DOE Loan Facilities Offer Potential Acceleration in Westinghouse U.S. Build Out

Research evidence excerpt

DOE Loan Facilities Offer Potential Acceleration in Westinghouse U.S. Build Out

TD Cowen Brookfield Renewable Partners L.P.

Global Research June 23, 2026

VALUATION METHODOLOGY AND RISKS

Valuation Methodology

Alternative Energy

For renewable power IPPs, we utilize an EV/EBITDA-based sum-of-the-parts approach that

values a company's operating, construction, and secured development assets by fuel / asset

type. Development projects are risk-adjusted and are typically included if they have line-of-sight

on revenue offtake via potential RFPs or corporate PPAs. For renewable royalties, our target is

based on a multiple of estimated net asset value.

Investment Risks

Potential risks includes: variable renewable power generation; changes to interest rates

(given typical positioning as a yield-oriented investment); counterparty risk; exchange-rate

fluctuations; changing regulatory and political landscape; potential changes to environmental

regulations; potential equipment failure; developing projects on time and on budget; financing

risk; re-contracting risk; potential merchant power exposure; potential reliance on partners; and

potential acquisition integration risks.

Risks To The Price Target

Key risks to our BEP target price include: 1) dependence on BAM as manager; 2) variable

generation; 3) rising interest rates, given the positioning as a yield-oriented investment; 4)

counterparty risk; 5) control by BAM (owns ~48%); 6) negative exposure to exchange rate

fluctuations; 7) changing regulatory and political landscape; 8) potential equipment failure; 9)

developing projects on time and on budget; 10) financing risk; 11) recontracting; 12) merchant

power exposure; and 13) acquisition integration.

2 TDSecurities.com