Brookfield Renewable Announces Dividend Rate Reset for Series 3 Preferred Stock

02.07.2024 – 16:05

BROOKFIELD, NEWS, July 2, 2024 (GLOBE NEWSWIRE) — Brookfield Renewable Partners LP (TSX: BEP.UN; NYSE: BEP) (“Renewable Energy from Brookfield”) announced today that Brookfield Renewable Power Preferred Equity Inc. (“BRP shares”) has increased the fixed dividend rate for its Class A, Series 3 Preferred Stock (“Series 3 shares”) (TSX: BRF.PR.C) for the five years from 1 August 2024 to 31 July 2029.

Series 3 shares and Series 4 shares

If declared, the fixed quarterly dividends on the Series 3 shares will be paid at an annual rate of 6.519% (0,40 €74375 per share per quarter).

Holders of Series 3 Shares have the right, at their sole discretion and no later than 5:00 p.m. (Toronto time) on July 16, 2024, to exchange all or a portion of their Series 3 Shares on a one-for-one basis for Class A Preferred Shares, Series 4 (the “Series 4 shares”), effective July 31, 2024.

The quarterly variable rate dividends on Series 4 shares will be paid at an annual rate calculated for each quarter and 2.940% above the annual yield on three-month Canadian Government Treasury Bills. The actual quarterly dividend for the dividend period from August 1, 2024 to October 31, 2024 on the Series 4 Shares, if declared, will be 0,47 €8840 per share, payable on October 31, 2024.

Holders of Series 3 shares are not required to elect to convert all or any portion of their Series 3 shares into Series 4 shares.

Pursuant to the share terms of the Series 3 Shares, (i) if BRP Equity determines that there will be fewer than 1,000,000 Series 3 Shares outstanding after July 31, 2024, all remaining Series 3 Shares will automatically convert into Series 4 Shares on a one-for-one basis effective July 31, 2024; and (ii) if BRP Equity determines that there will be fewer than 1,000,000 Series 4 Shares outstanding after July 31, 2024, no conversion of Series 3 Shares into Series 4 Shares will be permitted. There are currently 10,000,000 Series 3 Shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 4 Shares effective as of the Conversion. The listing of the Series 4 Shares is subject to BRP Equity’s satisfaction of all listing requirements of the TSX and, following approval, the Series 4 Shares will be listed on the TSX under the trading symbol “BRF.PR.D”.

Renewable Energy from Brookfield

Brookfield Renewable operates one of the world’s largest publicly traded renewable energy and sustainable solutions platforms. Our renewable energy portfolio consists of hydroelectric, wind, solar and storage assets in North America, South America, Europe and Asia. Our total operating capacity is nearly 34,000 megawatts and our development pipeline includes approximately 157,000 megawatts. Our sustainable solutions asset portfolio includes our investments in Westinghouse (a leading global nuclear services company) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline for carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.

Investors may access the portfolio either through Brookfield Renewable Partners LP (NYSE: BEP; TSX: BEP.UN), a limited partnership incorporated in Bermuda, or through Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian company. For more information, please visit https://bep.brookfield.com. Important information may be distributed exclusively through the website and investors should consult the website to access such information.

Brookfield Renewable is the leading publicly traded renewable energy and energy transition company of Brookfield Asset Management, a leading global alternative asset manager with over 925 billion US dollars of assets under management.

Please note that Brookfield Renewable’s prior audited annual and unaudited quarterly reports filed with the U.S. Securities and Exchange Commission (“SEC”) and securities regulatory authorities in Canada are available on our website at https://bep.brookfield.com, on the SEC’s website at www.sec.gov and on the SEDAR+ website at www.sedarplus.ca. Hard copies of the annual and quarterly reports are available free of charge upon request.

Cautionary note regarding forward-looking statements

Note: This news release contains forward-looking statements and information within the meaning of Canadian securities legislation. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements can be identified by the use of words such as “will,” “expects,” “intends,” or variations of such words and phrases. Forward-looking statements in this news release include statements with respect to possible future dividend declarations for the Series 3 and Series 4 Shares. Although Brookfield Renewable believes that such forward-looking statements and information are based on reasonable assumptions and expectations, no assurance is given that such expectations will prove to be correct. The reader should not place undue reliance on forward-looking statements and information because such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Brookfield Renewable to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. Except as required by law, Brookfield Renewable undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, whether as a result of new information, future events or otherwise.