News Column

Brookfield Renewable Announces $325 Million Equity Offering

June 20, 2014

By a News Reporter-Staff News Editor at Energy Weekly News -- All amounts in Canadian dollars.

Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN)(NYSE:BEP) ("Brookfield Renewable") announced that it has agreed to issue 10,250,000 limited partnership units ("L.P. units"), on a bought deal basis, to a syndicate of underwriters at a price of $31.70 per L.P. unit (the "Offering Price"), for gross proceeds of approximately $325 million (the "Offering").

Brookfield Renewable has also granted the underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days following closing of the Offering, to purchase up to an additional 1,537,500 L.P. units at the Offering Price to cover over-allotments, if any. If this option is exercised in full, the gross Offering size would increase to approximately $374 million.

Brookfield Renewable intends to use the net proceeds of the Offering to repay outstanding indebtedness and for general corporate purposes. The Offering is expected to close on or about June 10, 2014.

This news release shall not constitute an offer of securities for sale in the United States. The L.P. units offered will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold into the United States absent registration or an exemption from registration. There shall not be any public offering of the L.P. units in the United States.

Brookfield Renewable Energy Partners (TSX:BEP.UN)(NYSE:BEP) operates one of the largest publicly-traded, pure-play renewable power platforms globally. Its portfolio is primarily hydroelectric and totals approximately 6,000 megawatts of installed capacity. Diversified across 71 river systems and 12 power markets in the United States, Canada and Brazil, the portfolio's output is sold predominantly under long-term contracts and generates enough electricity from renewable resources to power more than three million homes on average each year. With a portfolio of high-quality assets and strong growth prospects, the business is positioned to generate stable, long-term cash flows supporting regular and growing cash distributions to shareholders.

Keywords for this news article include: Oil & Gas, Environment, Renewable Energy.

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Source: Energy Weekly News

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