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Brookfield Renewable pockets USD 200m from green perpetual units sale

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

February 25 (Renewables Now) - Renewable power platform Brookfield Renewable Partners LP (NYSE:BEP) has raised USD 200 million (EUR 184.3m) gross from a public offering of green perpetual preferred units, it said on Monday.

Brookfield Renewable Partners is the renewables subsidiary of Canada’s Brookfield Asset Management and has around 19 GW of assets. As part of the deal, it issued eight million green perpetual Class A preferred limited partnership units, Series 17, in what was its first placement of such securities. The fresh capital will go to support investments made in renewable power generation assets or businesses and to finance the development of clean energy technologies as part of the company’s green bond framework.

The newly-issued units will trade on the New York Stock Exchange (NYSE) under the symbol “BEP PR A,” with each holder of such units having the right to get a cumulative quarterly fixed distribution of 5.25% per year.

Brookfield Renewable has over the past two years secured USD 2.6 billion from various green financing initiatives, it noted. In the latest deal, it was assisted by Wells Fargo Securities LLC, BofA Securities Inc, JP Morgan Securities LLC and RBC Capital Markets LLC, which acted as joint bookrunners of the placement.

(USD 1.0 = EUR 0.921)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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