Brookfield Renewable Announces Secondary Public Offering
February 08 2021 - 5:03PM
Brookfield Renewable Partners L.P. (the
“
Partnership”) (NYSE: BEP; TSX: BEP.UN),
Brookfield Renewable Corporation (“
BEPC” and
together with the Partnership, “
Brookfield
Renewable”) (NYSE/TSX: BEPC) and Brookfield Asset
Management Inc. (“
Brookfield Asset Management”)
(NYSE: BAM; TSX: BAM.A) announced today the commencement of a
proposed secondary public offering of 15,000,000 class A
exchangeable subordinate voting shares (the “
Exchangeable
Shares”) of BEPC by subsidiaries of Brookfield Asset
Management (the “
Selling Shareholders”). The
Selling Shareholders expect to grant the underwriters a 30-day
option to purchase up to 2,250,000 additional Exchangeable Shares.
Brookfield Renewable is not selling any Exchangeable Shares in the
offering and will not receive any of the proceeds from the
offering. The offering is subject to market and other conditions,
and there can be no assurance as to whether or when the offering
may be completed.
Each Exchangeable Share is structured with the
intention of providing an economic return equivalent to one
non-voting limited partnership unit (a “Unit”) of
the Partnership (subject to adjustment to reflect certain capital
events). Each Exchangeable Share will be exchangeable at the option
of the holder for one Unit (subject to adjustment to reflect
certain capital events) or its cash equivalent (the form of payment
to be determined at the election of Brookfield Renewable).
Barclays, J.P. Morgan, Morgan Stanley, and
Scotiabank are acting as joint book-running managers for the
offering.
The offering will be made only by means of a
prospectus.
A registration statement relating to these
securities has been filed with the U.S. Securities and Exchange
Commission but has not yet become effective. These securities may
not be sold, nor may offers to buy be accepted, prior to the time
the registration statement becomes effective. Brookfield Renewable
will also be filing a prospectus supplement to its base shelf
prospectus dated September 2, 2020 with securities regulatory
authorities in Canada. Copies of these documents may be obtained by
visiting EDGAR on the SEC website at www.sec.gov or by visiting
SEDAR at www.sedar.com. You may also request a copy of these
documents from Barclays Capital Inc. by email at
barclaysprospectus@broadridge.com and J.P. Morgan Securities LLC by
email at prospectus-eq_fi@jpmchase.com or via Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717. Any
distribution of securities in Canada may not exceed the available
capacity under Brookfield Renewable’s base shelf prospectus, as may
be amended.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Any offers,
solicitations or offers to buy, or any sales of securities will be
made in accordance with the registration requirements of the
Securities Act of 1933, as amended, and in accordance with
applicable securities laws in Canada.
About Brookfield Renewable
Brookfield Renewable operates one of the world’s
largest publicly traded, pure-play renewable power platforms. Our
portfolio consists of hydroelectric, wind, solar and storage
facilities in North America, South America, Europe and Asia, and
totals approximately 20,000 megawatts of installed capacity and an
approximately 23,000 megawatt development pipeline. Investors can
access our portfolio either through Brookfield Renewable Partners
L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership,
or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian
corporation.
Brookfield Renewable is the flagship listed
renewable power company of Brookfield Asset Management, a leading
global alternative asset manager with approximately $600 billion of
assets under management.
Contact information: |
|
Media: |
Investors: |
Claire Holland |
Robin Kooyman |
Senior Vice President –
Communications |
Senior Vice President –
Investor Relations |
(416) 369-8236 |
(416) 649-8172 |
claire.holland@brookfield.com |
robin.kooyman@brookfield.com |
Cautionary Statement Regarding
Forward-looking Statements
This news release contains forward-looking
statements and information within the meaning of applicable
securities laws. The words “will”, “should”, “propose,” “expect”,
“believe”, derivatives thereof and other expressions which are
predictions of or indicate future events, trends or prospects and
which do not relate to historical matters identify the above
mentioned and other forward-looking statements. Forward-looking
statements in this news release include statements regarding the
offering. Although Brookfield Renewable believes that these
forward-looking statements and information are based upon
reasonable assumptions and expectations, you should not place undue
reliance on them, or any other forward-looking statements or
information in this news release. The future performance and
prospects of Brookfield Renewable are subject to a number of known
and unknown risks and uncertainties. Factors that could cause
actual results of Brookfield Renewable to differ materially from
those contemplated or implied by the statements in this news
release include (without limitation) the failure to satisfy the
customary closing conditions of the offering, our inability to
identify sufficient investment opportunities and complete
transactions, including weather conditions and other factors which
may impact generation levels at facilities; adverse outcomes with
respect to outstanding, pending or future litigation; economic
conditions in the jurisdictions in which Brookfield Renewable
operates; ability to sell products and services under contract or
into merchant energy markets; changes to government regulations,
including incentives for renewable energy; ability to complete
development and capital projects on time and on budget; inability
to finance operations or fund future acquisitions due to the status
of the capital markets; health, safety, security or environmental
incidents; regulatory risks relating to the power markets in which
Brookfield Renewable operates, including relating to the regulation
of our assets, licensing and litigation; risks relating to internal
control environment; contract counterparties not fulfilling their
obligations; changes in operating expenses, including employee
wages, benefits and training, governmental and public policy
changes, and other risks associated with the construction,
development and operation of power generating facilities. For
further information on these known and unknown risks, please see
“Risk Factors” included in (i) the Form 20-F of the Partnership and
(ii) the prospectus of BEPC dated June 29, 2020 in respect of the
special distribution of Exchangeable Shares to unitholders of the
Partnership, and other risks and factors that are described
therein.
The foregoing list of important factors that may
affect future results is not exhaustive. The forward-looking
statements represent our views as of the date of this news release
and should not be relied upon as representing our views as of any
subsequent date. While we anticipate that subsequent events and
developments may cause our views to change, we disclaim any
obligation to update the forward-looking statements, other than as
required by applicable law.
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