On June 16, 2023, Brookfield Renewable Partners L.P. (the “Partnership”) and Brookfield Renewable Corporation (“BEPC”, and together with the Partnership, “Brookfield Renewable”) completed their previously announced concurrent offerings and concurrent private placement, aggregate equity proceeds to Brookfield Renewable of US$650 million.

Sold on a bought deal basis by a syndicate of underwriters co-led by Scotiabank, BMO Capital Markets, TD Securities Inc., CIBC Capital Markets, and RBC Capital Markets, the equity offerings were comprised of 8,200,000 limited partnership units of the Partnership and 7,430,000 class A exchangeable subordinate voting shares of BEPC. The limited partnership units were offered at a price of US$30.35 per unit and the exchangeable shares offered at a price of US$33.80 per share, for aggregate gross proceeds of US$500 million.

Concurrent with the offerings, a subsidiary of Brookfield Reinsurance Ltd. completed its purchase of 5,148,270 limited partnership units at a price of US$30.35 per unit for total gross proceeds of approximately US$150 million.

Brookfield Renewable intends to use the net proceeds of the offerings together with the proceeds of the concurrent private placement to fund current and future investment opportunities and for general corporate purposes.

Torys acted as counsel to Brookfield Renewable with a team that included Karrin Powys-Lybbe, Josh Lavine, Jonathan Cescon, Christopher Tworzyanski, Jason Lamb and Shaoor Ahmad (Canadian corporate/securities) and Mile Kurta, Chris Bornhorst, Jude Gee and Maija Fiorante (U.S. corporate/securities).