TerraForm Power : Brookfield Renewable Partners & TerraForm Power Definitive Merger Agreement Investor Presentation – March 2020

• Combined business will be one of thein the worldwith one of the strongest

largest, integrated, pure-play renewable power companies investment grade balance sheets in the sector, no material

EUROPE

4,200 megawatts

$7 Billion

in total power assets

NORTH AMERICA

8,900 megawatts

$29 Billion

in total power assets

SOUTH AMERICA

4,900 megawatts

$13 Billion

in total power assets

ASIA

1,000 megawatts

$1 Billion

in total power assets

Transaction Benefits (cont'd)

Benefits to TERP Shareholders

• Strong premiumof 17% to TERP's unaffected trading price1
• Ability to participate in the ongoing growth of aglobal leader in renewableswith a track record of success
• Access to abroader growth mandate, that includes the acquisition ofglobal, multi-technologyrenewable power assets anddevelopment opportunities
• Greatertechnological and geographic diversification
• Benefit from increasedaccess to capital and liquidity, underpinned by an investment grade balance sheet

Benefits to BEP Unitholders

• Accretiveto FFO
• Further expands BEP's portfolio in
  North America and Western Europe
• Strengthens BEP'scontract profile
• Increases public floatand enhances theliquidity of BEPC shares

$ 2 . 17

PER UNIT

DISTRIBUTION

$ 1 . 25

PER UNIT

DISTRIBUTION

$ 0 . 71

PER UNIT

DISTRIBUTION

17%

BEP ANNUALIZED TOTAL RETURN

Total Returns

S&P Utilities Index: 8%

S&P 500 Index: 5%

BBB+

INVESTMENT GRADE BALANCE SHEET

Highest rating in the sector with non- amortizing corporate debt fully supported by perpetual hydro portfolio

10 YEARS

AVERAGE PROJECT DEBT TERM TO MATURITY

Well laddered debt profile with no material maturities in the next 5 years

~85%

NON-RECOURSE FINANCINGS

Structured on an investment grade basis with attractive covenant packages

Pro Forma Debt

Maturity Ladder

$billions, as at December 31, 2019

All amounts are in U.S. dollars unless otherwise specified.

CAUTIONARY STATEMENT REGARDING FORWARD- LOOKING STATEMENTS AND INFORMATION

This presentation contains forward-looking statements and information within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words "will", "intend",

"should", "could", "target", "growth", "expect", "believe", "plan",

derivatives thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify the above mentioned and other forward-looking statements. Forward-looking statements in this presentation include statements regarding the transaction, the prospects and benefits of the combined company, including certain information regarding the combined company's expected cash flow profile and liquidity, the special distribution of BEPC shares and any other statements regarding BEP and TERP's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance. Although BEP and TERP believe that these forward-looking statements and information are based upon reasonable assumptions and expectations, you should not place undue reliance on them, or any other forward-looking statements or information in this presentation. The future performance and prospects of BEP and TERP is subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Brookfield Renewable and TerraForm Power to differ materially from those contemplated or implied by the statements in this communication include uncertainties as to whether TerraForm Power's Special Committee will continue to recommend any transaction with BEP to the TERP stockholders; uncertainties as to whether TerraForm Power stockholders not affiliated with Brookfield Renewable will approve any transaction; uncertainties as to whether the other conditions to the transaction will be satisfied or satisfied on the anticipated schedule; the timing of the transaction and whether the transaction will be completed, including as a result of potential litigation in connection with the transaction; failure to realize contemplated benefits from the transaction, including the possibility that the expected synergies and value creation from the transaction will not be realized; the inability to retain key personnel; and incurrence of significant costs in connection with

the transaction. For further information on these known and unknown risks, please see "Risk Factors" included in TerraForm Power's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission ("SEC") and in Brookfield Renewable's Form 20-F and other risks and factors that are described therein and that are described in Brookfield Renewable's and BEPC's joint preliminary Form F-1 and prospectus filed with the SEC and the securities regulators in Canada.

The foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this presentation and should not be relied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law.

Additional Information and Where to Find It

This presentation is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC. Any solicitation will only be made through materials filed with the SEC. Nonetheless, this presentation may be deemed to be solicitation material in respect of the transaction by BEP and TERP. BEP and BEPC expect to file relevant materials with SEC, including a registration statement on Form F-4 that may include a proxy statement of TerraForm Power that also constitutes a prospectus of BEP and BEPC (the "F-4"). This presentation is not a substitute for the registration statement, definitive proxy statement/prospectus or any other documents that BEP, BEPC or TerraForm Power may file with the SEC or send to shareholders in connection with the transaction. SHAREHOLDERS OF TERRAFORM POWER ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC (IF AND WHEN THEY BECOME AVAILABLE), INCLUDING THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.

Investors and security holders will be able to obtain copies of the F-4, including the proxy statement/prospectus, and other documents filed with the SEC (if and when available) free of charge at the SEC's website, http://www.sec.gov. Copies of

documents filed with the SEC by Terraform Power will be made available free of charge on Terraform Power's website at http://www.terraform.com/. Copies of documents filed with the SEC by BEP and BEPC will be made available free of charge on BEP's website at http://bep.brookfield.com/. Such documents are not currently available.

Participants in Solicitation

TerraForm Power and its directors and executive officers, BEPC and its directors and executive officers, and BEP and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of TerraForm Power common stock in respect of the transaction. Information about the directors and executive officers of TerraForm Power is set forth on its website at http://www.terraformpower.com/. Information about the directors and executive officers of BEP is set forth on its website at http://bep.brookfield.com/. Information about the directors and executive officers of BEPC is set forth on its preliminary Form F-

1. Investors may obtain additional information regarding the interests of such participants by reading the proxy

statement/prospectus regarding the transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.

Non Solicitation

No securities regulatory authority has either approved or disapproved of the contents of this presentation. This presentation shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.