$13bn Brookfield renewable fund ready for prime time

Brookfield’s plans to consolidate its energy businesses into a single publicly traded partnership have garnered bondholder and unit-holder approval, paving the way for Brookfield Renewable Energy Partners to debut tomorrow.

Brookfield Asset Management has completed formation of a renewable energy investment vehicle that, at $13 billion in market capitalisation, is a world leading pure play energy business. In comparison, Enel GreenPower, which is operated out of Italy, has $20 billion in capital.

Brookfield Renewable Energy Partners (BREP) is slated to list on the Toronto Stock Exchange (TSX) on Wednesday, November 30.

A Brookfield spokesman said BREP represented the culmination of a fast moving, three-month long consolidation process, noting Toronto, Ontario-headquartered alternative investment manager Brookfield felt heartened with the amount of investor support in creating BREP.

Brookfield conceived BREP as a renewable energy counterpart to its flagship publicly listed infrastructure business, Brookfield Infrastructure Partners (BIP).

Like BIP, Brookfield's renewable vehicle would trade on the TSX and New York Stock Exchange (NYSE). The spokesman maintained he hoped BREP would be available on the NYSE by the first quarter of 2012.

October led to first a bondholder vote then a unit holder vote to amalgamate the Brookfield Renewable Power Fund with its Brookfield Renewable Power businesses to form the recombinant Brookfield Renewable Energy Partners.

In combining the Brookfield renewable energy businesses, Brookfield has, in BREP, a vehicle investing across North America and Brazil.

BREP is 73 percent owned by Brookfield, with 27 percent client held.