Brookfield Renewable Partners has announced a C$550 million ($421 million; €371 million) equity offering, with proceeds aimed at repaying outstanding debt and funding new investments.
The New York- and Toronto-listed platform will issue around C$350 million in gross proceeds on a bought deal basis, issuing 8,304,000 LP units at a price of C$42.15 per share. Additionally, Brookfield Asset Management will purchase 4,943,000 shares for around C$200 million. The deal will leave Brookfield with around a 60 percent interest in Brookfield Renewable Partners, the firm said.
The gross offering could increase to as much as C$633 million, as underwriters will have the option to purchase up to 1,245,600 additional units at the offering price during a 30-day period after the offering's close, which is expected around July 6. Brookfield will have the option to add up to 741,450 additional shares, based proportionally on the extent to which underwriters exercise their over-allotment option.
Brookfield Renewable Partners, the Toronto-based asset manager's renewable power platform, holds wind and hydroelectric investments in North America, Europe and Latin America, with total capacity topping 10GW at the end of last year. Earlier this year, it committed around $500 million in Brookfield's deal to acquire TerraForm Power and TerraForm Global.