Brookfield Renewable Partners L.P. is a publicly traded

limited partnership A limited partnership (LP) is a type of partnership with general partners, who have a right to manage the business, and limited partners, who have no right to manage the business but have only limited liability for its debts. Limited partnership ...

that owns and operates renewable power assets, with corporate headquarters in

Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

Ontario Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...

, Canada. It is 60% owned by

Brookfield Asset Management Brookfield Asset Management Ltd. is a Canadian-American alternative asset manager. The company was founded in December 2022 as a spin-off of the asset management operations of Brookfield Corporation. At its inception, the company was headquarter ...

. As of the end of 2017, Brookfield Renewable owned over 200 hydroelectric plants, 100 wind farms, over 550 solar facilities, and four storage facilities, with approximately 16,400 MW of installed capacity. Brookfield Asset Management claims to have "more than 100 years of experience as an owner, operator and developer of hydroelectric power facilities." It was founded in the 1890s in Brazil, where the company installed the first electrical lights and tramways in São Paulo and Rio de Janeiro.

Corporate structure

The company was established as Brookfield Renewable Energy Partners in 2011, when Brookfield Asset Management combined the hydroelectric stations and wind farms of the Brookfield Renewable Power Fund with those of Brookfield Renewable Power Inc. The company changed its name to Brookfield Renewable Partners in 2016.

Brookfield Renewable Power fund

Brookfield Renewable Power Fund originated as the Great Lakes Hydro Income Fund before changing its name in 2009. Brookfield used its majority stake in Great Lakes Power as its primary vehicle to advance its interests in the

renewable energy Renewable energy (also called green energy) is energy made from renewable resource, renewable natural resources that are replenished on a human lifetime, human timescale. The most widely used renewable energy types are solar energy, wind pow ...

sector. When Great Lakes Hydro Income Fund completed its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

on the

Toronto Stock Exchange The Toronto Stock Exchange (TSX; ) is a stock exchange located in Toronto, Ontario, Canada. It is the List of stock exchanges, 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in th ...

in 1999, Brookfield Asset Management (then known as EdperBrascan) owned 61% of outstanding units through its various subsidiaries.Great Lakes Hydro Income Fund Annual Report, 1999 Initially, Great Lakes Hydro's assets were limited to three hydroelectric facilities in Western

Quebec Quebec is Canada's List of Canadian provinces and territories by area, largest province by area. Located in Central Canada, the province shares borders with the provinces of Ontario to the west, Newfoundland and Labrador to the northeast, ...

with a combined capacity of 238MW. By the end of 2008, the fund owned and operated 27 hydroelectric facilities and one wind farm with a cumulative capacity of 1,021MW. These assets were spread across four jurisdictions:

, Quebec,

British Columbia British Columbia is the westernmost Provinces and territories of Canada, province of Canada. Situated in the Pacific Northwest between the Pacific Ocean and the Rocky Mountains, the province has a diverse geography, with rugged landscapes that ...

, and

New England New England is a region consisting of six states in the Northeastern United States: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. It is bordered by the state of New York (state), New York to the west and by the ...

Brookfield Renewable Power Inc.

Brookfield Renewable Power Inc. was a wholly owned subsidiary of

with a 50.01% share in Brookfield Renewable Power Fund. It was the subsidiary in which Brookfield Asset Management held all of its renewable energy assets, whereas the Brookfield Renewable Power Fund's scope was limited to the 1,652MW of generation capacity located in

, Quebec, British Columbia, and New England.

Brookfield Renewable Energy Partners, LP

On September 13, 2011, Brookfield Asset Management and Brookfield Renewable Power Fund announced they intended to merge the Fund and the power-generating assets owned by Brookfield Renewable Power Inc. to form Brookfield Renewable Energy Partners, LP. When the transaction closed, Brookfield Asset Management owned 73% of the combined entity, which trades on the Toronto Stock Exchange under the symbol BEP-UN and on the New York Stock Exchange as BEP. The new entity is the primary vehicle through which Brookfield acquires and operates renewable energy assets, with initial assets, and development projects in Canada, the US, and Brazil. The transaction closed on November 30, 2011. In 2012, the company and its investment partners bought four hydroelectric power plants in the southeastern U.S. from

Alcoa Alcoa Corporation (an acronym for "Aluminum Company of America") is an American industrial corporation. It is the world's eighth-largest producer of aluminum. Alcoa conducts operations in 10 countries. Alcoa is a major producer of primary alu ...

for $600 million. In 2014, the company and its investment partners acquired a portfolio of wind power assets in Ireland, establishing its presence in Europe for a total enterprise value of approximately $960 million. In 2016, the company and its investment partners acquired a majority stake in Colombian power company Isagen, which operates Colombia's largest

hydropower Hydropower (from Ancient Greek -, "water"), also known as water power or water energy, is the use of falling or fast-running water to Electricity generation, produce electricity or to power machines. This is achieved by energy transformation, ...

plant, for approximately C$2.8 billion. The company subsequently increased its interest to almost 100%. On May 10, 2016, Brookfield Renewable Energy Partners L.P. changed its name to Brookfield Renewable Partners L.P. The stock symbol and

CUSIP A CUSIP () is a nine-character numeric or alphanumeric code that uniquely identifies a North American financial security (finance), security for the purposes of facilitating Clearing (finance), clearing and settlement (finance), settlement of tr ...

would remain the same. In March 2017, the company announced it would acquire a controlling interest in TerraForm Power and 100% of TerraForm Global, together representing a 3,600 MW global renewable power portfolio. The transaction was completed in December 2017. In March 2020, the company announced it would be acquiring the remaining stake of TerraForm Power. The acquisition is set to be completed in Q3 2020. On December 14, 2020, Brookfield Renewable Partners and its institutional partners purchased a 1 GW-plus distributed generation (DG) solar platform from Exelon Corp in a deal worth USD 810 million. In October 2022, Brookfield Renewable Partners together with

Cameco Cameco Corporation (formerly Canadian Mining and Energy Corporation) is the world's largest publicly traded uranium company, based in Saskatoon, Saskatchewan, Canada. In 2015, it was the world's second largest uranium producer, accounting for 18 ...

announced the acquisition of

Westinghouse Electric Company Westinghouse Electric Company LLC is an American nuclear power company formed in 1999 from the nuclear power division of the original Westinghouse Electric Corporation. It offers nuclear products and services to utilities internationally, includ ...

, then owned by its sister company

Brookfield Business Partners Brookfield Business Partners L.P. is a publicly traded limited partnership and the primary public vehicle through which Brookfield Corporation, its parent company, owns and operates the business services and industrial operations of its privat ...

, in a US$7.9billion deal including debt. Brookfield Renewable would own a 51% interest in the company as part of the deal. The acquisition was completed in November 2023.

References

External links

Brookfield Renewable Power Inc.

Brookfield Renewable Power Fund
{{Webarchive, url=https://web.archive.org/web/20101212174520/http://brpfund.com/ , date=2010-12-12 Brookfield Corporation Companies listed on the Toronto Stock Exchange Electric power companies of Canada Electric power companies of Ontario Companies based in Toronto Companies listed on the New York Stock Exchange