Brookfield Renewable seeks fresh funds from CAD-400m green bond sale

Brookfield Renewable Partners LP (NYSE:BEP) on Monday announced plans to launch an offering of medium-term green bonds in Canada, targeting some CAD 400 million (USD 295.9m/EUR 296.1m).

The renewable power platform, which has around 24 GW of hydroelectric, wind, utility-scale solar and storage capacity in operation, will allocate the raised funds to repay debt and support new investments. Specifically, these will include the construction and acquisition of wind, solar photovoltaic (PV), hydropower and biomass projects, as well as investment in energy storage and industrial efficiency technologies.

The Series 15 bonds will bear interest at a rate of 5.88% per year and will mature on November 9, 2032. The securities will be issued by Brookfield’s subsidiary Brookfield Renewable Partners ULC and will be guaranteed by the parent company and some of its key holding units.

The placement, Brookfield Renewable’s sixth corporate-level green bond in Canada, is expected to be completed on November 9, 2022.

The listed renewable power company of Brookfield Asset Management has hired BMO Capital Markets, CIBC Capital Markets and Scotiabank to lead the offering. The syndicate of agents also includes National Bank Financial Markets, RBC Capital Markets, TD Securities, HSBC, Desjardins, Mizuho Securities, MUFG, SMBC Nikko, iA Private Wealth Inc and Sera Global.

(CAD 1.0 = USD 0.740/EUR 0.740)

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