Brookfield Renewable Corporation / Brookfield Renewable Partners LP: 2Q26 Preview: More ways to win

Research evidence excerpt

Brookfield Renewable Corporation / Brookfield Renewable Partners LP: 2Q26 Preview: More ways to win

Equity Research

21 July 2026

Brookfield Renewable Corporation / Brookfield Renewable Partners LP

2Q26 Preview: More ways to win

BEP highlighted growing optionality across nuclear, asset

recycling, and data center demand, as DOE-backed AP1000

financing helps de-risk reactor deployment, while asset North America Clean Technology POSITIVE

Unchangedmonetizations and rising hyperscaler interest provide

additional pathways to fund and capitalize on future growth North America Clean Technology

Christine Cho, CFA

opportunities. +1 212 526 8419

christine.cho@barclays.com

BCI, US

BEP wades further into nuclear pool: BEP recently announced that the DOE was committing

up to $17.5bn in conditional financing to support Westinghouse nuclear reactor deployment. Liam Duggan, CFA

The DOE’s conditional financing marks another meaningful step toward accelerating large-scale +1 212 526 5416

liam.duggan@barclays.comnuclear deployment and addressing one of the industry's key bottlenecks: long-lead equipment

procurement. The program, which is incremental to previously announced reactor development

initiatives, is intended to fund the early procurement of critical AP1000 components through up

to five special purpose vehicles (SPVs), each supporting two reactors and backed by

approximately $3.5bn of DOE financing. Before accessing DOE funding, both the SPV and its

utility partner are expected to fully commit approximately $500mm of project equity each, or

roughly $1bn per project in total, aligning incentives while providing a clear pathway toward

equipment procurement and eventual reactor deployment.

The structure is intended to meaningfully reduce development risk by securing equipment well