Canada's Brookfield Renewable launches CAD-400m green bond sale

Toronto, Canada-based Brookfield Renewable Partners LP (NYSE:BEP) on Monday unveiled plans to issue medium-term green bonds in a bid to raise some CAD 400 million to repay debt and support new investments.

The Series 16 notes will be issued by Brookfield Renewable Partners ULC, a unit of Brookfield Renewable, and will be guaranteed by the parent company. The securities will bear interest at a rate of 5.292% per year and will mature on October 28, 2033.

The offering is planned to be completed on or about March 29, subject to customary closing conditions.

Brookfield Renewable will allocate the raised funds to repay debt and support new initiatives such as the construction and acquisition of wind, solar photovoltaic (PV), hydropower and biomass projects, as well as investment in energy storage and industrial efficiency technologies. The Canadian platform already has around 25.4 GW of hydroelectric, wind, utility-scale solar and storage capacity in operation.

The listed renewable power company of Brookfield Asset Management has hired a syndicate of agents led by Scotiabank, CIBC Capital Markets and RBC Capital Markets to manage the deal. The offering follows a CAD-400-million placement of green bonds in November 2022.

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