Brookfield Renewable completes reorganization of Brookfield Renewable Corporation
On December 24, 2024, Brookfield Renewable Partners L.P. (the “Partnership”) and Brookfield Renewable Corporation (“BEPC”) completed a reorganization to maintain the benefits of Brookfield Renewable’s business structure, while addressing proposed amendments to the Income Tax Act (Canada) that were expected to result in additional costs to BEPC if no action was taken.
BEPC was created by the Partnership in 2020 to provide investors with an opportunity to gain access to the Partnership’s globally diversified portfolio of high-quality renewable power and sustainable solutions assets through a corporate structure. BEPC provides shareholders with the benefits of broader index inclusion, a differentiated investor base, improved trading liquidity, a simplified tax reporting framework and higher after-tax yield for certain shareholders.
As a result of the reorganization, which was implemented pursuant to a court-approved plan of arrangement and required shareholder approval, in exchange for their class A exchangeable subordinate voting shares of BEPC, BEPC shareholders automatically received new class A exchangeable shares that provide the same economic benefits and governance of investing in BEPC. The new exchangeable shares are listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol “BEPC”.
Further information can be found on Globe Newswire’s website and on bep.brookfield.com.
Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Its renewable power portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia, with operating capacity totals over 34,000 MW and a development pipeline that stands at approximately 200,000 MW. Brookfield Renewable’s portfolio of sustainable solutions assets includes investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.