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 past 20 years, we have built a scale, global renewable power business with over $50 billion of operating assets, an 18,000 megawatt development pipeline and deep expertise across all major renewable technologies.
在过去的20年里，我们已经建立了一个规模宏大的全球可再生能源业务，拥有超过500亿美元的运营资产，1.8万兆瓦的开发管线和所有主要可再生能源技术的深厚专业知识。
The world continues to be in the early stages of a global transition to the decarbonization of electricity grids. This shift, which is fueled by a push to reduce CO2 emissions to meet increasingly stringent carbon reduction targets, and solar and wind power becoming the lowest cost, easiest to build providers of bulk power, will require significant investment over the coming decades.
世界继续处于全球向电网脱碳过渡的早期阶段。减少二氧化碳排放以达到日益严格的碳减排目标的努力，以及太阳能和风能成为成本最低、最容易建造的大容量电力供应，推动了这一转变，未来几十年将需要大量投资。
Accordingly, there is considerable room for our business to grow for many years ahead and, as subsidies decline or fall away, the opportunity will increasingly favor investors like ourselves who can drive value and enhance cash flows from our global scale and depth of operating expertise.
因此，未来几年我们的业务有相当大的增长空间，随着补贴的减少或取消，机会将越来越有利于像我们这样可以通过全球规模和运营专业知识的深度来推动价值和提高现金流的投资者。
We believe that we have established ourselves as one of the few entities with the scale, track record and global capabilities to partner with governments and businesses to help them achieve their goal of greening the global electricity grids, while earning a strong return for our investors.
我们相信，我们已经成为为数不多的拥有规模、业绩历史和全球能力的实体之一，可以与政府和企业合作，帮助他们实现绿色全球电网的目标，同时为我们的投资者赚取丰厚回报。
Our solar business has grown substantially over the last five years. Today, we have over 3,000 megawatts of solar in operations and an additional nearly 10,000 megawatts of solar under development. As a result of technology advances and reductions in construction costs, solar can stand on its own without subsidies and more importantly, is now amongst the lowest cost sources of conventional power globally.
我们的太阳能业务在过去五年中大幅增长。今天，我们有超过3000兆瓦的太阳能在运行，另有近10000兆瓦的太阳能正在开发中。由于技术的进步和建设成本的降低，太阳能可以在没有补贴的情况下独立运行，更重要的是，它现在是全球成本最低的传统能源之一。
To put this in perspective, solar costs over the last five years - the period in which we have built our solar business - have gone from over $4 per watt to install, to less than a $1 per watt in almost all jurisdictions around the world.
从这个角度来看，过去5年——我们建立太阳能业务的时期——太阳能的安装成本从每瓦4美元以上，降至在全球几乎所有地区都达到每瓦不到1美元。
As a result of these favorable economics, as well as the renewable nature and perpetual source of free energy, we believe it is possible that in ten years from now the majority of the production capacity of Brookfield Renewable will be solar capacity. It is not that we do not believe in wind or hydro but the growth in solar and the ability for us to develop and earn strong risk adjusted returns should enable us to grow our solar operations at a far greater pace.
由于这些有利的经济性，以及免费“燃料”的可再生和永续来源，我们相信，在未来十年，$Brookfield再生能源(BEP)$ 的大部分产能将是太阳能产能。这并不是说我们不相信风能或水力发电，而是太阳能的增长，以及我们开发并获得经风险调整后强劲回报的能力，应该使我们能够以更快的速度发展太阳能业务。
Recently, we executed two transactions that highlight the strengths and scale of our solar capabilities and demonstrate the various ways we approach creating value for our shareholders.
最近，我们完成了两笔交易，突出了我们太阳能业务能力的优势和规模，并展示了我们为股东创造价值的各种方式。
First, we completed the merger of Terraform Power into Brookfield Renewable on an all-stock basis. TerraForm Power was one of the largest owners of solar globally prior to the bankruptcy of its sponsor in 2016. Given our scale, we were one of the few organizations that could acquire it through the restructuring, and immediately stabilize the business by implementing an operating plan and resuming growth.
首先，我们完成了TerraForm电力与BEP的全股票合并。在2016年实控人破产之前，TerraForm电力是全球最大的太阳能所有者之一。考虑到我们的规模，我们是少数几个能够通过重组收购它，并立即通过实施运营计划和恢复增长来稳定业务的机构之一。
As a result, we have driven significant value in the business, delivering TerraForm Power shareholders, including BEP, a 35% annualized total return and over two times their money since our involvement. The merger is accretive to Brookfield Renewable, strengthens our business in North America and Europe and further enhances our position as one of the largest publicly traded, pure-play renewable power businesses with an equity market capitalization of approximately $20 billion.
因此，我们推动了业务的重大增值；自我们参与以来，为TerraForm电力的股东( 包括BEP ) 带来了35%的年化总回报和两倍的投资增值。此次合并对$Brookfield再生能源(BEP)$ 是一种增值，加强了我们在北美和欧洲的业务，并进一步增强了我们作为最大的公开上市的纯可再生能源企业之一的地位，股本市值约为200亿美元。
The second transaction we executed was to acquire a 1,200 megawatt solar development project in Brazil. This is one of the largest solar development projects in the world and requires both development and energy marketing capabilities to bring the project to completion. The project is 75% contracted, and we intend to leverage our deep energy marketing capabilities to contract the remaining power.
我们执行的第二笔交易是在巴西收购一个1200兆瓦的太阳能开发项目。这是世界上最大的太阳能开发项目之一，需要开发和能源营销能力使该项目完成。该项目75%的发电量已签订合同，我们打算利用我们的深度能源营销能力来签约剩余的电力。
In addition, given our global scale, we expect to drive down equipment procurement, installation and operating costs to deliver additional value over time. Accordingly, we expect to achieve approximately 20% returns on this investment. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.
此外，考虑到我们的全球规模，我们希望降低设备采购、安装和运营成本，随着时间的推移带来额外的价值。因此，我们期望在这项投资上获得大约20%的回报。该交易受惯例成交条件的制约，预计将于2020年第四季度完成。