Brookfield Renewable will issue C$400 million ($292 million) aggregate principal amount of medium-term notes. This green bond issuance includes C$100 million ($73 million) of Series 17 Notes, due January 10, 2054, with an effective interest rate of 5.417%, and C$300 million ($219 million) of Series 18 Notes, due October 20, 2034, bearing an annual interest rate of 4.959%.
The Series 17 Notes will be a re-opening of the previously issued C$400 million principal amount of 5.318% Series 17 Notes from January 2024, issued at C$98.549 plus accrued interest. Brookfield Renewable Partners ULC, a subsidiary of Brookfield Renewable, will issue the Notes, which will be fully and unconditionally guaranteed by Brookfield Renewable and certain key holding subsidiaries.
The Notes will be issued under a base shelf prospectus dated September 8, 2023, along with a related prospectus supplement and pricing supplements dated July 15, 2024. The issuance is expected to close around July 17, 2024, subject to customary closing conditions.
The Series 18 Notes will be Brookfield Renewable’s fourteenth green-labeled corporate securities issuance in North America and the third under their 2024 Green Financing Framework. The net proceeds from the Notes will fund Eligible Investments as defined in the Green Financing Framework, which includes repaying related indebtedness. This framework is available on Brookfield Renewable’s website and described in the prospectus supplement.
The Notes have been rated BBB+ by S&P Global Ratings, BBB (high) with a stable trend by DBRS Limited, and BBB+ by Fitch Ratings. They are being offered through a syndicate of agents led by RBC Capital Markets, Scotiabank, BMO Capital Markets, TD Securities, CIBC Capital Markets, and National Bank Financial Markets, including Desjardins, SMBC Nikko, Mizuho Securities, MUFG, BNP Paribas, and iA Private Wealth Inc.