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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 20-F

o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number:001-35530

(Exact name of Registrant as specified in its charter)

Bermuda

(Jurisdiction of incorporation or organization)

73 Front Street,5th Floor, Hamilton HM 12, Bermuda

(Address of principal executive offices)

Jane Sheere

73 Front Street,5th Floor

Hamilton HM 12, Bermuda

Telephone:441-294-3304

enquiries@brookfieldrenewable.com

(Name, telephone, e-mail and/or facsimile number and address of company contact person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of ClassTrading Symbol(s)Name of each exchange on which registered
Limited Partnership UnitsBEP, BEP.UNNew York Stock Exchange, Toronto Stock Exchange
Class A Preferred Limited Partnership Units, Series 17BEP PR ANew York Stock Exchange
4.625% Perpetual Subordinated NotesBEPHNew York Stock Exchange
4.875% Perpetual Subordinated NotesBEPINew York Stock Exchange
7.250% Perpetual Subordinated NotesBEPJNew York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

285,180,371 Limited Partnership Units as of December 31, 2024

7,000,000 Series 7 Preferred Units as of December 31, 2024

10,000,000 Series 13 Preferred Units as of December 31, 2024

8,000,000 Series 17 Preferred Units as of December 31, 2024

6,000,000 Series 18 Preferred Units as of December 31, 2024

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No o

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x Noo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definitions of “accelerated filer”, “large accelerated filer”, and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer xAccelerated filer oNon-accelerated filer o
Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

o U.S. GAAPx International Financial Reporting Standards as issued by the InternationalAccounting Standards Boardo Other

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. Item 17 o Item 18 o

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

TABLE OF CONTENTS

INTRODUCTION AND USE OF CERTAIN TERMS5
FORWARD-LOOKING STATEMENTS14
CAUTIONARY STATEMENT REGARDING THE USE OF NON-IFRS MEASURES17
PART I18
ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS18
ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE18
ITEM 3.KEY INFORMATION18
3.A[RESERVED]18
3.BCAPITALIZATION AND INDEBTEDNESS18
3.CREASONS FOR THE OFFER AND USE OF PROCEEDS18
3.DRISK FACTORS18
ITEM 4.INFORMATION ON THE COMPANY62
4.AHISTORY AND DEVELOPMENT OF THE COMPANY62
4.BBUSINESS OVERVIEW68
4.CORGANIZATIONAL STRUCTURE96
4.DPROPERTY, PLANT AND EQUIPMENT101
ITEM 4A.UNRESOLVED STAFF COMMENTS101
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS101
5.AOPERATING RESULTS101
5.BLIQUIDITY AND CAPITAL RESOURCES157
5.CRESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.157
5.DTREND INFORMATION157
5.ECRITICAL ACCOUNTING ESTIMATES157
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES157
6.ADIRECTORS AND SENIOR MANAGEMENT157
6.BCOMPENSATION165
6.CBOARD PRACTICES166
6.DEMPLOYEES175
6.ESHARE OWNERSHIP176
6.FDISCLOSURE OF A REGISTRANT’S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION176
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS176
7.AMAJOR SHAREHOLDERS176
7.BRELATED PARTY TRANSACTIONS177
7.CINTERESTS OF EXPERTS AND COUNSEL257
ITEM 8.FINANCIAL INFORMATION257
8.ACONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION257
8.BSIGNIFICANT CHANGES258
ITEM 9.THE OFFER AND LISTING258
9.AOFFER AND LISTING DETAILS258
9.BPLAN OF DISTRIBUTION258
9.CMARKETS258
9.DSELLING SHAREHOLDERS258
9.EDILUTION258
9.FEXPENSES OF THE ISSUE258
ITEM 10.ADDITIONAL INFORMATION258
10.ASHARE CAPITAL258
10.BMEMORANDUM AND ARTICLES OF ASSOCIATION258
10.CMATERIAL CONTRACTS288
10.DEXCHANGE CONTROLS290
10.ETAXATION291
10.FDIVIDENDS AND PAYING AGENTS313
10.GSTATEMENT OF EXPERTS314
10.HDOCUMENTS ON DISPLAY314
10.ISUBSIDIARY INFORMATION314
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK314
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES314
PART II315
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES315
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS315
ITEM 15.CONTROLS AND PROCEDURES315
ITEM 16.[RESERVED]316
ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT316
ITEM 16B.CODE OF ETHICS316
ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES316
ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEE316
ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS317
ITEM 16F.CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT318
ITEM 16G.CORPORATE GOVERNANCE319
ITEM 16H.MINE SAFETY DISCLOSURE319
ITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS319
ITEM 16J.INSIDER TRADING POLICIES319
ITEM 16K.CYBERSECURITY319
PART III321
ITEM 17.FINANCIAL STATEMENTS321
ITEM 18.FINANCIAL STATEMENTS321
ITEM 19.EXHIBITS321
SIGNATURE326
INDEX TO FINANCIAL STATEMENTSF-1
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.