Brookfield Renewable Partners L.P. (the “Partnership”) (NYSE: BEP;
TSX: BEP.UN) and Brookfield Renewable Corporation (NYSE: BEPC; TSX:
BEPC) (“BEPC”, and together with the Partnership, “Brookfield
Renewable”) are pleased to provide an update on the concurrent
equity offerings announced June 12, 2023 for aggregate gross
proceeds of $500 million (the “Offerings”) on a bought deal basis
by a syndicate of underwriters (collectively, the “Underwriters”)
co-led by Scotiabank, BMO Capital Markets, TD Securities Inc., CIBC
Capital Markets, and RBC Capital Markets.
The Offerings are comprised of 8,200,000 limited
partnership units of the Partnership (“LP Units”) and 7,430,000
class A exchangeable subordinate voting shares of BEPC
(“Exchangeable Shares”). The LP Units were sold at a price of
$30.35 per LP Unit (the “LP Unit Offering Price”), and the
Exchangeable Shares were sold at a price of $33.80 per Exchangeable
Share (the “Exchangeable Share Offering Price”).
Concurrently, a subsidiary of Brookfield
Reinsurance Ltd. (NYSE/TSX: BNRE) has agreed to purchase 5,148,270
LP Units at the LP Unit Offering Price (net of underwriting
commissions) (the “Concurrent Unit Private Placement”) for total
gross proceeds of approximately $150 million.
The aggregate gross proceeds of the Offerings
and the Concurrent Unit Private Placement will be approximately
$650 million.
Brookfield Renewable intends to use the net
proceeds of the Offerings, together with the proceeds of the
Concurrent Unit Private Placement, to fund current and future
investment opportunities and for general corporate purposes.
The Offerings and the Concurrent Unit Private
Placement are expected to close on or about June 16, 2023.
The Partnership and BEPC have granted the
Underwriters over-allotment options, exercisable in whole or in
part for a period of 30 days following closing of the Offerings, to
purchase up to 1,230,000 additional LP Units and 1,110,000
additional Exchangeable Shares at their respective offering prices.
If the over-allotment options are exercised in full, the aggregate
gross proceeds of the Offerings and the Concurrent Unit Private
Placement would increase to approximately $725 million.
Offer Documents
The Partnership and BEPC have filed Registration
Statements on Form F-3 (including prospectuses) with the United
States Securities and Exchange Commission (the “SEC”) in respect of
the Offerings. Before you invest, you should read the prospectus in
the relevant Registration Statement, the prospectus supplements
thereto in respect of the Offerings and other documents that the
Partnership and BEPC have filed with the SEC for more complete
information about Brookfield Renewable and the Offerings. Each of
the Partnership and BEPC will also be filing a prospectus
supplement relating to each Offering with securities regulatory
authorities in Canada. You may get any of these documents for free
by visiting EDGAR on the SEC website at www.sec.gov or via SEDAR at
www.sedar.com. Also, the Partnership, BEPC, any underwriter or any
dealer participating in the Offerings will arrange to send you the
prospectuses or you may request them in the United States from
Scotia Capital (USA) Inc., 250 Vesey Street, 24th Floor, New York,
NY 10281, Attention: Equity Capital Markets, or by telephone at
(212) 255-6854, or by email at us.ecm@scotiabank.com, from BMO
Nesbitt Burns Inc. at BMO Capital Markets Corp., Attention: Equity
Syndicate Department, 151 W 42nd St, 32nd floor, New York, NY
10036, or by telephone at 1-800-414-3627 or by email at
bmoprospectus@bmo.com, or from TD Securities (USA) LLC, Attention:
Equity Capital Markets, 1 Vanderbilt Avenue, New York, NY 10017, by
telephone at (855) 495-9846 or by email at
TD.ECM_Prospectus@tdsecurities.com, or from CIBC Capital Markets,
161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 by telephone at
1-416-956-6378 or by email at Mailbox.USProspectus@cibc.com, or
from RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New
York, NY 10281-8098, Attention: Equity Syndicate, Phone:
877-822-4089, Email: equityprospectus@rbccm.com; or in Canada from
Scotiabank by mail at 40 Temperance Street, 6th Floor, Toronto,
Ontario M5H 0B4, attn: Equity Capital Markets, by email at
equityprospectus@scotiabank.com or by telephone at (416) 863-7704,
or from BMO Nesbitt Burns Inc. at BMO Capital Markets, Attention:
Brampton Distribution Centre C/O The Data Group of Companies, 9195
Torbram Road, Brampton, Ontario, L6S 6H2, or by telephone at
1-905-791-3151 Ext 4312 or by email at
torbramwarehouse@datagroup.ca, or from TD Securities Inc. at 1625
Tech Avenue, Mississauga ON L4W 5P5 Attention: Symcor, NPM, or by
telephone at (289) 360-2009 or by email at sdcconfirms@td.com, or
from CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON
M5J 2S8, by telephone at 1-416-956-6378 or by email at
Mailbox.CanadianProspectus@cibc.com, or from RBC Dominion
Securities Inc., 180 Wellington Street West, 8th Floor, Toronto, ON
M5J 0C2, Attention: Distribution Centre, Phone: (416) 842-5349,
Email: Distribution.RBCDS@rbccm.com.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any securities of
Brookfield Renewable in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
Brookfield Renewable
Brookfield Renewable operates one of the world’s
largest publicly traded, pure-play renewable power platforms. Our
portfolio consists of hydroelectric, wind, utility-scale solar and
storage facilities in North America, South America, Europe and
Asia, and totals approximately 31,600 megawatts of installed
capacity and a development pipeline including approximately 131,900
megawatts of renewable power assets, 12 million metric tonnes per
annum ("MMTPA") of carbon capture and storage, 2 million tons of
recycled material, 4 million metric million British thermal units
of renewable natural gas pipeline, a solar manufacturing facility
capable of producing 5,000 MW of panels annually and 1 MMTPA green
ammonia facility powered entirely by renewable energy. Investors
can access its 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 Corporation, a leading global
alternative asset manager with over $825 billion of assets under
management.
Contact information: |
|
Media: |
Investors: |
Simon Maine |
Alex Jackson |
+44 7398 909 278 |
+ (416) 649-8172 |
simon.maine@brookfield.com |
alexander.jackson@brookfield.com |
Note: This news release contains forward-looking
statements and information within the meaning of applicable
securities laws. Forward-looking statements may include estimates,
plans, expectations, opinions, forecasts, projections, guidance or
other statements that are not statements of fact. Forward-looking
statements can be identified by the use of words such as “will”,
“intend” and “expect” or variations of such phrases and other
expressions which are predictions of or indicate future events,
trends or prospects, and which do not relate to historical matters.
Forward-looking statements in this news release include statements
regarding the Offerings and the Concurrent Unit Private Placement.
Although Brookfield Renewable believes that these forward-looking
statements and information are based upon reasonable assumptions
and expectations, no assurance is given that such expectations will
prove to have been correct. The reader should not place undue
reliance on forward-looking statements and information as such
statements and information involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Brookfield Renewable to differ
materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements
and information. 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 are described in
the documents filed by Brookfield Renewable with the securities
regulators in Canada and the United States including under “Risk
Factors” in each of the Partnership’s and BEPC’s most recent Form
20-F and other risks and factors that are described therein and in,
or incorporated by reference in, the Partnership’s and BEPC’s
Registration Statements and prospectus supplements relating to the
Offerings. Except as required by law, Brookfield Renewable does not
undertake any obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
whether as a result of new information, future events or
otherwise.
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