Brookfield Renewable Plans C$100 Million Stock Sale to Pay Debts
Brookfield Renewable Energy Partners LP (BEP-U) agreed to sell C$100 million ($101 million) of stock as the developer and operator of wind and hydroelectric projects in North America seeks to repay debt.
Brookfield will issue 4 million preferred shares at C$25 apiece to underwriters RBC Capital Markets LLC, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and TD Securities Inc. for sale to the Canadian public, the company said in a statement. The offer closes around Jan. 29.
The underwriters have an option to buy as many as 2 million additional shares, increasing the sale to C$150 million, according to Hamilton, Bermuda-based Brookfield. The proceeds will be used to pay down debt and for “general” business.
The company, which also owns hydropower projects in Brazil, generates enough renewable energy to power 2 million homes a year, its website shows.
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