILLIONS)	Hydroelectric		Wind		Utility-scale solar		Distributed energy & sustainable solutions		Corporate		Total
Revenues	$	349	$	42	$	40	$	38	$	—	$	469	$	(15)	$	612	$	1,066
Other income	5		1		6		3		—		15		(3)		1		13
Direct operating costs	(111)		(10)		(12)		(13)		—		(146)		6		(164)		(304)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		12		—		12
	243		33		34		28		—		338		—		449
Management service costs	—		—		—		—		(36)		(36)		—		—		(36)
Interest expense(1)	(63)		(8)		(13)		(6)		—		(90)		2		(160)		(248)
Current income taxes	(9)		—		(1)		—		—		(10)		—		(28)		(38)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		(2)		—		(2)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		(261)		(261)
Funds From Operations	171		25		20		22		(36)		202		—		—
Depreciation																	(306)
Foreign exchange and financial instrument gain (loss)																	110
Deferred income tax recovery (expense)																	(25)
Other																	(34)
Dividends on BEPC exchangeable shares(1)																	(58)
Remeasurement of BEPC exchangeable and BEPC class B shares																	(1,063)
Share of earnings from equity-accounted investments																	(7)
Net income attributable to non-controlling interests																	116
Net income attributable to the partnership																	$	(1,065)

(1)Share of earnings from equity-accounted investments of $3 million is comprised of amounts found on the Share of revenue, other income and direct operating costs, Share of interest and cash taxes and Share of earnings lines. Net income attributable to participating non-controlling interests of $145 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests. Total interest expense of $306 million is comprised of amounts on Interest expense and Dividends on BEPC exchangeable shares.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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The following table presents information on a segmented basis about certain items in our company's statements of financial position and reconciles the company's proportionate results to the consolidated statements of financial position by aggregating the components comprising the company's investments in associates and reflecting the portion of each line item attributable to non-controlling interests:

	Attributable to the partnership										Contribution <br>from equity- <br>accounted<br>investments			Attributable<br> to non-<br>controlling<br> interests		As per<br> IFRS<br>financials
(MILLIONS)	Hydroelectric		Wind		Utility-scale solar		Distributed energy & sustainable solutions		Corporate				Total
As at March 31, 2024
Cash and cash equivalents	$	144	$	54	$	69	$	15	$	—	$	282		$	(8)	$	365	$	639
Property, plant and equipment, at fair value	13,868		2,201		1,749		1,267		—		19,085			(748)		21,148		39,485
Total assets	15,546		2,363		1,949		1,351		393		21,602			(219)		22,857		44,240
Total liabilities	7,562		1,413		1,725		578		4,221		15,499			(219)		12,944		28,224
As at December 31, 2023
Cash and cash equivalents	$	89	$	89	$	68	$	12	$	—	$	258		$	(5)	$	374	$	627
Property, plant and equipment, at fair value	13,914		2,713		2,422		1,312		—		20,361			(752)		24,429		44,038
Total assets	15,899		2,986		2,604		1,370		392		23,251			(222)		26,392		49,421
Total liabilities	7,748		2,206		2,154		589		4,766		17,463			(222)		15,051		32,292
Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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Additional Segment Information

The following table presents consolidated revenue split by technology for the three months ended March 31:

	Three months ended March 31
(MILLIONS)	2024		2023
Hydroelectric	$	671	$	695
Wind	219		171
Utility-scale solar	183		147
Distributed energy & sustainable solutions	52		53
Total	$	1,125	$	1,066

The following table presents consolidated property, plant and equipment and equity-accounted investments split by geographical region:

(MILLIONS)	March 31, 2024		December 31, 2023
North America	$	21,938	$	26,082
Colombia	10,499		10,585
Brazil	4,651		4,888
Europe	3,000		3,127
	$	40,088	$	44,682

INCOME TAXES

The company's effective income tax rate was 6.3% for the three months ended March 31, 2024 (2023: 7.4%). The effective tax rate is different than the statutory rate primarily due to rate differentials and non-controlling interests' income or loss not subject to tax.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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PROPERTY, PLANT AND EQUIPMENT

The following table presents a reconciliation of property, plant and equipment at fair value:

(MILLIONS)	Hydroelectric		Wind		Solar		Other(1)		Total(2)
Property, plant and equipment, at fair value
As at December 31, 2023	$	26,591	$	7,172	$	8,302	$	197	$	42,262
Additions, net	2		(17)		8		(11)		(18)
Transfer from construction work-in-progress	1		130		73		—		204
Transfer to assets held for sale	—		—		—		(44)		(44)
Disposals	—		(1,933)		(1,596)		—		(3,529)
Items recognized through OCI:
Change in fair value	—		—		—		(25)		(25)
Foreign exchange	(111)		(48)		(102)		(5)		(266)
Items recognized through net income:
Depreciation	(129)		(106)		(105)		(5)		(345)
As at March 31, 2024	$	26,354	$	5,198	$	6,580	$	107	$	38,239
Construction work-in-progress
As at As at December 31, 2023	$	221	$	803	$	741	$	11	$	1,776
Additions, net	18		59		110		38		225
Transfer to property, plant and equipment	(1)		(130)		(73)		—		(204)
Transfer to assets held for sale	—		—		—		(3)		(3)
Disposals	—		(148)		(390)		—		(538)
Items recognized through OCI:
Foreign exchange	(2)		(9)		2		(1)		(10)
As at March 31, 2024	$	236	$	575	$	390	$	45	$	1,246
Total property, plant and equipment, at fair value
As at December 31, 2023(2)(3)	$	26,812	$	7,975	$	9,043	$	208	$	44,038
As at March 31, 2024(2)(3)	$	26,590	$	5,773	$	6,970	$	152	$	39,485

(1)Includes cogeneration and biomass.

(2)Includes right-of-use assets not subject to revaluation of $39 million (2023: $43 million) in our hydroelectric segment, $138 million (2023: $143 million) in our wind segment, $141 million (2023: $277 million) in our solar segment , and nil (2023: nil ) in other.

(3)Includes land not subject to revaluation of $217 million (2023: $217 million) in our hydroelectric segment, $13 million (2023: $13 million) in our wind segment, $45 million (2023: $58 million) in our solar segment , and $1 million (2023: $1 million) in other.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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7. BORROWINGS

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 Dollar Offered Rate (“CDOR”). 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. 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”).

Effective July 1, 2023, SOFR replaced US$ LIBOR. The Canadian Overnight Repo Rate Average (“CORRA”) is expected to replace CDOR after June 28, 2024.

As at March 31, 2024, the company’s floating rate borrowings have not been materially impacted by SOFR reforms.

The composition of non-recourse borrowings is presented in the following table:

	March 31, 2024						December 31, 2023
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest<br>rate (%)	Term<br><br>(years)(3)	Carrying<br>value		Estimated<br>fair value		Interest<br>rate (%)	Term<br>(years)	Carrying<br>value		Estimated<br>fair value
Non-recourse borrowings(1)(2)
Hydroelectric	8.6	6	$	7,355	$	7,400	8.9	7	$	7,413	$	7,451
Wind	6.2	7	2,544		2,467		6.2	7	3,260		3,249
Utility-scale solar	6.0	12	3,876		3,792		6.0	12	4,808		4,820
Distributed energy & sustainable solutions	5.5	10	778		738		5.3	10	736		723
Total	7.3	8	$	14,553	$	14,397	7.3	9	$	16,217	$	16,243
Add: Unamortized premiums(3)			11						(77)
Less: Unamortized financing fees(3)			(73)						(68)
Less: Current portion			(1,396)						(1,891)
			$	13,095					$	14,181

(1)Includes $1 million (2023: $149 million) borrowed under a subscription facility of a Brookfield sponsored private fund.

(2)Includes $14 million (2023: $14 million) outstanding to an associate of Brookfield. Refer to Note 16 - Related party transactions for more details.

(3)Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.

The following table outlines the financing and refinancing completed for the period ended March 31, 2024:

Period Closed	Region	Technology	Average<br> Interest<br>rate		Maturity	Carrying Value
Q1 2024	Brazil	Solar	CDI	Financing	2025	BRL $340 million ($68 million)
Q1 2024	United States	Wind	SOFR	Refinancing	2029	$25 million
Q1 2024	United States	Hydro	SOFR	Refinancing	2026	$100 million
Q1 2024	Colombia	Hydro	IBR	Financing	2034	COP $60 billion ($15 million)
Q1 2024	Colombia	Hydro	IBR	Financing	2034	COP $90 billion ($23 million)

(1) Benchmarked financings bear a variable interest at the applicable rate plus a margin.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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NON-CONTROLLING INTERESTS

The company`s non-controlling interests are comprised of the following:

(MILLIONS)	March 31, 2024		December 31, 2023
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	$	9,661	$	11,070
Participating non-controlling interests – in a holding subsidiary held by the partnership	260		272
	$	9,921	$	11,342	Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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The net change in participating non-controlling interests – in operating subsidiaries is as follows:

(MILLIONS)	Brookfield Americas Infrastructure Fund		Brookfield Infrastructure Fund II		Brookfield Infrastructure Fund III		Brookfield Infrastructure Fund IV			Brookfield Infrastructure Fund V		Isagen Institutional partners			Isagen public non-controlling interests			The Catalyst Group			TerraForm Power			Other		Total
As at As at December 31, 2023	$	75	$	2,462	$	2,658	$	1,007		$	917	$	2,704		$	17		$	122		$	188		$	920	$	11,070
Net income (loss)	—		4		3		(12)			(2)		22			—			4			(2)			(16)		1
Other comprehensive income (loss)	—		(28)		(16)		(31)			(40)		(16)			—			—			(3)			(32)		(166)
Capital contributions	—		—		—		8			54		—			—			—			—			20		82
Disposal	—		—		—		—			(940)		—			—			—			—			(329)		(1,269)
Dividends declared	(1)		(13)		(21)		—			—		(32)			—			—			—			(9)		(76)
Other	—		1		4		1			11		1			—			—			3			(2)		19
As at March 31, 2024	$	74	$	2,426	$	2,628	$	973		$	—	$	2,679		$	17		$	126		$	186		$	552	$	9,661
Interests held by third parties	75% - 78%		43% - 60%		23% - 71%		75		%			53		%	0.3		%	25		%	19		%	0.3% - 80%				Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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BEPC EXCHANGEABLE SHARES, BEPC CLASS B SHARES AND BEPC CLASS C SHARES

The BEPC exchangeable shares and class B shares are classified as liabilities due to their exchange and cash redemption features. As at March 31, 2024, the BEPC exchangeable shares and class B shares were remeasured to $23.23 per share to reflect the NYSE closing price of a BEP unit. Remeasurement gains or losses associated with these shares are recorded in the interim consolidated statements of income (loss).

During the three months ended March 31, 2024, our shareholders exchanged 2,683 BEPC exchangeable shares for an equal number of BEP units resulting in a decrease of less than $1 million to our financial liability (2023: 1,742 shares resulting in a decrease of less than $1 million). During the three months ended March 31, 2024, the company declared dividends of $65 million (2023: $58 million) on its BEPC exchangeable shares outstanding. Dividends on BEPC exchangeable shares are presented as interest expense in the interim consolidated statements of income (loss).

The following table provides a continuity schedule of outstanding BEPC exchangeable and class B shares along with the corresponding liability and remeasurement gains and losses.

	BEPC exchangeable shares outstanding (units)	BEPC class B shares outstanding (units)	BEPC exchangeable and BEPC class B shares ( million)
Balance, as at December 31, 2023	179,651,526	165
Share exchanges	(2,683)	—	—
Remeasurement of liability	—	—	(548)
Balance, as at March 31, 2024	179,648,843	165

All values are in US Dollars.

Similar to BEPC exchangeable shares and BEPC class B shares, BEPC class C shares are classified as liabilities due to their cash redemption feature. However, BEPC class C shares, the most subordinated class of all common shares, meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. There are 194,460,874 BEPC class C shares issued and outstanding as at March 31, 2024 (2023: 194,460,874).

As at March 31, 2024, Brookfield Holders held a direct and indirect interest of approximately 25% of the company. Brookfield Holders own, directly and indirectly, 44,813,835 BEPC exchangeable shares on a combined basis and the remaining is held by public investors.

In December 2023, the company renewed its normal course issuer bid for its outstanding BEPC exchangeable shares. The company is authorized to repurchase up to 8.9 million BEPC Exchangeable shares, representing 5% of its issued and outstanding BEPC exchangeable shares. The bids will expire on December 17, 2024, or earlier should the company complete its repurchases prior to such data. There were no BEPC exchangeable shares repurchased during the three months ended March 31, 2024.

EQUITY-ACCOUNTED INVESTMENTS

The following are the company’s equity-accounted investments for the three months ended March 31, 2024:

(MILLIONS)	March 31, 2024
Opening balance	$	644
Disposal	(24)
Share of net loss	(15)
Share of other comprehensive loss	(1)
Foreign exchange translation and other	(1)
Ending balance	$	603
Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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CASH AND CASH EQUIVALENTS

The company’s cash and cash equivalents are as follows:

(MILLIONS)	March 31, 2024		December 31, 2023
Cash	$	311	$	393
Cash subject to restriction	255		186
Short-term deposit	73		48
	$	639	$	627

RESTRICTED CASH

The company’s restricted cash is as follows:

(MILLIONS)	March 31, 2024		December 31, 2023
Operations	$	38	$	163
Credit obligations	53		39
Total	91		202
Less: non-current	(62)		(37)
Current	$	29	$	165

TRADE RECEIVABLES AND OTHER CURRENT ASSETS

The company's trade receivables and other current assets are as follows:

(MILLIONS)	March 31, 2024		December 31, 2023
Trade receivables	$	502	$	503
Collateral deposits(1)	156		169
Prepaids and other	66		76
Income tax receivables	20		57
Inventory	27		65
Other short-term receivables	63		85
	$	834	$	955

(1)Collateral deposits are related to energy derivative contracts the company enters into in order to mitigate the exposure to wholesale market electricity prices on the future sale of uncontracted generation, as part of the company's risk management strategy.

The company primarily receives payments monthly for invoiced PPA revenues and has no significant aged receivables as of the reporting date. Receivables from contracts with customers are reflected in Trade receivables.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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14. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

The company's accounts payable and accrued liabilities are as follows:

(MILLIONS)	March 31, 2024		December 31, 2023
Operating accrued liabilities	$	254	$	365
Accounts payable	132		184
Interest payable on non-recourse borrowings	167		152
Income tax payable	21		35
Current portion of lease liabilities	28		31
BEPC exchangeable shares distributions payable(1)	16		16
Other	35		24
	$	653	$	807

(1)Includes amounts payable only to external shareholders. Amounts payable to Brookfield and the partnership are included in due to related parties.

COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments

In the course of its operations, the company has entered into agreements for the use of water, land and dams. Payment under those agreements varies with the amount of power generated. The various agreements can be renewed and are extendable up to 2089.

In the normal course of business, the company will enter into capital expenditure commitments which primarily relate to contracted project costs for various growth initiatives. As at March 31, 2024, the company had $525 million (2023: $865 million) of capital expenditure commitments of which $435 million is payable in 2024, $31 million is payable in 2025, $55 million is payable in 2026 to 2028, and $4 million thereafter.

The company, together with its institutional partners, agreed to invest an additional $46 million ($10 million net to the company) into CRC in the second quarter of 2024. There will be no change to the company’s economic interest as a result of the transaction.

An integral part of the company’s strategy is to participate with institutional partners in Brookfield-sponsored private equity funds that target acquisitions that suit the company’s profile. In the normal course of business, the company has made commitments to Brookfield-sponsored private equity funds to participate in these target acquisitions in the future, if and when identified. From time to time, in order to facilitate investment activities in a timely and efficient manner, the company will fund deposits or incur other costs and expenses (including by use of loan facilities to consummate, support, guarantee or issue letters of credit) in respect of an investment that ultimately will be shared with or made entirely by Brookfield sponsored vehicles, consortiums and/or partnerships (including private funds, joint ventures and similar arrangements), the company, or by co-investors.

Contingencies

The company and its subsidiaries are subject to various legal proceedings, arbitrations and actions arising in the normal course of business. While the final outcome of such legal proceedings and actions cannot be predicted with certainty, it is the opinion of management that the resolution of such proceedings and actions will not have a material impact on the company’s consolidated financial position or results of operations.

The company’s subsidiaries themselves have provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance.

The company, along with institutional partners, has provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance as it relates to interests in the Brookfield Americas Infrastructure Fund, the Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV, Brookfield Infrastructure Fund V, Brookfield Global Transition Fund and Brookfield Global Transition Fund II. The company’s subsidiaries have similarly provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
		Page 24

Letters of credit issued by the company’s subsidiaries as at March 31, 2024 were $1,142 million (December 31, 2023: $1,135 million).

Guarantees

In the normal course of operations, the company executes agreements that provide for indemnification and guarantees to third-parties of transactions such as business dispositions, capital project purchases, business acquisitions, power marketing activities such as purchase and sale agreements, swap agreements, sales and purchases of assets and services, and the transfer of tax credits or renewable energy grants from tax equity partnerships. The company has also agreed to indemnify its directors and certain of its officers and employees. The nature of substantially all of the indemnification undertakings and guarantee agreements prevents the company from making a reasonable estimate of the maximum potential amount that the company could be required to pay third parties as the agreements do not always specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time.

Two direct and indirect wholly-owned subsidiaries of our company have fully and unconditionally guaranteed (i) any and all present and future unsecured debt securities issued by Brookfield Renewable Partners ULC, in each case as to payment of principal, premium (if any) and interest when and as the same will become due and payable under or in respect of the trust indenture under which such securities are issued, (ii) all present and future senior preferred shares of Brookfield Renewable Power Preferred Equity Inc. (“BRP Equity”) as to the payment of dividends when due, the payment of amounts due on redemption and the payment of amounts due on the liquidation, dissolution or winding up of BRP Equity, (iii) certain of BEP’s preferred units, as to payment of distributions when due, the payment of amounts due on redemption and the payment of amounts due on the liquidation, dissolution or winding up of BEP, (iv) the obligations of all present and future bilateral credit facilities established for the benefit of Brookfield Renewable, and (v) notes issued by Brookfield BRP Holdings (Canada) Inc. under its U.S. commercial paper program. BRP Bermuda Holdings I Limited (“BBHI”) and BEP Subco Inc. subsidiaries of the company have guaranteed the perpetual subordinated notes issued by Brookfield BRP Holdings (Canada) Inc. These arrangements do not have or are not reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

16. RELATED PARTY TRANSACTIONS

The company’s related party transactions are recorded at the exchange amount. The company’s related party transactions are primarily with the partnership and Brookfield.

Brookfield has provided a $400 million committed unsecured revolving credit facility maturing in December 2024 and the draws bear interest at Secured Overnight Financing Rate (“SOFR”) plus a margin. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield. Brookfield may from time to time place funds on deposit with the company which are repayable on demand including any interest accrued. There were nil funds placed on deposit with the company as at March 31, 2024 (December 31, 2023: nil). The interest expense on the Brookfield revolving credit facility and deposit for the three months ended March 31, 2024 totaled nil (2023: nil).

On March 26, 2024, as part of normal course organizational structuring initiatives of our group, the company transferred 100% of its interest in a portfolio of 5,900 MW of operating and under construction assets, with a 6,100 MW development pipeline in the U.S. to a subsidiary of Brookfield Renewable, for a nominal amount of consideration, to achieve the optimal holding structure for tax purposes. As a result of the disposition, the company derecognized $4.5 billion of total assets, $3.2 billion of total liabilities and $1.3 billion of non-controlling interest from the consolidated statements of financial position. This resulted in a loss on disposition of $63 million recognized within contributed surplus in the consolidated statements of changes in equity.

Brookfield Reinsurance

From time to time Brookfield Reinsurance and its related entities may participate in capital raises undertaken by the company. These financings are typically provided at the market rates and as at March 31, 2024, $14 million of non-recourse borrowings (2023: $14 million) were due to Brookfield Reinsurance. As at March 31, 2024, the company had $186 million (2023: $184 million) of borrowings from Brookfield Reinsurance classified as due to related party.

Subsidiaries of Brookfield Reinsurance may from time to time decide to participate in the company’s equity offerings.

Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
		Page 25

The following table reflects the related party agreements and transactions for the three months ended March 31 in the interim consolidated statements of income:

	Three months ended March 31
(MILLIONS)	2024		2023
Revenues
Power purchase and revenue agreements	$	37	$	65
Direct operating costs
Energy purchases	$	(8)	$	(7)
Energy marketing fee & other services	(1)		(3)
	$	(9)	$	(10)
Interest expense
Borrowings	$	(17)	$	(4)
Other
Interest income	$	9	$	2
Dividend income	2		1
Other related party services	(1)		(1)
Financial instrument gain	2		5
Management service agreement	$	(21)	$	(36)
Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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		Page 26

The following table reflects the impact of the related party agreements and transactions on the consolidated statements of financial position:

(MILLIONS)	Related party	March 31, 2024		December 31, 2023
Current assets
Due from related parties
Amounts due from	Brookfield	$	38	$	39
	The partnership	1,035		1,366
	Equity-accounted investments and other	13		22
		$	1,086	$	1,427
Non-current assets
Financial instrument asset	Brookfield	$	172	$	170
Due from related parties
Amounts due from	The partnership	$	9	$	9
Current liabilities
Due to related parties
Amounts due to	Brookfield	$	36	$	26
	The partnership	289		238
	Equity-accounted investments and other	7		8
	Brookfield Reinsurance and associates	186		184
		$	518	$	456
Non-current liabilities
Due to related parties
Amounts due to	Brookfield	$	75	$	79
	The partnership	600		850
	Equity-accounted investments and other	1		1
		$	676	$	930
Non-recourse borrowings	Brookfield Reinsurance and associates	$	14	$	14
Brookfield Renewable Corporation	Interim Consolidated Financial Statements and Notes	March 31, 2024
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		Page 27
GENERAL INFORMATION
---	---
Corporate Office<br><br>250 Vesey Street<br><br>15th Floor<br><br>New York, NY, 10281<br><br>United States<br><br>Tel: (212) 417-7000<br><br>https://bep.brookfield.com/bepc<br><br>Officers of Brookfield Renewable Corporation<br><br>Connor Teskey<br><br>Chief Executive Officer<br><br>Wyatt Hartley<br><br>Chief Financial Officer<br><br>Transfer Agent & Registrar<br><br>Computershare Trust Company of Canada<br><br>100 University Avenue<br><br>8th floor<br><br>Toronto, Ontario, M5J 2Y1<br><br>Tel Toll Free: (800) 564-6253<br><br>Fax Toll Free: (888) 453-0330<br><br>www.computershare.com	Directors of Brookfield Renewable Corporation<br><br>Jeffrey Blidner<br><br>Eleazar de Carvalho Filho<br><br>Scott Cutler<br><br>Dr. Sarah Deasley<br><br>Nancy Dorn<br><br>David Mann<br><br>Lou Maroun<br><br>Randy MacEwen<br><br>Patricia Zuccotti<br><br>Stephen Westwell<br><br><br><br>Exchange Listing<br><br>NYSE: BEPC (exchangeable shares)<br><br>TSX: BEPC (exchangeable shares)<br><br>Investor Information<br><br>Visit Brookfield Renewable Corporation online at<br><br>https://bep.brookfield.com/bepc for more information. For detailed and up-to-date news and information, please visit the News Release section.<br><br>Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR+ at www.sedarplus.ca.<br><br>Shareholder enquiries should be directed to the Investor Relations Department at (416) 649-8172 or<br><br>enquiries@brookfieldrenewable.com

Document

Management’s Discussion and Analysis for
the three months ended March 31, 2024

The following Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2024 is provided as of May 3, 2024. Unless the context indicates or requires otherwise, the terms, “we”, “us”, and “our company” mean BEPC and its controlled entities. BEPC is an indirect controlled subsidiary of Brookfield Renewable Partners L.P. ("BEP", or collectively with its subsidiaries, including our company, "Brookfield Renewable") (NYSE: BEP; TSX:BEP.UN). Unless the context indicates or requires otherwise, the "partnership" means Brookfield Renewable and its controlled subsidiaries, excluding our company. The ultimate parent of Brookfield Renewable and Brookfield Renewable Corporation is Brookfield Corporation (“Brookfield Corporation”). Brookfield Corporation and its subsidiaries, other than Brookfield Renewable and Brookfield Renewable Corporation, and unless the context otherwise requires, includes Brookfield Asset Management Ltd (“Brookfield Asset Management”), are also individually and collectively referred to as “Brookfield” in this Management’s Discussion and Analysis. The term “Brookfield Holders” means Brookfield, Brookfield Reinsurance and their related parties.

In addition to historical information, this MD&A contains forward-looking statements. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. See “Cautionary Statements Regarding Forward-Looking Statements”.

BEPC’s unaudited interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), which require estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the amounts of revenue and expense during the reporting periods.

References to $, C$, €, R$, and COP are to United States (“U.S.”) dollars, Canadian dollars, Euros, Brazilian reais and Colombian pesos, respectively. Unless otherwise indicated, all dollar amounts are expressed in U.S. dollars.

For a description on our operational and segmented information and for the non-IFRS financial measures we use to explain our financial results see “Part 8 – Presentation to Stakeholders and Performance Measurement”. For a reconciliation of the non-IFRS financial measures to the most comparable IFRS financial measures, see “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures”. This Management’s Discussion and Analysis contains forward-looking information within the meaning of U.S. and Canadian securities laws. Refer to – “Part 9 – Cautionary Statements” for cautionary statements regarding forward-looking statements and the use of non-IFRS measures. Our Annual Report and additional information filed with the Securities Exchange Commission (“SEC”) and with securities regulators in Canada are available on our website (https://bep.brookfield.com), on the SEC’s website (www.sec.gov/edgar.shtml), or on SEDAR+ (www.sedarplus.ca).

Organization of the Management’s Discussion and Analysis
Part 1 – Overview	3		Part 5 – Liquidity and Capital Resources Continued
			Consolidated statements of cash flows		16
Part 2 – Financial Performance Review on Consolidated Information	4		Shares and units outstanding		17
		Contractual obligations		18
			Off-statement of financial position arrangements		18
Part 3 – Additional Consolidated Financial Information	5
Summary consolidated statements of financial position	5		Part 6 – Selected Quarterly Information		19
Related party transactions	5
			Part 7 – Critical Estimates, Accounting Policies, and Internal Controls		20
Part 4 – Financial Performance Review on Proportionate Information	8
		Part 8 – Presentation to Stakeholders and Performance Measurement		22
Proportionate results for the three months ended March 31	8
Reconciliation of non-IFRS measures	11		Part 9 – Cautionary Statements		25
Part 5 – Liquidity and Capital Resources	14
Available liquidity	14
Dividend policy	14
Borrowings	15
Capital expenditure	16

BUSINESS OVERVIEW

BEPC is a Canadian corporation incorporated on September 9, 2019 under the laws of British Columbia. Our company was established by Brookfield Renewable to be an alternative investment vehicle for investors who prefer owning securities through a corporate structure. While our operations are primarily located in the United States, Brazil, Colombia, and Europe, shareholders will, on economic terms, have exposure to all regions BEP operates in as a result of the exchange feature attaching to the Class A exchangeable subordinate voting shares ("BEPC exchangeable shares"), whereby BEPC will have the option to meet an exchange request by delivering cash or non-voting limited partnership units of BEP (“LP units”).

The BEPC exchangeable shares of our company are structured with the intention of being economically equivalent to the LP units. We believe economic equivalence is achieved through identical dividends and distributions on the BEPC exchangeable shares and the LP units and each BEPC exchangeable share being exchangeable at the option of the holder for one LP unit at any time. Given the economic equivalence, we expect that the market price of the BEPC exchangeable shares will be significantly impacted by the market price of the LP units and the combined business performance of our company and Brookfield Renewable as a whole. In addition to carefully considering the disclosure made in this document, shareholders are strongly encouraged to carefully review the partnership’s periodic reporting. The partnership is required to file reports, including annual reports on Form 20-F, and other information with the United States Securities and Exchange Commission (the “SEC”). The partnership’s SEC filings are available to the public from the SEC’s website at http://www.sec.gov. Copies of documents that have been filed with the Canadian securities authorities can be obtained at www.sedarplus.ca. Information about the partnership, including its SEC filings, is also available on its website at https://bep.brookfield.com. The information found on, or accessible through, https://bep.brookfield.com is not incorporated into and does not form a part of this MD&A.

Our company, our subsidiaries and Brookfield Renewable (together our “Group”), target a total return of 12% to 15% per annum on the renewable assets that we own, measured over the long-term. Our group intends to generate this return from cash flows from our operations plus growth through investments in upgrades and expansions of our asset base, as well as acquisitions and capital recycling initiatives. Brookfield Renewable determines its distributions based primarily on an assessment of its operating performance. Our group uses Funds From Operations (“FFO”) to assess operating performance which can be used on a per unit basis as a proxy for future distribution growth over the long-term. For further details, see the “Performance Disclosures” section of this MD&A.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 3

The following table reflects key financial data for the three months ended March 31:


(MILLIONS, EXCEPT AS NOTED)	2024	2023
Revenues		$	1,066
Direct operating costs	(484)	(304)
Management service costs	(21)	(36)
Interest expense	(363)	(306)
Depreciation	(345)	(306)
Remeasurement of BEPC exchangeable and BEPC class B shares	548	(1,063)
Income tax expense	(33)	(63)
Net income		$	(920)
	Average FX rates to
	0.92	0.93
R	4.95	5.19
COP	3,915	4,762

All values are in Euros.

Variance Analysis For The Three Months Ended March 31, 2024

Revenues totaling $1,125 million represents an increase of $59 million over the same period in the prior year due to the growth of our business and strong realized prices across most markets. Recently acquired and commissioned facilities contributed 3,167 GWh of generation and $126 million to revenue, which was partly offset by our recently completed asset sales that reduced generation by 588 GWh and revenues by $42 million. On a same store, constant currency basis, revenues decreased by $93 million as the benefits from higher realized prices across most markets on the back of inflation escalation and commercial initiatives were offset by lower resources at our Colombian hydro assets as the prior year benefited from above LTA conditions and lower average revenue per MWh at our European wind and solar portfolio as a result of adjustments to the regulated price earned in Spain that decreased revenues but has no impact on the value of the asset given the regulatory construct.

The weakening of the U.S. dollar relative to the same period in the prior year across most currencies increased revenues by $68 million, which was partly offset by $50 million unfavorable foreign exchange impact on our direct operating costs and interest expenses for the quarter.

Direct operating costs totaling $484 million represents an increase of $180 million over the same period in the prior year primarily due to additional costs from our recently acquired and commissioned facilities, higher power purchases in Colombia, which are passed through to consumers and the above noted weakening of the U.S. dollar, which were partially offset by our recently completed asset sales.

Management service costs totaling $21 million represents a decrease of $15 million over the same period in the prior year.

Interest expense totaling $363 million represents an increase of $57 million over the same period in the prior year due to financing initiatives to fund growth.

Remeasurement of BEPC exchangeable shares resulted in a $548 million gain due to the movement in the LP unit price during the period.

Depreciation expense totaling $345 million represents an increase of $39 million over the same period in the prior year due to the growth of our business and the weakening of the U.S. dollar relative to prior year.

Net income totaling $491 million represents an increase of $1,411 million over the prior year due to the above noted items.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 4

SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

The following table provides a summary of the key line items on the unaudited interim consolidated statements of financial position:

(MILLIONS)	March 31, 2024	December 31, 2023
Assets held for sale		$	—
Current assets	2,769	3,298
Equity-accounted investments	603	644
Property, plant and equipment, at fair value	39,485	44,038
Total assets	44,240	49,421
Liabilities directly associated with assets held for sale	2	—
Non-recourse borrowings	14,491	16,072
Deferred income tax liabilities	5,791	5,819
BEPC exchangeable shares and class B shares	4,173	4,721
Total equity in net assets	16,016	17,129
Total liabilities and equity	44,240	49,421
	Spot FX rates to
€	0.93	0.91
R$	5.00	4.84
COP	3,842	3,822

All values are in US Dollars.

Property, plant and equipment

Property, plant and equipment totaled $39.5 billion as at March 31, 2024 compared to $44.0 billion as at December 31, 2023, representing a decrease of $4.5 billion. Our continued investments in the development of power generating assets increased property, plant and equipment by $0.2 billion. The increase was offset by $4.1 billion related to the transfer of our 100% interest in a portfolio of 5,900 MW of operating and under construction assets, with a 6,100 MW development pipeline in the U.S. to a subsidiary of Brookfield Renewable, $0.3 billion related to the strengthening of the U.S. dollar versus most currencies, and $0.3 billion related to depreciation expense.

Assets held for sale and Liabilities directly associated with assets held for sale

Assets held for sale and Liabilities directly associated with assets held for sale totaled $52 million and $2 million, respectively, as at March 31, 2024 compared to nil and nil, respectively, as at December 31, 2023.

As at March 31, 2024, assets held for sale include a 85 MW portfolio of biomass facilities in Brazil.

RELATED PARTY TRANSACTIONS

Our company’s related party transactions are in the normal course of business, are recorded at the exchange amount, and are primarily with the partnership and Brookfield.

Our company sells electricity to Brookfield through a single long-term PPA across our New York hydroelectric facilities.

Brookfield has provided a $400 million committed unsecured revolving credit facility maturing in December 2024 and the draws bear interest at the Secured Overnight Financing Rate (“SOFR”) plus a margin. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield. Brookfield may from time to time place funds on deposit with the company which are repayable on demand including any interest accrued. There were nil funds placed on deposit with the company as at March 31, 2024 (December 31, 2023: nil). The interest expense on the Brookfield revolving credit facility and deposit for the three months ended March 31, 2024 totaled nil (2023: nil).

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 5

In addition, our company has executed, amended, or terminated other agreements with the partnership and Brookfield that are described in Note 28 - Related party transactions in the company’s December 31, 2023 audited consolidated financial statements.

The following table reflects the related party agreements and transactions in the unaudited interim consolidated statements of income for the three months ended March 31:

	Three months ended March 31
(MILLIONS)		2024		2023
Revenues
Power purchase and revenue agreements		$	37	$	65
Direct operating costs
Energy purchases		$	(8)	$	(7)
Energy marketing fee & other services		(1)		(3)
		$	(9)	$	(10)
Interest expense
Borrowings		$	(17)	$	(4)
Other
Interest income		$	9	$	2
Distribution income		$	2	$	1
Other related party services		$	(1)	$	(1)
Financial instrument gain		$	2	$	5
Management service agreement		$	(21)	$	(36)	Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
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		Page 6

The following table reflects the impact of the related party agreements and transactions on the consolidated statements of financial position:

(MILLIONS)	Related party	March 31, 2024		December 31, 2023
Current assets
Due from related parties
Amounts due from	Brookfield	$	38	$	39
	The partnership	1,035		1,366
	Equity-accounted investments and other	13		22
		$	1,086	$	1,427
Non-current assets
Financial instrument assets	Brookfield	$	172	170
Due from related parties
Amounts due from	Equity-accounted investments and other	$	9	$	9
Current liabilities
Due to related parties
Amounts due to	Brookfield	$	36	$	26
	The partnership	289		238
	Equity-accounted investments and other	7		8
	Brookfield Reinsurance and associates	186		184
		$	518	$	456
Non-current liabilities
Due to related parties
Amounts due to	Brookfield	$	75	$	79
	The partnership	$	600	$	850
	Equity-accounted investments and other	$	1	$	1
Non-recourse borrowings	Brookfield Reinsurance and associates	$	14	$	14
Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
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		Page 7

SEGMENTED DISCLOSURES

Segmented information is prepared on the same basis that our company's chief operating decision maker, which we refer to as "CODM" manages our company, evaluates financial results, and makes key operating decisions. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for information on segments and an explanation on the calculation and relevance of proportionate information.

PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED MARCH 31

The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended March 31:

	(GWh)		(MILLIONS)
	Actual Generation		Revenues				Adjusted EBITDA(1)				Funds From Operations
	2024	2023	2024		2023		2024		2023		2024		2023
Hydroelectric	3,893	4,396	$	343	$	349	$	223	$	243	$	152	$	171
Wind	976	312	70		42		47		33		34		25
Utility-scale solar	504	253	63		40		53		34		35		20
Distributed energy & sustainable solutions	269	145	34		38		21		28		16		22
Corporate	—	—	—		—		(2)		—		(18)		(36)
Total	5,642	5,106	$	510	$	469	$	342	$	338	$	219	$	202

(1)Non-IFRS measures. For reconciliation to the most directly comparable IFRS measure see "Reconciliation of Non-IFRS Measures" in this Management's Discussion and Analysis.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 8

HYDROELECTRIC OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for hydroelectric operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2024		2023
Revenue	$	343	$	349
Other income	4		5
Direct operating costs	(124)		(111)
Adjusted EBITDA(1)	223		243
Interest expense	(74)		(63)
Current income taxes	(6)		(9)
Funds From Operations	$	143	$	171
Generation (GWh) - actual	3,893		4,396
Average revenue per MWh	81		74

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Funds From Operations at our hydroelectric business was $143 million versus $171 million in the prior year as the benefit from strong resources at our US hydroelectric facilities and higher average revenue per MWh at our South American hydroelectric facilities due to inflation indexation and contracting initiatives was offset by low system wide hydrology in Colombia and lower average revenue per MWh in the U.S. due primarily to generation mix and the benefit of a commercial initiative realized in the prior year.

WIND OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for wind operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2024		2023
Revenue	$	70	$	42
Other income	4		1
Direct operating costs	(27)		(10)
Adjusted EBITDA(1)	47		33
Interest expense	(13)		(8)
Funds From Operations	$	34	$	25
Generation (GWh) - actual	976		312
Average revenue per MWh	64		139

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Funds From Operations at our wind business was $34 million versus $25 million in the prior year as the benefit from newly acquired and commissioned facilities and higher generation on a same store basis was partially offset by the disposition of non-core assets in 2023 and lower average revenue per MWh due to adjustments to the regulated price earned by our Spanish assets that decrease revenues but has no impact on value given the regulatory construct.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 9

UTILITY-SCALE SOLAR OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for utility-scale solar operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2024		2023
Revenue	$	63	$	40
Other income	11		6
Direct operating costs	(21)		(12)
Adjusted EBITDA(1)	53		34
Interest expense	(18)		(13)
Current income taxes	—		(1)
Funds From Operations	$	35	$	20
Generation (GWh) – actual	504		253
Average revenue per MWh	84		120

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Funds From Operations at our utility-scale solar business was $35 million versus $20 million in the prior year as the benefit from newly acquired and commissioned facilities and higher generation on a same store basis was partially offset by lower average revenue per MWh due to adjustments to the regulated price earned by our Spanish assets that decrease revenues but has no impact on value given the regulatory construct.

DISTRIBUTED ENERGY & SUSTAINABLE SOLUTIONS OPERATIONS ON PROPORTIONATE BASIS

The following table presents our proportionate results for distributed energy & sustainable solutions for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2024		2023
Revenue	$	34	$	38
Other income	1		3
Direct operating costs	(14)		(13)
Adjusted EBITDA(1)	21		28
Interest expense	(5)		(6)
Funds From Operations	$	16	$	22
Generation (GWh) – actual	269		145

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Funds From Operations at our distributed energy & sustainable solutions business was $16 million versus $22 million due to lower contributions from pumped storage as the prior year benefited from higher pricing volatility.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 10

RECONCILIATION OF NON-IFRS MEASURES

The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended March 31, 2024:

	Attributable to the partnership
(MILLIONS)	Hydroelectric		Wind		Utility-scale Solar		Distributed energy & sustainable solutions		Corporate		Total
Net income (loss)	$	108	$	(24)	$	(37)	$	(9)	$	453	$	491
Add back or deduct the following:
Depreciation	132		107		84		22		—		345
Deferred income tax expense (recovery)	20		(7)		1		(2)		1		13
Foreign exchange and financial instrument loss (gain)	(40)		(7)		13		4		1		(29)
Other(1)	(38)		(19)		(72)		(11)		(64)		(204)
Dividends on BEPC exchangeable shares(2)	—		—		—		—		65		65
Remeasurement of BEPC exchangeable and BEPC class B shares	—		—		—		—		(548)		(548)
Management service costs	—		—		—		—		21		21
Interest expense(2)	165		58		61		6		8		298
Current income tax expense (recovery)	18		3		(2)		—		1		20
Amount attributable to equity accounted investments and non-controlling interests(3)	(142)		(64)		5		11		60		$	(130)
Adjusted EBITDA	$	223	$	47	$	53	$	21	$	(2)	$	342

(1)Other corresponds to certain non-recurring other income items as well as certain non-recurring amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and the company’s economic share of certain non-cash items, foreign currency hedges and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included within Adjusted EBITDA.

(2)Total interest expense of $363 million is comprised of amounts on Interest expense and Dividends on BEPC exchangeable shares.

(3)Amount attributable to equity accounted investments corresponds to the Adjusted EBITDA to the company that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries. By adjusting Adjusted EBITDA attributable to non-controlling interest, our company is able to remove the portion of Adjusted EBITDA earned at non-wholly owned subsidiaries that are not attributable to our company.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 11

	Attributable to the partnership
(MILLIONS)	Hydroelectric		Wind		Utility-scale Solar		Distributed energy & sustainable solutions		Corporate		Total
Net income (loss)	$	251	$	26	$	(28)	$	(6)	$	(1,163)	$	(920)
Add back or deduct the following:
Depreciation	132		73		78		23		—		306
Deferred income tax expense (recovery)	22		3		3		(3)		—		25
Foreign exchange and financial instrument loss (gain)	(97)		(20)		3		4		—		(110)
Other(1)	18		14		4		3		5		44
Dividends on BEPC exchangeable shares(2)	—		—		—		—		58		58
Remeasurement of BEPC exchangeable and BEPC class B shares	—		—		—		—		1,063		1,063
Management service costs	—		—		—		—		36		36
Interest expense(2)	148		33		52		15		—		248
Current income tax expense	34		2		2		—		—		38
Amount attributable to equity accounted investments and non-controlling interests(3)	(265)		(98)		(80)		(8)		1		$	(450)
Adjusted EBITDA	$	243	$	33	$	34	$	28	$	—	$	338

(2)Total interest expense of $306 million is comprised of amounts on Interest expense and Dividends on BEPC exchangeable shares.

(3)Amount attributable to equity accounted investments corresponds to the adjusted EBITDA to the company that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries. By adjusting Adjusted EBITDA attributable to non-controlling interest, our company is able to remove the portion of Adjusted EBITDA earned at non-wholly owned subsidiaries that are not attributable to our company.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 12

The following table reconciles non-IFRS financial measures to the most directly comparable IFRS measures. Net income is reconciled to Funds From Operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)	2024		2023
Net income (loss)	$	491	$	(920)
Add back or deduct the following:
Depreciation	345		306
Foreign exchange and financial instruments (gain)	(29)		(115)
Deferred income tax expense	13		25
Other(1)	(204)		44
Dividends on BEPC exchangeable shares	65		58
Remeasurement of BEPC exchangeable and BEPC class B shares	(548)		1,063
Amount attributable to equity accounted investments and non-controlling interest(2)	86		(259)
Funds From Operations	$	219	$	202

(2)Amount attributable to equity accounted investments corresponds to the Funds From Operations that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries. By adjusting Funds From Operations attributable to non-controlling interest, our company is able to remove the portion of Funds From Operations earned at non-wholly owned subsidiaries that are not attributable to our company.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 13

AVAILABLE LIQUIDITY

Our company assesses liquidity on a group-wide basis, consistent with the partnership, because shareholders have exposure to a broader base of renewable investments by virtue of the exchange feature of BEPC exchangeable shares. Our group-wide liquidity consisted of the following:

(MILLIONS)	March 31, 2024		December 31, 2023
Our company's share of cash and cash equivalents	$	282	$	249
Authorized credit facilities	2,375		2,375
	2,657		2,624
Available portion of subsidiary credit facilities	92		104
Brookfield Renewable group liquidity on a proportionate basis	1,688		1,393
Available liquidity	$	4,437	$	4,121

We operate with sufficient liquidity to enable us to fund growth initiatives, capital expenditures, distributions and withstand sudden adverse changes in economic circumstances or short-term fluctuations in generation. We maintain a strong, investment grade balance sheet characterized by a conservative capital structure, access to multiple funding levers including a focus on capital recycling on an opportunistic basis, and diverse sources of capital. Principal sources of liquidity are cash flows from operations, our credit facilities, upfinancings on non-recourse borrowings and proceeds from the issuance of various securities through public markets.

DIVIDEND POLICY

The BEPC board may declare dividends at its discretion. However, the BEPC exchangeable shares have been structured with the intention of providing an economic return equivalent to the LP units and it is expected that dividends on the BEPC exchangeable shares will be declared at the same time and in the same amount as distributions made on the LP units. In the event dividends are not declared and paid concurrently with a distribution on the LP units, then the undeclared or unpaid amount of such BEPC exchangeable share dividend will accrue and accumulate. Pursuant to the equity commitment agreement, the partnership has also agreed not to declare or pay any distribution on the LP units if on such date our company does not have sufficient funds or other assets to enable the declaration and payment of an equivalent dividend on the BEPC exchangeable shares. See Item 7.B “Related Party Transactions – BEPC relationship with the partnership – Equity Commitment Agreement” of our Form 20-F for the annual period ended December 31, 2023. Brookfield Renewable’s distributions are underpinned by stable, highly regulated and contracted cash flows generated from operations. Brookfield Renewable’s objective is to pay a distribution that is sustainable on a long-term basis and has set its target payout ratio at approximately 70% of Brookfield Renewable’s Funds From Operations.

The board of directors of the general partner of Brookfield Renewable approved a 5.2% increase in its annual distribution to $1.42 per LP unit, or $0.355 per LP unit quarterly, starting with the distribution paid in March 2024, an increase from $1.35 per LP unit in 2023. This increase reflects the forecasted contribution from Brookfield Renewable's recently commissioned capital projects, as well as the expected cash yield on recent acquisitions. Brookfield Renewable targets a 5% to 9% annual distribution growth in light of growth it foresees in its operations.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 14

BORROWINGS

The composition of debt obligations, overall maturity profile, and average interest rates associated with our borrowings and credit facilities on a proportionate basis is presented in the following table:

	March 31, 2024					December 31, 2023
	Weighted-average					Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest<br><br>rate (%)(1)		Term<br><br>(years)	Total		Interest<br><br>rate (%)(1)		Term<br><br>(years)	Total
Proportionate non-recourse borrowings(2)
Hydroelectric	7.0	%	6	$	2,975	7.2	%	6	$	3,013
Wind	6.2	%	8	814		6.3	%	10	1,088
Utility-scale Solar	5.9	%	13	1,476		5.9	%	14	1,786
Distributed energy & sustainable solutions	5.6	%	10	311		5.6	%	12	312
	6.5	%	8	5,576		6.6	%	9	6,199
Proportionate unamortized financing fees, net of unamortized premiums				(31)					(45)
				5,545					6,154
Equity-accounted borrowings				(202)					(204)
Non-controlling interests and other(3)				9,148					10,122
As per IFRS Statements				$	14,491				$	16,072

(1)Includes cash yields on tax equity.

(2)See “Part 9 - Presentation to Stakeholders and Performance Measurement” for information on proportionate debt.

(3)Includes tax equity adjustments.

The following table summarizes our undiscounted principal repayments and scheduled amortization on a proportionate basis as at March 31, 2024:

(MILLIONS)	Balance of 2024		2025		2026		2027		2028		Thereafter		Total
Debt Principal repayments
Non-recourse borrowings
Hydroelectric	22		270		250		128		99		1,069		1,838
Wind	63		8		1		1		125		201		399
Utility-scale solar	1		16		1		1		108		192		319
Distributed energy & sustainable solutions	—		—		—		26		61		71		158
	86		294		252		156		393		1,533		2,714
Amortizing debt principal repayments
Non-recourse borrowings
Hydroelectric	91		106		117		98		110		615		1,137
Wind	43		50		46		45		36		195		415
Utility-scale solar	68		89		88		89		86		737		1,157
Distributed energy & sustainable solutions	15		16		15		11		11		85		153
	217		261		266		243		243		1,632		2,862
Total	$	303	$	555	$	518	$	399	$	636	$	3,165	$	5,576

We remain focused on refinancing near-term facilities on acceptable terms and maintaining a manageable maturity ladder. We do not anticipate material issues in refinancing our borrowings through 2028 on acceptable terms and will do so opportunistically based on the prevailing interest rate environment.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 15

Proportionate debt is presented to assist investors in understanding the capital structure of the underlying investments of our company that are consolidated in its financial statements but are not wholly-owned. When used in conjunction with Funds from Operations, proportionate debt is expected to provide useful information as to how our company has financed its businesses at the asset-level. The only difference between consolidated debt presented under IFRS and proportionate debt is the adjustment to remove the share of debt of consolidated investments not attributable to our company and the adjustment to include share of debt attributable to the equity-accounted investments of our company. Management utilizes proportionate debt in understanding the capital structure of the underlying investments that are consolidated in its financial statements but are not wholly-owned. Proportionate debt provides useful information as to how our company has financed its businesses at the asset-level and provides a view into the return on the capital that it invests at a given degree of leverage.

CAPITAL EXPENDITURES

We fund growth capital expenditures with cash flow generated from operations, supplemented by non-recourse debt sized to investment grade coverage and covenant thresholds. This is designed to ensure that our investments have stable capital structures supported by a substantial level of equity and that cash flows at the asset level can be remitted freely to our company. This strategy also underpins our investment grade profile.

To fund large scale development projects and acquisitions, we will evaluate a variety of capital sources including proceeds from selling mature businesses, in addition to raising money in the capital markets through equity, debt and preferred share issuances. Furthermore, our company has $2.38 billion of committed revolving credit facilities available for investments and acquisitions, as well as funding the equity component of organic growth initiatives. The facilities are intended, and have historically been used, as a bridge to a long-term financing strategy rather than a permanent source of capital. We believe these capital sources will be sufficient to permit us to deploy the necessary capital for our contractual commitments (see Note 15 - Commitments, contingencies and guarantees in the audited annual consolidated financial statements) and our company’s share of anticipated transactions by our group.

CONSOLIDATED STATEMENTS OF CASH FLOWS

The following table summarizes the key items in the unaudited interim consolidated statements of cash flows:

	Three months ended March 31
(MILLIONS)	2024		2023
Cash flow provided by (used in):
Operating activities before changes in due to or from related parties and net working capital change	$	304	$	389
Changes in due to or from related parties	32		24
Net change in working capital balances	(79)		179
Operating activities	257		592
Financing activities	137		(362)
Investing activities	(371)		(227)
Foreign exchange gain (loss) on cash	(9)		12
Increase in cash and cash equivalents	$	14	$	15

Operating Activities

Cash flows provided by operating activities before changes in due to or from related parties and net working capital change for the three months ended March 31, 2024 totaled $304 million compared to $389 million in 2023, reflecting strong operating performance of our business during both periods.

Financing Activities

Cash flows provided by financing activities totaled $137 million for the three months ended March 31, 2024. The strength of our balance sheet and disciplined access to diverse sources of capital allowed us to generate net proceeds of approximately $131 million from non-recourse and related party financings for the three months ended March 31, 2024. The proceeds raised to fund the growth of our business through the investing activities noted below.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 16

Distributions paid during the three months ended March 31, 2024 to participating non-controlling interest in operating subsidiaries was $76 million (2023: $133 million). Our non-controlling interest contributed capital, net of capital returns, of $82 million in the three months ended March 31, 2024 (2023: $52 million).

Cash flows used in financing activities totaled $362 million for the three months ended March 31, 2023. The strength of our balance sheet and disciplined access to diverse sources of capital allowed us to fund our growth as discussed below and generate $5 million of net proceeds from non-recourse upfinancings for the three months ended March 31, 2023.

Investing Activities

Cash flows used in investing activities totaled $371 million for the three months ended March 31, 2024. Our continued investment in our property, plant and equipment, including the construction and development of approximately 300 MW of solar and storage development projects in the U.S. and 660 MW of wind and solar development projects in Brazil, was $277 million for the three months ended March 31, 2024. During the quarter, cash and cash equivalents of $113 million were transferred alongside our 100% interest in a portfolio of 5,900 MW of operating and under construction assets, with a 6,100 MW development pipeline in the U.S. to a subsidiary of Brookfield Renewable.

Cash flows used in investing activities totaled $227 million for the three months ended March 31, 2023. During the three months ended March 31, 2023, we invested $81 million into growth, including a 136 MW portfolio of operating wind assets in Brazil. Our continued investment in our property, plant and equipment, including the construction of a 1,200 MW solar facility in Brazil, a 226 MW wind facility in Brazil and a 57 MW wind facility in California, was $162 million for the three months ended March 31, 2023.

SHARES AND UNITS OUTSTANDING

Our company’s equity interests include BEPC exchangeable shares held by the public shareholders and BEPC class B and BEPC class C shares held by the partnership. Dividends on each of our BEPC exchangeable shares are expected to be declared and paid at the same time and in the same amount per share as distributions on each LP unit of the partnership. Ownership of BEPC class C shares will entitle holders to receive dividends as and when declared by our board.

Our company’s capital structure is comprised of the following shares:

(UNITS)	March 31, 2024	December 31, 2023
BEPC exchangeable shares(1)
Balance, beginning of year	179,651,526	172,218,098
Issuance	—	7,441,893
Exchanged for BEP LP units	(2,683)	(8,465)
Balance, end of period	179,648,843	179,651,526
BEPC class B shares	165	165
BEPC class C shares
Balance, beginning of year	194,460,874	189,600,000
Issuance	—	4,860,874
Balance, end of period	194,460,874	194,460,874

(1)The 2024 Canadian federal budget included potential changes to the tax rules relating to mutual fund corporations. We are aware of the potential changes and are continuing to consider them, but we currently do not expect them to materially impact our business or investors.

In the three months ended March 31, 2024, our company declared dividends of $65 million (2023: $58 million) on its outstanding BEPC exchangeable shares. Dividends on our BEPC exchangeable shares are presented as interest expense in the unaudited interim consolidated financial statements. No dividends were declared on BEPC class B shares or BEPC class C shares during the three months ended March 31, 2024.

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 17

Our company may from time-to-time, subject to applicable law, purchase shares for cancellation in the open market, provided that any necessary approval has been obtained.

As at the date of this report, Brookfield Holders, including the partnership, through its ownership of BEPC exchangeable shares and BEPC class B shares, holds an approximate 81.2% voting interest in our company. Holders of BEPC exchangeable shares, excluding Brookfield Holders, including the partnership, hold an approximate 18.8% aggregate voting interest in BEPC.

The 2024 Canadian federal budget included potential changes to the tax rules relating to mutual fund corporations. We are aware of the potential changes and are continuing to consider them, but we currently do not expect them to materially impact our business or investors.

CONTRACTUAL OBLIGATIONS

Please see Note 15 – Commitments, contingencies and guarantees in the unaudited interim consolidated financial statements, for further details on the following:

•Commitments – Water, land, and dam usage agreements, and agreements and conditions on committed acquisitions of operating portfolios and development projects;

•Contingencies – Legal proceedings, arbitrations and actions arising in the normal course of business, and providing for letters of credit; and

•Guarantees – Nature of all the indemnification undertakings and guarantees to third-parties for certain transactions.

OFF-STATEMENT OF FINANCIAL POSITION ARRANGEMENTS

Our company does not have any off-statement of financial position arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Our company 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 reserve accounts. As at March 31, 2024, letters of credit issued amounted to $1,142 million (2023: $1,135 million).

Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
		Page 18

HISTORICAL OPERATIONAL AND FINANCIAL INFORMATION RELATED TO THE PARTNERSHIP

As the market price of BEPC exchangeable shares is expected to be significantly impacted by the market price of the LP units and the combined business performance of Brookfield Renewable as a whole, we are providing the following historical operational and financial information regarding Brookfield Renewable. For further details please review the partnership’s periodic reporting referenced in the introductory section of this MD&A.

	2024		2023								2022
(MILLIONS, EXCEPT AS NOTED)	Q1		Q4		Q3		Q2		Q1		Q4		Q3		Q2
Revenues	$	1,492	$	1,323	$	1,179	$	1,205	$	1,331	$	1,196	$	1,105	$	1,274
Net income (loss) to Unitholders	(120)		35		(64)		(39)		(32)		(82)		(136)		1
Basic and diluted loss per LP unit	(0.23)		0.01		(0.14)		(0.10)		(0.09)		(0.16)		(0.25)		(0.03)
Funds From Operations	296		255		253		312		275		225		243		294
Funds From Operations per Unit	0.45		0.38		0.38		0.48		0.43		0.35		0.38		0.46
Distribution per LP Unit	0.36		0.34		0.34		0.34		0.34		0.32		0.32		0.32

SUMMARY FINANCIAL INFORMATION

The following is a summary of unaudited quarterly financial information of our company for the last eight consecutive quarters:

	2024		2023								2022
(MILLIONS, EXCEPT AS NOTED)	Q1		Q4		Q3		Q2		Q1		Q4		Q3		Q2
Revenues	$	1,125	$	1,066	$	934	$	901	$	1,066	$	956	$	896	$	997
Net income (loss)	491		(502)		1,370		360		(920)		1,078		517		1,137
Net income (loss) attributable to the partnership	491		(747)		1,340		291		(1,065)		953		480		1,046		Brookfield Renewable Corporation	Management’s Discussion and Analysis	March 31, 2024
---	---	---
		Page 19

CRITICAL ESTIMATES AND CRITICAL JUDGMENTS IN APPLYING ACCOUNTING POLICIES

The unaudited interim consolidated financial statements are prepared in accordance with IFRS, which require the use of estimates and judgments in reporting assets, liabilities, revenues, expenses and contingencies. In the judgment of management, none of the estimates outlined in Note 1 – Basis of presentation and material accounting policy information in the audited consolidated financial statements are considered critical accounting estimates with the exception of the estimates related to the valuation of property, plant and equipment, financial instruments, deferred income tax liabilities, decommissioning liabilities and impairment of goodwill. These assumptions include estimates of future electricity prices, discount rates, expected long-term average generation, inflation rates, terminal year, the amount and timing of operating and capital costs, and the income tax rates of future income tax provisions. Estimates also include determination of accruals, provision, purchase price allocations, useful lives, asset valuations, asset impairment testing and those relevant to the defined benefit pension and non-pension benefit plans. Estimates are based on historical experience, current trends and various other assumptions that are believed to be reasonable under the circumstances.

In making estimates, management relies on external information and observable conditions where possible, supplemented by internal analysis, as required. These estimates have been applied in a manner consistent with that in the prior year and there are no known trends, commitments, events or uncertainties that we believe will materially affect the methodology or assumptions utilized in this MD&A. These estimates are impacted by, among other things, future power prices, movements in interest rates, foreign exchange volatility and other factors, some of which are highly uncertain, as described in the “Risk Factors” section of our Form 20-F for the annual period ended December 31, 2023. The interrelated nature of these factors prevents us from quantifying the overall impact of these movements on our company’s financial statements in a meaningful way. These sources of estimation uncertainty relate in varying degrees to substantially all asset and liability account balances. Actual results could differ from those estimates.

NEW ACCOUNTING STANDARDS

International Tax Reform - Amendments to IAS 12 - Pillar Two model rules

Amendments to IAS 1 – Presentation of Financial Statements (“IAS 1”)

FUTURE CHANGES IN ACCOUNTING POLICIES

IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”)

There are currently no other future changes to IFRS with potential impact on the company.

Brookfield Renewable Corporation.	Management's Discussion and Analysis	March 31, 2024
		Page 20

INTERNAL CONTROL OVER FINANCIAL REPORTING

No changes were made in our internal control over financial reporting during the three months ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Brookfield Renewable Corporation.	Management's Discussion and Analysis	March 31, 2024
		Page 21

PRESENTATION TO PUBLIC STAKEHOLDERS

Actual Generation

For assets acquired, disposed or reached commercial operation during the year, reported generation is calculated from the acquisition, disposition or commercial operation date and is not annualized. Generation on a same store basis refers to the generation of assets that were owned during both periods presented. As it relates to Colombia only, generation includes both hydroelectric and cogeneration facilities. Distributed energy & sustainable solutions includes generation from our distributed generation, pumped storage, North America cogeneration and Brazil biomass assets.

Our risk of a generation shortfall in Brazil continues to be minimized by participation in a hydrological balancing pool administered by the government of Brazil. This program mitigates hydrology risk by assuring that all participants receive, at any particular point in time, an assured energy amount, irrespective of the actual volume of energy generated. The program reallocates energy, transferring surplus energy from those who generated an excess to those who generate less than their assured energy, up to the total generation within the pool. Periodically, low precipitation across the entire country’s system could result in a temporary reduction of generation available for sale. During these periods, we expect that a higher proportion of thermal generation would be needed to balance supply and demand in the country, potentially leading to higher overall spot market prices.

Voting Agreements with Affiliates

Our company has entered into voting agreements with Brookfield and the partnership, whereby our company gained control of the entities that own certain renewable power generating facilities in the United States and Brazil, as well as TerraForm Power. Our company has also entered into a voting agreement with its consortium partners in respect of our Colombian business. The voting agreements provide our company the authority to direct the election of the boards of directors of the relevant entities, among other things, and therefore provide our company with control. Accordingly, our company consolidates the accounts of these entities.

For entities previously controlled by Brookfield Corporation, the voting agreements entered into do not represent business combinations in accordance with IFRS 3, as all combining businesses are ultimately controlled by Brookfield Corporation both before and after the transactions were completed. Our company accounts for these transactions involving entities under common control in a manner similar to a pooling of interest, which requires the presentation of pre-voting agreement financial information as if the transactions had always been in place. Refer to Note 1((r))(ii) – Critical judgments in applying accounting policies – Common control transactions in our audited annual consolidated financial statements for our policy on accounting for transactions under common control.

PERFORMANCE MEASUREMENT

Segment Information

Our operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy & sustainable solutions (distributed generation, pumped storage, carbon capture and storage, cogeneration and biomass), and 5) corporate. This best reflects the way in which the CODM reviews results, manages operations and allocates resources.

We report our results in accordance with these segments and present prior period segmented information in a consistent manner. See Note 4 – Segmented information in our unaudited interim consolidated financial statements.

One of our primary business objectives is to generate stable and growing cash flows while minimizing risk for the benefit of all stakeholders. We monitor our performance in this regard through three key metrics — i) Net Income (Loss), ii) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and iii) Funds From Operations.

It is important to highlight that Adjusted EBITDA and Funds From Operations do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other companies and have limitations as analytical tools. We provide additional information below on how we determine Adjusted EBITDA and Funds From Operations. We also provide reconciliations to Net income (loss). See “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of Non-IFRS Measures”.

Brookfield Renewable Corporation.	Management's Discussion and Analysis	March 31, 2024
		Page 22

Proportionate Information

Reporting to the CODM on the measures utilized to assess performance and allocate resources has been provided on a proportionate basis. Information on a proportionate basis reflects our company’s share from facilities which it accounts for using consolidation and the equity method whereby our company either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides a shareholder perspective that the CODM considers important when performing internal analyses and making strategic and operating decisions. The CODM also believes that providing proportionate information helps investors understand the impacts of decisions made by management and financial results that can be allocated to shareholders.

Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconciling IFRS data with data presented on a proportionate basis have been disclosed. Segment revenues, other income, direct operating costs, interest expense, depreciation, current and deferred income taxes, and other are items that will differ from results presented in accordance with IFRS as these items (1) include our company’s proportionate share of earnings (loss) from equity-accounted investments attributable to each of the above-noted items, and (2) exclude the proportionate share of earnings (loss) of consolidated investments not held by us apportioned to each of the above-noted items.

The presentation of proportionate results has limitations as an analytical tool, including the following:

•The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•Other companies may calculate proportionate results differently than we do.

Because of these limitations, our proportionate financial information should not be considered in isolation or as a substitute for our financial statements as reported under IFRS.

Our company does not control those entities that have not been consolidated and as such, have been presented as equity-accounted investments in its financial statements. The presentation of the assets and liabilities and revenues and expenses do not represent our company’s legal claim to such items, and the removal of financial statement amounts that are attributable to non-controlling interests does not extinguish our company’s legal claims or exposures to such items.

Unless the context indicates or requires otherwise, information with respect to the MW attributable to our company’s facilities, including development assets, is presented on a consolidated basis, including with respect to facilities whereby our company either controls or jointly controls the applicable facility.

Net Income (Loss)

Net income (loss) is calculated in accordance with IFRS.

Net income (loss) is an important measure of profitability, in particular because it has a standardized meaning under IFRS. The presentation of net income (loss) on an IFRS basis for our business will often lead to the recognition of a loss even though the underlying cash flows generated by the assets are supported by strong margins and stable, long-term power purchase agreements. The primary reason for this is that accounting rules require us to recognize a significantly higher level of depreciation for our assets than we are required to reinvest in the business as sustaining capital expenditures.

Adjusted EBITDA

Adjusted EBITDA is a non-IFRS measure used by investors to analyze the operating performance of companies.

Our company uses Adjusted EBITDA to assess the performance of our company before the effects of interest expense, income taxes, depreciation, management service costs, non-controlling interests, unrealized gain or loss on financial instruments, non-cash income or loss from equity-accounted investments, distributions to preferred shareholders, preferred limited partnership unit holders, perpetual subordinated noteholders and other typical non-recurring items. Our company adjusts for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. Our company includes realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term within Adjusted EBITDA in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period Adjusted EBITDA.

Our company believes that presentation of this measure will enhance an investor’s ability to evaluate our financial and operating performance on an allocable basis.

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Funds From Operations

Funds From Operations is a non-IFRS measure used by investors to analyze net earnings from operations without the effects of certain volatile items that generally have no current financial impact or items not directly related to the performance of the business.

Our company uses Funds From Operations to assess the performance of our company before the effects of certain cash items (e.g. acquisition costs and other typical non-recurring cash items) and certain non-cash items (e.g. deferred income taxes, depreciation, non-cash portion of non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, and other non-cash items) as these are not reflective of the performance of the underlying business. In the unaudited interim consolidated financial statements of our company, the revaluation approach is used in accordance with IAS 16, Property, Plant and Equipment, whereby depreciation is determined based on a revalued amount, thereby reducing comparability with peers who do not report under IFRS as issued by the IASB or who do not employ the revaluation approach to measuring property, plant and equipment. Management adds back deferred income taxes on the basis that they do not believe this item reflects the present value of the actual tax obligations that they expect our company to incur over the long-term investment horizon of our company.

Our company believes that analysis and presentation of Funds From Operations on this basis will enhance an investor’s understanding of the performance of the business.

Funds From Operations is not a generally accepted accounting measure under IFRS and therefore may differ from definitions of Funds From Operations used by other entities, as well as the definition of funds from operations used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). Furthermore, this measure is not used by the CODM to assess our company’s liquidity.

Proportionate Debt

Proportionate debt is presented based on the proportionate share of borrowings obligations relating to the investments of our company in various portfolio businesses. The proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Proportionate debt measures are provided because management believes it assists investors and analysts in estimating the overall performance and understanding the leverage pertaining specifically to our company's share of its invested capital in a given investment. When used in conjunction with proportionate Adjusted EBITDA, proportionate debt is expected to provide useful information as to how our company has financed its businesses at the asset-level. Management believes that the proportionate presentation, when read in conjunction with our company’s reported results under IFRS, including consolidated debt, provides a more meaningful assessment of how the operations of our company are performing and capital is being managed.

The presentation of proportionate results has limitations as an analytical tool, including the following:

•Proportionate debt amounts do not represent the consolidated obligation for debt underlying a consolidated investment. If an individual project does not generate sufficient cash flows to service the entire amount of its debt payments, management may determine, in their discretion, to pay the shortfall through an equity injection to Brookfield Renewable Corporation to avoid defaulting on the obligation. Such a shortfall may not be apparent from or may not equal the difference between aggregate proportionate Adjusted EBITDA for all of the portfolio investments of our company and aggregate proportionate debt for all of the portfolio investments of our company; and

•Other companies may calculate proportionate debt differently.

Because of these limitations, the proportionate financial information of our company should not be considered in isolation or as a substitute for the financial statements of our company as reported under IFRS.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements and information, within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations, concerning the business and operations of the group. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements in this report include statements regarding the quality of our group’s assets and the resiliency of the cash flow they will generate, our anticipated financial performance, future commissioning of assets, contracted portfolio, technology diversification, acquisition opportunities, expected completion of acquisitions and dispositions, future energy prices and demand for electricity, economic recovery, achieving long-term average generation, project development and capital expenditure costs, energy policies, economic growth, growth potential of the renewable asset class, our future growth prospects and distribution profile, our access to capital and future dividends and distributions made to holders of BEPC’s exchangeable shares. In some cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”, “continue”, “attempts”, “likely”, “primarily”, “approximately”, “endeavors”, “pursues”, “strives”, “seeks”, “targets”, “believes” or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. These forward-looking statements and information are not historical facts but reflect our current expectations regarding future results or events and are based on information currently available to us and on assumptions we believe are reasonable. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information in this report are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. You should not place undue reliance on forward looking statements and information as such statements and information involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and result of operations and our plans and strategies may vary materially from those expressed in the forward looking statements and forward-looking information herein.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation and volatility in the financial markets; changes to resource availability, as a result of climate change or otherwise, at any of our group’s facilities; supply, demand, volatility and marketing in the energy markets; our group’s inability to re-negotiate or replace expiring contracts (including PPA’s, power guarantee agreements or similar long-term agreements between a seller and a buyer of electrical power generation) on similar terms; an increase in the amount of uncontracted generation in our group’s portfolio or a change in the contract profile for future renewable power projects; availability and access to interconnection facilities and transmission systems; our group’s ability to comply with, secure, replace or renew concessions, licenses, permits and other governmental approvals needed for our operating and development projects; our group’s real property rights for our facilities being adversely affected by the rights of lien holders and leaseholders that are superior to those granted to our group; increases in the cost of operating our existing facilities and of developing new projects; equipment failures and procurement challenges; increased regulation of and third party opposition to our group’s nuclear service business’s customers and operations; failure of the nuclear power industry to expand; insufficient indemnification for our group’s nuclear services business; our group’s reliance on computerized business systems, which could expose our group to cyber-attacks; dam failures and the costs and potential liabilities associated with such failures; uninsurable losses and higher insurance premiums; changes in regulatory, political, economic and social conditions in the jurisdictions in which we operate; force majeure events; health, safety, security and environmental risks; energy marketing risks and our ability to

Brookfield Renewable Corporation.	Management's Discussion and Analysis	March 31, 2024
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manage commodity and financial risk; the termination of, or a change to, the MRE balancing pool in Brazil; involvement in litigation and other disputes, and governmental and regulatory investigations; counterparties to our group’s contracts not fulfilling their obligations; the time and expense of enforcing contracts against non-performing counterparties and the uncertainty of success; foreign laws or regulation to which our group becomes subject as a result of future acquisitions in new markets; our group’s operations being affected by local communities; newly developed technologies in which our group invests not performing as anticipated; advances in technology that impair or eliminate the competitive advantage of our projects; increases in water rental costs (or similar fees) or changes to the regulation of water supply; labor disruptions and economically unfavorable collective bargaining agreements; our group’s inability to finance our operations and fund growth due to the status of the capital markets or our group’s ability to complete capital recycling initiatives; operating and financial restrictions imposed on us by our group’s loan, debt and security agreements; changes to our group’s credit ratings; the incurrence of debt at multiple levels within our group’s organizational structure; restrictions on our ability to engage in certain activities or make distributions due to our indebtedness; adverse changes in currency exchange rates and our inability to effectively manage foreign currency exposure through our group’s hedging strategy or otherwise; our group’s inability to identify sufficient investment opportunities and complete transactions; political instability or changes in government policy negatively impacting our business or assets; changes to our group’s current business, including through future sustainable solutions investments; the growth of our group’s portfolio and our group’s inability to realize the expected benefits of its transactions or acquisitions; our group’s inability to develop the projects in our development pipeline; delays, cost overruns and other problems associated with the construction and operation of our facilities and risks associated with the arrangements our group enters into with communities and joint venture partners; our group does not have control over all of our group’s operations or investments, including certain investments made through joint ventures, partnerships, consortiums or structured arrangements; some of our group’s acquisitions may be of distressed companies, which may subject our group to increased risks; a decline in the value of our group’s investments in securities, including publicly traded securities of other companies; the separation of economic interest from control within our group’s organizational structure; our group’s dependence on Brookfield and Brookfield’s significant influence over our group; Brookfield’s election not to source acquisition opportunities for our group and our group’s lack of access to all renewable power acquisitions that Brookfield identifies, including by reason of conflicts of interest; the departure of some or all of Brookfield’s key professionals; Brookfield acting in a way that is not in our group’s best interests or the best interests of our shareholders; changes in how Brookfield elects to hold its ownership interests in our group; our group’s inability to terminate the Master Services Agreement and the limited liability of the Service Provider under our arrangements with them; Brookfield’s relationship with Oaktree; any changes in the market price of the BEP units and BEPC exchangeable shares; the redemption of the BEPC exchangeable shares; difference in the trading price of the BEPC exchangeable shares and BEP units; the de-listing of the BEPC exchangeable shares; future sales or issuances of our securities will result in dilution of existing holders and even the perception of such sales or issuances taking place could depress the trading price of the BEP units or BEP exchangeable shares; changes in the amount of cash we can distribute to our shareholders; the inability of our shareholders to take part in the management of BEPC; limitations on holdings of our shares due to FPA and FERC regulations; the termination of the Rights Agreement; changes in tax law and practice; limits on our shareholders’ ability to obtain favourable judicial forum for disputes related to BEPC or to enforce judgements against us; changes to government policies and incentives relating to the renewable power and sustainable solutions industries; adverse impacts of inflationary pressures; changes in regulatory, political, economic and social conditions in the jurisdictions in which we operate; health, safety, security and environmental risks; force majeure events; foreign currency risk associated with BEPC distributions; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems and restrictions on foreign direct investment; increased regulation of our operations; our group is not subject to the same disclosure requirements as a U.S. domestic issuer; changes in our credit ratings; new regulatory initiatives related to sustainability and ESG; human rights impacts of our business activities; being deemed an “investment company” under the Investment Company Act; the effectiveness of our group’s internal controls over financial reporting; the redemption of BEPC exchangeable shares by us at any time or upon notice from the holder of the BEPC class B shares;; and other factors described in our most recent Annual Report on Form 20-F, including those set forth under Item 3.D “Risk Factors”.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this report and should not be relied upon as

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representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see “Risk Factors” included in our most recent Annual Report on Form 20-F and other risks and factors that are described therein.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES

This report contains references to Adjusted EBITDA and Funds From Operations which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDA and Funds From Operations used by other entities. In particular, our definition of Funds From Operations may differ from the definition of funds from operations used by other organizations, as well as the definition of funds from operations used by the Real Property Association of Canada and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). We believe that Adjusted EBITDA and Funds From Operations are useful supplemental measures that may assist investors in assessing our financial performance. None of Adjusted EBITDA or Funds From Operations should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. These non-IFRS measures reflect how we manage our business and, in our opinion, enable the reader to better understand our business.

Reconciliations of each of Adjusted EBITDA and Funds From Operations to net income (loss) are presented in our Management’s Discussion and Analysis. We have also provided a reconciliation of Adjusted EBITDA and Funds From Operations to net income (loss) in Note 4 – Segmented information in the unaudited interim consolidated financial statements.

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Document

Exhibit 99.3

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Connor Teskey, Chief Executive Officer of Brookfield Renewable Corporation, certify the following:

1.Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Brookfield Renewable Corporation, (the "issuer") for the interim period ended March 31, 2024.

2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

i.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

ii.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is the Internal Control - Integrated Framework (COSO 2013 Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

6.Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on January 1, 2024 and ended on March 31, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: May 3, 2024
/s/ Connor Teskey
Name:	Connor Teskey
Title:	Chief Executive Officer of Brookfield Renewable Corporation
(Principal Executive Officer)

Document

Exhibit 99.4

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Wyatt Hartley, Chief Financial Officer of Brookfield Renewable Corporation, certify the following:

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

i.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

Date: May 3, 2024
/s/ Wyatt Hartley
Name:	Wyatt Hartley
Title:	Chief Financial Officer of Brookfield Renewable Corporation
(Principal Executive Officer)