Brookfield Renewable Announces $650 Million Equity Offering Allocations

BROOKFIELD, News, June 13, 2023 (GLOBE NEWSWIRE) -- 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.