Mr. Stephen Gallagher reports

TVA ENTERS 10-YEAR POWER PURCHASE AGREEMENT WITH ARGO AND BROOKFIELD'S SMOKY MOUNTAIN HYDRO FACILITIES

Tennessee Valley Authority, together with Argo Infrastructure Partners LP and Brookfield Asset Management Ltd., with its listed affiliate Brookfield Renewable Partners LP and Brookfield Renewable Corp., has signing a landmark 10-year power purchase agreement with power to be delivered by the Cheoah, Calderwood, Chilhowee and Santeetlah dams, together known as the Smoky Mountain hydroelectric facilities, which is jointly owned by Argo and Brookfield.

Smoky will begin delivering power through the PPA starting in 2025 and over the next decade, and will supply more than 14 gigawatt-hours of carbon-free energy to TVA customers, advancing TVA's transition toward its 2050 net-zero goal.

Smoky currently owns and operates a 377-megawatt portfolio of four hydroelectric power facilities across east Tennessee and western North Carolina. This portfolio generates an annual average of 1.4 million megawatt-hours of carbon-free energy equivalent to approximately 1.1 million tons of carbon dioxide emissions avoided each year.

"TVA appreciates this partnership that enables more reliable, clean megawatts to be available when they're needed," said Chris Hansen, TVA vice-president, origination and renewables solutions. "We have a long history of effectively using hydroelectric power to provide affordable, reliable energy to our region, and this agreement builds on that success."

Jason Zibarras, founder of Argo, stated, "We are delighted to partner with Brookfield on this landmark PPA with TVA, set to deliver over 14 gigawatt-hours of renewable energy and avoid 11 million tons of carbon dioxide emissions for TVA's customers over the next 10 years."

Brice Soucy, Argo senior director and Smoky board member, commented, "This agreement strongly supports the region's energy transition goals, where unprecedented growth in data centres, manufacturing and other industries has increased the demand for carbon reduction and renewable energy options."

"We are thrilled to partner with TVA and deliver clean power solutions at scale to accelerate the energy transition," said Stephen Gallagher, chief executive officer of Brookfield Renewable North America. "We are well positioned to meet increasing demand for power from digitalization and electrification with one of the largest renewable power platforms in the [United States], including our strategically important portfolio of hydro assets that can provide scale dispatchable clean power."

About Brookfield Asset Management Ltd.

Brookfield Asset Management is a leading global alternative asset manager with over $1-trillion of assets under management. It invests client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy. It offers a range of alternative investment products to investors around the world, including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors.

Brookfield operates Brookfield Renewable Partners, one of the world's largest publicly traded platforms for renewable power and sustainable solutions. Its renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed generation and storage facilities in North America, South America, Europe and Asia. Its operating capacity totals over 35,000 megawatts, and its development pipeline stands at approximately 200,000 megawatts. Its portfolio of sustainable solution assets includes its investments in Westinghouse (a leading global nuclear service business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas, and material recycling.