Brookfield Renewable Announces Secondary Offering of C$325 Million of Exchangeable Shares By Brookfield Asset Management


Brookfield Renewable Partners L.P. , Brookfield Renewable Corporation and Brookfield Asset Management Inc. announced a secondary offering of 4,055,000 class A exchangeable subordinate voting shares of BEPC by a subsidiary of BAM on a bought deal basis to a syndicate of underwriters co-led by Scotiabank, RBC Capital Markets, TD Securities Inc., BMO Capital Markets and CIBC Capital Markets for distribution to the public. The Selling Securityholder has agreed to sell the Exchangeable Shares at a price of C$80.20 per Exchangeable Share, for gross proceeds of C$325 million. Brookfield Renewable is not selling any Exchangeable Shares in the Offering and will not receive any of the proceeds from the Offering.


The Selling Securityholder has granted the Underwriters an over-allotment option to purchase up to an additional 15% of the Exchangeable Shares to be sold pursuant to the Offering at the Offering Price. The Over-Allotment Option is exercisable for a period of 30 days from the date of the final prospectus supplement relating to the Offering. If the Over-Allotment Option is exercised in full, the gross proceeds of the Offering will increase to C$374 million.

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Each Exchangeable Share is structured with the intention of providing an economic return equivalent to one non-voting limited partnership unit of the Partnership (subject to adjustment to reflect certain capital events). Each Exchangeable Share will be exchangeable at the option of the holder for one Unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of Brookfield Renewable).


BAM currently owns an approximate 52% equity interest in Brookfield Renewable, on a fully-exchanged basis.1 Upon closing of the Offering, it is anticipated that BAM will own an approximate 51% equity interest in Brookfield Renewable, on a fully exchanged-basis (and 51% if the Over-Allotment Option is exercised in full), which includes 35% of the issued and outstanding Exchangeable Shares (and 35% if the Over-Allotment Option is exercised in full).


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