We are ready to commence the meeting.
Thank you, Jennifer. Good morning, everyone. It's now 9:00 A.M. and time to begin the annual meeting of shareholders of Brookfield Renewable Corporation. My name is Jeffrey Blidner, and as Chair of the Board, it is my pleasure to chair today's meeting. On behalf of the board and its management team, I would like to extend a warm welcome to everyone joining us today. As a first order of business, I would 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.
Thanks, Jeffrey. Voting during the meeting will take place on our 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, all of your previously submitted votes in respect of matters to be voted upon at this meeting will be automatically revoked. Accordingly, if you do vote on any matter during the virtual meeting, please ensure that you also vote on all other matters for which you are entitled to vote.
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, Jennifer. I now call the meeting to order, and ask Computershare Trust Company of Canada, vice representative, Paul Allen, to 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 will 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 may have.
Thanks, Connor. There are three items of business to be considered today as part of the formal meeting. I will ask Jennifer to outline them for you.
First, to receive the consolidated financial statements of the corporation for the fiscal year ended December 31, 2022, including the external auditor's report. Second, to elect directors who will serve until the next annual meeting of shareholders. Third, to appoint the external auditor and authorize the directors to set the auditor's remuneration. As 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 the 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 minutes of this meeting. Based upon the scrutineer's preliminary report on attendance, I confirm that there is a quorum.
I therefore 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 2022 , together with the external auditor's report. Copies of our annual financial statements have also been mailed to shareholders who've 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, Jennifer. The second item of business in 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 10 proposed nominees for election by holders of the corporation's Class A shares and Class B shares are Jeffrey Blidner, Patricia Zuccotti, David Mann, Eleazar de Carvalho Filh o, Nancy Dorn, Stephen Westwell, Lou Maroun, Sarah Deasley, Randy MacEwen, and Scott Cutler. Information on all 10 director nominees is set out in our Management Information Circular, which was posted on our website and is available from the company upon request. 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've already voted or sent in your proxy, there's no need to do anything unless you wish to change your vote.
Mr. Chair, I nominate for election as directors the 10 nominees named in the Management Information Circular dated May 12th, 2023.
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 of the Class B shares in favor of the resolution. I now declare that those nominated 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 auditor 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 until the next annual meeting, and that the directors be authorized to set their remuneration.
Thanks, Wyatt. Resolution has now 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 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, Jeffrey. On the appointment of the corporation's external auditor and authorization of the directors to set their remuneration, I'm pleased to declare the motion carried. The final voting results will be available after the meeting and will be 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 in 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'd 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. I'm on slide eight. 2022 was another very strong year for our business. We achieved record FFO per Unit, building on our track record of double-digit annual growth for over a decade. Our strong operating performance was driven by the stability of our high-quality cash flows, organic growth, and contributions from acquisitions. We delivered record performance in our development activities and agreed to deploy capital well ahead of our targets, growing in every market we operate, while dramatically expanding our renewables, operations, and making our first transition investments. Other highlights for the year include: we advanced key commercial priorities, securing contracts to deliver 11,000 GWh of clean energy annually, including 5,000 GWh to corporate off-takers. We commissioned approximately 3,500 MW of new capacity and progressed over 19,000 MW through construction and advanced stage development.
Finally, we maintain our robust investment-grade balance sheet and ended the year with almost $4 billion of available liquidity, no material near-term maturities, and limited floating rate exposure. Moving to slide nine. Over the last 12 months, we committed or deployed almost $3 billion net to Brookfield Renewable of capital across various transactions in every major market and technology we operate in, highlighted by our acquisition of Australia's largest integrated power generation and retail business, Origin, creating the opportunity to build a leading renewable platform while allowing the early retirement of one of the country's largest coal-fired power plants. We also recently announced the acquisition of a fully integrated operator and developer in Duke Energy Renewables, solidifying our position as one of the largest renewable energy developers in the U.S., with almost 90,000 megawatts of operating and development assets in the country.
We formed a strategic partnership with Cameco to acquire Westinghouse, a leading provider of mission-critical technology, services, and products to the nuclear industry. The partnership brings together Cameco's expertise as one of the largest global suppliers of uranium fuel for nuclear energy, with our clean energy capabilities, to create a powerful platform for strategic growth across the nuclear sector, a sector which we believe is a critical component of any credible net zero plan. Finally, we made a significant investments in India, highlighted by our agreement with Invenergy, a leading clean energy business, where we will help fund the build-out of their large-scale renewable pipeline. Looking at slide 10. All of this has translated into very strong performance, with total returns for our shareholders over a sustained period that have outperformed the broader market and the relevant indices.
With that, I'll hand the call over to Connor to take you through the remainder of the presentation.
Thanks, Wyatt. Turning to slide 11. Demand for clean energy from corporates, government-supported electrification and decarbonization targets, and an increasing focus on energy security, all continue to be key trends, accelerating investment and driving returns in our sector. We have seen increased demand, specifically coming from technology companies who have greenhouse gas emissions reduction targets and are looking to partner with renewable energy producers that can deliver specialized solutions. Renewables are also increasingly the cheapest form of electricity generation in almost all markets, and as both the most economic and the clean solution, renewables are the preferred choice for new build energy capacity. Turning to slide 12. Today, Brookfield Renewable is a leading global clean energy company with almost 164,000 MW of operating and development capacity and a global platform spanning across five continents.
For the better part of the last century, a small handful of global energy companies experienced sustained periods of profitable multi-decade growth. Those companies were those with global platforms, leading operating capabilities, and the scale and balance sheets to capture the most attractive organic and M&A growth opportunities within the energy space. Their leading positions allows them to not only grow consistently, but also constantly return capital to shareholders. With a growing focus on decarbonization and more industries looking to power their businesses with green electricity and sustainable alternatives to fossil fuels, we view the next generation of energy super majors as having similar attributes to those of the past, but with leading capabilities and platforms focused on clean energy. Today, we are fortunate to be one of the few global renewables businesses well-equipped to lead the global transition to net zero.
With assets, operating personnel, and growth teams in each major market around the world, we are already today set up to see all the growth opportunities within the renewable power and decarbonization space and position ourselves for the best ones. We leverage our flexibility to invest around the world and allocate our capital to the investments that we believe offer the best risk-adjusted returns. Turning to slide 13. In the current environment, we are seeing meaningful tailwinds for each of our growth leaders, and we have positioned ourselves well to achieve our 10%+ annual FFO per Unit growth target. The first growth lever is inflation.
We are in a period of higher inflation. With 70% of our revenues indexed to inflation and approximately 97% of our debt financed with fixed interest rates, we expect to generate 2%-3% annual FFO growth per unit over the next five years as our revenues grow and our debt-servicing costs remain relatively unchanged. This outcome is a result of our disciplined approach to financing and contracting our assets. The second growth lever comes from margin enhancement. With over 5,500 gigawatt hours of generation from our hydros available for recontracting over the next five years and increased demand for baseload carbon-free generation. We estimate FFO growth of 2%-4% from this lever, based on recontracting at all-in market prices on a forward basis, equating approximately to $130 million of incremental annual FFO over the next five years.
The growth component that is probably most underappreciated within our business is our development pipeline. Our deep pipeline of projects includes advanced stage assets with significant dollars already in the ground, and projects fully funded with project-level debt and matched to high-quality long-term PPAs, meaningfully de-risking these future cash flows. Looking at the detail, we have close to 5,500 megawatts of projects where our development dollars are substantially invested and are expected to deliver $80 million of annual FFO when commissioned. We have an additional over 10,000 megawatts of advanced stage development projects that have been materially de-risked and for which we have secured substantially all the required funding. These projects are expected to generate $120 million of annual FFO when commissioned. We estimate a 3% FFO growth from these projects alone and continue to pull forward greater portions of our development pipeline.
We see a robust market for actionable M&A growth opportunities that would contribute immediately to cash flows. We remain uniquely positioned to take advantage, given our strong balance sheet, access to partner capital, and the ability to source and underwrite deals globally. What this means for our business, is that we are poised to deliver FFO per Unit growth over the next several years that is in line or ahead of the previous 10 years. We look forward to connecting with you at Brookfield Renewable Investor Day, which is scheduled to take place on the 21st of September later this year. That concludes our prepared remarks. We would now be pleased to answer any questions. Jennifer, would you please announce our first question?
Connor, Mr. Chair, there are no questions to be addressed.
Ladies and gentlemen, as there are no questions or comments, I would like to thank you all for taking the time to join us today. That concludes our meeting.