从各季度#博枫电力股东信# 中摘抄一些时效性不高的文字。$Brookfield再生能源(BEP)$
Over the last two decades, Brookfield Renewable has become one of the premier, global, renewable energy companies. We have close to $50 billion of renewable assets, a $16 billion market capitalization (including our recently announced merger with TerraForm Power) and a 20-year track record of stable and growing dividends delivering a 17% compounded annual return to unitholders.
在过去的20年里，$Brookfield再生能源(BEP)$ 已经成为全球首屈一指的可再生能源公司之一。我们拥有近500亿美元的可再生能源资产，160亿美元的市值(包括我们最近宣布的与TerrForm电力的合并)，以及20年稳定且不断增长的股息记录，为股东带来17%的复合年回报率。
As a special advantage in this “greening world”, our business avoids over 28 million tonnes of CO2 annually and this number continues to grow each year. As the world transitions to renewable energy and looks to reduce CO2 consumption, we believe we are one of the entities of scale, with the track record and global capabilities to deliver investors a resilient, stable distribution plus meaningful growth through all market cycles. As always, our objective remains the same - deliver 12-15% total returns, on a per-unit basis, over the long-term.
作为在这个“绿化世界”的一个特殊优势，我们的业务每年避免排放超过2800万吨二氧化碳，而且这个数字还在逐年增长。随着世界向可再生能源过渡，并寻求减少二氧化碳的消耗，我们相信我们凭借过去的记录和全球能力，可以在所有市场周期中为投资者提供有韧性、稳定的股息，以及有意义的增长。一如既往，我们的目标始终如一——在长期为股东提供12-15%的总回报。
We are currently in the midst of an unprecedented global health and financial crisis. In spite of the significant market volatility and a potentially deep recession, our operations remain resilient, our earnings are expected to be stable, and our financial position, which allows us to pursue growth, is in excellent shape.
我们目前正处于一场前所未有的全球卫生和金融危机之中。尽管市场剧烈波动，可能出现严重衰退，但我们的业务仍保持韧性，盈利有望保持稳定，财务状况良好，使我们能够追求增长。
First, as it relates to our operations, we are fortunate to benefit from a depth of technical and commercial expertise within the business from our approximately 3,000 colleagues around the world who manage our facilities at the highest standards, every day. Their expertise, dedication and hard work have been critical to our success for many years, but it is times like this, where their speed of decision-making, prudent risk management and ability to be flexible in light of unique working conditions, is both deeply evident and tremendously valuable.
首先，就我们的运营而言，我们很幸运能从我们全球约3000名同事提供的深度技术和商业专业知识中受益，他们每天都以最高标准管理我们的设施。多年来，他们的专业知识、奉献精神和辛勤工作对我们的成功至关重要，但正是在这样的时刻，他们的决策速度、谨慎的风险管理和根据独特的工作条件灵活应变的能力非常明显，也非常有价值。
Our business produces and delivers clean, renewable energy to over 600 customers around the world under long-term power purchase agreements. Over the years, we have focused on ensuring those agreements were both long-term and backed by creditworthy counterparties.
我们的业务生产和提供清洁、可再生能源，与在世界各地的超过600个客户签订长期电力购买协议。多年来，我们一直致力于确保这些协议是长期的，并得到信誉良好的对手方的支持。
Accordingly, the revenue profile of our business is very stable and diversified. More importantly, we believe the demand for renewable energy will continue to grow, perhaps at an even faster pace, as countries look to protect themselves from exogenous risks such as we are experiencing today.
因此，我们的业务收入是非常稳定和多样化的。更重要的是，我们相信对可再生能源的需求将继续增长，甚至可能以更快的速度增长，因为各国都在寻求保护自己免受像我们今天正在经历的这种外生风险的影响。
From a financial perspective, we continue to capitalize the business utilizing a strong investment grade balance sheet and long duration non-recourse debt, while maintaining high levels of liquidity (over $3 billion currently) as a cushion against unexpected events. This ensures that we maintain a low risk financial profile.
从财务角度来看，我们继续利用强大的投资级资产负债表和长期无追索权债务为业务融资，同时保持高水平的流动性(目前超过30亿美元)作为应对意外事件的缓冲。这确保了我们保持低风险的财务状态。
Accordingly, in the last two months, we raised over $1 billion of attractive asset level and corporate green financings. This includes $560 million of ten-year asset level financing at one of our hydro facilities in the United States with an all-in coupon of 4% and an additional approximately C$350 million of ten-year corporate bonds in Canada, at approximately 3.5%.
因此，在过去两个月里，我们筹集了超过10亿美元的有吸引力的资产层面和公司层面绿色融资。这包括5.6亿美元的10年期资产层面融资，用于我们在美国的一个水电设施，票面利率为4%，另外还有约3.5亿加元的加拿大10年期公司债券，票面利率约为3.5%。
We have operated the business this way for many years, always prioritizing financial strength and flexibility. We recognize that this can often get overlooked as part of investors' risk-reward equation, in particular during expansionary periods; however, we believe it is critical to our long-term success, and over time, contributes meaningfully to the compounding of our cash flows and the total returns delivered by our units.
多年来，我们一直以这种方式经营业务，始终优先考虑财务实力和灵活性。我们认识到，这作为投资者风险回报等式的一部分经常被忽视，特别是在扩张期; 然而，我们相信这对我们的长期成功至关重要，随着时间的推移，这将对和我们各业务部门产生的现金流和总回报做出有意义的贡献。
Our business continues to benefit from our growing and diverse generation portfolio, limited off-taker concentration risk, and a strong contract profile. During the quarter, overall generation was slightly ahead of long-term average as we continue to benefit from the diversity of our fleet. Our focus over the last decade has been to diversify the business which, over the long-term, mitigates exposure to water, wind and sun, regional or market disruptions, and potential credit events.
我们的业务继续受益于我们不断增长和多样化的发电组合，有限的购电方集中风险，以及稳固的合同条款。在本季度，整体发电量略高于长期平均水平，因为我们继续受益于我们发电组合的多样性。过去十年，我们的重点一直是使业务多样化，从长期来看，减少对水、风和阳光、区域或市场动荡以及潜在信贷事件的风险敞口。
For example, with over 600 counterparties, we have a diversified high-quality customer base comprised primarily of public power authorities and utilities that is insulated from single counterparty risk. Our single largest non-government third-party customer represents 2% of generation, providing strong downside protection and safeguarding our cash flows.
例如，我们拥有超过600个交易对手，拥有多元化的高质量客户基础，主要由公共电力管理机构和公用事业公司组成，免受单一交易对手风险。我们最大的非政府第三方客户占发电量的2%，提供了强大的下行保护，并保障了我们的现金流。
Furthermore, our cash flows are long duration, with a weighted-average remaining contract length of 14 years. The portfolio is largely contracted, with 95% of total generation contracted in 2020, meaning our business does not have meaningful exposure to short-term price declines from slowing economic activity or lower power demand.
此外，我们的现金流是长期的，加权平均剩余合同期限为14年。投资组合基本都合同化，2020年95%的总发电量已经签订合同，这意味着我们的业务不会受到经济活动放缓或电力需求下降带来的短期价格下跌的重大影响。
We also have limited exposure to foreign exchange volatility as we employ a disciplined hedging strategy where we hedge developed market exposure and opportunistically hedge our emerging market exposure, where cost effective.
我们对外汇波动的风险敞口也有限，因为我们采用了严格的对冲策略，对冲发达市场的风险敞口，并在符合成本效益时投机地对冲新兴市场的风险敞口。
As a result, 25% of our FFO in 2020 is exposed to foreign currency volatility, meaning an overall 10% move in the currencies of markets we operate in (developed or emerging) would have an overall 2.5% impact to our FFO. Indeed, during the quarter, while we saw a dramatic strengthening of the U.S. dollar versus all the foreign currencies in which we operate, the impact on our business was $9 million of FFO or less than 4%.
因此，在2020年，我们只有25%的FFO将受到外汇波动的影响，这意味着我们运营的市场(发达或新兴市场)的货币总体波动10%将对我们的经营现金流只产生2.5%的总体影响。事实上，在本季度，尽管美元相对于我们经营区域的所有外币大幅走强，但对我们业务的影响只有900万美元，不到4%。
We have seen heightened market volatility and unprecedented disruption around the world, but the strategic and operating decisions we have made across our business over the last number of years ensures that we are well positioned to withstand short-term economic impacts, while continuing to allocate capital and build the business for the future.
我们目睹了全球市场的剧烈波动和前所未有的混乱，但过去几年我们在整个业务领域做出的战略和运营决策确保了我们能够很好地承受短期经济影响，同时继续调度资本，为未来增强业务。
In light of all of this, we believe Brookfield Renewable represents one of the most compelling opportunities for investors to participate in the substantial, multi-decade effort to decarbonize global electricity grids and move to cleaner, renewable sources of energy.
鉴于所有这些，我们认为$Brookfield再生能源(BEP)$ 为投资者提供了一个极具吸引力的机会，可以参与到全球电网数十年的脱碳努力中来，并转向更清洁、可再生能源。
As always, we remain focused on delivering on our long-term total return targets. Thank you for your continued support and stay safe.
一如既往，我们将继续专注于实现我们的长期总回报目标。谢谢你们一直以来的支持，注意安全。