$Brookfield再生能源(BEP)$ 23Q3:

On our acquisition of Westinghouse Electric, we recently received all required regulatory approvals and expect to close the transaction early next week. With this acquisition, we are adding a leading provider of mission-critical technology services and products to the nuclear industry from a business that generates infrastructure-like cash flows, servicing approximately half the global nuclear fleet. Approximately 85% of Westinghouse's revenues come from long-term contracted or highly recurring customer service provision with nearly 100% customer retention rate.

Nuclear power is a reliable zero-carbon technology that supports the growth of renewables by providing critical baseload power to our grid and is essential to a net zero economy in our view. Since our announced acquisition, we have seen a resurgence in the growth of outlook for nuclear with several new builds being announced, a number of which where new contracts awarded to Westinghouse, providing opportunities for growth for Westinghouse's engineering and design business as well as its services business, none of which was underwritten in our acquisition.

Westinghouse is also capturing growth in its core business, winning contracts to service almost all of the operating nuclear plants in Eastern Europe, which have historically been served by Russian providers. With the close of this acquisition, we are adding a business which yields double-digit FFO based on highly visible and reliable cash flows.