All amounts in
Investment Highlights:
- Brookfield Renewable, together with its institutional partners, acquired an additional 61 million shares in TerraForm Power in a private placement
- Proceeds will support the funding of TerraForm Power’s acquisition of Saeta Yield – a high-quality, 1,028 megawatt European solar and wind portfolio
- Expected to be immediately accretive to unitholders, contributing approximately
$80 million of incremental FFO annually to Brookfield Renewable - Post funding, Brookfield Renewable’s available liquidity remains robust at
$1.4 billion
Brookfield Renewable’s total commitment of
This investment increases Brookfield Renewable’s exposure to the rapidly growing solar and wind sectors through its higher ownership interest in TerraForm Power, and through TerraForm Power’s announced acquisition of Saeta Yield – a leading, 1,028 megawatt European solar and wind portfolio, which is expected to close on June 12, 2018. With this acquisition, we continue to advance TerraForm Power’s position as a leading owner and operator of solar and wind assets in developed markets around the world.
“We have been extremely pleased with TerraForm Power’s performance to date as it makes excellent progress in advancing its business plan to enhance cash flows through organic growth and de-leveraging of its balance sheet,” said Sachin Shah, CEO of Brookfield Renewable. “Most importantly, within four months of our initial investment, TerraForm Power has created meaningful value for all investors as it continues to pursue high-quality solar and wind opportunities in
Brookfield Renewable Partners
Brookfield Renewable Partners operates one of the world’s largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric, wind, solar and storage facilities in
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with over
For more information, please contact:
| Media: Claire Holland (416) 369-8236 [email protected] Investors: Divya Biyani (416) 369-2616 [email protected] |
Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the
We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this news release and should not be relied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see “Risk Factors” included in our Form 20-F.
Cautionary Statement Regarding Use of Non-IFRS Measures
This news release contains references to Funds From Operations (“FFO”), which is not a generally accepted accounting measure under IFRS and therefore may differ from the definition of Funds From Operations used by other entities. We believe that this is a useful supplemental measure that may assist investors in assessing the financial performance and the cash anticipated to be generated by our operating portfolio. Funds From Operations should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.
References to Brookfield Renewable are to Brookfield Renewable Partners L.P. together with its subsidiary and operating entities unless the context reflects otherwise.
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