从各季度#博枫电力股东信# 中摘抄一些时效性不高的文字。$Brookfield再生能源(BEP)$
Nuclear is Critical to the Net-Zero Transition and Energy Security
【核能对净零排放转型和能源安全至关重要】
In October, we agreed to form a strategic partnership with Cameco to acquire Westinghouse, one of the world’s largest nuclear services businesses.
今年10月，我们同意与$Cameco Corp(CCJ)$ 公司建立战略合作伙伴关系，收购世界上最大的核服务企业之一西屋电气。
The partnership brings together Cameco’s expertise as one of the largest global suppliers of uranium fuel for nuclear energy with Brookfield Renewable’s clean energy capabilities to create a powerful platform for strategic growth across the nuclear sector.
此次合作将Cameco作为全球最大的核能铀燃料供应商之一的专业知识与$Brookfield再生能源(BEP)$ 的清洁能源能力结合起来，为整个核部门的战略增长创造一个强大的平台。
The total equity invested will be approximately $4.5 billion ($750 million net to Brookfield Renewable), and we, alongside our institutional partners, will own a 51% interest with Cameco owning 49%.
投资总额约为45亿美元(BEP净投资7.5亿美元)，我们和我们的机构合作伙伴将拥有51%的股权，Cameco拥有49%的股权。
Westinghouse and nuclear power generation benefit from the same industry tailwinds as wind, solar, and hydro—decarbonization, electrification, and energy security. Recent geopolitical uncertainty is accelerating the need for countries to achieve energy independence.
西屋电气和核能发电与风能、太阳能、氢化脱碳、电气化和能源安全受益于相同的行业推动力。近期地缘政治的不确定性加速了各国实现能源独立的需要。
Further, any credible net-zero plan must include a meaningful and growing amount of nuclear power. Intermittent renewable technologies must be complemented by dispatchable resources.
此外，任何可信的净零排放计划都必须包括有意义且不断增加的核能数量。间歇性的可再生技术必须辅以可调度资源。
As the owner of one of the largest hydro businesses globally, we are seeing the increasing value of clean, dispatchable, baseload power generation. Like hydro, nuclear power provides a reliable and economic source of electricity to the grid.
作为全球最大水电企业之一的所有者，我们正看到清洁、可调度、基载发电的价值日益增长。
Going forward, we believe hydro and nuclear power will be the key technologies facilitating the rapid growth of intermittent solar and wind.
和水力发电一样，核能为电网提供了可靠而经济的电力来源。展望未来，我们相信水电和核电将是促进间歇性太阳能和风能快速发展的关键技术。
As the leading original equipment manufacturer and scale provider of mission-critical technologies, products, and services to half the global nuclear power generation fleet, Westinghouse is well positioned to capture nuclear industry tailwinds.
作为全球一半核电站的领先原始设备制造商，以及关键任务技术、产品和服务的上规模供应商，西屋电气已做好充分准备，抓住核工业的顺风。
Further, Westinghouse serves as a critical enabler of the energy transition across the world, providing products and services essential for the continued operation and growth of the global nuclear fleet.
此外，西屋电气是全球能源转型的关键推动者，为全球核电站的持续运行和增长提供必要的产品和服务。
The business operates well in all environments, given it is underpinned by highly durable cash flows, with approximately 85% of revenue coming from long-term, inflation-linked contracted or highly recurring service provision and a nearly 100% customer retention rate.
该业务在所有环境下都运行良好，因为它的基础是高度持久的现金流，约85%的收入来自长期的、与通胀挂钩的合同或高经常性的服务提供，客户保留率接近100%。
Further, Westinghouse takes no commodity, construction, or significant fixed price contract risk, and it operates in countries where the liability for nuclear accidents lies entirely with the plant operators.
此外，西屋电气不承担任何商品、施工或重大的固定价格合同风险，而且它所经营的国家的核事故责任完全由核电站运营商承担。
With over 50 gigawatts of plant extensions announced and more than 60 gigawatts of new-build reactors expected between 2020 and 2040 across more than 20 countries globally, Westinghouse is well positioned to benefit.
随着超过500吉瓦的核电站扩建计划的宣布，以及预计在2020年至2040年期间在全球20多个国家新建超过600吉瓦的反应堆，西屋电气有望从中受益。
The company has also secured new business servicing dozens of nuclear facilities across Eastern European countries that Russia traditionally served and is supporting the growing pipeline for extending and uprating existing nuclear power plants.
该公司还获得了为东欧国家数十个核设施提供服务的新业务，这些设施传统上是由俄罗斯提供服务的。此外，该公司还在为扩建和升级现有核电站的项目管线提供支持。
And finally, there are multi-decade growth opportunities in the rollout of next-generation advanced nuclear technology, such as Westinghouse’s eVinci micro-reactor technology, which can play a growing role in an increasingly decentralized and decarbonized energy system.
最后，在下一代先进核技术的推广中存在数十年的增长机会，例如西屋电气公司的eVinci微反应堆技术，该技术可以在日益分散和脱碳的能源系统中发挥越来越大的作用。
Balance Sheet and Liquidity
【资产负债表及流动性】
Our balance sheet is in excellent shape, with S&P and Fitch affirming our credit rating at BBB+ with a stable outlook.
我们的资产负债表状况良好，标准普尔和惠誉确认我们的信用评级为BBB+，前景稳定。
We remain resilient to the rising interest rates globally, with over 90% of our borrowings being project level non-recourse debt, with an average remaining term of 12 years, no material near-term maturities in the next five years, and only 3% exposure to floating rate debt.
我们面对全球利率的上升保持韧性，超过90%的借款是项目级别的无追索权债务，平均剩余期限为12年，未来5年没有实质性的短期到期，只有3%的风险敞口是浮动利率债务。
Despite market volatility, our access to diverse pools of capital continues to be differentiated. We have over $3.5 billion of available liquidity, giving us significant financial flexibility during periods of capital scarcity.
尽管市场波动，但获得多元化途径资金池的能力仍是我们的竞争优势。我们有超过35亿美元的可用流动性，使我们在资金短缺时期具有很大的财务灵活性。
During the quarter, we secured over $3.7 billion of non-recourse financings across the business that will close this year, resulting in approximately $400 million in upfinancing proceeds to Brookfield Renewable.
本季度，我们在整个业务中获得了超过37亿美元的无追索权融资，这些融资将于今年完成，导致BEP获得约4亿美元的升值融资收益。
We are also accelerating our capital recycling program, which is not only an important part of our funding plan, but also a critical way we create value through a full cycle investment strategy.
我们也在加速我们的资本回收计划，这不仅是我们融资计划的重要组成部分，也是我们通过全周期投资战略创造价值的重要方式。
Continuing our recent trend of consistent monetizations, we have now agreed to close the sale of two solar facilities in Germany and four of five tranches of the sale of our 630-megawatt solar portfolio in Mexico, where we expect to close the final tranche by the end of the year, generating $400 million in the aggregate ($50 million net to Brookfield Renewable).
延续我们最近持续变现的趋势，我们现在同意完成在德国的两个太阳能设施的出售，以及在墨西哥630兆瓦太阳能投资组合的5个部分中的4个部分的出售，我们预计在今年年底完成在墨西哥的最后一部分，总收益为4亿美元(BEP的份额为000万美元)。
To date this year, we have initiated capital recycling initiatives that we expect to generate approximately $830 million of proceeds ($430 million net to Brookfield Renewable) when closed.
今年到目前为止，我们已经启动的资本回收计划预计在完成时将产生约8.3亿美元的收益(BEP的份额4.3亿美元)。
We have also launched sales processes for some of our mature assets in select markets, which are garnering significant interest at attractive valuations providing significant visibility to our capital recycling program for the coming quarters.
我们还在部分市场启动了一些成熟资产的出售程序，这些资产以具有吸引力的估值获得了巨大的兴趣，为我们未来几个季度的资本回收计划提供了重要的能见度。
【Outlook 前景】
We are focused on growing our business and enhancing cash flows from our existing portfolio in order to generate 12-15% total long-term returns for our unitholders and shareholders.
我们专注于发展我们的业务，并从我们现有的投资组合中增加现金流，以便为我们的股东产生12-15%的总长期回报。
Looking ahead, the opportunities for investing in renewable power and the energy transition will be even greater than they are today. And we continue to believe that our scale, track record, and global capabilities, position us as a partner of choice in facilitating decarbonization solutions.
展望未来，投资可再生能源和能源转型的机会将比现在更大。我们仍然相信，我们的规模、业绩和全球能力使我们成为促进脱碳解决方案的首选合作伙伴。