Brookfield Renewable Partners announces $650M equity raise

Brookfield Renewable Partners (BEP) announced an equity offering of its limited partnership units for gross proceeds of $450M on a bought deal basis by a syndicate of underwriters co-led by RBC Capital Markets, Scotiabank, TD Securities, BMO Capital Markets and CIBC Capital Markets. The units are offered at a price of $29.90 per unit. Concurrently, one or more subsidiaries of Brookfield Corporation (BN) will purchase $200M of units at the offering price. The aggregate gross proceeds of the offering and the concurrent private placement will be approximately $650M. Brookfield Renewable intends to use the net proceeds of the offering, together with the proceeds of the concurrent private placement, to fund the recently completed acquisition of Brookfield Renewable’s increased stake in Isagen, future investment opportunities, and for general corporate purposes. The offering and the concurrent private placement are expected to close on or about November 14.