Brookfield Renewable’s $772.5 Million Secondary Offering

Torys LLP represented Brookfield Renewable.

On February 16, 2021, Brookfield Renewable Partners L.P., (the “Partnership”), Brookfield Renewable Corporation (“BEPC” and together with the Partnership, “Brookfield Renewable”) and Brookfield Asset Management Inc. (“Brookfield Asset Management”) completed the previously announced secondary offering of 15,000,000 class A exchangeable subordinate voting shares of BEPC at a price of US$51.50 per share by subsidiaries of Brookfield Asset Management. One of the selling shareholders granted the underwriters a 30-day option to purchase up to 2,250,000 additional exchangeable shares. Brookfield Renewable did not issue any exchangeable shares in the offering and did not receive any of the proceeds from the offering.

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) and is 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).

Following closing, Brookfield Asset Management owns an approximate 48% equity interest in Brookfield Renewable, on a fully exchanged-basis.

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 20,000 MW of installed capacity and approximately 23,000 MW development pipeline.

The Torys team included Karrin Powys-Lybbe (Picture), Mile Kurta, Josh Lavine, Steven Bentsianov, Michael Murphy, Jesse Leonard, Nicholas Clarkin, Rayanna Smith and Parker Baglole (corporate), Corrado Cardarelli and Andrew Wong (Canadian tax) and David Mattingly (U.S. tax).

 

Involved fees earner: Parker Baglole – Torys LLP; Steven Bentsianov – Torys LLP; Corrado Cardarelli – Torys LLP; Nicholas Clarkin – Torys LLP; Mile Kurta – Torys LLP; Josh Lavine – Torys LLP; Jesse Leonard – Torys LLP; David Mattingly – Torys LLP; Michael Murphy – Torys LLP; Karrin Powys-Lybbe – Torys LLP; Rayanna Smith – Torys LLP; Andrew Wong – Torys LLP;

Law Firms: Torys LLP;

Clients: Brookfield Renewable Partners;

Author: Martina Bellini