Brookfield Renewable preps for USD-120m units offering in Canada

Canadian dollars. Photo by: Sara Long. Lincense: Creative Commons. Attribution 2.0 Generic.

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)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author
Browse all articles from Veselina Petrova

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.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription