Brookfield Renewable Partners L.P. (
TSX: BEP.UN; NYSE:
BEP) (“
Brookfield Renewable”) today
announced that Brookfield Renewable Power Preferred Equity Inc.
(“
BRP Equity”) has determined the fixed dividend
rate on its Class A Preference Shares, Series 3 (“
Series 3
Shares”) (
TSX: BRF.PR.C) for the five
years commencing August 1, 2024 and ending July 31, 2029.
Series 3 Shares and Series 4 Shares
If declared, the fixed quarterly dividends on
the Series 3 Shares during the five years commencing August 1, 2024
will be paid at an annual rate of 6.519% ($0.4074375 per share per
quarter).
Holders of Series 3 Shares have the right, at
their option, exercisable not later than 5:00 p.m. (Toronto time)
on July 16, 2024, to convert all or part of their Series 3 Shares,
on a one-for-one basis, into Class A Preference Shares, Series 4
(the “Series 4 Shares”), effective July 31,
2024.
The quarterly floating rate dividends on the
Series 4 Shares will be paid at an annual rate, calculated for each
quarter, of 2.940% over the annual yield on three-month Government
of Canada treasury bills. The actual quarterly dividend in respect
of the August 1, 2024 to October 31, 2024 dividend period for the
Series 4 Shares, if declared, will be $0.478840 per share, payable
on October 31, 2024.
Holders of Series 3 Shares are not required to
elect to convert all or any part of their Series 3 Shares into
Series 4 Shares.
As provided in the share conditions of the
Series 3 Shares, (i) if BRP Equity determines that there would be
fewer than 1,000,000 Series 3 Shares outstanding after July 31,
2024, all remaining Series 3 Shares will be automatically converted
into Series 4 Shares on a one-for-one basis effective July 31,
2024; and (ii) if BRP Equity determines that there would be fewer
than 1,000,000 Series 4 Shares outstanding after July 31, 2024, no
Series 3 Shares will be permitted to be converted into Series 4
Shares. There are currently 10,000,000 Series 3 Shares
outstanding.
The Toronto Stock Exchange
(“TSX”) has conditionally approved the listing of
the Series 4 Shares effective upon conversion. Listing of the
Series 4 Shares is subject to BRP Equity fulfilling all the listing
requirements of the TSX and, upon approval, the Series 4 Shares
will be listed on the TSX under the trading symbol “BRF.PR.D”.
Brookfield Renewable
Brookfield Renewable operates one of the world’s
largest publicly traded platforms for renewable power and
sustainable solutions. Our renewable power portfolio consists of
hydroelectric, wind, utility-scale solar and storage facilities in
North America, South America, Europe and Asia. Our operating
capacity totals almost 34,000 megawatts and our development
pipeline stands at approximately 157,000 megawatts. Our portfolio
of sustainable solutions assets includes our 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.
Investors can access the portfolio either
through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX:
BEP.UN), a Bermuda-based limited partnership, or Brookfield
Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation.
Further information is available at https://bep.brookfield.com.
Important information may be disseminated exclusively via the
website; investors should consult the site to access this
information.
Brookfield Renewable is the flagship listed
renewable power and transition company of Brookfield Asset
Management, a leading global alternative asset manager with over
$925 billion of assets under management.
Please note that Brookfield Renewable’s previous
audited annual and unaudited quarterly reports filed with the U.S.
Securities and Exchange Commission (“SEC”) and securities
regulators in Canada, are available on our website at
https://bep.brookfield.com, on SEC’s website at www.sec.gov and on
SEDAR+’s website at www.sedarplus.ca. Hard copies of the annual and
quarterly reports can be obtained free of charge upon request.
Contact information: |
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Media: |
Investors: |
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Simon Maine |
Alex Jackson |
Managing Director – Communications |
Vice President – Investor Relations |
+44 (0)7398 909 278 |
(416) 649-8196 |
simon.maine@brookfield.com |
alexander.jackson@brookfield.com |
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Cautionary Statement Regarding Forward-looking
Statements
Note: This news release contains forward-looking
statements and information within the meaning of Canadian
securities laws. Forward-looking statements may include estimates,
plans, expectations, opinions, forecasts, projections, guidance or
other statements that are not statements of fact. Forward-looking
statements can be identified by the use of words such as “will”,
“expected”, “intend”, or variations of such words and phrases.
Forward-looking statements in this news release include statements
with regards to potential future dividend declarations on the
Series 3 Shares and Series 4 Shares. Although Brookfield Renewable
believes that such forward-looking statements and information are
based upon reasonable assumptions and expectations, no assurance is
given that such expectations will prove to have been correct. The
reader should not place undue reliance on forward-looking
statements and information as such statements and information
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
Brookfield Renewable to differ materially from anticipated future
results, performance or achievement expressed or implied by such
forward-looking statements and information. Except as required by
law, Brookfield Renewable does not undertake any obligation to
publicly update or revise any forward-looking statements or
information, whether written or oral, whether as a result of new
information, future events or otherwise.
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