Brookfield Renewable to Acquire Duke Energy Renewables

• Solidifies Brookfield Renewable’s position as one of the largest renewable energy businesses in the U.S.
  
• Almost 90,000 MW of combined operating and pipeline capacity across all major U.S. power grids
• Immediately accretive to FFO with additional upside from asset repowerings and synergies
• With the execution of a $650 million bought deal and concurrent private placement, we believe Brookfield Renewable remains well positioned to fund its long-term growth targets

BROOKFIELD, News, June 12, 2023 (GLOBE NEWSWIRE) -- Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners (“Brookfield”), today announced that it has agreed to acquire Duke Energy Renewables, a fully integrated developer and operator of renewable power assets in the U.S. with 5,900 megawatts of operating and under construction wind, utility scale solar and storage assets, and a 6,100 megawatt development pipeline for $1.05 billion in equity proceeds (approximately $265 million net to Brookfield Renewable).

Investment Highlights

• One of the largest renewable platforms in the U.S.: Scale integrated power producer with one of the largest operating wind portfolios in the U.S., and a 6,100 megawatt development pipeline that is well positioned to benefit from a highly supportive regulatory backdrop and growing demand for renewable energy from commercial and industrial buyers.
• Immediately accretive to FFO with strong cash flow visibility: Generating strong going-in cash flows, which are expected to be at least 3% accretive to 2024 FFO¹, with approximately 90% of cashflows contracted with a weighted average 13 year remaining life from strong investment grade counterparties.
• Actionable, near term synergies: Opportunity to share platform costs within our existing business and the potential to leverage our relationships with the largest commercial buyers of clean power to secure high value contracts for new developments and any uncontracted volumes.
• Repowering opportunities: Significant optionality to repower the operating wind portfolio over time, leveraging Brookfield Renewable’s recent experience repowering Shepherds Flat, the largest such project ever completed in the U.S.

“With this acquisition, we are adding a scale operating renewable platform located in highly attractive markets that we expect will immediately contribute meaningful cash flows with significant upside from potential asset repowering and synergies,” said Connor Teskey, CEO of Brookfield Renewable. “We are also adding to our pipeline of renewable development projects, solidifying our position as one of the largest renewable energy businesses in the U.S. with almost 90,000 megawatts of operating and development assets.”