Brookfield Renewable completes C$800 million equity offering

June 10, 2016

Torys represented Brookfield Renewable with a team that included Karrin Powys-Lybbe, Josh Lavine, David Forrester and Laura Sigurdson (corporate/securities) and Richard Johnson (tax).

On June 10, 2016, Brookfield Renewable Partners L.P. (“Brookfield Renewable”) announced the closing of its previously announced bought deal and private placement offerings of limited partnership units for aggregate gross proceeds of C$800,190,488.

Per the underwriting agreement dated June 2, 2016, Brookfield Renewable issued 10,655,000 L.P. units, on a bought deal basis, to a syndicate of underwriters, co-led by Scotia Capital Inc., Barclays Capital Canada Inc., HSBC Securities (Canada) Inc., and TD Securities Inc. at a price of C$37.55 per L.P. unit for gross proceeds of C$400,095,250. Concurrent with the public offering, Brookfield Asset Management Inc. (“Brookfield”) purchased, directly or indirectly, 11,098,958 L.P. units of Brookfield Renewable at the offering price on a private placement basis.

Brookfield Renewable also granted the underwriters an over-allotment option to purchase up to an additional 1,598,250 L.P. units at the offering price which was subsequently exercised in full, resulting in additional aggregate gross proceeds of C$60,014,287.50.

Brookfield’s interest in Brookfield Renewable is now approximately 61%.

Brookfield Renewable intends to use the net proceeds of the offering and the concurrent private placement to repay outstanding indebtedness and for general corporate purposes.

Brookfield Renewable Partners operates one of the world’s largest publicly traded, pure-play renewable power platforms, with a portfolio consisting of hydroelectric and wind facilities in North America, Latin America and Europe and totaling more than 10,000 megawatts of installed capacity.

Further information can be found on Brookfield Renewable’s website.