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 few months we all witnessed significant market and interest rate volatility on the back of persistent inflationary pressures, and stress across the banking system. Yet, our business continues to be resilient.
在过去的几个月里，我们都目睹了在持续的通胀压力和整个银行体系压力的背景下，市场和利率的大幅波动。然而，我们的业务继续保持韧性。
Our generation portfolio is currently 90% contracted and has a weighted average remaining contract duration of 14 years. Approximately 70% of our revenues are linked to inflation and 97% of our debt has fixed interest rates.
我们的发电组合目前90%签订了合同，加权平均剩余合同期限为14年。我们大约70%的收入与通货膨胀挂钩，97%的债务是固定利率。
We operate essential, low-cost infrastructure with gross margins of over 70%. Taken together, we are confident that our business will continue to perform across all economic cycles.
我们经营重要的低成本基础设施，毛利率超过70%。综上所述，我们相信我们的业务将在所有经济周期中继续表现良好。
Our financial position also remains strong, with almost $4 billion of available liquidity. We have always prioritized financing our business on an investment grade basis with a focus on long duration, matched currency, and fixed rate debt.
我们的财务状况也依然强劲，有近40亿美元的可用流动资金。我们一直优先考虑以投资级信用评级为基础的业务融资，重点关注债务的长久期、货币匹配和固定利率。
As a result, we do not have meaningful exposure to interest rate variability or any material debt maturities over the next three years. We have also avoided funding our investments with substantial amounts of non-investment grade or holding company debt structures.
因此，我们对未来三年的利率波动或任何重大债务到期没有重大风险敞口。我们还避免通过大量非投资级或控股公司债务结构为我们的投资提供资金。
So, while overall market liquidity may be challenged, lender appetite for high grade issuers, especially for those supporting renewables or decarbonization initiatives, remains robust as demonstrated by our recently completed issuance of C$400 million of 10-year medium term notes, which was three times oversubscribed.
因此，尽管整体市场流动性可能受到挑战，但贷款人对高评级发行人的兴趣仍然强劲，特别是那些支持可再生能源或脱碳计划的发行人，正如我们最近完成的4亿加元10年期中期票据发行所证明的那样，被超额认购了三倍。
Our Financial Position Remains Strong
【我们的财务状况依然强劲】
Our balance sheet is in an excellent position and our available liquidity remains robust at almost $4 billion, providing significant flexibility to fund growth.
我们的资产负债表状况良好，我们的可用流动性保持强劲，接近40亿美元，为增长的融资提供了很大的灵活性。
We remain protected from higher interest rates, with 90% of our borrowings being project level non-recourse debt, with an average remaining term of 12 years, and only 3% exposure to floating rate debt.
我们仍然不受更高利率的影响，我们90%的借款是项目级别的无追索权债务，平均剩余期限为12年，只有3%的浮动利率债务。$布鲁克菲尔德(BN)$
We are also advancing non-recourse financing initiatives and our asset recycling programs which will generate additional capital to fund our growth.
我们还在推进无追索权融资计划和资产变现计划，这将为我们的增长提供额外的资金。
Despite persistent inflation and higher interest rates, we continue to see strong demand for renewable energy assets globally and we are seeing strong interest across our capital recycling processes.
尽管持续的通货膨胀和较高的利率，我们仍然看到全球对可再生能源资产的强劲需求，我们在资本变现过程中看到了浓厚的兴趣。
So far this year, we have generated over $300 million (almost $200 million net to Brookfield Renewable) of proceeds from our asset recycling program, returning more than double our invested capital.
今年到目前为止，我们已经从我们的资产变现计划中获得了超过3亿美元的进账 (BEP的部分为近2亿美元)，回报超过了我们投入资本的两倍。
We are also advancing numerous capital recycling opportunities across our fleet that together with year-to-date activities could generate up to $4 billion (~$1.5 billion net to Brookfield Renewable) of proceeds when closed and provide significant incremental liquidity in the coming quarter.
我们还在整个发电组合中推进了许多资本变现机会，加上年初至今的活动，完成后可产生高达40亿美元的进账 (BEP的部分约15亿美元)，将在未来一个季度提供显著的流动性增量。
【Outlook 前景】
We remain focused on our goal of delivering 12-15% long-term total returns for investors and believe our access to broad capital sources, disciplined investment process and operational capabilities provide us with a structural advantage to achieve our targets.
我们仍然专注于为投资者提供12-15%长期总回报的目标；并相信我们拥有的广泛资金来源、纪律严明的投资流程和运营能力，为我们实现目标提供了结构性优势。