We are ready to commence the meeting.
Thank you, Jen, and good morning, everyone. It's now 8:30 A.M. in Toronto. Time to begin the Annual Meeting of S hareholders of Brookfield Renewable Corporation. My name is Jeff Blidner. As Chair of the Board, it is my pleasure to chair today's meeting. On behalf of the Board and its Management Team, I'd like to extend a warm welcome to everyone joining us today. As a first order of business, I, I'd like to ask Jennifer Mazin, our General Counsel, Corporate Secretary, and today's moderator, to set out the voting procedure for the meeting and the process to submit questions.
Voting during the meeting will take place on a virtual meeting platform. I will now explain this process. For each matter being voted on, every holder of Class A exchangeable subordinate voting shares, which we will refer to at this meeting as the Class A shares, is entitled to one vote in respect of each share held. The Class A shares, as a class, collectively hold 25% of the outstanding votes, and the Class B multiple voting shares, which we will refer to at this meeting as the Class B shares, all of which are held by a subsidiary of Brookfield Renewable Partners L.P., holds 75% of the outstanding votes. Adoption of a proposed motion requires a majority of the votes cast at the meeting by the holders of the Class A shares and the Class B shares voting together as a single class.
Voting will be open for all resolutions throughout the formal portion of the meeting. This will allow you to choose to vote on each resolution immediately or to wait until conclusion of discussion on each resolution prior to casting your vote. If you voted in advance of the meeting and do not wish to change your vote, then you do not need to do anything. By voting at the virtual meeting on any matter, your previously submitted votes in respect of such matter will be automatically revoked. To vote on a poll, click the Voting tab at the top of your screen. The items to be voted on will appear in a column, and you can make your selections for each. A confirmation message will appear directly above the item once a vote is cast.
We welcome questions from our shareholders, which may be submitted by typing the question into the virtual meeting platform using the messaging icon on the top of the page. Please indicate whether your question is of a general nature or if it relates to a motion being considered as part of the meeting's formal business. Please click the Submit button once you have finished typing your question. I will read out the question and ask a member of management to respond to it. If we receive many questions that are similar, we will read one of the questions and indicate that we have received many similar questions. Only registered shareholders or proxy holders are able to submit questions at this meeting. We will endeavor to answer all questions submitted during the allotted time.
We recommend that you submit any questions relating to the motions being tabled as soon as possible, as it may take time for the virtual meeting platform to process them.
Thank you, Jen. I now call the meeting to order, and ask Computershare Investor Services Inc., its representative, Paul Allen, act as scrutineer. I also ask Jen to act as secretary of the meeting. In the unlikely event of a technological failure that prevents the meeting from continuing, the meeting will be rescheduled, and you'll be appropriately notified. It's now my pleasure to introduce Connor Teskey, our Chief Executive Officer.
Thank you, Jeff, and thank you, everyone, for joining our annual general meeting. I am pleased to be here and to also introduce Wyatt Hartley, our Chief Financial Officer. Once we get through the formal part of the meeting, Wyatt and I will give a brief presentation and then would be happy to answer any questions that you might have.
Thank you, Connor. There are three items of business to be considered today as part of the formal meeting, and I would ask Jen to outline them for you.
First, to receive the consolidated financial statements of the corporation for the fiscal year ended December 31, 2023, including the external auditor's report. Second, to elect directors who will serve until the next annual meeting of shareholders. And third, to appoint the external auditor and authorize the directors to set its remuneration. As I mentioned, in connection with the business to be dealt with today, all voting will be conducted online through the virtual meeting platform. Voting is now open on all resolutions. In order to expedite the formal part of today's meeting, the chair has asked Wyatt Hartley, as proxy holder, to move various resolutions. Although this procedure will assist in the handling of the formal matters, it is not intended to discourage anyone from submitting questions in reference to any resolution after it has been proposed.... Mr.
Chair, please be advised that the notice calling this meeting and the Management Information Circular were disseminated to voting shareholders in accordance with all applicable laws. As Secretary of the meeting, I will keep a copy of the notice and proof of mailing with the minutes of this meeting. Based upon the scrutineer's preliminary report on attendance, I confirm that there is a quorum.
I now declare the meeting properly constituted for the transaction of the business for which it has been called. Turning now to the first item of formal business, I will table the corporation's consolidated financial statements for the fiscal year ended December 31, 2023, together with the external auditor's report. Copies of our annual financial statements have also been mailed to shareholders that requested them and are also available on our website.
Mr. Chair, we have not received any questions or comments submitted in connection with the financial statements.
Thank you, Jen. Second item of business at our meeting today is to elect directors who will serve until the next annual meeting of shareholders. Jen, would you please read the names of the proposed nominees?
The 9 proposed nominees for election by holders of the corporation's Class A shares and Class B shares are: 1, Jeff Blidner. 2, Scott Cutler. 3, Sarah Deasley. 4, Eleazar de Carvalho Filho. 5, Randy MacEwen. 6, Nancy Dorn. 7, Stephen Westwell. 8, Patricia Zuccotti, and 9, Lou Maroun. Information on all 9 Director nominees is set out in our Management Information Circular, which was posted on our website and is available from the company upon request.
Thanks, Jen. You will note that David Mann is not standing for re-election as a Director at today's meeting. After serving as a Board Member since the inception of the corporation, David has decided to retire from our Board. I want to extend our sincere appreciation to David for his many years of service and his contributions to Brookfield Renewable Corporation and our Board.
Mr. Chair, we have not received any questions or comments with respect to the nomination of directors.
We invite shareholders and proxy holders to submit their vote online if they have not already done so. As a reminder, if you have already voted or sent in your proxy, there's no need to do anything else unless you wish to change your vote.
Mr. Chair, I nominate for election as directors the nine nominees named in the Management Information Circular dated May 10th, 2024.
Thank you, Wyatt. I declare the nominations closed. Management has received proxies representing a majority of the corporation's Class A shares and 100% of the Class B shares. These proxies direct management to vote a majority of the Class A shares and all the Class B shares in favor of the resolution. I now declare that those nominees have been duly elected as directors of the corporation. The third and final item of business today is the appointment of the corporation's external auditors and authorizing the directors to set their remuneration. As stated in the Management Information Circular, the Audit Committee of our Board of Directors has recommended that Ernst & Young LLP be reappointed as the corporation's external auditor.
Mr. Chair, I move that Ernst & Young LLP be appointed the external auditor of the corporation for the next annual meeting, and that the directors be authorized to set their remuneration.
Thank you, Wyatt. The resolution has been moved, and the motion is now before the meeting for discussion.
Mr. Chair, we have not received any questions or comments submitted in connection with the appointment of auditors.
Management has received proxies representing a majority of the corporation's Class A shares and 100% of the Class B shares. These proxies direct management to vote a majority of the Class A shares and all of the Class B shares in favor of the resolution. Voting is now closed on all resolutions. I'm advised that we have the results of the resolutions based on the tabulation of votes cast in advance of the meeting.
Thank you, Jeff. On the appointment of the corporation's external auditor and the authorization of directors to set their remuneration, I am pleased to declare the motion carried. The final voting results will be available after the meeting and posted to SEDAR at www.sedar.com.
Ladies and gentlemen, that completes the formal business of today's meeting. Since there is no other business, this concludes our meeting. Now that the formal meeting has concluded, our CEO, Connor, and our CFO, Wyatt, will make a presentation on behalf of the management team. At the end of the presentation, they will both be available to respond to any questions or comments you may have submitted. Please note that in responding to questions and talking about our new initiatives and our financial and operating performance. We may make forward-looking statements. These statements are subject to known and unknown risks, and future results may differ materially. Finally, we would like to ensure that all shareholders who are interested in asking a question have the opportunity to do so. We will make every effort to address questions during the allotted question-and-answer period. Over to you, Wyatt and Connor.
Thank you, Mr. Chair. 2023 was another very strong year for our business. We achieved record FFO per unit. FFO per unit, continuing to build on our track record of averaging double-digit annual growth for over a decade. Our business benefited from the diversification of our global fleet and our ability to capture strong all-in power prices. We continue to see strong demand for clean power from commercial and industrial customers, and advanced our commercial activities, securing contracts to deliver almost 50 TWh of clean power to new projects, with over 90% of the generation to be delivered to corporate customers. Our development activities continued to scale, and we increased the capacity delivered by 30% YoY.
During the year, we strengthened our balance sheet, executing on almost $15 billion in non-recourse financings, generating almost $500 million in refinancing proceeds to Brookfield Renewable. We were also successful with our capital recycling program, generating $800 million in proceeds, or $500 million net to Brookfield Renewable in 2023, representing almost 3 times our invested capital. We finished the year in excellent financial position, with over $4 billion of available liquidity, providing significant flexibility to fund our growth. Over the last 12 months, we committed or deployed $2 billion of capital net to Brookfield Renewable across various transactions and through our development initiatives.
Most notably, we recently announced an agreement to acquire a controlling block in Neoen, a leading, fully integrated global renewable business, with 8,000 MW of operating and under construction capacity, and a 20,000-MW development pipeline. The acquisition adds operating capacity and an advanced pipeline in very attractive markets, primarily in France, Australia, and the Nordics, where we see increasing demand for clean power from corporate customers. With the transaction, we would be adding one of the best renewable power developers globally that is very complementary to our existing business.
We also acquired Banks Renewables, which we rebranded as OnPath, a leading independent end-to-end platform in the U.K., with approximately 600 MW of operating and under construction renewable capacity, and 3.5 GW of development pipelines, and Duke Energy Renewables, which we rebranded to Deriva, one of the largest renewable platforms in the U.S., with approximately 6,000 MW of operating wind and solar capacity. With that, I will hand the call over to Connor to take you through the remainder of the presentation.
Thank you, Wyatt. Net zero targets and energy security continue to support demand for clean power. However, it is the economics around renewables being the lowest cost source of bulk power, and demand driven by electrification, digitalization, and growth in AI, that is driving growth in consumption in developed markets that we have not seen for decades. The largest cloud computing businesses run on clean power. These companies have committed to 100% clean energy targets and have grown their consumption by approximately 50% per annum over the past couple of years, making them the largest buyers of green power globally. And now, the highly power-intensive nature of artificial intelligence is acting as a multiplier on energy demand, which is increasingly becoming a key bottleneck for growth of cloud computing.
For example, the integration of AI uses up to 10 times more power when integrated into a typical web search process. Renewable power, as the cheapest form of bulk electricity production, is the solution to this growing electricity demand. It is widely estimated that global electricity consumption from data centers will increase to approximately 10% of total electricity demand by 2030, up from approximately 2% today. To put this in context, this means that to satisfy the needs of data centers alone, which doesn't factor in the penetration of EV or broader economic electrification, the additional generation capacity required by data centers is the equivalent to the size of the current U.S. power grid. We are fortunate to be a partner of choice to deliver clean energy for data center development.
In May, we signed a landmark renewable energy framework agreement with Microsoft, where we expect to deliver them over 10,500 MW of new renewable energy capacity in the United States and Europe between 2026 and 2030. The partnership is a testament to our differentiated offering, which is characterized by our credibility to deliver scale, clean power solutions from our extensive pipeline of advanced stage projects, which are well-positioned from an interconnection and permitting perspective in many key data center markets globally. And we continue to be uniquely positioned to capture additional growth. We have established ourselves as a global clean energy super major, growing our capacity, capabilities, and relationships with the largest buyers of clean power. We now have almost 33,000 MW of renewable power operating capacity and an approximately 160,000 MW of development pipeline.
Our global scale and ability to provide large-scale decarbonization solutions continues to positively impact our performance and differentiates our value proposition to our customers. We have evolved from a pure-play renewable energy producer to a preeminent platform for renewable power and decarbonization solutions, with a wider set of growth opportunities and greater upside. In the current environment, we are seeing support for each of our growth levers, and looking forward over the next five years, we have positioned ourselves well to achieve 10%+ annual FFO per unit growth in line or ahead of the previous 10 years. Looking forward, we are excited to connect with you at Brookfield Renewables Annual Investor Day, which is scheduled to take place on the twenty-fourth of September later this year. That concludes our prepared remarks. We would now be pleased to answer any questions.
Jen, would you please announce our first question, if there is one?
Mr. Chair, there are no questions to be addressed.
So, gentlemen, there are no questions. I'd like to thank all of you for taking the time to join us today.