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Brookfield Renewable to raise USD 160m from units offering

Canada wind farm. Author: Wilson Hui. License: Creative Commons

January 9 (Renewables Now) - Brookfield Renewable Partners LP (NYSE:BEP) is looking to raise CAD 200 million (USD 160m/EUR 134m) through the issuance of Limited Partnership units.

The flagship renewable power company of Canada’s Brookfield Asset Management Inc (NYSE:BAM) has entered into an agreement to issue 8 million Cumulative Minimum Rate Reset Class A Preferred Limited Partnership Units, Series 13 to a syndicate of underwriters for distribution to the public. Each unit will be sold at a price of CAD 25.00.

The underwriters include TD Securities Inc, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and Scotiabank. They have received an option to buy up to an additional 2 million Series 13 preferred units. If the underwriters make use of that option in full, the company will raise an additional CAD 50 million gross.

Brookfield Renewable Partners said in a statement that it plans to use the net proceeds from the transaction to pay back debt.

The offering is expected to close on or about January 16, 2018.

(CAD 1.0 = USD 0.802/EUR 0.672)

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