Brookfield Renewable (BEP)

Renewable power platform (Brookfield Renewable) — global hydro/wind/solar incl. data-center deals

AI exposure 11% — derived from reported segment revenue, not asserted.

Where it sits

Energy Supply & Critical Minerals → Renewable Energy · figures rebased to Q2 2026, reported 2026-07-31

Wind + solar + distributed + storage — Microsoft 10.5GW framework + Google PPAs leads 2 businesses in this sub-tier that together are 90% of revenue, so Renewable Energy is effectively the whole company rather than one leg of it. The rest is tagged separately: Small Modular Reactors (SMRs) at 10%.

Also tagged: emerging in Energy Supply & Critical Minerals → Small Modular Reactors (SMRs).

Reported segments

• Hydroelectric — 53.3% of revenue
• Wind — 13.9% of revenue
• Utility-scale solar — 13.5% of revenue
• Sustainable solutions — 15% of revenue
• Distributed energy & storage — 4.3% of revenue

Brookfield Renewable ($1,018M Q2 2026 revenue; FFO $421M, +11% YoY to $0.62 per unit). From the 6-K segment table: Hydroelectric 53.3% ($543M, up from $457M, with FFO of $336M against $205M on strong Canadian and Colombian generation) = primary B4 Renewable Energy; Sustainable solutions 15.0% ($153M — nuclear services, recycling and carbon capture) = B4 Small Modular Reactors tag; Wind 13.9% ($141M); Utility-scale solar 13.5% ($137M); Distributed energy and storage 4.3% ($44M). Previously modelled as one 90% generation line, which hid that hydro alone is more than half of revenue.

How the 11% is built

• Hydroelectric — 53.3% of revenue × 12% AI-driven (disclosed). Dispatchable hydro is the most valuable asset class for the round-the-clock power agreements data centres sign, but the fleet serves the whole grid
• Wind — 13.9% of revenue × 10% AI-driven (disclosed). Contracted wind, some of it under corporate power agreements with hyperscalers
• Utility-scale solar — 13.5% of revenue × 10% AI-driven (disclosed). Same contracting model as wind
• Sustainable solutions — 15% of revenue × 12% AI-driven (disclosed). Nuclear services through Westinghouse, which is where the SMR exposure sits
• Distributed energy & storage — 4.3% of revenue × 8% AI-driven (disclosed). Behind-the-meter generation and batteries

Investment read

Moat. Global renewable-generation portfolio + Brookfield development/capital machine + data-center PPAs (e.g., the Microsoft framework); scale + hydro baseload.

Bottleneck / pricing power. Moderate-to-rising pricing power (PPA demand from data centers + hydro firm-power value); a scaled renewable platform.

Role in the AI stack. The global renewable-platform power layer for data centers.

Connected companies

• Alphabet (GOOGL) — BEP supplies: up-to-3GW US hydro framework agreement (Holtwood/Safe Harbor first)
• NextEra Energy (NEE) — BEP competes with: Largest renewable IPPs — NextEra (world's largest wind/solar generator) vs Brookfield Renewable
• Microsoft (MSFT) — BEP supplies: 10.5GW global renewable framework agreement powering Microsoft data centers
• Oklo (OKLO) — BEP competes with: Indirect microreactor overlap — Oklo Aurora vs Westinghouse eVinci (Brookfield exposure is via minority Westinghouse stake)
• Meta Platforms (META) — BEP supplies: renewable power platform serving hyperscalers (Microsoft/Google named; Meta not publicly)
• Amazon (AMZN) — BEP supplies: ~601MW renewable PPA portfolio across three continents powering AMZN operations
• Oracle (ORCL) — BEP supplies: renewable power for ORCL AI data centers
• CoreWeave (CRWV) — BEP supplies: renewable power platform serving AI data centers; CoreWeave-specific PPA not publicly named

Others in Renewable Energy

• First Solar (FSLR)
• Nextracker (NXT)

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