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Brookfield Renewable Partners LP (NYSE:BEP), a renewables platform with around 45 GW of assets, on Tuesday unveiled plans to issue green subordinated hybrid notes, aiming to raise CAD 250 million (USD 182.2m/EUR 160.2m) to repay debt and fund green energy investments.The fixed-to-fixed reset rate notes will bear an annual interest rate of 5.373% and will mature on September 10, 2055. They will reset every five years starting on September 10, 2030, at an annual rate equal to the five-year government of Canada yield, plus a spread of 2.459%. The securities will be issued by Brookfield Renewable Partners ULC, a unit of Brookfield Renewable, and will be fully guaranteed by the parent company and some of its subsidiaries. Funds from the offering will go for projects eligible for financing under Brookfield Renewable’s Green Financing Framework. These could be renewable energy projects across the wind, solar, hydropower, green hydrogen, marine and geothermal technologies, as well as energy storage, carbon capture and clean transportation schemes. The placement, Brookfield Renewable’s 17th offering of green-labelled securities in North America, is expected to be finalised on or about June 10, 2025. A syndicate of lenders led by Scotiabank, BMO Capital Markets, RBC Capital Markets, CIBC Capital Markets, National Bank Financial Markets and TD Securities will manage the transaction. (CAD 1.0 = USD 0.729/EUR 0.641) |
