Brookfield Renewable Partners L.P 6-K, filed Nov 7, 2025

Brookfield Renewable Partners L.P. (BEP)

6-K 2025-11-07 For: 2025-11-06

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Added on April 06, 2026

About this 6-K

Brookfield Renewable Partners L.P filed this 6-K on November 7, 2025.

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Exhibit		Description

99.1		Audited Annual Consolidated Financial Statements of NGV NGR Acquisition Co, LLC for the year ended December 31, 2024

99.2		Unaudited Interim Consolidated Financial Statements of NGV NGR Acquisition Co, LLC for the three months ended March 31, 2025

99.3		Unaudited Pro Forma Financial Statements of Brookfield Renewable Partners L.P. for the nine months ended September 30, 2025 and for the year ended December 31, 2024

99.4		Consent of RSM US LLP


		BROOKFIELD RENEWABLE PARTNERS L.P., by its general partner, Brookfield Renewable Partners Limited

Date:	November 6, 2025		By:	/s/ James Bodi
				Name: James Bodi
				Title: President


Independent auditor’s report			1-3

Financial statements

Consolidated balance sheet			4
Consolidated statement of operations			5
Consolidated statement of changes in members’ equity			6
Consolidated statement of cash flows			7
Notes to consolidated financial statements			8-19


Assets
Current assets:
Cash and equivalents	$	86,140
Contracts receivable, net		61,819
Other receivables		2,805
Interconnection deposits		37,515
Prepaid and other current assets		1,234

Total current assets		189,513

Non-current assets:
Property, plant and equipment, net		5,620
Related party loan		325,000
Equity method investment		849,529
Development assets		573,252
Operating lease right-of-use assets, net		2,025
Goodwill and intangible assets		107,159

Total non-current assets		1,862,585

Total assets	$	2,052,098

Liabilities and Members’ Equity

Current liabilities:
Accounts payable and accrued expenses	$	147,496
Other payables		3,988

Total current liabilities		151,484

Non-current liabilities:
Lease liability		2,463

Total non-current liabilities		2,463

Commitments and contingencies (Note 7)

Members’ equity:
Members’ interest		2,084,288
Accumulated deficit		(186,137	)

Total members’ equity		1,898,151

Total liabilities and members’ equity	$	2,052,098


Revenues:
Development fees	$	134,566
Service fees		31,599

Total revenues		166,165

Cost of revenues:
Development expenses		86,989
Land lease expenses		10,126
Consulting expenses		9,363

Total cost of revenues		106,478

Operating expenses:
General and administrative		20,665
Payroll and benefits		63,861
Depreciation and amortization		1,488

Total operating expenses		86,014

Net operating loss		(26,327	)

Other income:
Interest income		3,602
Equity in net earnings of affiliate		1,662

Total other income		5,264

Net loss	$	(21,063	)


	Members’ Interest			Accumulated Deficit			Total
Balance at December 31, 2023	$	1,167,726		$	(165,074	)	$	1,002,652
Contributions		960,065			—			960,065
Distributions		(43,503	)		—			(43,503	)
Net loss		—			(21,063	)		(21,063	)

Balance at December 31, 2024	$	2,084,288		$	(186,137	)	$	1,898,151


Cash flows from operating activities:
Net loss	$	(21,063	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		1,488
Equity in earnings of affiliate		(1,662	)
Changes in operating assets and liabilities:
Contracts receivable		2,613
Other receivables		(2,805	)
Development assets		(340,103	)
Deposits paid, net		(4,929	)
Prepaid expenses and other current assets		980
Accounts payable and accrued expenses		129,464
Lease payments		(476	)

Net cash used in operating activities		(236,493	)

Cash flows from investing activities:
Purchase of property, plant, and equipment		(1,399	)
Issuance of related party loan		(325,000	)
Capital contributions to equity method investments		(301,754	)
Distributions from equity method investments		13,503

Net cash used in investing activities		(614,650	)

Cash flows from financing activities:
Distributions		(43,503	)
Contributions		960,065

Net cash provided by financing activities		916,562

Net increase in cash and restricted cash		65,419
Cash and cash equivalents, beginning		20,721

Cash and cash equivalents, ending	$	86,140


Solar	$	480,546
Wind		4,936
Battery storage		87,770

	$	573,252

Michigan	$	110,783
Wisconsin		106,491
Ohio		101,506
Texas		97,098
Other		157,374

	$	573,252


Current assets	$	298,545
Non-current assets, primarily solar and wind energy systems		3,525,501

Total assets	$	3,824,046

Current liabilities	$	256,781
Long-term liabilities, primarily power purchase agreement derivatives		1,217,451
Members’ equity		2,349,814

Total liabilities and members’ equity	$	3,824,046

Revenues	$	106,298
Operating expenses		(128,337	)
Other expenses, primarily change in fair value of derivative instruments		(134,856	)

Net loss		(156,895	)
Net loss attributable to noncontrolling interest		160,149

Net income attributable to the investors of Emerald Energy Venture LLC	$	3,254


	Shares		Weighted- Average Price		Amount
Vested		52,918	$	65.69	$	3,476
Unvested		68,952		63.94		4,409

Total		121,870	$	64.70	$	7,885


Revenues:
Development fees	$	101,896
Service fees		4,198

Total revenues		106,094

Cost of revenues:
Development expenses		81,937
Land lease expenses		4,003
Consulting expenses		2,242

Total cost of revenues		88,182

Operating expenses:
General and administrative		2,888
Credit loss recovery		(3,351	)
Payroll and benefits		34,352
Depreciation and amortization		383

Total operating expenses		34,272

Net operating loss		(16,360	)

Other income (expense):
Interest income		3,291
Equity in net earnings of affiliate		(12,291	)

Total other expense		(9,000	)

Net loss	$	(25,360	)


Solar	$	599,384
Wind		6,243
Battery storage		1,585

	$	607,212

Michigan	$	148,445
Wisconsin		144,008
Ohio		137,388
Texas		15,027
Illinois		10,758
Minnesota		7,944
Other		143,642

	$	607,212


Current assets	$	105,062
Non-current assets, primarily solar and wind energy systems		3,663,888

Total assets	$	3,768,950

Current liabilities	$	152,038
Long-term liabilities, primarily power purchase agreement derivatives		1,274,247
Members’ equity		2,342,665

Total liabilities and members’ equity	$	3,768,950


	Shares		Weighted- Average Price		Amount
Vested		61,864	$	67.56	$	4,180
Unvested		60,006		54.22		3,254

Total		121,870	$	61.00	$	7,434


(MILLIONS) Nine months ended September 30, 2025	BEP			Geronimo			Acquisition pro forma adjustments				Acquisition pro forma consolidated
				Note 5(a)			Note 6
Revenues	$	4,868		$	—		$	—			$	4,868
Other income		551			27			—				578
Direct operating costs		(2,095	)		(77	)		—				(2,172	)
Management service costs		(162	)		—			—				(162	)
Interest expense		(1,819	)		—			(15	)	6(a)		(1,834	)
Share of loss from equity-accounted investments		(83	)		6			—				(77	)
Foreign exchange and financial instruments gain		570			—			—				570
Depreciation		(1,803	)		(1	)		—				(1,804	)
Other		(342	)		—			—				(342	)
Income tax recovery
Current		57			—			4		6(b)		61
Deferred		292			—			3		6(b)		295

		349			—			7				356

Net income (loss)	$	34		$	(45	)	$	(8	)		$	(19	)

Net income (loss) attributable to:
Group share of net loss	$	—		$	(45	)	$	45		6(e)	$	—
Non-controlling interests:												—
Participating non-controlling interests – in operating subsidiaries		385			—			(34	)			351
General partnership interest in a holding subsidiary held by Brookfield		105			—			—				105
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		(158	)		—			(6	)			(164	)
BEPC exchangeable shares and class A.2 exchangeable shares		(146	)		—			(5	)			(151	)
Preferred equity		22			—			—				22
Perpetual subordinated notes		30			—			—				30
Preferred limited partners’ equity		26			—			—				26
Limited partners’ equity		(230	)		—			(8	)			(238	)

Net income (loss)	$	34		$	(45	)	$	(8	)		$	(19	)

Basic and diluted loss per LP unit	$	(0.81	)	$	—		$	—		6(d)	$	(0.84	)


(MILLIONS) Year ended December 31, 2024	BEP			Geronimo			Acquisition pro forma adjustments				Acquisition pro forma consolidated
				Note 5(b)			Note 6
Revenues	$	5,876		$	—		$	—			$	5,876
Other income		627			64			—				691
Direct operating costs		(2,580	)		(128	)		—				(2,708	)
Management service costs		(204	)		—			—				(204	)
Interest expense		(1,988	)		—			(36	)	6(a)		(2,024	)
Share of (loss) income from equity-accounted investments		(88	)		1			—				(87	)
Foreign exchange and financial instruments gain		880			—			—				880
Depreciation		(2,010	)		—			—				(2,010	)
Other		(713	)		—			(10	)	6(c)		(723	)
Income tax recovery
Current		160			—			13		6(b)		173
Deferred		31			—			4		6(b)		35

		191			—			17				208

Net loss	$	(9	)	$	(63	)	$	(29	)		$	(101	)

Net loss attributable to:
Group share of net loss	$	—		$	(63	)	$	63		6(e)	$	—
Non-controlling interests:												—
Participating non-controlling interests – in operating subsidiaries		353			—			(60	)			293
General partnership interest in a holding subsidiary held by Brookfield		125			—			—				125
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		(174	)		—			(9	)			(183	)
BEPC exchangeable shares and class A.2 exchangeable shares		(160	)		—			(9	)			(169	)
Preferred equity		28			—			—				28
Perpetual subordinated notes		37			—			—				37
Preferred limited partners’ equity		37			—			—				37
Limited partners’ equity		(255	)		—			(14	)			(269	)

Net loss	$	(9	)	$	(63	)	$	(29	)		$	(101	)

Basic and diluted loss per LP unit	$	(0.89	)	$	—		$	—		6(d)	$	(0.94	)


(MILLIONS) Five months ended May 31, 2025	Geronimo (US GAAP) 3/31/2025			Geronimo (US GAAP) 4/1/2025 - 5/31/2025			Presentation Conforming Adjustments(i)			U.S. GAAP to IFRS Adjustments(ii)				Geronimo (IFRS)
							Note (4)			Note (4)
Development fees	$	102		$	1		$	(103	)	$	—			$	—
Service fees		4			4			(8	)		—				—
Revenues		—			—			—			—				—
Development expenses		(82	)		1			81			—				—
Land lease expenses		(4	)		(3	)		7			—				—
Consulting expenses		(2	)		(2	)		4			—				—
General and administrative		(3	)		(3	)		6			—				—
Credit loss recovery		3			—			(3	)		—				—
Payroll and benefits		(34	)		(24	)		58			—				—
Direct operating costs		—			—			(77	)		—				(77	)
Interest income		3			8			(11	)						—
Other income		—			—			46			(19	)	4(a,b)		27
Equity in net earnings of affiliate		(12	)		18			(6	)		—				—
Share of earnings from equity-accounted investments		—			—			6			—		4(c,d)		6
Depreciation and amortization		—			(1	)		1			—				—
Depreciation		—			—			(1	)		—				(1	)
Income tax expense
Current		—			—			—			—				—
Deferred		—			—			—			—				—

		—			—			—			—				—

Net loss		(25	)		(1	)		—			(19	)			(45	)

Net loss attributable to:
Group share of net loss		(25	)		(1	)		—			(19	)			(45	)
Non-controlling interests		—			—			—			—				—

Net loss	$	(25	)	$	(1	)	$	—		$	(19	)		$	(45	)


(MILLIONS) Year ended December 31, 2024	Geronimo (U.S. GAAP)			Presentation Conforming Adjustments(i)			U.S. GAAP to IFRS Adjustments(ii)				Geronimo (IFRS)
				Note (4)			Note (4)
Development fees	$	135		$	(135	)	$	—			$	—
Service fees		32			(32	)		—				—
Revenues		—			—			—				—
Development expenses		(87	)		87			—				—
Land lease expenses		(10	)		10			—				—
Consulting expenses		(9	)		9			—				—
General and administrative		(21	)		21			—				—
Payroll and benefits		(64	)		64			—				—
Direct operating costs		—			(128	)		—				(128	)
Interest income		4			(4	)						—
Other income		—			108			(44	)	4(a,b)		64
Equity in net earnings of affiliate		2			(2	)		—				—
Share of earnings from equity-accounted investments		—			2			(1	)	4(c,d)		1
Depreciation and amortization		(1	)		1			—				—
Depreciation		—			(1	)		1		4(c)		—
Income tax benefit
Current		—			—			—				—
Deferred		—			—			—				—

		—			—			—				—

Net loss		(19	)		—			(44	)			(63	)

Net loss attributable to:
Group share of net loss		(19	)		—			(44	)			(63	)
Non-controlling interests		—			—			—				—

Net loss	$	(19	)	$	—		$	(44	)		$	(63	)