- Press Releases
April 6 (Renewables Now) - Brookfield Renewable Partners LP (NYSE:BEP) will launch an offering of preferred units in a bid to raise up to CAD 150 million (USD 120.2m/EUR 110.3m) gross to finance renewable energy investments.
The renewable power platform, which has over 21 GW of assets and a 62-GW development pipeline, will issue five million cumulative perpetual Class A preferred limited partnership units, Series 18, on a bought deal basis, it said on Tuesday. The 5.50% units will be offered at a price of CAD 25 apiece for a total of CAD 125 million gross.
The transaction will be underwritten by a syndicate led by CIBC Capital Markets, BMO Capital Markets, National Bank Financial Inc, RBC Capital Markets, Scotiabank and TD Securities Inc. The underwriters will be given an option to purchase up to an additional one million units and thus lift the size of the deal to CAD 150 million if the option is exercised.
Funds from the placement, seen to be completed on or about April 14, will go to finance and/or refinance investments in renewable power generation assets or businesses and fund the development of clean energy projects.
The units will be offered in all provinces and territories of Canada. They will be redeemable by Brookfield Renewable on and after April 30, 2027.
(CAD 1.0 = USD 0.802/EUR 0.735)