The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Robert Hope - Scotiabank Global Banking and Markets, Research Division - Analyst
: First question is just on repowering. We're seeing a number of projects in the hopper right now for repowering. And when we take a look at
Shepherd, it would seem that this could be the driving force of the M&A opportunity there. Can you just talk about how you're viewing repowering?
Do they have to be the older turbines with around 10 years left of contract? And could this provide you an advantage when you're looking at, we'll
call it, mid-life wind assets in North America.
Question: Robert Hope - Scotiabank Global Banking and Markets, Research Division - Analyst
: All right. I appreciate the color there. And then switching over across the ocean. Can you give us an update on kind of the Poland opportunity there
and kind of the timing you expect? And we have seen some kind of competing projects announced there as well.
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FEBRUARY 04, 2021 / 2:00PM, BEP_u.TO - Q4 2020 Brookfield Renewable Partners LP Earnings Call
Question: Benjamin Pham - BMO Capital Markets Equity Research - Analyst
: Okay. I had a couple of questions on the 23-gigawatt development pipeline. I was wondering if you can unpackage that a bit. You did at -- similar
to Investors Day in terms of the -- towards the technology mix, what geographies and maybe the breakdown between early stage and late stage.
Question: Benjamin Pham - BMO Capital Markets Equity Research - Analyst
: Okay. And is there -- you're a relatively large company. As you bring on more development, there's a development expense that's rising as well.
But really, what's -- is there a sweet spot on -- or maybe how much more you can go before there are certain stresses in your system that you can't
handle? Is there a magic number out there you can share?
Question: Benjamin Pham - BMO Capital Markets Equity Research - Analyst
: Okay. And maybe 1 last question is, how do you think about your cost of equity, top of today, relative to other sources. And I want you to bring it
up because I think in the past, you've always kind of ignored the market cost of equity, you've always looked at, I think, you targeted growth rates,
which are north of 10%, and you've always said your cost of equity, your hurdle rates are 10% plus.
And if you look at that versus better sources and
you include a matching fee to ban in that analysis. So how do you think about that now, just given your stock has done incredibly well, but at the
same time, your management fees have also doubled at the same time?
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FEBRUARY 04, 2021 / 2:00PM, BEP_u.TO - Q4 2020 Brookfield Renewable Partners LP Earnings Call
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