Brookfield Renewable to Acquire Duke Energy Renewables - Seite 2

Funding Update

On the back of significant outperformance of our growth targets, where over the last 18 months we have closed or agreed to invest up to $21 billion ($3.9 billion net to Brookfield Renewable), we have agreed to a bought deal and concurrent private placement, raising aggregate equity proceeds to Brookfield Renewable of $650 million.

With this offering, we believe we remain well positioned to fund our long-term growth targets through a mix of corporate debt, upfinancings of existing hydro assets and proceeds from asset recycling initiatives. So far this year, we are tracking ahead of our plans, having successfully executed approximately $600 million (~$400 million net to Brookfield Renewable) in capital recycling initiatives, and advanced other processes which we expect could generate meaningful additional proceeds when closed in the coming quarters.

With the expected benefit of our growth initiatives, the majority of which we expect to come on-line over the next twelve months, and our funding approach, we believe that we remain well positioned to deliver results in-line with our track record of double digit annual FFO per unit growth.

Equity Offering

Brookfield Renewable Partners L.P. (the “Partnership”) and Brookfield Renewable Corporation (“BEPC” and together with the Partnership, “Brookfield Renewable”) today announced concurrent equity offerings 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 will be comprised of a combination of limited partnership units of the Partnership (“LP Units”) and class A exchangeable subordinate voting shares of BEPC (“Exchangeable Shares”) in amounts determined by the Underwriters. The LP Units are offered at a price of $30.35 per LP Unit (the “LP Unit Offering Price”), and the Exchangeable Shares are offered at a price of $33.80 per Exchangeable Share (the “Exchangeable Share Offering Price”). The number of Exchangeable Shares and LP Units to be issued in the Offerings will be determined and announced on June 13, 2023.