Brookfield

“Europe, in particular, is increasingly more constructive from an offshore wind perspective. And we are evaluating opportunities in the space there. That being said, as with everything, we will compare the investment profile and the risk return we see in those opportunities versus what we see elsewhere in the portfolio.”

“Also during the quarter, we successfully executed Brookfield Renewable's largest ever project financing, raising EUR 6.3 billion for our offshore wind development project in Poland.”

“We love the technology. It's large, it's fast growing, it's mature and quite frankly because of the differentiated load pattern, it can provide to onshore wind and onshore solar. It is actually critical to many power markets around the world. We obviously have zero exposure to U.S. offshore.”

“We see far more attractive opportunities in that asset class today than probably at any point in the last five or six years. Therefore, we hope there will be more to come.”

“We are pleased to be partnering with Orsted to invest in four high-quality assets that are critical to supplying the U.K. with renewable power. This is Brookfield's first investment in U.K. offshore wind, which will continue to be a critical part of the energy mix.”

“On offshore, we've been very cautious in that space with only a modest exposure. With some of the settling out that has happened in both those markets, I would certainly say that we are probably closer to entry points that we view as attractive today than we have been at points in the past.”

“We quite like offshore. We think it's a mature technology. It's a large-scale technology. Our lack of exposure to offshore traditionally is not a result of the technology, but rather the investment profile. You had to invest significant amounts of capital for the right to build out a project in three or four or five or six years when you didn't know the environment. That is precisely the basis risk that we try to be very, very disciplined about and remove.”

“We're thrilled to be partnered with a best-in-class global offshore wind builder and operator. We're seeing more and more of the largest offshore wind markets around the world pursue subsidy-free auctions. The winners in those auctions are going to be the premier global operators, not necessarily low cost of capital financial bidders.”

“Joining commercial capabilities with SSE's offshore wind expertise presents a strong partnership opportunity in the Netherlands.”

Brookfield Asset Management, through its affiliate BIF IV Europe Holdings, completed the acquisition of a controlling stake in Polenergia S.A., one of Poland's largest private energy companies with an offshore wind development pipeline held through a JV with Equinor.