Brookfield Renewable Partners L.P. has announced:
that it has agreed to issue 6,000,000 5.75% Cumulative Minimum Rate Reset Class A Preferred Limited Partnership Units, Series 19 (the “Series 19 Preferred Units”) on a bought deal basis to a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, National Bank of Canada Capital Markets, RBC Capital Markets and TD Securities Inc. for distribution to the public. The Series 19 Preferred Units will be issued at a price of C$25.00 per unit, for gross proceeds of C$150,000,000.
Holders of the Series 19 Preferred Units will be entitled to receive a cumulative quarterly fixed distribution yielding 5.75% annually for the initial period ending July 31, 2031. Thereafter, the distribution rate will be reset every five years at a rate equal to the greater of (i) the 5-year Government of Canada bond yield plus 2.65%, and (ii) 5.75%. The Series 19 Preferred Units are redeemable on July 31, 2031 and on each Series 19 Reclassification Date (as defined below) thereafter.
Holders of the Series 19 Preferred Units will have the right, at their option, to reclassify their Series 19 Preferred Units into Cumulative Floating Rate Reset Class A Preferred Limited Partnership Units, Series 20 (“Series 20 Preferred Units”), subject to certain conditions, on July 31, 2031 and on July 31 every 5 years thereafter (each a “Series 19 Reclassification Date”). Holders of Series 20 Preferred Units will be entitled to receive a cumulative quarterly floating distribution at a rate equal to the 90-day Canadian Treasury Bill yield plus 2.65%.
Brookfield Renewable has granted the underwriters an option, exercisable until 48 hours prior to closing, to purchase up to an additional 2,000,000 Series 19 Preferred Units which, if exercised, would increase the gross offering size to C$200,000,000.
The Series 19 Preferred Units will be offered in all provinces and territories of Canada by way of a prospectus supplement to Brookfield Renewable’s existing Canadian short form base shelf prospectus dated September 26, 2025. The Series 19 Preferred Units may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act.
Brookfield Renewable intends to use the net proceeds from this offering to fund Eligible Investments (as defined in Brookfield Renewable’s 2024 Green Financing Framework (the “Green Financing Framework”)), including to repay indebtedness incurred in respect thereof. The Green Financing Framework is available on Brookfield Renewable’s website and described in the prospectus supplement in respect of the offering.
The offering of Series 19 Preferred Units is expected to close on or about June 9, 2026.
The distributions of this one are probably complex – by which I mean, not eligible dividends, more like some Return of Capital, some of just about anything – but the prospectus is not yet available on SEDARplus.
Thanks to Assiduous Reader brian for bringing this to my attention!
Update, 2026-6-8: OK, the prospectus is finally available on SEDARplus and can be obtained by searching for:
Brookfield Renewable Partners L.P. / Brookfield Renewable Partners L.P. (000032548)
Prospectus (non pricing) supplement (other than ATM) – English.pdf
04 Jun 2026 16:33 EDTJune 04 2026 at 16:33:17 Eastern Daylight Time
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I’m not allowed to link for it as the Canadian Securities Administrators want to ensure that their future employers at the TMX maximize their profits from making this public information conveniently available.
Regretably, the prospectus does not give much information about the tax nature of past or expected distributions. The website isn’t much help either:
What is the tax nature of the income earned by Brookfield Renewable Partners?
Brookfield Renewable Partners is a publicly traded partnership that does not earn active business income. Instead, Brookfield Renewable Partners receives various types of investment income, such as interest, dividends, capital gains, and returns of capital, from subsidiary corporations that carry on business in various jurisdictions.
The amount of interest, dividends, capital gains, and returns of capital that is earned and then allocated to unitholders will vary depending upon the particular business unit(s) from which funds are sourced. The source of funds for the distributions will also affect how much, if any, of the distributions are subject to withholding tax.
I don’t see any historical information on their website – possibly my fault, any links anybody can supply will be appreciated – so the conservative course is to assume that everything is going to be fully taxable interest income, probably with a little Return of Capital in the mix just so you keep up on your bookkeeping skills.