Brookfield Renewable Announces Record Date for Unit Split of Brookfield Renewable Corporation

BROOKFIELD, News, July 16, 2020 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (“Brookfield Renewable” or “BEP”) (NYSE: BEP; TSX: BEP.UN) today announced that it has set July 27, 2020 as the record date for the previously announced special distribution of class A exchangeable subordinate voting shares (the “Shares”) of Brookfield Renewable Corporation (“BEPC”). From an economic and accounting perspective, the special distribution will be analogous to a unit split as it does not result in any underlying change to aggregate cash flows or net asset value except for the adjustment for the aggregate number of units/shares outstanding.

On July 30, 2020, the holders of BEP’s limited partnership units (“BEP units”) of record as of July 27, 2020 will receive one (1) Share of BEPC for every four (4) BEP units held, or 0.25 Shares for each BEP unit. The Shares will be structured with the intention of being economically equivalent to BEP units, including identical distributions, and each Share will be exchangeable at the option of the holder for one BEP unit at any time. The Shares will provide investors with the equivalent economic exposure to BEP but through a traditional corporate structure.

The timing of the special distribution will help facilitate the pending merger of TerraForm Power, Inc. (“TerraForm Power”) into Brookfield Renewable (the “TERP acquisition”), which is expected to close on or about July 31, 2020¹, as TerraForm Power stockholders are being offered the right to receive BEPC Shares as consideration in the TERP acquisition. Stockholders of TerraForm Power will not participate in the special distribution.

“BEPC Shares will provide investors greater flexibility to invest in Brookfield Renewable’s globally-diverse portfolio of renewable assets,” said Sachin Shah, Chief Executive Officer of Brookfield Renewable. “This positions us well to continue attracting new investors to our high-quality renewable power portfolio.”

BEPC has received conditional approval to list the Shares on the New York Stock Exchange (the “NYSE”) and the Toronto Stock Exchange (the “TSX”) under the symbol BEPC. Listing of the Shares on the NYSE and the TSX is subject to BEPC fulfilling all of the requirements of the NYSE and the TSX, respectively.

BEP and BEPC have filed a final prospectus in respect of the special distribution of the Shares, and the registration statement relating to the special distribution has been declared effective.