The new company, Brookfield Renewable Energy Partners L.P. (BREP), will combine all outstanding assets of the Fund and the power generating assets owned by Brookfield’s wholly-owned subsidiary, Brookfield Renewable Power Inc, creating a business with approximately $13B of power generating assets.
Under the terms of the deal, BREP is expected to 73% owned by Brookfield, with the Fund owning the remaining 27%. As well as the operating assets, BREP will also have three wind farms and four hydro facilities under construction that will grow the aggregate capacity of the portfolio to 4800MW and average annual generation to more than 18,00 GWh. The portfolio will be diversified across ten power markets in Canada, the US and Brazil, providing significant geographic and operational diversification.
The transaction is subject to approvals by unitholders and the Ontario Court.
