Brookfield Renewable Receives Approval to Merge With Terraform Power and Confirms Date to Distribute Shares of Brookfield Renewable Corporation

Creates one of the largest renewables platforms globally and delivers significant and immediate value to Brookfield Renewable

Investment Highlights:

• Merger creates one of the largest, integrated pure-play renewable power companies in the world with a 15,000 MW development pipeline, one of the strongest investment grade balance sheets in the sector and a 20-year track record of creating shareholder value across multiple economic cycles
• Expected to be immediately cash accretive to Brookfield Renewable, simplifies its corporate structure, and further expands its global renewable portfolio in North America and Western Europe
• Available liquidity post-transaction will be approximately $3.4 billion 
• Brookfield Renewable intends to complete its previously announced unit split and creation of Brookfield Renewable Corporation on July 30

BROOKFIELD, News, July 29, 2020 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (“BEP”) (NYSE: BEP; TSX: BEP.UN), Brookfield Renewable Corporation (“Brookfield Renewable Corporation” or “BEPC”) (NYSE,TSX: BEPC) (or together “Brookfield Renewable”) and TerraForm Power, Inc. ("TerraForm Power" or "TERP") (Nasdaq: TERP) today jointly announced that TERP’s stockholders voted to approve the previously announced merger transactions (the “Merger”) in which Brookfield Renewable will acquire all of the outstanding shares of TERP, other than the approximately 62% already owned by Brookfield Renewable and its affiliates.  The Merger is expected to close on July 31.

Brookfield Renewable also intends to complete the previously announced special distribution of shares of Brookfield Renewable Corporation on July 30. 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.

Each BEP unitholder of record as of July 27 will receive one (1) class A exchangeable subordinate voting share of BEPC for every four (4) BEP units held. The shares will commence regular-way trading on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “BEPC” on July 30.

“We look forward to completing the merger with TerraForm Power”, said Sachin Shah, CEO of Brookfield Renewable. “The transaction is immediately cash accretive and further enhances Brookfield Renewable’s position as one of the largest, publicly traded pure-play renewable power businesses globally.  We are also excited to be launching Brookfield Renewable Corporation, which provides investors greater flexibility to invest in our business.”